After hitting a four-year low, XRP (XRP) appears on the brink of a comeback against the Bitcoin (BTC) trading pair. Fueling this optimistic turnaround is the emergence of a classic bullish pattern, namely the triple bottom formation.

XRP eyes a 30% rebound versus Bitcoin

A triple bottom pattern develops when the price forms three distinct lows, all reaching a similar price level, thus indicating strong support.

After the third low, the price breaks above the neckline resistance level formed between the lows and, as a rule of technical analysis, rises by as much as the maximum distance between the pattern’s lowest point and the neckline.

As of July 12, the  XRP/BTC pair was testing its neckline support of around 793 satoshis (1 satoshi = 0.00000001 BTC) for a potential breakout.

Additionally, the pair’s weekly Relative Strength Index (RSI) reading of around 36 indicates that XRP is undervalued versus Bitcoin, further boosting its recovery potential in the coming weeks. That said, a decisive close above 793 satoshis will likely push XRP/BTC toward its triple bottom target of around 1,055 satoshis.

Conversely, a pullback from the neckline resistance, akin to similar retreats in recent history, risks pushing XRP/BTC toward its local bottom of 664 satoshis—down by over 15% from the current prices—by August.

Bitcoin’s 20% drawdown benefiting XRP price

XRP’s renewed strength versus Bitcoin primarily comes in the wake of the German government’s relentless selling of its BTC holdings in July. For context, the wallets associated with the government have witnessed 46,200 BTC in outflows since mid-June, amounting to around $2.69 billion worth of potential sell-pressure.  

Furthermore, the ongoing reimbursement of over 140,000 BTC to Mt. Gox creditors has reduced traders’ appetite for Bitcoin with the XRP/BTC pair up over 20% in July.

Related: Buying the dip? Bitcoin institutional investors add 100K BTC in a week

Bitcoin dominance overall has slipped to 54.55% on July 12 from highs of 55.46% a week ago, suggesting that traders could be rotating into altcoins while the BTC price consolidation period plays out. 

Looking broadly, XRP is relatively underbought versus most of the top-ranking crypto assets so far in 2024, with its year-to-date returns sitting around -26.50%.

The weekly Relative Strength Index (RSI) for XRP/BTC is rebounding after hitting its lowest level in two years at around 33, just three points above the oversold threshold. Historically, when XRP’s weekly RSI last reached 33, it was followed by an impressive 194% rally, suggesting a potential for significant upward movement this time as well.

In comparison, BTC’s weekly relative strength is in a correction mode, having declined from a very overbought level of 88 in March to a neutral level of 45.50 as of July 12.

This decline indicates that Bitcoin’s bullish momentum has significantly weakened in the past two months, which may benefit “underbought” big-cap altcoins like XRP in the coming weeks. XRP may reap additional benefits from the growing buzz around its “inevitable” exchange-traded fund (ETF) launch. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

• Criminals are increasingly using crypto
• Non-crypto-related criminals use it to launder money
• Most criminals use centralized exchanges to cash out. 

Crypto has redefined digital transactions, offering privacy and freedom from intermediaries like never before. However, since its inception, criminals have used these features to evade authorities.

Most recently, as crypto has grown in popularity, criminals are using it more often to launder money from illegal sources. This is making regulators scramble to crack down on this new financial loophole. 

Crypto Increasingly Used in Crime for Money Laundering 

As crypto is becoming more popular, so are its illicit uses. On Thursday, July 11, Chainalysis released a comprehensive report about the increased use of crypto for money laundering. 

Criminals are using its borderless nature to obscure the origins of their illicit funds. Since 2019, nearly $100 billion has been sent from known illicit wallets to conversion services, with $30 billion recorded in 2022 alone.

The trend is not just limited to crypto-native criminals, like crypto hackers or scammers. According to Chainalysis, even criminals from outside crypto are now using sophisticated techniques for money laundering. 

How Crypto Money Laundering Works

The key phase of money laundering is called layering. This means moving funds through long transactions to obscure their origins. This process uses mixers, cross-chain bridges, and intermediary wallets, all of which make transactions harder to trace. 

Crypto mixers, originally intended as a privacy-protecting tool, have seen significant growth from 2023 to 2024. According to Chainalysis, this growth is at least in part due to their criminal use. This includes the popular Tornado Cash mixer, which saw a notable decline after US authorities shut down its website in 2022. Now, the decentralized Tornado Cash protocol is recovering. 

