Bitcoin bear trap over? BTC price fractal hints at parabolic move next

The dYdX community will vote on whether to increase short-term rate limits and adjust minimum price change per million (ppm) for large-cap and mid-cap markets. If passed, this proposal could yield more efficient trading and possibly drive demand for dYdX tokens. The vote could impact dYdX's price based on the outcome. Check details here.

Vyvo Smart Chain and Vyvo US Dollar will soon launch the VAI OS presale. VAI OS is an innovative AI assistant focused on health and wellness management. This presale could drive interest in VSC and USDV due to the potential utility and benefits users see in VAI OS. Greater adoption may lead to an increase in price. More on this in the official announcement.

The community for Chainlink (LINK) has hope thanks to Alan Santana, a famous cryptocurrency expert, who says that the token may soar in the next few months. Even though there are some negative signs as we speak, Santana believes that LINK’s price will go up a lot during the next bull market, possibly hitting an all-time high.

Santana’s prognosis is hinged on LINK’s key acquisition period, which preceded the 2021 bull market. He calls 2023 a “recovery year,” with numerous cryptocurrencies tallying decent price gains but not a bull market. The analyst predicts a “huge” bull run by 2025 that could push LINK above $135.

At the time of writing, LINK was trading at $10.60, up 6.1% in the last 24 hours, but sustained a 15.4% drop in the weekly frame, data from Coingecko shows.

Current Market Conditions

Despite the fact that Santana is hopeful about the future, the present state of the market indicates that this is not the case. In comparison to the previous day, the price has decreased by 3.44%, and it is now trading at $10.04.

The market is mainly trading sideways, according to CoinMarketCap.Top coins by CoinMarketCap

The rate of Solana has dropped by 3.69% over the last 24 hours.Image by TradingView

On the hourly chart, the price of SOL is testing the local support level of $153.12. If a breakout happens, the correction is likely to continue to the $150 zone and below.Image by TradingView

On the daily time frame, buyers have failed to maintain the growth, which means not enough energy has been accumulated yet.

If nothing changes by the end of the day, sideways trading in the zone of $140-$150 is the more likely scenario.Image by TradingView

From the midterm point of view, the picture is more positive. The volume has risen, which means that bulls are not ready to give up so easily. All in all, traders may witness an ongoing consolidation in the range around $150 within the next days.

SOL is trading at $153.8 at press time.

Ripple, the enterprise-focused blockchain service and creator of the XRP Ledger {{XRP}}, said on Friday that it begun testing its stablecoin on the Ethereum {{ETH}} mainnet and XRP Ledger.

"Ripple USD is currently in its beta phase and is being rigorously tested by our enterprise partners," the company said in a blog post. "This phase is crucial for ensuring that the stablecoin meets the highest standards of security, efficiency, and reliability before it becomes widely available, and after receipt of regulatory approval."

The announcement came after Ripple laid out its plans in April to enter the rapidly growing stablecoin market with its own U.S. dollar-pegged token. Stablecoins are a $160 billion market currently and a key piece of infrastructure in the crypto economy used for trading and payments on blockchains. The market is currently dominated by the two largest stablecoins, Tether's USDT and Circle's USDC. Broker Bernstein forecasted that the market could grow to $2.8 trillion by 2028.

Ripple USD (RLUSD) is backed by short term U.S. Treasuries, dollar deposits and cash equivalents. The reserves will be audited by a third-party accounting firm, and Ripple plans to report monthly attestations, the blog post said.

The company said that it will offer both RLUSD and XRP for global payments services to clients. The stablecoin isn't tradeable yet as its hasn't received regulatory approval, Ripple said.

Indian cryptocurrency exchange WazirX has announced plans to restore all user account balances to their state as of July 18, when the platform lost $230 million in a cyberattack.

The Mumbai-based company halted trading following the incident. The attack, reportedly linked to the North Korean Lazarus Group, compromised nearly half of its reserves, marking India’s largest crypto heist.

WazirX Fixes Balances Post $230 Million Hack

In an August 8 announcement, WazirX stated that all trades made after July 18 will be nullified. Officials explained that this step is necessary to ensure fair treatment for all users affected by the attack.

The restoration process will unfold over the next few days. Users will receive email notifications detailing the reversed trades. This measure will impact both cryptocurrency balances and Indian rupee (INR) holdings, undoing all crypto-to-INR and INR-to-crypto transactions made during the affected period.

As BeInCrypto previously reported, WazirX lost over $230 million to the attackers, suspected by some to be North Korean state-sponsored hacker group Lazarus. The exact cause of the breach is still under investigation. The exchange suggested that the hackers compromised the systems of its custody service provider, Liminal. However, Liminal has refuted this claim.

Despite the seemingly positive news, WazirX users remain far from optimistic. Ten days after the incident, the exchange unveiled a “recovery plan” that involved rebalancing customer portfolios. WazirX intended to return just 55% of users’ holdings, with the remaining 45% locked in USDT-equivalent tokens.

The proposal sparked outrage among platform users, especially since it impacted those not directly affected by the hack. Critics argued that WazirX’s actions go beyond typical exchange responsibilities by redistributing assets, questioning why the company isn’t using its profit reserves to cover the losses.

As of now, all trading and withdrawal activities on WazirX remain halted. The suspension will remain in place until the exchange completes the restoration process, though it has not provided a specific timeline.