Partial relief on July 1 was short-lived as the bears pulled the BTC price back down to $19,300, indicated by the long wick. This means bears continue to sell on rallies near the 20-day EMA, a level that has been tough for bulls to break out of.
The bulls are attempting to push the price back above $19,700. If they succeed, we could see Bitcoin rise to the 20-day EMA again. A close above $22,000 would signal a short-term trend change.
However, if the price turns down further from here, we could see the bears take BTC to $18,500 and a test of important support zones at $17,960 and $17,600. Bitcoin’s downward trajectory has resulted in the number of loss-making wallet addresses reaching an all-time high.
As the week ended, the weekly correlation coefficient between BTC and USD dropped to 0.77 below zero, its lowest in 17 months.
In September 2021, FUNToken committed to burning 50% of the net profits from their in-house gaming operations. Last week, FUNToken completed its biggest burn yet.
On July 1st at 10:57 a.m. (GMT), a total of 14,468,541 tokens were burned. Click on the link below for the transaction details:
https://etherscan.io/tx/0x112df64358b23053f0cff1c902a8fdfe94bc530461b66f2b25bc9fa23c9adfac
”That’s a 22% increase on our last burn 3 months ago. This reflects the strong and steady growth seen on DPlay, our first online casino,” said an announcement on FUNToken’s website. ”Considering the adverse market conditions for crypto during the past quarter, it further illustrates the resilience of FUNToken and its ecosystem.”
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For years, Ethereum’s primary hurdle in achieving higher dominance has been attributed to its high gas fees. For almost a year-and-a-half since Jan. 2021, the average gas fee required by the Ethereum network was roughly $40.
May 2021 recorded the highest gas fee of $196.638. However, this narrative is set to change as the average transaction fee fell to 0.0015 ETH or $1.57 last week, a number previously seen in Dec. 2020.
Cristiano Ronaldo has signed an exclusive multi-year NFT partnership with Binance. The collaboration aims to introduce millions of soccer fans to Web3 through global NFT campaigns.
CR7 boasts the biggest Instagram account with over 463 million followers. The agreement involves creating a series of NFT collections with Ronaldo that will be sold exclusively through the Binance NFT platform, with the first collection coming out later this year.
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