After peaking at a year-to-date high at the end of April, monthly registrations on the protocol dwindled.

Ethereum Name Service Saw a Dip in .eth Name Registrations

ENS domain name purchases are made with Ether (ETH). As the price of ETH stagnated during the quarter in review, the cost of gas fees for transactions on the Ethereum Network also fell. 

One might have expected a surge in .eth domain name registrations due to the lower fees. However, interest in this asset class remained low amid general market consolidation, leading to a reduction in spending on domain name registrations by market participants.

On-chain data showed that the count of .eth names registered totaled 20,131 in June. This marked a 30% month-over-month (MoM) decline from the 28,949 .ETH name registrations recorded in May. It also represented a 58% decrease from the peak of 47,704 registrations in April. 

Read More: Ethereum Name Service (ENS): Everything You Need to Know

Further, primary ENS name registrations fell to its year-to-date low at the end of June. A primary ENS name is a unique, human-readable name used to identify and locate a specific Ethereum address. With a primary ENS name, decentralized applications (dAPPs) can find and display such a user’s ENS name when connected to the user’s Ethereum account.

During those 30 days, the number of primary ENS names registered was 14,401, a 39% MoM fall and a 55% decline from the 31,982 primary names registered at the beginning of the year.

ENS Price Prediction: Open Interest Drops After Recent Milestone

BeinCrypto reported earlier that ENS’ derivatives open interest climbed to an all-time high of $153 million on July 1. However, it has since declined. At $80.12 million at press time, ENS’s open interest plummeted by 48% within seven days. 

Open interest refers to the total number of outstanding derivative contracts, such as options or futures, that have not been settled. When it declines, it signals traders are closing their positions without opening new ones. This suggests a decline in an asset’s derivatives market activity. 

This may be a bearish signal as it is often accompanied by a decline in the token’s value. This is true in ENS’ case, as the altcoin’s price has decreased by 25% in the last week.

Confirming that the altcoin is trailed by bearish sentiment at press time, ENS’ Relative Strength Index (RSI) is below its 50-neutral spot at 47.93. At this value, the token’s RSI suggests that selling pressure outweighs buying activity. If this trend continues, ENS’ price may fall to $23.26.

Read More: Ethereum Name Service (ENS) Price Prediction 2024/2025/2030

However, if it witnesses a resurgence in buying activity, the bearish projection above will be invalidated as ENS’ price will charge upward toward $25.68.

The post Ethereum Name Service (ENS) Ends Q2 With Decline in Name Registrations appeared first on BeInCrypto.

This incident highlights the growing sophistication, complexity, and risks of cybercrime, as well as the enormous financial damage phishing attempts still cause globally.

Phishing Masters Pink Drainers Tricked by Fake Wallet Address

An address connected to the Pink Drainers became a victim of address poisoning fraud, according to crypto tracking tool MistTrack. In late June, the infamous phishing outfit lost 10 Ethereum (ETH), valued at about $30,000, to a phony wallet address.

MistTrack covered several Ethereum transactions involving the Pink Drainers in their X (Twitter) post. One picture displays a transaction history with important transfers to both valid and fraudulent addresses. These transactions include the arrival of 20 ETH and many transfers of 10 ETH.

Read more: Crypto Scam Projects: How To Spot Fake Tokens

Furthermore, MistTrack displayed the transfer of money across addresses, including Pink Drainers, a real address (0xEfF0ECD2eB275C3CEE4A17D9B8f10151), and a bogus address (0xEfF0eCD2eB275C3CEE4A17D9B8f101). The transactions reveal address poisoning, with the fake address closely matching the real one, deceiving Pink Drainers.

Scam Sniffer’s Dune dashboard noted that Pink Drainer had stolen $85.29 million from 21,131 victims between July 2023 and May 2024. Highlighting the unpredictable nature of cybercrime, this ironic turn of events saw those who once hunted becoming the hunted themselves.

A recent report from CertiK noted that phishing was the most costly attack vector in the second quarter of 2024, with $433.68 million lost across 67 incidents. These incidents were responsible for most of the financial losses in the cybersecurity field. Phishing attacks led to a substantial $497.73 million loss across 150 incidents in the first half of 2024, highlighting their continuous threat.

