Dr Craig Wright, the self-proclaimed inventor of Bitcoin, has claimed victory in a defamation lawsuit against popular British Bitcoin podcaster Peter McCormack. “Faketoshi”, as he is known in Bitcoin circles, was awarded £1 for advancing “deliberately false evidence”:
"[The Court] found Dr. Wright not to be a witness of truth." Is that just a polite English judge's way of calling him a liar? Asking for a #Faketoshi. pic.twitter.com/ArruvWiHen
The host of the What Bitcoin Did podcast was sued for his comments in which he described Wright as a “fraud” and “liar” in relation to persistent claims that he was indeed the founder of Bitcoin.
UK High Court Judge Martin Chamberlain ruled against McCormack, finding that the podcaster had caused “serious harm” to Wright’s reputation since he was apparently disinvited to speak at various events and conferences.
The judge, however, determined that since Wright had “advanced a deliberately false case and put forward deliberately false evidence until days before trial, he [would] recover only nominal damages”. On that basis, the court found that there would be “no injustice” in awarding the paltry sum of sum of £1:
In a statement distributed by his lawyers, Wright said: “I intend to appeal the adverse findings of the judgment in which my evidence was clearly misunderstood.”
Australian-born Wright remains a constant source of derision and controversy within the Bitcoin community. Last year, he won a copyright lawsuit over the Bitcoin whitepaper and later sued a former partner over claims he was entitled to Satoshi’s 1.1 million bitcoins.
McCormack took to Twitter to celebrate the result, saying:
As some of you will now have seen, the judgment in my trial v Dr Craig Wright has now been handed down. I want to thank my lawyers for their diligent work on the case. I also want to thank Justice Chamberlain for this result. We are very pleased with his findings. Please do note that the process is not complete and therefore I will not be commenting further on this. Once the entire process is complete, there will be others I will be thanking.
Peter McCormack, host, What Bitcoin Did podcast
The Bitcoin community celebrated the favourable result, pointing to Wright’s history of plagiarism, forgery and false evidence:
I'll never refer to Craig Wright as "Dr." because he spent many years falsely claiming to have earned a PhD and given his lengthy history of proven plagiarism and fraud I find the likelihood that he earned his eventual PhD honestly to be near 0.
This comes at a time where his hard forked token BSV has less than 2 percent of bitcoin’s market capitalisation and has been delisted from most exchanges due to a lack of security:
Less than 20 nodes run BSV, and only 60% are synchronised, 8 nodes are still trying to catch up with "BiG blOcKs"
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Ripple (XRP)
Ripple XRP is the currency that runs on a digital payment platform known as RippleNet, on top of a distributed ledger database called XRP Ledger. While RippleNet is run by a company called Ripple, the XRP Ledger is open-source and not based on a blockchain, but rather the aforementioned distributed ledger database.
XRP Price Analysis
At the time of writing, XRP is ranked the 6th cryptocurrency globally and the current price is US$0.3754. Let’s take a look at the chart below for price analysis:
XRP printed some gains during Q1 and Q2 after moving sideways for the past few weeks. The price is in a downtrend, with the 9, 18 and 40 EMAs providing resistance on each attempt to rally.
However, bulls are showing some interest at the 73% retracement, near $0.3610. If this level breaks, a move into possible support – just below the lows near $0.3245 – seems likely.
If the price does rally through the swing high at $0.3955 – perhaps triggered by a sudden surge in Bitcoin – bulls might find some resistance at the 61.8% retracement level near $0.4250.
Overlapping swing highs and lows near $0.4526 may provide the next target, where bears immediately forced the price down in late December.
More bullish market conditions could shift targets to up near the midpoint of Q1’s consolidation, around $0.5132, where higher timeframes show an inefficiently traded zone.
2. Chiliz (CHZ)
Chiliz CHZ is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform, Socios.com. Here, fans can purchase and trade branded fan tokens as well as having the ability to participate, influence, and vote in club-focused surveys and polls. Founded in Malta in 2018, the company states its vision is to bridge the gap between active and passive fans, providing millions of sports fanatics with a fan token that acts as a tokenised share of influence.
CHZ Price Analysis
At the time of writing, CHZ is ranked the 60th cryptocurrency globally and the current price is US$0.1423. Let’s take a look at the chart below for price analysis:
CHZ‘s stunning rally to $0.1650 plummeted over 23% last week to sweep consolidation lows at $0.1055. This could set the stage for a new bullish cycle to begin.
The price is currently balancing around the monthly open. A quick stop run into support beginning near $0.1420 could set the stage for a move into the daily gap beginning near $0.1705, potentially reaching resistance near $0.1837.
