🗞 Daily Crypto News, July, 24th 💰

Bitcoin Hits 1-Month High; DeFi Value Locked Hits $3.3B;
2020 Monsoon Season and Dam Stress Threatens Chinese Bitcoin Miners;
Ethereum Options Traders Jump the Gun as ETH Price Soars to $280;
New Russian Law Bans Bitcoin Payments for Goods and Services;
Indian PM Backs Blockchain as 'Frontier Technology';
🗞 Daily Crypto Calendar, July, 24th 💰

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Bitcoin Hits 1-Month High; DeFi Value Locked Hits $3.3B

Thursday was an up day for both bitcoin and ether prices.

Bitcoin (BTC) trading around $9,590 as of 20:00 UTC (4 p.m. EDT). Gaining 2% over the previous 24 hours.

Bitcoin’s 24-hour range: $9,364-$9,686

BTC above 10-day and 50-day moving averages, a bullish signal for market technicians.

Bitcoin prices rose for a third straight day to its highest price in a month, reaching $9,686 Thursday. George Clayton, managing partner of New York-based Cryptanalysis Capital, expects it to go much higher. “We are bullish and higher prices are better for us, but the rise is really no big deal,” he said.

Constantin Kogan, partner at crypto fund of funds BitBull Capital, pointed out The Fear and Greed index added 5 points at once and is in the “greed” zone. “Bitcoin has risen above the psychologically important $9,500 mark. This indicates a positive sentiment from investors,” Kogan told CoinDesk.

Total value in DeFi over $3 billion

The second-largest cryptocurrency by market capitalization, ether (ETH), was up, trading around $273 and climbing 11% in 24 hours as of 20:00 UTC (4:00 p.m. EDT). Jack Tan, CEO of Taiwan-based Kronos Research, expects $300 ether soon. “It’s a continued bullish trend in my view, I would take profits around low-mid $300s.”

🗞 2020 Monsoon Season and Dam Stress Threatens Chinese Bitcoin Miners

Digital currency proponents have been discussing the 2020 monsoon season in East Asia and how there’s a possibility it could wreak havoc on large bitcoin mining operations located in China.

Recent estimates note that China has 50% of the world’s bitcoin mining capacity but if mining facilities are taken out by heavy rainfall and flooding, Bitcoin’s hashrate could plummet fast.

During the first week of July, the Bitcoin (BTC) network hashrate touched 125 exahash per second (EH/s). Alongside this, the price of the crypto asset has been meandering in the $9k region for a while now.

🗞 Ethereum Options Traders Jump the Gun as ETH Price Soars to $280

Since the start of the week Ether (ETH) has gained more than 17% and the gains appear to be connected to increasing stablecoin use and the rise of DeFi applications.

As reported by Cointelegraph, Ethereum network usage surpassed Bitcoin’s, doubling the volume settled over the entirety of 2019.

Another possibly bullish factor in the background is the Ethereum 2.0 final testnet scheduled for August 4. This appears to have investors in a good mood, despite the current rise in gas fees. Over the past week investors rushed to options markets, sending Ether’s open interest to a record-high $230 million.

Ether surpassing $400 by expiry seems unlikely

What exactly are the odds of the current bets according to the Black & Scholes options pricing model? Deribit exchange presents this information as ‘delta’ and these are the percent-based odds for each strike considering current implied volatility.

🗞 New Russian Law Bans Bitcoin Payments for Goods and Services

Russian lawmakers have passed a bill that gives legal status to cryptocurrencies such as bitcoin – but bans them from being used to pay for goods and services.

Legislators approved the Digital Financial Assets (DFA) bill on July 22 after its third and final reading.

It had already won backing from senior lawmakers like Anatoly Aksakov, who heads parliament’s financial markets committee.

The new law recognizes digital assets “as an aggregate of electronic data capable of being accepted as the payment means… [but] cannot be used at the same time to pay for any goods and services,” according to a report by news agency Tass.

🗞 Indian PM Backs Blockchain as 'Frontier Technology'

The Prime Minister of India, Narendra Modi, has endorsed blockchain as an ‘opportunity in frontier technology’, renewing hopes that the country is warming to cryptocurrencies.

In a keynote address at the India Ideas Summit, hosted by the US-India Business Council on Wednesday, India’s Prime Minister Narendra Modi pitched the country as a haven for multinational investors.

Big Opportunities in Blockchain

Part of the speech included an endorsement for blockchain as an investment opportunity among these ‘frontier technologies’.

“Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Blockchain and Internet of things,”

Modi added that half a billion people in India have already been connected to the internet and another half a billion are awaiting connection. This presents a major opportunity for companies to expand into a large market, he said.

🗞 Daily Crypto News, July, 24th💰

Apollo Currency (APL)

"Big @Syscoin related news coming July 23, 2020, before 13:30 UTC."

NEXT.coin (NEXT)

"OTC purchase functionality will be enabled for NEXT.coin on NEXT.exchange."

Matic Network (MATIC)

"Global exchange @ProBit_Exchange is listing $MATIC on July 23 via the pairs MATIC/USDT & MATIC/KRW."

NEXT.coin (NEXT)

"Additional Early Access participants will be added to NEXT.exchange."

General Event (CRYPTO), Metaverse Dualchain Network Architecture (DNA)

"Finwise Cloud Conference: Digital Economy, The New Workplace" online at 1 PM (EST).

Auxilium (AUX)

"We made plans on how to use the capital gained through the IEO."

Chainlink (LINK)

"New Listing: $LINK/USD futures will be listed on #Huobi. Deposit: 13:00 on July 24,Trading: 18:00 on July 24 (GMT+8)"

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