Major SUI Liquidations Loom as Price Breaks 2-Week Consolidation

SUI price has experienced a sharp surge in the last 24 hours, pushing the altcoin toward a potential breakout. 

The recent rally, coupled with favorable broader market conditions, has sparked optimism for a price move to new highs. The altcoin is inching closer to breaking out after a period of consolidation.

Sui is Building Momentum

The Relative Strength Index (RSI) for SUI remains in the bullish zone, suggesting that the altcoin’s upward momentum is strong. The RSI has not yet reached overbought territory, indicating that there is still room for further growth.

This signals that SUI could continue climbing as investor confidence grows.

The healthy position of the RSI supports the view that the price of SUI can maintain its bullish trajectory. The ongoing positive momentum suggests that the altcoin has enough strength to push through the resistance levels ahead, particularly if market conditions remain favorable.

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SUI RSI
SUI RSI. Source: TradingView

While the market sentiment appears bullish, SUI faces the threat of massive liquidations. The liquidation map reveals that approximately $25 million in short contracts will likely be triggered if the price reaches $4.35.

This would create significant buying pressure, contributing to a potential surge in price.

The liquidation of short positions is generally viewed as a positive factor for the asset’s price, as it leads to increased demand. The absence of short contracts would help maintain bullish sentiment around SUI, as the market would need to push against fewer sell orders. This sets the stage for a potential breakout.

SUI Liquidation Map.
SUI Liquidation Map. Source: Coinglass

SUI Price Is Breaking Out

SUI is currently trading at $4.13, attempting to secure support at $4.12 after a 10% jump over the last 24 hours. The altcoin bounced off $3.69, indicating that the recent correction may be over, and the next phase could involve an upward movement. The goal is to establish $4.12 as support and continue the bullish trend.

The next major resistance level for SUI is $4.35. To reach this price target, SUI must hold the $4.12 support level. If the token successfully secures this support, it could push toward $4.35, potentially leading to further gains.

SUI Price Analysis.
SUI Price Analysis. Source: TradingView

However, the current market uncertainty remains a risk.

If the bullish momentum falters and investors begin to sell, SUI’s price could fall back to $3.93. Losing this support level would likely invalidate the bullish thesis, and SUI may struggle to regain upward momentum.

The post Major SUI Liquidations Loom as Price Breaks 2-Week Consolidation appeared first on BeInCrypto.

What Crypto Whales are Buying Ahead of the White House Crypto Report

The coming week is critical for the crypto market as the Trump administration publishes its assessment of the US crypto industry. The White House’s crypto report on July 30 is building anticipation among investors.

In line with this, BeInCrypto has analysed three altcoins that the whales have been buying over the past 24 hours.

Tutorial (TUT)

TUT has seen a significant surge, with the price rising by 17.68% over the last 24 hours. The increase is primarily due to the steady accumulation of TUT by investors. This rise indicates growing interest in the altcoin, signaling a potential bullish trend in the near term.

Over the last 24 hours, TUT whales have purchased 30 million TUT, valued at over $2.4 million. This accumulation suggests strong investor belief in TUT’s future potential, especially ahead of a potentially positive report this week.

Such behavior reinforces the bullish outlook for the altcoin, indicating increased confidence among large holders.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

TUT Whale Holdings.
TUT Whale Holdings. Source: Nansen

Currently trading at $0.072, TUT is edging closer to its next price target of $0.080. If TUT successfully surpasses this level, it could trigger increased optimism among investors. A break above $0.080 would likely propel the price higher, attracting more buyers and strengthening the bullish momentum.

Pudgy Penguins (PENGU)

PENGU has become one of the most sought-after altcoins, as whales accumulated 400 million PENGU, valued at over $16.8 million in the last 24 hours.

This large-scale buying activity signals strong investor interest and suggests that the altcoin is poised for further upward movement in the short term.

The whale accumulation led to a 17% rise in PENGU’s price over the past day. Currently trading at $0.043, PENGU is nearing its all-time high (ATH) of $0.0469. With the current momentum, the altcoin is expected to likely breach its ATH, pushing prices even higher.

PENGU Whale Holdings.
PENGU Whale Holdings. Source: Nansen

However, if the broader market shifts to a bearish trend, PENGU could face significant resistance. A decline below the $0.040 support level could signal further weakness, potentially pushing the altcoin down to $0.0299.

This would invalidate the bullish outlook, suggesting caution for potential investors.

