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In what case bitcoin will continue to grow

igor m



Experts say what marks the cost of the first cryptocurrency should reach to continue the recovery

Over the weekend, bitcoin prices continued to rise and by Monday morning crossed the $22,300 mark. On July 18, the first cryptocurrency was trading at $22,200. It rose in price by 3% over the past 24 hours and by 8.7% over the week.

The incomplete week from July 11 to July 15 was not easy. In the first half of the week the pair BTC/USDT declined to $18,900. The fall began on July 10 and intensified on Monday amid a sell-off. in U.S. stocks. Investors “went to the cash” before important data on inflation and the beginning of the II quarter reporting season in the United States. Also, risk appetite declined because of an increase in the number of coronavirus cases in China.

On Tuesday, the downtrend intensified as the dollar rallied and the S&P500 and Nasdaq indices fell. The dollar index rose to a multi-year high amid a collapse in the euro. The dollar reached parity with the euro. Sellers sold the single currency because of the energy crisis and problems in the manufacturing industry.

On Wednesday, the situation on the crypto market stabilized after multidirectional fluctuations. The sharp fluctuations were caused by a report on inflation in the U.S. in June. Buyers could defend the $20K level and closed the day at $20,234. The U.S. inflation data fueled fears that the Fed might raise key interest rates by 100 basis points this month.

The S&P500 and Nasdaq indices declined after the statistics were released, but recouped some of the losses. The market did not collapse as two Fed officials indicated they were in favor of a 75 basis point rate hike in July rather than a 100 bps hike. This reduced the likelihood of a more aggressive move on the latest inflation data. The market is ready for a 75bp hike.

On Thursday, buyers took advantage of a correction in the dollar and a weak rise in indices. BTC/USDT rebounded to $20.9K. On Friday, the price rebounded to $21K following the move by the US indices. During the day, the situation has not changed.

The market is controlled by sellers. BTC hashrate fell 27% to 159.41 EH/s due to the shutdown of miners in Texas. For miners and the market, this is a bearish signal. Investors still fear a collapse to the $10-$13k range.

From the point of view of technical analysis, to level out the “bearish” sentiment after the conquest of the $22k mark, buyers need to pass the level of $23.5k. The faster it will be passed, the higher the probability of recovery to $26.5k.

The idea of short positions at $22.5k-$23k worked out. Last week the price continued to move within the limits of the large horizontal channel.

The bulls managed to break through the inclined trendline inside the channel. Next week we will be watching the price’s approach to the upper border of the channel, and we will already try to work for the breakdown. It will be the third touch: the more touches, the higher is the breakdown probability.

Also, the Ethereum chart is also bullish. A very similar channel was formed there and the price is actively testing the upper boundary. We are very close to a breakout. Ethereum should drag the rest of the market with it. 


Hong Kong allocated another $50 million to the crypto industry

igor m



Hong Kong Cryptoindustry

Hong Kong has allocated another $50 million to accelerate the development of the crypto industry after local authorities allocated HK$50 million (about $6.37 million) in late February to develop the Web3 direction. This is stated in a press release on the website of the government.

Legalization of cryptocurrencies in Hong Kong

According to the head of the Financial Services and Treasury Bureau of Hong Kong (FSTB) Christopher Hui, the pool of funds will be allocated, in particular, to organize major international Web3-events. Hui also said that the government will organize educational programs for young people, for which preparations have already begun.

In addition, the 2023 budget provides for the creation of a working group to focus on developing virtual assets and study the situation in the crypto market, development opportunities and the need for changes in regulation.

“Hong Kong is well positioned to become a leading hub for Web3 in Asia and beyond, and we attach great importance to virtual assets (VA) and Web3. The government is committed at a high level to developing this sector and providing a comprehensive support system for enterprises,” Hui said.

He added that the Hong Kong Monetary Authority (HKMA) is now working on regulating stablecoins to introduce them into the economy next year. The country also plans to improve securities regulations so that retail investors can access ETFs based on cryptocurrency futures.

Despite several personal initiatives, Hong Kong authorities are also working closely with mainland China, testing international payments in the digital currency and working with the Central Bank. In all, as of the end of February, more than 80 Chinese companies had expressed interest in operating in Hong Kong.

