Calm before storm or just consolidating.

13.07.2023

Dear traders,

After bullish news on US market crypto market didn’t make any big moves.

Jake
TOP Trader

BTC is showing green but is still waiting for a bigger push up and still trading in channel. Market makers are preparing for big swings in both directions. The price is still within a trading range, and only a break and hold above $31,200 on a daily basis will strongly push the price bullish.

ETH still holds above 1870$ and needs to hold it. It needs to break above $1,940 on a daily basis for a bigger bullish push up and to reach $2,000.

XRP is still trading below $0.48 and needs to break this level for a bullish push up. To sustain the upward momentum and break higher, a substantial increase in volume is required.

LINK is showing an opportunity for a bigger push up and now needs to break $6.45 for a bigger bullish breakout. Nevertheless, it presents a good opportunity for spot buying and holding.

SOL shows bullish momentum and is holding above the resistance at $22. It now needs to continue the push for the next leg up. However, it still remains a favorable option for long-term investment.

EOS still shows no strength and is now trading above $0.7, needing a bigger bullish continuation. Despite this, it remains a viable option for long-term spot buying.

LTC make bullish move to 100$ but resistance is still strong. Big support target is $90, and it needs to hold that level. Additionally, in 30 days, LTC will undergo a halving event, which is expected to result in a notable price increase due to a reduction in mining supply. This presents an excellent long-term investment opportunity!

DXY dropped like a bomb after good US inflation data and is now approaching the 99.2 support zone.

Crypto/stock daily news:

THE FIRST DECENTRALIZED EXCHANGE HACK CASE

Yesterday was a first for crypto…

The U.S. Department of Justice (DOJ) charged a security engineer in the first-ever decentralized exchange hack case. dun dun duuun

Here’s what happened:

Back in July 2022, an unnamed decentralized exchange (DEX) was hacked for $9M.

The hacker then reached out to negotiate a 2-part deal:

1) The hacker would return most of the funds and educate the exchange on its vulnerabilities.

2) The hacker would keep $1.5M (as a “fee”) and the exchange wouldn’t go to the cops.

Eventually, the deal was agreed upon. Or so the hacker thought…

While the hacker was busy laundering the $1.5M “fee” and trying to Google Search their way to freedom, the decentralized exchange was already in contact with the DOJ.

Btw, my researchers tell me the hacker was apparently Googling stuff like:

“How to stop federal government from seizing assets”

“How to prove malicious intent”

“Can I cross the border with crypto”

You can’t make this sh*t up.

Now the hacker’s been caught and is being charged with wire fraud and money laundering.

And without further adieu, we present The Dumbest Criminal of the Year award…

So what? It’ll be interesting to see what kind of precedent this sets.

On one hand: hackers getting caught is a good thing.

More people getting punished = fewer people that want to attack crypto.

On the other hand: it could encourage crypto companies to continue to cut corners when it comes to security because they’ll pull the “I’ll call the cops on you” card.

Who knows what’ll happen.

But if there’s one thing to learn it’s… if you’re gonna commit a crime, don’t Google how to get out of it afterward. (Or if you do, use your sibling’s phone.)

VISUAL OF THE DAY: NEWCOMER CRYPTO DEVS ARE DOWN

We’ve got good news and bad news for you Traders:

Good news: The number of crypto devs (21,300) is up 90% since 2020. woo!

Bad news: The number of newcomer devs has fallen since last year.

That means devs are leaving the space for something else (damn you, AI.)