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Bitcoin Euphoria Cools as Whales Wake Up: Crypto Daybook Americas

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By Omkar Godbole (All times ET unless indicated otherwise)

Bitcoin’s (BTC) bull run stalled, with prices falling 5% from the record high in a classic bull-market pullback. The adverse price action took the wind out of the broader market, too, though exceptions like BONK and PUMP — up 5% on a 24-hour basis — bucked the trend.

The pullback was characterized by long-dormant BTC whales moving coins to centralized exchanges, often a precursor to a sale. According to blockchain sleuth Lookonchain, an OG wallet with 80K BTC moved about half to Galaxy Digital, which then deposited 6,000 BTC into Binance and Bybit. The on-chain flow occurred after BTC notched Monday’s record high above $123,000.

«A spike in Coin Days Destroyed metric and a rise in large exchange inflows suggest potential profit-taking. Yet despite the historic sell pressure, bitcoin has remained resilient, reinforcing confidence in sustained institutional support and strong structural market demand,» Tagus Capital said in a market update.

Inflows into the U.S.-listed spot bitcoin exchange-traded funds (ETFs) slowed to $297 million on Monday, down 70% from Friday. Meanwhile, inflows into spot ETH ETFs rose to $259 million from $204 million.

Valentin Fournier, the lead research analyst at BRN, called the slowdown in bitcoin inflows a sign of weaker buyer conviction at elevated levels. Today’s consumer price index and Wednesday’s producer price index could set the tone for the next price move, he said.

«Elevated inflation expectations due to tariffs could rattle investor confidence. However, a positive surprise in the data could help calm the current sell-off,» he noted.

Other analysts focused on the House of Representatives votes on the GENIUS and CLARITY Acts, which, if passed, could accelerate broader institutional participation in the crypto market beyond bitcoin.

In other news, Coinbase’s shares hit a record high of $398.50 Monday, with its market cap surpassing $100 billion. According to Arkham Intelligence, SharpLink Gaming bought an additional 24,371 ETH.

In traditional markets, the Japanese 30-year government bond yield briefly rose to 3.20%, matching the multi-decade high set in May. The MOVE index, which measures the 30-day implied volatility in the U.S. Treasury market, turned up from a long-held support, warning of renewed turbulence in bonds. Stay alert.

