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Winklevoss Twins Donate $1M in Bitcoin to Super PAC Against Warren

Mark Brennan
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Winklevoss Twins Donate $1M in Bitcoin to Super PAC Against Warren

Winklevoss twins donate $1 million in Bitcoin to Super PAC opposing Senator Elizabeth Warren, boosting political campaign against her policy.

Tyler and Cameron Winklevos, the twin founders of the crypto exchange Gemini, have pledged $500,000 in Bitcoin each to a PAC that supports John Deaton. Pro-crypto attorney Deaton aims to contest and potentially end crypto-critic Senator Elizabeth Warren’s political career of twelve years.

 

These donations are directed towards the Commonwealth Unity Fund, a new “super” political action committee (PAC) dedicated to replacing crypto critic Senator Warren with Deaton. The committee will use these funds independently to solidify Deaton’s candidacy through various ad campaigns.

The crypto community has criticized Democratic Senator Warren for her aggressive stance on the industry. She has frequently shown concerns over user protection, financial crimes, environmental impact, and national security. The crypto industry views the government’s tough stance as a threat to its growth in the United States.

The Winklevoss brothers shared the donation news on their X (formerly Twitter) accounts. Tyler Winklevoss labeled Warren as “public enemy number one” for crypto but commended Deaton for his support of the industry.

He criticized Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), and Martin Gruenberg, Chairman of the Federal Deposit Insurance Corporation (FDIC), calling them “lap dogs and attack dogs” of Warren.

Sen. Warren: ‘A Mastermind’?

Tyler stated that the SEC has been constantly poking “good actors” in the crypto industry. Last year, the regulator filed a lawsuit against Gemini, accusing it of securities law violations connected to its lending platform’s crypto token offerings. This case is part of a broader crackdown affecting companies like Coinbase, Kraken, and Ripple.

Moreover, banking regulators, including the FDIC, have restricted banks from doing business with crypto firms. Tyler stated, “Elizabeth Warren is the mastermind of these illegitimate initiatives, and these are her lieutenants and foot soldiers who carry out her orders.”

The Winklevoss twins’ donations came shortly after Ripple, a renowned crypto firm, contributed $1 million to the Commonwealth Unity Fund in support of Deaton on July 16. James Murphy, the PAC’s fundraising lead, expressed his gratitude to Ripple, and Tyler and Cameron Winklevoss.

Last month, the duo donated $2 million in bitcoin to former president Donald Trump to fight against Biden’s tough stance on cryptocurrencies.

Meanwhile, Deaton faces two challengers for the GOP nomination against Warren: Ian Cain and Robert Antonellis. Warren will learn of her official challenger after the Massachusetts State Primary, scheduled on September 3.

Shiba Inu Says SHIB Will Go Higher And Withstand Any Hurricane

Lele Jima
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0
Shiba Inu Says SHIB Will Go Higher And Withstand Any Hurricane

Lucie, the marketing specialist of the Shiba Inu ecosystem, shares words of encouragement with community members following the massive plunge in SHIB’s price. 

Recall that SHIB suffered a double-digit loss yesterday after hackers of India’s largest crypto exchange stole $230 million worth of digital assets, including SHIB. 

As reported earlier, Shiba Inu represents the biggest asset by dollar value stolen from WazirX. Specifically, the attackers carted away 5,433,750,000,000 (5.43 trillion) SHIB worth $102.1 million. Shortly after the heist, the attackers sold all 5.43 trillion SHIB for 26,535 ETH tokens, valued at approximately $92 million. 

This move negatively affected SHIB’s price, which plunged nearly 10% in yesterday’s daily chart. At the current exchange rate of $0.00001751, SHIB is down 7.3% over the past 24 hours. 

SHIB to Withstand Any Hurricane 

With investors feeling devastated, the marketing lead of the Shiba Inu ecosystem urged them to remain calm despite SHIB’s recent price action. Lucie suggested that Shiba Inu has unique traits that set it apart from other cryptocurrencies. 

Furthermore, she expressed confidence in Shiba Inu’s ability to withstand any hurricane and actualize its long-term goals. 

