The Digital Asset Market Clarity Act isn&#8217;t perfect, but Congress should pass it this summer to establish the US as the global leader in digital asset regulation.

CLARITY Act isn’t perfect, but it’s the bill US Congress must pass this summer

Bitcoin shows its first major bearish signal in weeks, yet strong dip-buying 
and key support levels keep the bullish outlook intact.

Bitcoin resistance at $120K normal due to ‘frothy’ open interest near all-time highs

The $100M acquisition brings Coin Metrics’ data, indexes and onchain analytics 
into Talos’s growing platform for institutional investors.

Talos acquires Coin Metrics in $100M deal

The on-chain analytics firm Glassnode has pointed out how $136,000 could be 
the next price level of importance for Bitcoin, if current momentum continues. 
This Bitcoin Short-Term Holder Cost Basis Level Is Situated At $136,000 In a 
new thread on X, Glassnode has discussed what a few different on-chain 
indicators suggest regarding where Bitcoin is in the current cycle. The first 
metric shared by the analytics firm is the Short-Term Holder (STH) Cost Basis, 
which measures the average acquisition price of the investors who purchased 
their coins within the past 155 days. Related Reading: Bitcoin Falls Below 
$117,000 Amid $3.5 Billion Profit-Taking Frenzy Below is a chart showing the 
trend in this metric over the last couple of years. As displayed in the graph, 
the Bitcoin price broke above the STH Cost Basis earlier in the year and has 
since remained above the line, indicating the STHs as a whole have been in a 
state of net profit. In the same chart, the analytics firm has also marked a 
few other levels, each corresponding to a specific standard deviation (SD) 
from the STH Cost Basis. With the recent price surge to a new all-time high 
(ATH) above $123,000, BTC was able to breach the +1 SD level, which has 
historically corresponded to heated market conditions. After the pullback, 
though, the coin has returned below the mark, but still remains close to it. 
&#8220;If this momentum continues, the next key level is $136k (2 +std), a zone that 
has historically marked elevated profit-taking and local market peaks,&#8221; 
explains Glassnode. While Bitcoin is still not overheated from the perspective 
of the STH Cost Basis model, other indicators paint a different picture. The 
STH Supply In Profit, an indicator tracking the percentage of the cohort&#8217;s 
supply that&#8217;s sitting on some gain, has recently surged far above the 88% 
threshold that has separated high-risk euphoric phases. Another metric, 
measuring the percentage of STH volume that&#8217;s leading to profit realization, 
also similarly saw a jump significantly above the historical overheated cutoff 
of 62%. &#8220;Such spikes often occur multiple times in bull markets, but repeated 
signals at these levels typically precede local tops and warrant caution,&#8221; 
notes the analytics firm. During this spike of profit-taking, the ratio 
between the profit and loss being realized by the Bitcoin STHs spiked to a 
7-day exponential moving average (EMA) value of 39.8. This is a value that&#8217;s, 
once again, extreme by historical standards. That said, spikes like this have 
generally occurred multiple times over the course of a cycle, before a top is 
finally attained. Related Reading: Bitcoin Returns Under $117,000: Is Social 
Media FOMO To Blame? &#8220;Historically, cycle tops follow with a lag, leaving room 
for further upside,&#8221; says Glassnode. &#8220;However, risk is elevated and the market 
becomes increasingly sensitive to external shocks. The current pullback aligns 
with this pattern.&#8221; BTC Price At the time of writing, Bitcoin is floating 
around $118,800, up more than 8% in the last seven days. Featured image from 
Dall-E, Glassnode.com, chart from TradingView.com

Bitcoin Next Key Level Is $136,000 If Momentum Holds, Glassnode Says

Cryptocurrency exchange BigONE confirmed a $27 million loss from a third-party 
attack on its hot wallet on July 16. Exchange Details Swift Response and User 
Reimbursement Cryptocurrency exchange BigONE confirmed a security incident in 
the early hours of July 16, revealing that a third-party attack targeting its 
hot wallet resulted in an estimated loss of […]

Cryptocurrency Exchange Vows Full Compensation After $27M Crypto Attack

A FOIA request reveals the US government holds near 29K BTC worth $3.3B, much 
less than the widely assumed 200K stash.
The post US Marshals confirm near 29K BTC held by government in new FOIA 
disclosure appeared first on Crypto Briefing.