What to Watch

  • Crypto
    • July 15: Alchemist staking update launches, allowing token holders to stake ALCH for access to advanced features, premium benefits and ecosystem rewards, potentially boosting token utility and demand.
    • July 15: Lynq is expected to debut its real-time, interest-bearing digital-asset settlement network for institutions. Built on Avalanche’s layer-1 blockchain and powered by Arca’s tokenized U.S. Treasury fund shares, Lynq enables instant settlement, continuous yield accrual and improved capital efficiency.
    • July 15: TAC, a layer-1 blockchain using proof of stake (POS) consensus and bridging Ethereum DeFi applications into Telegram’s ecosystem, is scheduled to launch its mainnet. Leading DeFi protocols such Curve and Morpho will operate on TAC, bringing decentralized finance to Telegram’s 1 billion+ users.
    • July 15, 6 a.m.: Layer-1 blockchain Alephium (ALPH) activates the «Danube» hard fork upgrade on its mainnet, promising 8-second block times, 20,000+ TPS, groupless addresses, passkey login, chained transaction and enhanced developer tools.
    • July 15, 1 p.m.: Caffeine, an AI-powered platform that lets anyone build Web3 decentralized apps (dapps) using natural language, launches publicly at the “Hello, Self-Writing Internet” event in San Francisco. Caffeine uses Internet Computer (ICP) technology to generate fully on-chain, production-ready apps. Livestream link.
    • July 15, 3 p.m.: U.S. Senate Committee on Agriculture, Nutrition, and Forestry holds a market structure hearing titled “Stakeholder Perspectives on Federal Oversight of Digital Commodities.” Livestream link.
    • July 16, 9 a.m.: U.S. House Ways and Means Committee oversight hearing titled «Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century.»
    • July 18: Lorenzo Protocol, a Cosmos-based blockchain with native token BANK, launches USD1+ OTF on BNB Chain’s mainnet. The institutional-grade on-chain traded fund lets users stake stablecoins to mint sUSD1+ tokens that earn stable, NAV-backed yield from real-world assets, CeFi quantitative strategies and DeFi protocols. All returns are settled in USD1 stablecoin, issued by World Liberty Financial, whose stablecoin infrastructure powers the product’s stable yield mechanism.
    • July 18: Shares of the ProShares Ultra XRP Futures ETF (ticker UXRP), providing 2x leveraged exposure to XRP futures contracts, are expected to begin trading on NYSE Arca.
  • Macro
    • July 15, 8:30 a.m.: Statistics Canada releases June consumer price inflation data.
      • Core Inflation Rate MoM Prev. 0.6%
      • Core Inflation Rate YoY Prev. 2.5%
      • Inflation Rate MoM Est. 0.1% vs. Prev. 0.6%
      • Inflation Rate YoY Est. 1.9% vs. Prev. 1.7%
    • July 15, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases June consumer price inflation data.
      • Core Inflation Rate MoM Est. 0.3% vs. Prev. 0.1%
      • Core Inflation Rate YoY Est. 3% vs. Prev. 2.8%
      • Inflation Rate MoM Est. 0.3% vs. Prev. 0.1%
      • Inflation Rate YoY Est. 2.7% vs. Prev. 2.4%
    • July 15, 4 p.m.: Keynote speeches by Andrew Bailey, the governor of the Bank of England, and Rachel Reeves, U.K. Chancellor of the Exchequer, at the annual financial and professional services dinner at Mansion House, London.
    • July 16, 2 a.m.: U.K.’s Office for National Statistics releases June consumer price inflation data.
      • Core Inflation Rate MoM Est. 0.2% vs. Prev. 0.2%
      • Core Inflation Rate YoY Est. 3.5% vs. Prev. 3.5%
      • Inflation Rate MoM Est. 0.2% vs. Prev. 0.2%
      • Inflation Rate YoY Est. 3.4% vs. Prev. 3.4%
    • July 16, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases June producer price inflation data.
      • Core PPI MoM Est. 0.2% vs. Prev. 0.1%
      • Core PPI YoY Est. 2.7% vs. Prev. 3%
      • PPI MoM Est. 0.2% vs. Prev. 0.1%
      • PPI YoY Est. 2.5% vs. Prev. 2.6%
    • July 16, 10 a.m.: Speech by Fed Governor Michael S. Barr on «Financial Regulation» at «Conversation with Governor Barr» in Washington. Livestream link.
    • July 17, 10 a.m.: Speech by Fed Governor Adriana D. Kugler on «A View of the Housing Market and U.S. Economic Outlook» at the Housing Partnership Network Symposium in Washington. Livestream link.
    • July 17, 6:30 p.m.: Speech by Fed Governor Christopher J. Waller on the economic outlook at an event hosted by the Money Marketeers of New York University.
    • Aug. 1, 12:01 a.m.: New U.S. tariffs take effect on imports from trade partners that failed to reach agreements by the July 9 deadline. These increased duties could range from 10% to as high as 70%, impacting a wide range of goods.
  • Earnings (Estimates based on FactSet data)
    • July 23: Tesla (TSLA), post-market, $0.42
    • July 29: PayPal Holdings (PYPL), pre-market, $1.29
    • July 30: Robinhood Markets (HOOD), post-market, $0.30
    • July 31: Coinbase Global (COIN), post-market, $1.35
    • July 31: Reddit (RDDT), post-market, $0.19

