Binance integrates Lightning Network. (Leon Contreras/Unsplash)

On-chain data shows that Bitcoin miners may have once again been participating in selling recently, something that could lead to the asset declining.

Bitcoin Miner Reserve Has Been Declining In The Last Two Weeks

As pointed out by an analyst in a CryptoQuant post, the BTC miner reserve has been observing outflows recently. The miner reserve here refers to the total amount of Bitcoin that the miners as a whole are holding in their wallets right now.

When the value of this metric goes up, it means that these chain validators are transferring coins into their addresses currently. This kind of trend can be a sign that the miners are accumulating, and hence, can be bullish for the price of the asset.

On the other hand, the indicator trending down suggests the miners are taking BTC out of their wallets at the moment. Generally, these investors withdraw coins from their reserve for selling-related purposes, so such a trend can have bearish consequences for the cryptocurrencys value.

In the context of the current discussion, the miner reserve itself isnt of interest, but rather its rate of change (ROC) is. This metric keeps track of the percentage changes in the miner reserve over a specific period. Here, the relevant period is the 14-day one.

Now, below is a chart that shows the trend in the 14-day ROC of the Bitcoin miner reserves over the last few months:

As shown in the above graph, the 14-day ROC of the miner reserve had been green last month as Bitcoin had rallied above the $30,000 level. These positive values of the indicator imply that the miner reserve had been rapidly going up.

The timing of these positive ROC values could suggest that the accumulation from the miners might have provided support for the surge in the cryptocurrencys price.

In the first week of this month, though, the metric turned negative, implying that the miner reserve started to decline. The miners look to have continued to withdraw coins from their wallets since then, as the indicators value has remained red.

The Bitcoin price has been struggling in this period, as it hasnt been able to mount up any significant moves. It would appear that this selling...

Floatie in the form of a unicorn, the emblematic mythical creature featured in Uniswap's logo and marketing materials. (Unsplash/Modified by CoinDesk)

The ruling on Ripple's XRP token provides clarity on what exactly is a security, wrote JMP Securities.

Celsius deposits to FalconX (Arkham Intelligence)

(israel palacio, Unsplash)

(Co:Create)

Coinbase logo on a laptop computer (Piggybank/Unsplash)

Binance, one of the world's leading cryptocurrency exchanges, has successfully integrated Bitcoin (BTC) onto the Lightning Network, enabling faster and more efficient transactions. As of today, users can now deposit and withdraw Bitcoin (BTC) using the Lightning Network on the Binance platform.

The integration of Bitcoin on the Lightning Network marks a significant milestone for Binance, as it aims to enhance the speed and scalability of Bitcoin transactions. By leveraging the Lightning Network, Binance aims to address the scalability challenges associated with the Bitcoin network, allowing users to enjoy faster and cheaper transactions. Previously, Binance has experienced issues in high fee environments, most recently highlighted when Bitcoin inscriptions caused a surge in fees.

With the Lightning Network integration, Binance users can now take advantage of the Lightning Network's off-chain payment channels to send and receive bitcoin transactions with reduced fees and faster settlement times. This development comes just as Lightning is being integrated into other exchange platforms, essentially becoming an expectation for quick and easy bitcoin transactions. Just last week, a European exchange named Coinfinity also integrated the Lightning Network, with plans for further integration down the road.

According to the official announcement by Binance, users can find their assigned bitcoin deposit addresses on the Lightning Network within the Deposit Crypto page on the platform. The exchange has also provided a FAQ section to guide users on how to deposit bitcoin using the Lightning Network.

The integration of the Lightning Network for bitcoin transactions is expected to bring tangible benefits to Binance users, offering them a faster and more cost-effective way to engage with the leading cryptocurrency.

On-chain data shows the stablecoin exchange deposits have remained low recently. Heres what this may mean for Bitcoin.

Stablecoin Exchange Deposits Stay Low, While Withdrawals Jump

As pointed out by an analyst in a CryptoQuant post, the fact that the stablecoin exchange withdrawals have spiked while deposits have stayed low may be slightly alarming for BTC.