A sweep of the highs near $0.1958, followed by a sharp sell-off, hints that bulls are preparing to run the swing high near $0.2147. This run could find the next resistance around $0.2346 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near $0.2528.
3. Omg Network (OMG)
Omg Network OMG, formerly known as OmiseGo, is a non-custodial, layer-2 scaling solution built for the Ethereum blockchain. As an Ethereum scaling solution, OMG Network is designed to allow users to transfer ETH and ERC20 tokens significantly faster and more cheaply than when transacting directly on the Ethereum network. The network is powered by the OMG utility token, which can be used as one of the payment methods for fees on the OMG Network, and will eventually be stackable – helping to secure the network in return for rewards.
OMG Price Analysis
At the time of writing, OMG is ranked the 110th cryptocurrency globally and the current price is US$2.21. Let’s take a look at the chart below for price analysis:
OMG‘s 37% drop has filled the June monthly gap twice as the price consolidated between $1.82 and $2.40.
The price’s current region, between $2.20 and $2.35 and just under the monthly open, could continue to give support. If this area holds, the cluster of relatively equal range highs up to $2.60 is a likely target.
An animated move through these highs could reach up to the daily gap beginning at $2.85. The area between $2.96 and $3.10 provides a likely cap for a move into this zone.
A drop lower could be a run-on stop under $2.00 and find support near $1.94. If this level is lost, the swing low at $1.85 is a likely target, with $1.79 possibly giving support.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Input Output Global (IOG), the lab behind the Cardano blockchain, released a YouTube update this week informing followers that its Vasil hard fork upgrade has been delayed yet again.
According to the update, more testing is required to ensure “inevitable issues” are ironed out:
Input Output July YouTube update.
All Users Need to be ‘Ready to Progress’
Cardano’s (ADA) long-awaited Vasil hard fork has been delayed by several more weeks, amid some significant price volatility (including a 7.7 percent gain on July 29).
Kevin Hammond, IOG’s technical manager, says the hard fork had to be postponed one more time to ensure that all parties, including exchanges and API developers, were fully ready for the transition to take place.
All users have to be ready to progress through the hard fork to make sure the process is smooth, both for them and end users of the Cardano blockchain.
Kevin Hammond, technical manager, IOG
The upgrade, entitled Vasil, is designed to increase Cardano’s scaling capabilities and is set to be the largest upgrade to the Cardano blockchain since the Alonzo hard fork. Put simply, this hard fork is a backward-incompatible change to the software used to validate and produce new blocks.
The upgrade is expected to be game-changing, offering improved speed and scalability, making it more appropriate for DApps and smart contracts. This is not the first delay Vasil has seen, with the project originally scheduled for release in late June:
No big deal, since our credo is to do things right instead of fast, and I for one am supporting this 100%.
Vasil will be a major milestone that catapults us forward even closer to being the most advanced smart contract chain out there.
The network’s DApp development community has the final decision on the Cardano testnet upgrade, meaning that developers must ensure the testing is void of critical issues before the hard fork can be implemented. A release date is yet to be announced.
Previous Cardano Delay
IOG originally postponed the Vasil upgrade by one month due to alleged bugs “that needed eliminating”, requiring further testing. At the time, Nigel Hemsley, head of delivery and projects at IOG, stated his project was “very close” to completion and a June 20 deployment. However, a minimum of seven non-severe bugs required attention before this could go ahead.
The latest legal move automatically grants Zipmex protection from the continuation or commencement of proceedings by claimants for 30 days, or until after a Singapore court makes a decision on the applications – whichever comes first.
According to Zipmex’s legal team, however, its five applications filed on July 22 seek moratoriums to prohibit legal proceedings against the company for up to six months.
Zipmex plans to use the time allowed by bankruptcy protection to resolve its liquidity issues, create a restructuring plan, and secure new investments to support its operations going forward. It also claims to have received “formal, registered interest” from potential investors to help shore up its finances.
Following recently approved Australian crypto exchange-traded funds (ETFs), Sydney-based Holon Global Investments (Holon) has just launched three crypto funds of its own, partnering with Gemini as its custodian:
We're continuing our funds solution domination. @Gemini now serves as the custodian partner for Holon Global Investments, Australia's leading fund manager, and custodies their unlisted retail Bitcoin $BTC, Ethereum $ETH, and Filecoin $FIL funds. 👍🚀https://t.co/dYj8gpojxJ
Holon, an asset manager which identifies itself as a Web3 investor, has launched three unlisted funds that provide access to bitcoin, ethereum and filecoin respectively.
According to the investment firm, the funds are currently the only managed investment schemes for digital assets available to retail investors that are registered with the Australian Securities and Investments Commission (ASIC).
