China’s insatiability for water has historically proved to be bad news for the majority of the downstream nations it shares a border with.
For example, the massive volume of water it has been hoarding using large dams on international rivers is, in fact, believed to be a primary cause of drought in continental Southeast Asia.
However, the communist regime’s affinity towards using water as an instrument in its strategic playbook may have backfired. The record floods in large parts of China this year stand as a testimony to that fact.
With hundreds of lives lost and billions worth of property damaged, the worsening flood situation may now also looming as a serious threat to the health of the Bitcoin network.
As BeInCrypto reported yesterday, Most of the world’s biggest Bitcoin mining operations are located directly downstream from the Yangtze River. And that essentially means that if the flood doesn’t subside anytime soon, many of these miners could be forced to shut down.
Meanwhile, in other big stories from the day:
Bitcoin Cranks Back Above $10,000 With a Vengeance
The daily Bitcoin chart shows that the price has almost reached the June 1 high of $10,373. This would be a very likely reversal area if the price increases, possibly creating a double-top.
Technical indicators show that the trend is still strong. Volume was high yesterday, the MACD is increasing, and the RSI is not yet overbought, nor has it formed any type of bearish divergence.
Therefore, while the price is overextended, there are no clear reversal signs yet.
- The Bitcoin price is trading inside a long-term resistance area near $10,300.
- There are short-term signs of reversal, but the daily trend looks strong.
- The price has possibly finished wave 3 of a long-term five-wave formation.
Ethereum Futures Volumes Top Three-Month High
A new report from the market data platform Skew shows that ETH volume exceeded a three-month high on July 25. Aggregate daily volumes of ETH futures touched nearly $6 billion. The spike seems to have been primarily driven by soaring volume at OKEx and Huobi.
Overall, open interest in ETH options has grown by nearly 500% in the past three months. The new data, along with the fact that the ETH/USD pair has climbed above $300 for the first time in more than a year, has induced a sense of confidence in the community, days ahead of the final Ethereum 2.0 testnet launch.
Can the DeFi Rocket YFI Stay Under Control?
The past few days have been quite a ride for the new yearn.finance protocol. So much so that YFI token, the native asset in the Yearn ecosystem peaked at over $4,000 despite its humble beginning around $35 a unit.
Nevertheless, while $1,000 swings catch our attention, the functionality of the YFI token has come into question. Not to mention the risks.
Will Tezos (XTZ) Resume Its Upward Movement?
The short-term Tezos (XTZ) chart reveals the main resistance and support areas, which are found at $3.2 and $2.75, respectively. The volume has been extremely high during a recent bearish candlestick, and there is no bullish divergence on the RSI, which is below 50.
The MACD is also decreasing in strength. Therefore, technical indicators show no reversal signs. However, the price may be trading inside a symmetrical triangle, having currently bounced at the support line.
Dai Back in Demand as DeFi Markets Tap New Highs
The Dai demand started to pick up around the same time as Maker TVL headed skywards on July 23. Coincidentally, or not, Binance announced the same that it would be listing both MKR and DAI.
The world’s largest crypto exchange enabled trading for eight pairs late last week; MKR/BNB, MKR/BTC, MKR/BUSD, MKR/USDT, DAI/BNB, DAI/BTC, DAI/BUSD, and DAI/USDT.