Park And Bark Is The Name Of The Game

BTC, NEAR, and RNDR's charts, spot Bitcoin ETFs see inflows, and news in three sentences

Author

Jonathan Morgan
July 11, 2024

OVERVIEW

Park And Bark Is The Name Of The Game 🐶

If you thought inflation data today was going to move crypto, you’d be wrong. Bitcoin looks almost exactly like yesterday - but a good chunk of the altcoin market is in the green and making some gains. 🟩 

In today’s Litepaper we’re looking at Bitcoin, Near Protocol, and Render Protocol’s charts along with how much BTC the spot ETFs have accumulated since July 1.

Also on deck: a grand collection of crypto news in three sentences. 📰

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:

TECHNICAL ANALYSIS
Technically Speaking 🎉

Let’s take a look at what’s happening today. 👀 

Bitcoin

Today’s daily candlestick is pretty much a Groundhog Day version of yesterday’s: pushed above 200-day EMA then fell back below and stayed there.

BTCUSD Daily Chart - Click to enlarge.

Until something changes, the selling of $BTC against the 200-day EMA will likely continue. ➡️ 

NEAR Protocol

$NEAR was one of 2024’s best performers, but it’s had some difficulty like all the other altcoins. Today, it’s one of the market’s best performers, moving up nearly +8%.

NEARUSD Daily Chart - Click to enlarge.

But further upside potential might be limited. The 20-day EMA’s angle suggests its going to intercept the 200-day EMA in a few days - creating a fairly strong resistance zone.

And the RSI doesn’t help out the bulls here, either. There’s a very subtle divergence present (hidden bearish divergence) while the RSI is getting close to the 50 level.

The close NEAR gets to the $5.50 value area, the more likely sellers are to pile on the pressure - so bulls better keep their eyes peeled. 👁️ 

Render

Like NEAR, $RNDR used to be one of 2024 biggest winners. Between January 1 and March 17, it rallied nearly +205%. Since then, it’s given up almost all those gains.

RNDRUSD Daily Chart - Click to enlarge.

While it’s still in the green, it’s only up +34%. And it might continue to push lower. It’s well below its 200-day and 20-day EMAs. The only supportive condition on the chart is the RSI sitting in a historical support zone. 

Other than that, the road to sub $5 might be next. 🤷 

ON-CHAIN ANALYSIS
BTC ETFs Have Been Buying 🪙

The name of the game for crypto lately has been FUD - Fear, Uncertainty, and Doubt. And while retail have been selling, the spot $BTC ETFs have been buying. 🫰 

Click to enlarge.

BlackRock is the standout, adding a whopping 1,860 BTC. And not surprisingly, Grayscale is the biggest seller. It should be noted that most of the accumulation has happened this week - let’s see if there’s any follow through into tomorrow and through the weekend. 📈

NEWS
Crypto News In Three Sentences 📰

💼 House Delays Vote to Overturn SEC Crypto Accounting Rule

The House rescheduled the vote to override President Biden’s veto of H.J. Res. 109, which opposes the SEC's rule requiring banks to list crypto as liabilities, to July 11th. Critics, including the ABA, argue this rule unfairly burdens banks compared to nonbank digital platforms. If the veto override fails, the House plans to introduce a similar bill to bypass the Congressional Review Act. Coin Edition has more.

🛡️ Railgun Blocks Inferno Drainer’s $530K ETH Laundering Attempt 

Railgun's ($RAIL) privacy protocol successfully blocked Inferno Drainer’s attempt to launder $530,000 in stolen ETH, forcing the funds back to the scammer's wallet. Railgun's use of zk-SNARKs and proactive blacklisting highlighted its security measures. Amid regulatory pressures shutting down other mixers, Railgun's adoption and support have only increased. From Coinspeaker.

📈 Crypto Market Rebound Expected in August, Liquidations to Finish by July-End: JPMorgan 

JPMorgan predicts the crypto market will rebound in August as liquidations from Mt. Gox, Gemini, and the German government subside by the end of July. The bank lowered its year-to-date net flow estimate from $12 billion to $8 billion. Analysts cite recent declines in $BTC reserves across exchanges as a factor. More at CoinDesk.

🎨 Mocaverse Leads NFT Sales as MOCA Airdrop Begins 

Mocaverse topped daily NFT sales, reaching over $867,340, followed by CryptoPunks and DMarket. The MOCA token airdrop campaign began, boosting Mocaverse’s sales on the $ETH blockchain. Other notable collections like BAYC and Froganas also saw significant sales increases. Full story from Forkast.

🐳 6.57 Trillion Shiba Inu (SHIB) Whale Withdrawals Stun Crypto Exchanges 

Whales withdrew 6.57 trillion $SHIB from exchanges, indicating increased confidence among large holders as exchange wallets reduced their SHIB holdings by 5.53 trillion coins. This trend is seen positively by the community, potentially stabilizing market sentiment. Despite being the 11th largest coin by market cap, SHIB remains last in trading volume among the top five meme tokens. U.Today has more.

💪 Ripple Defies SEC Turmoil to Secure Spot Among Fintech Elite 

Ripple ($XRP), amidst SEC scrutiny, made CNBC and Statista’s prestigious 2024 fintech list, highlighting its innovative approach to digital payments. CEO Brad Garlinghouse continues to criticize SEC Chair Gary Gensler's stance on crypto regulations. RippleNet's growth and regulatory collaboration have bolstered Ripple's position despite ongoing legal challenges. From DailyCoin.

📉 MicroStrategy Announces 10-for-1 Stock Split

MicroStrategy ($MSTR) announced a 10-for-1 stock split for its class A and B common stock, aiming to make shares more accessible to a broader range of investors. The split will be executed via a stock dividend on August 7th, with trading on a split-adjusted basis beginning August 8th. The stock split will not affect voting or other shareholder rights. More at CryptoSlate.

👩‍⚖️ Spouse of Terraform Labs’ Do Kwon Scores Major Victory in South Korean Court 

Ms. Lee, the spouse of Terraform Labs founder Do Kwon, won a legal battle in South Korea, retaining her independently acquired real estate shares and officetel subscription rights. The court ruled these assets were her property, funded through her earnings and crypto investments. This decision challenges the state's assumption that the assets were meant to conceal criminal proceeds. Full story from Bitcoinist.

🔍 SEC Closes Investigation into Paxos, No Securities Charges Against BUSD 

The SEC concluded its investigation into Paxos, the issuer of Binance USD ($BUSD), without recommending any enforcement action. This decision follows a recent court ruling favoring Binance and marks a significant moment in the debate over stablecoins as securities. Paxos sees this resolution as a relief and a step toward greater market certainty. From CryptoBriefing.

📉 Worldcoin Misses 2023 Goal of One Billion Users by 994 Million 

Worldcoin ($WLD), aiming to onboard a billion users by 2023, announced it has verified only 6 million users. The project now needs to scan 2,734 people daily to hit the billion mark by 2026. Despite global restrictions, Worldcoin extended its token grant program and continues operations in regions like Kenya and South Korea. More at Protos.

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