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Sepolia testnet Merge mostly successful — 'Hiccups will not delay the Merge.'

Merge trials on testnets are essential to allow Ethereum developers and independent project developers to understand what they can expect when the actual Merge takes place.

Bitcoin-friendly Próspera hits back at controversy in The Guardian

Some residents have reportedly told the crypto-friendly city of Próspera to “go home” following the Honduran government’s repeal of the ZEDE legislation which enabled it.

Bitcoin-friendly Próspera hits back at controversy in The Guardian

Some residents have reportedly told the crypto-friendly city of Próspera to “go home” following the Honduran government’s repeal of the ZEDE legislation which enabled it.

Bitcoin price holds $20K, but analysts say ‘expect 6 months of sideways’ price action

BTC bulls are holding $20,000, but most traders are confident that the price will remain range-bound for at least six more months.

Bitcoin price holds $20K, but analysts say ‘expect 6 months of sideways’ price action

Trading across the cryptocurrency market was relatively subdued on July 5 as the ecosystem continues to digest the fallout from the Three Arrows Capital scandal and Voyager Digital announcing that it has filed for Chapter 11 bankruptcy protection

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) has spent the day oscillating around the $20,000 support level, ranging from a low of $19,775 to an intraday high of $20,480 on $25.48 billion in trading volume.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look at what several analysts are saying about what could come next for Bitcoin and what support and resistance levels to keep an eye on in the event of a sharp move in price.

Watch the repeating pennant pattern

A noticeable pattern on the Bitcoin chart prior to the pullbacks that have occurred since November 2021 was pointed out by crypto analyst and pseudonymous Twitter user Moustache, who posted the following chart displaying the similarities between each drawdown.

BTC/USD 1-day chart. Source: Twitter

Moustache said,

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Belgian regulator reviews crypto asset classifications while awaiting harmonization

The Belgian Financial Services and Markets Authority created a chart to differentiate crypto asset securities, investment instruments and financial instruments.

NFTs to authenticate racing car parts: Nifty Newsletter, June 29–July 5

The most-followed TikTok creator Khaby Lame also partnered with Binance to create Web3 content and create nonfungible tokens with the exchange.

Price analysis 7/6: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

Bitcoin (BTC) is attempting to rise above the psychological level of $20,000 on July 6, a sign that bulls are trying to stall the brutal bear market. The retail traders are making the most of the current fall and are on a buying spree. Proof of this comes from Glassnode data showing that wallets holding less than one Bitcoin scooped up 60,460 Bitcoin in June, at “the most aggressive rate in history.”

In a recent report, Glassnode analysts said that the activity on the Bitcoin network shows that “all speculative entities, and market tourists have been completely purged from the asset.” This means that mostly long-term investors are left holding Bitcoin.

Daily cryptocurrency market performance. Source: Coin360

However, not everyone is bullish about Bitcoin’s prospects in the short term. According to Arcane Research, the ProShares Short Bitcoin Strategy ETF (BITI), the first exchange-traded fund (ETF) to be "short" Bitcoin, has increased its short exposure “by more than 300% last week.”

Could the rush into the first inverse Bitcoin ETF act as a contrarian signal that indicates a possible bottom formation? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin is trading inside a symmetrical triangle pattern. The buyers tried to push the price above the resistance line of the triangle on July 5 but the bears held their ground.

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Price analysis 7/6: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

Bitcoin and select altcoins are making an attempt at flipping key resistance levels, but negative news-flow and selling from BTC miners could continue to weigh on market sentiment.

Price analysis 7/6: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

Bitcoin and select altcoins are making an attempt at flipping key resistance levels, but negative news-flow and selling from BTC miners could continue to weigh on market sentiment.

Exodus of pro-crypto financial regulators in UK amid allegations of misconduct in PM's government

In his resignation letter, Economic Secretary to the Treasury John Glen said that “vital reforms" to the country’s financial services were ready to be presented to Parliament.

DeFi protocol Porter Finance shuts down bond issuance platform after just one month

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Porter Finance, a decentralized finance, or DeFi, protocol based on the Ethereum (ETH) blockchain, announced Tuesday that it was shutting down its bond issuance platform. In explaining the discussion, Porter Finance said:

"Looking forward, we are not confident there will be large inflows of lending demand for fixed income DeFi products like the ones offered through Porter Finance. This is primarily due to the competitiveness of rates offered in traditional finance and the lack of institutional fixed income DeFi adoption over the past year. We are also no longer willing to take on the legal risk associated with bond offerings."

Just last month, Porter Finance unveiled the first-of-a-kind service in partnership with Ribbon DAO to issue 3,103,224 convertible bonds redeemable for 1 USDC with a maturity date of Dec. 4, 2022. At the time, each bond was issued at a discounted price of 0.9667 USDC per bond with a yield to maturity of 7% after accounting for interest. 

Circle looks to reaffirm commitment to transparency as USDC market share soars

The cryptocurrency market has experienced a turbulent period as of late, with several firms filing for bankruptcy or shutting down. Voyager Digital announced its bankruptcy on Wednesday, becoming the second crypto lender to default following Three Arrows Capital.

In the light of present market circumstances, Circle has sought to reaffirm its commitment to openness and user security in a blog post published on Tuesday. Jeremy Fox, CFO of Circle, said that his firm's priority is to preserve the financial integrity of the system - robust, trustworthy, and safe. He added that other financial institutions offer fraudulent promises of preserving user money, only to abandon them when the going gets tough.

The CFO said that Circle's business model is to minimize risk, not “taking and managing risk.” He also explained how the firm protects its USD Coin (USDC) reserves, emphasizing that Circle does not own these assets and that they are 100 percent owned by USDC holders in segregated accounts labeled "for the benefit of USDC holders." Fox wrote:

"Circle is not allowed to use the USDC reserves for any other purpose. Unlike a bank or an exchange or an unregulated institution, we cannot lend them out, we cannot borrow against them, and we cannot use them to pay our bills."

As a result, in extreme situations like bankruptcy, the USD Coin (USDC) is purportedly still redeemable at face value. Also, the USDC reserves are completely disconnected from Circle's other activities, minimizing the risk of them being used to covering other losses.

Circle looks to reaffirm commitment to transparency as USDC market share soars

"With USDC, our business model is minimizing risk, not taking and managing risk,” wrote Jeremy Fox, Circle's CTO.

Circle looks to reaffirm commitment to transparency as USDC market share soars

"With USDC, our business model is minimizing risk, not taking and managing risk,” wrote Jeremy Fox, Circle's CTO.

World's first short Bitcoin ETF sees exposure explode 300% in days

Since launching last month, the ProShares Short Bitcoin Strategy ETF (BITI) has eclipsed others in inflows.

World's first short Bitcoin ETF sees exposure explode 300% in days

Since launching last month, the ProShares Short Bitcoin Strategy ETF (BITI) has eclipsed others in inflows.

What does a bear-market ‘cleanse’ actually mean?

The latest bear market should send a clear signal to projects: It’s all about finding a problem that needs to be solved, and actually using your product to solve it.

What does a bear-market ‘cleanse’ actually mean?

The latest bear market should send a clear signal to projects: It’s all about finding a problem that needs to be solved, and actually using your product to solve it.

Bitcoin mining stocks rebound sharply despite a 70% drop in BTC miners' revenue

The rally across top Bitcoin mining stocks could trap bulls as BTC price sentiment remains gloomy.

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