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It was a bright sunny week for the crypto community as anticipated bullish heat broke the bearish winter ice, freeing up trapped coins under bearish waters. The global crypto market saw promising numbers as hopes returned to fainting hearts concerned for the future of their weak crypto giants.
While some see the recent bullish sentiments as signs of coming bullish momentum, others encourage caution and predict more downward movement for the market. In other news, crypto networks continue their move towards scalability and infrastructure development as embattled cryptocurrencies continue their walk to freedom.
Tesla drops BTC value with massive sale of its assets
The week opened with another heartbreak for the BTC as Tesla sold 75% of its Bitcoin holdings. The Tesla boss stated that the move was to consolidate its cash holdings after its Shanghai Factory was shut down in April.
In response to the move, Bitcoin holders believe it would create negative pressure on the price of the BTC and eliminate the bullish gains made this week. In contrast to popular sentiment, Justin Sun, CEO of Tron, believes that the move might be a good one for the BTC market because it opens up the market for more buyers to enter and takes away the expectant apprehension that has gripped the market regarding what would be the fate of the coin if Tesla sold its holdings.
Is Bitcoin Cash in a bullish trend?
Bitcoin Cash has enjoyed a steady positive run for about two weeks. The currency started its bullish run after it hit the $95.52 level on July 13. The run saw prices hit the $131.61 area before a mild retracement to the $126.76 area, after which price continued its upward movement. Price is currently trading at $128.09; however, traders are apprehensive of BCH's bullish run and wonder if it might just be a bullish bubble waiting to burst.
As the entire market experiences a bullish relief, traders fear that BCH might just be gathering more bearish momentum to continue its bearish descent with the rest of the market.
Billionaire investor Thomas Peterffy suggests cryptocurrencies could be outlawed
In an interview with Thomas Peterffy, the billionaire founder of Interactive Brokers, about the cryptocurrency market's future, the billionaire stated that the impact of inflation and regulation could shatter the crypto market.
Peterffy remarked, "I think chances are very high that [crypto] will become worthless or outlawed." Even though the billionaire expresses doubt about the crypto market's future, he does not rule out the possibility of a massive comeback for the community.
The billionaire still shows support by holding onto his BTC assets and his promise to buy more if the price reaches 12k. His statement suggests a further downward movement before the expected long-term bullish move begins.
Cardano founder Charles Hoskinson takes part in Terra investigation
Charles Hoskinson, the founder of the Cardano Network, has weighed in on the Terra investigations. In a tweet credited to Hoskinson, the Cardano founder stated that the inquiry into Terra was taking a relatively fast pace in South Korea.
You would recall that all hell broke loose on Terra when its stablecoin, the UST, lost its peg and spiraled into worthlessness, causing investors to lose over $40 billion. Hokinson's statement comes as incriminating pieces of evidence pile up, allegations and suits increase, and connected cryptocurrency exchanges like UpBit and Bithumb get raided.
US SEC bans XRP holders from testifying on behalf of Ripple
As the case between the US SEC and Ripple draws to a close, the US SEC has requested that the court block over 1000 Ripple holders and lawyer John Deaton from testifying in the case even though these holders might hold vital information to help Ripple in its lawsuit.
Deaton, in an affidavit, expresses the disappointment of over 3000 holders who lament their loss of money due to the protracted suit of the US SEC, which prevents them from putting their Ripple holdings to other investments. More so, there are allegations of arm-twisting and arbitrary use of power by the US SEC against Ripple that seem consistent with regulations.
Deaton, however, stated that Holders of the token continue to buy and sell the token, and should the suit's outcome go against Ripple, such transactions are bound to face the wrath of the law.
Cardano leads the monthly developer activity rankings
Cardano adds another feather to its cap this week as it is ranked number 1 by Santiment in development activity, overtaking massive projects like Polkadot (DOT), Ethereum (ETH), and Cosmos (ATOM). The ranking is based on issue interactions, code pushing, and the number of Github submissions.
Cardano led with 387.33 Github contributions, followed by Polkadot at 281.97. Santiment stated that the popularity of blockchain networks does not affect the rankings. Thus, even though Ethereum is one of the most significant Layer 1 networks, with all the brains in the crypto community working on Ethereum projects aimed at scaling the network, it does not take away the fact that Cardano developers are putting up a very worthy fight to ensure that Cardano secures a place within the crypto market.
South African court releases Riccardo Spagni from custody pending trial
Riccardo Spagni, the former lead maintainer of the Monero network, was released this week by the South African authorities. Spagni was detained after his extradition to South Africa from the United States. Spagni was released on a warning by the authorities.
Riccardo Spagni faces a 378-count charge of fraud and forgery for allegedly defrauding his former South African employer of 1.45 million rands ($85,000). The owners of Cape Cookies, a local South African company, had charged Spagni to court for allegedly altering invoices, inflating prices, and changing bank account details.
In an affidavit, Spagni promised to obey authorities and report to court for his trial whenever required, having missed his April 2020 trial. He also promised not to tamper with any evidence in the case against him.
New Dogecoin core update released
Doge Core 1.14.6 went live on Thursday. The update would improve Dogecoin’s security, efficiency, and UI in a tweet credited to Dogecoin developers. In a follow-up remark, Patrick Lodder, a Dogecoin developer, encouraged, "All Dogecoin Core users – miners, services, relay operators, and wallet users — are strongly recommended to upgrade."
The released statement revealed that memory congestion issues had been resolved, fees had been adjusted from 1 Doge to 0.1, and the Dogecoin network will now reject buggy messages. The upgrades created a flurry of excitement within the Dogecoin community.