Breaking Crypto Stories

Here are the top stories today:

• U.S. Politicians' Embrace of Bitcoin Sparks Renewed Optimism

• July's Crypto Hacks Expose Vulnerabilities in Centralized Finance

• Spot Ether ETFs Projected to Reach $10 Billion in First-Year AUM

🤑 U.S. Politicians' Embrace of Bitcoin Sparks Renewed Optimism

Bitwise's CIO Matt Hougan believes that recent Bitcoin-supportive promises by influential U.S. politicians indicate an underestimation of Bitcoin's potential, signifying a shift towards mainstream political and institutional acceptance.

• Matt Hougan, Bitwise’s CIO, asserts that influential U.S. politicians' recent Bitcoin-supportive promises highlight an underestimated bullish potential for Bitcoin.

• Notable promises include Donald Trump's plan for a national Bitcoin stockpile, Senator Cynthia Lummis’ Bitcoin reserve bill, and Robert F. Kennedy Jr.'s pledge for the U.S. Treasury to buy 500 Bitcoin daily.

• Despite past skepticism, political and institutional acceptance of Bitcoin is rising, evidenced by a recent partnership between the U.S. Department of Justice and Coinbase, and ongoing optimistic price predictions by prominent figures like Michael Saylor and VanEck.

🖥️ July's Crypto Hacks Expose Vulnerabilities in Centralized Finance

In July, online hackers stole around $266 million in cryptocurrency through 16 attacks, with centralized finance entities being the primary targets, highlighting ongoing vulnerabilities in the crypto ecosystem.

• Hackers stole approximately $266 million from the cryptocurrency ecosystem in July, with WazirX suffering the largest loss of $230 million attributed to North Korean hackers.

• Other significant hacks included Compound Finance ($24 million), Li.Fi protocol ($10 million), Bittensor, and Rho Markets ($8 million each), with many stolen funds moved to Tornado Cash to evade detection.

• The Terra blockchain experienced a $6 million hack, temporarily halting operations, while centralized finance entities remain the primary targets for cryptocurrency hackers in 2024.

📈 Spot Ether ETFs Projected to Reach $10 Billion in First-Year AUM

Spot Ether ETFs could attract up to $10 billion in assets within their first year, driven by investor interest in a regulated product that offers accessible exposure to Ethereum’s smart contract platform.

• Spot Ether exchange-traded funds (ETFs) are projected to amass up to $10 billion in assets within their first year, according to Katalin Tischhauser of Sygnum Bank.

• Tischhauser highlights that Ether ETFs provide significant advantages for traditional investors who prefer regulated products over direct crypto investments, offering easy access to Ethereum's diverse applications and use cases.

• Despite initial sideways trading, substantial inflows into Ether ETFs could push Ethereum's price to $6,000, driven by positive market sentiment and limited liquid supply.

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Bonk (BONK)

Price Movements: In the latest 4-hour analysis, Bonk's price shows a downward trend, with prices dropping from $0.00002639 to $0.00002384. The 9 EMA and 20 EMA continue to decline, indicating short-term bearish sentiment and potential selling pressure. The MACD histogram reflects increasing bearish momentum, with values progressively decreasing, signaling potential further price declines. The RSI stands at 24.63, suggesting oversold conditions and a possible short-term rebound, though caution is advised as oversold conditions can persist in strong downtrends.

Key Levels To Watch: Key levels to watch include immediate resistance at $0.00002413, with potential targets at $0.00002465 and $0.00002514 if a breakout occurs. On the downside, support levels to monitor are $0.00002351 and $0.00002292, with a further decline possible to $0.00002267 if bearish pressure continues. These levels are crucial for determining potential price movements and identifying strategic entry and exit points for trades.

Trade Strategies: For long trades, consider entering near the support levels of $0.00002351 or $0.00002292, aiming for exits at resistance levels like $0.00002465 or $0.00002514. This strategy capitalizes on potential rebounds from oversold conditions. For short trades, entries at resistance levels around $0.00002465 or $0.00002514 with exits near support levels of $0.00002351 or $0.00002292 are recommended. This approach leverages the bearish momentum to profit from further declines. Traders should closely monitor these key levels to optimize their trading strategies.

Bitcoin (BTC)

Bitcoin Price Dips Below Key $65K Support, What’s Next?

Price Movements: Bitcoin's price on the 4-hour chart is exhibiting a bearish trend, with recent closing prices indicating a consistent decline, the latest being $64,244. The 9 EMA and 20 EMA are positioned above recent closing prices, confirming short-term bearish sentiment. The MACD indicator further supports this outlook, showing negative values and a widening gap in the histogram, suggesting strengthening bearish momentum. RSI values around 31.56 indicate that Bitcoin is in the oversold territory, implying a potential rebound, although the overall sentiment remains bearish.

Key Levels To Watch: Bitcoin is approaching critical support levels at $64,093.59, $63,732.02, and $63,538.12. Breaching these levels could trigger further downside movement. On the upside, resistance levels to monitor include $64,520.0, $65,701.66, and $66,169.85. A move above these resistance levels could indicate a trend reversal and potential upward momentum, providing key levels for traders to watch closely.

Trade Strategies: For long positions, traders should wait for a confirmed breakout above resistance levels of $65,701.66 or $66,169.85, which could signal the end of the bearish trend and the start of upward movement. Stop-loss orders should be placed just below the nearest support level. For short positions, entering around resistance levels of $64,520.0 or $65,701.66 could be advantageous, targeting support levels of $64,093.59 or $63,538.12. This strategy aligns with the current bearish trend and aims to capitalize on downward momentum. Traders should monitor these key levels and indicators to make informed decisions.

Artificial Superintelligence Alliance (FET)

FET Crypto Faces Bearish Trend: Key Levels to Watch

Price Movements: The Fet crypto price has shown fluctuations between $1.138 and $1.166 on the 4-hour chart, indicating a bearish trend. The 9 EMA has consistently remained below the 20 EMA, signaling short-term weakness. The MACD indicator further supports this bearish outlook, with the MACD line below the signal line and a negative histogram, suggesting sustained selling momentum. The RSI hovering around 30-35 indicates potential oversold conditions, hinting at a possible short-term bounce.

Key Levels To Watch: Critical levels to monitor include a resistance level at $1.189, where selling pressure may increase, with further resistance at $1.206 and $1.212. On the support side, $1.112 is an immediate level to watch, with additional support at $1.109 and $1.101. Breaching these support levels could lead to increased selling pressure, while overcoming the resistance levels might indicate a trend reversal and potential upward momentum.

Trade Strategies: For long trades, consider entering near the support level around $1.112 if signs of a reversal appear, with potential exits at resistance levels of $1.189 or $1.206, depending on market strength. For short trades, a break below the $1.112 support level with strong selling volume could signal an entry point, with exits near support levels at $1.109 or $1.101. Monitoring these critical levels and indicators will help traders make informed decisions based on the current bearish trend.

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