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NEAR Surges 3% After Testing Key Support at $2.13

NEAR Protocol rallies 3% in 24-hour session ending July 8 at 14:00 UTC. Token climbs from $2.12 low to $2.19 close. Support holds firm at $2.13 level.
Buyers step in during overnight volatility. Volume spikes to 2.55 million units during 01:00-02:00 bounce. Price action confirms $2.13 as critical support zone.
Trading range spans $0.07, signaling healthy price discovery. Resistance breaks at $2.18 before final push to session highs. Final hour shows explosive momentum from 13:05 to 14:04 UTC.
NEAR jumps from $2.18 to $2.19 peak. Token gains 0.5% in 60-minute window. Multiple support retests at $2.17 level hold strong. Volume surges to 56,437 units at 13:42 breakout. Price smashes through $2.18 resistance barrier.
Technical analysis
- $2.13 support level proves resilient with consistent buyer emergence.
- Volume surge hits 2.55 million units during critical support bounce.
- $0.07 trading range confirms healthy price discovery mechanism.
- $2.18 resistance zone breaks after multiple tests.
- Support retests at $2.17 level show technical strength.
- Breakout volume spikes to 56,437 units at 13:42 UTC.
- New session highs established above $2.18 resistance threshold.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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Fartcoin Jumps to Top Ten on Derivatives Open Interest, Signals Speculative Frenzy in the Solana-Based Memecoin

Need evidence of speculator fervor. Look no further than Coinglass’ crypto derivatives leaderboard, which shows that fartcoin (FARTCOIN), the Solana-based memecoin, is now the 10th largest token based on derivatives open interest.
As of writing, notional open interest in futures tied to fartcoin totaled over $1 billion, placing the joke cryptocurrency ahead of well-established coins, such as Litecoin (LTC), Chainlink’s LINK (LINK), Avalanche’s AVAX (AVAX), and several others.
The other tokens play pivotal roles in decentralized finance (DeFi), blockchain oracles and payments. Notional open interest refers to the dollar value locked in the number of open or active derivative contracts at a given time.
What’s more alarming is that fartcoin’s open interest now equals 65% of its market capitalization of $1.62 billion. By market value, fartcoin ranks 83rd in the world. Meanwhile, the $84.7 billion open interest in bitcoin derivatives amounts to just 3.5% of the leading cryptocurrency’s market value of $2.36 trillion.
Fartcoin’s unusually high open interest relative to its market cap indicates a buildup of speculative excesses typically seen during the crypto market bull runs, which drives retail investors to take significant risks in cheaper tokens.
A similar trend is seen in other smaller coins, according to data tracked by Alphractal.
«From the Top 300 down, Open Interest becomes disproportionately high compared to Market Cap — a strong risk signal. What does this mean? These altcoins will eventually liquidate 90% of traders, whether they’re long or short. They are also much harder to analyze with consistency,» founder and CEO of Alphractal, noted on X.
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Galaxy Positioned to Capture Favorable Regulatory Upside, Jefferies Says as It Initiates With Buy

Galaxy Digital (GLXY) is well positioned to capture upside from the favorable regulatory backdrop for cryptocurrency, Jefferies said in a new research report.
Jefferies has initiated coverage of the crypto investment bank with a buy rating, citing the passage of the GENIUS Act in the U.S. as «providing favorable market structure,» for Galaxy’s business.
The research on Tuesday also highlighted Galaxy’s potential for profiting from the growing demand for artificial intelligence (AI) data centers. Jefferies referred to Galaxy’s lease of CoreWeave’s 393 MW site at Helios, West Texas as «a transformational deal.»
Jefferies assigned Galaxy a buy rating and a $35 price target. GLXY shares closed over 6% higher at $29.11 on Tuesday. They were up a further 3% at $30 in pre-market trading on Wednesday.
The Mike Novogratz-founded firm is a digital assets financial services firm providing trading, asset management and investment banking. However, Jefferies believes approximately two thirds of its value stems from its data center business.
The bitcoin (BTC) mining industry has been pivoting to AI data to cash in on the proliferation of the sector and to diversify their revenue streams amidst more challenging conditions for BTC mining.
AI data centers and bitcoin mining facilities have numerous similarities in terms of the required hardware and expertise in high-performance computing (HPC), thus it can prove a natural expansion for miners.
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Crypto Asset Manager CoinShares Secures EU-Wide MiCA License

CoinShares (CS) said it received a license under the European Union’s Markets in Crypto Assets (MiCA) regulation, the first crypto asset manager based in continental Europe to qualify.
The approval allows the Saint Helier, Jersey-based firm to offer crypto portfolio management services across the 27-nation bloc under a single, harmonized regulatory framework. Operations are already passported to countries including Germany, the Netherlands and Luxembourg, and it may expand further, the company said.
The license, granted by France’s Autorité des Marchés Financiers (AMF), joins CoinShares’ existing permissions under the EU’s MiFID and AIFM directives. That, the company says, makes it the only major European asset manager to hold all three credentials.
It’s a step the firm says could help open the 33 trillion euro ($38.7 trillion) European asset management industry to more fully regulated cryptocurrency investment products.
“Receiving MiCA authorisation from the AMF is a pivotal milestone, not just for CoinShares, but for the entire European digital asset industry,” CEO Jean-Marie Mognetti said in the statement. “With MiCA, we now have a clear, harmonized structure across the EU, and CoinShares is proud to be the first in continental Europe to meet that standard as a fully regulated asset manager.»
Various other cryptocurrency firms, it’s worth adding, have secured MiCA licenses, including exchanges Coinbase, Bybit, OKX, and Crypto.com.
Founded in 2013 and publicly traded on Nasdaq Stockholm, CoinShares says it manages over $9 billion in assets.
The company’s shares rose 1.7% to 120 krona ($12.66). They’re up more than 46% year-to-date.
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