Token Events

  • Governance votes & calls
    • Aavegotchi DAO is voting on a $245,000 funding proposal to expand Gotchi Battler into a revenue-generating game with PvE modes, NFTs and battle passes, aiming to reverse declining player numbers, boost GHST utility and create sustainable rewards. Voting ends July 22.
    • Uniswap DAO is conducting a temperature check on Etherlink’s request to co-incentivize Uniswap v3 liquidity. Tezos Foundation would put up $300K for three months of rewards on WETH/USDC, WBTC/USDC and LBTC/USDC, and is asking the DAO for $150K more, aiming to anchor Etherlink’s rising TVL and future native tokens on Uniswap. Voting ends July 18.
    • Rocket Pool DAO is voting to finalize Saturn 1’s implementation. Approval by a 75% supermajority will ratify key protocol changes, including new transaction designs and a potential revenue share to the pDAO treasury. Voting ends July 24.
    • July 16, 5 p.m.: VeChain to host a monthly update with community representatives and the VeChain Foundation.
  • Unlocks
    • July 15: Sei (SEI) to unlock 1% of its circulating supply worth $19.07 million.
    • July 16: Arbitrum (ARB) to unlock 1.87% of its circulating supply worth $37.15 million.
    • July 17: ZKSync (ZK) to unlock 2.41% of its circulating supply worth $9.24 million.
    • July 17: ApeCoin (APE) to unlock 1.95% of its circulating supply worth $9.86 million.
    • July 18: Official TRUMP (TRUMP) to unlock 45.35% of its circulating supply worth $827.17 million.
    • July 18: Fasttoken (FTN) to unlock 4.64% of its circulating supply worth $90 million.
  • Token Launches
    • July 15: TAC (TAC) to be listed on Binance, Kraken, Bitget, Bybit and others.
    • July 16: Bybit to delist Tap (TAP), VaporFund (VPR), Cosplay Token (COT), Souni (SON), Tenet Protocol (TENE), Havah (HVH), and Brawl AI Layer (BRAWL) among others.

Conferences

The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through July 17.

Token Talk

By Oliver Knight

  • Token issuance platform Pump.fun’s native token was distributed to early users and ICO participants on Monday, debuting at a $2 billion market cap on the back of $1.46 billion in trading volume.
  • PUMP began trading at $0.00756 and soon began to feel the pressure, sliding to as low as $0.051 before settling at $0.0056.
  • The ICO price was $0.004, meaning that investors has an opportunity to quickly flip the tokens for a profit, creating a wave of selling pressure.
  • The token debut coincided with a decline across the wider crypto market, with bitcoin (BTC) losing 4% as it slipped to $117,000 from $123,000, while ether (ETH) and sol (SOL) fell 2% and 4.7%, respectively.
  • Crypto exchange Binance also made an attempt to take the limelight, announcing the release of its own token launcher that will rival Pump.fun.

Derivatives Positioning

  • Open interest in XRP futures hit all-time highs alongside record activity in BTC futures, both pointing to elevated price volatility ahead.
  • Funding rates for major coins are holding above an annualized 10%, suggesting bullish market sentiment. The reading, however, is far from signaling overheated conditions typically seen at market tops or record high prices.
  • The cumulative volume delta for the top 25 coins for the past 24 hours is negative, a sign of sellers becoming more aggressive. The pullback might deepen in the short-term.
  • Risk reversals tied to short-term BTC and ETH options now show a bias for protective puts, which is common during price declines. The long-end remains bullish.
  • Block flows on OTC liquidity network Paradigm featured December risk reversals and ETH out-of-the-money call spreads.

Market Movements

  • BTC is down 2.86% from 4 p.m. ET Monday at $116,734.47 (24hrs: -4.13%)
  • ETH is down 1.12% at $2,970.70 (24hrs: -2.89%)
  • CoinDesk 20 is down 1.79% at 3,566.75 (24hrs: -3.85%)
  • Ether CESR Composite Staking Rate is up 15 bps at 3.04%
  • BTC funding rate is at 0.0315% (34.40% annualized) on KuCoin

CoinDesk 20 members’ performance

  • DXY is down 0.12% at 97.97
  • Gold futures are up 0.41% at $3,372.90
  • Silver futures are down 0.11% at $38.70
  • Nikkei 225 closed up 0.55% at 39,678.02
  • Hang Seng closed up 1.45% at 24,553.52
  • FTSE is up 0.06% at 9,003.57
  • Euro Stoxx 50 is up 0.40% at 5,392.29
  • DJIA closed on Monday up 0.20% at 44,459.65
  • S&P 500 closed up 0.14% at 6,268.56
  • Nasdaq Composite closed up 0.27% at 20,640.33
  • S&P/TSX Composite closed up 0.65% at 27,198.85
  • S&P 40 Latin America closed down 0.92% at 2,597.40
  • U.S. 10-Year Treasury rate is down 1.2 bps at 4.415%
  • E-mini S&P 500 futures are up 0.29% at 6,329.00
  • E-mini Nasdaq-100 futures are up 0.54% at 23,158.75
  • E-mini Dow Jones Industrial Average Index are unchanged at 44,694.00