After that step, criminals often transfer these assets through cross-chain bridges, further obfuscating their origins. In January 2024 alone, nearly $234 million in illicit funds were moved through these bridges, driven largely by transfers from mixers like Tornado Cash.

The final step is to convert the laundered crypto to cash. According to Chainalysis, the most popular method for this is using centralized crypto exchanges. Over 50% of the illegal transactions they uncovered made their way to centralized exchanges. 

Criminals Also Use OTC, Monero

Other than centralized exchanges, criminals also use over-the-counter (OTC) brokers. These intermediaries facilitate large trades between two parties. While most operate legitimately, some require no Know Your Customer (KYC) procedures, making them attractive to criminals. 

According to the report, in 2024, cybersecurity firm Cloudburst identified several China-based OTCs operating through Telegram channels. These OTCs facilitated the movement of large amounts of stolen USDT, with daily transfers exceeding three million USDT.

Many criminals also use the privacy coin Monero (XMR), which has sophisticated features such as ring signatures, stealth addresses, and more. These make it extremely difficult to trace transactions on the Monero blockchain. Even terrorist-affiliated entities, including those linked to the Islamic State in Khorasan, advertise Monero donation addresses.

In response to these criminal activities, regulators worldwide are taking steps to strengthen AML and KYC procedures. Notable examples include the European Union’s Fifth Anti-Money Laundering Directive (5AMLD), which extends AML requirements to Virtual Asset Service Providers (VASPs). The United States, Singapore, the UK, and others are taking similar measures. 

On the Flipside

• Criminals are always looking for new techniques to hide their activities, so regulators must continue to innovate to stay ahead. 
• There is also a risk of regulatory overreach, where stringent measures may stifle innovation within the crypto industry.

Why This Matters

Crypto’s association with criminal activity hurts the industry, especially when it comes to regulation. Ensuring that the technology is available for legitimate use requires that protocols deter criminals in some way. 

Read more about how DEX can become competitive: 
DEX Issues Plague Solana, but There’s a Fix: Stabble CEO

Read more about privacy and compliance: 
Unpacking Privacy Pools: Can They Ensure Compliance? 

Dogwifhat’s price appears to be emerging from its consolidation phase, indicating a possible upward trend, according to the most recent crypto updates. Meanwhile, Marathon Digital expands its operations to include Kaspa mining, a strategic move following challenges from the Bitcoin halving. 

Moving forward, we delve into BlockDAG‘s recent developments: its presale successfully raised over $57.6 million from selling over 12 billion coins. This strong support positions BDAG as a top cryptocurrency for purchase and mining, with a notable performer being the X100, generating impressive figures to be discussed in detail.

Dogwifhat Price Poised for Significant Growth

The outlook for Dogwifhat’s price is highly optimistic following its recovery from a consolidation phase. Analysts predict a robust upward trajectory, potentially pushing Dogwifhat beyond its previous peak. 

Technical analysis suggests substantial gains in July, offering considerable profit potential for current investors. CoinCodex supports this bullish sentiment, projecting significant growth for Dogwifhat by the end of July. This momentum underscores its history of explosive growth, presenting an attractive opportunity for market followers.

Marathon Digital Expands Kaspa Mining Operations

Marathon Digital strategically diversifies its revenue streams by integrating Kaspa mining into its operations, responding to challenges posed by the Bitcoin halving. Kaspa utilises the GHOSTDAG protocol for concurrent block mining, offering faster transaction speeds and increased block rewards compared to Bitcoin. 

This strategic shift leverages Marathon’s infrastructure and computational expertise in digital assets, aiming for robust profitability with substantial margins from Kaspa ASICs. Currently operational in Texas, Marathon plans to expand its Kaspa ASICs further by Q3 2024, emphasising its commitment to expanding mining capabilities beyond Bitcoin.

BlockDAG’s X100 Miner Maximises Returns

The recent surge in BlockDAG miner sales, contributing $3.6 million in revenue and distributing over 8,700 units, highlights growing enthusiasm for the X100’s capabilities. This surge follows BlockDAG’s successful presale, raising $57.6 million from selling over 12 billion coins, reflecting community confidence in the network’s value and positioning BDAG as a top new cryptocurrency. 

