New trading weekend, and BTC dominance is still dropping; will alts pump?

31.07.2023

Dear traders,

Crypto market is still slowing down, and there is a possible alt season if BTC keeps losing momentum.

Jake
TOP Trader

BTC is still trading in the channel between $29,100 and $29,500 without any significant moves.
However, it remains in bearish territory, indicating the potential for the next big drop.

ETH is still trading within a zone with strong resistance at $1,870. A break below this level may
push the price lower, with bearish momentum potentially driving it further down. It needs to hold
above $1,870 for a stronger push upwards.

XRP is trading at $0.7 and still not showing bullish momentum. If the price holds at this level, it
could present a great long entry point, potentially leading to a substantial upward push. However,
it remains in danger until any bearish market news clears.

LINK is still fighting in the $7 zone and needs a bigger push up for a significant bullish breakout.
This presents a great entry point for long positions and offers an attractive long-term buying
opportunity.

SOL is trading at support at $24.2 and needs to push strongly up for a bigger upward move. Still,
it’s a good spot for long-term buying.

EOS is still trading in the mid-$0.7 zone and needs a bigger push up for a bullish breakout. It
remains a good option for long-term buying, but breaking the resistance requires a significant
push.

LTC is still holding above $90, providing an attractive entry point for long-term buying.
Additionally, 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!

The DXY is breaking bullish, with the next target at 102.

Crypto/stock daily news:

THE DARK HORSES OF CRYPTO

It’s been a good year for crypto tokens.
• BTC: +76% YTD
• ETH: +57% YTD
• Altcoins (like XRP, SOL, BCH, and MKR) are +100% YTD
Talk about 50 Shades of Grey Green.
But there have also been a handful of other investments that have seen BIG returns.
We call ‘em the Dark Horses of Crypto. These are the underdogs. The unexpected winners that not many investors had on their radar at the beginning of the year.
Today we’re gonna talk about 2 of them…*drumroll*…
1. COINBASE STOCK ($COIN)
The U.S.-based crypto exchange had a rocky start to the year.
In March, it received a Wells Notice. This is a warning that regulators identified violations of securities laws and is often followed by legal charges.
(Wells Notice = a notice that things are not well)
In June, it got sued by the SEC. Regulators charged the exchange for acting as an unregistered broker, listing securities tokens, and failing to register its staking program.
But fast forward to today…
Coinbase’s stock ($COIN) is up 30% over the last 30 days and is up 176% year-to-date.
Why? 2 big reasons…
• Coinbase has been named the “surveillance-sharing service” for multiple Bitcoin ETFs.
BlackRock, Fidelity, VanEck, Ark Invest, Valkyrie, and Invesco all named Coinbase in their applications.
• XRP was ruled not a security by a judge. This was big for Coinbase because XRP was one of the main securities the SEC charged the exchange with listing. (If XRP isn’t a security, Coinbase can’t get in trouble for listing it)
Coinbase has seen what we like to call: Success-by-association.

2. Bitcoin miners
2022 was a rough one for Bitcoin miners.
As the price of Bitcoin crashed, so did mining profits. And it got to the point where companies were losing money by mining.
It’s called “second-hand rekt”.
As a result – a few mining companies went bankrupt, some were forced to sell off their reserves in order to keep the lights on, while others shut down their mining rigs for the crypto winter.
Fast forward to today… Bitcoin miners are back. Mining profits are flowing in again and stock prices for publicly traded companies have skyrocketed.
Here are some of the best-performing companies (year-to-date)…
• Core Scientific: +1,250%
• Iris Energy: +430%
• Riot Platforms: +425%
• Bitfarms: +300%
And just like that, Bitcoin miners are back on the winner’s podium of investments.

FAST NEWS:

Backers dropped the Little Legends charitable NFT project earlier this week. Partnered with Shoes That Fit, holders benefit from unique NFTs, private events, and rewards and get to help provide sneakers to those in need.**
The British Museum is partnering up with Sandbox to launch new NFT collections. The British Museum will also create its own immersive space within the Sandbox metaverse.
Sequoia Capital slashed its crypto fund by 65%. The fund size has shrunk from $585M → $200M throughout the crypto downturn. Yikes.
Shiba Inu launched its new layer 2 bridge for public testing. This will allow users to bridge tokens from Ethereum <-> Shibarium (Shiba Inu’s new layer 2 blockchain).
A handful of crypto companies are teaming up to create a new web3 security benchmark called “The Rekt Test”. Immunefi, Solana Foundation, Fireblocks, and other web3 security specialists are all cooperating to create The Rekt Test in order to decrease hacks and fraud.