Bitcoin has been holding well above the 10 EMA and near the 50 MA. Though it hasn't broken 50 MA resistance yet, a break above it could push price to test the immediate resistance around 9,700 - 9,800. In the daily, key levels remain at ~10,000 for key resistance and 8,600 - 8,500 for key support. Price is still far from the key resistance levels but if price could get past the immediate resistances and break 9,900, it could give BTC a good ounce of probability of testing the key resistance again. Otherwise, it could be a false breakout and head back below 50 MA.
Global market cap is at $272B, while BTC's market cap is at $171B.
DiDi, a ride-hailing app in China, has partnered with the Chinese central bank to worth the country's digital yuan project. According to a Cointelegraph report, DiDi and the People's Bank of China (PBoC) will reportedly work DC/EP solution to DiDi's large-scale transportation network. Under the PBoC's DCEP strategy, the DiDi DCEP taskforce will be responsible for designing and implementing pilot DCEP projects in accordance to the regulations of PBoC.
There's still no official launch date for the CBDC but pilot tests have been carried out in various locations including Shenzhen, Suzhou, Xiongan new area, Chendu, and the future site of the winter Olympics.
The total number of users engaged with decentralized finance (DeFi) protocols has increased by more than 140%, for a total of just shy of 240,000 as of July 6 - exceeding six-figures for the first time in January. The total value of capital locked up in DeFi protocols also exceeded $2 billion, although only five projects account for roughly 94% of total capital. The five projects - Compound's token COMP, MakerDAO (MKR), Synthetix, Balancer, and Aave - have led the way for all DeFi projects.
Dogecoin, a crypto asset, rose over 20% over the past week due to a viral TikTok challenge that encourages users to pump the coin. The challenge, done under the hashtag #DogecoinTiktokChallenge, has ammassed nearly half a million views so far since it was posted five days ago. It describes a pump scheme, saying "Let's all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once the stock hits $1, you'll have 10 grand ($10,000). Tell everyone you know."
Dogecoin was created in 2013 as a joke cryptocurrency, inspired by the "doge" meme, and gained traction and built a community on Reddit and Twitter.
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