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News | Crypto Converter | Profit Calculator |
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News - The Aave community is pushing back against drastic measures proposed in response to Wrapped Bitcoin's (WBTC) upcoming restructure. While some projects are panicking, Aave, the leading DeFi lending protocol, is taking a more balanced approach. |
LlamaRisk recently proposed slashing WBTC's maximum loan-to-value ratio to zero and reducing supply and borrowing caps. This comes as Bitgo plans to hand over WBTC control to a joint venture with BiT Global involving Tron founder Justin Sun. |
Key resistance levels - Key Aave community members aren't buying into the doom and gloom. Marc Zeller of the Aave Chan Initiative (ACI) argues against hurting WBTC users, suggesting instead to expand Aave's BTC-backed token offerings while cautiously limiting WBTC's supply cap. |
Other voices, like governance delegate EzR3aL, support lowering WBTC limits but warn against zeroing the LTV ratio. |
Sky/Maker takes a different route - This measured response contrasts with Sky (formerly MakerDAO), which has already moved to offboard WBTC entirely. |
Germany cracks down on 47 crypto exchanges linked to 'Underground Economy' |
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News - German authorities have seized 47 cryptocurrency exchanges, accusing them of enabling an "underground economy" for cybercriminals. The federal criminal police, Frankfurt's prosecutor's office, and the cybercrime unit allege these platforms deliberately concealed the origins of illegally obtained funds. |
The seized exchanges allegedly served ransomware operators, botnet controllers, and black market traders. Authorities claim these criminals used the platforms to integrate illicit funds into the regular financial system. |
What the government said - In a bold move, it displayed warnings on the seized websites, stating: "We have found their servers and seized them... We have their data – and therefore we have your data... See you soon." This direct message to users suggests imminent investigations and potential prosecutions. |
One notable platform, Xchange.cash, reportedly facilitated 1.3 million transactions for 410,000 users since 2012. Other major seized exchanges include 60cek.org, Baksman.com, and Prostocash.com. |
This crackdown follows Germany's recent sale of nearly 50,000 Bitcoin worth $3.15 billion, originally seized from a piracy site in 2020. |
Bitcoin Lightning Network sees slowdown amid mixed signals |
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Lightning Network capacity drops from 5,308 BTC to 1,273 BTC. Louisiana allows BTC payments for state services.
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News - Despite Bitcoin's growing acceptance as an investment product, the Lightning Network - a layer 2 protocol designed for fast and low-cost transactions - is facing a significant slowdown in adoption. |
Data from Bitcoin Visuals indicates a sharp decline in Lightning Network Capacity, plummeting from a peak of 5,308 BTC in July to just 1,273 BTC. The number of active nodes and channels has also decreased, suggesting reduced user engagement. |
This downturn has sparked debate within the Bitcoin community. Bitcoiner Sylvain Saurel points to MicroStrategy's Michael Saylor, suggesting his emphasis on Bitcoin as a store of value rather than a means of exchange may have contributed to the Lightning Network's decline. |
The bright side - However, this negative sentiment hasn't completely overshadowed Bitcoin's potential as a transactional currency. In a progressive move, the state of Louisiana has enabled residents to pay for state services using BTC via the Lightning Network, aligning with plans to modernize payment options. |
Louisiana State Treasurer John Fleming emphasized that introducing cryptocurrency payments offers citizens greater flexibility. |
US Federal Judge tosses Consensys' suit against the SEC |
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News - A Texas federal judge has thrown out a lawsuit filed by blockchain firm Consensys against the SEC. The suit, launched in April, aimed to have Ether declared not a security and to block potential SEC enforcement actions regarding Consensys' MetaMask wallet. |
Judge Reed O'Connor dismissed Consensys' claims about MetaMask, stating that "enforcement actions do not constitute final agency actions." He also ruled that the Wells notice issued to Consensys doesn't mark the end of the SEC's decision-making process or establish legal obligations. |
The judge deemed Consensys' claims about the SEC's Ethereum investigation moot, as the firm had reported in July that the regulator dropped its probe after approving the Etherum ETFs in May. |
Consensys' reaction - Consensys expressed disappointment with the dismissal on procedural grounds but noted that the SEC had already dropped its "Ethereum 2.0" investigation after the lawsuit was filed. |
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More stories from the crypto ecosystem |
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Crypto scams uncovered |
India's largest crypto exchange, WazirX, was hacked on 18 July, resulting in the theft of $234.9 million from its multi-sig wallet. The hackers moved the funds to a new address and began converting various cryptocurrencies, including PEPE, GALA, and USDT, into Ethereum. On 16 July, LIFI, a cross-chain DeFi platform, was hacked, resulting in the loss of $10 million in users' funds. Hackers stole substantial amounts of stablecoins and ether, prompting LIFI to urge users to revoke approvals and halt service usage. On 3 July, Bittensor blockchain experienced a security breach, resulting in the theft of $8 million worth of TAO tokens from user wallets. The breach, suspected to be due to leaked private keys, led to a 15% decline in the TAO token price. In response, the decentralized AI project TAO of Bittensor paused its blockchain operations.
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Top 3 coins of the day |
Dogwifhat (WIF) |
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WIF has seen consecutive uptrends in the last three days. At press time, it was the highest gainer among memecoins.
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What you should know - The chart above highlights that Dogwifhat (WIF) has experienced a significant price increase over the past seven days. According to the price range tool, WIF has surged by over 23% during this period. Notably, WIF recorded its highest daily spike in over two weeks during the last trading session, rising by 9.64% and pushing its price from around $1.60 to approximately $1.70. As of this writing, the uptrend continues, with WIF trading around $1.80, reflecting an additional 3% gain. This consistent upward movement has strengthened WIF's bullish momentum. Analysis of the RSI shows that it has crossed the 60 mark, signaling a strong bullish trend. However, the current RSI positioning indicates that WIF is approaching the overbought territory, which could lead to a potential price correction. |
Bittensor (TAO) |
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What you should know - The daily chart analysis showed Bittensor (TAO) with a strong bullish trend in recent price action. TAO is currently trading at $420.7, marking an impressive 12.43% increase, reflecting a strong surge that has pushed the price significantly above the upper Bollinger Band. This breakout above the band indicates heightened volatility and strong upward momentum. The Moving Averages reveal further bullish signals, with the 50-day moving average (yellow) crossing above the 200-day moving average (orange), confirming a bullish crossover. This suggests a potential trend reversal and strengthens the overall positive sentiment in the market. Additionally, the RSI is currently at 73.17, placing TAO in overbought territory. This suggests that while the momentum is robust, there might be a short-term pullback. |
Helium (HNT) |
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The chart showcases a mixed trend with recent bearish signals. The price of HNT is currently at $7.0554, up slightly by 0.91%.
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What you should know - The chart highlights the formation of a descending triangle pattern, which typically indicates a bearish continuation if the lower support is broken. The Moving Averages show the 50-day moving average (yellow) recently crossed above the 200-day moving average (blue), often considered a bullish sign, known as a Golden Cross. This crossover has supported HNT's price above the 200-day moving average, indicating potential long-term strength. However, the MACD indicator shows a bearish outlook, with the MACD line below the signal line and the histogram in negative territory, suggesting weakening momentum. The descending triangle formation combined with the bearish MACD signals caution, as a breakdown below the current support levels could lead to further downside. |
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