The X100 miner stands out with advanced specifications, boasting a hash rate of 2 TH/s and a power consumption of 1800 watts. Designed for both individual miners and large-scale operations, it can efficiently mine up to 2,000 BDAG coins daily, potentially earning $100 daily at the initial mainnet launch price of $0.05 per coin.

With a projected price of $20 per BDAG by 2027, daily earnings for X100 users could reach $40,000, showcasing its substantial income potential. Equipped with advanced ASIC technology, the X100 emphasises computational power, energy efficiency, and profitability. Its scalable design enables miners to adapt to evolving market conditions, making it a robust investment for serious crypto-mining enthusiasts.

BlockDAG’s X100 Transforms Investors into Millionaires

Amid positive forecasts for Dogwifhat’s price and Marathon’s expansion into Kaspa mining, BlockDAG solidifies its position as a top cryptocurrency to acquire. With the X100 miner’s impressive profit potential, BlockDAG revolutionises crypto mining by offering significant daily earnings projected to reach $40,000 by 2027. Its profitability and scalability make it ideal for investors seeking advanced mining technology and strong market growth.

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Following weeks of transfers that rapidly accelerated starting Monday, the German government has fully cleared its Bitcoin wallets as of Friday afternoon, according to on-chain data curated by analytics firm Arkham Intelligence.

Germany has sent billions of dollars worth of Bitcoin to exchanges and market makers in recent days, with the apparent intention to liquidate the assets seized from criminals. While some of the funds have indeed come back to Germany’s wallets following movements out, this is the first time that the wallets have been completely emptied.

The government wallets held about $3.4 billion worth of Bitcoin one month ago, with about $2.9 billion as of July 1. Germany’s transfers to exchanges really began in earnest on Monday, however, when the wallets still held $2.2 billion in Bitcoin. Now they’re empty.

Germany has sent funds to exchanges like Coinbase, Kraken, and Bitstamp, as well as to Cumberland and other market makers. While the moves don’t necessarily mean that the funds have been sold into the market, as seen with previous transfers back from exchanges to its wallets, it does suggest that the government intends to sell the assets.

Fears that billions of dollars worth of sold Bitcoin would tank the leading cryptocurrency’s price appear to have been relatively unfounded. Bitcoin is now up 3% on the week, including 1% over the past 24 hours, at a current price of about $58,300 as of this writing.

Editor’s note: This story was updated after publication with additional details.

The crypto market is currently experiencing significant turmoil, leaving many wondering if the end is near. According to Rekt Fencer, the founder of X Dao, the crypto community is in a stage of depression, similar to the market’s state back in June 2023. 

Despite the prevailing sense of doom, a closer examination of recent data uncovers potential indicators of recovery. Over the past few months, altcoin prices have plummeted by 30% to 70%, leading to widespread investor pessimism. Nevertheless, emerging trends suggest that a market rebound might be on the way.

Echoes of June 2023

The current market sentiment closely resembles that of June 19, 2023, when major cryptocurrencies were also in a downturn. On that date, the total market capitalization stood at $1.063 trillion, with Bitcoin priced at $26,500, Ethereum at $1,700, and Solana at $15.40.

The crypto market is in freefall.

Is it game over?

Not so fast.

I’ve dug into the data and found something big.

: When and why the market will turn around pic.twitter.com/xEgYEzMVbn

— Rekt Fencer (@rektfencer) July 11, 2024

These figures are comparable to the depressed levels we see today. According to Titan of Crypto, this situation might signal a significant bear trap.

Factors Behind the Drop

Several factors have caused the recent market drop. These include Germany selling its Bitcoin, the release of Bitcoin from the Mt. Gox settlement, and Bitcoin miners selling their holdings to stay profitable. Despite these issues, major investors are holding onto their Bitcoin, showing strong long-term confidence in the cryptocurrency

Bullish Indicators

Bitcoin’s dominance, which shows its market share compared to other cryptocurrencies, has shown signs of a possible bullish trend. Although the $58,000 support level was lost, the $50,000 level may provide a cushion. Market sentiment usually rebounds when Bitcoin is seen as too expensive, suggesting that a turnaround could be near.

What’s Boosting the Markets?

Several upcoming events and factors could trigger a market recovery. Miner capitulation could signal a trend reversal as miners stop selling their holdings. Also, the potential approval of an Ethereum ETF could bring new interest and investment to the market. Changes in stablecoin liquidity, especially USDT, are also important indicators of market demand.