There are two indicators of relevance here: the stablecoin exchange withdrawing transactions and the stablecoin exchange depositing transactions. As their names already imply, these metrics track the total number of withdrawals and deposit transfers, respectively, that investors of the ERC-20 stables are making right now.

Generally, investors seek the safety of these fiat-tied tokens whenever they want to escape the volatility associated with the other assets in the sector. Eventually, when these holders think that the prices are right to jump back into the volatile markets, they swap their stables back for their desired cryptocurrency.

These investors usually make use of centralized exchanges for this purpose. So, when the exchange withdrawing transactions are high, it can be a sign that holders are exchanging coins like Bitcoin for stablecoins right now.

On the other hand, the deposits being high can imply these investors are looking to buy volatile assets using their stables. Naturally, in the former case, Bitcoin and others may feel a bearish effect from the selling, while in the latter case, the prices might see a bullish boost.

Now, here is a chart that shows the trend in the stablecoin exchange withdrawing and depositing transactions over the past couple of years:

As displayed in the above graph, the stablecoin exchange depositing transactions metric has been relatively low for a while now. This would suggest that there may not be enough demand for converting stables into other assets right now.

From the graph, its visible that the last time the indicator spiked was back in March of this year. Following the deposits back then, Bitcoin observed a sharp rebound in its price as the rally saw a revival. The timing of these inflows might mean that it was the buying from these stablecoin holders that had provide...

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By enabling cross-chain swaps of cryptocurrency, Cointelegraph Innovation Circle member Simon Harman is shaking up DeFi.

Celsius, the bankrupt crypto lender, has started selling its non-Bitcoin and non-Ethereum crypto assets, records on July 17 indicate. According to on-chain data from Lookonchain, Celsius has transferred approximately $23.5 million of various cryptocurrencies, including BNB, ZRX, LINK, BONE, and SNX, to FalconX and OKX, respectively.

Different amounts of these tokens were transferred by Celsius, a move that, while it could be positive for creditors, may impact the token valuations of those projects.

Celsius Selling Altcoins 

Lookonchain revealed that Celsius moved $8.5 million worth of LINK, the native currency of Chainlink, a middleware protocol linking on-chain smart contracts to external but verified data. At the same time, it also moved $7.84 million worth of SNX, the native token of Synthetix, a protocol allowing users to trade derivatives called synths, was transferred.

Celsius also went on to move $3 million worth of BNB, the coin behind the sprawling Binance ecosystem, $2.26 million worth of 1INCH, the token aggregator, and $1.9 million worth of ZRX, the token behind one of the first decentralized finance platforms, Ox Protocol.

The bankrupt lender also moved $709,678 worth of FTT, the token behind the collapsed FTX exchange, to FalconX. In response, FalconX has started depositing these tokens to Binance for selling.

The only token moved to a different exchange was BONE, where Celsius moved $235,000 of the meme token to the popular cryptocurrency exchange, OKX.

While OKX caters to retail and institutional investors, FalconX serves institutional investors, offering diverse services, including liquidity provision and risk management. So far, a large tranche of tokens held by Celsius has moved through FalconX.

In late June, Judge Martin Glenn of the Southern District of New York allowed Celsius to start converting all their tokens to either Bitcoin or Ethereum, the two currencies that would be allowed to pay back creditors. All conversions were set to begin on July 1.

Altcoins Taking A Hit

The transfer also comes amid a favorable ruling that saw a US Judge say XRP, one of the major altcoins, is not a security and can be traded like a commodity, just like Bitcoin. However, even though news pumped altcoins, mostly XRP, momentum tapered during the weekend, and most altcoins fell back from last weeks highs.

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Polygons Mudit Gupta said that despite moving fast in theoretical security, the crypto space is so far behind when it comes to practical security.

Geyser, a leading Bitcoin grant organization, has announced the launch of its fifth Bitcoin grant, aimed at supporting educational initiatives and community-based programs focused on Bitcoin. The grant opens up opportunities for campaigns that promote and bolster Bitcoin schools and communities worldwide. 

