Human Rights Foundation Offers $500K Reward for Improving Bitcoin User Experience
The Human Rights Foundation (HRF) is offering a reward of 20 Bitcoin, worth over $500,000, to those who can improve the Bitcoin user experience for activists. The bug bounty challenge is aimed at open-source development on the Bitcoin protocol, with a focus on mobile wallets. The bounties were inspired by conversations with global activists and include ten specific improvements, such as generating and memorizing seed phrases when crossing borders. The HRF's Bitcoin Development Fund is financially incentivizing the bounties, which will run through 2024. If successful, other organizations may follow suit.
Ahead of the 2024 Bitcoin halving, the Influence of Dominant Mining Pools is becoming more Apparent
According to FoundryServices, Ahead of the 2024 Bitcoin halving, the influence of dominant mining pools is becoming more apparent.The top five pools are now responsible for more than 73% of block production.
Long-Term Bitcoin Holders Add $33 Billion Worth of BTC to Their Holdings in Past Year, Glassnode Data Shows
According to on-chain analyst Ali, long-term Bitcoin holders have added over 1.10 million BTC to their holdings in the past year, worth approximately $33 billion. This conclusion was drawn from the Bitcoin long-term holder supply, which has seen an increase in the past year. Glassnode reported that this indicator has reached a new all-time high of 14.52 million BTC, equivalent to 75% of the circulating supply, indicating that HODLing is the preferred market dynamic among mature investors or long-term Bitcoin holders. Fundstrat Research predicts that the price of Bitcoin may rise 521% from current levels to $180,000 before its anticipated halving in April 2024.
CME Group's Bitcoin Futures Market Sees Highest Monthly Volumes of the Year in July
CME Group has achieved its highest monthly volumes of the year in July, despite decreasing volumes across cryptocurrency trading venues. The exchange's bitcoin futures market saw volumes for July surpass its previous high in April, with volumes of $53.33 billion. Open interest in the CME bitcoin futures market stood at $2.5 billion as of July 29, making it a popular choice for institutional investors. Meanwhile, exchanges in the crypto industry have been struggling due to low trading activity, with spot trading volumes close to their lowest levels of the year.
AVAX's Pullback Hits Key Confluence of Fibonacci and Demand Zone
The writer's opinion presented in the following information should not be considered as financial, investment, trading, or any other type of advice. AVAX has experienced a pullback that has reached a significant confluence of 50% Fib and demand zone. The Open Interest and liquidation were against the bulls. Although the current price of AVAX presents a good buying opportunity, the weak Bitcoin price action could negatively affect long positions. The altcoin has suffered an 18% loss since mid-July, exposing it to short-sellers' profit during the pullback. The confluence area could offer re-entry options for bulls only if BTC clears its immediate resistance. However, weak buying pressure and demand for AVAX could undermine bulls, as shown by the RSI and CMF indicators. The Open Interest rates have declined since mid-July, emphasizing a drop in demand and overall bearish sentiment in the futures market. AVAX bulls could only have an edge at the confluence area if BTC crosses the $29.5k resistance and advances further.
US Congressman Patrick McHenry Advocates for Bitcoin and Blockchain as the Foundation for the Next Internet Technology Revolution
US Congressman Patrick McHenry believes that the next internet technology revolution will be based on Bitcoin and blockchain. He advocates for cryptocurrencies, particularly Bitcoin, as a game-changer that could redefine the financial landscape. McHenry warns that without sound regulation and continuous innovation, the US risks falling behind in the dynamic and rapidly advancing crypto economy. The quest for lucid regulation of the crypto industry in the US remains underway, with McHenry emerging as one of the prominent voices championing this cause. While Bitcoin occupies the highest echelon of the digital asset market, other cryptocurrencies continue to encounter regulatory hurdles and have yet to fully secure the regulators’ nod.
Grayscale Claims Coinbase is Not a Suitable Partner for Bitcoin ETF Surveillance
Grayscale has urged the SEC to approve any qualifying Bitcoin spot ETF applications simultaneously and avoid favoritism. However, Grayscale has also argued that Coinbase should not be considered a suitable surveillance partner for launching a Bitcoin spot ETF. The SEC's decision on these matters could create more clarity and stability in the cryptocurrency market.
Bitcoin and Ethereum Expand Market Share to Over 70% as Stablecoins Decline
Bitcoin and Ethereum have increased their shares to over 70% of the total cryptocurrency market capitalization for the first time since April 2021, while stablecoins have seen a decline in market capitalization. The recently released Crypto Market Insights Report 2023Q2 by TokenInsight shows that the stablecoin market cap decreased by 7% in the first half of 2023 to $128 billion as of the end of June. The report suggests that regulatory actions against major stablecoins, USD Coin (USDC) and Binance USD (BUSD), have contributed to the downward trend. Additionally, Ethereum staking has surged post-Shapella upgrade, and LSDFi market and Layer-2 networks have exhibited impressive growth.
Bitcoin Whales Moving Funds to Exchanges, Signaling Possible Liquidation of Holdings
Bitcoin whales have been depositing their BTC into exchanges at a high rate, which could indicate that they are preparing to sell off their holdings. On-chain data shows that whale exchange deposits reached $275 million in a single day, with the majority of trades entering Binance twice. This behavior from large holders can significantly impact the market and is often seen as a bearish signal. Additionally, the number of net Bitcoin position changes has reached a one-month low, indicating that more holders are closing out their positions than opening new ones.
Analyst Who Accurately Predicted Bitcoin’s 2022 Bottom Turns Pessimistic on BTC
A well-known trader who correctly predicted Bitcoin's market bottom in 2022 has now turned bearish on the cryptocurrency as it struggles to surpass the $30,000 mark. The analyst, known as DonAlt, believes that Bitcoin must close the weekly chart above $30,000 before he can consider it to be in a bull market cycle. DonAlt's chart shows that Bitcoin briefly reached the $29,000 range on July 26th, but the gains were quickly retraced, confirming his bearish outlook. He is also monitoring Bitcoin's performance against the S&P 500, noting that gains made after BlackRock applied for a Bitcoin ETF have largely been erased.
