Bybit: BTC Exchange Balances Continue to Drop, Phantom Introduces NFT Burning
Chart of the Day
The broader crypto market flipped red, in line with the Nasdaq 100 dipping 1.21% overnight. The Fed July meeting minute released on Wednesday indicated continuous interest rate hikes as few signs showed inflation was abating. The Nasdaq 100 chart favors the bears with technical indicators in the overbought zone, weighing on the crypto’s uptrend momentum. As of the time of writing, BTC is trading at $23.5k, posting a 2.5% decrease in the past 24 hours. The largest cryptocurrency in terms of market capitalization has dropped below its 20-day EMA, the movement that could tilt in favor of the bears. The strong support level would be the 50-day EMA at $22.2k, while the bulls would only be back in command if the price rebounds to $25k. Bybit blog reports.
Meanwhile, the BTC exchange balances continued to experience a decline in supply, the trend that formed in mid-June. If history is any guide, the continuous exchange outflows are at large a positive signal, revealing the structural accumulation by investors.
In a similar vein, ETH has retreated from the $2k psychological level, sitting at $1850 at the time of writing with a 2.6% decrease in the past 24 hours. Major altcoins are mostly in the red, with SOL and AVAX leading the pack after posting 7.2% and 6.5% declines respectively. Interestingly, investors are rife with the discussion of whether the recent memecoins rally signals a market top, but with more voices deeming the rally news-driven and not a speculative frenzy.
Talk of the Town
Phantom, a popular wallet on the Solana blockchain, introduced NFT burning and improved phishing alerts as part of its efforts to fight wallet spam. The rapid growth of NFTs on Solana has led to an increasingly popular method of attack for scammers — Spam NFTs. Scammers leverage low transaction fees on Solana to send unwanted NFTs into wallets. Users of those wallets might suffer from exploits after inadvertently clicking the links in the description, which usually seduce users to “mint” or “claim” a new NFT. With NFT burning, users freely remove any unwanted NFTs in return for a small amount of SOL. Besides, Phantom strives to build an open-source blocklist of malicious NFT collections, alerting users of potential threats.
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