The report detailed that phishing attacks have been more frequent than private key compromises, with notable financial implications. One of the most significant losses in Q2 involved a phishing victim who lost approximately $68.59 million in Wrapped Bitcoin (WBTC) due to an address poisoning attack. This attack occurred when the victim sent a small test transaction to a new wallet, unknowingly setting the stage for a massive theft.

Another significant incident involved a phishing victim losing approximately $7.09 million worth of EtherFi (LQIDETH) tokens through address poisoning. The attacker, however, returned some of the stolen tokens. Despite these rare instances of restitution, the vast majority of phishing victims do not see their funds returned.

“You can’t rely on an attacker returning your funds, and an incident where this happens still deserves to be included in the overall figures pertaining to value lost. Others are not so lucky. These two incidents were the only two cases we identified of phishing victims seeing their lost funds returned,” the CertiK team noted in its report.

Read more: 15 Most Common Crypto Scams To Look Out For

Past research by Scam Sniffer revealed that hostile groups like Pink Drainers run with corporate-like efficiency. One gang leaves the scene, and another quickly replaces it. For instance, Angel Drainer emerged following Inferno Drainer’s announcement of his leaving, therefore extending the cycle of cybercrime.

The post Cybercrime Twist: Notorious Pink Drainers Fall Victim to Scam, Lose $30,000 in Ethereum appeared first on BeInCrypto.

This price action reflects market sensitivity to exchange delistings and regulatory actions.

Altcoins Nosedive Following Binance Delisting Announcement

Immediately following the announcement, the affected tokens saw significant price declines. Specifically, DOCK plummeted nearly 30%, MDX dropped by 23.65%, and BOND and POLS both experienced over 17% losses.

The delistings are part of Binance’s periodic review. Often, it adds the tokens under the monitoring tag before delisting them. For instance, on July 1, Binance included 11 altcoins under its monitoring tag, including DOCK and POLS.

“At Binance, we periodically review each digital asset we list to ensure that it continues to meet a high level of standard and industry requirements,” Binance explained.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

The review focuses on several critical factors, such as the project team’s commitment, trading volume, liquidity, network security, and responsiveness to due diligence inquiries.

Trading pairs like BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT will see a trading halt, and all existing trade orders will be automatically removed after delisting. Users must withdraw these tokens by October 22, 2024. If not, Binance might convert the delisted tokens into stablecoins, although this is not guaranteed and will be subject to a future notification.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Furthermore, Binance is making adjustments across various services to phase out these altcoins comprehensively. These changes include delisting from Binance Simple Earn and Auto-Invest, ending margin trading for these tokens, and removing them from Binance Convert and Binance Pay by predetermined dates.

The post Binance Delists 4 Altcoins: Tokens Tumble Double-Digit appeared first on BeInCrypto.

In the news today:-

• South Korea announces the launch of a “continuous monitoring system” for suspicious transactions on crypto exchanges.
  
• USDT issuer Tether’s CEO Paolo Ardoino stated that this is the only way to “protect people privacy and ensure resilience/independence.”

The Crypto Market Slides

The total crypto lost a critical support level of $2.00 trillion as the market witnessed outflows worth almost $150 billion. This drawdown added to the ongoing decline in the crypto market, bringing the TOTAL down to $1.95 trillion.

The next critical support is at $1.88 trillion, and a decline to this level is possible, given the recent positive Nonfarm Payrolls report. In June, jobs in the US rose by 206,000, exceeding expectations of 190,000, albeit lower than May’s 218,000.

Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Nevertheless, the jobs report’s impact on the crypto market will likely be negative. TOTAL would need to reclaim $2.00 trillion as support to recover from this.

Bitcoin’s Price Slips Under $55,000

Bitcoin’s price witnessed a sharp 4% drawdown in the last 24 hours, bringing the trading price to $54,300. The drop below $55,000 is concerning for investors as this is the last critical support before BTC falls to $50,900. 

This level is the target set by the double top pattern formed in March and July, which suggests another 8% drawdown is likely.

