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Bitwise Raises Alarm Over Horrific Crypto Valuations | EVM News

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Butwise CEO warns about excessive crypto costs

YEREVAN (CoinChapter.com) — Bitwise Chief Investment Officer Matt Hougan warns that many bad cryptocurrencies are being sold for very high prices. He says not all increasing cryptocurrencies should be, telling investors to be careful with high-priced crypto projects.

People are moving their money from Bitcoin into other, riskier cryptocurrencies, raising their prices overly, according to Hougan. He notes:

“Be careful. In excited markets, bad projects can get a lot of money, and many are already too expensive.”

Matt Horgan’s Warning on Project Valuations in Bull Market. Source X

$1T of Wealth Deployable into Lowlife Coins: Bitwise

The Bitwise executive says many people are interested in cryptocurrencies, not just Bitcoin. This is because when people make money from Bitcoin, they feel rich and start looking at other, riskier places to invest their money. This happens with regular money when people invest in smaller companies or spend more on vacations after making money from big companies.

Since November 2022, Bitcoin has added $1 trillion to its value, making a lot of new wealth. Now, people with Bitcoin money are buying other cryptocurrencies, which don’t need much money to make their prices go up.

Matt Hougan's Insight on Wealth Effect
Matt Hougan’s Insight on Wealth Effect. Source X

Technology improvements in cryptocurrencies, like updates to Ethereum and new tech layers, also make people more interested in them. These improvements help use blockchain for more things than just money.

Bitwise thinks the current increase in buying different cryptocurrencies won’t stop soon because the rise in Bitcoin’s value this time is different. It’s because new investors are putting their money into cryptocurrencies through ETFs (a type of investment fund). As long as new money keeps coming in, this trend will continue.

He finishes by saying what’s happening now differs from before; it’s not just about alternative cryptocurrencies increasing in value. But he warns people to be careful because not all projects that get money deserve it, even though some are really good.

Watch Your Wallet: The Sneaky Side of Crypto Scams

Because there are many scams in the cryptocurrency world, people are very cautious about new cryptocurrency projects.

On Dec. 28, blockchain security company Immunefi reported that in 2023, hackers and scammers stole $1.8 billion from Web3 technologies.

Major Cryptocurrency Security Breaches of 2023. Source: Immunefi
Major Cryptocurrency Security Breaches of 2023. Source: Immunefi

Investors are now carefully checking the backgrounds of the people who create these projects to see if they are safe to invest in. This job is getting harder because of new technology like AI.

Jesse Leclere, who studies blockchain for CertiK, says scams are becoming more sophisticated. He advises everyone to be extra careful and watch out for well-planned scams.


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Binance Executive’s Trial Resumes July 5 as Family Cites Health Is… | EVM News

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Binance Executive Trial Resumes July 5

Key Takeaways

  1. Health Concerns: Tigran Gambaryan’s health has worsened during his 128-day detention. He is suffering from double pneumonia, malaria, and aches.
  2. Family and U.S. Advocacy: Gambaryan’s family is concerned about his health. U.S. officials are increasingly involved and they are urging for his release on humanitarian grounds.
  3. Legal and Public Response: The legal team completed a key cross-examination. A petition for Gambaryan’s release has gained 4,881 signatures.

YEREVAN (CoinChapter.com) — The trial against Binance executives Tigran Gambaryan and Nadeem Anjarwalla is set to resume on July 5. Nigeria’s Economic and Financial Crimes Commission (EFCC) is pressing money laundering charges. Notably, Gambaryan has been detained since February, while Anjarwalla reportedly fled to Kenya in March.

During his 128-day detention, Gambaryan’s health has worsened. Primarily, he has suffered from double pneumonia, malaria, and ongoing aches and pains. This has raised concerns about his ability to endure the trial.

Moreover, Gambaryan’s family is worried about his health and the slow response from authorities. A family spokesperson mentioned that Gambaryan’s legal team completed their cross-examination of an EFCC witness on July 2. His wife, Yuki, shared her frustrations, noting increased engagement from the U.S. government recently.

Yuki has been in regular contact with U.S. State Department officials and the U.S. Embassy in Abuja. As well, she believes any disputes between Binance and Nigerian authorities should not involve her husband.

“I thought the U.S. Government response was quite slow at first, especially considering that Tigran used to work for the U.S. Government,” 

said Yuki

“However, I believe they have noticeably increased their efforts and engagement recently […] In my eyes, it is evident any issues between Binance and the Nigerian authorities can and should be resolved without Tigran being caught in the middle.”

Notably, U.S. officials have been involved in the case. Representatives French Hill and Chrissy Houlahan visited Gambaryan in Kuje Prison on June 20. They are urging Nigerian authorities to drop the charges on humanitarian grounds.

Petition to Free Binance Exec Gains Support as Criticism Grows

Yuki Gambaryan launched a petition to bring her husband back to the U.S., which has received 4,881 signatures so far. The petition aims to reach 5,000 signatures and will be presented to the U.S. State Department, President Joe Biden, the EFCC, and the Nigerian government.

Petition to Free Tigran Gambaryan․ Source: Change.org

Globally, the case has attracted widespread attention. Above all, many argue that it is unfair to hold two executives accountable for company actions during a voluntary visit to Nigeria.


