ETC became a popstar!

DATE: 25-07-23 View online Hey Cryptonews, here's our curated daily bundle of crypto news. Bitcoin's realized volatility notes decline to 23% amid narrow trading range BTC's latest 1-month realized volatility mirrored historically low figures. This decline in volatility was due to the drop in trading activity Recently, Bitcoin's price movement entered an equilibrium phase as the crypto meandered in a narrow trading range of $30k-$31k. This has resulted in a notable decline in its volatility, according to an update shared by Glassnode. On 23 July, BTC's 1-month realized volatility had fallen to 23.68%. The decline in volatility was due to the drop in trading activity as BTC deposits to centralized exchanges plummeted to a 3-year low. This was because investors seemed to prefer hoarding coins, reflecting the optimism behind BTC's future prospects. Long-term holders mostly spearheaded the HODLing activity. However, short-term holders contributed too, as they accumulated their portfolios after cashing out their holdings during April's rally.  A look at macroeconomic conditions showed that institutional interest had been injecting volatility into BTC's price movements. Institutional interest in the backdrop of multiple spot Bitcoin ETF applications had been recently peaking - which meant that investors were trying to be market ready for BTC's next bull run. Learn More Ethereum Classic achieves milestone as top PoW smart contract in the world The blockchain's hash rate and mining difficulty gained upward momentum ETC was down by over 2% in the last seven days Despite Ethereum turning to Proof-of-Stake, Ethereum Classic was still popular for its competing PoW consensus mechanism. A recently released analysis from The Ethereum Classic Dao revealed that ETC was currently the top PoW smart contract in the world, followed by Conflux and Kadena.  Moreover, its mining industry witnessed substantial growth. ETC's hashrate suggested an influx of new miners in the network with its continuous incline for multiple weeks. The increased hashrate also led to the blockchain's mining difficulty shooting up. The main credit for this goes to Ethereum for turning to PoS after the merge. Nonetheless, PoS and Ethereum layer-2s were dominating the market as energy-efficient solutions. However, ETC's social volume stood high over the last 30 days. The weighted sentiment also increased, suggesting positive sentiment around ETC. ETC's price has been bearish over the last week. CoinMarketCap revealed that ETC was down by over 2% in the last seven days, trading with a press time price of $18.59. Moreover, ETC's TVL also plummeted over the last few weeks. Learn More Arbitrum whale withdraws 1 million ARB tokens from Binance Over $1 million was withdrawn from the exchange by an Arbitrum whale 5 million ARB tokens were deposited on a DeFi platform Recently released reports revealed noteworthy transactions from an Arbitrum whale. Lookonchain reported that on 23 July, the whale withdrew 1 million ARB tokens, valued at over $1 million, from Binance, When looking at the whale's previous activities, there was a total withdrawal of 11 million ARB tokens, worth more than $13 million. A look at the activity showed that the whale had deposited over 5 million ARB tokens, valued at $6.2 million, into Aave. It also borrowed $2 million in stablecoins, which showed that the whale had a bullish stance as it opted to go long on the token. To support the positive sentiment, data from Coinglass revealed that traders on the platform were also betting on the token's price rise. However, the liquidation data seemed concerning. Long positions witnessed more frequent liquidations over the past five days. At press time, nearly $1 million worth of long positions were liquidated, as opposed to just over $100,000 in short positions. Learn More Binance CEO Changpeng Zhao seeks dismissal of CFTC complaint Binance CEO asked a court to dismiss lawsuit from U.S. commodities regulator The CFTC had sued Binance for intentionally violating U.S. laws  In a 24 July filing to the Illinois District Court, Binance CEO Changpeng Zhao and former Chief Compliance Officer Samuel Lim asked the court to dismiss a lawsuit from the United States commodities regulator. Zhao and Lim said that before 27 July they plan to file two separate motions to dismiss the complaint. The filing read,  "… The Foreign Binance Entities and Zhao intend to file a joint Motion to Dismiss the Complaint. Lim intends to file a separate Motion to Dismiss the Complaint and join parts of the motion filed by the Foreign Binance Entities and Zhao."  In March, the CFTC sued Binance and Zhao, alleging that the exchange did not properly register with the regulator. Despite blocking U.S. residents from transacting on its platform since 2019, Binance intentionally violated U.S. laws by conducting transactions for people based in the U.S. The regulator also alleged that Binance's compliance process was a sham as it obscured the location of its headquarters in order to evade U.S. regulations. Former FTX CEO agrees to gag order but calls for others to be gagged too SBF's lawyers accused FTX's current CEO, John Ray, as a major culprit for publicly attacking him in bankruptcy proceedings They also argued that the U.S. government showed a double standard by publicizing damaging articles about Bankman-Fried FTX's former CEO, Sam Bankman-Fried, has agreed to a gag order preventing him from making comments that could interfere with his trial. The gag order was requested on 20 July, after the U.S. government accused Bankman-Fried of trying to discredit former business partner and witness Caroline Ellison in an interview with the New York Times.  However, in accepting the order, SBF's lawyers argued that other parties and potential witnesses should also be gagged, citing a toxic media environment surrounding their client after the exchange's collapse. They accused FTX's current CEO, John Ray, as a major culprit for publicly attacking Bankman-Fried in bankruptcy proceedings. The lawyers noted,  "...Mr. Ray's repeated ad hominem attacks on Mr. Bankman-Fried — which have very little [to] do with his role recovering assets for FTX creditors and seem more directed towards publicly vilifying Mr. Bankman-Fried."  