We are huge believers in the potential for blockchain and cryptocurrency to revolutionise key areas of the global and Australian economy, including finance and data storage. But Australian investors, financial investors, and financial advisers have struggled to find regulated ways to invest.
Heath Behncke, managing director, Holon
The funds have a A$5,000 minimum investment, or A$2,000 with a A$200 per month savings plan. Furthermore, Holon has suggested that all three funds hold long positions only, as there is no gearing or trading.
Notably, the funds will incur a management fee of 0.4 percent, significantly less than the 1.25 percent fee charges by the initial group of approved Australian crypto ETFs.
Holon’s head of asset management highlighted the thought process behind this decision in a recent interview with the Australian Financial Review:
We don’t think we’re adding an enormous amount of value here, and so we shouldn’t be charging an enormous fee.
Rory Scott, head of asset management, Holon
Holon Strengthens Ties with Gemini
According to a statement by Gemini, it will act as custodian for all three funds, given its credentials and experience in operating within challenging regulatory environments. But this isn’t the first time Holon has teamed up with Gemini. Last year, it partnered with the Winklevoss-led outfit after launching its Filecoin wholesale fund.
Holon’s managing director Heath Behncke was excited about the launch, commenting:
The Holon funds have been carefully structured to include Gemini’s institutional grade custody to provide investors and financial advisors with attractive exposure to some of the most credible and exciting cryptocurrencies – Bitcoin, Ethereum and Filecoin.
Heath Behncke, managing director, Holon
It’s interesting to note that when Commonwealth Bank of Australia announced its foray into crypto, which has since been postponed, it too leaned on Gemini for custodial services. At present, it isn’t clear whether there is simply a lack of credible local institutional-grade custodians, or whether other factors, such as regulations, are at play.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Kadena (KDA)
Kadena KDA is a proof-of-work blockchain that combines the PoW consensus mechanism from Bitcoin with directed acyclic graph (DAG) principles to offer a scalable version of Bitcoin. Kadena claims it can provide the security of Bitcoin while being able to offer unparalleled throughput that makes the blockchain usable to enterprises and entrepreneurs alike. Kadena’s unique infrastructure is decentralised and built for mass adoption because of its multi-chain approach.
KDA Price Analysis
At the time of writing, KDA is ranked the 102nd cryptocurrency globally and the current price is US$1.96. Let’s take a look at the chart below for price analysis:
KDA climbed 65% from its mid-June low, creating a bullish market structure break on the daily chart.
Aggressive bulls might find the closest support near the August open, around $2.01. This level will likely show inefficient trading on the daily chart after Monday’s candle closes.
If this level breaks, the next support might be near $1.73. This level is near the 61.8% retracement. It’s also near the 9, 18 and 40 EMAs and the high of accumulation on the weekly chart.
A dip lower could reach $1.54, where bulls rejected bears on the weekly. However, a move this low could go significantly lower. Bulls’ stops near $1.34 and a large area of inefficient trading on the weekly offer little support to stop a more significant drop.
The closest resistance is from $2.20 to $2.30, near the June monthly open. This area showed inefficient trading on the weekly chart. The price has passed through this zone multiple times, but it could provide some resistance again.
If the market’s rally does continue, $2.47 might offer the next resistance. This level shows inefficient trading on the daily chart. It’s also at the low end of inefficient trading on the weekly and monthly charts. If the price does bounce from $1.73, the 68% and 100% extensions of the prior swing add more confluence to this area.
2. Swipe (SXP)
Swipe SXP is a platform that looks to form a bridge between the fiat and cryptocurrency worlds with its API that is designed to create global payment cards powered by its native SXP token. Swipe also has an on-chain product called Swipe Swap, an Automated Market Maker which is forked by Uniswap, SushiSwap and THORchain, and is powered by Swipechain. This ecosystem is powered by the Swipe Token SXP, which functions as the fuel for the Swipe Network, and is used for paying transaction fees and securing Swipechain through bonding and governance.
SXP Price Analysis
At the time of writing, SXP is ranked the 136th cryptocurrency globally and the current price is US$0.4405. Let’s take a look at the chart below for price analysis:
SXP has consolidated in a tight range since its 51% drop in early June. Near $0.4080, an area of inefficient trading might offer support. This level is near the 9, 18 and 40 EMAS.
It’s reasonable for the price to drop slightly lower to the next area of inefficient trading, near $0.3876. Moving to this level would allow bulls to enter near the July open.
An area of inefficient trading, near $0.5293, may offer the closest resistance. This level is near the June open and could be the target as SXP shares its metaverse vision.
