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Ethereum, the biggest altcoin, is on a slipper slope hanging close to the $2,000 crucial support level. With rising liquidations in the market, will a bearish trend in ETH price result in a $1,740 retest?
Quick Take Standard Chartered’s Geoff Kendrick warns that bitcoin’s near-term price action could test support in the $69,000-$76,500 range, bringing it closer to Strategy’s (formerly, MicroStrategy) average purchase price of $65,000. While Trump’s recent Truth Social posts have drawn attention, Kendrick emphasizes that broader market trends—particularly a 5% Nasdaq futures drop— dominate bitcoin’s decline.
Quick Take Bitcoin has underperformed in the face of rising economic uncertainty, exacerbated by new tariffs announced by the Trump administration. In contrast, gold has strengthened as a safe-haven asset, surging in value amid growing demand for stability.
Quick Take President Trump’s announcement of a U.S. Crypto Strategic Reserve surprised the industry by including XRP, SOL and ADA alongside BTC and ETH. The market initially surged on the crypto reserve news, but bitcoin subsequently dropped over 10%, and ether plunged more than 15% after Trump’s announcement of new tariffs on imports from Canada, Mexico and China fueled risk-off sentiment.
Quick Take Nearly 50 Bitcoin and Monero addresses were added to the U.S. Treasury’s Office of Foreign Assets Control’s list of sanctioned entities. The addresses were controlled by Iranian national Behrouz Parsarad, the alleged administrator of the Nemesis darknet marketplace.
Quick Take Cumberland said it signed a “joint filing” with the SEC to dismiss its case on Tuesday. Cumberland DRW, a Chicago-based crypto trading firm part of DRW, was sued last year after the SEC said it acted as a dealer without being registered.
Quick Take Despite the current downturn, Pump.fun’s overall impact since its January 2024 launch remains remarkable. The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take The Block’s Editor-in-Chief Tim Copeland unpacked based roll ups and their key differences from other Layer 2s with Taiko COO Joaquin Mendes Izard and Commit-Boost/Fabric Shepherd Drew Van Der Werff.
- 02:18Wall Street’s Big Short: The Corporate Bitcoin Treasury Craze Is Repeating the SPAC Bubble RiskOdaily Planet Daily News: Wall Street’s prominent short seller Jim Chanos has sounded the alarm over the current frenzy surrounding corporate Bitcoin treasuries, likening it to the SPAC (Special Purpose Acquisition Company) mania of 2021—when $90 billion was raised in just three months, only to end in a dramatic collapse.But this time, the difference is that public companies are buying Bitcoin by issuing convertible bonds and preferred shares, without engaging in any other substantive business activities.“What we’re seeing now in the Bitcoin treasury market is almost identical to the SPAC madness of 2021,” Chanos said on a podcast this week. “There are major announcements almost every day—hundreds of millions every night.”
- 01:59U.S. prosecutors expected to conclude Tornado Cash co-founder Roman Storm's case by July 25Odaily Planet Daily News: The U.S. Attorney for the Southern District of New York continues to press charges against Tornado Cash co-founder and developer Roman Storm, with the trial expected to last about a month.Assistant U.S. Attorney Thane Rehn stated that the prosecution expects to conclude its case against Storm by the end of next week, after which the defense attorneys for the Tornado Cash co-founder will begin calling their own witnesses. Storm noted that, due to complex legal arguments and unforeseen witnesses and evidence, he anticipates the trial will last “three to four weeks.”Given that the prosecution is expected to finish its statements by July 25, Storm’s lawyers have already revealed the defense strategies they plan to present in court. Before the trial began, Storm said he was unsure whether his legal team would have him testify in his own defense. (Cointelegraph)
- 01:52Staking Tokens See Broad Gains, LDO Surges Over 20% in 24 HoursOn July 19, according to market data, staking-related tokens saw a general increase, possibly influenced by the news of BlackRock's ETHA staking application. Among them: RPL is currently priced at $7.89, up 24.06% in the past 24 hours; LDO is currently priced at $1.107, up 20.07% in the past 24 hours; FXS is currently priced at $3.25, up 15.95% in the past 24 hours.