Looking for the latest in the crypto world? We’ve got the scoop. Discover today’s key trends and events affecting Bitcoin prices, blockchain developments, DeFi advancements, NFT movements, Web3 innovations, and regulatory changes. At WEB30NEWS, we bring you the most impactful updates to keep you at the forefront of the digital economy.
Historical Trends Suggest Bitcoin Could Rebound in July
Bitcoin may be set for a strong rebound in July following a nearly 7% decline in June. Historical data from Coinglass, tracking Bitcoin’s monthly returns since 2013, shows that Bitcoin has often bounced back strongly in July, gaining an average of 7.42% when June ended in a downtrend.
Despite the positive historical trends, some analysts are cautious, pointing to potential pressures from large Bitcoin sales by the German government and upcoming Mt. Gox repayments. These factors could influence Bitcoin’s price dynamics in the coming weeks.
Memecoin analyst Murad highlighted Bitcoin’s historical minimum gains of 28% in the first few weeks of every July for the past six years, emphasizing the potential for a significant rebound.
NFT Sales Plunge 44% as Crypto Declines, Memecoins Gain Attention in Q2
The second quarter of 2024 saw a 44% drop in non-fungible token (NFT) sales, coinciding with a broader cryptocurrency market downturn and the rise of memecoins. Data from CryptoSlam shows NFT sales fell from $4.14 billion in Q1 to $2.32 billion in Q2.
Henrik Andersson, chief investment officer at Apollo Crypto, noted that the difficult market conditions, including a 15% decline in Bitcoin and significant drops in many altcoins, contributed to the decline in NFT sales. Additionally, memecoins have drawn attention away from NFTs, with significant trading volumes and new tokens linked to political events and celebrities gaining popularity.
Developments in Bitcoin-based Ordinals may also shift attention from traditional NFTs, suggesting a dynamic and evolving digital asset landscape.
CertiK Moves Blockchain Applications to Alibaba Cloud
Blockchain security firm CertiK has migrated its cloud infrastructure in Asia to Alibaba Cloud, enhancing security and resource efficiency for blockchain development. CertiK will host its suite of 12 blockchain applications on Alibaba Cloud, leveraging its centralized infrastructure for secure Web3 services.
CertiK co-founder Ronghui Gu emphasized the company’s commitment to blockchain technology and the partnership’s potential to empower developers. This migration builds on CertiK’s integration with Alibaba Cloud’s Blockchain as a Service (BaaS) platform, allowing comprehensive security services and future developments in blockchain auditing and penetration testing.
Charles Hoskinson Questions AI’s Censorship and Selective Training
Charles Hoskinson, co-founder of Cardano, expressed concerns about AI censorship and the selective training of AI systems controlled by major tech companies. In a post on X, Hoskinson highlighted the potential dangers of AI systems losing utility due to alignment training.
He pointed out that companies like OpenAI, Microsoft, Meta, and Google, which develop the leading AI systems, are controlled by a small group of people who cannot be “voted out of office.” Hoskinson’s critique included examples of AI chatbots providing cautious responses to technical questions, illustrating concerns about information gatekeeping.
The response to Hoskinson’s post largely agreed with the need for open-sourced and decentralized AI to prevent control by big tech companies.
German and U.S. Governments Transfer $150M in Crypto
The German and U.S. governments have drawn attention with significant cryptocurrency transfers. On July 1, the German government moved 1,500 BTC worth approximately $95 million to multiple crypto exchanges, while the U.S. government transferred 3,375 ETH worth $11.75 million to an unknown address.
These strategic moves by the governments have sparked discussions in the market, reflecting ongoing interest and activity in the management and utilization of cryptocurrency holdings by state entities.
Philippines Allows Social Security Payments in Tether’s USDT
Tether has introduced a new payment option for citizens of the Philippines, allowing them to pay their Social Security System (SSS) contributions in USDT. The SSS is a state-run social insurance program serving employees in various sectors.
In partnership with Web3 shopping and infrastructure firm Uquid, Tether enables USDT payments on The Open Network blockchain. Uquid highlighted the potential for stablecoins like USDT to simplify daily transactions and enhance financial inclusion.
Dogwifhat Jumps 16% — WIF Eyes More Gains as Solana ETF Buzz Grows
The price of Dogwifhat (WIF), a Solana-based memecoin, surged by 16% in one day, reaching a high of $2.34 on July 1. This follows a 60% rebound from its $1.47 lows a week ago. The bullish outlook for WIF is driven by a rare bullish reversal pattern and growing excitement around the Solana exchange-traded fund (ETF) application.
Dogwifhat’s Bump-and-Run-Reversal (BARR) bottom pattern suggests potential gains of 25%, with the current price about 25% below its primary target of $2.81.
Vitalik Buterin Proposes Faster Ethereum Transactions with Single-Slot Finality
Ethereum co-founder Vitalik Buterin has proposed a new approach to speed up transactions on the Ethereum network, potentially reducing layer-1 (L1) confirmations from a few seconds to milliseconds. In a blog post, Buterin suggested moving from the current epoch-and-slot mechanism to a single-slot finality system (SSF).
Buterin highlighted that the Ethereum Merge has already reduced L1 transaction confirmations to 5-20 seconds, comparable to credit card transactions. He emphasized the value of further improving user experience and supporting applications requiring ultra-fast processing times.
The proposed change aims to address complexities and potential bugs in the current system, reflecting ongoing efforts to enhance Ethereum’s scalability and efficiency.
This roundup highlights the latest developments in the cryptocurrency and blockchain space, showcasing the dynamic and rapidly evolving nature of the industry. From regulatory changes and market movements to technological innovations and strategic partnerships, the crypto world continues to capture global attention.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
