Dogecoin
Mondayed losses on Monday as the community behind Qubic, which recently attacked Monero, voted to target the Dogecoin network over Zcash and Kaspa with a large margin.
At the time of writing, Doge traded with over 22 cents representing a 4% fall on a 24-hour basis, according to Coindesk data. Cryptocurrency chalk a bullish golden crossover last week, but that bullish pattern couldn’t inspire bullish momentum.
Early Monday, AI-focused blocked blockchain project QUBIC announced society’s intention to target Dogecoin at X and said, “There are continuous discussions about $ DOGE and preparation will take time.”
It added that “Questions about Blockchain resistance are raised and we may have tools to tackle them.”
Sergey Ivancheglo, the founder of the Qubic Network, sought a community vote on which application -specific integrated circuit (Asic)-Anabl-proof-of-work (Pow) Blockchain must be targeted with an attack of 51%. From a list that included Kaspa and Zcash, the community voted overwhelmingly for DOGE.
“The Qubic Society has chosen Dogecoin,” Ivancheglo announced on X via his handles from Beyond.
QUBIC recently launched a successful attack of 51% on Monero and received majority control over the computing power used to secure privacy networks.
DOGE CROSE CVD ATTACH
Doge’s Futures Open-Interest Adjusted Cumulative Volume Delta (CVD) The indicator has fallen almost 1% over the last 24 hours, the largest among the 25 best cryptocurrencies by market value, according to Data Source Velo.
CVD or cumulative volume Delta is a technical indicator that measures net purchase or sales pressure in a market over a specified period of time. It is a continuous total of the difference between buying and selling volume.
A negative CVD indicates that the sale of pressure is more significant than buying pressure. This means that a larger number of market participants sell a particular asset than buying it. It is often seen as a bearish signal, which suggests that the price is likely to fall or continue its decline.
Most cryptocurrencies, including BTC and ETH, have a similar bearish profile. Meanwhile, link is the only token that boasts a positive CVD.
BTC falls below $ 116k
Bitcoin
The leading cryptocurrency with market value, almost dropped to $ 115,000 early Monday and extended the fall from Thursday’s record high of over $ 124,000.
The fall follows a warmer than expected US producer Price Inflation Friday, which weakened the case for a 50-basis point-fed rate in September. That said, it is still expected that the central bank reduces loan costs by 25 basic points.
“Given the sustained uncertainty about the most important economic indicators, the Federal Reserve has so far maintained a cautious attitude towards interest rates. The recent US producer price index (PPI) For July, it doesn’t make it easier, “analysts at Coinbase Institutional said in a weekly report.
“Nevertheless, we see this as an opportunity. We believe that Fed’s possible focus on the broader financial picture, including the labor market, will eventually lead to 25 BPS rate in September and October,” analysts added.
Some observers expect bold president Jerome Powell to lay the foundation for the September movement during this speech at the Jackson Hole Symposium later this week.
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