Notably, the marketing lead cited an update from blockchain analytics firm Lookonchain regarding the SHIB tokens stolen from WazirX. The update confirmed that all 5.43 trillion tokens have been sold for ETH. 

Despite the sale, Lookonchain stated that SHIB did not experience a significant price dip. This is because market makers like Wintermute purchased the tokens on decentralized exchanges and moved them to centralized exchanges for arbitrage. 

SHIB Will Go Higher as Critics Underestimate It

Meanwhile, SHIB, which plunged to around $0.00001686 in the 24-hour chart, is trading above the $0.000017 price level. The dog-themed token witnessed a slight surge despite critics hinting that it could be difficult for SHIB to recover from WazirX’s heist. 

Reacting, Lucie asserted that as more people underestimate SHIB’s prowess, its price will continue to increase 

“The more they underestimate $SHIB, the higher it will go,” Lucie remarked. 

In the meantime, the heist has not discouraged community members from burning SHIB. Data from Shibburn shows that 48,604,444 (48.6 million) SHIBs were permanently removed from circulation via burns. Consequently, the asset’s daily burn rate surged by 454.08%. 

The recent burn and other SHIB-related incineration are expected to bolster the token’s price in the future. 

Ripple on the Verge of Buying Back $1.4B in Stock as IPO Looms: Brad Garlinghouse

Sam Wisdom Raphael
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0
Ripple on the Verge of Buying Back $1.4B in Stock as IPO Looms: Brad Garlinghouse

The Ripple CEO Brad Garlinghouse says Ripple is on the verge of buying back up to $1.4 billion in its own stock from investors, as IPO looms.

Garlinghouse disclosed this while recently speaking at the Fortune Brainstorm Tech Conference in Utah. The Ripple CEO discussed several issues surrounding his firm and the broader crypto industry. These discussions centered on regulatory efforts such as MiCA, the SEC lawsuit, Ripple’s IPO plans and other issues.

Garlinghouse first emphasized the regulatory setback triggered by the SEC’s lawsuit, which has lingered since December 2020. Seeking confirmation, Fortune Magazine presenter Andrew Nusca implied that the current legal and regulatory pressure over Ripple is behind the delays around the company’s plans to go public.

SEC Lawsuit Behind IPO Delays

In response, the Ripple CEO confirmed this. Recall that Garlinghouse has stressed in previous interviews that the company is not looking to go public yet. Six months ago, The Crypto Basic reported on a $285 million buyback of Ripple’s stock. However, Garlinghouse told Reuters that the buyback does not translate to an imminent IPO plan.

Speaking to Nusca during the Fortune Tech conference, the Ripple CEO remarked: 

“We have publicly said that we don’t have any imminent plans to try and go public. I mean, why would you? You have in the current SEC […] I’m not very popular inside the walls of the SEC.”

However, he emphasized that the lingering lawsuit does not border on XRP’s regulatory stand. According to Garlinghouse, XRP received clarity when Judge Analisa Torres ruled that it is not a security last July. He noted that only XRP and Bitcoin have this level of clarity in the United States.

Ripple on the Verge of Buying Back $1.4B in Shares

Meanwhile, Garlinghouse stressed that in terms of liquidity, he does not see going public as Ripple’s ultimate goal. Instead, he views it as a step toward the ultimate goal. Interestingly, Ripple has continued to buy back its shares from investors despite not planning to go public soon.

The CEO revealed that the company has been carrying out several tender offers to repurchase these shares from employees and investors. According to him, they are currently undergoing a tenure offer, which, when completed, will lead to a total buyback of $1.4 billion in stock.

In his words:

“We have done a series of tender offers, where we’ve been buying shares back from investors and employees. Now, we’re in the middle of another tender offer. After we finish this, we will have repurchased $1.4 billion in stock from our shareholders.”

This disclosure has triggered multiple reactions from the Ripple and XRP communities. Notably, community commentators emphasize that this high figure confirms Ripple’s willingness to bet big on its future success. This helps bolster confidence in the company’s trajectory.

