CryptoPotato News (Official)

Crypto Industry Launches First Major Legal Challenge to Illinois’ Digital Asset Tax • The Digital Chamber has filed a lawsuit against Illinois' Digital Asset Tax Act, claiming it unlawfully discriminates against blockchain transactions and was hastily added to the budget without proper consideration. • The tax imposes a 0.02% levy on the full value of digital assets during transfers, affecting crypto exchanges and wallet providers, and critics argue it could discourage crypto activity in the state. • The lawsuit contends that the tax treats blockchain transactions unfairly compared to traditional financial transactions, violating state and federal constitutions, and seeks reimbursement for legal fees. https://cryptopotato.com/crypto-industry-launches-first-major-legal-challenge-to-illinois-digital-asset-tax/

1,000,000 ETH in a Month: Is Ethereum Poised for a Major Rally? • Ethereum has seen a minor resurgence, with analysts predicting a potential price increase to $2,300, while cautioning about a possible drop to $1,000. • Approximately 1 million ETH, valued at nearly $2 billion, has been withdrawn from centralized exchanges in the past month, indicating reduced sell-side pressure and a bullish outlook. • Institutional interest in Ethereum is rising, with significant inflows into spot ETH ETFs and notable purchases by investors like Arthur Hayes, suggesting increased confidence in the asset. https://cryptopotato.com/1000000-eth-in-a-month-is-ethereum-poised-for-a-major-rally/

Bitwise CIO Predicts the Biggest Crypto Bull Market Yet – These 2 Investments Could Lead It • Bitwise CIO Matt Hougan highlights two investment categories, the "Hyperliquid Lane" and "Robinhood Lane," as key to benefiting from the next crypto bull market driven by blockchain integration with traditional finance. • The Hyperliquid Lane focuses on crypto financial applications with strong tokenomics and significant revenues, exemplified by a derivatives platform that has generated over $1 billion in lifetime revenue. • The Robinhood Lane includes established companies like Robinhood that are building financial services on blockchain infrastructure, demonstrating practical experience and scalability in the evolving financial markets. https://cryptopotato.com/bitwise-cio-predicts-the-biggest-crypto-bull-market-yet-these-2-investments-could-lead-it/

Ethereum Price Analysis: ETH Holds Crucial Support as $2K Comes Into View • Ethereum has rebounded from its June lows, reclaiming key support levels and approaching significant resistance around $2K to $2.2K, but faces challenges from overhead resistance and a negative Coinbase Premium Index. • The daily chart shows ETH defending the $1.5K demand zone and improving momentum, while the 4-hour chart indicates a bullish structure with higher highs and lows, currently consolidating around $1.9K. • The Coinbase Premium Index remains negative, suggesting a lack of aggressive institutional demand from U.S. investors, indicating that the current price recovery may be driven more by broader market demand rather than strong institutional accumulation. https://cryptopotato.com/ethereum-price-analysis-eth-holds-crucial-support-as-2k-comes-into-view/

Ripple News Today and XRP Price Update: July 22 • Ripple Prime has been nominated in four categories at the Hedgeweek US Awards, recognizing its performance in the hedge fund industry. • Recent data shows that XRP whales are increasing their holdings, while smaller investors are reducing theirs, indicating a potential bullish trend for XRP. • XRP's price has risen to around $1.14, with analysts suggesting that a breakout above $1.13 could lead to further gains, supported by renewed institutional interest in spot ETFs. https://cryptopotato.com/ripple-news-today-and-xrp-price-update-july-22/

Bitcoin Could Rally to $173K if This Pattern Plays Out: Analyst • Crypto analyst EGRAG CRYPTO suggests Bitcoin is forming an Adam and Eve double bottom pattern, potentially leading to a price target of $173,000 if it closes above $83,000 and holds that level as support. • Other traders have mixed opinions, with some predicting a local top near $68,000 and cautioning against a potential drop later in the year, while others note a recent increase in Bitcoin's implied volatility and demand for upside calls. • Bitcoin is currently trading around $66,000, showing a slight increase over the past week, with recent inflows into spot Bitcoin ETFs and improved market sentiment contributing to its price movement. https://cryptopotato.com/bitcoin-could-rally-to-173k-if-this-pattern-plays-out-analyst/

