In partnership with

We put your money to work

Betterment’s financial experts and automated investing technology are working behind the scenes to make your money hustle while you do whatever you want.

Learn more

Breaking Crypto Stories

Here are the top stories today:

• Australian Prosecutors Advocate Prison Sentence for Crypto.com User in $7M Error Case

• Nvidia’s “Blackwell” AI Chip Delay Sparks Industry Uncertainty

• CFTC Investigates Potential Crypto Fraud Involving 15 Tokens and Hit Network

🦘 Australian Prosecutors Advocate Prison Sentence for Crypto.com User in $7M Error Case

Australian prosecutors are pushing for a prison sentence for a Crypto.com user who accidentally received nearly $7 million USD and spent most of it before the exchange discovered the error three years ago.

• In May 2021, Crypto.com mistakenly sent $6.86 million to an Australian couple instead of a $100 refund due to a clerical error.

• The error was discovered in December 2021, by which time the recipient had spent most of the funds on homes and gifts, believing he had won an online raffle.

• Prosecutors argue for a jail sentence, emphasizing the large amount involved and concerns about the user's potential flight risk, while the defense claims the recipient didn't fully understand the situation's seriousness.

🖥️ Nvidia’s “Blackwell” AI Chip Delay Sparks Industry Uncertainty

Nvidia's anticipated "Blackwell" B-200 AI chip faces a three-month delay due to a design flaw, causing uncertainty in the AI industry. The delay, reported by sources familiar with the situation, affects Nvidia's plans to meet high demand from tech giants. Analysts warn that Nvidia's revenue and the AI sector's growth could be impacted.

• Nvidia's "Blackwell" B-200 AI chip launch delayed by at least three months due to a design flaw, causing industry uncertainty.

• The delay affects Nvidia's plans to supply AI chips to major tech firms like Amazon, Google, Meta, and Microsoft, with revenues for 2025 hinging on meeting demand.

• Despite Nvidia's market dominance, rival firms like Intel and AMD struggle to compete in the AI chip market, with overall tech sector experiencing a downturn in 2024.

🔎 CFTC Investigates Potential Crypto Fraud Involving 15 Tokens and Hit Network

The CFTC is investigating possible fraudulent crypto activities involving 15 tokens, including the memecoin BEN, and has issued a subpoena to Hit Network. The investigation focuses on trading activities and digital wallets associated with these tokens, with former BitBoy Crypto host Ben Armstrong being a central figure in promoting these tokens.

• The CFTC issued a subpoena on July 16 to Hit Network, requesting information about trading activity and digital wallets connected to 15 tokens, including the memecoin BEN, as part of an investigation into crypto fraud.

• Ben Armstrong, known as “BitBoy,” promoted all the mentioned tokens in videos, although the subpoena did not specifically reference him; Armstrong was removed from Hit Network in August 2023.

• Armstrong's departure from Hit Network was marked by allegations of substance abuse and a volatile legal dispute, with Armstrong welcoming the CFTC's subpoena as a chance for vindication against his former colleagues.

Meme of the Day

Potential Trade Opportunities

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Avalanche (AVAX)

Avalanche Crypto Trading Tips: Navigating Current Market Signals

Price Movements: Avalanche crypto is currently trading around $22.82, exhibiting mixed signals on the 4-hour chart. The Exponential Moving Averages (EMAs) indicate a bearish trend, with the 9 EMA at $23.26 and the 20 EMA at $24.10, suggesting a potential continued downward trajectory if these levels are not breached. The Moving Average Convergence Divergence (MACD) further supports this bearish outlook, as the MACD line remains below the signal line with the histogram in negative territory.

Key Levels To Watch: For traders, key support and resistance levels are crucial for planning their strategies. Immediate support is identified at $22.29, and a break below this could signal further downside. On the upside, resistance levels are noted at $25.71, $26.20, and $26.59. The Relative Strength Index (RSI) is currently around 28, indicating oversold conditions, which often precede a price rebound. This divergence between the RSI and other indicators suggests the possibility of a short-term recovery if buyers step in.