Pendle (PENDLE)

PENDLE has experienced a 5% gain over the last 24 hours, signaling potential for further upward movement. Despite increased whale accumulation, a major price surge has yet to occur.

If buying pressure continues, the cryptocurrency could see a sustained rally in the near future.

In the past 24 hours, PENDLE whales have purchased over 30,000 tokens, valued at approximately $133,200. This accumulation reflects a strategic move by larger investors, indicating potential bullish sentiment.

Should the demand from these whales increase, PENDLE may see its price continue to rise in the coming days.

PENDLE Whale Holdings.
PENDLE Whale Holdings. Source: Nansen

However, if whales decide to sell their holdings, PENDLE could face downward pressure. A drop below the $4.21 support could lead the token to fall from its current price of $4.43 to $3.90.

This bearish scenario would suggest a shift in investor sentiment, weakening the altcoin’s short-term outlook.

The post What Crypto Whales are Buying Ahead of the White House Crypto Report appeared first on BeInCrypto.

Gemini CEO Says JPMorgan Punishing Criticism with Banking Freeze

Wall Street banking giant JPMorgan has halted its efforts to re-establish banking ties with Gemini, one of the largest US-based crypto trading platforms.

The decision comes amid growing friction over data access between major banks and fintech companies.

Gemini’s Winklevoss Slams JPMorgan After Sudden Banking Reversal

On July 25, Tyler Winklevoss, co-founder of Gemini, disclosed that JPMorgan informed the exchange it would no longer proceed with plans to reintegrate the platform.

This move follows the earlier offboarding of Gemini during the period crypto advocates dubbed “Operation Chokepoint 2.0.” At the time, several banks, under regulatory pressure, cut off services to crypto firms, citing industry risk.

The recent pause, however, appears tied to a different conflict—one centered on financial data rights.

Winklevoss has been outspoken about JPMorgan’s push to charge fintech firms for access to customer banking data. He argues that this effort is aimed at undermining startups that rely on such access to offer users seamless financial services.

Last week, Winklevoss publicly criticized JPMorgan and other banks for attempting to impose fees on fintechs that connect to user bank accounts through tools like Plaid.

These fintech tools enable users to access and share their banking data. They also allow customers to transfer funds to crypto exchanges and related platforms.

“[JPMorgan] want us to stay silent while they quietly try to take away your right to access YOUR banking data for free through third-party fintechs like,” Winklevoss said.

According to him, JPMorgan’s strategy is an attempt to block user-friendly innovations in finance by locking up access to personal financial data.

Winklevoss suggested that his criticism may have prompted the bank’s latest decision to cut off his exchange.

Despite the setback, the Gemini CEO emphasized that he would not back down from his advocacy.

“Sorry Jamie Dimon, we’re not going to stay silent. We will continue to call out this anti-competitive, rent-seeking behavior and immoral attempt to bankrupt fintech and crypto companies. We will never stop fighting for what is right,” he stated.

JPMorgan’s action has drawn scrutiny from community members. Many see it as part of the ongoing struggle between legacy financial infrastructure and the future of open systems.

Lily Liu, President of the Solana Foundation, emphasized her long-standing belief in the resilience of open systems. She expressed confidence that these systems will ultimately achieve dominance in the digital space.

“The ‘market’ the ‘user base’ – however one wants to put it – of humans on the internet and their assets is larger than any company/country or feasible coalition of companies/countries can muster,” she stated.

The post Gemini CEO Says JPMorgan Punishing Criticism with Banking Freeze appeared first on BeInCrypto.

3 Altcoins Showing Accumulation Sign This Week

With the crypto market exhibiting strong signs of an altcoin season ahead, investors are accumulating their choice of tokens. Dropstab data currently shows 59 altcoins that are flashing the accumulation sign.

During the accumulation phase, trading volumes surge, and the price stays within a specific range for a prolonged time. This often leads to unsuccessful attempts to break out in either direction. However, emerging signals are starting to indicate a potential direction.

BeInCrypto has analysed three such tokens from DropsTab charts that are showing strong accumulation signals this week.

Pepe (PEPE)

PEPE price currently sits at $0.00001257, holding above the crucial support level of $0.00001216. The altcoin recently fell through the $0.00001389 support, wiping out a portion of the gains made earlier this month. This price action suggests that short-term volatility may continue for PEPE.

For the last nine days, PEPE has been in an accumulation phase, which suggests that investors are considering it an altcoin to buy. Although the price is vulnerable to minor fluctuations, a significant decline seems unlikely.

