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Render Struggles to Maintain Position Within Key Range as Demand Weakens

The price of Render (RENDER), a prominent AI-driven cryptocurrency token, has been hovering within a defined trading range since early July, balancing between a high of $7.20 and a low of $5.70. However, a recent slump in demand suggests that the token might break below its current support level.

Render has experienced a stable trading pattern, known as a horizontal channel, where the price oscillates between two parallel lines: the upper resistance and the lower support. This pattern indicates a balance between buyers and sellers, which keeps the price from making significant moves in either direction.

Despite this stability, Render is at risk of declining below the support level as selling pressure has begun to surpass buying interest. Data from Into The Block reveals a significant reduction in both the daily active addresses and new addresses interacting with RENDER, suggesting a decline in market engagement. “The count of unique addresses that have completed at least one transaction involving RENDER has plummeted by 84% in the past seven days,” the data provider noted. Additionally, the creation of new addresses fell by 77% during the same period.

The decrease in active and new addresses is a clear indicator of a bearish outlook or a waning interest in the market, which typically leads to a downward price movement. Furthermore, Render whales, or large holders, have significantly reduced their exposure to the token. “During that period, the token’s large holders’ netflow has dropped by 99%,” indicating a substantial sell-off from major stakeholders.

This trend presents a critical juncture for Render’s price trajectory. If the selling pressure continues to intensify, it could push the price below the current support level to as low as $5.66. Conversely, a resurgence in buying could reverse the trend, potentially lifting the price above the resistance level to $7.45.

Source: RENDER Consolidates Within Key Range Amid Weakening Demand

US National Debt Surpassing $35T and Its Impact on Bitcoin

Bitcoin bulls are pushing to reclaim key resistance levels as BTC price movement hints at a potential surge towards $70,000 amid a historic milestone for the US national debt.

Bitcoin is setting up for a dramatic end to July as its price nears $70,000 just in time for the monthly close. Investors are eager to see if bulls can reclaim crucial psychological levels and sustain momentum.

The weekly close saved the market from a downturn, but continued upward movement is now crucial. Positive signs are evident on paper: miners are recovering, macroeconomic signals are increasingly favoring risk assets, and traders are optimistic about the end of Bitcoin’s post-halving retracement.

However, volatility is expected as the US Federal Reserve is set to decide on interest rates this week, with Chair Jerome Powell’s comments having the potential to move markets. Additionally, US unemployment data due at the end of the week could introduce further fluctuations in crypto prices.

Bitcoin has bounced back to challenge final resistance levels, with BTC/USD reaching $69,848, its highest since June 10. Traders remain optimistic as Bitcoin approaches key resistance below March’s all-time highs. One trader, Jelle, noted, “Every halving event, Bitcoin goes through a couple months of choppy price action. Once that phase comes to an end, the true bull market starts. This time probably won’t be different.”

Amid these developments, US national debt has hit $35 trillion for the first time in history, adding to the market’s potential volatility. Powell’s press conference following the Federal Open Market Committee (FOMC) decision on interest rates will be closely watched. Although markets expect no rate cuts until September, Powell’s language could influence longer-term economic expectations.

Bitcoin mining difficulty is also set to hit new highs, with an estimated 8% increase taking it to 88.61 trillion. This follows a 3.2% increase two weeks prior, indicating a miner renaissance. Despite this, on-chain analytics platform CryptoQuant warned that the overall profitability of the mining sphere is still in its early stages of recovery.

The Crypto Fear & Greed Index, a sentiment indicator, is approaching “extreme greed,” reflecting the bullish sentiment among traders as Bitcoin nears price discovery. With BTC/USD potentially retesting all-time highs, the market is bracing for an eventful week ahead.

Compound Token (COMP) Plummets 67% After Governance Attack on DAO

In a dramatic turn of events, the compound’s native token (COMP) has suffered a staggering 67% decline following a reported governance attack on the compound’s DAO (Decentralized Autonomous Organization). This incident has sparked significant concerns within the crypto community about the security and stability of decentralized finance (DeFi) platforms.

The crisis began when an attacker allegedly exploited a vulnerability in the governance process of Compound DAO. The DAO, which is responsible for managing and making decisions about the Compound protocol, faced unauthorized interventions that led to a significant loss of confidence among investors. The attack involved manipulating voting mechanisms and possibly siphoning funds, which resulted in the token’s sharp drop.

