Bitcoin Technical Analysis July 3 From the perception that Bitcoin is likely to set a new bottom in 2022 to Ripple launching a hackathon for CBDC. Here are some highlights from the crypto market.
Analyst Capo, who correctly predicted Bitcoin’s correction below $30,000, says it’s time for the market to set a new bottom in 2022.
Capo told his 425,900 Twitter followers that the inability of the leading crypto asset by market capitalization to sustain above the psychological $20,000 region suggests that another sell-off is imminent.
“The time has come for the support for the resistance zone to be overturned. Price will strongly reject and head straight for new lows.”
Capo said Bitcoin looks poised to drop below yearly lows around $17,600 to form a potential local bottom at $16,000.
Based on Capo’s chart, he predicts Bitcoin will quickly correct below $16,000 before kicking off a strong rally above $20,000 and regaining this support.
Capo also added that Bitcoin’s correction could cause the altcoin market to lose between 45 and 50 percent of its current value.
San Francisco-based blockchain provider Ripple has launched a central bank digital currency hackathon with a total prize pool of $197,000 to promote the development of solutions for retail CBDCs. , financial integration and interoperability.
The event, called CBDC Innovate, will allow developers to build applications that work on Ripple’s open source, decentralized blockchain, the XRP Ledger (XRPL).
Entrants are required to build or update a fintech or payment solution in one of three categories.
The first category focuses on interoperability, developers are expected to submit a solution that will allow CBDCs to interact with other digital assets such as NFTs and stablecoins.
The second category focuses on a retail audience, and participants will build an interface that allows users to interact with the CBDC. The last category includes the ability to integrate finance, developers must submit a solution that can take advantage of this digital currency.
Sales of Sorare, the NFT platform specializing in football, spiked when the company signed the player with the highest salary in the world, Kylian Mbappé (£ 1 million / week).
On June 29, Sorare announced the signing of soccer star Kylian Mbappé, striker for Paris Saint-Germain FC and the French national team, to win the 2018 World Cup, as the 2018 World Cup winner. is an investor and global ambassador for the platform.
Sorare has also pledged to support Mbappé’s Inspired by KM charity, as part of the deal. This is Mbappé’s first foray into the Web3 space.
According to data from CryptoSlam, Sorare has seen a significant increase in secondary market trading. In 24 hours, Sorare’s NFT sales were worth more than $6.7 million, an increase of 808.38%.
News Axie Infinity
On July 1, Axie Infinity announced that it had started selling tickets for AxieCon, the first ever P2E gamer conference, held in Barcelona (Spain) from September 7 to September 10, 2022.
Game developer Sky Mavis announced AxieCoin is a place where Axie Infinity game lovers can gather and share the project with the mission, vision and development roadmap in the near future.
Within the framework of the conference, Axie Infinity will have remarkable activities such as: announcing new products; discussions between developers, community members and governance; meet privately with Mystic NFT holders; Axie Infinity World Championship and many other exciting activities.
Nexo has increased its insurance coverage to $775 million and is in talks with potentially insolvent crypto companies to help provide liquidity.
Nexo co-founder Antoni Trenchev said the move to increase their coverage is part of a plan to improve security, unrelated to the recent market volatility. Nexo keeps third parties’ assets “fully protected” if “something happens to these assets, under the care of third-party custodians”.
Furthermore, Trenchev confirmed that all loans are “severely collateralized” and declared it “the most security-focused lender” in the crypto market. Amid accusations that Nexo could also default, Trenchev said its public partnerships with third-party custodians show things are still under control as usual.
Crema Finance News
Crema Finance, the centralized liquidity protocol on the Solana blockchain, has announced the suspension of its services due to a mining attack. The attacker withdrew a large amount of money, but the amount of loss has not been disclosed.
Immediately after realizing the hack on its protocol, Crema Finance suspended liquidity services to prevent the hacker from draining all the reserves, including the funds of service providers and investors.
Henry Du, co-founder of Crema Finance confirmed the start of the investigation, stated that the project is working with a number of security companies and receives support from Solana, Solscan and Etherscan…and will soon proceed to update more information for users through its official Twitter account.
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