Federal Reserve Board of Governors member Adriana Kugler announced her resignation on Aug. 1, paving the way for a Trump nominee at the US central bank.

Crypto investor under consideration to fill crucial US Fed seat: Report

The filing came precisely one year after Ripple had been ordered to pay $125 
million as part of an enforcement action over the company using XRP as 
unregistered securities.

SEC-Ripple enforcement case to end after motion to drop appeals

UK-focused onshore hydrocarbon producer Union Jack Oil plc is exploring 
bitcoin mining powered by natural gas at its West Newton site and may adopt a 
corporate bitcoin treasury strategy if the initiative succeeds. Onshore Gas to 
Bitcoin: Union Jack Advances Crypto Mining Venture Union Jack (AIM: UJO), 
holding a 16.665% stake in license PEDL183, announced […]

Union Jack Oil Plans Bitcoin Mining Using Stranded Gas, Considers BTC Treasury

On-chain data shows that the Bitcoin short-term holders have switched to loss- 
taking recently. Here&#8217;s what this could mean for the asset. Bitcoin Short-Term 
Holder SOPR Has Dropped Below 1.0 In a new post on X, the on-chain analysis 
platform Checkonchain has talked about how the behavior of the Bitcoin short- 
term holders has changed recently. The indicator shared by Checkonchain is the 
Spent Output Profit Ratio (SOPR), which tells us about whether the BTC 
investors are selling/moving their coins at a profit or loss. Related Reading: 
Dogecoin Whales Buy The Dip: $1 Billion DOGE Added When the value of the 
metric is greater than 1, it means the holders as a whole are participating in 
profit-taking. On the other hand, it being under the mark suggests the market 
is realizing a net loss. In the context of the current discussion, the SOPR of 
the entire network isn&#8217;t of interest, but rather that of only a specific part 
of it: the short-term holders (STHs). This cohort includes the holders who 
purchased their coins in the past 155 days. Statistically, the longer 
investors hold onto their coins, the less likely they are to sell them at any 
point. But since the STH group is made up of holders with a short holding 
time, conviction tends to be weak among its members, with panic selloffs often 
taking place. Recently, Bitcoin has seen a decline, so it would be expected 
that the STHs would have shown some kind of reaction. Below is the chart 
shared by the analytics firm, showing the nature of selling that the cohort 
has participated in. As is visible in the graph, the Bitcoin STH SOPR shot up 
to a notable level above 1 when the asset&#8217;s price set its all-time high (ATH), 
indicating that these fickle-minded hands took the opportunity of the rally to 
exit in profit. The profit-taking, however, declined in the consolidation 
phase that followed this peak, and the recent bearish price action has 
outright pushed the metric below 1. The indicator currently has a value of 
0.99, which is still almost neutral, but it does show that some top buyers 
have started to capitulate. As Checkonchain explains, &#8220;many recent top buyers 
and &#8216;Weaker&#8217; hands are selling around their buy-in price and saying &#8216;get me 
out.'&#8221; In the past, capitulation events from the Bitcoin STHs have often meant 
a flush of weak hands, facilitating bottom formations for the cryptocurrency. 
Sometimes these events can go on for a while before the market reaches a 
turnaround, as happened in the lead-up to the April low. Related Reading: 
Binance Inflows A Leading Indicator For Altcoins? Analyst Explains How But 
interestingly, the STH SOPR&#8217;s dip into the loss-taking zone in June was quite 
short-lived and led into a quick reversal for the asset. It now remains to be 
seen which trend will play out for BTC this time. BTC Price Bitcoin has shown 
some recovery during the past day as its price has jumped to $116,400. 
Featured image from Dall-E, charts.checkonchain.com, chart from 
TradingView.com

Bitcoin Short-Term Holders Are Capitulating—Will June Pattern Repeat?

From teaching himself how to code to working odd jobs in the United States 
after emigrating, Roman Storm’s story is anything but typical.

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The brothers invested an undisclosed amount in American Bitcoin, the mining 
company co-founded by two of Trump&#8217;s sons and others.