Read More: Bitcoin Halving History: Everything You Need To Know

However, recovery is possible if the crypto asset bounces back and flips $55,000 into support again. This would be crucial in driving BTC back to $58,800.

Brett Leads The Meme Coin Decline

Brett’s price noted a 22% drawdown as meme coins followed the broader market cues to register a drop. The altcoin is now changing hands at $0.102, down from $0.135. Since the meme coin does not have a standing of its own at the moment, the crypto asset will follow Bitcoin’s lead.

This could lead to a fall below $0.100, potentially resulting in a monthly low for Brett’s price.

Read More: 7 Best Base Chain Meme Coins to Watch in July 2024

However, the meme coin is still above the support of $0.100, which gives the altcoin an opportunity to recover. The expectations are a climb back to $0.14, and if successful, it could invalidate the bearish thesis.

The post Why Is the Crypto Market Down Today? appeared first on BeInCrypto.

The last few hours have been particularly turbulent, with significant fluctuations and liquidations characterizing the market.

Bitcoin Causes Liquidations of Over $100 Million in the Last 4 Hours

Despite a promising attempt at recovery on Sunday, Bitcoin faced stiff resistance that led to a sharp decline. Within just four hours, the market experienced liquidations totaling $113 million, comprising $70 million from long positions and $42.64 million from short positions. Overall, nearly $250 million worth of trades were liquidated in the past 24 hours, indicating persistently choppy conditions.

Avinash Shekhar, co-founder of the crypto derivative exchange Pi42, provided insights into the market’s volatility in an interview with BeInCrypto.

“Bitcoin’s price is locked in a tug-of-war between bulls and bears. Sellers pulled the price down to near $53,500 on July 5, yet lower levels attracted buying by the bulls. Then, bears again drove the price down from $58,300 to $54,200 in the morning of July 8,” Shekhar told BeInCrypto.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Meanwhile, Metaplanet, a Japanese investment firm, has taken strategic steps to strengthen its position in the crypto market. On July 8, it announced a purchase of 42.47 Bitcoin, roughly worth around $2.35 million.

This happened after the company announced on June 24 that it would issue a $6.2 million bond to bolster its Bitcoin holdings. The decision aims to enhance Metaplanet’s financial stability by incorporating Bitcoin as a reserve asset. The firm seeks to mitigate risks associated with Japan’s economic challenges, including high government debt and sustained negative real interest rates.

Meanwhile, potential selling pressures loom from Mt. Gox investors and the German government. Recent reports indicate that Bitcoin addresses linked to German authorities transferred 700 BTC, valued at $40.47 million, to an unidentified ‘139PoP’ address this past weekend, as identified by Arkham’s on-chain analytics.

This activity is part of a broader pattern of behavior from the German government, which has recently moved significant quantities of Bitcoin to major exchanges such as Coinbase, Bitstamp, and Kraken. These moves followed the seizure of 50,000 BTC earlier in the year from the film piracy site Movie2k.

Read more: Who Owns the Most Bitcoin in 2024?

The balance between optimism and caution in the crypto market continues to provoke debate and speculation among stakeholders. However, the sentiments are more aligned towards fear. The crypto fear and greed index indicates a score of 28, which is in the fear zone.

The post Bitcoin Drops to $54,200 After Weekend Recovery appeared first on BeInCrypto.

These developments could have far-reaching implications, prompting market participants to stay vigilant and informed.

Major Crypto Legislation Faces Key Vote in Congress

This week, US lawmakers will vote on H.J. Res. 109, aiming to overturn the controversial SEC Staff Accounting Bulletin 121 (SAB 121). House Majority Leader Steve Scalise’s weekly schedule suggests that the resolution could be considered on Tuesday or Wednesday.

This bulletin requires financial institutions to list their customers’ digital assets on their balance sheets. Critics argue that this rule keeps digital assets outside the US financial system.

Both the House and Senate approved the repeal of SAB 121 in May. Still, President Joe Biden vetoed the bill, emphasizing his administration’s commitment to not supporting “measures that jeopardize the well-being of consumers and investors.” Many industry experts and investors believe this will be a crucial vote for the broader crypto industry.

