Daily Flash | Russia’s Sberbank Launched First Digital Asset Transaction, Bitcoin Bulls Could Not Sustain Higher Levels

Today's Headline - Russia's Government-Owned Bank Executed its First Digital Asset Transaction

Sberbank, Russia’s largest and largely state-owned bank, has executed the first digital asset transaction on its smart contract-based blockchain platform by issuing 1 billion roubles (around US$15 million) with its subsidiary, SberFactoring, with a three-month maturity.

Anatoly Popov, deputy chairman of the board of Sberbank stated:

"We believe that our platform has good prospects since the digital format significantly speeds up and simplifies the process of issuing financial instruments and lowers the threshold for entering the market."

Sberbank’s blockchain platform is now in the pilot phase with a small number of users, but it will soon be available to the bank's corporate clients.

Chart of the Day - Profitability of ETH 2.0 Staking Deposits: Glassnode Report

As of this writing, the top 10 cryptocurrencies are mostly traded in the red zone: BTC -3.8%, ETH -4.0%, SOL -3.7%, ADA -4.1%.

Bitcoin is trading at around $20,700. The consensus among traders on charting platform “Tradingview” indicates that BTC at $20,000 level still provides a “compelling” investment case even if a 50% price dip is still possible.

The current support zone still stands at $19,500, the bears will likely try to pull it below $17,600.

One thing to note is that the symmetrical triangle pattern had a breakout on July 7th, although there wasn’t enough buying to push through to higher levels.

On a macro level, due to uncertainty, investors aren’t confident that Bitcoin’s correction is over. Jurrien Timmer, Director of Global Macro at Fidelity, stated “if the (BTC) price per millions of non-zero addresses“ is back at the 2013 bull market levels then “Bitcoin is cheap.”

Influencer of the Day - Musk will not acquire Twitter for $44 billion. Twitter seeks to sue

Materials filed with the court by Musk's lawyers say that the company did not provide him with detailed information about the fake accounts that exist on the platform.

Twitter shares fell 6 percent on news of Musk's rejection of the deal, which was announced in April of this year.

The company's chairman, Bret Taylor, responded by saying the company plans to sue to enforce the merger agreement.

"The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery," Taylor wrote on Twitter.

Buzzes of Yesterday - #Cardano sharks are buying ahead of Vasil Hard Fork, #Solana faces new lawsuit on selling unregistered securities

US and South Korea to Share Data on Crypto Cases, Including LUNA and UST Meltdown

Belgium starts consultation on classification of crypto as securities and investment instruments

Celsius Pivots Toward Paying Off Aave, Compound Debt, With $950M Collateral as Prize

Elon Musk’s Boring Company to Accept Dogecoin Payments for Loop Rides

Johnny Depp donates $800,000 to various children’s hospitals through NFT sales

Former head of TikTok gaming leaves Web2 to build core Web3 protocol

Cardano 'Sharks' Scoop Up 79.1 Million ADA Ahead Of Vasil Hard Fork

Solana Labs Accused of Selling Unregistered Securities in New Lawsuit

Tether reveals how it returned funds to Celsius following liquidation

Author: Gate.io Researcher Peter L.
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