Mick Morucci, CEO of Geyser, emphasized the importance of Bitcoin for underserved populations, stating, "These are the people that would most benefit from bitcoin, which can act as a shield. These are also those that are least aware of bitcoin." The grant seeks to amplify the efforts of Bitcoin communities that are emerging across the globe, offering knowledge, education and tools to promote participation in the Bitcoin movement.

To fund the grant, Geyser has raised 1 BTC, thanks to generous donors and a partnership with Blink. The organization aims to distribute the proceeds to numerous projects that demonstrate impact, need and proof of work. Applications for the grant are currently open and will be accepted until mid-August. A board will evaluate the projects and select the most deserving recipients.

Geyser Grants stands apart from typical Bitcoin grants, which primarily focus on core developers. The organization aims to recognize and reward all Bitcoin creators for their contributions. Geyser Grants has already made a significant impact, contributing 2.2 BTC to over 100 projects centered around Bitcoin education, creative endeavors, and community building.

The grants serve multiple purposes, including promoting Bitcoin awareness, encouraging contributions to the Bitcoin ecosystem, recognizing important work in the space, empowering creators globally and fostering the growth of the Bitcoin creator ecosystem. To learn more about the grant or to apply, interested individuals can visit the Geyser Grants Round 5 page.

(Unsplash, Kanchanara)

Polkadot (DOT) has enjoyed a successful three-week period, with bullish investors maintaining their position at the forefront despite fluctuations in the market.

In addition, the recent legal victory of Ripple against the US Securities and Exchange Commission triggered a positive response across the entire market, benefiting not only significant cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) but also altcoins in general.

Nevertheless, it is essential to note that Bitcoin and Ether experienced notable downward corrections in the short term after they attempted to surge higher last week. As a result, there might be some selling pressure soon for these leading cryptocurrencies, which could potentially harm the price of DOT.

Given this scenario, how can DOT bulls regain control and overcome a potential market correction?

DOT Price Update: Minor Dip, But Open Interest Improves

The latest update on DOTs price from CoinGecko shows that it currently stands at $5.30. While the cryptocurrency experienced a slight decline of 1.7% over the past 24 hours, it still managed to maintain a seven-day rally of 4.8%. However, a closer analysis of the DOT price report shows some concerning indicators.

According to a report, by mid-June, the Open Interest had significantly diminished compared to its April levels, signaling a bearish sentiment. However, as the month advanced, a reversal in this trend emerged.

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...

This is an opinion editorial by Fernando Nikolic, the director of marketing and communications for Blockstream.

Bitcoin is not for everyone. It's a bold statement that may seem counterintuitive when the goal is mass adoption. After all, shouldn't we aim to convince everyone about the benefits of Bitcoin? Well, the truth is, we can't. And that's okay.

In our world, it's easy to live within a filter bubble, surrounded by like-minded plebs who reinforce our beliefs. But when we attempt to market Bitcoin to the masses, we quickly realize that not everyone shares our enthusiasm. The resounding chorus of "no" can be disheartening, and there are many examples of people claiming to give up on orange-pilling normies.

That's not the way forward. We just need to resist the temptation to use the same message on the ocean of regular people who we want to bring to our side.

Finding Our Swimming Pool

Instead, we need to find our swimming pool, a smaller audience that gives us the chance to make a real impact. It's unrealistic to expect every person to embrace Bitcoin, even with the most compelling pitch. By accepting this reality, we can laser-focus our efforts on those who are open to change and receptive to the message.

An example of someone who has understood this is Hermann Vivier from Bitcoin Ekasi. He is laser-focused on building a circular economy in a very specific place: the township of JCC Camp in South Africa and knows everything about the people in that community: their pain, beliefs, needs, doubts and educates his local community about Bitcoin based on this information.

Vivier knows certain things that we might value will not be seen in the same regard among his community members, so he adopts their language, sprinkles it in with Bitcoin truth and makes the case for Bitcoin in a way that only they can truly understand.

To me, that is the spirit of respect. We must acknowledge that Bitcoin is not for everyone. This doesn't mean we are excluding or dismissing individuals; it's about recognizing that our offering is tailored to different, specific groups.

