Cryptocurrencies

BTC and ETH hold key levels as traders eye next breakout

Bitcoin is holding firm above $108,000, trading at $108,387 as of 8 July. Despite a slight daily dip, longer-term indicators support a bullish trend.

The Relative Strength Index remains neutral at 58.7, while the Stochastic RSI indicates short-term overbought conditions, hinting at a potential pause in momentum.

Shorter timeframes reveal signs of indecision. On the hourly chart, over half of key moving averages lean bearish, and the 4-hour chart shows converging exponential moving averages and tightening Bollinger Bands.

Such patterns often suggest an incoming burst of volatility. Bitcoin faces immediate resistance at $109,700 and $110,000, with a breakout possibly clearing the path to $112,000 or even $137,000. On the downside, traders closely watch support at $107,000 and $105,400, with further risk below $102,000.

Ethereum remains steady at nearly $2,555, trading within a narrow range of $2,500 to $2,600. All major moving averages signal a continued bullish bias, although oscillators such as the RSI (54) and Stochastic RSI (near 85) show signs of exhaustion.

Resistance levels lie between $2,600 and $2,620, with a more decisive breakout potentially driving ETH toward $3,000 or even $4,100. Key support zones are found at $2,500 and $2,440. While short-term caution is warranted, overall, the structure remains optimistic as institutional support strengthens ETH’s position.

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TON falls as UAE shuts down visa rumour

TON coin dropped 6% after the United Arab Emirates dismissed claims about a new visa scheme. The authorities denied that staking $100,000 worth of TON for three years could qualify applicants for a 10-year golden visa.

The cryptocurrency briefly surged 10% after The Open Network announced the visa pathway, only to retreat following regulatory clarification.

Several UAE authorities jointly denied that golden visas are granted based on digital asset holdings. They emphasised that investments in cryptocurrencies fall under specific regulations and do not influence visa eligibility.

Investors were urged to rely on official sources to avoid misinformation.

Introduced in 2019, the UAE’s golden visa offers long-term residency to skilled professionals, investors with public investments exceeding 2 million dirhams ($544,000), and recognised tech entrepreneurs.

The programme enables foreign nationals to live, work, and study in the UAE without a national sponsor.

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Major DeFi sites lose access in Turkey’s new crypto rules

Turkey’s Capital Markets Board blocked access to 46 crypto platforms, including PancakeSwap. The move aims to control the rapidly growing digital asset market and enforce new regulations.

Since gaining expanded authority in March 2025, the CMB requires all crypto providers in Turkey to register locally and follow strict anti-money laundering and consumer protection rules.

Key rules include ID checks for transactions above 15,000 lira, stablecoin transfer limits, and withdrawal delays for some activities.

Turkey’s approach mirrors moves by other nations such as Kazakhstan and Russia, which have taken firm steps to regulate crypto markets. While trading and holding cryptocurrencies remain legal, payment use has been banned since 2021.

The latest crackdown signals Turkey’s intent to control and formalise crypto operations, steering away from the open nature of decentralised finance towards a more regulated environment.

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Bitcoin becomes cornerstone of Musk’s America Party

Elon Musk has announced that Bitcoin will serve as the primary financial asset of his new America Party, marking a move away from traditional currencies. His statement reflects rising distrust in fiat money, which he called ‘hopeless’ due to inflation and debt concerns.

The formation of the America Party follows a political rift between Musk and Donald Trump, triggered by disagreements over economic legislation. The break from the president has given rise to a new political force that sees decentralised finance as a pathway to reform.

Bitcoin’s adoption signals a broader push for transparency and innovation in governance. Musk has long supported digital assets and aims to build a platform encouraging financial sovereignty.

His stance may influence political agendas and regulatory discussions in the months ahead. In addition to Bitcoin, Musk remains a vocal supporter of Dogecoin, pointing to a vision of a multi-asset digital economy.

The America Party’s crypto-centric approach could accelerate mainstream adoption while placing pressure on policymakers to provide more explicit rules for digital finance.

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Secret Service step up crypto enforcement with major recoveries

Authorities in the United States have confiscated close to $400 million in digital currencies tied to criminal investigations over the last ten years. The bulk of these assets is secured in a government-controlled cold wallet.

A significant portion, worth $225 million, was recovered in June through a joint operation involving the FBI and legal offices. The effort reflects growing proficiency in tracking crypto-linked criminal activity across blockchain networks.

Secret Service has delivered cryptocurrency crime training in more than 60 countries to support global cooperation. These educational efforts are part of a broader strategy to strengthen international capabilities against financial fraud and cybercrime.

The agency also collaborates with private companies to improve its crypto crime efforts. Coinbase has assisted in tracing transactions, while Tether recently granted freezing access to the Secret Service and FBI.

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Trump’s Big Beautiful Bill could spark a blockchain reset

A new analysis by crypto commentator Stellar Rippler suggests that Donald Trump’s latest economic legislation may be part of a calculated effort to dismantle the current financial order.

Far from merely restoring the economy, the bill is viewed as a trigger for a major reset, where blockchain technology plays a leading role.

