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Fed Stands Pat on Policy, Cautions on September Rate Cut

The Federal Reserve has opted to keep its monetary policy unchanged, signaling a more cautious stance than anticipated regarding a potential rate cut in September. This decision comes amid mixed economic signals and ongoing debates about the best approach to managing inflation and economic growth.

In its latest announcement, the Fed maintained the current interest rates, reflecting its commitment to assessing economic conditions before making further adjustments. Despite previous indications that a rate cut might be on the horizon, the Fed’s recent remarks suggest that policymakers are wary of making premature moves.

The central bank’s caution stems from several factors. Inflation, although moderated in recent months, remains a concern. The Fed is keen to ensure that any rate changes do not jeopardize the progress made in stabilizing prices. Additionally, recent economic data has been inconsistent, making it challenging to gauge the right timing for a rate cut.

Fed officials have emphasized their focus on remaining data-driven and responsive to evolving economic conditions. They aim to balance the need for supportive monetary policy with the risks of fueling inflationary pressures. This approach reflects a broader strategy to carefully navigate between stimulating economic growth and maintaining price stability.

The market had speculated that the Fed might act more aggressively, but the recent statement underscores a more measured approach. Analysts now anticipate that the Fed will use the coming months to evaluate economic trends and adjust its policies accordingly.

This decision highlights the Fed’s ongoing struggle to adapt its strategies in a complex economic environment. As the central bank continues to monitor inflation and growth, the focus will likely remain on maintaining stability and avoiding abrupt policy shifts. The cautious stance suggests that any significant policy changes will be well-considered and based on comprehensive economic analysis.

Source: Fed Holds Policy Steady, Expresses More Caution Than Expected on September Rate Cut

SEC Still Believing SOL is a Security, Say Crypto Executives

Despite recent legal maneuvers, the U.S. Securities and Exchange Commission (SEC) may still consider Solana (SOL) a security, according to crypto industry executives. The SEC’s retraction of its request for a court ruling on this matter in its Binance lawsuit does not signal a change in its stance.

“There is no reason to think SEC has decided SOL is a non-security,” said Jake Chervinsky, chief legal officer at Variant Fund, in a July 30 X post. This statement refers to the SEC’s recent amendment to its complaint regarding “Third Party Crypto Asset Securities.” The regulator is no longer seeking a court decision on whether the tokens listed in the lawsuit are securities.

Chervinsky emphasized that the SEC still labels these tokens as securities in other lawsuits, including one against Coinbase. Miles Jennings, general counsel at a16z Crypto, and Justin Slaughter, policy director at Paradigm, echoed this sentiment in their own posts. Slaughter warned that many are “overreading this filing” and that it does not imply the SEC has concluded Solana and other tokens are non-securities.

Jennings noted that Judge Amy Berman Jackson set a high bar for the Howey test in the Binance case, making it inefficient for the SEC to prove these tokens were securities. However, in the Coinbase lawsuit, Judge Katherine Polk Failla appears more inclined to support the SEC’s position.

Jennings also speculated on the SEC’s strategy, noting, “Obviously, I’m speculating about their political motive, but that speculation is informed by information I’m privy to about the SEC’s behavior behind closed doors.”

The SEC’s case against Binance listed several tokens as securities, including Solana (SOL), BNB, Cardano (ADA), Polygon (MATIC), The Sandbox (SAND), Decentraland (MANA), and Axie Infinity (AXS). In total, the SEC has claimed that at least 68 tokens are securities, impacting over $100 billion worth of cryptocurrencies in the market.

This ongoing regulatory scrutiny highlights the complex and evolving legal landscape surrounding digital assets and their classification as securities.

SOURCE: SEC Still Believing SOL is a Security, Say Crypto Executives

U.S. Bitcoin Reserve Plan: Fed Gold Revaluation to Fund Strategic Holdings

A new draft bill reveals that the U.S. government plans to fund its proposed strategic Bitcoin reserve, partly by revaluing its gold holdings. This development represents a significant shift in the country’s approach to digital asset management and reflects growing interest in Bitcoin as a critical component of national financial strategy.

The bill outlines a framework where the Federal Reserve’s gold reserves will be revalued to free up funds for investing in Bitcoin. This move aims to bolster the U.S. position in the global cryptocurrency market and enhance its strategic financial capabilities. By tapping into the value of its gold reserves, the U.S. seeks to create a substantial Bitcoin reserve that could influence global crypto markets and strengthen its economic position.

The strategic Bitcoin reserve is envisioned as a tool for diversifying national assets and providing a hedge against economic uncertainties. Bitcoin, with its increasing acceptance and perceived value, is seen as a viable asset class that can complement traditional reserves like gold.

Revaluing gold holdings involves adjusting the value of gold assets to reflect current market conditions, which can lead to significant financial maneuvering. This process could release substantial funds that are then allocated to Bitcoin, providing the U.S. with a more flexible and modern asset portfolio.

This initiative underscores the growing recognition of Bitcoin’s role in financial strategy and its potential as a store of value. However, it also highlights the challenges and complexities involved in integrating cryptocurrencies into traditional financial frameworks.

As this bill progresses, it will be crucial to monitor its implications for both the U.S. financial system and the global cryptocurrency market. The revaluation of gold to support Bitcoin investments marks a noteworthy evolution in financial policy, blending traditional asset management with innovative digital strategies.