Investors and stakeholders reacted swiftly to the news, leading to a sell-off of COMP tokens. The token’s value plunged from its recent highs, reflecting widespread panic and skepticism about the security of the platform. As a result, COMP, which had been trading robustly, now grapples with diminished trust and substantial market volatility.

In response, the Compound team has initiated emergency measures to address the breach. They are conducting a thorough investigation to understand how the attack occurred and to prevent future incidents. The team is also working on patching the vulnerabilities and strengthening the governance mechanisms to restore investor confidence.

This incident highlights the risks associated with DeFi platforms, where the complexity of governance and security can sometimes be a double-edged sword. While DeFi promises increased transparency and decentralization, it also introduces new challenges that require constant vigilance and robust security measures.

As the situation unfolds, the Compound community will be watching closely to see how effectively the team can manage the fallout and restore stability to the protocol. For now, the attack serves as a stark reminder of the vulnerabilities that can impact even the most well-regarded DeFi projects.

Source: COMP Down 6.7% after Supposed ‘Governance Attack’ on Compound DAO

Jersey City Pension Fund to Invest in Bitcoin ETFs: A Bold Step into Crypto

Jersey City is making headlines in the world of finance by becoming the latest municipality to dive into the cryptocurrency space. The city’s pension fund has announced plans to invest in Bitcoin exchange-traded funds (ETFs), marking a significant shift in how traditional investment vehicles are incorporating digital assets.

This decision follows a growing trend among public pension funds seeking to diversify their portfolios and tap into the potential high returns offered by cryptocurrencies. Bitcoin ETFs are a way for investors to gain exposure to Bitcoin without having to directly buy or manage the cryptocurrency. These funds trade on traditional stock exchanges, making them accessible to a 

broad range of investors.

Jersey City’s move is particularly notable because it represents a broader acceptance of cryptocurrencies by institutional investors. By allocating a portion of its pension assets to Bitcoin ETFs, the city is signaling confidence in the long-term viability of digital assets. This could inspire other municipalities and institutional investors to consider similar investments.

The pension fund’s investment strategy reflects a growing recognition of Bitcoin and other cryptocurrencies as legitimate assets. Despite their volatility, these digital currencies have increasingly been seen as a hedge against inflation and a store of value.

For Jersey City, this investment could potentially enhance the growth of its pension fund, providing future retirees with improved financial security. It also aligns with the broader trend of integrating digital assets into mainstream financial systems, indicating a shift towards greater innovation in investment strategies.

Overall, Jersey City’s commitment to Bitcoin ETFs highlights the evolving landscape of financial investments, where digital currencies are becoming a significant player in traditional finance. This move is expected to attract attention from other public funds and institutional investors, further driving the mainstream adoption of cryptocurrencies.

Source: Jersey City to Invest in Bitcoin ETFs, the Latest Pension to Dive Into Crypto

Crypto Liquidations Soaring Amid Market Turmoil

Cryptocurrency liquidations have spiked dramatically, with total liquidations hitting $292.22 million as the global cryptocurrency market cap fell by 3.6%, dipping below the $2.5 trillion threshold. This downturn reflects broader market instability, which has seen a significant 92.5% increase in liquidations in the last 24 hours, according to data from Coinglass.

A vast majority of these liquidations, approximately $259.7 million or 89%, were from long positions, with the remaining $32.5 million stemming from short positions. Ethereum led the liquidation volumes with $101.6 million—$97.5 million from longs and $4.1 million from shorts. Bitcoin followed closely, registering $83.3 million in liquidations over the past day, split between $71.5 million in longs and $11.7 million in shorts.

The largest single liquidation event occurred on Binance, the top crypto exchange by trading volume, involving an $11.78 million transaction in the BTC/USDT trading pair. This event underlines the significant risks present in the current volatile market environment.

CoinGecko data indicates that the total cryptocurrency market capitalization has decreased to $2.42 trillion, marking a significant retreat from a local high of $2.55 trillion recorded at 15:00 UTC on July 24. Bitcoin and Ethereum have particularly felt the market’s chill, with Bitcoin dropping from a daily high of $67,110 to approximately $64,100, and Ethereum plunging by 8.1%, now trading at $3,160.

This steep decline in Ethereum’s value coincided with net outflows of $133.3 million from spot ETH ETFs in the U.S. on their second day of trading, reflecting investor apprehension.

As a consequence of these rapid liquidations, the total open interest in the cryptocurrency market has also decreased by 4%, currently standing at about $63.6 billion. This reduction in open interest may lead to a decrease in market-wide volatility and potentially fewer liquidations moving forward.

