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Bitcoin due ‘one of greatest bull markets’ as July gains circle 20%

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Bitcoin due ‘one of greatest bull markets’ as July gains circle 20%

Bitcoin (BTC) spoofed a breakout to fresh six-week highs into July 31 as a showdown for both the weekly and monthly close drew near.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Bart Simpson” greets traders into BTC monthly close

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD canceling out all its gains from early in the weekend, dropping from $24,670 to $23,555 in hours.

The resulting chart structure was all too familiar to long-term market participants, creating a “Bart Simpson” shape on hourly timeframes.

Liquidations nonetheless remained manageable, with the cross-crypto tally totaling $150 million in the 24 hours to the time of writing according to data from analytics resource Coinglass — less than on previous days.

Crypto liquidations chart. Source: Coinglass

For popular trader and analyst Rekt Capital, there was now reason to believe that the coming weekly candle close would confirm that Bitcoin had reestablished a key trendline as support after weeks of failure.

Looks like #BTC has successfully retested the 200-week MA as support$BTC #Crypto #Bitcoin pic.twitter.com/yg75xrxXQB

— Rekt Capital (@rektcapital) July 30, 2022

Looking forward, however, not everyone was convinced that the current market strength had much room left to continue.

In one of various Twitter posts over the weekend, Material Scientist, creator of on-chain analytics resource Material Indicators, eyed funding rates on derivatives platforms turning increasingly positive, indicating too strong consensus that prices could go up unchecked.

“Negative funding has almost completely reset, just like in late March. We might even see positive funding on some alts soon,” he wrote.

“I think there’s one final pop into the shaded area before the bear rally fizzles away.” 

Nonetheless, BTC/USD was still on track to deliver approximately 19% monthly gains for July, these starkly contrasting with any other month of the year so far.

According to data from Coinglass, July’s returns were even poised to be Bitcoin’s best since the 2021 all-time highs.

Bitcoin monthly returns chart (screenshot). Source: Coinglass

One of “greatest bull markets” could now await Bitcoin

Other perspectives paid little attention to the prospect of a fresh correction in the short term.

Related: Historically accurate Bitcoin metric exits buy zone in ‘unprecedented’ 2022 bear market

Eyeing potential performance in the second half of 2022, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, left little doubt as to how Bitcoin in particular would fare.

Hints that the Federal Reserve would address rate hikes on a “meeting by meeting basis,” as per Chair Jerome Powell this week, “may mark the pivot for #Bitcoin to resume its tendency to outperform most assets,” he argued on social media.

“July marked the steepest discount in Bitcoin history to its 100-and 200-week moving averages, with implications for it to recover,” he added about the 200-week trendline.

“I see risk vs. reward tilted favorably for one of the greatest bull markets in history.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Crypto Exchange Zipmex Moves to Release Some BTC, ETH Holdings This Week

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Crypto Exchange Zipmex Moves to Release Some BTC, ETH Holdings This Week

Shortly after resuming withdrawals for some altcoins, Asian crypto exchange Zipmex announced that it will be easing withdrawal amounts of Bitcoin and Ether later this week.

The statement comes after the platform had assured its users on August 4 that it is “committed to resuming all services on the Zipmex platform ASAP and to rebuild confidence and alleviate customer concerns.”

August 11, 16 earmarked for release

Zipmex, a cryptocurrency exchange with offices in Singapore and Thailand, announced a temporary halt to client withdrawals from the platform back on July 20. While the exchange blamed falling crypto asset prices and loan defaults by industry heavyweights for the decision, it said it will resume withdrawals less than 24 hours after suspending operations.

Now, despite the exchange’s battle with Babel and Celsius, it intends to release a specific amount of ETH and BTC on August 11 and 16, respectively.

Zipmex is planning to release a specific amount of ETH and BTC on 11 and 16 August respectively. We’re working hard to release the balance of Z Wallet holdings ASAP.

Thank you for your ongoing patience and support.

Zipmex Team

#Zipmex pic.twitter.com/moywJffXau

— ZIPMEX (@zipmex) August 8, 2022

Previously on August 2, 100% of users’ SOL was released, 100% of XRP was announced for release on August 4, and Zipmex said it will make 100% of ADA available on August 9, 2022. Stablecoins, on the other hand, will remain inaccessible for the time being.

Meanwhile, in Singapore, Zipmex has requested bankruptcy protection to address its financial concerns by way of a moratorium for five of its businesses. While the hearing is to take place on August 15, it is crucial to reiterate that Zipmex has raised a total of $62.9 million in investment over the course of 6 rounds. As per Crunchbase, Coinbase and B Capital Group were the most recent investors.

That said, co-founder Akalarp Yimwilai had also stated on Twitter last month that the “primary objective at this stage is to raise funds and open up Z Wallet as soon as possible.”

We reiterate that we have an audit trail and written evidence on all sequence of events. However, our primary objective at this stage is to raise funds and open up Z Wallet as soon as possible.

— Akalarp Yimwilai (@akalarp) July 29, 2022

Will the Singapore court go the Vauld way?

