Near Protocol Struggles To Break Out Despite Relief Bounce

Despite the relief bounce across the crypto market with the likes of BTC, ETH, and OP, surging high, Near Protocol has struggled to break out. Near is one of the many blockchain solutions with good use cases trying to provide solutions to Ethereum scalability, bridging, and contributing to the DeFi space. Near has struggled to break above its ranging channel despite being a favored coin in the crypto space. NEAR Weekly Chart After reaching its All time high (ATH) of $20.1 in January 2022, Near had struggled with its downtrend…

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Law Decoded, July 25-August 1

Despite some good signs of the crypto prices recovery, last week could hardly be called bright for the market, as the major news came from the enforcers and not the regulators. According to a report from the New York Times, the United States Treasury Department’s Office of Foreign Assets Control (OFAC) has been investigating crypto exchange Kraken for allegedly allowing users based in Iran and other countries to buy and sell crypto in a potential violation of U.S. sanctions.  In the other hemisphere, the Philippines’ think tank Infrawatch PH filed…

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ADA Up 22% In Last 7 Days; Remains On Track To Test $0.6 Barrier

It’s game face on for the bulls as Cardano (ADA) swerved up to $0.54 as seen overnight. ADA price spotted below key resistance level of $0.55. Meanwhile, traders are optimistic that a looming breakout may happen up to $0.6 by next week. Cardano (ADA) price is on a bull run as the price shoots way up forming a bullish hammer pattern seen on the daily chart. The uptrend precipitated on July 27, 2022 with the price spotted at $0.45 has pushed ADA price to incredible heights with its 30-day high…

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Binance US will delist AMP following SEC claim token is a security

United States-based crypto exchange Binance.US said it will be delisting the AMP token “out of an abundance of caution” of possible enforcement by federal regulators.  In a Monday blog post, Binance.US said it will be closing deposits of Amp (AMP) and removing the AMP/USD trading pair on Aug. 15 following the token’s mention in a legal action from the U.S. Securities and Exchange Commission, or SEC. The federal regulator filed a complaint against a former Coinbase product manager and two individuals in July that claimed that AMP and eight other…

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CBOE’s operating expenses spiked 312% due to underperformance of acquired crypto firm

On Friday, Chicago Board Options Exchange (CBOE), the largest options exchange in the United States, announced its second-quarter earnings results. Of particular interest was its total operating expenses, which soared 685% year-over-year from $160.6 million. CBOE explained: “This was primarily due to the $460 million impairment of goodwill recognized in the Digital reporting unit, driven by negative events and trends in the broader digital asset environment. The said environment has changed dramatically since we closed the ErisX transaction on May 2, which resulted in the accounting adjustment.” ErisX enables self-directed…

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Bitcoin Enters August With Losses, Has It Set The Tone For The Month?

Bitcoin has entered into a new month, but its price has not been doing as well as expected. The end of July had indeed come with good tidings as the bitcoin price had broken above $24,000. However, maintaining this point has been a harder task. As the market welcomes the new month of August, bitcoin has not had the best of starts to the new month, entering it with a red daily close. Bitcoin Going For The Win? Bitcoin’s recovery over the last week has been propelled forward by different…

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Polygon gains 83% in a month, but data show project has been losing traction

Polygon (MATIC) had a promising July, gaining an impressive 83% in 30 days. The smart contract platform uses layer-2 scaling and aims to become an essential Web3 infrastructure solution. However, investors question whether the recovery is sustainable, considering lackluster deposits and active addresses data. MATIC/USD on FTX. Source: TradingView According to Cointelegraph, Polygon rallied after being selected for the Walt Disney Company’s accelerator program to build augmented reality, nonfungible token (NFT) and artificial intelligence solutions. Polygon announced on July 20 plans to implement a zero-knowledge Ethereum Virtual Machine (zkEVM), which…

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Bitcoin bulls defend $23K amid warning bear market rally ‘alive and well’

Bitcoin (BTC) tested $23,000 as support on the Aug. 1 Wall Street open with key moving averages in focus.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView 200-week moving average gets big attention Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as bulls and bears battled for control amid a tight trading range. Bitcoin had inspired with its highest weekly close since mid-June the day prior, with its monthly candle also producing the biggest gains since before last year’s $69,000 all-time highs. Among analysts and traders, however, it was the market’s…

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Blockchain cloud infrastructure company W3BCloud to go public via $1.25B SPAC

On Monday, W3BCloud, a firm building global data centers for the Web3 and blockchain sectors, announced that it was going public via a takeover by special purpose acquisition vehicle (SPAC) Social Leverage Acquisition Corp I. ‍ Social Leverage Acquisition Corp I is listed on the New York Stock Exchange, has $345 million in trust and has received commitments from AMD, ConsenSys, SK Inc., and others for an additional $50 million in new investments. The combined transaction will value W3BCloud at $1.25 billion.  Last year, W3BCloud’s seven data centers, all of which…

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New York AG calls for whistleblowers ‘deceived or affected’ by the crypto market crash

New York Attorney General Letitia James has opened the doors for investors who may have witnessed misconduct at a crypto firm amid the extreme market volatility to file a complaint as a whistleblower. In a Monday notice, James called on New York-based crypto users who have been locked out of accounts at exchanges or lending platforms, unable to access funds, or “deceived about their cryptocurrency investments” to contact the Office of the Attorney General. As a whistleblower, an individual filing a complaint with authorities could be kept anonymous — the…

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