Source: Crypto liquidations reach $292m, global market cap falls 3.6%

India to Unveil Crypto Policy by September After Stakeholder Consultations

India is set to release its long-awaited stance on cryptocurrency regulation by September 2024, following a series of stakeholder consultations. This announcement marks a pivotal moment for the country as it seeks to define its approach to the burgeoning digital asset sector.

The Indian government has been engaging with various industry players, financial experts, and other stakeholders to gather insights and feedback on the potential framework for cryptocurrency regulation. These consultations are part of a broader effort to create a balanced and effective regulatory environment that supports innovation while safeguarding financial stability and consumer protection.

The anticipated policy aims to address several critical aspects of the crypto landscape, including the legal status of digital assets, taxation, and the mechanisms for preventing illicit activities such as money laundering and fraud. India’s regulatory approach is expected to play a significant role in shaping the future of the country’s cryptocurrency market, influencing both domestic and international investors.

The release of the policy will provide much-needed clarity for businesses and individuals involved in the crypto space. It is anticipated that the framework will offer guidelines on how cryptocurrencies can be integrated into the existing financial system and outline the responsibilities of market participants.

India’s move towards formalizing its stance on cryptocurrencies aligns with global trends as more countries develop comprehensive regulatory strategies to manage the growth of digital assets. As the September deadline approaches, the crypto community and investors will be closely watching to understand how India’s regulations will impact their operations and investment strategies.

In summary, the upcoming policy announcement is expected to bring a new level of regulatory certainty to India’s cryptocurrency sector, paving the way for more structured and secure participation in the digital economy.

Source: India to Release Its Crypto Policy Stance by September After Stakeholder Consultations: Report

Woo X Introduces Daily Interest Withdrawals from T-Bill-Backed Vaults

Crypto exchange Woo X has unveiled a new feature allowing users to withdraw daily interest from their T-Bill-backed Earn vaults, a move aimed at enhancing liquidity and flexibility for investors.

This innovative offering permits users to access interest earnings on a daily basis, rather than waiting for traditional payout periods. The T-Bill-backed Earn vaults are designed to provide a secure way to earn interest while minimizing risk, as U.S. Treasury bills back them. This setup ensures a stable and reliable income stream, appealing to both conservative investors and those looking to diversify their portfolios.

By enabling daily withdrawals, Woo X addresses a common frustration among crypto investors: the lack of liquidity in interest-bearing products. Traditionally, investors in such products often have to wait for monthly or quarterly payouts, which can be inconvenient and limit their ability to reinvest earnings promptly. The new feature aims to solve this issue by providing more immediate access to funds.

The move also reflects Woo X’s commitment to catering to evolving investor needs and preferences in the rapidly changing crypto landscape. By offering this level of flexibility, Woo X hopes to attract a broader range of users, from seasoned traders to newcomers looking for stable and accessible investment options.

Woo X’s introduction of daily interest withdrawals from T-Bill-backed Earn vaults represents a significant step in enhancing investor experience and liquidity. This feature offers greater flexibility and underscores Woo X’s role in innovating within the crypto exchange sector.

SOURCE: Crypto Exchange Woo X Allows Daily Interest Withdrawals From T-Bill-Backed Earn Vaults

Singapore Injecting $74.3M into Quantum Computing and AI for Finance

Singapore is committing a significant investment of 100 million Singapore dollars ($74.36 million) to enhance its finance sector’s capabilities in quantum computing and artificial intelligence (AI). This move by the Monetary Authority of Singapore (MAS) aims to support local financial institutions with substantial co-funding to establish advanced technological infrastructure.

The MAS, Singapore’s central bank and financial regulatory authority, is injecting these funds to build quantum computing infrastructure and accelerate AI development and adoption within the financial sector. This initiative is part of Singapore’s broader strategy to solidify its position as a leading fintech hub.

MAS launched the Financial Sector Technology and Innovation Scheme (FSTI 3.0) in 2022 to boost Singapore’s fintech capabilities. With an initial commitment of $111.5 million ($150 million Singapore dollars) over three years, the regulator is now adding an additional $74.36 million as of July 18. Eligible financial institutions can receive up to 50% co-funding for creating quantum computing technology centers and developing practical use cases. Companies working on quantum-based cybersecurity solutions will also be eligible for up to 30% co-funding.

Part of the fund will be allocated to building AI innovation centers, where AI models can be developed, trained, and deployed across various applications. The regulator highlighted the potential of AI in addressing industry-wide problems, stating, “There are strong prospects for the financial industry to apply AI to solve industry-wide problems beyond what each financial institution can do individually.”

