OVERVIEW

July 18 Could Bring Major Surprises to Crypto

Everywhere on the screen, there is green, green, and more green. The total market cap broke $2.25 trillion, and the altcoin market returned to $1 trillion.

In today’s Litepaper, why July 18 may be a major, major event for crypto.

Also on deck: a look at why Algorand sellers might be done and a Crypto 101 on DePin. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

NEWS
SEC's Mysterious Meeting 📆 

The SEC is planning a closed-door meeting on July 18, 2024. While they’re not spilling the beans, we’ve got some juicy speculation for you. This hush-hush gathering could be the stage for big moves in the crypto world, particularly for $ETH ETFs and Ripple ($XRP). 😲 

The Official Lowdown

Here’s what the SEC’s Sunshine Act notice actually says. The meeting will start at 2:00 p.m.. The General Counsel’s opinion has stamped this meeting with a whole bunch of legal exemptions, basically saying, “We’re talking serious stuff here, folks.” The agenda includes:

Now, let’s break down what this could mean for the crypto universe. First off, ETH ETFs have been on the SEC’s radar for a while. This closed meeting might just be the moment they give the green light.

OR

Ripple’s been locked in a legal tug-of-war with the SEC for what feels like eons. The mention of litigation resolution and settlement proceedings hints that we might see a truce in the XRP skirmish. 

Hell, it could be both at the same time. Or nothing. But there’s plenty of reasons to think one or both of these things might resolved soon. 🙏 

What’s Next?

Keep your eyes peeled for any sudden moves from the SEC. If they’re making decisions about ETH and XRP behind closed doors, you’ll want to be ready for the aftershock.

So, set your reminders and prep your portfolios. July 18 might just be the day the SEC finally lets some crypto cats out of the bag. 🙀 

NEWS
ALGO Sellers Done? 🤔

There are few cryptocurrencies that have been as beat up as $ALGO. But Algorand’s hodlers? Mutha effing diamond hands. ♦️ 

91% of the ALGO hodlers are out-of-the-money. That means they’re down or in the red. In other words, the ALGO they’re holding is worth less than when they acquired it.

But Algorand hodlers have one stat that beats the rest: time held. ⏲️ 

84% of the ALGO held has been held for one year or longer, with another 14% held between one to two months. 84% is a massive percentage of hodlers. 🤯 

There are some positive signs for ALGO:

1. Last week was Algorand’s best week has had since February 26, 2024.

2. Bulls have traded above the 20-day moving average for the first time since June 7, 2024.

3. The RSI closing above the 50 level indicates a likely end to Algorand’s bear market, but confirmation is needed.

If bulls can keep the momentum going, the next major resistance zone is near the $0.191 value area where the VPOC and 200-day EMA exist. This week should be an interesting one to watch. 👀 

CRYPTO 101
DePin 101: The Future of Decentralized Infrastructure 🧠 

Remember when people thought Bitcoin was just a fad? Now, it's the bedrock of the digital economy. Enter DePin, or Decentralized Physical Infrastructure Networks, the next big thing that's poised to revolutionize the way we think about infrastructure. 📍 

What is DePin?

DePin stands for Decentralized Physical Infrastructure Networks. This jargon-filled term essentially means using blockchain technology to manage and operate real-world infrastructure. 

Imagine if your local power grid, wireless network, or even public transportation was owned and operated not by a monolithic corporation or government, but by a decentralized community of stakeholders. That's the promise of DePin. 📌 

How Does DePin Work?

The magic of DePin lies in its use of blockchain and tokenization. Here's the gist:

1. Ownership and Investment: Traditional infrastructure projects require significant capital and are usually financed by governments or large corporations. DePin flips this model on its head by allowing anyone to invest in infrastructure projects through tokenization.

2. Governance: These projects aren't run by a central authority. Instead, token holders have a say in how things are managed. Decisions are made through decentralized governance mechanisms.

3. Operation: The actual operation of the infrastructure can be managed through smart contracts, ensuring transparency, and efficiency.