Ripple CTO Points Out Multiple Failures by Secret Service in Trump Assassination Attempt

Abdulkarim Abdulwahab
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0
Ripple CTO Points Out Multiple Failures by Secret Service in Trump Assassination Attempt

Ripple CTO David Schwartz breaks silence on the unsuccessful assassination attempt on Donald Trump, describing it as “multiple layers of spectacular failures.”

The incident occurred last Saturday during a rally in Butler, Pennsylvania, where Trump narrowly escaped death. In the article published on Thursday on X, Schwartz expressed astonishment at the numerous failures surrounding the attempt, saying they were almost unbelievable.

He noted that the attempt only failed due to a small measure of extraordinary luck at the very end. Indeed, Trump escaped being fatally wounded by tilting his head just at the right moment before the bullet would hit. As a result, he sustained minor injuries to his right ear. 

The Ripple CTO believes there are only two possible explanations for this incident: an extraordinary case of bad luck or a systematic failure.

Bad Luck or Systematic Failure?

First, Schwartz suggested that a combination of unfortunate events and oversights may have led to the breach. For instance, the Secret Service may not have had sufficient time to survey the rally location thoroughly.

A single bad decision, such as not blocking a particular sight line, may have disrupted an otherwise solid security plan.

Additionally, the police being absent from the usually manned roof allowed the shooter to find an uncovered building. The counter-sniper team, assuming there would be police on the roof, did not suspect anything out of the ordinary. 

Furthermore, the individuals who spotted the shooter reported it to the police. However, there was a communication breakdown between the police and the Secret Service. Finally, the decision to let Trump go on stage was likely made without proper clearance from all stations.

Meanwhile, Schwartz finds it tricky to accept that the unfortunate events and oversights simply aligned on this particular occasion.

Instead, he believes it is more likely that these inexcusable lapses and gaps in security were a regular occurrence, but they never coincided in such a way as to allow an assassination attempt to succeed.

Schwartz suggested that the numerous layers of protection may have led to a false sense of security, causing individuals to become complacent and neglect their critical responsibilities.

Accordingly, he speculated that there were likely hundreds of instances where roofs with clear lines of sight to protectees were left uncovered and dozens of cases where pre-event site surveys were inadequate despite advance notice of the location. 

Interestingly, Schwartz stated that the Secret Service had received intelligence about a State-level actor planning to assassinate Trump, yet this incident still occurred despite supposedly upgraded security measures.

Cardano Founder’s Reaction

Conversely, Cardano founder Charles Hoskinson viewed the assassination attempt as a tragic but predictable consequence of the deteriorating state of politics in the U.S.  Hoskinson lamented that the country has shifted from a culture of respectful disagreement to one where critics are demonized.

Meanwhile, Hoskinson believes that the cryptocurrency industry’s focus on disintermediation and decentralization offers a solution to the current state of politics. He argues that centralized institutions, including political leaders, can no longer be fully trusted. 

Instead, decentralized movements, which do not rely on individual leaders, offer a more resilient and trustworthy path forward.

Binance HODLer Airdrops Portal Lists Banana Gun, BANANA Surges 26%

Mark Brennan
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Binance HODLer Airdrops Portal Lists Banana Gun, BANANA Surges 26%

As the Binance HODLer Airdrops Portal lists Banana Gun, the BANANA token surges 26%, showcasing strong market enthusiasm. 

Leading cryptocurrency exchange Binance has announced the first project on the Binance HODLer Airdrops. The exchange is listing Banana Gun (BANANA), the ecosystem token of the Telegram-based trading assistant Banana Gun bot, on its portal.

The exchange explained that users who subscribed their Binance Coin (BNB) to Simple Earn products between June 23 and July 5 are eligible to receive the airdropped BANANA tokens. The Binance HODLer Airdrops page is now live, with detailed information on the distribution.

The maximum supply of BANANA tokens is capped at 10 million, with the current total supply sitting at 8.9 million. Of the 8.9 million total supply, only 2.42 million tokens are in circulation. Notably, 800,000 BANANA tokens have been allocated for the Binance HODLer Airdrops rewards.

Following the airdrop, Binance Spot will officially list BANANA on July 20, at 09:00 UTC with BTC, USDT, BNB, FDUSD, and TRY pairs. Those who hold BANANA through the HODLer Airdrops will find their tokens in their spot wallets an hour before trading begins.