A move this high could reach slightly higher, near $0.5668. Bears rejected bulls on the weekly here in early June. It’s also near an old December 2020 weekly swing low.
If the market continues climbing, it could reach as high as $0.6550. This area shows inefficient trading on the monthly and weekly charts.
If the bullish move fails, bears might aim for an area near $0.2705. This level is near the midpoint of March 2020’s swing low wick. On the weekly, it shows that bulls rejected bears. Reaching this level would allow bears to sweep bulls’ stops under relatively equal lows into inefficient trading on the daily chart.
3. Wax (WAXP)
WAXP is a purpose-built blockchain, released in 2017, designed to make e-commerce transactions faster, simpler and safer for every party involved. The WAX blockchain uses delegated proof-of-stake (DPoS) as its consensus mechanism. It is fully compatible with EOS. The custom features and the incentive mechanisms developed by WAX are intended to optimise the blockchain’s utility specifically for use in e-commerce, with the goal of encouraging voting on proposals.
WAX Price Analysis
At the time of writing, WAX is ranked the 130th cryptocurrency globally and the current price is US$0.1153. Let’s take a look at the chart below for price analysis:
WAX dropped 54% in early June before entering a consolidation range. The price has just swept bulls’ stops above relative equal highs into an area of inefficient trading near $0.1145. This zone, up to $0.1223, could provide resistance.
If this level breaks, the price could climb to $0.1622. This move would let bulls run bears’ stops above June 2’s swing high. It would also fill in inefficient trading on the weekly and monthly charts.
However, macroeconomic conditions are still bearish. As of now, the economic climate makes it less probable that the price can reach this far.
Below, a relatively wide area from $0.1037 to $0.0955 could provide support. This area saw accumulation before the recent move up, shows inefficient trading on the daily, and overlaps with the 61.8% and 78.6% extensions.
Bulls rejected bears on the weekly chart, near $0.0842. This level may provide support if bears run bulls’ stops under July’s swing lows.
A more bearish turn in the market could propel the price significantly lower. The next downside target may be near $0.0560. Here, the weekly chart and monthly chart both show inefficient trading.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. MyNeighborAlice (ALICE)
ALICE is a multiplayer builder game where anyone can buy and own virtual islands, collect and build exciting items, and meet new friends. Inspired by successful games such as Animal Crossing, the game combines the best of the two worlds – a fun narrative for regular players who want to enjoy the gameplay experience, as well as an ecosystem for players who want to collect and trade non-fungible tokens (NFTs).
ALICE Price Analysis
At the time of writing, ALICE is ranked the 279th cryptocurrency globally and the current price is US$3.00. Let’s take a look at the chart below for price analysis:
ALICE dropped almost 80% from its Q2 highs. Since this drop, the price has consolidated in a tight range between approximately $3.40 and $2.38.
Support might have formed near $2.87. This area shows inefficient trading on the daily chart. It also overlaps June 15’s swing high and contains the 9 and 18 EMAs.
If this level breaks, the price might also find support at a small distance below, near $2.69. Here, the weekly chart shows that bulls rejected bears.
The 40 EMA is currently providing some resistance. Yet the price may be seeking the next resistance near $3.20. This level is near the top of the range, contains relative equal highs, and is just below the June monthly open.
A break through this level might reach the next resistance near $3.36. This level is just above relative equal highs and the June monthly open. It also shows inefficient trading on the weekly chart and overlaps with the June 2021 swing low’s wick.
If the rally continues, $3.70 could provide the next resistance. This level shows inefficient trading on the weekly and monthly charts. It also overlaps with June 2021’s weekly and monthly swing low candle body boundaries.
The overall market is still bearish, so bulls should be cautious. There is no historical price action to suggest support below the current price. The local range’s 50% extension suggests that $2.25 to $2.00 could be the next longer-term downside target.
2. Oasis Network (ROSE)
The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionising Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.
ROSE Price Analysis
At the time of writing, ROSE is ranked the 89th cryptocurrency globally and the current price is US$0.08846. Let’s take a look at the chart below for price analysis:
ROSE climbed 42% from its Q1 low, then dropped nearly 73% into support last month.
The price is currently testing this resistance, near $0.09230. It may also provide support again and has confluence with the 61.8% and 78.6% retracements.
Resistance begins just above, at $0.09837. This inefficiently traded area, which reaches slightly beyond $0.1146, contains the previous monthly highs, a bearish market structure break on the daily chart, and the 9, 18 and 40 EMAs.
These confluences often provide strong resistance. Since this resistance is close to the $0.1230 support, the price may enter consolidation before breaking out to the next move.
