Dear traders,

Jake
TOP Trader

BTC has experienced a substantial drop, plunging to the lower $25,000 range. The target for a more substantial liquidity catch remains at $24,000. The potential for a continuation of the drop still exists.

ETH broke through its support level, finding liquidity around $1,500, and subsequently rebounded strongly to the mid-$1,600 zone. However, caution is advised as it remains vulnerable before the next downward push.

XRP touched a liquidity point at $0.42 and has since rebounded to the $0.5 zone, which serves as a robust support level. Nonetheless, the risk of further downward pressure persists.

LINK secured liquidity at $5.6 and subsequently bounced back to the $6 zone. While momentum may be waning, any price below $7 presents a favorable buying opportunity.

SOL established liquidity around $19.5 and is now encountering strong resistance at $22. Consider purchasing options when it’s priced below $20.

EOS reached new lows at $0.52 before surging to its resistance line. Breaking the $0.6 mark is crucial for the next upward push. It remains an attractive option for long-term investment.

LTC found liquidity around $55 and is currently trading in the mid-$65 range. There is a significant risk of a more substantial downward push.

The DXY is currently facing robust resistance at 103.5. To initiate a more pronounced upward movement, it must consistently breach this level on a daily basis.

Crypto/stock daily news:

SAY HELLO TO CRYPTO’S NEWEST BLOCKCHAIN

This week was filled with one thing… new blockchains.

(Turns out blockchains are a lot like pimples in high school, new ones are always popping up.)

The latest one: Shibarium.

It’s Shiba Inu’s blockchain and the team’s big attempt at going from a memecoin → a legit crypto project.

Here’s the 60-second rundown of everything you need to know:

• Shibarium is a Layer 2 blockchain.

• The blockchain is designed to be metaverse and NFT-oriented.

• It has high network speeds, low transaction costs, and reduced transaction fees. (the 3 things on my Christmas list this year)

• The goal is to create a technical foundation and combine all the other components of the existing Shiba Inu ecosystem. This includes tokens (like LEASH and BONES), NFTs, ShibaSwap, and more.

• The ecosystem will also include “Shibdentities” – a proof of personhood solution that lets users retain control of their data and privacy.

But there’s a big problem: The Shibarium Bridge is broken.

A bridge is a way for users to transfer tokens between blockchains. Think of it as a gateway.

But right now, Shibarium’s looks like this…

As a result, users have about $2.5M worth of crypto stuck on it.

So what now? The Shiba Inu team released a blog post this morning titled “All Is Well”.

• The team says nothing is wrong with Shibarium.

• Instead, the blockchain crashed because of the “massive influx of transactions and users at the same time”.

• The team pulled an “it’s not me, it’s you”.

It’s unclear when (or if) the funds on the Shibarium bridge will get unstuck but, for now, we highly suggest all Roaders stay away until the problem is resolved.

We’ll keep you posted with any big updates.

P.S. – We emailed the team suggesting the “unplug-it-and-plug-it-back-in” method (works like a charm for my WiFi) but turns out it doesn’t fix blockchains. Shame.

FAST NEWS:

LooksRare’s Season 3 just went live. Complete Daily Quests to earn Gems and work towards a prize pool of 1,000,000 LOOKS tokens. S3 ends October 16th.*

McDonald’s in Singapore is launching a Grimace-themed NFT on August 21st. There will be 2,000 NFTs that can be claimed for free through the McDonald’s mobile app in Singapore.

Binance Connect has shut down. Binance’s one-stop shop for crypto on-ramps and payment infrastructures launched last year but is shutting down due to “changing market and user needs”.

PayPal is temporarily pausing crypto purchases for customers in the U.K. The pause will begin on October 1, 2023, and isn’t expected to resume until early 2024.

Valkyrie filed for an Ethereum futures ETF. According to the filing, almost all of the fund’s assets will be invested in exchange-traded Ethereum futures, while a small portion will be invested in collateral investments such as cash, cash-like instruments, or high-quality securities.

Helium Mobile has officially launched to the public in Miami, Florida. The crypto-powered phone carrier is priced at $5/mo and comes with unlimited talk, text, and data.

Final words:

Fast market drop could be continued and on bigger time frame things not looking good and there is still big risk of future falling down of crypto market.

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Not Financial Advice!

Good luck with trades!

Author

Jake
TOP Trader