By saying, "It's not for you," we show respect for everyones time, beliefs and desires. We can proudly declare, "This for you. Not for the other folks, but for you."

To create something meaningful for the people who are willing to listen and study Bitcoin, we must embrace the freedom to ignore the critics who will never understand it. Our focus should be on polishing our stories for those who truly need to hear it, and want to hear it.

Success lies in changing the lives of the people who trust us, the ones who have connected with our vision. What others outside our target audience think becomes completely irrelevant!

Because there's one thing about normies that applies everywhere: They truly st...

(Jesse Hamilton/CoinDesk)

Since the Bitcoin price reached a new yearly high of $31,840 last week, only to invalidate the bullish breakout within a few hours and fall towards $30,000, there has been a strange tranquility in the market. Already since June 23, BTC has been in the trading range between $29,800 and $31,300, with every breakout attempt to the upside and downside having failed within a very short period of time.

However, one of the most prominent technical indicators, the Bollinger Bands, predict that this calm may soon be over. Created by the esteemed trader John Bollinger, these bands provide invaluable insights into market volatility and potential price levels.

Bollinger Bands Predict Big Move For Bitcoin

The Bollinger Bands consist of three distinct lines on a price chart: the middle band, the upper band, and the lower band. The middle band is a simple moving average (SMA) that represents the average price over a specified period. The upper and lower bands are derived from the middle band, with the upper band usually set two standard deviations above the SMA, and the lower band set two standard deviations below it.

The primary purpose of the Bollinger Bands is to measure market volatility. When the price of an asset experiences significant fluctuations, the bands widen, indicating increased volatility. Conversely, during periods of reduced price movement, the bands contract, indicating lower volatility. This contraction is commonly referred to as a squeeze, where the upper and lower bands come closer together, forming a narrowing price channel.

When the Bollinger Bands squeeze, the potential for a significant price movement looms. The squeeze suggests that the market is in a state of temporary equilibrium, akin to a coiled spring ready to release its stored energy. The direction of the breakout determines whether its a bullish or bearish signal.

Up Or Down?

Glassnode, a respected on-chain data provider, highlighted today the current state of the Bitcoin market, noting a remarkably low volatility environment. The 20-day Bollinger Bands are experiencing an extreme squeeze, with a mere 4.2% price range separating the upper and lower bands. This suggests that Bitcoin is currently in a period of limited price movement, making this the quietest Bitcoin market since the lull in early January.

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XRP is now witnessing a surge in network activity as prominent holders of the cryptocurrency make their moves. 

The latest findings from Lookonchain, a renowned data analytics firm, shed light on the purchase and sale patterns of XRP whales on the Binance Smart Chain (BSC), signaling a potential rise in selling activity within the market.

Ripples triumph over the SEC has undoubtedly injected a fresh wave of confidence into the XRP community. With the regulatory cloud dissipating, investors and holders are now eager to capitalize on the newfound clarity surrounding the tokens status.

As a result, the actions of these notable whales have become a focal point of interest for market observers and enthusiasts alike.

XRP Whales Purchasing Habits Revealed: Insight From Lookonchain

Based on analysis by Lookonchain, the transactional behavior of four influential whales has come to light. Each of these whales demonstrates distinct patterns in their purchasing habits, shedding light on their strategies within the crypto market.

1/ Did whales sell $XRP as the price of $XRP rises?

Lets check the top 4 whales of $XRP on the #BSC. pic.twitter.com/cwkXIcK6s2

Lookonchain (@lookonchain) July 15, 2023

One of the whales, known as 0xf522, has amassed a staggering 25 million XRP, equivalent to $18 million, between April 22 and November 24, 2022. Interestingly, this particular whale has refrained from selling any of their holdings thus far. 

...

BNB open interest-weighted funding rate (Coinglass)

The Financial Stability Board states that crypto platforms must segregate clients digital assets from their own funds and clearly separate functions to avoid conflict of interest.

BTC price performance is worrying market participants in the short term, but the signs of broader Bitcoin accumulation are there.

