TruBit Crypto Weekly Digest (7/17 - 7/23)
Welcome to this week's digest from TruBit, covering July 17 to July 23, 2023! We delve into the most significant happenings in the world of crypto and offer our unique insights. Our aim is to keep you at the cutting edge of the crypto universe with the most up-to-date information. Stay tuned, and let's navigate the crypto world together.
📈 Last Week's Trending Tokens to Watch(7/17 -7/23)
💡Coin Insights (7/17 -7/23)
- The U.S. dollar index shows signs of weakness. In the short term, it is moving downwards, and the chances of it going back up are slim.
- Two important measures of U.S. stocks, the Dow Jones Industrial Average and the Nasdaq Composite Index, keep reaching new record levels, which is a good sign.
- On Wednesday (7/26), the U.S. Federal Reserve will decide on interest rates. We are in the final stage of raising interest rates, so no matter what they decide, we are getting closer to a favorable situation. This is like a sure thing that's already happening.
- Medium-term plan: Bitcoin (BTC) and Ethereum (ETH) are doing well and are expected to continue to increase in value over the medium term. Hold onto these and consider buying more if prices are near various support levels.
- Short-term plan: After a big jump on June 19, Bitcoin's price is going through a normal period of ups and downs. It's absorbing some people selling to take their profits, and waiting for average prices to move up and form a base for a new surge. If Bitcoin's price doesn't drop below its support level in the short term, there's a good chance it will bounce back.
- Another short-term plan: If you are cautious, buy Bitcoin in stages. If you are confident, you can buy both Ethereum and Bitcoin, as Ethereum looks technically better than Bitcoin right now. If you're willing to take a risk, buy Ripple (XRP) in low amounts during the second half of the week.
- The short-term support level for Ethereum (ETH) is approximately around 1820
- The short-term support level for Bitcoin (BTC) is close to 29,000
- The short-term support for Ripple (XRP) is at 0.68 and 0.63. When the price is close to these levels, you could take advantage of very short-term price increases.
🔥 The Hot News in Crypto Market You Need To Know (7/17 -7/23)
- Ethereum Developers Can Now Work on Solana via Solang
- Polygon Unveils New 'Ecosystem Council' Governance Model Polygon plans to decentralize control over its ecosystem with a new governance framework. This is part of the roadmap towards Polygon 2.0, aiming for a network of zero-knowledge Layer 2 chains.
- Uniswap Introduces UniswapX, a DEX Aggregator Protocol Uniswap Labs has launched UniswapX, an aggregation protocol. It lets third-party entities, known as "fillers," help execute users' trades at the best prices.
- Chainlink Launches Protocol to Connect Blockchain with Traditional Finance Chainlink Labs has started its Cross-Chain Interoperability Protocol (CCIP), which helps integrate traditional financial firms with both public and private blockchains.
- Gnosis Launches Crypto Payment Products Integrated with Visa Gnosis is launching Gnosis Pay and Gnosis Card, allowing crypto wallet users to pay for purchases using stablecoins and Visa. Gnosis Card is the first Visa-certified debit card connected to an on-chain self-custodial wallet.
- Altcoin Surge: Ripple's Court Victory and Polygon 2.0 Outshine Bitcoin and Ethereum
- Crypto Market Soars: XRP, Solana, Polygon, and Cardano Drive Market Cap to $1.3 Trillion
- Unibot Leads as Telegram Bots Become Popular for Crypto Trading Telegram bots, like Unibot, are increasingly popular for simple cryptocurrency trading. Unibot, launched in May, now has many users and leads the trend.
- Kuwait Bans Crypto Payments, Investments and Mining Kuwait's financial authority bans cryptocurrency use in investments, payments, and mining. They have also warned the public about the decentralized nature of these digital assets.
- Solana Network Runs Smoothly Since February, Says Solana Foundation The Solana Foundation's July 2023 report says that the network has run without interruptions since February 2023, restoring its reputation after previous issues.
- Binance Labs Funds Radiant Capital with $10M for Expansion Binance Labs invests $10 million in Radiant Capital, a DeFi lending protocol. The investment will simplify money lending or borrowing across different blockchains.
- Phishing Scams Target FTX Users Ahead of Claims Deadline Many users of the now-defunct FTX cryptocurrency exchange may have received a phishing email. The scam involved a "reset password" request sent through the exchange's official support email.
Solana Labs has introduced a new tool, Solang, to help Ethereum developers easily work with the Solana platform. Solang connects Solana to Ethereum's Solidity language, requiring minimal code changes.
The previous week witnessed a surge in altcoins, triggered by Ripple's successful court case and the forthcoming Polygon 2.0, dwarfing the slight improvements of Bitcoin and Ethereum. Ripple and Polygon's uplifting news set off considerable hikes in altcoin values.
The overall crypto market cap expanded by 6%, hitting $1.3 trillion, with XRP surging by 66%, the highest among all. Solana, Polygon, and Cardano also experienced respective growths of 33%, 24%, and 22%.
🌟 What to Expect
- (07/25/2023 - 07/26/2023)
- At a meeting in June, The Federal Reserve stopped increasing interest rates after doing it ten times. Now, in a meeting in July, they will likely start raising rates again. People who work with money think that the central bank will probably raise the interest rate a little bit on July 26. If this happens, it will bring the target range for a special rate, known as the federal funds rate, to somewhere between 5.25% and 5.5%. This will be the highest in almost 22 years. The Federal Reserve seems to be doing a good job at slowing down the U.S. economy without causing it to go into recession. They are lowering inflation while avoiding a downturn.
- On August 3, Litecoin will be a "halving". This means the reward for adding new transactions to the Litecoin network will be cut from 12.5 to 6.25. The last two times this happened, in 2015 and 2019, the value of Litecoin went up by 810% and 543% respectively. Now, in 2023, the value has already gone up by 126%. If we make a conservative guess that each halving makes the value go up by half as much as the last one, there is still room for the value to go up by another 271%.