If PEPE manages to bounce off $0.00001216, it could recover and aim for a retest of $0.00001389 in the near future.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

PEPE Price Analysis.
PEPE Price Analysis. Source: TradingView

However, if PEPE falls through its current support of $0.00001216, the price could drop further to $0.00001152 or lower. A move below this level could indicate further bearish pressure, invalidating the bullish outlook for the token and suggesting potential losses for investors.

Convex Finance (CVX)

CVX has shown strong momentum in the past week, with a nearly 21% increase in the last 24 hours. This accumulation phase suggests that the altcoin is gaining traction within the market, indicating growing interest and potential for further upward movement in the short term.

Currently trading at $5.85, CVX is testing the resistance level of $5.88. The Parabolic SAR below the candlesticks indicates a bullish trend, which could push the price above $6.00 if the uptrend continues.

CVX Price Analysis.
CVX Price Analysis. Source: TradingView

However, if CVX encounters bearish market conditions, the price could drop to $4.16, erasing the recent gains. A decline through this support level would invalidate the current bullish thesis, signaling potential further downside risk for the altcoin.

Tezos (XTZ)

XTZ is currently trading at $0.89, maintaining its position above the key support level of $0.87 for the past two days. This stability is attributed to the ongoing accumulation phase observed over the past four days, suggesting that the altcoin may be preparing for further upward momentum.

The 50-day and 200-day EMAs are nearing a Golden Cross, a bullish signal that could indicate further price growth. If the 50-day EMA crosses above the 200-day EMA, it will likely push XTZ’s price back above $0.99, possibly reaching $1.08, reinforcing the upward trend.

XTZ Price Analysis.
XTZ Price Analysis. Source: TradingView

However, if XTZ fails to hold the $0.87 support, the price could decline to $0.76. A drop below this level would invalidate the bullish outlook, signaling further potential downside for the cryptocurrency.

The post 3 Altcoins Showing Accumulation Sign This Week appeared first on BeInCrypto.

Bit Digital Seeks $1 Billion Pivot Towards Ethereum

Bit Digital, a Nasdaq-listed crypto firm, is deepening its commitment to Ethereum as it pivots from its previous Bitcoin-centric operations.

In a July 25 filing with the US Securities and Exchange Commission (SEC), the company proposed a significant increase in authorized share capital, from 340 million to 1 billion ordinary shares.

Bit Digital Proposes $10 Million Raise to Expand Ethereum Reserves

According to the filing, the new capital will primarily fund Ethereum acquisitions. The firm stated that its goal is to raise approximately $10 million, with a shareholder vote scheduled for September 10.

The company also clarified that proceeds from the proposed share issuance will support broader corporate initiatives, including mergers and acquisitions, employee compensation, dividend distributions, and general operations.

Bit Digital believes that its current share capital structure restricts its ability to scale, particularly in alignment with its long-term growth strategy centered around Ethereum.

This proposal reflects a dramatic transformation in the company’s strategic direction. Once known for its Bitcoin mining business, Bit Digital now views Ethereum as a core treasury asset.

Earlier in July, the firm sold 280 Bitcoin from its reserves, reallocating roughly $172 million to boost its Ethereum holdings.

Following this move, Bit Digital’s Ethereum balance surged from 24,434 ETH to over 100,600 ETH. An additional purchase of 19,683 ETH on July 18 further lifted its total to approximately 120,306 ETH.

This places it among the top 10 Ethereum treasury reserve holders, behind SharpLink and BitMine. Cumulatively, these kinds of firms hold more than 2.3 million ETH, valued at nearly $9 billion.

Nonetheless, Bit Digital’s aggressive accumulation strategy demonstrates the company’s growing conviction in Ethereum’s future.

“ETH can offer a rare combination of capital appreciation and native yield, making it an institutional titan. Its value is reinforced by strong onchain utility and a global community of developers. No other asset, including BTC, matches the depth of its ecosystem and built-in earning potential,” Bit Digital stated.

Beyond Ethereum accumulation, the company actively stakes its holdings and operates Ethereum validators, transforming its treasury into a yield-generating asset base.

The post Bit Digital Seeks $1 Billion Pivot Towards Ethereum appeared first on BeInCrypto.

Pi Coin Eyes Recovery As Investor Inflows Jump to 2-Week High

Pi Coin has seen significant price movement recently, experiencing a notable drawdown that brought it close to crucial support levels. 

Despite this decline, the altcoin managed to hold its ground above a potential all-time low (ATL). Inflows from investors are now providing the much-needed momentum for Pi Coin’s recovery.