Looking ahead, global liquidity is expected to change in Q4 2024 and early 2025, which could positively impact the crypto market. Comparing this to the summer of 2020, when altcoins surged after a dip, suggests we might be on the brink of a similar bull run.

Meanwhile, by focusing on long-term trends and upcoming events, investors can better handle the current volatility and prepare for possible gains.

Also Read: Strategies to Identify Altcoins Capable of Yielding $1 Million in Returns

Algotech is a cutting-edge trading platform supporting cryptocurrency trading across over 10,000 trading pairs. The platform leverages artificial intelligence and machine learning to give traders a competitive edge. Additionally, Algotech reduces risk by monitoring market funding levels, availability, liquidity, and spread.

ALGT token holders are entitled to a percentage of platform trading fees, governance votes, and future airdrops. Algotech’s presale has already raised $9.48 million, with 158.80 million ALGT tokens sold to 10,000 unique holders. The platform sold out its presale stage 2 in record time, raising $650,000 in a single day.

The platform’s key features, including breakout detection, hedging, and high-volume arbitrage, provide traders with sophisticated tools to maximize their trading potential.

After a selling spree spanning the better part of three weeks, the German government’s bitcoin holdings have dropped under 6,400 BTC.

The German government’s criminal investigation unit Bundeskriminalamt, or BKA, sent shockwaves through the crypto market when it started unloading its stash of 50,000 bitcoin last Wednesday.

Wallets tied to the BKA moved $600 million worth of bitcoin on June 19, sending at least $195 million to crypto exchanges. Since then, the BKA has moved nearly all of its $2 billion stash to new wallets and crypto exchanges, resulting in the price of bitcoin dropping from $65,000 to around $57,000 at the time of writing.

As of July 8, the German government’s transfers had led to bitcoin reserves on crypto exchanges reaching multi-year lows. Exchanges monitored by CryptoQuant held $156.6 billion worth of bitcoin reserves – the lowest number of tokens since November 2018.

While the BKA’s activity sent the price of bitcoin lower, it is worth noting that bitcoin recovered some of its losses, gaining 5% over the last seven days. Selling pressure from the German government might also be close to the end, as data from Arkham shows that the BKA wallet is down to its last 6,394 BTC, worth $366 million at current prices.

Still, the wallet’s activity hasn’t been all that straightforward – sometimes the transfers to unlabelled addresses and exchanges have ended up back in the BKA’s main wallet address. This suggests that the entity is likely testing liquidity across exchanges before executing sell orders.

With the known threat of sell pressure from the BKA looming each day, it is no surprise that traders have turned cautious, evidenced by the market sentiment indicator the “Fear and Greed” index which dropped to the “extreme fear” region on Thursday.

According to one crypto market analyst, a high fear index could signal an optimal entry point for bitcoin. 

“One of the best metrics for identifying optimal entry points in a bull market is when short-term Bitcoin holders sell at a loss and the fear index is ridiculously high (which has been happening in recent weeks),” said CryptoQuant analyst elcryptotavo.

“In contrast, previous market peaks have been signaled by long-term holders taking significant profits over numerous months, which hasn’t happened yet.”

Tyler Hill Breaks Down BlockDAG’s Keynote & Revolutionary X1 Miner App! Latest on OKB and STX Prices

In the bustling crypto market, BlockDAG stands out, having impressively raised over $57.4 million through its presale. This remarkable feat, highlighted by influencer Tyler Hill, positions BlockDAG among the leading crypto gainers. It draws significant attention amidst the fluctuating OKB crypto value and the climbing Stacks (STX) price. Through groundbreaking technologies and strategic efforts, BlockDAG is revolutionizing crypto mining with the X1 Miner App, delivering unparalleled security and scalability.

OKB’s Prospective Surge Amid Strategic Moves

Recent activity has introduced volatility to OKB’s crypto value, with notable movements in OKX wallets due to buy-back and burn strategies. This strategic action could trigger a long-term rally for OKB.

Technical analysis shows a positive outlook, with OKB trading above its 200-day EMA and eight indicators signaling a buy.

Given these favorable signals, experts predict OKB’s value will rise by Q2 of 2024. Investors consider OKB a promising asset, supported by advantageous market conditions and strategic initiatives.

