China’s national security agency is calling out the growing trend of projects collecting sensitive biometric data like iris scans in exchange for digital assets. In a public advisory issued through its official WeChat account on August 6, China&#8217;s Ministry of…

Worldcoin under fresh scrutiny? China warns against crypto-for-iris trend

Ripple’s move to launch a national trust bank is drawing fire for threatening 
to erode regulatory safeguards, destabilize the banking system, and blur core 
institutional boundaries. Ripple’s Bank Ambitions Collide With Legacy Finance 
The Independent Community Bankers of America (ICBA), which represents around 
5,000 community banks across the country, has formally objected to Ripple 
Labs&#8217; […]

Ripple’s National Trust Bank Bid Faces Fierce Pushback From Banking Community

The conviction highlights regulatory challenges for DeFi, potentially stifling 
innovation and raising concerns about future legal precedents.
The post Tornado Cash dev Roman Storm found guilty of running unlicensed money 
biz, sanctions and money laundering charges unresolved appeared first on 
Crypto Briefing.

Tornado Cash dev Roman Storm found guilty of running unlicensed money biz, sanctions and money laundering charges unresolved

Bitcoin price is attempting to recover above the $114,200 zone. BTC is now 
consolidating and might attempt to clear the $115,500 resistance zone. Bitcoin 
started a recovery wave above the $113,500 zone. The price is trading above 
$114,000 and the 100 hourly Simple moving average. There was a break above a 
bearish trend line with resistance at $114,300 on the hourly chart of the 
BTC/USD pair (data feed from Kraken). The pair might start another increase if 
it clears the $115,500 resistance zone. Bitcoin Price Attempts Recovery 
Bitcoin price found support near the $112,000 zone and started a recovery 
wave. BTC was able to climb above the $113,500 and $114,200 resistance levels. 
Besides, there was a break above a bearish trend line with resistance at 
$114,300 on the hourly chart of the BTC/USD pair. The price climbed toward the 
50% Fib retracement level of the move from the $118,918 swing high to the 
$112,000 low. However, the bears were active near the $115,500 resistance and 
the price struggled to continue higher. Bitcoin is now trading above $114,000 
and the 100 hourly Simple moving average. Immediate resistance on the upside 
is near the $115,000 level. The first key resistance is near the $115,500 
level. The next resistance could be $116,250 or the 61.8% Fib retracement 
level of the move from the $118,918 swing high to the $112,000 low. A close 
above the $116,250 resistance might send the price further higher. In the 
stated case, the price could rise and test the $117,500 resistance level. Any 
more gains might send the price toward the $118,000 level. The main target 
could be $120,000. Another Drop In BTC? If Bitcoin fails to rise above the 
$115,500 resistance zone, it could start another decline. Immediate support is 
near the $114,200 level. The first major support is near the $113,500 level. 
The next support is now near the $112,000 zone. Any more losses might send the 
price toward the $110,500 support in the near term. The main support sits at 
$108,500, below which BTC might continue to move down. Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI 
(Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $113,500, followed by $112,000. Major Resistance Levels 
– $115,500 and $117,500.