Trade Strategies: Traders looking for long positions should consider waiting for a confirmed break above the $25.71 resistance, with potential targets at $26.20 and $26.59. The oversold RSI supports the idea of a rebound, but confirmation through price action is essential. For short traders, the bearish indicators suggest that a failure to break above the EMAs or a breakdown below the $22.29 support could provide an opportunity to enter short positions. Setting stop-loss orders close to these key levels will help manage risk effectively.

Solana (SOL)

SOL Crypto Price Prediction as Solana Plunges 5% in Latest Market Dip

Price Movements: SOL crypto has shown recent fluctuations, moving between $140 and $146 on the 4-hour chart. The current price action reveals an intriguing setup, with the market facing significant resistance that could dictate future movements. If SOL manages to break above the resistance levels, it could see higher targets. Conversely, failure to sustain above key support could lead to further dips.

Key Levels To Watch: Key resistance levels for SOL are $144.17, $148.1, and $149.71. A break above these levels could indicate a bullish trend. On the downside, support levels are at $142.03, $141.8, and $140.03. These levels are crucial for traders to monitor to understand potential market movements and prepare for possible reversals or continuations.

Trade Strategies: For traders looking to capitalize on the current market conditions, long positions around the support levels at $142.03 or $141.8 could be favorable, anticipating a bounce back to $144.17 or higher. Those considering short positions might find the resistance levels at $144.17 and $148.1 suitable entry points, with potential targets set at the lower support levels. Monitoring these key levels and indicators will be crucial for informed decision-making.

Notcoin (NOT)

Potential Notcoin Price Trade Setup as Not Plummets 7% in a Week

Price Movements: Notcoin (NOT) has experienced a modest upward trend in closing prices from $0.01119 to $0.01135, suggesting a gradual recovery. However, the 9 EMA is trending below the 20 EMA, indicating a bearish crossover and suggesting short-term momentum is weaker than the longer-term trend. The MACD further supports this bearish sentiment, with the MACD line below the signal line and negative histograms indicating potential continued downward pressure.

Key Levels To Watch: Key resistance levels to monitor are $0.01291, $0.01325, and $0.01388. Breaking through these levels with strong volume could signal a continuation of the upward trend. Key support levels to watch are $0.00939, $0.00887, and $0.00545. Failing to hold above these support levels could trigger further downside movements. The RSI has recently moved from oversold levels (23.77) to a more neutral territory (38.63), indicating easing selling pressure and the potential for a bullish reversal.

Trade Strategies: For long positions, traders could consider entering above the $0.012908 resistance level, with a stop-loss just below the 9 EMA to manage risk. Conversely, for short positions, entering below the $0.00939 support level with a stop-loss just above the 20 EMA could be a strategic approach. The easing RSI from oversold conditions hints at a possible reversal, so traders should remain vigilant and use appropriate risk management strategies to navigate these key levels.

ICYMI:

• Elon Musk’s X Suspends Makenowmeme Account: The Future of Memecoins on Social Media

• Net Ethereum ETF Inflows Turn Positive Despite Grayscale ETH Trust Outflows

• MicroStrategy Boosts Bitcoin Holdings, Posts Significant Q2 Losses

Start Trading Now!

Looking to get in on the trade opportunities mentioned above? Register on Binance today to start trading crypto on one of the most liquid exchanges in the industry!

Don’t Want to Sit Behind Screens All Day?

Trading the markets is tough, and requires an extreme level of dedication. This is why Binance has made it easy to Dollar cost average into crypto! Find out how to get started here: Dollar Cost Averaging on Binance: A Guide to Investing

To make your crypto work for you, find out how to stake on Coinbase.

Thank you for reading!

Thank you for reading our newsletter! If you liked what you read, please share it with your friends!