Russia to Trial Supervised Usage of Crypto for Cross-Border Payments.

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📅 Today

🔍️ Market Outlook

• Overall Bias - Cautious 🙏 

• BTC broke the key $62,400 level, but failed to re-test and hold it as support.

• The 200 Daily Moving Average at $62,000 is now a crucial level to monitor for Bitcoin.

• A failure to hold this price as support would mean more consolidation for BTC.

• It is wise to not take any new leveraged positions till this moving average support is confirmed and till BTC dominance reverses it’s uptrend.

• A weekly close above $62,000 would mean that the bulls are trying to show some strength.

• However, if this level is lost on the weekly close, bears would be in control once again.

Russia to use crypto for international trade 💰️ 

Russia will start trials on September 1st to use cryptocurrency exchanges and digital tokens for cross-border transactions, aiming to ease payment issues caused by international sanctions.

The trials will utilize the National Payment Card System, chosen for its ability to handle complex transactions and regulated by the central bank.

On July 30, Russian lawmakers approved a bill allowing businesses to use cryptocurrencies for international trade, while maintaining a ban on crypto payments within Russia.

These regulations took effect on August 8 after President Putin signed the bill, marking a huge shift from January 2022 when the central bank proposed a complete ban on cryptocurrencies.

BlackRock adds 4,000 Bitcoin ETF shares ⚡️ 

BlackRock has added 4,000 Bitcoin ETF (IBIT) shares to it’s Strategic Global Bond Fund.

It now holds 16,000 shares of the iShares Bitcoin Trust (IBIT), after a substantial addition of 4,000 shares since May.

This showcases BlackRock’s deepening confidence in Bitcoin and marks a progressive stance towards integrating cryptocurrency into its diverse portfolio of global investments, which is bullish for the overall crypto market.

Overall, BlackRock’s ETF has now surpassed Grayscale in total BTC holdings, valued at $22.14 billion, compared to Grayscale’s $21.99 billion.

📕 Educational

Sei v2 is finally here 🚀

The Sei Network ecosystem has been growing rapidly over the past month, surpassing $110 million in TVL. Its TVL has grown by ~3x over the past 2 months, and by ~10x since the start of the year.

This surge is driven by the launch of Sei V2, which incorporates EVM, and platforms like dragonswap and Yei Finance, which combined account for 69% of Sei's TVL.

Let's dive deeper into the innovation of V2 👇

Sei V2 is the first parallelized EVM chain, combining the best features of Ethereum and Solana for enhanced performance.

Founded by Jeff Feng and Jay Jog, Sei has received significant investment, raising $120 million from major investors like Multicoin Capital and Coinbase Ventures.

Sei's original goal was to be the fastest layer-1 for trading, focusing on rapid transaction speeds and execution times.

Sei V2's upgrade includes EVM compatibility, allowing developers to deploy smart contracts from EVM-compatible blockchains without code changes.

EVM developers on Sei can benefit from cheaper per-transaction costs, higher throughput, and reduced centralization compared to Ethereum L2 rollups.

Sei V2 features a high-performance consensus mechanism called Twin-Turbo, which optimizes Tendermint to achieve near-instant finality at 400ms.

Optimistic parallelization in Sei V2 simplifies development by automatically running all transactions simultaneously, handling conflicts sequentially if they arise.

Sei also introduces SeiDB, a specialized database architecture designed for efficient data storage and access, enhancing the blockchain's performance and reliability.

With the upgrade, Sei V2 supports various dApps, including Yei Finance for lending and borrowing, Dragonswap for asset swapping, and Pallet Exchange for NFT trading.

Some other dApps built on Sei include liquid staking platform silo , derivatives platform vertex etc.

The Sei Foundation is committed to continuous optimization, with a vision to support consumer-grade products capable of serving millions of users.

📊 Resource of the day

📈 Chart of the day

Rationale & Confluences

• Macro horizontal resistance

• Premium zone resistance

• Bearish RSI divergence on the daily timeframe

• A rejection of 57.7% on will be bullish for alts

• A breakout of 57.7% will be bearish for alts

• Keep an eye out on how price action plays out at this level

• A rejection in the short-term seems likely, providing opportunities for intraday trades for altcoins.

• Source : Cointraction

🤣Meme of the day

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.