A record 592,000 Bitcoin, or roughly $17.8 billion, was accumulated when the coin was trading at $30,200, recent Glassnode data indicates. At this accumulation rate, suggesting possible demand, more entities bought more coins at the second fastest pace in the networks history. This record was only broken when 637,000 BTC were bought at an average price of $16,500.

592,000 Bitcoin Bought At $30,200

The spike in Bitcoin accumulated at this price point preceded the decision by a United States court to rule that XRP, an altcoin issued from the XRP Ledger (XRPL), is a commodity, just like Bitcoin. The ruling on Friday, July 14, was received positively by the crypto community and temporarily lifted prices, sustaining Bitcoin above the psychological $30,000 mark.

According to Glassnode, the Bitcoin Entity-Adjusted Economic Ratio Per Day (ERPD) is a metric designed to assess economic activity within the network, considering the number of entities participating. This metric is calculated by dividing the Network Value to Transactions (NVT) ratio by the entity-adjusted on-chain volume.

In on-chain analysis, the NVT ratio represents the relationship between the market capitalization and the recorded on-chain trading volumes at a specific price point. A higher NVT ratio indicates a greater value than recorded trading volumes.

While the NVT reading can be useful, it can also be misleading if the entities, or clustered addresses, involved in transactions are not accounted for. To correct this error, the ERPD integrates addresses involved at that price point, used in taking account of the market cap. This way, it can be easy to gauge the entities and total coins involved.

Shifting Sentiment?

The surge in Bitcoin ERPD development will also likely impact altcoins. Considering its liquidity and support across the board, Bitcoin sets the tone for other altcoins in crypto. Its performance and transactions can gauge market-wide sentiment, which might, in turn, change how altcoins are perceived in the current market conditions.

Still, some commentators on Twitter were unsure if the metric was a positive development or a position for further price crashes. One believes that most such transactions are conducted by paper hands who buy Bitcoin when the price increases and are set to sell at any moment of negative news....

Unstoppable Domains and Ethereum Name Service have dominated the decentralized domain name space as competitors until now.

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Miners with lower electricity costs will find it easier to survive. (Sandali Handagama)

Shiba Inu (SHIB) has faced a significant challenge in the form of the December 2022 low. This crucial level has proved a formidable barrier for SHIB bulls, thwarting their attempts to increase prices. 

Despite recent upside movements, the resistance at this level has proven to be persistent, creating a precarious situation for the cryptocurrency. 

As the price of SHIB hovers in this area, the question arises: Will the selling pressure overpower the bulls determination and cause a reversal in the price action?

Shiba Inu Faces Bearish Order Block And Potential Liquidity Hunt

SHIB faces a significant challenge as its December 2022 low coincides with a bearish order block (OB) ranging from $0.00000785 to $0.00000824. This particular range, as highlighted in a recent SHIB price report, could serve as a stronghold for bearish sentiment in the market.

Consequently, the possibility of a liquidity hunt in this region cannot be disregarded, potentially leading sellers to extend their gains toward the immediate support level at $0.00000711.

Amid recent market fluctuations, SHIB is currently trading at $0.00000788, based on data by crypto market tracker Coingecko. This reflects a decline of 3.4% over the past 24 hours.

However, despite this short-term setback, SHIB has also notched a seven-day rally of 3.4%, showcasing its inherent resilience and potential for recovery in the long run.

Decrease In SHIB Token Burns: Implications For Supply, Demand

Meanwhile, Shibburn reported a notable decline in the number of tokens burned within the past 24 hours. A mere 1,233,806 SHIB tokens were burned in a single transaction, representing a sharp 91.59% decrease in the daily burn rate and in contrast, the previous week witnessed the burning of nearly 1 billion SHIB tokens.

In the last 7 days, there have been a t...

National Australia Bank is the latest bank to announce blocks on certain cryptocurrency exchanges, citing the high risk of scams.

In the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the recent order granting in part and denying in part the motion for Summary Judgment by Judge Torres has left many XRP investors eagerly awaiting the next steps. To shed some light on the situation, prominent attorney Jeremy Hogan has shared his thoughts on the matter, offering valuable insights into the potential appeal process with deadlines and its implications for both parties involved.

