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Breaking Crypto Stories

Here are the top stories today:

• Grayscale Ethereum Trust ETF Experiences Record $1.5 Billion Net Outflow

• Elon Musk's X Faces Scrutiny Over AI Data Usage and Privacy Concerns

• Robert F. Kennedy Jr. Advocates for Bitcoin-Driven Economic Reform in the US

🌊Grayscale Ethereum Trust ETF Experiences Record $1.5 Billion Net Outflow

The Ethereum ETF market experienced significant turbulence on July 26, marked by historic outflows from Grayscale's ETHE and contrasting inflows in smaller-scale and rival ETFs.

• The Grayscale Ethereum Trust ETF (ETHE) saw a historic net outflow of $1.514 billion, with $356 million withdrawn on a single day, July 26.

• Conversely, the Grayscale Ethereum Mini Trust ETF (ETH) recorded a net inflow of $44.9426 million on the same day, while BlackRock's ETHA ETF saw the highest single-day net inflow of $87.2178 million.

• The overall net asset value of Ethereum spot ETFs stands at $9.238 billion, with a total net outflow of $341 million, reflecting a notable shift in investor behavior.

🧠Elon Musk's X Faces Scrutiny Over AI Data Usage and Privacy Concerns

Elon Musk's social media platform X is under investigation by the Irish Data Protection Commission for using user data to train its AI chatbot Grok without explicit consent, sparking privacy concerns and user backlash.

• The Irish Data Protection Commission (DPC) is investigating X for changing default settings to allow user data to be used in training the AI chatbot Grok.

• X users were warned about the data sharing setting, with ProtonMail providing instructions on how to disable it to its followers.

• This controversy follows Musk's announcement to make Grok open source and his ongoing lawsuit against OpenAI for breaching its nonprofit founding principles.

🗣️Robert F. Kennedy Jr. Advocates for Bitcoin-Driven Economic Reform in the US

Independent presidential candidate Robert F. Kennedy Jr. proposes using Bitcoin to enhance the US economy, including executive orders to integrate Bitcoin into federal reserves and financial policies.

• Robert F. Kennedy Jr. pledges to sign executive orders to transfer 204,000 Bitcoin held by the US to the Federal Reserve and direct the Treasury to purchase 500 Bitcoin daily until reaching a reserve of four million BTC.

• Kennedy promises to make Bitcoin-dollar transactions nonreportable and nontaxable, and to allow Bitcoin to be exchanged into real property under the IRS 1031 Exchange program.

• Emphasizing Bitcoin's role in financial freedom, Kennedy proposes backing US Treasury assets with Bitcoin and hiring Space Force Major Jason Lowery as a national security adviser to leverage Bitcoin as a cyber-defense system.

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.

Notcoin (NOT)

Notcoin Price Forecast: Potential Breakout on the Horizon for NOT

Price Movements: The current price of Notcoin (NOT) stands at $0.01417, with recent trading sessions showing fluctuations between $0.01411 and $0.0144. This narrow range suggests a consolidation phase, often preceding significant price movements. Technical indicators offer mixed signals: the MACD shows increasing histogram values and a gradual convergence of the MACD line towards the signal line, indicating potential bullish pressure. However, the RSI remains between 47 and 52, reflecting a neutral market sentiment with a balance between buying and selling pressures.

Key Levels To Watch: Traders should keep an eye on key resistance and support levels to anticipate potential breakouts or breakdowns. The resistance levels to watch are $0.01426, $0.01482, and $0.014899. A break above these levels could indicate a bullish trend. On the downside, critical support levels are at $0.01391, $0.01375, and $0.0133. A breach of these supports could suggest a bearish momentum. Additionally, the close proximity of the 9 EMA and the 20 EMA suggests a lack of strong directional bias, making it crucial for traders to monitor these levels closely.

