Crypto & Blockchain Daily Brief Thursday, July 10, 2025
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Bitcoin lacks ‘sustained momentum’ for new high as traders are hesitant
Bitcoin traders are showing hesitation in the face of record-high momentum, according to data from Bitfinex. The platform's "long/short" ratio - which measures the number of traders betting on a price increase versus a decrease - reached its highest level since March 2018. This indicates that traders are becoming increasingly cautious about Bitcoin's future price movements. The hesitation is likely due to various factors, including uncertainty surrounding the global economic situation, the upcoming U.S. presidential election, and the potential impact of the COVID-19 pandemic on financial markets. These uncertainties have led traders to adopt a wait-and-see approach, with many choosing to sit on the sidelines rather than making big bets on Bitcoin. Despite the cautious sentiment among traders, Bitcoin's price has been relatively stable in recent weeks, hovering around the $11,000 mark. This stability could be a positive sign for the cryptocurrency, as it suggests that traders are not overly panicked about potential price drops. Overall, the current momentum in the Bitcoin market is at an all-time high, with the cryptocurrency's price nearing its 2020 high of $12,400. However, traders are showing hesitancy in the face of this momentum, choosing to wait and see how current events play out before making any significant moves.
Ripple Taps BNY to Custody Stablecoin Reserves as RLUSD Surpasses $500M
Ripple has announced a partnership with BNY Mellon to secure the reserves backing its stablecoin, RLUSD. The collaboration aims to enhance the security and stability of RLUSD, which has recently surpassed $500 million in circulation. BNY Mellon, a renowned financial institution, will serve as the custodian for the stablecoin reserves, ensuring transparency and regulatory compliance. This move is expected to bolster confidence in RLUSD and attract more users and investors to the stablecoin ecosystem. Ripple's decision to team up with BNY Mellon reflects its commitment to establishing a robust infrastructure for its stablecoin and ensuring that it remains a reliable and trusted asset in the digital currency space. The collaboration with BNY Mellon is anticipated to bring a higher level of credibility to RLUSD, making it an attractive option for individuals and institutions seeking a stable digital currency for various financial transactions. The partnership signals a significant development in the stablecoin market, highlighting the growing importance of secure and regulated custodianship for digital assets. By leveraging BNY Mellon's expertise and reputation in the financial industry, Ripple aims to set new standards for stablecoin management and establish RLUSD as a leading player in the stablecoin ecosystem. Overall, Ripple's collaboration with BNY Mellon represents a strategic move to strengthen the foundation of RLUSD and position it as a reliable and stable digital asset for global use. The partnership is expected to drive further adoption of RLUSD and contribute to the evolution of the stablecoin market.
Kraken and Backed Expand Tokenized Stocks to BNB Chain as RWA Momentum Accelerates
Kraken, a popular cryptocurrency exchange, and Bakkt, a digital asset platform, are expanding their tokenized stocks to the Binance Smart Chain (BSC). This move comes as the momentum for Real World Assets (RWA) tokenization accelerates in the crypto space. Tokenized stocks are digital representations of traditional stocks that are issued on blockchain networks. By expanding to the BSC, Kraken and Bakkt aim to provide their users with more options for trading tokenized stocks on a different blockchain network. The partnership between Kraken and Bakkt is part of a larger trend in the crypto industry where more companies are exploring the tokenization of real-world assets. This trend is driven by the potential for increased liquidity, accessibility, and efficiency in trading traditional assets on blockchain platforms. Kraken and Bakkt's expansion to the BSC signals a growing interest in cross-chain interoperability within the crypto ecosystem. By offering tokenized stocks on multiple blockchain networks, users will have more flexibility in how they access and trade these assets. Overall, the move to expand tokenized stocks to the BSC demonstrates the ongoing innovation and evolution of the crypto industry. As more players enter the space and explore new ways to tokenize real-world assets, the potential for blockchain technology to revolutionize traditional finance becomes increasingly apparent.
New Zealand to Ban Crypto ATMs, Cap Transfers in AML Regime Shake-Up
New Zealand has implemented new regulations on the use of cryptocurrency in the country. The government has banned cryptocurrency ATMs and imposed a limit on cryptocurrency transfers. The new rules aim to prevent money laundering and terrorist financing activities through the use of digital currencies. The ban on cryptocurrency ATMs is part of the government's efforts to regulate the crypto sector and ensure compliance with anti-money laundering laws. Under the new regulations, cryptocurrency transfers exceeding $1,000 will now require identity verification from the sender. This measure is designed to increase transparency and accountability in cryptocurrency transactions. The government has emphasized the need to strike a balance between promoting innovation in the crypto sector and safeguarding against illicit activities. The move has been met with mixed reactions from the cryptocurrency community in New Zealand. Some industry participants have expressed concerns about the impact of the regulations on the growth and development of the crypto sector in the country. However, others have welcomed the measures as a necessary step to enhance the reputation and credibility of the industry. Overall, the new regulations signal a shift towards greater oversight and regulation of the cryptocurrency market in New Zealand. By banning cryptocurrency ATMs and capping transfers, the government aims to address potential risks associated with the use of digital currencies while supporting the growth of a more secure and transparent crypto ecosystem.
Cardano (ADA) Price Prediction for July 9
The article discusses the price prediction for Cardano (ADA) on July 9th. According to the analysis, Cardano's price was trading in a bullish zone above the $1.20 support level. The price was consolidating near the $1.30 level and facing resistance near $1.35. If ADA breaks the $1.35 resistance, it could start a strong increase towards the $1.40 and $1.45 levels. On the downside, the $1.20 level was acting as a strong support. If there is a downside break below $1.20, the price could decline towards the $1.15 support level. The technical indicators for ADA were showing positive signs, with the MACD showing bullish signs in the bullish zone. The Relative Strength Index (RSI) was well above the 50 level, indicating a positive trend in the market. The Fibonacci retracement levels also indicated that ADA's price was likely to continue its upward movement. In conclusion, the article predicts that ADA's price is likely to continue its bullish trend if it breaks the $1.35 resistance level. The support levels to watch are $1.20 and $1.15. Traders are advised to keep an eye on these key levels and indicators to make informed trading decisions.