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Bitcoin has entered a distribution phase, signaling a decrease in demand, with market participants increasingly liquidating their holdings. While investor sentiment is cautious, long-term holders may indicate a potential market shift.
XRP eyes a breakout above $2.27 resistance for sustained bullish momentum. Market sentiment remains positive, but low trading volume signals possible consolidation. Technical indicators hint at a potential bullish reversal despite weak momentum.
Quick Take Ethereum Foundation developers will launch a new testnet called Hoodi, which will test the final Pectra deployment ahead of mainnet activation. Previous Pectra activations on the Holesky and Sepolia testnets ran into configuration issues, pushing back the official release schedule.
- 09:42El Salvador’s legislature approves constitutional reform allowing indefinite presidential re-electionAccording to Jinse Finance, El Salvador's legislative body has approved sweeping constitutional reforms that allow for indefinite presidential re-election, effectively enabling President Nayib Bukele to remain in power beyond his current term. The Legislative Assembly of El Salvador stated that Bukele's New Ideas party and its allies passed five reform proposals by a vote of 57 to 3. These reforms also extend the presidential term from five to six years and eliminate runoff elections. Opponents warn that this move will concentrate power and threaten democratic institutions, as these changes remove long-standing term limits that have checked executive authority. New Ideas party legislator Ana Figueroa proposed ending Bukele's current term two years early so that presidential and congressional elections would be held on the same schedule. If approved, Bukele's current term would end on June 1, 2027, instead of June 1, 2029.
- 09:32Bitget Onchain Weekly Top 3 Gainers: DEBT, WORTHLESS, BillyAccording to ChainCatcher, Bitget Onchain has recently seen an upward trend in newly listed projects. Among them, DEBT reached a maximum increase of 1275.6% after listing, WORTHLESS rose by 1155.5%, and Billy by 354.0%.
- 09:27Tether Surpasses South Korea to Become the 18th Largest Holder of US Treasury BondsAccording to a report by Jinse Finance, data from Messari shows that Tether has surpassed South Korea to become the 18th largest holder of U.S. Treasury bonds. Yesterday, Tether released its Q2 financial report, revealing that its U.S. Treasury holdings have exceeded $127 billion.