After a quick spike in price action yesterday, BTC's price has paused at the 50-MA during the Asian session today - currently at around 9,300. Sellers are still present around the 9,400 area but this recent pullback is not indicative of a false breakout yet as price is still hovering the resistance of the current range in the daily. It remains to be seen in the coming days if BTC has enough strength to go to its next resistance area around 9,700. Otherwise, if price gets a strong rejection and break below 8,800 - it could be a trigger for price to go down further. Key levels are at 10,000 for resistance and 8,800 - 8,500 for support.
Global market cap is at $276B, while BTC's market cap is at $172B.
In April, Ripple filed a lawsuit against YouTube for its failure to stop XRP scammers and impersonators from using the platform for their illicit actions. The firm has also pointed out that the video-sharing platform has gained benefits from the scammers by profiting from paid ads. However, YouTube's legal counsel has responded with a dismissal bid on July 21. YouTube's legal team argued that the content was created by third parties and not the platform itself, thereby Section 230 of the Communications Decency Act - which protects platform publishers from liability over third party information, can be applied to the case.
Ripple is not the only one being used by scammers as there have been recent incidents of scammers impersonating figures in technology and finance in attempts to defraud crypto users.
The final public testnet for Ethereum 2.0 is set to launch on August 4. The long awaited ETH 2.0 network upgrade was announced by the platform's launch coordinator, Danny Ryan, on the testnet's discussion board on Discord, with further details to come out in a few days. Phase 0 of ETH 2.0 has been running on various testnets since April, and is the first stage in the upgrade to Proof-of-Stake which will dramatically increase transaction speeds. Instead of the current Proof-of-Work system, ETH 2.0 will be secured by users putting up a minimum of 32 ETH stake to run a validating node.
After accusations of wash trading over 590,000 BTC, approx. $5.5 billion worth of transactions, Coinsquare's CEO, President, and Chief Compliance Officer have all stepped down following an agreement with the Ontario Securities Commission following their July 21 hearing.
CEO Cole Diamond and President Virgile Rostand are resigning from their positions and will pay a $1.6 million fine as part of the agreement. Diamond will pay around $750,000 in penalties, while Rostand will pay around $670,000, and with Coinsquare and the duo sharing another $223,000 in costs for the investigation. Chief Compliance Officer Felix Mazer had already resigned from his position before the hearing and paid $37,000 to the OSC. All three individuals will be effectively banned from resuming management of Coinsquare, with Diamond and Rostand getting a three year ban, and Mazer banned for one year.
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