Pi Network Is Gaining Traction

The current market sentiment for Pi Coin shows some positive signs. The Moving Average Convergence Divergence (MACD) indicator reveals that the bearish momentum has yet to gain strong traction. 

A recent bullish crossover, accompanied by green bars on the histogram, suggests that Pi Coin still has the potential to recover. This is a crucial development, as it indicates that the altcoin could regain upward momentum, potentially avoiding a drop to its ATL.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Pi Coin MACD
Pi Coin MACD. Source: TradingView

The macro momentum for Pi Coin is also showing signs of improvement, as indicated by the Chaikin Money Flow (CMF). The CMF has seen a sharp uptick, signaling an increase in inflows into the altcoin. 

While the indicator is still below the zero line, the rising trend suggests that Pi Coin is regaining traction. This could be a critical factor in helping the altcoin maintain its price above the support levels and prevent it from falling to new lows.

Moreover, the growing investor participation in Pi Coin is a positive indicator of its recovery potential. As more investors show interest in the token, it could create a stable foundation for future price growth.

This influx of capital could also support the altcoin in breaking through resistance levels, leading to a potential price rebound.

Pi Coin CMF
Pi Coin CMF. Source: TradingView

Pi Coin Price Finds Support

Pi Coin’s price has decreased by 9.7% in the last four days, with the altcoin trading at $0.442 at the time of writing. It has recently approached the local support level of $0.440, which has been holding steady.

A key factor for Pi Coin’s recovery will be its ability to bounce off the $0.440 support and secure $0.450 as a new level of support. This could set the stage for a price rebound, pushing Pi Coin towards $0.493 and helping it regain the losses incurred over the past days.

Pi Coin Price Analysis.
Pi Coin Price Analysis. Source: TradingView

However, if investor sentiment shifts from accumulation to selling, Pi Coin may face further downside risk. A breakdown below $0.440 could see the altcoin testing the all-time low of $0.400.

Pi Coin is currently just 9.6% away from this critical level, and if selling pressure mounts, it could reach the ATL once again.

The post Pi Coin Eyes Recovery As Investor Inflows Jump to 2-Week High appeared first on BeInCrypto.

Ethena (ENA) Pumps 20% On A Dull Day—Charts Hint at More Upside

While the broader crypto market is in retreat, Ethena (ENA) is defying the trend, rallying nearly 20% in the past 24 hours and catching the attention of traders across the board.

But what really stands out is the convergence of key signals such as rising whale activity, steady exchange outflows, and a bullish chart setup. All signs suggest that something bigger may be brewing. Could ENA be gearing up for a breakout rally?


Whales Are Gobbling Up Ethena

The most important trend right now is that whales are buying, and not selling. According to Nansen’s dashboard, ENA whale holdings have jumped 8.15% in the last seven days. At the current price, that stands close to $1.87 million.

Ethena price and whale accumulation pattern
Ethena price and whale accumulation pattern: Nansen

That’s a sharp increase, and it’s happening while most of the market is either flat or down. This kind of whale behavior usually signals confidence; big players are positioning for a larger move.

At the same time, exchange balances are falling. Over the past week, 1.07 billion ENA tokens have left exchanges.

That means Ethena (ENA) is moving into private wallets, not trading platforms. When this happens, it’s often a sign that holders plan to sit tight. Less supply on exchanges means fewer chances of sudden selling.

In short, big wallets are scooping up ENA, and the token is quietly disappearing from exchanges. That’s a strong bullish setup.


OBV Divergence Hints at Momentum Building Underneath

The chart shows something even more interesting. While ENA’s price made a lower high, the On-Balance Volume (OBV) made a higher high at the time of writing. This is called a bullish divergence; it happens when volume flows suggest buyers are stronger than the price action shows.

ENA price and OBV divergence
ENA price and OBV divergence: TradingView

At the time of writing, ENA is still inside a converging wedge pattern and trading near $0.57. The OBV trend is breaking higher, which hints that buying pressure is building under the surface. Buyers are quietly stepping in even as the price consolidates.

This kind of divergence often appears before a breakout. Combined with the whale activity, it shows that accumulation may already be underway.

On-Balance Volume (OBV) tracks whether volume is flowing into or out of a token, helping spot hidden trends.

For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.


The Wedge Breakout Could Ignite the Next Leg for ENA’s Price, But $0.60 Is Key

Technically, ENA has been trading inside a wedge since late June. However, just to add another layer of validation, the chart uses the trend-based Fibonacci extension tool. This tool or indicator is used to chart price targets during an uptrend.