Binance has cautioned users about the potential for significant price volatility, emphasizing that the asset is already in circulation. As such, the airdrop would trigger an increase in its circulation, potentially leading to increased price volatility.

BANANA Spikes 26%

The BANANA token has positively reacted to the announcement. The token’s price surged by over 26%, rising from $57.6 to $72.6 within the last 12 hours. Trading volume also saw a huge spike, increasing by 1,000% to $36.4 million at the time of writing.

In the long term, BANANA is up by more than 500% in the past year. It currently sits just 11% below its all-time high of $78.33, achieved last month. The token has also been named by crypto expert Ran Neuner for its strong potential for massive returns.

Binance HODLer Airdrops

Launched on June 19, Binance HODLer Airdrop Portal is a platform within Binance that distributes on-chain airdrops to its users. These airdrop tokens are issued by projects with enough circulating supply hours before their listing on Binance.

The program mainly rewards BNB holders based on historical snapshots of their BNB balances. Notably, users subscribing to the Simple Earn Program with BNB automatically qualify for HODLer Airdrops, alongside potential rewards from Binance Launchpool and Megadrop.

The exchange transfers these rewarded airdrop tokens to users’ spot wallets before the token lists on Binance Spot.

As Binance celebrates its seventh anniversary, it has upped its rewards for this bull run. Recently, the exchange announced a two-week competition featuring big rewards for dog-themed memecoins.

Shiba Inu Team Says This Project is Big for SHIB, Shibarium, and BONE

Lele Jima
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0
Shiba Inu Team Says This Project is Big for SHIB, Shibarium, and BONE

Shiba Inu marketing lead Lucie highlights the significance of the cryptocurrency’s upcoming play-to-earn (P2E) game, Shiba Eternity, saying it is big for Shibarium, SHIB, and BONE. 

Lucie emphasized that the upcoming game represents a significant milestone for Shiba Inu’s blockchain Shibarium and two ecosystem tokens- SHIB and BONE. Interestingly, she attached a short clip to the tweet, showcasing Shiba Eternity’s gameplay. 

Shiba Eternity Key Features 

The Shiba Inu marketing lead highlighted several features of the game in anticipation of its integration with Shibarium. At the moment, Shiba Eternity only has a mobile version. Interestingly, Shiba Inu ecosystem developers are working behind the scenes to transition it to the blockchain. 

Commenting, Lucie noted that the full integration of Shiba Eternity with Shibarium will revolutionize digital gaming and ownership, citing a statement from Shib Games’ lead Angel, saying: 

 “Shiba Eternity will be our first game to run on Shibarium fully. This game will be a big step forward.” 

Benefit to Shiba Inu Ecosystem Tokens

In addition, the marketing lead highlighted other key features of Shiba Eternity, especially its benefits for Shiba Inu ecosystem tokens. 

In particular, she said the game will utilize BONE for every transaction on Shibarium, leading to the burning of SHIB. Lucie added that other Shiba Inu ecosystem tokens will also benefit from the game’s transition in the future. 

For context, BONE is Shibarium’s official gas fee token. Hence, BONE is leveraged to pay transaction fees across all Shibarium-based projects, including the upcoming Web3 version of Shiba Eternity. Shibarium is designed to burn SHIB using a portion of gas fees obtained via every transaction. 

Game’s Cards to Become NFTs 

Furthermore, the marketing lead stated that upon Shiba Eternity’s integration with Shibarium, its cards will automatically become non-fungible tokens (NFTs) that can be stored in blockchain wallets and traded on the upcoming Shib marketplace. 

She revealed that all of Shiba Eternity’s cards will be unique, thus enhancing their value and appeal to traders. 

Other features of the upcoming Shiba Eternity blockchain version include a new and improved interface, a revamped reward system, and a new tournament format to enhance the gaming experience. 

Only LEASH Holders Will Access Shiba Eternity Closed-Beta 

Meanwhile, Shiba Eternity is approaching its launch. The team recently scheduled its closed-beta testing for its Web3 version for the third quarter of the year. 

