Meanwhile, the US markets have closed again. We review the live Bitcoin price and the prices of the top 25 crypto. Then we share the Ethereum (ETH) expectation and Merge update. Next, we look at the lawsuit filed against Solana (SOL). Finally, we see how Reddit will implement NFTs on its portal.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price and prices top 25 crypto are rising fast
At the time of writing, the live Bitcoin price is quoting EUR 21,240.10 ($21,625). This is 6.23% higher than during our crypto update last night.
The prices of the top 25 crypto are also rising rapidly. Apart from the stable coins, we see only green numbers. The biggest gain is currently for Polygon (MATIC), which is quoting + 8.06%. On the site of Tradeincrypto.com you can analyze all live crypto prices.
Crypto Ethereum (ETH) reports successful Merge update, but separate price movement
Yesterday we were able to report that the Merge update had been rolled out on the Sepolia testnet. Today, the core developers reported that the rollout was successful and that they are getting ready to roll out on the last testnet, the Goerli Testnet. Vitalik Buterin was also able to report that due to this successful rollout, no further delays in the launch of Merge on the mainnet are to be expected.
An exact date or block height for the Goerli rollout and Merge introduction has not yet been mentioned. However, it has been previously communicated that Merge should be launched on the Mainnet by August 2022.
Investors respond enthusiastically. The live Ethereum (ETH) price is at $1,236.15 5.91% higher than yesterday. Moreover, a nice price pattern is forming towards a breakout towards $ 1,700. You can see how that breakout should proceed in the video analysis below.
Nevertheless, caution is advised. Indeed, blockchain researcher Santiment notes that whales are bringing large amounts of Ethereum (ETH) to the exchange. Indeed, with an inflow of 220,000 ETH on July 6, this was the highest inflow to exchanges in 11 months.
In doing so, the platform warns to be alert. Such a large inflow to exchanges indicates an upcoming selling wave. Such a selling wave naturally causes prices to fall. The good news is that a transfer does not necessarily mean a sale. Now that the Ethereum price remains above the resistance zone of $ 1,120, a bullish breakout seems obvious. This may tempt investors not to sell (yet), but vigilance is therefore warranted.
Piquant trial for Solana (SOL) crypto. Will the jury sit in the SEC’s chair?
Solana (SOL) investor Mark Young has sued many parties including the organizations behind the Solana (SOL) crypto currency, Solana Labs and the Solana Foundation for generating profits by marketing unregistered securities (being the crypto currency).
He accuses them of being damaged by misinformation about the number of SOL in circulation, the degree of decentralization, and the reliability of the network (the latter in response to numerous outages). Young is pushing for a jury trial and in the meantime renowned, specialist law firms on both sides have come forward for this legal joust. It is not yet known how high the claimed damages will be.
The lawsuit promises to be piquant in any case. It is completely unclear whether crypto currencies can be considered securities. After all, the U.S. crypto law that should determine this is still in the making and the lawsuit between the U.S. regulator SEC and those involved with Ripple (XRP) over whether this is a security is still being fought.
This creates an interesting situation. If the jury declares the case well-founded, it will be established that Solana (SOL) is a security that should have been registered. This would pass the SEC and legislature. Moreover, this could open the door to many other claims. The other way around (if the jury declares that the SOL is not an unregistered) security, the same problem arises. Now, we are not specialists in American law, but we do estimate that this case can lead to turmoil and possibly special precedents. It will undoubtedly be continued.
Reddit releases new series of NFT avatars
Reddit announced tonight that after the ‘CryptoSnoos’ it is releasing a new series of NFTs under the name ‘Collectible Avatars’. The designs are handmade by artists who are active on the front page of the Internet.
There will be a total of 90 designs that will yield tens of thousands of avatars. These will come in the form of an NFT with special license to use the avatar both on Reddit and elsewhere as an avatar. Other (trademark) rights are not included in the price which will be between $9.99 and $99.99 (depending on your choice). These prices are fixed. Reddit uses the “first come first served” principle in this regard. Whoever completes the transaction for an Avatar first on the specially created subreddit is the owner of a unique NFT.
This can be a lucrative investment, as prices for CryptoSnoo NFTs are now running as high as $132,000. This development is obviously good for mass adoption, so we will continue to monitor developments.
Want to stay up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”