Real-World Applications

DePin is not just a theoretical concept; it's already being implemented in various sectors:

• Wireless Networks: Projects like Helium ($HNT) are using DePin principles to build decentralized wireless networks. Users set up hotspots and earn tokens by providing coverage.

• Mobile Networks: World Mobile Token ($WMT) decentralizes mobile network infrastructure by allowing community members to invest in and govern the network through blockchain technology. It uses a network of AirNodes operated by individuals who earn tokens for providing connectivity.

• Energy Grids: Energy Web Token ($EWT) focuses on decentralizing energy grids. It enables peer-to-peer energy trading, allowing individuals and businesses to buy and sell energy directly.

• Storage Income: Filecoin ($FIL) decentralizes data storage by allowing users to rent out unused hard drive space. In return, they earn FIL tokens.

As blockchain technology continues to mature, we can expect more innovative applications and increased adoption. While it's still early days, the groundwork is being laid for a future where infrastructure is more democratic, efficient, and resilient. 🌍

STOCKTWITS “CHART ART”
CleanSpark’s Clean Breakout Continues ₿

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NEWS
Crypto News In Three Sentences 📰

🚨 Dr. Goertzel’s Account Hacked!

Dr. Ben Goertzel's ($AGIX founder) social media account was hacked, promoting a fake token giveaway. The breach follows similar high-profile hacks targeting Doja Cat, Metallica, Hulk Hogan, and 50 Cent. Users should avoid communications from the compromised account and report scams to the platform. From CoinPedia.

🚫 Tornado Cash Co-Founder Alexey Pertsev Denied Bail by Dutch Court 

Alexey Pertsev, co-founder of Tornado Cash, was denied bail by a Dutch court despite needing to prepare for his appeal against a money laundering verdict. The court claimed his detention did not impede his defense preparation. Pertsev faces a 64-month prison sentence, causing community outrage. CoinDesk has more.

💡 Larry Fink Embraces Bitcoin as Digital Gold

BlackRock CEO Larry Fink, once a skeptic, now sees $BTC as a legitimate financial instrument offering non-correlated returns and a hedge against currency debasement. He views Bitcoin as "digital gold" and believes it will become a significant asset class. Fink emphasizes Bitcoin's role for those fearful of economic instability and seeking financial control outside their country's system. Watch the interview on X.

🎁 Gate.io Announces $3.5 Million Airdrop 

Gate.io is launching a $3.5 million airdrop with rewards for both new and existing users in a two-week team competition. Participants must register with $100 $USDT and complete KYC2 verification. The competition runs in two phases, with rankings based on return and trading volume. Full story at coinpaprika.

🇦🇷 Argentina’s Ultimatum to Crypto Investors – Declare or Face Penalties! 

Argentina's new crypto law requires holders to declare their assets or face penalties for tax evasion. Those who declare will be exempt from special taxes but still face additional taxes. This move aims to regulate the crypto market amid the country's extreme inflation. From AMB Crypto.

🧐 Mike Novogratz Questions Potential Rumors of Reversal in China’s BTC Stance 

Rumors about China reversing its Bitcoin ban could impact the global crypto market, says Mike Novogratz. China previously banned financial institutions from handling Bitcoin, while Hong Kong recently opened up spot trading. Novogratz is keen to verify these rumors and their potential implications. Full story at CoinGape.

💰 AT&T Paid Hacker 6 Bitcoins to Film Deletion of Stolen Data 

AT&T paid a hacker 5.7 Bitcoin to delete stolen customer data from the ShinyHunters ransomware group. The hack affected nearly all 109 million AT&T Wireless customers. While the data included call and text metadata, personal information like social security numbers was not compromised. More at Wired.

Links That Don’t Suck 🔗

😱 Esports is now an Olympic sport

🚓 Police 'tackle' wallaby on the loose in Washington

🤑 Bitcoin conference organizer to raise $15M for Trump campaign: Report

🎮️ Gaming Giant Ubisoft launching free NFT mint for ‘Champions Tactics’

🍎 Apple at all-time high after Morgan Stanley calls stock 'top pick' for AI efforts

🐂 Less than 50% of market participants remain bullish on crypto after the Bitcoin halving: CoinGecko

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