Bitcoin Stats

  • BTC Dominance: 64.25% (-0.41%)
  • Ether to bitcoin ratio: 0.02549 (1.39%)
  • Hashrate (seven-day moving average): 906 EH/s
  • Hashprice (spot): $58.8
  • Total Fees: 5.74 BTC / $693,498
  • CME Futures Open Interest: 153,280 BTC
  • BTC priced in gold: 34.8 oz
  • BTC vs gold market cap: 9.86%

Technical Analysis

BTC and DOGE. (TradingView/CoinDesk)

  • Since 2024, every new high in BTC has seen dogecoin (DOGE), the world’s largest meme token, hit a lower high than the preceding one.
  • The divergence hints at declining investor interest in non-serious tokens.

Crypto Equities

  • Strategy (MSTR): closed on Monday at $451.02 (+3.78%), -2.04% at $441.80
  • Coinbase Global (COIN): closed at $394.01 (+1.8%), -1.41% at $388.47
  • Circle (CRCL): closed at $204.7 (+9.27%), -1.93% at $200.75
  • Galaxy Digital (GLXY): closed at $21.45 (+3.97%), unchanged in pre-market
  • MARA Holdings (MARA): closed at $19.21 (+0.37%), -1.56% at $18.91
  • Riot Platforms (RIOT): closed at $12.51 (+0.72%), -2.4% at $12.21
  • Core Scientific (CORZ): closed at $13.56 (+8.39%), +2.58% at $13.91
  • CleanSpark (CLSK): closed at $12.6 (-0.4%), -1.9% at $12.36
  • CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $25.57 (+3.19%)
  • Semler Scientific (SMLR): closed at $45.23 (-0.66%), -0.51% at $45
  • Exodus Movement (EXOD): closed at $33.70 (+2.12%), +2.34% at $34.49

ETF Flows

Spot BTC ETFs

  • Daily net flows: $297.4 million
  • Cumulative net flows: $52.64 billion
  • Total BTC holdings ~1.28 million

Spot ETH ETFs

  • Daily net flows: $259 million
  • Cumulative net flows: $5.58 billion
  • Total ETH holdings ~4.47 million

Source: Farside Investors

Overnight Flows

Top 20 digital assets’ prices and volumes

Chart of the Day

Volmex's one-day BTC implied volatility. (TradingView)

  • Volmex’s annualized one-day BTC implied volatility index remains locked in a sideways range.
  • It’s a sign that traders do not expect the impending U.S. CPI to breed significant market volatility.

While You Were Sleeping

In the Ether

Oh noThe Bitcoin ETFs recorded one of their strongest single-day inflows on record last week.1 in 5 Americans eat chocolate daily. The same number who own crypto. The bears won't try to defend $120,000 for a 2nd time on the way up.BTC breached $120K - what’s next?

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Senate Agriculture’s Top Dem: Crypto Market Structure Effort Needs ‘Serious Changes’

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The Senate Agriculture Committee leapt into Congress’ negotiation over crypto’s market structure legislation with a hearing on Tuesday, and its ranking Democrat, Senator Amy Klobuchar, outlined the significant changes she’d like to see before she’d embrace the effort to set up digital assets regulations.

As the House potentially nears passage of its own market structure bill in the Digital Asset Markets Clarity Act (despite a procedural delay on Tuesday), Klobuchar’s committee will need to sign off on its own legislation. And any major changes she and other Democrats are willing to pursue as a party could stretch the legislative process much longer than the Sept. 30 deadline that Banking Committee Chairman Tim Scott has set.

«We’re not going to be rolled here,» Klobuchar warned, calling for «some serious changes» to the regulatory proposals being discussed for U.S. crypto.

