Ethereum’s recovery stalled after reaching the 50-day moving average region near $1,800 at the start of the month. Resistance is further reinforced by the fact that the coin reversed around this level last month and, prior to that, in February, found support here. ETHUSD failed to quickly confirm a break of the downtrend following the rebound from June’s lows, as the previous support level has now become significant resistance. A sustained move above the 50-day moving average at $1,770 could signal a short-term bullish trend, whilst a firm rise above $1,800 would confirm it.
Crypto News
Bitcoin has been trading below its realised value of $76,600 for five months now. Such a prolonged period of undervaluation has occurred only a few times in history and has often preceded the formation of a long-term market bottom, according to Glassnode.
According to CryptoQuant, USDC reserves on Binance have fallen by 21.6% over the past month, whilst abnormal one-day USDT outflows have been recorded on the Ethereum network. Such a significant withdrawal of liquidity deprives the market of buying power and makes it more vulnerable to volatility.
Michael Selig, Chair of the US Commodity Futures Trading Commission (CFTC), has described Bitcoin as “one of the most anti-fragile assets”, having survived repeated market upheavals and tough measures by the authorities. In his view, BTC should be regarded as a commodity, similar to gold, silver or oil. The CFTC Chair has called on Congress to expedite passage of the CLARITY Act.
Crypto custodian BitGo is set to launch quantum-resistant Bitcoin wallet tools for institutional clients in the coming weeks, including address risk assessment, automatic transfer of funds from vulnerable wallets and a new UTXO selection method.
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