Trade Strategies: For those looking to go long, entering a position above the $0.01426 resistance level could be advantageous, with target prices set at the subsequent resistance levels of $0.01482 and $0.014899. Implementing a tight stop-loss just below $0.01426 would help manage risk. Conversely, for short traders, entering a position below the $0.01391 support level could be considered, aiming for the lower support levels of $0.01375 and $0.0133, with a stop-loss slightly above $0.01391 to minimize potential losses. Traders should stay vigilant for breakout or breakdown points at these key levels and apply sound risk management practices while staying updated with market developments.

Bitcoin (BTC)

Bitcoin Price Prediction: 4H Technicals Suggest Bullish Momentum

Price Movements: Bitcoin (BTC) recently closed at $67,917.49, fluctuating within the $67,560 to $67,990 range. The cryptocurrency's price action is nearing crucial resistance levels at $68,165.34, $68,232.07, and $68,653.02. Breaking above these levels could indicate a bullish continuation. The 9 EMA has surpassed the 20 EMA, signaling a bullish crossover, while the MACD line remains above the signal line, showing increasing bullish momentum. The RSI is at 63.6, just below the overbought territory, suggesting room for further gains before a potential correction.

Key Levels To Watch: Key resistance levels for BTC are $68,165.34, $68,232.07, and $68,653.02. A break above these points could signal a bullish trend continuation. On the downside, important support levels are at $67,694.0, $67,266.78, and $67,215.58. A break below these supports might indicate a bearish reversal. Traders should monitor these levels closely as they represent critical points for potential price movements.

Trade Strategies: For long positions, traders might consider entering above the $68,165.34 resistance level with targets at $68,232.07 and $68,653.02, while setting stop-loss orders just below the nearest support levels to manage risk. If BTC fails to break above the resistance and starts to decline, short positions around the support levels of $67,694.0 and $67,266.78 could be considered. Stop-loss orders should be set just above the recent high, with targets aimed at lower support levels or previous significant lows. Traders should stay vigilant for potential reversals and combine technical analysis with other market factors.

Render (RENDER)

Bullish Momentum in Render Price Trading Opportunities Revealed

Price Movements: The Render (RENDER) price recently closed at $7.03, showing a steady rise over the past few sessions, indicating potential bullish momentum. Technical indicators are supportive of this trend; the 9 EMA is trending above the 20 EMA, suggesting continued upward momentum. The MACD line is above the signal line with a positive histogram, indicating strong buying pressure. The RSI, which recently touched 64.25 before retreating to 58.01, suggests that the price was in overbought territory but has since cooled down, potentially providing a favorable entry point for long trades if the RSI stabilizes between 50 and 60.

Key Levels To Watch: Key resistance levels for RNDR are at $7.109, $7.566, and $7.735. A breakout above these levels could push prices higher. On the downside, the nearest support level is at $6.857, with stronger support further down at $6.305 and $6.244. Monitoring these levels is crucial as they can provide significant trading opportunities and help in making informed decisions about potential price movements.

Trade Strategies: For long positions, traders might consider entering near the support level of $6.857, targeting the resistance level at $7.109. A break above this resistance could see the price testing higher levels at $7.566 and $7.735, with a stop loss set slightly below $6.857 to manage risk. For short positions, traders might look for entry opportunities if the price fails to decisively break the $7.109 resistance, targeting support levels at $6.857, $6.305, and $6.244. A stop loss just above $7.109 can mitigate potential losses from unexpected bullish breakouts. Monitoring the behavior of key technical indicators like the EMAs, MACD, and RSI is essential for making well-informed trading decisions.

ICYMI:

• Bitcoin Rises Above $67,000 as Traders Debate the Crypto Leader’s Next Move

• Bitcoin Mining Giant Marathon Digital Acquires Additional $100 Million Worth of BTC

• Crypto Market Entering “Seasonally Weak Period” as Spot Ethereum ETFs Trigger Sell-Off, 10X Research Says

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