4 Important Binance Announcements Concerning Tron (TRX), Zcash (ZEC), and Other Alts: Details • Binance will temporarily suspend TRX and ZEC deposits and withdrawals for wallet maintenance and a hard fork, respectively, with trading remaining unaffected. • The exchange will delist several trading pairs, including ACX/USDC and XRP/BNB, on July 24 to maintain market quality. • Previous maintenance actions have not led to significant issues, but past delistings have caused notable price drops for affected cryptocurrencies. https://cryptopotato.com/4-important-binance-announcements-concerning-tron-trx-zcash-zec-and-other-alts-details/

Classic Bullish XRP Pattern Emerges as Large Wallets Keep Accumulating • XRP's recent price increase above $1.16 is primarily driven by accumulation from large holders, with wallets holding 100,000 to 100 million XRP increasing their holdings by 2.8%. • The accumulation trend, alongside declining participation from smaller wallets, suggests potential for further price growth, supported by positive market narratives and institutional interest in XRP ETF products. • Technical analysis indicates that XRP needs to maintain support between $1.11-$1.09 to preserve bullish momentum, with a breakout above $1.13 potentially confirming a bullish trend. https://cryptopotato.com/classic-bullish-xrp-pattern-emerges-as-large-wallets-keep-accumulating/

Balance Coin (BLC) Crashes 99% After 42DAO Suffers Exploit • Balance Coin (BLC) plummeted over 99% after the DeFi protocol 42DAO was exploited, resulting in an estimated loss of $915,000. • The exploit was triggered by manipulation of the Median Oracle, which provided an incorrect BTCB price, allowing instant liquidations without proper safeguards. • This incident adds to a series of recent DeFi breaches, highlighting vulnerabilities in protocols related to price feeds and liquidation processes. https://cryptopotato.com/balance-coin-blc-crashes-99-after-42dao-suffers-exploit/

DeXe Plunges 90% Daily, Bitcoin (BTC) Fights for $66K: Market Watch • Bitcoin reached a monthly peak of $67,000 before retreating to just under $66,000, with a market cap of $1.320 trillion and dominance over altcoins above 57%. • DeXe's native token plummeted nearly 90% to $4.50, risking its position in the top 100 altcoins by market cap, while other larger-cap alts like HYPE, NEAR, and ZEC also experienced declines. • The total cryptocurrency market cap decreased by approximately $40 billion, settling at $2.3 trillion. https://cryptopotato.com/dexe-plunges-90-daily-bitcoin-btc-fights-for-66k-market-watch/

Dogecoin (DOGE) Prints a Major Buy Signal: Big Pump on the Way? • Dogecoin's price has dropped 73% over the past year, currently sitting at $0.07, but analysts suggest a potential rebound due to multiple buy signals from the TD Sequential indicator. • The Market Value to Realized Value (MVRV) ratio has fallen below 1, indicating that most holders are at a loss, which often precedes a bullish trend. • Despite optimistic predictions for a price surge, concerns remain over Dogecoin's overbought status and lack of institutional support, with minimal inflows into spot DOGE ETFs. https://cryptopotato.com/dogecoin-doge-prints-a-major-buy-signal-big-pump-on-the-way/

Bitcoin’s Next Big Move Hinges on Break Above This Key level: Bitfinex • Bitcoin has recorded its third consecutive weekly gain, closing at around $65,000 and rising 1.7%, with a total three-week advance of 11.5%. • Analysts highlight the $68,000 resistance level as crucial for Bitcoin's short-term direction, with potential selling pressure from holders who bought near this range. • A more supportive macroeconomic backdrop, including a decline in U.S. inflation and resilient consumer spending, is contributing to Bitcoin's increased share of total cryptocurrency trading volume. https://cryptopotato.com/bitcoins-next-big-move-hinges-on-break-above-this-key-level-bitfinex/

Pi Network Warning: Strange Scam Activity Leaves Pioneer Wallet at Zero • Pi Network users, known as Pioneers, are facing potential scams, with reports of wallet balances showing zero after a lockup period ended, prompting calls for improved security measures. • A user suggested implementing two-factor authentication (2FA) for Pi Wallets to enhance security and urged the Core Team to investigate the suspicious activity. • Amidst a bear market, community concerns about the project's direction have grown, with calls for better communication from the Pi Network team, although skepticism remains regarding the team's engagement. https://cryptopotato.com/pi-network-warning-strange-scam-activity-leaves-pioneer-wallet-at-zero/