Spot Ethereum ETF Approval on the Horizon

Market watchers are abuzz with expectations surrounding the potential approval of spot Ethereum (ETH) exchange-traded funds (ETFs). After several asset managers updated their S-1 forms, experts predict these ETFs could launch soon.

Bloomberg Intelligence’s ETF analysts, James Seyffart and Eric Balchunas, suggest that these ETFs “could potentially list later next week or the week of July 15.” Nate Geraci, president of ETF Store, echoes this sentiment.

“Will be shocked if spot ETH ETFs are not trading within the next 2 weeks. Later next week is a possibility, but I think the week of July 15 is more likely,” he noted.

The SEC’s approval process remains critical for these ETFs to commence trading. While the SEC has approved the 19b-4 forms, issuers still need their S-1 forms approved to proceed.

Despite the optimism surrounding the final approval of these ETFs, the price of ETH has decreased significantly since the approval of the 19b-4 forms in late May. According to BeInCrypto data, ETH is now trading at $2,887, marking a roughly 26% decrease since the preliminary approval date.

Read more: Ethereum ETF Explained: What It Is and How It Works

US CPI Data Release and Its Market Implications

Another critical event this week is the US Consumer Price Index (CPI) data, scheduled for release on July 11. The previous CPI data for May showed no month-to-month increase, which offers some respite to inflation concerns.

Projections from the Federal Reserve Bank of Cleveland suggest that the monthly increase in headline CPI inflation for June will be 0.08%, with core CPI inflation, excluding food and energy, at 0.28%. Although these estimates are not always precise, they are generally accurate in indicating where monthly inflation figures might land.

Nonetheless, the Federal Reserve will closely monitor the upcoming figures to gauge inflation trends and make informed policy decisions. This data will be considered at the central bank’s next policy meeting on July 30-31.

Lower inflation figures could indicate economic stability, potentially boosting investor confidence and driving capital into riskier assets like cryptocurrencies. Conversely, if inflation exceeds expectations, the Federal Reserve may opt to hold or raise interest rates, injecting uncertainty into the markets.

Due to their volatile nature, cryptocurrencies could undergo significant price changes in reaction to these economic indicators. Thus, investors should actively monitor CPI data and the Fed’s decisions to navigate the market.

Jupiter’s Supply Reduction Proposal

Jupiter, a Solana-based decentralized exchange (DEX), is set to implement a significant change in its tokenomics with a proposal to reduce the total supply of its native token, JUP, by 30%. This proposal, shared by the pseudonymous co-founder Meow, includes a voluntary team cut of 30% from their allocated tokens and a corresponding reduction in Jupuary emissions. The governance vote on this proposal will occur somewhere in July.

Meow emphasized that these changes are possible because Jupiter does not have direct investors, allowing the team to make bold moves to optimize the platform’s tokenomics. The proposed changes aim to address high emissions levels, streamline the platform’s financial structure, and engage the community more deeply in Jupiter’s long-term vision.

Read more: Top 7 Projects on Solana With Massive Potential

Vela V2 Launch and Upgrades

Vela, an Arbitrum-native perpetual DEX, will launch its Vela V2 on July 8. This version brings upgraded tokenomics, a new trading competition, and enhanced features to the platform.

Vela V2 includes flexible vesting options, governance voting, and a simplified staking page. Additionally, to incentivize participation and reward active users, Vela V2 will introduce a 500,000 ARB prize pool in Grand Prix Season 3.

Xai and Other Major Token Unlocks This Week

Xai, a layer-3 (L3) solution designed for AAA gaming, will unlock nearly 200 million XAI tokens on July 9. The amount, worth around $55.18 million, accounts for 71.59% of its circulating supply. Therefore, this token unlock has sparked discussions among the crypto community about its potential impact on XAI’s price.

Additionally, Aptos will unlock a significant amount of its native token, APT. TokenUnlocks data shows that the layer-1 (L1) blockchain will distribute 11.3 million APT among community members, core contributors, and investors on July 12. This figure represents 2.49% of its circulating supply, valued at approximately $62.88 million based on the current market price.

Other projects like Immutable (IMX) will also hold token unlocks over the same period. Read this article for further detailed information on major crypto token unlocks this week.