She suggested the bill needs to better nail down the funding of regulators that’ll be tapped to oversee the rapidly growing new markets, should make a strong effort to protect consumers and needs to close off loopholes that you could «drive a truck through,» referring to the potential that existing securities regulations could be undermined.

The committee’s Republican chairman, John Boozman, highlighted collaboration with the Banking Committee and regulators. So far, the other committee is outpacing his in working on legislation. The Republicans there have publicly released a set of principles they’re following on the bill, though they haven’t yet released a working draft.

«We must act expeditiously to develop a comprehensive regulatory framework for the trading of digital commodities, but we must ensure we get this right,» Boozman said.

While the Democrats are not in charge, many of their votes will be needed to clear the Senate’s 60-vote hurdle for most legislation. Similar policy desires have also been expressed by Senator Elizabeth Warren, Klobuchar’s Democrat counterpart in the Senate Banking Committee, though crypto-critic Warren is unlikely to become a partner in the negotiation. Klobuchar’s panel, though, has historically been more collaborative than Warren’s.

On the major Senate vote on stablecoin legislation, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, Klobuchar was a no vote. Crypto advocacy group Stand With Crypto has given Klobuchar an «F» rating for being against the industry.

Read More: House’s Crypto Markets Bill on Track, But Some in Industry Hope For Senate Overhaul

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Legitimate Privacy Tool or Dirty Money ‘Laundromat’? Lawyers Debate Role of Tornado Cash on Day 1 of Roman Storm Trial

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NEW YORK — There is at least one fact that both the defense and the prosecution agree in the ongoing criminal money laundering trial of software developer Roman Storm: the product he helped to create and run — a once-popular crypto privacy tool called Tornado Cash — was exploited by hackers and cyber criminals to launder their dirty money.

What the parties do not agree on, and the fundamental question at the heart of Storm’s trial, is whether Storm was able to prevent this behavior, whether he knew which criminals were using the Tornado Cash protocol and how and, most importantly, whether he should be held criminally liable for creating a tool that bad actors used to cover their tracks.

Storm, 36, has been charged with conspiracy to commit money laundering, conspiracy to violate U.S. sanctions, and conspiracy to operate an unlicensed money transmitting business — charges which, if Storm is convicted, carry a maximum combined sentence of 45 years in prison. His trial kicked off in Manhattan on Monday, and opening arguments took place Tuesday afternoon after lawyers selected a 12-person jury to oversee the three-week trial.

Read more: Jury Seated for Tornado Cash Dev Roman Storm’s Trial

During the government’s opening statements, prosecutor Kevin Mosley told the jury that Roman Storm “knew that his business was laundering dirty money” and that he made millions of dollars doing it. Mosley said the jury would see a photo of Storm wearing a t-shirt with a picture of a washing machine with Tornado Cash’s logo on it — evidence that he allegedly knew exactly what Tornado Cash was being used for.

Storm, Mosley said, turned a blind eye to the hackers using his platform and ignored pleas from scam victims who reached out to him, asking for help recovering their money. Though prosecutors claim Storm either told the victims he couldn’t help them or ignored them entirely, Mosley said Storm maintained full control over the Tornado Cash platform, even tweaking it “to make it even better for criminals to hide their money.”

Some of Tornado Cash’s users included North Korea’s infamous state-sponsored hacking organization, the Lazarus Group, which used Tornado Cash to launder the proceeds of its 2022 hack of Axie Infinity’s Ronin Network. Mosley told the jury that, by allegedly facilitating the Lazarus Group’s money laundering, Storm and his “co-conspirators” — fellow developers Alexey Pertsev and Roman Semenov — violated U.S. sanctions against North Korea. Mosley said Storm knew Tornado Cash was helping North Korea skirt U.S. sanctions because he allegedly texted Semenov and Pertsev, “guys, we’re done for” after news of the Axie Infinity hack broke.

Storm’s lawyers, of course, see the facts of the case very differently. In her opening statements to the jury, Keri Axel, a partner at Waymaker LLP, said that Storm’s text to Pertsev and Semenov after the Axie Infinity hack had nothing to do with sanctions, and everything to do with the impact of the hack on Tornado Cash’s reputation, as well as the price of the TORN token, which suffered in the wake of the hack. The washing machine t-shirt, she said, was a joke “in poor taste.”