Ripple Vs. SEC: The Next Possible Deadline

Hogan, a seasoned attorney with experience in appeals, cautions that appeals are typically pursued after a case is completely finished. After the final judgment is entered, either party has 60 days to appeal, says Hogan who emphasized that the Ripple case is not yet finalized, any potential appeal at this stage would be considered an interlocutory appeal.

As far as I can see in the Rules, you have 10 days to notice an interlocutory appeal, states Hogan. Since the Summary Judgment was issued on July 13, an appeal by the SEC or Ripple Labs would have to be filed by July 23 at the latest (or by July 24 if the deadline does not start until the following day). This means that next Monday at the latest it will become public whether one of the parties files an appeal.

But an interlocutory appeal is rarely granted and generally requires compelling reasons, such as the release of significant information that could impact the case. However, Hogan points out that Judge Torres did not certify her ruling for immediate review, indicating that an interlocutory appeal might not be granted in this scenario. This suggests that the SEC and Ripple would need to wait for a final judgment before pursuing an appeal. Hogan believes that both parties might ultimately choose not to appeal for various reasons.

According to the lawyer, the SEC might hesitate to appeal because, even if successful, it could potentially jeopardize their overall case. Winning the appeal would retract some unfavorable aspects of the trial-level case. However, if the SEC were to lose at the appellate level, it could set a precedent that all courts in the 2nd DCA (Second District Court of Appeals) would have to follow, amplifying the impact of their loss.

On the other hand, Hogan believes that Ripple may opt not to appeal if it can afford to pay the fine and if the rulings effect on its business, particularly the aspect concerning the On-Demand Liquidity (ODL) feature, is manageable. These factors, combined with the fact that Ripple secured a favorable outcome in the ruling, might dissuade them from pursuing an appeal.

When considering the potential...

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The value and popularity of TerraUSD Classic, or USTC, the algorithmic stablecoin of the Terra Classic (LUNC) ecosystem, have skyrocketed recently.

Today, the stablecoin makes a surprise rally, sparking a great deal of interest among investors and cryptocurrency aficionados.

The sharp growth in USTC could be an indication of a sharp rise in demand and emphasizes the markets rising confidence in this stablecoin.

Data from crypto market tracker Coingecko shows USTC trading at $0.0186, notching a 24-hour increase in value of 21.4%. In the last seven days, the stablecoin registered an impressive 58% rally, causing its trading volume to balloon to a solid 409%.

USTC Organic Growth Pushes Stablecoin Up

Despite the fact that the causes of this upswing are yet unknown, the recent spike in USTCs value shows organic growth.

Organic growth refers to the increase in value of USTC that occurs naturally, without the influence of external factors or artificial means.

It suggests that the growth is the result of the companys internal operations, strategies, and market dynamics, rather than being driven by external factors such as acquisitions, mergers, or financial manipulations.

After it was de-pegged more than a year ago, USTC saw a huge price decline. Since USTC is a stablecoin with a 1:1 tie to the USD, its price should always be $1.

The stablecoin has since traded at lower prices, reaching a 52-week high of $0.06 during that time. There are signs, nevertheless, that USTC could revisit the $1 level and recoup its worth.

The TerraUSD Classic de-pegging caused major difficulties for the larger digital currency ecosystem, and its effects are still being felt today.

A few Web3.0 firms with exposure to its parent company Terraform Labs went out of business in addition to the more than 99% decline in price of its linked cryptocurrency, Terra Classic.

Th...

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The post Huge Win for Crypto VS SEC | This Week in Crypto Jul 17, 2023 appeared first on 99 Bitcoins.

Altcoins surge after Ripples court victory, Google allows NFTs in the PlayStore, and leaked documents

Huge Win for Crypto VS SEC | This Week in Crypto Jul 17, 2023 Read More

1.00 AUD = 0.00002 BTC
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An immediate appeal could potentially jeopardize the SECs entire enforcement agenda if it ends up losing, said Katie Haun of Haun Ventures.

Bitcoin daily price chart. (CoinDesk Indices)

John Reed Stark, a former attorney in the Securities and Exchange Commissions Enforcement Division, says the ruling in favor of Ripple Labs resides on shaky ground.