The post Top Crypto News This Week: Potential Ethereum ETF Approval, US CPI Data Release, and More appeared first on BeInCrypto.

The investors witnessed major losses, but this might not deter the large wallet holders from continuing their buying sprees.

PEPE Hits the Bears Hard

PEPE price noted a minor 9% rise in price in the last 24 hours, leaving the market in shock. Not because it resulted in the initiation of recovery but because it led to massive short liquidations.

According to the data obtained on Coinglass, the meme coin noted $17 million worth of short liquidations in a single day. This is the largest liquidation in the meme coin’s history, which shows that the bears were expecting an additional decline in the PEPE price this weekend.

But as terrible news for the bears, it proved to be bullish for other investors, namely the top addresses, including whales. These non-exchange addresses hold the largest amount of PEPE over other individual addresses.

In the last three weeks, these investors bought more than 1.5 trillion PEPE worth more than $13 million. This shows that the top holders, rather than turning bearish over the decline, observed it as an opportunity to accumulate. This would prove to be profitable once the price recovers.

Read More: Pepe: A Comprehensive Guide to What It Is and How It Works

PEPE Price Prediction: Reclaiming the Uptrend

PEPE price lost the uptrend that had been unbroken since mid-April earlier this week. As a result, the meme coin fell from $0.00001146 to $0.00000889 at the time of writing. The slip below $0.00001000 was a crucial bearish moment, leading to many believing further decline is on the cards.

However, the green candlestick from 24 hours ago could be the first sign of recovery. If the meme coin multiplies $0.00001000 into support again, it could rise to $0.00001146 to recover the recent losses.

Read More: Pepe (PEPE) Price Prediction 2024/2025/2030

But if this fails, a drawdown to $0.0000775 is also possible, followed by consolidation under $0.00001000. This would invalidate the bullish thesis.

The post PEPE Price Rising by 9% Causes Largest Liquidation in History   appeared first on BeInCrypto.

The best shot MATIC has at recovery will come not from the market but from the investors first.

Polygon Investors Are Still Optimistic

MATIC’s price will be heavily influenced by its investors, who persist in their optimism despite the bearish cues. Despite the recent decline in its price, MATIC’s adoption rate remains steady at 34%, which indicates that the Polygon native token continues to attract interest from potential investors.

The steady adoption rate suggests that MATIC’s underlying value proposition and utility are being recognized, even in the face of market volatility. This consistent interest is a positive sign for the token’s long-term prospects as it continues gaining market traction.

Read More: How To Buy Polygon (MATIC) and Everything You Need To Know

Interestingly, MATIC investors’ weighted sentiment is also largely positive. This optimistic outlook is notable given the recent losses many investors have experienced.

Despite their financial setbacks, the positive sentiment among investors suggests a strong belief in MATIC’s future potential. This confidence could be a crucial factor in driving future adoption and investment.

MATIC Price Prediction: Breaking the Barriers

MATIC price under $0.50 is disappointing since this is a key psychological support level. Breaching it would result in a potential incline to $0.60, the next major resistance level for the altcoin.

However, the chances of a successful breach are slightly low, considering the barrier remained unbroken throughout the second half of June.

Read More: Polygon (MATIC) Price Prediction 2024/2025/2030

Nevertheless, if $0.50 is never flipped into support, the altcoin could fall further. This could invalidate the bullish thesis, sending MATIC to $0.45.

The post Polygon Investors Could Flip the Glacial Pace of MATIC Price Recovery   appeared first on BeInCrypto.

The bill, unanimously passed by both chambers of North Carolina, aimed to prevent the implementation of any CBDC issued by the US Federal Reserve within the state.

Why North Carolina Vetoed CBDC Bill

Governor Cooper vetoed the bill due to its vagueness and reactionary nature. He argued that the bill would not address an immediate threat. Instead, he urged the legislature to focus on passing a budget to tackle existing cybersecurity threats.

“Efforts are being made at the federal level to ensure standards and safeguards are in place to protect consumers, investors and businesses that may want to make monetary transactions in digital assets and North Carolina should wait to see how they work before taking action,” he added.