According to Lucie, the testing will be accessible to community members who have staked LEASH tokens or hold certain NFTs. Furthermore, she stated that loyal players transitioning from the game’s Web2 version to the upcoming Web3 iteration will receive a special welcome gift pack. 

In the meantime, while Shiba Eternity’s closed beta is expected to commence by next quarter, there is no exact date regarding when the testing will go live. 

Upon the conclusion of the closed beta, the Shiba Inu ecosystem team will grant the public access to the testing. 

Shiba Inu Price Prediction if Dogecoin Market Cap Doubles: Here is the New SHIB Price

Sam Wisdom Raphael
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0
Shiba Inu Price Prediction if Dogecoin Market Cap Doubles: Here is the New SHIB Price

As the crypto market continues to evolve, Shiba Inu enthusiasts keenly observe the potential impact of Dogecoin’s market cap doubling. This analysis explores the possible price surge for Shiba Inu if Dogecoin achieves this milestone, highlighting the anticipated gains and future trends.

Shiba Inu has been a subject of multiple speculative price targets. While some of these targets remain highly ambitious, others are within reach. An assessment carried out by The Crypto Basic indicates that SHIB could reclaim one such target if the market meets certain conditions.

Shiba Inu Maintains Price Correlation with Dogecoin

Notably, this assessment considers Shiba Inu’s correlation with Dogecoin (DOGE), the first meme coin. SHIB’s mission has been to dethrone Dogecoin as the largest meme coin by market cap. However, due to their similar underlying principles, both assets have continued to move side by side.

Interestingly, a spike in Dogecoin’s price typically triggers a similar increase in SHIB’s price and vice versa. IntoTheBlock data confirms this trend, showing that Shiba Inu features a 97% price correlation with Dogecoin over the past 60 days. This is the highest correlation with any asset on the list.

Shiba Inu and Dogecoin Correlation IntoTheBlock
Shiba Inu and Dogecoin Correlation IntoTheBlock

This close relationship between both assets can especially be bullish for SHIB when Dogecoin records an uptrend. For instance, if DOGE sees a surge that could double its market cap from the current $16.348 billion to $32.696 billion, SHIB could potentially record a proportionate 100% increase in price if it maintains the 97% price correlation.

Shiba Inu Price if DOGE Market Cap Doubles

Notably, such an occurrence would push Shiba Inu’s price from $0.00001721 to $0.00003442, marking a 2x rise. SHIB can easily attain this price, considering it spiked 370% to $0.000045 earlier in the year. However, Shiba Inu gave up this territory amid the retracement witnessed from the yearly peak.

Analysts have already predicted Shiba Inu to return to the $0.00003 territory during an imminent rebound. Notable crypto market analyst Dami DeFi projected SHIB to reach $0.000034 amid a falling wedge pattern. Earlier this month, TradingView analyst Santana asserted that Shiba Inu might be on the verge of recording its last drop before a rebound to $0.00003.

Meanwhile, three months ago, Digarch, another analyst, suggested that SHIB could breach $0.000035. He noted that this would be on the back of Shiba Inu outperforming Bitcoin (BTC). Notably, while SHIB could easily reclaim the $0.00003 zone, there are no guarantees that this would happen anytime soon.

XRP to Surge 12,074% If Its Market Cap Equals Apple, Here is What the New Price Would Be

Lele Jima
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0
XRP to Surge 12,074% If Its Market Cap Equals Apple, Here is What the New Price Would Be

With XRP rallying 20.5% in the weekly chart, we assessed the token’s price if its market cap reached the valuation of technology firm Apple. 

The price of XRP has continued to react positively to the first anniversary of Judge Analisa Torres’ summary judgment decision. 

XRP Surges 20.5% in 7 Days 

On July 13, 2023, Judge Analisa Torres provided the much-needed clarity XRP investors sought by declaring that the coin in itself is not a security.  

Exactly one year after the summary judgment, the price of XRP soared 20.5% in the weekly charts to $0.5153. XRP is up 10.12% at press time over the past 24 hours. 