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SNX, the native token of the Synthetix Network, has been on the rise, gaining more than 35% in the past week. The cryptocurrency continues to exhibit strong bullish momentum, having registered a positive market performance over the past few weeks.

SNXs recent price surge has been linked to the positive sentiment surrounding the Synthetix network. A few days ago, the protocol announced its plan to release a new decentralized exchange (DEX).

Synthetix Token Tallies 35% In One Week Price Overview

The cryptocurrency market experienced a jolt of positivity after the long-running battle between payments and technology firm Ripple the company behind XRP and the United States Securities and Exchange Commission (SEC) came to a positive conclusion on Thursday. US District Judge Annalisa Torres delivered a landmark judgment declaring the XRP token as non-security, thereby granting a decisive triumph for Ripple.

However, unlike other cryptocurrencies, the price of SNX barely reacted to this piece of news. The tokens value increased by a mere 5% following the announcement of the courts decision.

SNX did experience a surge of its own the following day. On Friday, July 14, the tokens price jumped by nearly 40%, touching the $3 level before retracing back to $2.5.

As of this writing, the Synthetix token is valued at $2.82, with an 8% price increase in the last 24 hours. With a market cap of $903.4 million, SNX ranks as the 47th-biggest cryptocurrency, according to CoinGecko data.

The recent increase in SNXs price is believed to have been triggered by the announcement of a new Synthetix trading product. In a blogpost released on Friday, the protocols founder Kain Warwick unveiled plans to introduce a new derivatives front-end called Infinex.

What Is Infinex?

Infinex is a new derivatives front-end to the decentralized trading infrastructure of Synthetix. The exchange is expected to be an improvement on the already-existing Kwenta, Synthetixs derivatives decentralized exchange on Optimism.

According to Kain Warwick, Infinex will remove the impediments to the growth of Synthetixs decentralized trading ecosystem. Firstly, it will address the inconvenience of acquiring sUSD, Synthetixs stablecoin, to begin trading on Kwenta. Also, it will eliminate the need to sign every action on th...

This is an opinion editorial by Bitcoin Graffiti, a software developer and graffiti artist.

"Those things which I am saying now may be obscure, yet they will be made clearer in their proper place." 

Nicolaus Copernicus

In the annals of history, Nicholas Copernicus is celebrated as the groundbreaking astronomer who toppled the geocentric view and unveiled the heliocentric model, placing the sun at the center of our solar system. However, there is a lesser-known facet of Copernicus' genius that remains shrouded in obscurity: his profound contributions to monetary thought.

While his astronomical achievements have captivated generations, his insights into the nature of money and its effects on economies have largely been overlooked.

As the medieval era drew to a close, marked by transformative inventions like the Gutenberg printing press and the disruptive force of gunpowder, Copernicus's groundbreaking work challenged not only the prevailing astronomical beliefs but also the accepted notions of money.

The emergence of the printing press ushered in an era of unprecedented knowledge dissemination, gradually eroding the information monopoly of the Catholic Church. Concurrently, the widespread adoption of gunpowder rendered knights and their armor powerless, signifying the decline of the feudal system. Amid this backdrop of change, Copernicus emerged as a visionary, his mathematical calculations eventually proving that the Earth was not the center of the universe.

While we may look back on our geocentric ancestors and marvel at their supposed ignorance, we must acknowledge that most of us are quite incapable of proving the heliocentrism ourselves. We generally accept the current belief. If that is true, mustn't there be obvious things we could be missing today? What if our assumptions about money, the lifeblood of economies, are flawed as well and the study of economics is still in its infantile stage? Perhaps, just as Copernicus shattered the prevailing astronomical narrative, we are on the cusp of an intellectual revolution that will expose the shortcomings of contemporary monetary belief.

It is here, amid these profound reflections, that Copernicus' hidden expertise in monetary matters resurfaces. Unbeknownst to many, this visionary mind not only revolutionized our understanding of the heavens but also made lasting contributions to the field of monetary thought.

