DeFi plan of Donald Trump Jr.

August 09, 2024

Reading time: 5 minutes

Bitcoin ETF options closer to SEC approval, analysts reveal

Key points:

  • CBOE refiles the application for Bitcoin ETF options with more details.

  • Final approval is still months away, with multiple regulatory hurdles.

News - The crypto industry is edging closer to the launch of options trading on spot Bitcoin ETFs, a development that could significantly impact the market.

After months of anticipation, there are growing signs that the SEC may be inching toward approval.

A recent filing by the CBOE, which included a more detailed application for Bitcoin ETF options, has fueled speculation about potential progress. Industry experts believe this increased scrutiny could indicate that the SEC has provided feedback on the initial proposal.

While the final decision is still months away, with multiple regulatory hurdles to clear, the potential for Bitcoin ETF options has generated significant excitement.

These derivatives could offer investors new strategies for managing risk and potentially boosting returns. However, it's important to note that the SEC's approval is not guaranteed, and there's a possibility of further delays.

Donald Trump Jr. to launch DeFi platform to address financial inequality

Key points:

  • The Defi platform will aim to address banking inequality.

  • Jr. Trump denied association with RTR memecoin.

News - Donald Trump Jr. has revealed plans to launch a decentralized finance (DeFi) platform aimed at challenging traditional banking systems. The announcement follows speculation about a potential memecoin launch, which Trump Jr. has explicitly denied.

In a recent Q&A session, Trump Jr. emphasized the platform's focus on addressing inequality in banking access. He explained that the project is still in its early stages and will require significant development time before it becomes a reality.

Trump family’s involvement in crypto - The Trump family has been actively engaged in the crypto space, with both Donald Jr. and his brother Eric expressing enthusiasm for the technology.

However, they have both publicly denounced any association with the RTR memecoin, which experienced a sharp price decline following their statements.

As the details of the new DeFi platform remain scarce, it's unclear how it will differentiate itself from existing offerings or what specific challenges it aims to address. Nonetheless, the announcement has generated significant interest within the crypto community.

Key points:

  • Chainlink price remains stable amid market downturn.

  • Coin Holding Time metric shows increased investor confidence.

News - Chainlink has bucked the recent market downturn, demonstrating resilience amidst broader cryptocurrency volatility. While other digital assets experienced significant price declines, LINK has managed to maintain relative stability around the $10 mark.

A closer look at Chainlink's Coin Holding Time metric reveals a substantial increase over the past week, indicating that investors are holding onto their LINK tokens rather than selling.

Investors are confident - This behavior suggests a strong belief in the long-term prospects of the cryptocurrency and a willingness to weather short-term market fluctuations.

Furthermore, the Bulls and Bears Indicator for Chainlink is currently favoring bullish sentiment. This metric compares the buying and selling pressure within a 24-hour period and suggests that the token may be poised for a price recovery.

While the overall market remains uncertain, Chainlink's investor behavior and technical indicators offer a glimmer of hope for those holding the cryptocurrency.

Binance steps up security efforts, recovers $73M in stolen funds

Key points:

  • Binance recovers $73 million in stolen user funds in 2024.

  • Majority of recovered funds are linked to external hacks.

News - Binance, the world's leading crypto exchange, has announced a significant achievement in its fight against cybercrime.

The platform's security team has successfully recovered or frozen over $73 million in user funds stolen in external hacks as of 31 July 2024. This figure surpasses the total recovered funds for the entire year of 2023.

The exchange attributes the majority of these recoveries to external hacks, exploits, and thefts, with the remaining portion linked to scams operating outside the Binance platform.

While the exact reasons for the increase in recovered funds remain unclear, the announcement comes amidst Binance's ongoing efforts to enhance its reputation as a compliant and secure financial institution.

Despite these positive developments, the broader crypto industry continues to face challenges. The first half of 2024 witnessed a surge in cyberattacks, with DeFi protocols emerging as the primary targets. Hackers employed sophisticated techniques, resulting in substantial losses for the ecosystem.

Interesting facts

  • Ruja Ignatova, accused of a $4 billion scam through fake crypto OneCoin, vanished in 2017. On the FBI's 10 Most Wanted list, she's believed to have armed guards and altered her appearance.

  • BitClub Network was a $722 million fraudulent cryptocurrency scheme that solicited money from investors in exchange for shares of purported cryptocurrency mining pools and rewarded investors for recruiting new investors into the scheme.

  • Sam Bankman-Fried, the founder of the FTX exchange, perpetrated one of the biggest financial frauds in American history. The exchange’s downfall erased about $1 billion in customer funds.

Top 3 coins of the day

Avalanche (AVAX)

Key points:

  • AVAX traded at $21.72, at the time of writing.

  • The price recovered by 5% over the last 24-hours.

What you should know - Avalanche's price has been under pressure, struggling to break through the long-standing resistance level of $37.39. A more critical blow came with the loss of the $21 support on 4 July, signaling a significant bearish shift. Trading volume spiked as the price breached the $21 support, indicating heavy selling activity. This downward momentum suggests that the next support level at $15.75 could be tested. While the RSI is nearing oversold territory, indicating a potential short-term rebound, the overall bearish trend remains dominant. Essentially, AVAX is in a precarious position. A sustained break below $15.75 could lead to further price declines.

Polygon (MATIC)

Key points:

  • MATIC has been trading in a descending channel for over 3-months now.

  • It was changing hands at $0.4266, at the time of writing.

What you should know - MATIC has been trapped in a downward channel since the start of the year, indicating a persistent bearish trend. The token has repeatedly bounced off the channel's upper boundary, demonstrating its inability to break free from this downtrend. Currently, MATIC is hovering near the lower channel support, suggesting potential for a short-term rebound. While the MACD hints at a possible bullish crossover, the overall bearish channel structure remains a dominant force. Trading volume has been relatively stable, lacking the explosive power needed to drive a significant price move in either direction. Until MATIC decisively breaks out of the descending channel, the bearish outlook will persist.

Sui (SUI)

Key points:

  • SUI has been performing better than its competitors of late.

  • It was up 25.24% in the past seven-days.

What you should know - SUI has experienced a significant price surge, pushing its value up by over 80%. The coin is currently testing the upper Bollinger Band, indicating heightened volatility and potential overbought conditions. This rapid ascent has been accompanied by a surge in trading volume, signaling strong buying interest. Encouragingly, SUI has breached both the 50-day and 100-day Moving Averages, suggesting a potential bullish trend reversal. Moreover, the positive Money Flow Index (CMF) supports the notion of strong buying pressure. However, given the proximity to overbought territory, a correction or consolidation phase cannot be ruled out.

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