News Updates July 03, 2022

1. BTC retraces to $18,800 previous low, break lower next? Bitcoin price analysis is bearish today as we have seen strong rejection for further upside yesterday and a steady decline towards the previous low. Therefore, if the momentum continues, we expect BTC/USD to break even lower and look to target the $18,000 previous swing low. The market has traded in the red over the last 24 hours as slight bearish momentum returned across the board. The leader, Bitcoin, declined by 1.17 percent, while Ethereum lost over 0.89. The rest of the top altcoins have followed close by.

2. Bitcoin Will Be a Failure Even If It Hits $100,000, Says "Black Swan" Author

Bitcoin promoters are betting on an eventual recovery that will vindicate their strength of conviction. However, even if the flagship cryptocurrency manages to surge to as high as $100,000 during another bull market, it will still be a failure, according to Nassim Taleb.  

The famed mathematician explains that the leading cryptocurrency has failed as a hedge against inflation. In fact, it has actually acted with opposite properties. 

As reported by U.Today, Taleb believes that the ongoing cryptocurrency winter may degrade into a full-blown “ice age,” meaning that prices will not recover for a long period of time (if ever).   

The “Black Swan” author has also taken aim at “bitidiots” like El Salvador President Nayib Bukele who still claim that Bitcoin is cheap in a recent tweet. The self-proclaimed “world’s coolest dictator” continues to gamble away taxpayer money. Earlier this week, Bukele bought another 80 Bitcoins despite the fact that El Salvador, one of the poorest countries in the western hemisphere, had lost more than $50 million because of his ill-timed Bitcoin purchases.

3.  3 Reasons Why Bitcoin Might Retrace in Upcoming Week and Reach $22,000

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

* Bitcoin reaches local support zone

* Selling volume is fading

* Potential return of institutional investors

Unfortunately for most traders on the cryptocurrency market, Bitcoin could not break the local resistance of $22,000 and then started to slowly retrace to the $20,000 price range, which then led to the drop below $19,000. Luckily, there are at least three reasons why the market might feel the relief next week.

 *Bitcoin reaches local support zone*

Back on June 17, the daily candle on the Bitcoin chart closed at $18,596, which became the local bottom for the digital gold, which then bounced back above $20,000 the next day. Such strong volatile movement creates a potential reversal point for the future price performance of an asset.

As for now, Bitcoin needs to lose around $200 from its price to reach the support. Unfortunately, there is no guarantee that the "orange coin" will bounce right off the mentioned support line, as it still needs a significant volume of inflows.

 *Selling volume is fading*

The fading volume usually acts as the main reversal indicator for any kind of rally, both bearish and bullish. With Bitcoin, volume profiles show that bears are actively losing their power on the market and might not be able to support the downtrend anymore.

4. Israel’s regulator teases comprehensive crypto framework at ICC

This year’s annual Israel Crypto Conference was focused on regulation and CBDCs: The regulated status of cryptocurrencies would open many doors of possibilities.

In his monthly crypto tech column, Israeli serial entrepreneur Ariel Shapira covers emerging technologies within the crypto, decentralized finance (DeFi) and blockchain space, as well as their roles in shaping the economy of the 21st century.

While regulation is always a hot topic for the crypto scene, it is always interesting to take a sneak peek behind the curtains and get a sense of how the people writing the rulebook see the state of the game. In late May, Israel’s crypto enthusiasts and entrepreneurs got a chance to do just that as they converged for the annual Israel Crypto Conference, taking place on May 23–25.

DeFi: Who, what and how to regulate in a borderless, code-governed world?

Israel’s authorities have quite an ambivalent relationship with digital assets. A year ago, the country’s central bank, the Bank of Israel (BoI), was experimenting with a blockchain-based digital shekel based on Ethereum — a private, siloed fork, judging by the reports at the time. The body has a positive outlook for a digital national currency, as it revealed in May 2021, deeming the prospect to be beneficial for the Israeli economy. Later on, in November, Bank of Israel governor Amir Yaron told Reuters the body was stepping up its research efforts into the digital shekel and that the country was looking to spearhead the push into central bank digital currencies.

 *US central bank digital currency commenters divided on benefits, unified in confusion*

According to María Luisa Hayem, El Salvador’s Minister of Economy, who also spoke at ICC 2022, this is exactly what happened with El Salvador after adopting Bitcoin as legal tender. The country had drawn in innovative companies looking to play-test their products with an eye on larger regional expansion, she told the attendees, welcoming them to join in. Israel could do the same for the larger Middle East, showcasing a new-generation economy powered by a strong and resilient blockchain infrastructure. It could even give Israel another common ground to explore with other forward-thinking nations in the region, such as the United Arab Emirates, which is also experimenting with the blockchain, and further advance its regional integration.

All in all, Israel, like many other nations, stands a lot to win from opening up to blockchain and crypto assets. So, it’s no surprise that everyone I spoke with at the ICC was looking forward to more government action because certainty, in any shape or form, is the ultimate precondition for that to happen.

5. Upcoming Crypto Events | OGN Snapshot Window | July Week 2.

The entire crypto space is still in the red zone. The ‘king crypto’ Bitcoin is down by 11% over the last 7 days and is currently trading at $19,161. This article is a compilation of some of the upcoming crypto events set to take place this week.
Furthermore, this article helps to keep readers abreast of upcoming events. Some of these forthcoming crypto events include product launches, airdrops, updates, testnet launches, etc. Let’s find out some more upcoming crypto events.

1. Origin Protocol OGN Snapshot Window
Origin Protocol is known for its record-breaking NFT sales and is ready to launch its OGV airdrop. The airdrop will take place after the OGN snapshot window from July 5 – 12, 2022.

2. GMX Frontend Updates
Decentralized perpetual exchange GMX reveals some strategic updates set to launch on its Frontend. One major update is the splitting of the GMX informational website.

Also, these updates will go live on July 6, 2022. Users will also receive more information about the updates soon. Moreover, GMX facilitates the decentralized perpetual trading of top cryptos like Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), etc.

3. ChangeNOW Wallet Adds Support For ZEC and DASH
Top crypto wallet reveals plans to support ZEC and DASH tokens. In line with this, the integration of both ZEC and DASH tokens to the NOW wallet is currently underway. According to reports, the integration is set to be complete on July 6th, 2022.

4. WAX Blockchain NFT Series
Wax blockchain will support the launch of the new hot wheels NFT series. The series will include 50 new car collectibles. From July 7th, 2022, users will be able to receive the 50 new car NFT series in five (5) rarities.

5. PembRock Finance Farming Testnet Launch
Finally, PembRock Finance is set to launch its farming testnet. In addition, the launch will take place on Monday, July 4th, 2022. It will also include the addition of important features like Lending, Farming, etc.