Read more: Digital Rupee (e-Rupee): A Comprehensive Guide to India’s CBDC

However, crypto stakeholders criticized the governor’s decision, describing CBDCs as potential tools for government surveillance and economic manipulation. Notably, the North Carolina Blockchain Initiative, a pro-crypto industry group, expressed disappointment over the veto of the bipartisan bill.

“The North Carolina Blockchain Initiative has worked tirelessly to educate and support important legislation like HB 690. It’s unfortunate that Gov. Cooper vetoed this bipartisan bill,” the group wrote.

Meanwhile, the governor’s veto might not be the final word on the bill. Market experts noted that the state’s legislature could still override the veto with a two-thirds majority vote in both chambers.

CBDCs are blockchain-based versions of government-issued currency designed to expedite fiat currency transactions. According to the Atlantic Council CBDC tracker, these currencies have gained global traction, with an overwhelming majority of nations and currency unions—comprising 98% of the global GDP—contemplating their implementation.

In the US, opinions on CBDCs are divided along party lines. Democrats, like Senator Elizabeth Warren, support the assets, while Republicans, such as Senator Ted Cruz and Donald Trump, oppose them. Notably, Trump has vowed to prevent the introduction of such currencies if he is re-elected as US president in the coming November elections.

Read more: Digital Rupee Tutorial — How to Use India’s CBDC e-Rupee

Despite the drama surrounding these currencies, the Federal Reserve remains skeptical about launching a CBDC. The financial regulator’s website states that no decision has been made regarding issuing a CBDC. It also notes that any action would require legal authorization.

The post North Carolina Governor Vetoes Bill Blocking Federal CBDCs appeared first on BeInCrypto.

CEO Paolo Ardoino revealed this on X, stating that these models could have prevented last year’s hack of OpenAI.

Tether is Working on Decentralized AI Models

Reports indicate that a hacker infiltrated OpenAI’s internal messaging systems to steal information about the company’s AI product designs. However, the attackers couldn’t access the system that was housing the AI development.

While this incident was disclosed to employees and the board of directors in an April 2023 meeting, the company failed to publicize the news and did not report the hack to law enforcement agencies. The firm’s silence has drawn severe scrutiny, and some have criticized its handling of the situation. However, Ardoino believes the situation would have been prevented if the firm ran a locally executable AI model.

Read more: How to Buy and Store the Different Types of Tether

Ardoino explained that these models better protect users’ privacy and ensure system resilience and independence. He noted that new-generation smartphones and laptops are powerful enough to fine-tune general large language models (LLMs) with users’ data, allowing enhancements to be preserved locally on the device.

“Locally executable AI models are the only way to protect people privacy and ensure resilience / independence. New generation smartphones and laptops are more than powerful enough to fine tune general LLMs with user’s own data, preserving enhancements locally to the device,” Ardoino said.

Ardoino further hinted that the company was working on these solutions by ending his comment with a “WIP [Work in progress]” conclusion.

This revelation aligns with Tether’s new AI division, which aims to capitalize on the AI trend. The firm seeks to pioneer the development of open-source, multimodal AI models that would set new industry standards. Already, the firm has made substantial investments in AI companies like the Northern Data Group.

“Tether data plans to pioneer the development of open-source, multimodal AI models to set new industry standards, driving innovation and accessibility within AI technology,” Tether stated.

Read more: What Is a Stablecoin? A Beginner’s Guide

Tether’s AI unit will build AI models and spearhead collaborations to integrate AI solutions into market-driven products. The unit also aims to advance the field of open AI.

The post Tether CEO Paolo Ardoino Reveals How OpenAI Hack Could Have Been Prevented appeared first on BeInCrypto.

However, looking at the market’s conditions, it would be wise to hold off for now and wait until the right buying opportunities are present.

Ethereum Accumulation Is Not Ideal

Ethereum’s price has just returned above $3,000, and many consider this an accumulation opportunity. However, despite the slight price rise, the broader market cues are still bearish.

One of these is the fact that the most influential cohorts of any asset, the whales, are vanishing from the network. This is observed in the total addresses with balances of more than $100,000 and $1 million.

Within a week, the total number of whales has declined by 14% from 150,000 to 130,000. This is not HODLing or selling but a straight-up exit, which is concerning.

