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Shiba Inu (SHIB) Developments, Ripple (XRP) Price Rollercoaster, and More: Bits Recap July 8

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TL;DR

  • Bitcoin’s price fell from over $63,000 to around $54,000 in early July, with mixed opinions on its future direction.
  • Shiba Inu dropped 6% but rebounded over the weekend, showing signs of potential future growth due to increased burn rate and whale activity.
  • XRP dipped below $0.40 but recovered to around $0.43, with its future tied to the outcome of Ripple’s lawsuit with the SEC.

BTC’s Price Swings

The primary cryptocurrency has been quite shaky since the beginning of July. It started the month trading at over $63,000, but a few days later, the price crashed below $54,000 for the first time since February. While bulls stepped in over the weekend, briefly pushing the valuation above $58,000, the start of this week brought more pain. Currently, BTC is trading at approximately $57,000 (per CoinGecko’s data), representing a 9% decline on a 7-day scale.

Some analysts suggested that the recent pullback could indicate the end of the rally for the asset for this cycle. The popular X user Ali Martinez assumed that the approval of Bitcoin ETFs, the meme coin mania, and the tokens introduced by celebrities could have been everything the latest bull run had to offer.

On the other hand, numerous other industry participants remain optimistic that BTC is facing good days ahead. Mikybull Crypto reminded of a similar correction in Q3 2023, later replaced by a significant resurgence.

Rekt Capital claimed the asset has yet to benefit from the BTC halving, which occurred in April of this year. The trader noted that the price peaked more than 500 days after the halving in 2016 and the one in 2020:

“If history repeats and the next Bull Market peak occurs 518-546 days after the halving… That would mean Bitcoin could peak in this cycle in mid-September or mid-October 2025.”

The halving is a significant event that occurs roughly every four years. It cuts the miners’ rewards in half for validating new blocks on the BTC blockchain. Historically, this process has led to a substantial rebound for the leading cryptocurrency and the broader market.

What’s New Around SHIB?

The second-largest meme coin in terms of total market capitalization also experienced a substantial price decrease recently. It is down 6% weekly, coinciding with the overall decline of the meme coin sector.

Likewise BTC, Shiba Inu (SHIB) rebounded significantly over the weekend, erasing much of the losses. Its brief price ascent was in tune with the rise of some important metrics related to its ecosystem.

As CryptoPotato reported, the burn rate exploded by 800%, resulting in around 18 million tokens destroyed. The USD equivalent of the stash is insignificant, but continuous efforts in that field will lead to scarcity and a possible price spike (after all, a decrease in supply combined with the same or increased levels of demand should lead to a rally).

Another indicator that headed north lately is SHIB’s whale activity. IntoTheBlock’s data showed that large transaction volume soared by 180% on July 7. For more updates on the entire Shiba Inu ecosystem, please check our Shibarium news.

XRP in the Red, too

During the market crash last week, Ripple’s native cryptocurrency dipped under the $0.40 mark for the first time since March last year. It recovered to almost $0.45 in the past few days before plunging to its current level of around $0.43.

According to some industry participants, the asset’s bright future partially depends on a possible win for Ripple in the lawsuit against the US SEC. The two parties have been confronting each other for over three and a half years, with the case currently in the trial stage.

Those willing to learn more about the legal battle and its potential impact on the asset, feel free to take a look at our dedicated video below:

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Cryptocurrency

Bitcoin Surges to $63,000 as US Whales and Institutions Drive Buying Spree

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Bitcoin has returned to the $63,000 level during early trading on Monday, July 15. This marks a two-week high, prompting some analysts to suggest that the downtrend has broken.

On July 15, on-chain analytics platform CryptoQuant suggested that the move has been driven by “U.S. whales” as institutional Bitcoin purchases increase again.

Coinbase Premium Gap

Analysts looked at the Coinbase premium gap to determine the trend shift.

“Looking at the Coinbase premium gap, the movement of U.S. whales, which had a selling trend, has recently become buy.”

The Coinbase premium gap is the difference between the Coinbase Pro price (USD pair) and the Binance price (USDT pair). High premium values could indicate strong buying pressure from investors in the United States.

CryptoQuant analysts added that so far, “it is only a rebound that slightly compensates for the decline.”

However, the fact that Bitcoin rebounded on the weekend means that additional funds can be expected to flow into spot Bitcoin ETFs on weekdays, they added before concluding that there is a possibility of more upward momentum. More than a billion dollars flowed into spot Bitcoin ETFs in America last week. However, retail trading remained subdued.

CryptoQuant concluded that the market was due to a period of recovery following a prolonged pullback.

“Even from a psychological perspective, it appears to be a good period for Bitcoin to rebound, as market participants have already experienced fear and frustration due to a considerable period of adjustment.”

Market analyst ‘Rekt Capital’ noted that the downtrend had been broken when the asset topped $61,500, and BTC was about to reclaim the post-halving reaccumulation range.

Fellow analyst Michaël van de Poppe commented, “Global uncertainty is rising after the assassination attempt on Trump.”

He added that this was an “ideal climate” for Bitcoin to go upwards consistently.

BTC Price Outlook

With BTC reclaiming $63,000 on July 15, the next level of resistance lies around the $65,000 price zone, which was last breached on June 20.

At the time of writing, the asset was trading at just over $63,000, following a gain of 4.7% over the past 24 hours.

Moreover, total market capitalization has increased by over $100 billion in rare weekend trading activity, largely influenced by the Donald Trump assassination attempt.