Furthermore, the lawyers argued that the U.S. government showed a double standard by publicizing damaging articles about their client without intervention.  Worldcoin launch sparks debate in crypto community Ethereum's co-founder Vitalik Buterin praised Worldcoin's potential for verifying human identity Meanwhile, Twitter co-founder Jack Dorsey called the project's "attempt at global scale alignment" cute Blockchain-based digital passport platform Worldcoin and its token, WLD, were launched on 24 July. The launch has since sparked debates in the crypto community over centralization, privacy, and security issues. Founders Alex Blania and Sam Altman explained that the project offers cryptographically secured "proof-of-personhood" which would function as a World ID. The same would be stored on mobile devices, using zero-knowledge proofs to protect sensitive data like biometrics and KYC/AML information.  While Ethereum's co-founder Vitalik Buterin praised Worldcoin's biometric proof-of-personhood's potential for verifying human identity and enabling universal basic income distribution, Twitter co-founder Jack Dorsey called the project's "attempt at global scale alignment" cute. Furthermore, Bitcoin advocate Anita Posch suggested that the large amounts of data managed by Worldcoin and its centralized nature might be potential points of failure.  Meanwhile, EthHub co-founder Anthony Sassano proposed that bankrupt entities like FTX and Three Arrows Capital could repay creditors via early-stage investments in Worldcoin. Russian President Vladimir Putin signs digital ruble bill into law Russia's central bank will be the main operator and custodian of the digital ruble infrastructure The governor of the Bank of Russia stated that citizens will not be forced to use the digital ruble Russia's President Vladimir Putin has signed the digital ruble bill into law, setting its launch for 1 August, 2023. The new legislation enables the Russian central bank to conduct the first pilot of its CBDC with real consumers, after initial trials were delayed from April. According to the newly signed law, Russia's central bank will be the main operator and custodian of the digital ruble infrastructure, responsible for all stored assets. The CBDC is intended for payments and transfers, not investments. It will function alongside cash and non-cash rubles as a third form of money.  On 24 July, Bank of Russia governor Elvira Nabiullina declared that the usage of the digital ruble will be optional. She added,  "...But we really hope that it will be more convenient and cheaper for both people and businesses, and they will start using it." Furthermore, Bank of Russia's deputy governor, Olga Skorobogatova, stated that the government does not foresee widespread adoption of the digital ruble in the country before 2025 or possibly even 2027. Bitcoin & Co. find their way south Coin Price 24hr Market Cap ↓BTC $29,142 -2.4% $566 Billion ↓ETH $1,851 -1.3% $222 Billion ↓ADA $0.30 -3.4%  $10 Billion BTC recorded a loss of 2.4% over the last 24 hours. At the time of writing, the king coin was trading at $29,142. The Parabolic SAR showed signs of bearish momentum in the market - A sentiment reflected by the RSI as it stood at the 41-mark, indicating a preference for the sellers. ETH  was trading at $1,851 after nosediving by 1.3% during the day's trading session. The CMF recorded a negative reading, one hinting at a seller's bias in the market. The OBV also reflected this sentiment as it saw a bearish southward progression.  ADA was changing hands at $0.30, following a decline of 3.4% in the aforementioned period. The AO showed signs of bears gathering momentum as red histograms were seen forming below the 0-level. The MACD lines showed the MACD line being overtaken by the Signal line above the 0 level, reaffirming this trend. Altcoins caught in mixed fortunes Coin Price 24hr Market Cap ↑DOGE $0.07 +8.8% $10 Billion ↓APT $6.98 -6.1% $1 Billion ↓BCH $235.29 -5.0% $4 Billion DOGE was changing hands at $0.07 after plummeting by 8.8% in the last 24 hours. The RSI's movement projected bullish market sentiment with a reading of 66.32. The OBV was also wavering in bullish territory as it moved with a northward progression. However, the CMF was treading along bearish territory as it flashed a reading of -0.04.  APT was trading at $6.98 after depreciating by 6.1%  in the last 24 hours. The Awesome Oscillator flashed several red and green signal bars above the half-line to indicate a mild bullish trend. The crypto also was showing signs of an uptrend as the CMF indicator's movement projected a reading of 0.03, further confirming the bullish trend. BCH dove by 5.0% during the day's trading session, changing hands at $235.29. The Chaikin Money Flow (CMF) indicator was traversing below the half-line with a reading of -0.28, indicating selling pressure. The Awesome Oscillator further confirmed the trend as it started glowing several red signal bars below the half-line. Weekly chart sees gains in double digits Coin Price 1w Market Cap ↑↑XDC $0.05 +66.2% $784 Million ↑↑MKR $1,079.57 +16.2% $973 Million ↑↑XLM $0.14 +11.4% $3 Billion XDC was changing hands at $0.05 with a 66.2% rise in the last 7 days. The crypto's Parabolic SAR showed a negative sentiment as dots were seen forming above the price. The OBV also saw a downward spike to confirm the bearish trend. MKR was trading at $1,079.57 after appreciating by 16.2% in the last week. Buying pressure outweighed the selling pressure as the RSI was seen treading along the overbought territory with a reading of 67.71. The Parabolic SAR further confirmed the sentiment as dots stood below the price. However, the crypto also saw an upward move as it flashed bullish momentum with the Chain Monkey Flow at 0.01. XLM rose by 11.4% during the week's trading session, changing hands at $0.14. The RSI was seen moving above the 58-mark, implying that average gains surpassed average losses. The Awesome Oscillator flashed green and red bars above the half-line to confirm that bulls were gathering. The MACD depicted several green histograms above the half-line as the lines moved north and stood above zero. Share with friends: Facebook  | |  Twitter  | |  Email © 2022 Unhashed. All Rights Reserved. Unsubscribe