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Band Protocol Price Eyes 276% Jump As Bullish Wedge Pattern Emerge… | EVM News

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Band Protocol Price Eyes 276% Jump

NOIDA (CoinChapter.com)—Band Protocol (BAND) made significant advances in the crypto sector, and recent developments highlight the project’s commitment to expanding.

Unconfirmed social media posts suggest that Synthetix could be working on integrating Band Protocol. If true, partnership news could help BAND price confirm a bullish technical pattern.

BAND Price Formed Bullish Pattern

The Band Protocol token formed a bullish technical pattern called the ‘falling wedge.’

Bullish news, such as Bond Protocol’s making a new partnership or integrating with other projects, could help the project’s token confirm the pattern.

BAND price formed a bullish pattern with a 276% upside target. Source: Tradingview.com

A falling wedge pattern features a pair of converging trend lines connecting lower highs and lower lows, forming a narrowing shape that slopes downward.

The pattern typically suggests that an asset’s price, while consolidating in a downtrend, is losing bearish momentum and preparing for a potential reversal to the upside. Typically, a breakout occurs in the direction of the overall trend, which, for a falling wedge, is upward.

To estimate the price target of a falling wedge pattern, traders measure the widest part of the wedge at the beginning of the formation. They then project this distance upward from the breakout point to set a potential target.

An accompanying increase in trading volume can further confirm the reliability of the breakout. Higher volume during the breakout suggests stronger market conviction, supporting the likelihood of a successful price reversal.

According to the rules of technical analysis, the Band Protocol token price could rally over 276% to reach the pattern’s theoretical price target near $4.6.

It is unlikely the token would rally to the projected price target immediately after confirming the pattern, but breaking out of the wedge setup could attract more buying pressure, helping the token continue its rally till profit booking puts the brakes on the run.

BAND Bulls Struggling With 20-Day EMA

BAND price climbed above its 20-day EMA (red wave) dynamic resistance as the token entered July. However, July 3’s nearly 6% drop forced the token’s price back below the EMA resistance, suggesting bears aggressively defend the supply zone near the 20-day EMA.

Band Protocol price
BANDUSD daily price chart with RSI.

Bulls have their task cut out, with the token starting July 4 with minor gains. Flipping the EMA resistance with good volumes would certainly help the BAND price’s cause, helping the token rally to the resistance near $1.34.

A break above immediate resistance might see the Band Protocol token’s price target the 100-day EMA (blue wave) resistance near $1.5.

On the other hand, if BAND price fails to rally, the token could drop to the support levels near $1.14 and $1.05 before recovering.

The RSI for BAND remained neutral, with a score of 45.56 on the daily charts.


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Litecoin Price Tests Critical Support: Will the Bulls Prevail? | EVM News

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Litecoin Price Tests Critical Support.

NOIDA (CoinChapter.com)— Litecoin price ended June down by nearly 10%, and so far, July has not been very kind to the blockchain platform. LTC bulls have failed to convert a recent surge in network activity into a bullish cue for the token.

However, a technical setup might help avoid LTC price more bloodshed, if the bulls manage to avoid invalidating the pattern.

Litecoin Price Testing Support Of Bullish Setup

The Litecoin token’s price has formed a bullish technical setup called the ‘ascending triangle.

LTC price formed a bullish setup with a 267% upside target. Source: Tradingview.com

The token’s price are currently testing the ascending trendline of the pattern. A rebound from here could infuse confidence in the token’s rally, attracting more buyers expecting a bullish breakout.

Under technical analysis, an ascending triangle pattern emerges when a horizontal trendline connects swing highs and an ascending trendline connects swing lows. The pattern indicates a consolidation period where the buyers gradually gain strength against a consistent level of resistance.

Volume analysis is critical, as it helps to validate the breakout’s strength. Typically, as the price action approaches the triangle’s apex, the volume tends to decrease, reflecting a period of reduced trading activity and uncertainty.

When the trendlines converge, creating a narrowing price range, buyers often enter the market in anticipation of a breakout. Ideally, the breakout occurs above the horizontal resistance line, accompanied by a significant increase in trading volume.

The surge in volume is a key indicator that the breakout is robust and likely to sustain.

According to the rules of technical analysis, the price target for a breakout is equal to the triangle’s height at its thickest point. If the bullish pattern pans out, the theoretical price target for LINK is near $269.5, a spike of 267% from current levels.

LTC price Fails To Conquer EMA Resistance

Litecoin price has failed to move above the 20-day EMA (red wave) dynamic resistance since June 8, with prices dropping nearly 6% to a daily low near $72 on July 3. The downtrend suggests bears are booking profits near $72.

Litecoin price
LTCUSD daily price chart with RSI.

A sustained rally from here would likely see Litecoin price rally to the 50-day EMA (purple) resistance near $78. Moreover, flipping the above immediate resistance level could help LTC price rise to the resistance near $85.

On the other hand, if prices continue to fall, Litecoin could end up invalidating the pattern, inviting more bearish sentiment and likely ending up at the support level near $69. Failure of the immediate support could force LTC price to test the support near $63.8 before recovering.

The RSI for LTC remained neutral, with a score of 41.86 on the daily charts.


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