XRP’s remarkable performance in the past few days has reignited investors’ hopes of an imminent rally that could take the price to unprecedented levels. Consequently, some enthusiasts project that XRP could potentially hit the valuation of American technology firm Apple in the future.  

XRP Price if It Hits Apple Market Cap 

Based on this projection, we assessed XRP’s price if it reached the market cap of Apple shares. For context, Apple boasts a market capitalization of $3.54 trillion. However, XRP’s valuation is significantly lower, currently standing at $28.83 billion. 

This indicates that XRP’s valuation must surge 12,074% or 120.74x to hit Apple’s market cap of $3.54 trillion. With XRP currently trading at $0.5153, a massive rally of 12,074% would see the token hit a price level of $62.7326, assuming its circulating supply remains at its current level of 55.8 billion. 

Other Ambitious XRP Targets 

While many might consider the $62 price outrageous, some experts have previously set more ambitious targets for the coin. 

In particular, popular crypto pundit Andrew Forte projected that XRP could hit $100 by 2037, approximately 13 years from now. Another crypto enthusiast, 24HrsCrypto Media, also set a target of $100 for XRP. 

To hit the $100 target, XRP must rally 59.4% from the projected $62.7326 price the coin could attain if it equals Apple’s market cap.  

Potential Timeline for XRP Surge to $62 

Meanwhile, we consulted several prediction platforms to ascertain when the $62 projection could materialize. Telegaon and Changelly speculate that XRP could reach the target within the next few years. 

Specifically, while Telegaon sees XRP hitting the $62 level between 2040 and 2050, Changelly suggests that the target could be attained between 2033 and 2040. 

There is no guarantee that XRP might equal Apple’s market cap or trade at $62 per token in its lifetime. Hence, it is advised to tread with caution and only invest an amount you can afford to lose. 

Cardano DeFi Trading Volume Surpasses $22M: Will ADA Price React

Mark Brennan
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Cardano DeFi Trading Volume Surpasses $22M: Will ADA Price React

Cardano’s price rebound stalled at $0.44 on July 18, after 40% gains in 14 days; on-chain data analysis explores the bullish and bearish catalysts that have impacted ADA price stagnation in the last 72 hours.

Cardano’s DEX Volumes Soar Amid Mixed Market Signals

Since July 5, Cardano has been on an upward trajectory, mirroring the broader crypto market trends. But after nearly 2-weeks of persistent uptrends, mixed signals have emerged within the Cardano ecosystem as bulls and bears struggle to dominate the next market phase.

Cardano Price Action ADA USD 18 7 24
Cardano Price Action | ADA/USD | TradingView

In the last two weeks between July 5 and July 18, ADA prices have increased significantly. The chart above shows how ADA prices had surged 44% from the monthly time frame low recorded on July 5.

However, a closer look at the chart shows that the Cardano price rally has struggled to advance above the $0.45 resistance despite the bullish sentiment surrounding the cryptocurrency sector this week. This rare market alignment suggests that conflicting bullish and bearish catalysts are currently in play within the Cardano markets.

On the positive side, Cardano’s decentralized exchange (DEX) trading volumes have surged significantly, highlighting the growing interest in its DeFi ecosystem. According to recent data, Cardano’s 24-hour trading volume surpassed $350 million, with DEX volumes crossing 50 million ADA this week.

This surge indicates increasing adoption of DeFi applications on the Cardano blockchain, which generally correlates with higher network activity and potentially positive impacts on the network’s health. Despite this uptick in DEX activity, Cardano‘s price has continued to exhibit bearish tendencies. ADA has experienced a notable correction, trading at approximately $0.4493, a 3% decline over the past week.

Further analysis reveals a decrease in network activity, with daily active addresses dropping from 39,300 to 31,000 and daily transactions falling from 94,000 to 49,500.​ These metrics suggest some bearish pressure on ADA, which is reflected in the recent price action.

Cardano Network Activity ADA USD q 18 7 24
Cardano Network Activity (ADA/USD) | Artemis

Despite short-term bearish signals, the long-term outlook remains optimistic. Cardano’s co-founder Charles Hoskinson and other proponents believe in its potential to revolutionize financial markets. Also, speculation about a potential Cardano spot ETF approval could serve as a significant bullish catalyst.