Bitcoin Price Tries to Climb Again – Bulls Eye Short-Term Upside

As part of an initiative to internationalize the renminbi (Chinese Yuan) and 
enhance its competitiveness against the US dollar, China is poised to launch 
its first stablecoin. Meanwhile, the US is making significant progress toward 
its mission of becoming the crypto capital of the world. Despite this 
ambitious plan, concerns about potential capital flight are reportedly 
hindering the rapid advancement of stablecoin technology within the country. 
China Explores Stablecoin Initiatives According to a report from the Financial 
Times, Hong Kong has emerged as a testing ground for cryptocurrency, 
particularly given the strict bans on the mainland. Recently, the territory 
passed legislation allowing licensed businesses to issue tokens backed by any 
fiat currency. However, the Hong Kong Monetary Authority (HKMA) has taken a 
cautious stance, indicating that only a limited number of licenses will be 
issued starting next year. Related Reading: Bitcoin Insult Alert: Pro Trader 
Dubs HODLers ‘Idiots,’ Saylor Fires Back Policymakers in China have 
increasingly turned their attention to stablecoins, recognizing the growing 
dominance of dollar-backed tokens in the global economy. The central bank 
governor, Pan Gongsheng, noted in a June speech that stablecoins have 
“fundamentally reshaped the traditional payment landscape.” However, the 
Chinese government faces a delicate balancing act; while it seeks to enhance 
the global standing of the renminbi, it must also maintain stringent controls 
over its financial system. Recent discussions among financial regulators have 
centered on the implementation of stablecoin projects, emphasizing that any 
such initiative must align with China’s unique national conditions. Yet, 
experts have cautioned that the risks associated with capital outflows could 
pose significant challenges. Interest Grows In Hong Kong Rebecca Liao, CEO of 
Saga, a company focused on blockchain infrastructure, articulated the 
complexities of adopting stablecoin technology, highlighting that it cannot be 
completely controlled by central authorities. This concern has contributed to 
Hong Kong&#8217;s slower progress in developing a thriving stablecoin market, 
especially when compared to the rapid growth observed in the United States. 
The HKMA has voiced apprehensions about the potential use of stablecoins in 
money laundering, emphasizing the need for stability and control in its new 
regulatory framework. As such, initial stablecoin programs in Hong Kong are 
expected to focus on business-to-business applications, limiting their broader 
adoption. Related Reading: Is The Bitcoin Bull Run In Jeopardy? Expert Reveals 
Strategy’s Alleged Plan To Sell All BTC Holdings The report emphasizes that 
interest in stablecoins is also growing among Chinese state-owned enterprises, 
particularly in the context of payment and settlement solutions. Multiple 
state-owned companies with operations in Hong Kong are reportedly looking to 
apply for stablecoin licenses, although only one of China’s four major state- 
owned banks is expected to receive a license from the HKMA in this initial 
phase. The HKMA has not ruled out the possibility of approving licenses for 
stablecoins backed by offshore renminbi, a move that could further facilitate 
cross-border payments—an area of increasing importance for China. Featured 
image from DALL-E, chart from TradingView.com

China Greenlights Launch Of Its First Crypto Stablecoin—Report

Ethereum (ETH) has mirrored the broader cryptocurrency market’s recent 
downturn, with its price declining by 4% over the past week. As of today, ETH 
trades at approximately $3,598, reflecting a 1% decrease in the past 24 hours. 
This pullback follows months of mixed price action across the market, as 
traders balance optimism over long-term fundamentals with short-term risk 
management. New insights from on-chain data suggest heightened market activity 
surrounding Ethereum despite its failure to reclaim the $4,000 mark. Analysts 
point to unprecedented levels of Open Interest (OI) in Ethereum futures 
contracts, combined with record daily transactions on its network. While this 
signals growing participation and network adoption, it also raises concerns 
about potential volatility if market sentiment shifts abruptly. Related 
Reading: Ethereum Price Falters Above $3,700 – Is a Pullback Brewing? Ethereum 
Open Interest Hits All-Time High CryptoQuant analyst CryptoOnchain reported 
that Ethereum’s OI on Binance has recently reached a record-breaking $77 
billion. Open Interest measures the total number of outstanding derivative 
contracts, providing insight into market activity and trader participation. 
The surge suggests that more capital is entering ETH futures markets, 
potentially setting the stage for significant price movements. This rise in OI 
coincides with Ethereum reaching its highest daily transaction count ever 
recorded. Analysts link this spike in activity to increased engagement in 
decentralized finance (DeFi), growth in layer-2 scaling solutions, and broader 
adoption of Ethereum-based applications. CryptoOnchain noted that such 
developments “highlight growing participation and user engagement,” adding 
that this type of market buildup often precedes sharp price trends, either 
upward or downward. However, this accumulation of leveraged positions carries 
risk. If price movements turn unfavorable for the majority of open contracts, 
a wave of liquidations could occur, amplifying volatility. This has been a 
recurring theme in the cryptocurrency market, where leveraged positions can 
trigger cascading sell-offs during sudden price corrections. Bearish Signals 
Emerge from Market Order Activity Another CryptoQuant analyst, Maartunn, 
highlighted a different indicator that reflects short-term market pressure on 
Ethereum. According to his data, Net Taker Volume for ETH stood at -$418.8 
million daily. This figure represents roughly 115,400 more ETH sold via market 
orders than bought, indicating a clear imbalance in favor of sellers. Market 
orders, unlike limit orders, execute trades immediately at the best available 
price. A sustained negative Net Taker Volume often signals urgency among 
sellers, potentially foreshadowing further downside if buy-side demand fails 
to absorb the selling pressure. Maartunn explained that “such behavior 
indicates participants were willing to prioritize execution speed over price,” 
typically a bearish market sign. Related Reading: Ethereum Consolidation 
Deepens As Taker Buy/Sell Ratio Hits One Of The Lowest Levels This Year 
Ethereum’s price action remains constrained below its psychological $4,000 
resistance level. Despite strong on-chain activity, the divergence between 
network fundamentals and price performance shows a period of indecision for 
ETH. Featured image created with DALL-E, Chart from TradingView