Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Crypto exchange Bybit will be withdrawing its services from France in response to regulations in the country. From Aug. 2, French users will no longer be able to purchase any products from Bybit or add to their positions. All deposits to French user’s accounts will also be restricted. In May, France’s financial regulator, Autorité des Marchés Financiers (AMF) issued a warning to remind citizens that the exchange had been blacklisted. The company has been blacklisted since May 2022. Companies need to have a digital asset service provider license to be able to operate in France while Bybit does not have one.  

Peter Schiff, a well-known crypto skeptic, shared his thoughts on the large Bitcoin portfolio of the two market giants. MicroStrategy owns 226,500 BTC, while the IBIT ETF holds 343,387.46 BTC. Schiff suggests the companies may have to sell their BTC bags. Schuff’s new post suggests that MicroStrategy may be under pressure from creditors, who may force the company to sell its crypto assets. BlackRock’s IBIT ETF could be forced to sell Bitcoin if its investors decide to get out of it to cut their losses. 

The stablecoin market has reached a significant milestone, soaring to a two-year high with market capitalization reaching $164 billion. This impressive growth has been driven primarily by Tether (USDT). Tether (USDT) currently dominates the stablecoin market, holding a commanding 70% share. Circle stablecoin USDC holds a 21% market share. Smaller players, including DAI, FDUSD, and TUSD, maintain their presence with smaller market shares. Despite USDT’s overall market dominance, DAI and USDC lead in on-chain volume. DAI processes 58% of the total volume, while USDC handles 22%.

Ripple CTO David Schwartz recently took a stand against scammers attempting to deceive users on social media. Amid the buzz created by the Coinbase-centered discussion on X, some scammers wishing to capitalize on the moment took the chance to make their suggestions in the fake comments. The scammers suggested contacting Coinbase email support to resolve the issue while providing a fraudulent link. Recognizing the threat, Ripple CTO David Schwartz swiftly flagged these links as scams, alerting the crypto community and highlighting the significance of vigilance on the cryptocurrency market.

Shiba Inu has experienced a staggering 625% surge in large holder inflows, signaling a wave of bullish sentiment among large players. Large Holders Inflow tracks the funds going into whale-owned addresses and may indicate significant buying activity. This might be because many of these addresses buy on centralized exchanges and transfer their purchases to cold storage. A surge in large holder inflows can also indicate price bottoms since these addresses prefer to buy in bulk after significant drops. Shiba Inu netflows also went up 2,393% in the same time frame.

The trading volume of derivatives on Cardano (ADA) has skyrocketed recently, recording a staggering 31% increase in the last 24 hours. The data reveals a turnover of $457.71 million in Cardano perpetual futures during the period under review. The trading volume on the spot markets for Cardano has also soared – 20% in 24 hours, with a final figure of $358 million. This brings the total trading volume across all markets for ADA to over $800 million. The increased activity on Cardano is because the price of ADA has reached a major support level at $0.38.

Today a smart money with a trading history of an impeccable 100% win rate has bought 4,000 ETH tokens worth $12.58 Million again. This investor has bought and sold Ethereum 7 times from Nov 21, 2022, and May 23, 2024. Notably, the investor buys at low prices and sells at high prices each time, with a 100% win rate, and he has made a total profit of over $38 Million. During this period, he has bought a total of 17,012 ETH crypto tokens worth $61 Million with at an average price of $3,587 since May 29 but has lost $7.6 Million at the current price.

BlackRock’s tokenized United States Dollar Institutional Digital Liquidity Fund (BUIDL) has paid investors $7 million in dividends since the launch of the investment fund in March of 2024. BUIDL paid investors $265,400 in dividends in March, $1.21 million in April, $1.67 million in May, $1.82 million in June, and $2.12 million in July. BlackRock’s BUIDL fund surpassed Franklin Templeton’s Franklin OnChain US Government Money Fund (BENJI) in April 2024, becoming the world’s largest tokenized government debt investment fund. BUIDL later recorded $500 million in capital invested into the fund in July 2024.

Coinbase’s (COIN) second-quarter revenue beat the Wall Street analysts’ estimates slightly as the industry continues to recover from the crypto winter. Its second quarter’s total revenue was $1.45 billion versus average estimate of about $1.4 billion. Coinbase’s biggest source of income comes from transaction fees, which slipped 27% from the previous quarter as trading volume fell 28%. The stock rose about 2% in the minutes following the report. The crypto exchange posted better-than-expected revenue mostly due to its sales diversification strategy.

Cathie Wood’s investment company ARK sold a total of 69,069 COIN shares worth $14.8 million on Thursday, the biggest single-day sale since May 7. The divestment means the company sold more Coinbase shares on the first day of August than in the previous two months combined. It sold $2.88 million of the shares in June and $7.93 million in July. ARK sold a total of 69,069 COIN shares across its Next Generation Internet ETF (ARKW) and Fintech Innovation ETF (ARKF).

Peter Brandt shared an alarming forecast for XRP, emphasizing a potential decline against Bitcoin. Specifically, he identified a multi-year complex head-and-shoulders pattern forming on the XRP/BTC chart. He said that if the chart breaks the ‘neck,’ or lower support line in other words, it could signal a 97.5% drop, which is significant, which will cause accounts with XRP initials to disappear from social media. Another prominent analyst, Ali Martinez, offered a more optimistic outlook, based on XRP’s performance over the past six years. Brandt’s analysis spans a decade and focuses on the relative strength of XRP against Bitcoin. 

The massive Bitcoin holdings of MicroStrategy have surged to 226,500 BTC. Earlier today, Saylor took to X to announce that the company had acquired an additional 169 BTC for $11.4 million this July. The current value of its Bitcoin holdings has surpassed $14.5 billion. In a follow-up social media post, Saylor stressed that the Bitcoin strategy is the best, highlighting the impressive performance of his company’s shares. Since the adoption of the strategy, the stock is up an impressive 1,206%, while the tech-heavy Nasdaq 100 is up only 60% over the same period. 

According to crypto analytics platform Santiment, XRP is currently experiencing its strongest bullish sentiment in 14 months. Traders keep a close eye on the token after its Bollinger Bands became the tightest they have ever been. This indicates that an explosive price move could soon be coming up. Moreover, Scott Melker recently predicted that XRP could be on the verge of another breakout. Santiment noted that Solana traders remain bullish as well after the token outperformed the broader market in July. 

The ETH Spot ETF has recorded a positive inflow despite 5 out of 9 ETFs recording a neutral flow. On 1st August, Blackrock’s “ETHA” recorded an inflow of $89.6 Million, followed by Fidelity’s “FETH” with $11.7 Million, and Bitewise’s “ETHW” with $3.4 Million. Notably, Grayscale’s “ETHE” has recorded the lowest outflow of $78 Million yesterday. With this, the total inflow for the day stands at +$26.7 Million.