Bloomberg wrote about China’s support back in late February. The agency pointed out that after Hong Kong set out to develop the crypto industry last October, Chinese officials have become more frequent visitors to Hong Kong. According to sources, this interest is because Beijing wants to use the city as a testing ground for digital assets amid tight control of crypto activity on the mainland.

We previously reported that the collapse of the Silicon Valley Bank is spurring demand for crypto apps.

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Tether printed for one billion dollars on the TRON network

igor m



Tether TRON

Stablecoin issuer USDT is rapidly printing “digital dollars” in the TRON (TRC-20) ecosystem. This time, Tether printed another billion dollars in USDT, according to transaction details. The total number of USDT in circulation in the TRON ecosystem is over 42.1 billion USDT. By comparison, the Ethereum ecosystem issued significantly less – 34.2 billion USDT.

As TRONScan data shows, this is the second billion-dollar tranche issued by Tether for TRON. The last time the USDT-issuing company issued a similar amount of Stablecoin was on March 14. Since the beginning of 2023, this is the fourth transaction to issue such a large amount of USDT. As of 2023, the largest issuance occurred in February. At that time, Tether issued two billion dollars in USDT at once.

Amid the news, bitcoin barely reacted to the USDT pump. According to TradingView, the bitcoin (BTC) exchange rate in the BTC/USDT trading pair is $27,949, up just 1.4% overnight. Bitcoin has a market capitalization of $540.4 billion.

In early March, The Wall Street Journal revealed that Tether had opened bank accounts using fake documents and shell companies. It turned out that one of Tether’s Turkish accounts had been opened in the name of Denix Royal Dis Ticaret Limited Sirketi, which had previously been caught laundering money for a terrorist group.

Tether chief technology officer Paolo Ardoino ridiculed the publication on Twitter and said the WSJ’s information was untrue. Tether said it adheres to legal requirements to combat money laundering and terrorist financing, and uses KYC mechanisms of the highest level. Renowned cryptocurrency critic Molly White, for her part, said that The Wall Street Journal journalists couldn’t “just make this stuff up.”

We previously reported that major cryptocurrency exchanges have moved offshore.

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Where are crypto exchanges registered? Major crypto exchanges have moved offshore

igor m



Where are the crypto-exchanges registered?

According to a report by platform CoinGecko, 21 of the 30 largest crypto exchanges (70%) are based in offshore financial centers – territories that want to attract companies from abroad through loyal laws and schemes with low or no taxation. 

Analysts of the service note that offshore zones, as a rule, offer non-residents more financial services and on more loyal terms than “in the home country”.

Where are crypto exchanges registered? They choose islands

Seychelles, the Cayman Islands and the British Virgin Islands were among the most popular offshore locations for cryptocurrencies. These territories are also considered tax havens for many corporations.

Also, one in five Crypto exchanges in offshore locations (20%) are registered in the Seychelles. This jurisdiction has become home to many centralized exchanges. Among them, there are well-known major platforms such as OKX, KuCoin, and MEXC Global. Many companies are “moving” to the Seychelles because the Seychelles Financial Services Authority (FSA Seychelles) refuses to license and oversee activities or companies related to cryptocurrencies. 

In total, according to CoinGecko, the top 30 cryptocurrency exchanges are listed in 15 different countries: 11 of the 30 platforms (37%) are in North America – mostly in the Cayman Islands, British Virgin Islands and the United States. The number of companies located in Europe, Asia and Africa is evenly split: 20% each (or 6 countries).

The number of companies offshore may grow

Because of stricter U.S. regulators’ policies toward cryptocurrency companies, many firms are having to move to more cryptocurrency-friendly countries.

For example, the Hong Kong government, to turn the state into a new crypto hub, has allowed retail investors to trade digital tokens such as bitcoin (BTC) and Ethereum (ETH). The Hong Kong authorities themselves admit that they want to create a “favorable environment” for developing the local crypto industry.

Also, Ras Al Khaimah, one of seven regions in the United Arab Emirates (UAE), is preparing to open a free zone for cryptocurrency companies. Entrepreneurs in these areas own 100% of their businesses and have their own tax schemes and regulatory frameworks.

We previously reported on the Top 5 low-cost AI tokens with huge growth potential.

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