Just last week, the High Court of Singapore granted the troubled cryptocurrency lender Vauld a three-month moratorium period. As a result, the corporation will be effectively protected from any prospective legal action from creditors during this time. Therefore, a similar route for Zipmex will allow the platform to resolve its liquidity issues and re-enable its Z wallet.

Just to reiterate, Zipmex Asia Pte Ltd, Zipmex Pte Ltd, Thailand-based Zipmex Company Limited, PT Zipmex Exchange Indonesia, and Zipmex Australia Pty Ltd are among the businesses asking for assistance under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018. According to Singaporean legislation, these businesses must be given an automatic moratorium for 30 days or until the court issues a ruling.

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Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Dave Portnoy’s SafeMoon position is down 94%, claims he’s being sued by project

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Dave Portnoy’s SafeMoon position is down 94%, claims he’s being sued by project

The Barstool Sports founder panic-sold Bitcoin in 2020 and has expressed fleeting interest in digital assets ever since.

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Dave Portnoy's SafeMoon position is down 94%, claims he's being sued by project

Barstool Sports founder Dave Portnoy has watched his investment in SafeMoon (SAFEMOON) crash by over 94%, proving to crypto enthusiasts that he is, in fact, capable of hodling during the bear market. 

The stock trader and media personality took to Twitter on Monday to lament his $40,000 investment in the memecoin, which has fallen to just $2,370.94 after he didn’t withdraw a single token. “Still holding by the way,” Portnoy said. “Diamond hands.”

I put 40k into @safemoon I haven’t withdrawn any. It’s not worth 2.3k. And I’m being sued. https://t.co/qRAyBegQMm

— Dave Portnoy (@stoolpresidente) August 8, 2022

Portnoy claimed that he’s also being sued by SafeMoon, possibly for “trashing” the project on his show, but didn’t elaborate much further. In a separate tweet, Portnoy shared a screenshot of SafeMoon’s sales manager expressing displeasure with the Barstool Sports frontman for giving the company “a bad look and unfair representation.” Portnoy “mentioned his SafeMoon losses on air but failed to mention he hasn’t upgraded his holdings to V2 yet,” the manager said.

And let’s not forget when @safemoon themselves complained about me trashing them. pic.twitter.com/1Fg2i9lijC

— Dave Portnoy (@stoolpresidente) August 8, 2022

Portnoy is no stranger to cryptocurrencies, having bought Bitcoin (BTC) in August 2020 only to sell it one week later due to volatility. He later expressed regret over his lack of conviction and went on to make several additional bets on cryptos, which included SafeMoon.

Related: Dogecoin founder speaks out against ‘meme coins’

As far as prices go, SafeMoon is down over 99% from its all-time high of $0.00001399 in April 2021, according to CoinMarketCap. The coin has a lifetime return on investment of negative 86%. 

SafeMoon was audited in May 2021 by blockchain security firm HashEx. At the time, the firm identified 12 smart contract vulnerabilities, including a “temporary ownership renounce” that made it especially prone to a rug pull.

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Circle freezes blacklisted Tornado Cash smart contract addresses

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Circle freezes blacklisted Tornado Cash smart contract addresses

Stablecoin issuers can blacklist interactions with the Tornado Cash DApp on the Ethereum smart contract level.

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Circle freezes blacklisted Tornado Cash smart contract addresses

Crypto data aggregator Dune Analytics said that, on Monday, Circle, the issuer of the USD Coin (USDC) stablecoin, froze over 75,000 USDC worth of funds linked to the 44 Tornado Cash addresses sanctioned by the U.S. Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons (SDN) list. Tornado Cash is a decentralized application, or DApp, used to obfuscate the trail of previous cryptocurrency transactions on the Ethereum blockchain. 

All U.S. persons and entities are prohibited from interacting with the virtual currency mixer’s USDC and Ethereum smart contract addresses on the SDN list. Penalties for willful noncompliance can range from fines of $50,000 to $10,000,000 and 10 to 30 years imprisonment. An estimated $437 million worth of assets, consisting of stablecoins, Ethereum, and wrapped Bitcoin (WBTC), are currently held in Tornado Cash’s smart contract addresses. As a result, issuers are expected to take steps to prevent the transaction or redemption of such assets. 

Both the entities behind USDC and Tether can freeze their stablecoin transfers to and from Tornado Cash on the Ethereum smart contract level. Meanwhile, Palo Alto, California-based BitGo, would also, theoretically, need to restrict access to Tornado Cash to comply with such sanctions. One possible method is suspending the redemption of Tornado Cash-linked WBTC.

As told by pseudonymous DeFi educator BowTiedIguana, the new Tornado Cash sanctions apply across the board for U.S. individuals and entities. Simple interactions such as Gitcoin donations, working for the project, running or downloading its software, visiting its website, and depositing/withdrawing from smart contracts could be interpreted as violations. 

Circle just frozen 75,000 USDC belonging to unsuspecting Tornado users, as well as 149 USDC donated to the project. pic.twitter.com/GBS41FtZvB

— banteg (@bantg) August 8, 2022

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