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BNB Smart Chain Losses Dropped 83% in Q2 2024: Security Report

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[PRESS RELEASE – Dubai, UAE, July 15th, 2024]

  • BNB Chain experienced a decrease of ~83.3% in total amount loss in Q2 2024 in comparison to Q2 2023
  • Moreover, in Q2, 2024 BNB Chain experienced a ~19% decrease in total losses and a ~18.6% decrease in the number of security incidents compared to Q1, 2024

Salus, the Web3 security firm tackling the most complex security challenges through fundamental scientific research, has today released its BNB Chain 2024 Security Report. The report provides an in-depth analysis of the security events that unfolded on BNB Smart Chain (BSC) during the second quarter of 2024 and reveals a significant security milestone of an 83.3% reduction in financial losses on BSC between Q2 2024 and Q2 2023. In addition, its findings show that in Q2, 2024 BNB Chain experienced a ~19% decrease in total losses and a ~18.6% decrease in the number of security incidents compared to Q1, 2024.

Alongside the in-depth analysis of the security incidents that took place on BSC in Q2 2024, the report also delves into the types of projects targeted. It highlights common attack techniques used during this period and presents data regarding the financial losses incurred, including:

  • Significant improvement in Q2, 2024: Loss amount on BSC dropped by 19% to ~$11.7m in Q2 2024 compared to Q1, 2024 and a ~83.3% decrease in total loss amount on BSC in Q2, 2024 compared to Q2, 2023. This demonstrates the success of security measures and the continuous commitment to enhancing the security of the BNB Chain ecosystem.
  • A look at the blockchain industry: In Q2, BSC represented 5.97% of the total $95,552,224 stolen across all chains.
  • Types of attacks and threats: The most frequent attack vectors were contract vulnerabilities and exit scams. In Q2, there was a noticeable decrease in both the total amount and the number of incidents compared to Q1. The total amount in Q2 was $11,731,093, down from $14,446,914 reported in Q1. The number of incidents in Q2 was 35, down from 43 in Q1.

BNB Chain continues to be a strong industry player, demonstrating its robust performance and boasting growing daily active users and transaction count. The report highlights a quarter with a notable reduction in both the total amount lost and the number of security incidents. The total financial impact shows a clear improvement, underscoring the effectiveness of the security measures that have been put in place.

These results are a testament to the resilience and proactive efforts of the BNB Chain team and community. The landscape of blockchain security is ever-evolving, and going forward, BNB Chain’s AvengerDAO will keep improving its ability to:

  • Identify scam projects early
  • Focus on projects with large liquidity
  • Monitor malicious activities and mitigate hacks as early as possible
  • Expand its reach and actively inform users of risks

Users can view the Security Report here.

About BNB Chain

BNB Chain is a community-driven blockchain ecosystem that is removing barriers to Web3 adoption. It is composed of:

  • BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s governance chain.
  • opBNB: A scalability L2 that delivers some of the lowest gas fees of any L2 and rapid processing speeds.
  • BNB Greenfield: Meets decentralized storage needs for the ecosystem and lets users establish their own data marketplaces.

Setting a high bar for security, the AvengerDAO community protects BNB Chain users while Red Alarm provides a real-time risk-scanner for Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as part of its Builder Support Program.

For more, users can follow BNB Chain on X or start exploring via BNB’s Dapp library.

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Ripple v SEC Lawsuit: One Year Anniversary Since the Company’s Biggest Partial Court Win

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TL;DR

  • Ripple’s partial court victory a year ago, where certain XRP sales were not deemed securities, boosted the asset’s price. The ongoing trial continues with disputes over penalties.
  • XRP rose 23% in the past week, likely due to speculation that the lawsuit may soon conclude.

One Year Passed by

Despite the numerous developments in the past several months, the legal spat between Ripple and the US Securities and Exchange Commission (SEC) remains ongoing. It all started in December 2020 when the regulator sued the company and some of its executives, accusing them of conducting an unregistered securities offering via XRP sales. 

Ripple achieved a significant court victory almost exactly a year ago (on July 13) when Judge Torres ruled that its programmatic sales to secondary trading platforms do not constitute offers of investment contracts. The decision fueled a massive rally for XRP, whose price shot by over 70% in a matter of hours, surpassing the $0.80 mark. 

Shortly after, the magistrates dismissed the SEC’s intention to appeal the ruling, while CEO Brad Garlinghouse and Executive Chairman Chris Larsen were cleared of all charges brought by the agency. 

According to some industry participants, those triumphs (yet partial ones) gave Ripple the upper hand in the battle. That said, a resolution in favor of the company could trigger massive volatility and a potential uptick in XRP’s price (similar to what was witnessed after the previous victories).

The lawsuit entered its trial phase in April this year. Instead of an outcome, though, it keeps offering additional confrontation. A bone of contention is the size of Ripple’s potential penalty. The SEC initially sought a staggering $2 billion fine, while the company insisted on a sum no larger than $10 million. 

Ripple also pointed to Judge Amy Jackson’s decision to dismiss the SEC’s claims that secondary market sales of Binance’s BNB token constituted securities transactions. It filed a Notice of Supplemental Authority, arguing that the ruling supports its case that the alleged illegal sales of XRP do not warrant “harsh remedies.”

The SEC maintained that the lawsuit against Binance is “wholly irrelevant” to the one against Ripple. On the other hand, it softened its tone, proposing a reduced penalty of $102.6 million.

XRP Price Outlook

Ripple’s native token has been among the best performers in the crypto market in the past several days. It is up by 23% on a weekly scale, briefly surpassing the $0.55 mark for the first time since early May (per CoinGecko’s data).

One possible reason could be the increased expectation that the lawsuit is drawing to an end. Some of the people speculating that an official agreement could be announced as early as this summer include the American lawyers Fred Rispoli and Jeremy Hogan. 

Those curious to learn more about the case and its potential impact on XRP’s price, feel free to take a look at our dedicated video below:

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