SOURCE: U.S. Strategic Bitcoin Reserve to Be Funded Partly by Revaluing Fed’s Gold, Draft Bill Shows

Tron outperforms Ethereum and Solana in 24 Revenue Generation

Tron has surged ahead of both Ethereum and Solana in network revenue generation over the past 24 hours, as reported by decentralized finance data aggregator DeFiLlama. Tron has amassed over $1.4 million in revenue, overshadowing Ethereum’s $844,276 and Solana’s $940,009 during the same timeframe.

This trend extends beyond just a day, with Tron consistently leading in revenue over the past week. The data shows Tron’s seven-day revenue standing at $8.67 million, compared to Ethereum’s $8.08 million and Solana’s $6.38 million. Despite Ethereum’s dominance in the market cap rankings, Tron’s weekly figures have edged out its competitors, indicating a strong performance in the decentralized finance sector.

Over the last month, Ethereum still leads with over $52.48 million in revenue, largely fueled by the debut of spot Ethereum exchange-traded funds in the U.S. However, Tron maintains a robust second place with $40.2 million in 30-day revenue. Interestingly, the meme coin launchpad Pump.fun has also made notable strides, accumulating $25.83 million and surpassing Solana, which garnered $23.59 million in the same period.

The revenue growth of these networks provides a snapshot of the shifting dynamics in the cryptocurrency landscape, where traditional leaders like Ethereum face stiff competition from newer networks like Tron. Tron’s recent developments have further bolstered its position. Earlier this month, Tron founder Justin Sun announced the upcoming introduction of a gasless stablecoin solution, which is expected to enhance the blockchain’s growth through free peer-to-peer transfers.

According to Sun, this new feature is set to launch in the fourth quarter of the year. Moreover, the issuance of the USDT stablecoin on Tron has surpassed $60 billion, marking it as the first blockchain to achieve this milestone, further highlighting Tron’s emerging dominance in the sector.

Source: Tron surpasses Ethereum and solana in revenue generated in the past 24 hours

Bitcoin Traders Eyeing $60K as Bears Trigger Fresh Price Rejection

Bitcoin faced familiar turbulence as a swift price drop saw it struggle to hold key support levels. Despite a push to $70,000, BTC quickly fell back to $66,500, continuing a pattern of volatility that has become all too familiar.

The latest move saw Bitcoin fall by nearly 6% in just a few hours, spurred by $2 billion worth of BTC leaving a wallet linked to the United States government. This transaction contrasted sharply with recent pledges from presidential candidates to build a Bitcoin strategic reserve.

William Clemente, co-founder of the crypto research firm Reflexivity, noted the timing was “not a coincidence,” predicting a short-term flush and summer ranging before an eventual upward trend.

Keith Alan, co-founder of Material Indicators, expressed hope for a recovery that would protect a rising trendline on daily timeframes. He argued that for BTC to reach higher levels, particularly $72,000 and beyond, bulls need to flip the previous all-time high of $69,000 into firm support. “That’s the HH that bulls need to take out before BTC is positioned to go after the ATH,” Alan wrote.

Popular trader Roman focused on near-term price targets, predicting potential drops to $60,000. He suggested that hitting such levels could trigger a short squeeze, allowing BTC to return to the upper part of its trading range. “Eyeing price targets of 64 & 60k respectively. Showing bear divs with a possible DT reversal setup,” he confirmed. “My bet is sentiment gets ultra bearish at these levels then we full send up once again.”

In his analysis, trader Mark Cullen pondered whether Bitcoin would hold a key trendline and golden zone retrace, or bounce for a lower high and roll over to range lows.

Onchain analytics platform CryptoQuant noted increasing withdrawals from exchanges, with contributing analyst CryptoOnchain observing a rise in the mean amount of BTC per transaction. “The increase in Bitcoin outflow can be a positive sign regarding the possibility of price increase and break-up of the fluctuation area in the future,” they wrote.

SOURCE: Bitcoin Traders Eyeing $60K as Bears Trigger Fresh Price Rejection

Trump’s Bitcoin Reserve Proposal Leaves Crypto Industry Awaiting Clarity

In recent remarks that have sparked considerable buzz in the cryptocurrency world, former President Donald Trump proposed the idea of creating a Bitcoin reserve for the United States. However, the proposal has left the crypto industry with more questions than answers, as key details remain unclear.

During a speech, Trump suggested that the U.S. could leverage Bitcoin as part of its financial strategy, potentially using it to bolster the country’s reserves. The concept, if implemented, would represent a significant shift in how national reserves are managed, incorporating cryptocurrency into traditional financial systems.

The idea of a Bitcoin reserve is not entirely novel, as some have speculated about digital currencies playing a role in national financial strategies. However, Trump’s proposal stands out due to its high-profile nature and the potential implications for U.S. monetary policy and international finance.

Despite the excitement and intrigue surrounding the proposal, specifics on how this Bitcoin reserve would function are lacking. Questions abound about the logistics of integrating Bitcoin into the U.S. reserve system, the potential impacts on market stability, and how such a move would align with existing financial regulations.

Industry experts are keenly awaiting further details to better understand the feasibility and implications of Trump’s proposal. The crypto community is particularly interested in how the integration of Bitcoin might influence both the value of the cryptocurrency and the broader financial landscape.

As the conversation continues, the industry is looking for clarity on how this proposal could be practically implemented and its potential effects on both the crypto market and national financial systems. Until more information is available, the proposal remains an intriguing but ambiguous topic in the world of digital finance.

Source: Trump’s Talk of Bitcoin Reserve for the U.S. Leaves Industry Waiting for More Details

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