From real estate to franchising, and from renewable energy to Hollywood, tokenization has the potential to transform the way we do business.

The outcome of the case could establish a precedent that shapes the regulatory landscape for digital assets within the United States.

United States-based crypto startups attracted 45% of all venture capital funding invested in the crypto industry, followed by the United Kingdom (7.7%) and Singapore (5.7%).

According to Ripple CEO Brad Garlinghouse, an appeal by the U.S. Securities and Exchange Commission would only reinforce Judge Torress decision that XRP is not a security.

In todays news, the prominent stablecoin TrueUSD with the ticker TUSD is now undergoing a management change.  According to a thread this morning by the projects official Twitter handle, Archblock Inc., the current TUSD operator, has begun the transfer of total control of Token to its Asian-based owners, Techteryx Ltd. 

Techteryx Finally Assumes Control Of TrueUSD

Back in December 2020, Techteryx acquired ownership of TUSD but hired Archblock to keep maintaining the stablecoins operations. And for the last two years in which Archblock remained TUSDs operator, Techteryx claims to have been focusing on expanding the tokens foreign use cases in the global markets. 

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However, Archblock has now commenced the transfer of control yesterday, July 13, marking the end phase of TUSDs international transition. Upon completion, Techteryx will reportedly assume full management of all aspects of the stablecoins operation.

These controls will include mining and redemptions, customer onboarding and compliance, conservation of fiat reserve, and maintenance of banking and fiduciary relationships.

During the transition period, Archblock will continue to support the US-based TUSD users, with Techteryx stepping in with the necessary guidance and further updates. 

Prior to todays news, TUSD has attracted some interest especially following Binances recent moves with the stablecoin. On June 21, the cryptocurrency exchange announced the launch of a TUSD zero-maker fee promotion for spot and margin trading pairs beginning from June 30.

Interestingly, Binance had minted $1 billion worth of TUSD on the Tron network a week before making that announcement becoming the largest holder of the token.

Related Reading: Stablecoin Market Share Dwindles As USDC And BUSD Supply Deplete

At the time of writing,...

The news of Ripples recent partial victory against the SEC after a legal battle spanning almost three years sent a ripple of joy around the entire crypto industry. However, according to a legal expert on Twitter, Lawyer Bryan Jacoutot, the victory might be short-lived as SEC has enough grounds to appeal the decision and drag this thing out for a lot longer.

The SECs Lawsuit Against Ripple Labs

The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that Ripple had conducted an unregistered securities offering worth over $1.3 billion through the sale of XRP. According to the SEC, XRP is a security under federal securities laws. But the court determined on June 13 that the random programmatic sale of XRP to regular investors does not constitute the sale of an unregistered security under Howey. 

However, sales to institutional investors fall under Howey, which is used in the United States to determine whether a transaction qualifies as an investment contract. In this case, the Court found that the buyers couldnt know who was selling them the XRP, unlike the institutional investors who would expect Ripple Labs to use the capital for the betterment of the Ripple ecosystem.

According to Jacoutot, the Courts reasoning is weak and Howey was misapplied in the case. The Court reasoned that regular investors bought XRP fully knowing that it is subject to the general cryptocurrency market trends, especially secondary sales of XRP tokens. However, Jacoutot believes those buying XRP would have also expected to make a profit from the efforts of Ripple Labs.

The attorney also made a case of the Ethereum Foundation, as everyone who took part in the pre-sale of ETH knew they were buying from Ethereum Foundation. When looking at the XRP ruling in a similar manner, this would mean institutional investors of the ETH presale also bought unregistered securities.

What Does The Ruling Mean?

According to Jacoutot, the ruling opens up a few loopholes that can be exploited. In a tweet by attorney Joe Carlasare on Twitter, it explains that the logic of the ruling leaves an opening that can be used to lawfully launch a pyramid scheme. In this case, profits from the programmatic sales to retail investors can be distributed to institutional investors.

Ripple CEO Brad Garlinghouse has...

Ripple Labs has partially defeated the SEC in court, triggering a price increase for XRP. A billion-dollar fine was imposed on Celsius Network by the FTC, and its CEO was arrested for fraud.