Richest Crypto
@richvip
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🥰 Circle Approved to Issue Stablecoin in EU
🎧 Circle, known for its USDC stablecoin, is now registered as an electronic money institution (EMI) in France, making it the first global stablecoin issuer compliant with the EU's Markets in Crypto-Assets (MiCA) regulations.
🟢 Approval: Granted by France’s ACPR, allowing Circle to issue USDC and EURC in the EU.
🟢 MiCA Compliance: Circle's adherence to MiCA represents a major step in integrating stablecoins into mainstream finance.
🟢 Circle Mint: Now available in France, enabling businesses to mint and redeem Circle stablecoins.
🟢 EU Regulations: MiCA, effective since May 2023, sets strict rules for crypto firms, including limitations on non-euro-denominated stablecoins.
🔵 USDC is the second-largest stablecoin globally, with $32.4 billion in circulation, following Tether’s USDT at $112.7 billion. 0 reply
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🔡 BITCOIN HASHRATE DROPS TO 2022 BOTTOM LEVELS
🟢On July 2, according to data from CryptoQuant, the Bitcoin network's hashrate dropped to levels not seen since December 2022, when the collapse of FTX triggered a bear market. The current actual Bitcoin hashrate is down by -7.6%, indicating that the Bitcoin price may have hit a bottom.
👍 Other indicators supporting the market bottom view:
🟢Bitcoin Exchange Reserves: Bitcoin exchange reserves are at low levels, indicating reduced selling pressure.
🟢Miner Position Index (MPI): The MPI also shows that miners are selling less Bitcoin.
🟢Bitcoin Miner Reserves: Bitcoin miner reserves are at low levels, supporting the market bottom view.
📊 Expert opinions:
🟢Will Woo, a market analyst, stated that the market will not reach new highs until weaker miners are forced to shut down.
🟢Recently, Bitcoin miner withdrawals have decreased by 90% after the halving, further indicating that selling pressure has eased
👉 Source: CoinTelegraph 0 reply
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🏆 June Bitcoin Spot ETF Flow Summary
✅ Despite a decrease in net flow for June (+$666.5M) compared to May (+$2,072.9M), the overall trend remains positive amid a prolonged bearish market.
✅ BlackRock continued its purchasing spree with an inflow of +$1,073M, marking an 8.5% decrease from the previous month. Meanwhile, Grayscale maintained its selling pace at -$613M, a 2.3% increase from the prior month.
✅ Additionally, in June, Hong Kong ETFs held 4,076 BTC, valued at approximately $270M, after two months of trading. 0 reply
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😋 Ethereum Price Targets $3,360 – Will Key Support Hold?
📈 Ethereum (ETH) is nearing the crucial support level of $3,360. Market participants are closely watching this level, which could determine the short-term price trajectory of ETH.
🟢Currently, ETH is trading at approximately $3,387, down 1.62%, with a market capitalization of over $407 billion and a 24-hour trading volume up 32.02%.
📯 Key Levels to Watch
🟢4-Hour Chart: ETH is below the 100-day SMA, with the RSI indicating a potential drop below $3,360 into the oversold zone.
🟢1-Day Chart: ETH is also attempting to break below the 100-day SMA, with the RSI signaling a bearish trend.
📈 Potential Scenarios
🟢If $3,360 Support Breaks: ETH may test $3,051 and possibly $2,865.
🟢If $3,360 Support Holds: ETH could rise to $3,659 and potentially $3,975. 0 reply
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