One risk facing banks that custody crypto is the potential for liability if crypto assets are lost, according to three US financial agencies.

US Federal agencies outline key risks for banks eyeing crypto custody

India’s legal alarm over crypto hit new highs as the Delhi High Court warned 
it threatens monetary stability by dissolving recognized currency into opaque, 
untraceable financial systems. Delhi High Court Flags Crypto as Systemic 
Threat Amid Growing Legal Scrutiny Concerns over digital asset misuse 
intensified in India after a judicial warning flagged crypto’s ability to […]

Delhi Court Warns Crypto Could Collapse Recognized Money Into Dark Networks

The approval of ProShares&#8217; leveraged XRP ETF could boost investor interest in 
crypto derivatives, potentially increasing market volatility.
The post ProShares leveraged XRP ETF gets NYSE Arca clearance, prepares for 
trading debut appeared first on Crypto Briefing.

ProShares leveraged XRP ETF gets NYSE Arca clearance, prepares for trading debut

Ethereum price started a fresh increase above the $3,000 zone. ETH is now 
consolidating gains and might correct lower toward the $2,900 zone. Ethereum 
started a fresh increase above the $3,000 level. The price is trading near 
$2,940 and the 100-hourly Simple Moving Average. There was a break below a key 
bullish trend line with support at $2,980 on the hourly chart of ETH/USD (data 
feed via Kraken). The pair could start a fresh increase if it remains 
supported above the $2,900 zone in the near term. Ethereum Price Rallies Above 
$3,000 Ethereum price started a fresh increase above the $2,800 zone, like 
Bitcoin. ETH price gained pace for a move above the $2,880 resistance zone and 
entered a positive zone. The bulls even pumped the price above $2,920. 
Finally, it tested the $3,080 zone. A high was formed at $3,081 and the price 
is now consolidating gains. There was a move below the 50% Fib retracement 
level of the upward move from the $2,905 swing low to the $3,081 high. 
Besides, there was a break below a key bullish trend line with support at 
$2,980 on the hourly chart of ETH/USD. Ethereum price is now trading near 
$2,940 and the 100-hourly Simple Moving Average. On the upside, the price 
could face resistance near the $2,980 level. The next key resistance is near 
the $3,000 level. The first major resistance is near the $3,040 level. A clear 
move above the $3,040 resistance might send the price toward the $3,080 
resistance. An upside break above the $3,080 resistance might call for more 
gains in the coming sessions. In the stated case, Ether could rise toward the 
$3,200 resistance zone or even $3,220 in the near term. Are Downsides 
Supported In ETH? If Ethereum fails to clear the $3,000 resistance, it could 
start a downside correction. Initial support on the downside is near the 
$2,940 level and the 76.4% Fib retracement level of the upward move from the 
$2,905 swing low to the $3,081 high. The first major support sits near the 
$2,900 zone. A clear move below the $2,900 support might push the price toward 
the $2,800 support. Any more losses might send the price toward the $2,720 
support level in the near term. The next key support sits at $2,650. Technical 
Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the 
bearish zone. Hourly RSI &#8211; The RSI for ETH/USD is now below the 50 zone. Major 
Support Level – $2,900 Major Resistance Level – $3,000

Ethereum Price Fails to Hold Momentum Above $3K — Correction Ahead?

Hungary has updated its Criminal Code, imposing potential prison sentences for 
those using or running unauthorized crypto exchanges.

Unauthorized crypto trading now carries 2 years of prison in Hungary

Bitcoin (BTC) surged to a new all-time high (ATH) of $123,218 earlier today, 
pushing its market cap beyond $2.4 trillion. However, exchange data shows a 
sharp increase in BTC inflows following this milestone, raising concerns of a 
potential short-term correction. Bitcoin Exchange Inflows Warn Of Pullback 
According to a CryptoQuant Quicktake post by contributor Tarekonchain, BTC is 
beginning to show signs of short-term cooling. Notably, exchange inflows 
recorded a sharp uptick right after Bitcoin hit its fresh ATH. Related 
Reading: Bitcoin Rally Ahead? DXY Breakdown Suggests Capital Shift To Risk-On 
Assets The following chart shared by the analyst highlights exchange netflows 
to spot platforms, with notable spikes in inflows to centralized exchanges. 
This typically indicates profit-taking behavior by short-term holders and some 
whales. Tarekonchain noted that such on-chain activity is usually indicative 
of a local top that could lead to a healthy price correction or consolidation 
in the coming days. They added: It&#8217;s a classic pattern we&#8217;ve seen after 
previous parabolic rallies &#8211; profits are realized, weak hands exit, and price 
finds a new base. That said, the analyst noted that despite the warning signs 
of a looming price correction, the overall market structure remains largely 
bullish. For instance, long-term holders are still holding their BTC, not keen 
on selling at current price levels. Supporting the bullish thesis, spot 
Bitcoin exchange-traded funds (ETFs) continue to attract strong capital. For 
the week ending July 11, they saw $2.72 billion in net inflows &#8211; a clear sign 
of ongoing institutional interest. Whales Preparing To Sell? In a separate 
post, CryptoQuant contributor Crazzyblockk pointed to an uptick in whale 
activity on Binance. The Binance Whale Activity Score shows that deposits from 
large wallets have spiked dramatically. Related Reading: Bitcoin Uptrend 
Intact, But Binance Activity Warns Of Short-Term Pullback Whales reportedly 
deposited as much as 1,800 BTC to Binance in a single day, with more than 35% 
of transactions valued at over $1 million, hinting at strategic positioning 
ahead of expected volatility. Crazzyblockk highlighted two possible scenarios 
following the surge in deposits from large-scale investors. First, it is 
likely that these investors are sitting on healthy profits and may be getting 
ready to secure some gains after a historic run. Alternatively, they might be 
aiming to leverage Binance’s deep liquidity to hedge or open new positions as 
the market experiences heightened volatility. Either way, this sell-side 
pressure on Binance is likely to weigh on BTC’s bullish momentum. Despite 
rising inflows and increased whale activity, market sentiment remains broadly 
positive. Retail investor participation is still muted compared to previous 
bull runs, suggesting the current rally might still have room to grow. At 
press time, BTC trades at $119,449, up 0.8% in the past 24 hours. Featured 
image from Unsplash, charts from CryptoQuant and TradingView.com