China Pumps Billions in Tech ETFs: What Does It Mean for Bitcoin Miners? • China has initiated a $2 billion market intervention to support tech stocks, particularly in the semiconductor sector, following a significant decline in Chinese tech equities. • The intervention comes after record inflows into the ChinaAMC STAR 50 ETF and substantial investments from state-backed firms, totaling over $10 billion. • Crypto mining companies are increasingly shifting focus to AI, with major operators like Hut 8 and IREN securing large contracts, while the semiconductor sector's struggles could impact Bitcoin miners' funding and market stability. https://cryptopotato.com/china-pumps-billions-in-tech-etfs-what-does-it-mean-for-bitcoin-miners/

Franklin Templeton Exec Calls Agentic AI Crypto’s ‘Killer Use Case’ as ETH Nears $2K • The Head of Digital Assets and Innovation at a $2 trillion asset manager recommended buying Ethereum (ETH) in light of its potential use in agentic AI payments. • Agentic AI is projected to create a $3 to $5 trillion market by 2030, necessitating decentralized blockchains for efficient transactions due to limitations of traditional payment systems. • Ethereum's price recently reached a seven-week high of $1,945, reflecting a 27% increase since late June, as it gains recognition as a key asset for capturing the emerging agentic AI opportunity. https://cryptopotato.com/franklin-templeton-exec-calls-agentic-ai-cryptos-killer-use-case-as-eth-nears-2k/

Bitcoin’s Spot Market Remains Sluggish, but Derivatives Tell a Different Story • Bitcoin's spot market shows weak liquidity with trading volumes falling below $4.5 billion, indicating subdued investor participation and a lack of momentum for a breakout. • Despite the quiet spot market, derivatives activity is increasing, with Futures Open Interest rising to $32 billion and a shift towards bullish positioning, although aggressive bullish conviction has moderated. • Options market activity has strengthened, with Open Interest climbing to $30 billion, suggesting traders are opening new positions, while implied volatility aligns with realized movements, indicating a more neutral sentiment. https://cryptopotato.com/bitcoins-spot-market-remains-sluggish-but-derivatives-tell-a-different-story/

Shiba Inu (SHIB) Team Faces Backlash Over Controversial Social Media Campaign: Details • The Shiba Inu team faced criticism from the community for a social media campaign asking about the meme coin's strongest presence globally, with many users urging the team to focus on pressing issues instead. • SHIB's price has seen a slight rebound, currently trading at $0.000004272, but remains down 72% year-over-year, leading to frustration among holders. • Positive signs for SHIB include a 280% increase in its burn rate and a decrease in exchange reserves to a five-year low, indicating potential for a stronger rally if efforts continue. https://cryptopotato.com/shiba-inu-shib-team-faces-backlash-over-controversial-social-media-campaign-details/

Cardano’s NIGHT Hits All-Time Low After 290M Token Dump • The NIGHT token for Cardano's Midnight network dropped over 43% to an all-time low of $0.01524 due to a significant withdrawal of tokens from a Wanchain bridge contract, not a hack. • The Midnight Foundation confirmed that the network's infrastructure was operating normally and urged users to rely on official updates amid ongoing investigations. • Cardano co-founder Charles Hoskinson highlighted the vulnerabilities in bridge infrastructure and emphasized the need for improved security measures in the crypto industry. https://cryptopotato.com/cardanos-night-hits-all-time-low-after-290m-token-dump/

Bitcoin Price Analysis: Is $70K Next After BTC Broke Above $66K? • Bitcoin is attempting to recover from June lows, facing significant resistance at a descending trendline and a supply zone around $66K to $67K, which will determine if a broader trend reversal occurs. • The daily chart shows BTC trading below long-term moving averages, indicating a prevailing bearish structure, while the 4-hour chart suggests buyers are reclaiming higher support levels and pushing towards key resistance. • On-chain analysis reveals the Bitcoin Net Unrealized Profit/Loss (NUPL) metric is improving but remains low, indicating that the market has not yet reached excessive profit-taking levels, which could support a sustainable recovery if resistance is broken. https://cryptopotato.com/bitcoin-price-analysis-is-70k-next-after-btc-broke-above-66k/

Bitcoin Just Triggered Three Rare Signals That Previously Marked Market Bottoms • Bitcoin is showing technical conditions similar to past market bottoms, with key indicators suggesting a potential cycle bottom between $40,000 and $50,000. • A rare technical trifecta has emerged, including a low monthly RSI, a cooled Chande Momentum Oscillator, and Bitcoin testing its 50-month moving average, historically signaling major long-term bottoms. • Analysts recommend accumulating Bitcoin now for a favorable risk-to-reward ratio, despite the possibility of a slight decline, as upcoming events may bolster market sentiment. https://cryptopotato.com/bitcoin-just-triggered-three-rare-signals-that-previously-marked-market-bottoms/