ICYMI

Here are the top stories for the week

• Biden's Veto on Cryptocurrency Custody Rule Faces House Vote

• Bitcoin ETFs Experience Significant Inflows Amid Market Volatility

• Sam Bankman-Fried's $100 Million Political Donation Scandal Unveiled

🥊 Biden's Veto on Cryptocurrency Custody Rule Faces House Vote

The House of Representatives may vote next week on overturning President Joe Biden’s veto of the Staff Accounting Bulletin 121, a rule that would require SEC-reporting entities to record cryptocurrency holdings on their balance sheets.

• The House might vote next week on overturning Biden's veto of SAB 121, which mandates SEC-reporting entities to record cryptocurrency holdings on their balance sheets.

• The initial resolution received significant support but will require a two-thirds majority in both the House and Senate to overturn the veto.

• Both Biden and Trump have shown increased interest in digital asset issues as part of their 2024 election campaigns.

📈 Bitcoin ETFs Experience Significant Inflows Amid Market Volatility

Following the US Independence Day, spot Bitcoin ETFs saw a surge in inflows, despite a drop in Bitcoin's price below $54,000.

• Spot Bitcoin ETFs experienced their largest net inflow in a month, with $143.1 million flowing in.

• The Fidelity Bitcoin ETF (FBTC) led with $117 million in inflows, followed by Bitwise Bitcoin ETF (BITB) with $30.2 million.

• Despite market volatility, substantial inflows suggest institutional investors see the current dip as a prime buying opportunity.

🫢 Sam Bankman-Fried's $100 Million Political Donation Scandal Unveiled

Sam “SBF” Bankman-Fried, founder of the collapsed crypto exchange FTX, is embroiled in a $100 million scandal involving the misuse of company assets for political donations.

• Sam Bankman-Fried's family managed over $100 million in political contributions, allegedly using FTX customer funds.

• Emails showed direct involvement of SBF’s father, Joe Bankman, and contributions directed by his mother, Barbara Fried, and brother, Gabriel Bankman-Fried, to various political causes.

• Former FTX executive Ryan Salame was sentenced to 7.5 years in prison for related charges, with potential legal liabilities for Joe Bankman under campaign finance laws.

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Worldcoin (WLD)

Worldcoin Price on the Edge: Will It Plummet or Soar?

Price Movements: Worldcoin (WLD) has experienced fluctuations around the $1.82 mark, reflecting a period of consolidation. Recent price actions show the price hovering near $1.812, with technical indicators presenting mixed signals. The Exponential Moving Averages (EMA) indicate a bearish sentiment, with the 9 EMA trending below the 20 EMA, suggesting potential downward momentum. The Moving Average Convergence Divergence (MACD) further supports the bearish outlook, with negative values and the MACD line below the signal line.

Key Levels to Watch: Worldcoin faces immediate support at $1.812. This level is crucial for traders to monitor, as a break below it could signal further declines. On the upside, resistance levels are marked at $2.483, $2.745, and $2.834. These levels represent potential targets for bullish moves, with each level needing to be breached and sustained for a continued upward trend.

Potential Trade Strategies: Given the current technical landscape, traders might consider different strategies based on their market outlook. For long trades, potential entry points could be near the current support level of $1.812, especially if the price shows signs of bouncing back. Traders should look for confirmation of a bullish reversal, such as a break above the 9 EMA or a positive MACD crossover. Target exits could be set at the resistance levels of $2.483, $2.745, and $2.834, with stop-loss orders placed just below the support level to mitigate risks. On the other hand, traders looking to short WLD could consider entering short positions if the price breaks below the $1.812 support level, indicating further downside potential. The bearish signals from the moving averages and MACD support this strategy. Potential exits could be determined by monitoring subsequent support levels or significant drops in price. Stop-loss orders should be placed above the nearest resistance level to protect against sudden reversals.

Bitcoin (BTC)

Bitcoin Price Alert: Crucial Technical Indicators You Need to Know

Price Movements: In the latest 4-hour chart analysis, the Bitcoin price is displaying mixed signals, presenting both opportunities and challenges for traders. Closing prices for recent sessions have shown some volatility, with values fluctuating around $56,000. This range has kept traders on their toes, especially as BTC approaches key support and resistance levels.

Key Levels to Watch: Bitcoin is currently testing significant resistance at $61,174.18, with further resistance levels identified at $61,828.17 and $61,975.46. A breakout above these levels could signal a bullish trend, potentially propelling BTC to new heights. On the downside, BTC finds support at $54,415.05, a critical level to watch for any potential bearish reversal.

Potential Trade Strategies: For traders considering a long position, a potential entry point could be near the current support level of $54,415.05. Monitoring for a confirmation of a bounce from this level, coupled with a rising RSI, might indicate a good buying opportunity. A target exit point for this strategy could be the resistance levels at $61,174.18 or higher, contingent on breaking through initial resistance. On the flip side, those looking to short BTC might find a viable entry point if BTC fails to break the resistance at $61,174.18. In this scenario, placing a stop-loss slightly above this level can mitigate risks. Potential exit points for short positions could be near the support level of $54,415.05 or lower, depending on the strength of the bearish trend.

Bonk (BONK)

Bonk Price Prediction: Are You Ready for the Next Big Move?

Price Movements: The 4-hour chart analysis of the Bonk price reveals intricate patterns and key technical levels that traders should monitor closely. Recent closing prices show a mild uptrend from $0.00002184 to $0.00002242, suggesting some bullish sentiment in the market. The 9 Exponential Moving Average (EMA) has been consistently above the 20 EMA, which is a positive indicator suggesting short-term bullish momentum. The 9 EMA values range from $0.00002130 to $0.00002177, indicating that the short-term trend is improving. This is further supported by the 20 EMA, which has remained relatively stable around $0.00002212.

Key Levels to Watch: Key levels to watch include support at $0.00002200, $0.00002194, and $0.00002190. These levels have been tested multiple times, indicating strong buying interest. On the upside, resistance levels at $0.00002250, $0.00002300, and $0.00002341 are crucial. Breaking through these resistance points could signify a stronger bullish trend, potentially leading to further gains.

Potential Trade Strategies: For traders looking to capitalize on the current market conditions, a long position could be considered if the price breaks above the $0.00002250 resistance level, with an initial target of $0.00002300. A stop-loss order just below the $0.00002200 support level could mitigate potential downside risk. Conversely, a short position might be viable if the price falls below the $0.00002190 support level, targeting the $0.00002150 level, with a stop-loss above $0.00002250 to protect against sudden upward spikes.

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