Storm, Axel said, didn’t work with hackers or scammers, and didn’t want them using his product.

“These criminals, acting without any assistance from Roman [Storm], misused Tornado Cash,” Axel said. “You will not see any evidence that he communicated with them or assisted them, absolutely none.” The fact that Tornado Cash was continuously exploited by bad actors “ultimately killed his dream” of creating a privacy tool that was widely adopted and respected throughout the crypto community, Axel said.

It is privacy — and the legitimate need and desire for it — that sits at the core of Storm’s defense. His lawyers told the jury that their client, a Kazakhstan-born U.S. citizen who taught himself to code while working odd jobs as a bus boy and a security guard before jumping to the tech industry, was inspired to create a privacy tool after meeting Ethereum co-founder Vitalik Buterin, who she described to the jury as a “crypto rockstar.”

While Axel admitted that Tornado Cash was “misused” by bad actors, she said that they represented a minority of the tool’s users — most of whom she said were normal people using Tornado Cash to preserve their privacy.

“It’s not a crime to make a useful thing that’s misused by bad people,” Axel said, comparing Tornado Cash to a smart phone used to scam people, or a hammer used to break into homes.

She explained to the jury that, because the blockchain is public and easily searchable, any known wallet address can be searched, and its transactions (and the value of its contents) can be viewed by anyone. Axel explained that, in the crypto industry, loss of privacy has led to the recent string of kidnappings and attacks on high-net worth individuals and executives.

“How would you feel if someone took your bank account and published it on the internet?” Axel asked the jury. “You would feel exposed and probably unsafe.”

Axel told the jury that they would hear testimony from a host of victims and hackers, none of which could be directly connected to Roman Storm. The hackers, she said, were only testifying “in the hopes that they can get leniency in their own criminal cases” and that Storm lacked the power to help their victims.

First witness

After opening statements concluded, the government called its first witness, a Taiwan-born Georgia resident named Hanfeng Ling. Ms. Ling told the court how she was the victim of a pig butchering scam in the fall of 2021, that began with a wrong-number Whatsapp message. The scammer convinced Ling to transfer nearly $200,000 from her savings account to purchase crypto and then “invest” the crypto in a fake foreign exchange trading platform.

Ms. Ling’s testimony will continue on Wednesday. Nathan Rehn, the lead prosecutor, told the court that he expects her testimony will be followed by four more government witnesses on Wednesday.

The bulk of Storm’s trial is expected to take place over three weeks, followed by jury deliberation.

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Gaming Studio Snail Explores Developing U.S. Dollar Stablecoin

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Snail Games (SNAL), a publicly-traded video game studio, said on Tuesday that it is mulling the development of its own U.S. dollar stablecoin.

The company is evaluating the technical, legal, and financial hurdles to issuing a proprietary stablecoin, according to a press release. To support the effort, Snail retained George Cao, founder of the crypto exchange AscendEX, as an external consultant. The company has also engaged a crypto-focused law firm to help navigate compliance challenges.

No firm timeline has been set, and the initiative remains exploratory.

The stock jumped as much as 20% on the news before shedding some of the gains, closing the session 8% higher.

«This stablecoin exploration is a natural evolution of our innovation-led strategy and will support a broader effort to evaluate how blockchain-based technologies could be aligned with the company’s long-term goal to be at the forefront of digital transformation in the entertainment space,” co-CEO Hai Shi said in a statement.

Stablecoins are cryptocurrencies pegged to fiat currencies like the U.S. dollar, and are increasingly popular to transfer value quickly and with fewer intermediaries through blockchain rails. With impending U.S. regulation of the sector, major banks and large retailers like Walmart and Amazon are said to explore issuing stablecoins.

For a company like Snail, integrating stablecoins could open doors to blockchain-based game economies, player-driven marketplaces or cross-border monetization, without relying on traditional payment rails.

Read more: ‘Crypto Week’ Hits a Roadblock as House Cancels Makeup Vote for Crypto Bills

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