The bill introduces sweeping permanent tax cuts and significant Medicaid and food stamp program reductions. It also increases border spending and lifts the debt ceiling significantly.

Critics, including Elon Musk and Senator Rand Paul, warn that the legislation benefits the wealthiest and adds trillions in debt. Stellar Rippler, however, believes the move is deliberate, designed to weaken the central banking model and make way for digital alternatives.

XRP, RLUSD, and Stellar’s XLM are seen as the tools to facilitate this transition. With Ripple’s dual-ledger model and Stellar’s established international network, these assets are positioned to provide faster, cheaper, and decentralised alternatives to existing systems.

The analyst argues that blockchain projects already integrated into key markets can stabilise cross-border payments and reduce reliance on failing banks.

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Lummis unveils crypto tax reform bill

US Senator Cynthia Lummis has proposed a new crypto tax bill to modernise how digital assets are treated under US tax law. The legislation follows her earlier attempt to include it in the recently passed One Big Beautiful Bill Act, which did not succeed.

Now a standalone bill proposes a $300 crypto transaction exemption, ends double taxation for miners and stakers, and ensures crypto is treated like other financial assets. It also aims to expand securities lending rules to include digital assets, ensuring lending does not trigger tax liability.

Lummis, who chairs the Senate digital assets subcommittee, said the bill is designed to align US tax law with real-world digital use. She emphasised the need to remove outdated policies that hinder innovation and invited public feedback on the proposal.

The initiative joins a series of pending digital asset bills in the US Congress, including the CLARITY and GENIUS Acts. Lummis has also backed the Bitcoin Act, which would establish a national BTC reserve following Donald Trump’s return to office.

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Bitcoin-backed life insurance now available in Russia

Two major Russian insurers, Renaissance Life and BCS Life Insurance, have introduced investment life insurance policies (ILIPs) tied to Bitcoin. These products give wealthy investors exposure to Bitcoin via BlackRock’s IBIT, without needing to hold the asset directly.

Renaissance Life’s ‘Cryptocapital’ policy has a two-year term, a minimum investment of 1.5 million rubles (about $19,000), and offers full capital protection. If Bitcoin prices surge, investors could earn up to 2.4 million rubles in pre-tax gains.

BCS Life offers a similar policy with a three-year duration and a higher entry threshold of 3 million rubles, adding flexibility through portfolio rebalancing.

Both policies use Bitcoin futures contracts traded on the Moscow Exchange, marking a shift towards regulated, crypto-linked financial products. The offerings target affluent clients seeking Bitcoin exposure with capital protection.

The launch reflects a broader trend of integrating Bitcoin into mainstream financial instruments, especially following Bitcoin’s rise past $100,000 and greater regulatory clarity. Other firms like Meanwhile Insurance have also introduced crypto-based insurance solutions in response to global demand.

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Ripple partners with AMINA Bank to expand in Europe

Ripple has partnered with Swiss-based AMINA Bank, regulated by FINMA, to offer custody and trading of its RLUSD stablecoin, establishing a compliant presence in Europe.

RLUSD has already secured approval from major regulators, including the New York Department of Financial Services and the Dubai Financial Services Authority.

Ripple is integrating the asset into its recently acquired prime brokerage platform, Hidden Road. It is also using RLUSD across the Ripple Payments platform for enterprise cross-border transactions.

AMINA cited Ripple’s transparent structure and regulatory commitment as key factors in the partnership. The bank, formerly SEBA Bank, has been a leader in regulated digital asset services since 2019. Its collaboration with Taurus, a Deutsche Bank-backed firm, further strengthens its position in digital finance.

Ripple is positioning RLUSD as a compliant alternative within Europe’s evolving regulatory landscape under MiCA. The Swiss partnership supports RLUSD’s long-term growth by offering legal clarity, regulated access, and a path toward broader liquidity across the continent.

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India’s top darknet dealer laundered crypto with Monero for two years

India’s Narcotics Control Bureau (NCB) has arrested a 35-year-old engineer from Kerala accused of running the country’s largest darknet drug network alone. The suspect, ‘Ketamelon,’ reportedly ran a Level 4 darknet drug operation for two years without his family knowing.

Authorities seized more than 1,100 LSD blots, over 130 grams of ketamine, and cryptocurrency assets valued at over $82,000 during the four-month investigation. The drugs were reportedly sourced from international suppliers, including a UK-based vendor believed to be the world’s largest LSD supplier.

Shipments reached cities such as Bengaluru, Chennai, Delhi, and Himachal Pradesh.

The suspect laundered proceeds using Monero, a privacy-focused cryptocurrency designed to hide transaction details, making it popular among darknet criminals.

While privacy coins like Monero offer enhanced anonymity, experts warn they are not entirely untraceable, as blockchain ledgers permanently record all transactions.

The operation comes amid wider global efforts targeting cybercrime and crypto-facilitated illegal markets.

Recently, the US Treasury sanctioned a Russian hosting provider linked to ransomware and darknet drug sales, highlighting increasing international pressure on digital criminal networks.

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