Cardano Price Forecast: Bulls Battling $0.45 Resistance

Cardano (ADA) has shown impressive performance in recent days, with the price climbing from $0.30 to $0.44, representing a 44.07% increase over the past 13 days. This bullish momentum has brought ADA closer to the critical resistance level at $0.45, which it needs to surpass to maintain its upward trajectory.

The chart illustrates a robust bullish trend, supported by a series of higher highs and higher lows. The Parabolic SAR dots below the price indicate a continued bullish sentiment, while the ALMA (Adaptive Moving Average) line is currently at $0.44, acting as a dynamic support level. This suggests that any short-term pullbacks could find support around this level, potentially providing a buying opportunity for traders.

Cardano Price Forecast q 18 7 24
Cardano Price Forecast | ADA/USD

Despite the recent gains, ADA is facing significant resistance at $0.45. Breaking this resistance decisively could pave the way for further upside, targeting the next major resistance level around $0.50. On the downside, the primary support level is at $0.36, as indicated by the Parabolic SAR, which also aligns with a previous consolidation zone. A drop below this level could signal a shift in sentiment, potentially leading to a deeper correction.

The RSI (Relative Strength Index) is at 55.93, which is still below the overbought territory, suggesting there is room for further upward movement. This aligns with the overall bullish outlook, though traders should watch for any signs of RSI divergence that could indicate weakening momentum.

In summary, Cardano’s technical indicators are leaning bullish, with the potential for further gains if the $0.45 resistance is breached.

Bitcoin Bull Michael Saylor Speaks To German Government After $3B BTC Dump

Abdulkarim Abdulwahab
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0
Bitcoin Bull Michael Saylor Speaks To German Government After $3B BTC Dump

Michael Saylor, the chairman of MicroStrategy, recently directed a statement at the German government following their liquidation of Bitcoin worth nearly $3 billion. 

In a recent statement, the German authorities confirmed dumping 49,858 BTC tokens for a monetary value of approximately €2.6 billion or $2.9 billion in under three weeks. The statement characterized the sales as an “emergency” action in line with an ongoing criminal investigation. 

Regardless of the stated urgency concerning the transaction, industry leaders have rebuked the government’s decision to liquidate such a substantial amount of Bitcoin, especially at a time when the asset class is rapidly gaining recognition from Wall Street behemoths. 

Being Out of Bitcoin is Itself an Emergency 

Saylor took to social media on Wednesday to express his disapproval, writing in German that “It’s not an emergency until you run out of Bitcoin.” His sarcastic comment implied that being without Bitcoin constitutes an emergency situation in itself.

Notably, Saylor’s company has been a dedicated Bitcoin investor since 2020, having invested over $8.3 billion to date. As a result, the company is sitting on an unrealized profit exceeding $6.2 billion.

Apart from the MicroStrategy chairman, even German politicians have found the hasty liquidation of Bitcoin concerning.

Lawmaker Joana Cotar lamented that the German government should hold BTC as a reserve currency rather than liquidate the asset. Cotar stressed that a government selling Bitcoin in this era is both imprudent and counterproductive. 

In contrast to Germany’s decision to liquidate its Bitcoin holdings, other countries like El Salvador have taken a more progressive stance.

Since 2021, El Salvador has recognized Bitcoin as legal tender, with a current holding of 5,808 Bitcoin valued at over $300 million.

Moreover, the country has even proposed a law that would enable the establishment of private investment banks operating with Bitcoin and other digital assets.

German Government Claims $2.9B Sales was “Market-friendly”

Notably, Germany’s authorities tapped a Frankfurt-based bank to sell the Bitcoin assets through various platforms between June 19 and July 12.

Despite publicly available data suggesting otherwise, the German government claimed its Bitcoin sales were market-friendly. It asserted that the transactions were conducted fairly and gently on the market. 

However, Bitcoin’s value plummeted by over 22% during the sale period, from $65,695 to $53,717. Interestingly, after the sales concluded on July 12, Bitcoin has since rebounded, reaching a new monthly high of $66,066 just yesterday.

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