If the price breaks this resistance, bulls could eye an area of old rejection, near $0.1310, as their next target. Continuation through this level may target another area of bearish rejection on the weekly chart, near the 27% extension from $0.1329 to $0.1357.
A more significant bearish turn in the market may reach for bulls’ stops under the Q2 lows, down to an area of old support in an inefficiently traded area between $0.08341 and $0.07217.
3. Gala (GALA)
GALA aims to take the gaming industry in a different direction by giving players back control over their games. Gala Games’ mission is to make “blockchain games you’ll actually want to play”. The project wants to change how players can spend hundreds of dollars on in-game assets and countless hours playing the game, all of which could be taken away from them with the click of a button. It plans to reintroduce creative thinking by giving players control of their games and in-game assets with the help of blockchain technology.
GALA Price Analysis
At the time of writing, GALA is ranked the 94th cryptocurrency globally and the current price is US$0.05995. Let’s take a look at the chart below for price analysis:
After setting a low last week, GALA turned into a recovery trend to make the new monthly highs.
The following 75% plummet found support near $0.05029, sweeping under the 40 EMA into the 60.8% retracement level before bouncing to resistance beginning at $0.06420.
This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $0.06812, where aggressive bulls might begin bidding. The level near $0.07325, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $0.08475.
However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $0.04720 could provide at least a short-term bounce. If this level fails, the old highs near $0.03835 might also give support and see the start of a new bullish cycle after retesting these support levels.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Japan’s Ministry of Economy, Trade and Industry (METI) has established a Web3 policy office within the Minister’s Secretariat in a bid to boost the importance of digital assets in the country.
According to an official announcement, the new Web3 office will help create better frameworks for Web3-related businesses by gathering information from key players in the industry and working with relevant parties toward developing a proper environment for Web3:
As metaverses become new personal interfaces, especially among younger generations such as Generation Z, digital spaces and assets could become much more important, and their business value could also increase dramatically.
METI blog post
Moreover, the Web3 office will bring together several departments responsible for industrial finance, taxation and corporate systems, as well as those responsible for media, digital content, sports, fashion and other industries.
Companies Betting Big on the Metaverse
Japan is one of the latest countries to enter the metaverse with its push to expand Web3 businesses and technology. Not so long ago, one of North America’s ‘Big Four’ accounting firms, KPMG, opened its first metaverse collaboration hub to examine potential use cases in several industries.
Despite a current bearish scenario for digital assets in general, companies and firms across different industries are still betting big on Web3. A week ago, Crypto News Australiareported that auction house Christie’s had established Christie’s Ventures, an investment fund for fintech companies looking to tap into the digital art market.
Ethereum’s 10th ‘shadow fork’ came into effect this week as the network continues to run tests ahead of the much-anticipated shift from the energy-intensive proof-of-work consensus mechanism to proof-of-stake.
As part of the preparation for the third and final testnet merge, Goerli, now expected to take place on August 10, Ethereum has been undergoing a series of shadow forks that copy data from the mainnet to a testnet:
After shifting the timeline for the merge numerous times over the past two years, Ethereum’s core developers announced earlier this month that the merge was set to take place on September 19. As a direct result, the price of ETH surged almost 50 percent.
The merge, since brought forward to next month, will usher in a process in which holders of a minimum of 32 ETH can pledge their existing ETH in order to create more. The Ethereum Foundation predicts the proof-of-stake model will make the network up to 99 percent more environmentally friendly.
Since shadow fork #10 was deployed on July 26, no significant glitches have been reported. At the time of writing, the price of ETH had experienced significant volatility over the previous 24 hours, ranging from US$1,362.95 to US$1,602.61.
Data from crypto platform Messari reveals that Solana (SOL) could become the biggest challenger to Ethereum’s NFT market dominance.
In a recent report by James Trautman from Messari, Solana’s network activity declined heavily in the second quarter of this year. However, daily activity has accelerated with over 7 million newly minted NFTs, a growth rate of 46.4 percent:
Solana new NFTs per month. Source: Messari
Solana Defies Market Downturn
The NFT market has been hammered by the crypto winter, with sales plunging over 90 percent since their January highs. But while Ethereum still commands over 80 percent of the market, Solana continues to gain traction in the industry, overthrowing other alternative layer-1 platforms:
Ultimately, Solana’s position in the NFT sector remains a strong component of its ecosystem despite a down market. It continues to be the second-largest protocol by secondary NFT sales volume, trailing only behind Ethereum.
Messari report
A boost for the Solana NFT ecosystem came with the announcement of OpenSea introducing its Solana launchpad to allow SOL-based NFT projects. The plan is to provide OpenSea users with a “multi-chain future” for NFTs.