Read More: How to Invest in Ethereum ETFs?

On the other hand, the Market Value to Realized Value (MVRV) ratio presents an opportunity. The MVRV ratio assesses investor profit or loss. Ethereum’s 30-day MVRV sits at -10.4%, signaling losses and potentially prompting accumulation. Historically, ADA corrections occur within the -5% to -13% MVRV range, labeling it an opportunity zone.

However, even with ETH in the opportunity zone, another factor, in addition to the whales’ disappearance, must be considered.

ETH Price Prediction: Securing the Support Floor

While above $3,000, Ethereum’s price has still not secured the 23.6% Fibonacci Retracement line as support. This line is also known as the bear market support floor, and flipping it could enable recovery.

Following this, investors can begin accumulating, which would increase their chances of seeing profits again. Until then, it would be wise to practice caution.

Read More: Ethereum (ETH) Price Prediction 2024/2025/2030

This is because, in the uncertain event where Ethereum’s price dips below $3,000 again, it could slide to $2,800. This would lead to consolidation for ETH and also invalidate the bullish thesis.

The post Ethereum (ETH) Price Is a Tad Bit Away From Triggering Accumulation   appeared first on BeInCrypto.

However, factors like lack of liquidity or early investor profit-taking can significantly impact an asset’s dynamics. Here are three major token unlocks to watch next week.

Xai (XAI)

• Unlock date: July 9
• Number of tokens unlocked: 198.4 million XAI
• Current circulating supply: 277 million XAI

Xai is the world’s first Layer 3 solution designed specifically for AAA gaming. Utilizing Arbitrum technology, Xai prioritizes simplicity and ease of use by removing the complexities of wallet management. This approach makes blockchain integration a seamless part of the gaming ecosystem.

On July 9, the project will unlock nearly 200 million XAI tokens, exceeding 70% of the current circulating supply. This massive release has sparked active discussions within the crypto community about its potential impact on the altcoin’s price.

“Obviously its a bearish event, but after its done that coin becomes interesting again. Been dumping for 5 weeks in a row, lost over 63% since the last bullish swing. Volume is growing high. Make sense to watch it closely next week and week after,” prominent crypto trader Zen wrote.

Read more: The 6 Best Cryptocurrency Powered Games in 2024

Immutable (IMX)

• Unlock date: July 12
• Number of tokens unlocked: 32.47 million IMX
• Current circulating supply: 1.5 billion IMX

Immutable is a Layer-2 solution for scaling NFTs on the Ethereum blockchain. In September 2021, the project raised $12.5 million during the IMX token sale on the CoinList platform in just one hour. In March 2022, it closed a $60 million investment round and secured an additional $200 million from investors, including ParaFi Capital, Declaration Partners, and Tencent Holdings.

On July 12, the circulating supply of IMX will increase by 32.47 million tokens. These newly unlocked tokens will be allocated to the development of the project and the broader Immutable ecosystem.

Read more: Layer-2 Crypto Projects for 2024: The Top Picks

Aptos (APT)

• Unlock date: July 12
• Number of tokens unlocked: 11,3 million APT
• Current circulating supply: 453 million APT

Aptos is a Layer-1 blockchain that aims to deliver a safe and scalable infrastructure for decentralized applications. Built with a focus on security and performance, it leverages new technologies to elevate the blockchain experience.

While Aptos can be considered one of the most successful blockchain projects of the last couple of years, it often faces criticism from the crypto community for its tokenomics, which is heavily influenced by venture capital. A significant portion of APT tokens remains locked. On July 12, the project will distribute 11.3 million APT among community members, core contributors, and investors.

Read more: Where To Buy Aptos (APT): 5 Best Platforms for 2024

Other next-week unlocks include dYdX (DYDX), io.net (IO), and Moonbeam (GLMR), with a total value exceeding $190 million.

Although many consider token unlocks bearish, a well-planned schedule can strengthen a project’s long-term viability. Aligned with milestones and development progress, unlocks will motivate team members, boost community engagement, and promote ecosystem growth.

The post 3 Token Unlocks to Watch Next Week appeared first on BeInCrypto.