STX Price Rises 

Despite Bitcoin’s recent struggles and declining dominance, Stacks (STX) has surged, reaching new levels after stabilizing around lows. This bullish momentum, with STX gaining 25% since June 2024 lows, reflects growing interest and a 70% increase in trading volume over the past 24 hours.

This surge is partly due to Stacks’ integration with the Pyth Network, enhancing its decentralized applications (dApps) with over 300 price feeds. The upcoming Nakamoto upgrade promises further improvements, boosting smart contracts and platform scalability. STX’s resilience and strategic advancements position it favorably in an evolving market and increased interest in Bitcoin-related projects.

 

Tyler Hill Reviews BlockDAG’s Mining Advancements

Tyler Hill, a prominent influencer, spotlights BlockDAG’s impressive presale performance in his video. BlockDAG raised over $57.4 million by selling more than 12.05 billion coins, underscoring its position among the top crypto gainers. Hill’s review of Keynote 2 described it as a seminar unveiling BlockDAG’s advanced technology.

BlockDAG’s strength lies in its Directed Acyclic Graph (DAG) implementation, enabling multiple operations simultaneously with optional disk persistence, ensuring data integrity across sessions. This seamless integration enhances speed and security, improving mining scalability and efficiency.

Recent miner sales added another $3.6 million to revenue, with over 8700 units distributed. The unique DAG-based Proof of Work (PoW) consensus mechanism bypasses traditional mining, allowing immediate transaction confirmations and significantly boosting scalability.

Furthermore, Phase 1 of the X1 Miner app’s development has just concluded, marking a major milestone. The X1 miner will revolutionize crypto mining with features like Wireframe & UI Designing, User Onboarding, and Presale functionalities.

Upcoming features include Wallet, Send/Receive modules, and a Community Section, all designed to enhance user experience and earnings before the mainnet launch. Hill’s insights suggest that BlockDAG’s combination of security, scalability, and innovation heralds a new era in crypto mining.

Last Call

OKB and Stacks may experience price variations, but BlockDAG consistently leads the crypto landscape with significant growth and cutting-edge innovation. It’s distinctive DAG-based technology and successful presale position it among the top crypto gainers. Influencer endorsements and robust market performance indicate that BlockDAG is on track to transform the future of cryptocurrency mining, garnering increased attention and investment. Now selling at batch 19 for $0.014, it’s the ideal time to invest in this crypto.

Join BlockDAG Presale Now:

Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.

Bitcoin integrates for the first time with French Retirement Savings Plans (PER) thanks to the innovative alliance between VanEck Europe and Inter Invest. This strategic partnership introduces a Bitcoin ETN into the PER, offering savers unprecedented exposure to the main crypto.

A groundbreaking partnership to diversify retirement savings

The landscape of retirement savings in France is experiencing a true revolution. VanEck Europe, an internationally renowned asset manager, is partnering with Inter Invest to introduce the first Bitcoin ETN in a French PER. This initiative offers savers an opportunity for diversification, thereby combining financial innovation and security.

The VanEck Europe Bitcoin ETN, with its 387 million dollars of assets under management, stands out for its robustness. Fully backed by genuine bitcoins held by a regulated custodian, it ensures secure exposure to the leading crypto.

Jean-Baptiste de Pascal, Deputy General Manager of Inter Invest, highlights the importance of this collaboration: “This partnership perfectly fits into our overall strategy of democratizing innovative financial assets”. 

This strategic alliance meets a growing demand from investors for both diversified and modern savings options, thus paving the way for a new era in retirement savings management in France.

Bitcoin: Between opportunities and challenges for savers

The introduction of bitcoin into PER opens up new perspectives for French savers. Martijn Rozemuller, CEO of VanEck Europe, explains: “At VanEck, we are convinced that bitcoin is a long-term innovative asset. Its current volatility thus reflects a phase of value-seeking, typical of emerging assets.”

Investors should consider bitcoin as a complement to their retirement savings strategy, rather than a substitute for traditional assets. The VanEck Bitcoin ETN offers controlled exposure, allowing savers to diversify their portfolio while minimizing the risks associated with directly holding crypto.

In summary, this initiative by VanEck and Inter Invest marks an important step in the evolution of retirement savings in France. By integrating bitcoin into PER, these companies are paving the way for the modernization of the financial sector while meeting the expectations of a new generation of investors.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.