Breaking Crypto Stories

Here are the top stories today:

• Uniswap Labs and Across Protocol Unveil ERC-7683 Standard for Cross-Chain Transactions

• VCs Shift Focus to Bitcoin and Ethereum, Reducing Early-Stage Crypto Investments

• IRS Updates Draft Form for Reporting Digital Asset Transactions

⛓️ Uniswap Labs and Across Protocol Unveil ERC-7683 Standard for Cross-Chain Transactions

ERC-7683, introduced by Uniswap Labs and Across Protocol, is a new standard designed to streamline cross-chain trade execution. Supported by Vitalik Buterin, it features advanced mechanisms to enhance efficiency and interoperability between decentralized networks.

• Uniswap Labs and Across Protocol have introduced ERC-7683, a proposed standard aimed at creating a unified framework for cross-chain trade execution, enhancing interoperability among decentralized networks.

• Ethereum co-founder Vitalik Buterin supports ERC-7683, describing it as a standard for managing cross-chain orders. It involves securely moving coins between blockchains and includes features like batching and Merkle proving for efficiency.

• ERC-7683 includes the CrossChainOrder struct code for simplified order management and an “ISettlementContract” smart contract interface to standardize and improve cross-chain transactions.

⚖️ VCs Shift Focus to Bitcoin and Ethereum, Reducing Early-Stage Crypto Investments

Venture capitalists are shifting away from early-stage crypto investments, favoring the high returns of Bitcoin and Ethereum. Despite significant funding in 2024, venture capital in crypto remains cautious compared to the peak levels of early 2022.

• Adam Cochran from Cinneamhain Ventures notes that venture capitalists are investing less in early-stage crypto projects due to the strong returns from Bitcoin and Ethereum, which outperform traditional index funds.

• VCs are increasingly avoiding riskier early-stage investments, preferring the stability and high returns of established cryptocurrencies like Bitcoin and Ethereum. Recent trends show VCs focusing on late-stage investments rather than new, unproven projects.

• Crypto venture capital funding has seen fluctuations, with $1 billion+ investments in three months of 2024 but still below the peak levels of early 2022. The industry's funding dynamics reflect a cautious approach by VCs, who often prefer safer bets over early-stage innovations.

🔎 IRS Updates Draft Form for Reporting Digital Asset Transactions

The IRS has introduced a revised draft of Form 1099-DA for reporting digital asset transactions, making it simpler and less burdensome for taxpayers. The updated form, which will be used starting in 2026, has received positive feedback for reducing reporting requirements and is open for public comment.

• The IRS has released an updated draft of Form 1099-DA for digital asset transactions, set to be used by taxpayers starting in 2026. The revised form simplifies reporting requirements by removing details such as broker type and specific transaction times.

• The updated form is seen as a significant improvement, reducing the burden on taxpayers by requiring less data. Industry experts and advocacy groups have praised the changes as a positive step toward clearer and more manageable reporting.

• The IRS is inviting public comments on the draft within 30 days. The new version addresses previous criticisms and aligns with efforts to close the tax gap by ensuring accurate reporting of digital asset transactions.

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.

Pepe (PEPE)

Pepe Price Analysis Signals Potential Breakout

Price Movements: The Pepe price has been trading around $0.00000832, showing a slight downward trend from $0.00000852. This suggests a potential consolidation phase as the price moves within a narrow range, with recent action indicating mixed signals.

Key Levels To Watch: Key resistance levels are at $0.00000877, $0.00000930, and $0.00000941. A breakout above these levels could trigger a bullish rally. On the downside, immediate support is at $0.00000825, with stronger supports at $0.00000790 and $0.00000736. A breach below these supports may signal a deeper correction.

Trade Strategies: For a long position, look for a breakout above $0.00000877 with targets at $0.00000930 and $0.00000941. For a short position, consider entering if the price falls below $0.00000825, targeting support levels at $0.00000790 and $0.00000736. Proper risk management, including tight stop-loss orders, is essential due to the mixed signals from technical indicators.

Bitcoin (BTC)

Bitcoin Price Nears Critical Resistance Levels as Bulls Face Challenges

Price Movements: Bitcoin has been trading within a tight range, struggling to maintain momentum above $60,000. The latest price around $60,404 indicates a challenge at the $60,896 resistance level, with Bitcoin yet to break through this crucial mark decisively.

Key Levels To Watch: Resistance levels to monitor are $60,896, $61,685, and $61,828. A breakout above these could signal a continuation of the uptrend. On the downside, support is found at $60,246, $60,123, and more significantly at $59,306. A breach below these supports may lead to a deeper correction.

Trade Strategies: For long positions, consider entering if Bitcoin breaks above $60,896, targeting resistance at $61,685 and $61,828. Conversely, if Bitcoin fails to surpass these levels, waiting for a pullback towards $60,246 before entering a long position could be prudent. For short trades, consider entering if the price falls below $60,246, with exits near $60,123 and $59,306. A decisive drop below $59,306 could indicate further downside potential.

Arbitrum (ARB)

Arbitrum Price Analysis Signals Potential Upside

Price Movements: Arbitrum (ARB) has recently displayed mixed signals, with its price fluctuating around $0.5654 while facing notable resistance. The asset has been moving within a narrow range, indicating indecision among traders amidst broader market trends. Despite this, momentum indicators suggest potential for upward movement if key resistance levels are breached.

Key Levels To Watch: Resistance levels to watch are at $0.6538, $0.676, and $0.6954. A move above $0.6538 could lead to further gains, with the potential to challenge higher resistance points. On the downside, key support levels are at $0.4828 and $0.4466. Breaking below these supports could signal a deeper price correction.

Trade Strategies: For long positions, consider entering trades above the $0.6538 resistance level with targets at $0.676 and $0.6954. For those anticipating a reversal, short positions near resistance levels may be prudent. Employ stop losses just below $0.4828 for long positions or above $0.6954 for short trades to manage risk effectively.

ICYMI:

• Kamala Harris Power Surge: Political Meme Coins Soar 7% as Betting Odds Outpace TrumpEthena Labs Expands and Integrates USDe Stablecoin with Solana

• Ark Invest Acquires Additional 19,892 Coinbase Shares

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!