Infinitely Closer — July 28

Chart of the Day

Sleep Tight, Bears? The price of Bitcoin found solid support near $36.4k after taking a short breather on Tuesday, and resumed its rally to break above the $40k resistance. Here is a useful tip from our R&D Head Shane: Previous BTC bull runs often end when prices close below the 10-month MA. It is a good sign that July close is fighting to establish a firm foothold above the trendline. On-chain metrics are also turning slightly bullish — the strong rally of the past few days has given rise to a 44% increase in the number of Bitcoin daily active addresses, gradually returning to a similar range we saw nearly a year ago, where the spectacular bullish run as we know it started. 

Talk of the Town

Thus Spoke Senator Warren. One of the Senate’s most prominent crypto skeptics doubled down on her criticism of the potential danger of blockchain technology in a hearing on Tuesday. The tone of the hearing, aggressively titled “Cryptocurrencies: What are they good for?”, seems to suggest lawmakers’ hesitation, if not hostility, towards cryptocurrencies’ financial applications. A thought experiment in which a software bug in Ethereum could plague the traditional financial system is enough to inspire fear of rendering the financial system “at the whims of some shadowy, faceless group of super-coders and miners.” Way to reinforce baseless prejudice against the tech-inclined — a good hoodie tagline nonetheless.