The first AI pilot project, confirmed by MAS, will focus on scam and fraud detection. This pilot will involve collaboration between banks, technology solution providers, and public agencies. The FSTI scheme is set to continue until March 2026, with the possibility of extension depending on its impact on Singapore’s fintech landscape.

In related news, MAS recently granted full regulatory approval to the Singapore wing of Paxos, the issuer of the gold-backed stablecoin Pax Gold (PAXG). This approval allows Paxos to launch a stablecoin aligned with MAS’s upcoming regulatory framework. DBS, Southeast Asia’s largest bank by assets, will be Paxos’ primary banking partner, responsible for cash management and custody of the stablecoin reserves.

SOURCE: Singapore commits $74.3M for quantum and AI in finance

Compound Finance Website Under Threat of Phishing Attack, Warns Crypto Investigator ZachXBT

Crypto investigator ZachXBT has warned users to steer clear of the Compound Finance website due to suspicions of it being compromised and redirecting visitors to a phishing site. The warning was made public on July 11 through a post on Telegram, in which ZachXBT alerted the community about the potential risks associated with visiting the website at this time.

According to ZachXBT, the Compound Finance site is currently redirecting to a phishing site that was recently registered, posing significant security threats to users. In light of this, he strongly advises against visiting the site to prevent any loss of personal data or funds.

In response, Michael Lewellen, a security advisor for the Compound Finance DAO, confirmed the breach and reiterated the warning to avoid interacting with the website. Lewellen emphasized that while the protocol itself and the smart contract funds remain secure, the URL has been hijacked and is hosting a phishing site. He urged users to refrain from using the compromised website to safeguard their assets and information.

This isn’t the first security challenge faced by Compound Finance. In 2023, the protocol’s official X account was compromised by hackers who then used it to promote a phishing site. Although the phishing attempt was quickly identified and flagged as a scam, it highlighted ongoing vulnerabilities within digital finance platforms.

As phishing attacks continue to surge within the crypto space, leading to significant losses, industry leaders like CertiK CEO Ronghui Gu have called for increased vigilance and stronger security measures, including multifactor authentication. Following a report on July 3, CertiK highlighted that the first half of 2024 saw losses amounting to $1.19 billion in crypto security incidents, with phishing attacks accounting for nearly $498 million of those losses.

SOURCE: Compound Finance site potentially breached — ZachXBT

Bank of Italy Releasing Crypto Guidelines Amid Criticism

Italy’s central bank is set to release guidelines on applying the European Union’s MiCA crypto laws “in the coming days,” according to Bank of Italy Governor Fabio Panetta. This move aims to ensure effective regulation and protection for cryptocurrency holders.

In his July 9 speech to the Italian Banking Association, Panetta outlined the upcoming guidelines, emphasizing their role in facilitating the application of the EU’s Markets in Crypto-Assets Regulation (MiCA). He highlighted that MiCA identifies two main categories of tokens: asset-reference tokens (ARTs) and electronic money tokens (EMTs), both of which can be used for payments.

However, Panetta pointed out that only EMTs can fully function as a means of payment while maintaining public trust. EMTs are linked to a single official currency, like a US dollar-backed stablecoin, whereas ARTs are pegged to multiple assets, such as the gold-backed token PAX Gold (PAXG).

Speaking at the Italian Banking Association meeting, Panetta criticized Bitcoin and Ethereum as “unbacked crypto-assets,” describing them as having “no intrinsic value” and likening them to a gamble. “Clearly, they do not possess the characteristics that make them suited to perform the three inherent functions of money: a means of payment, store of value, and unit of account,” he stated.

Panetta argued that the primary goal of crypto investors is to sell assets at higher prices, sometimes to evade tax rules or regulations against money laundering and terrorist financing. He acknowledged that while the number of investors in unbacked cryptocurrencies is currently low, it is not negligible and could grow in the future.

In late June, Reuters reported that the Italian government plans to increase surveillance on crypto markets to comply with MiCA. A decree revealed plans for fines ranging from 5,000 euros ($5,400) to 5 million euros ($5.4 million) for violations such as market manipulation and insider trading.

These upcoming guidelines from the Bank of Italy aim to enhance regulatory clarity and safeguard the financial ecosystem as the country adapts to the evolving crypto landscape.

SOURCE: Bank of Italy to release crypto guidelines in ‘coming days’ — Governor