The first point of the Fibonacci extension plotting began near $0.22 and extends to a recent swing high around $0.59. Yesterday, ENA retraced to $0.42, but today it’s bouncing back hard and hovering just under the breakout zone.

ENA price analysis
ENA price analysis: TradingView

The big number to watch now is $0.60. That’s the 0.5 Fibonacci extension level from the recent trend. A clean breakout above the wedge at $0.58, followed by the $0.60 mark, could unlock a rally toward $0.65, $0.71, or even beyond. More so with the current whale and volume backing.

However, here’s the catch. If ENA fails to break out and drops back below $0.51, the bullish case weakens. That would invalidate the wedge breakout thesis and could trigger a pullback.

The post Ethena (ENA) Pumps 20% On A Dull Day—Charts Hint at More Upside appeared first on BeInCrypto.

Detroit Is Suing a Florida Crypto Real Estate Company Over RWA Ponzi Scheme

RealT, a Florida-based RWA issuer, is being sued after offering tokenized shares of dozens of homes it does not own. Additionally, code and tax violations have accumulated over 408 properties in RealT’s possession.

This incident highlights a serious potential problem for the entire RWA market. Can these companies really offer returns on property incomes, or will Ponzi schemes power investor yields?

RealT’s Detroit RWA Plan

As befitting the crypto crime supercycle of 2025, many novel scams, hacks, and other frauds are preying upon investors right now.

The RWA market has been durable in bear markets, growing despite broader downturns, and RealT has allegedly pioneered a new type of crypto crime in the city of Detroit.

Local media reported that RealT’s fake RWA scheme was very simple. Essentially, the firm offered tokenized shares of 39 homes in Detroit’s Eastside neighborhood.

RealT used this method to obtain $2.72 million of investor funds, well exceeding the $1.1 million asking price of the homes in question. However, it never actually purchased this real estate.

“We’re getting closer to a Ponzi/Madoff-type scheme. If this is true, the very notion of a Real World Asset is void, and I would call into question my entire investment strategy. More clearly stated, I’m withdrawing all my investments from RealT,” an anonymous investor told reporters in an interview.

The company began advertising these RWAs in 2023. Potential users were promised a share of the properties’ rental incomes, but many of RealT’s homes are vacant and/or dilapidated. The city of Detroit is even suing over code and tax violations at 408 of its properties.

To be clear, RealT does own hundreds of the Detroit properties it’s promoting with RWAs. However, it did not complete the purchase for 39 homes in one neighborhood, but it’s nonetheless taken over property management.

Further investigation revealed more than 20 similar cases, where RealT sold tokenized shares of homes it did not own. Even more could exist.

A Big Problem for RWAs

RealT’s scam questions some of the foundational principles of the RWA market. Essentially, this operation couldn’t possibly be profitable even if the firm actually owned every single property it advertised.

To be blunt, there is practically zero experiential overlap between running a Web3 startup and renting out dilapidated houses.

The vacancy rate on RealT’s houses was up to 10x the advertised amount. How can token owners collect a share of nonexistent rents? Many of these homes were explicitly rent-controlled, enticing tenants to live in abandoned neighborhoods.

This measure might encourage Detroit’s urban renewal, but not investor returns.

That’s without counting property taxes, blight tickets, and other such concerns. Property management is a full-time job, but much of RealT’s operations need to focus on attracting crypto investors. In this environment, investor capital might replace the purported engine of real growth—in short, a classic Ponzi scheme.

All that is to say, the RWA market has regulators and investors alike salivating, but the RealT case reminds us of the practical difficulties involved.

The post Detroit Is Suing a Florida Crypto Real Estate Company Over RWA Ponzi Scheme appeared first on BeInCrypto.

3 Altcoins Trending in Nigeria For The Last Week of July

The final week of July has seen a noticeable pullback across the crypto market, with Bitcoin (BTC) trading within a tight consolidation range. This muted performance has dampened broader market sentiment, dragging many altcoins lower.

Despite the cautious tone, retail interest in Nigeria—one of Africa’s most active crypto markets—has remained resilient. On-chain and social data reveal that Bonk (BONK), Sui (SUI), and Pepe (PEPE) have emerged as the top three trending altcoins in the country during the final week of July.

BONK

According to Ayotunde Alabi, CEO of Luno Nigeria, Solana-based meme coin BONK is among the top trending assets in Nigeria this week. The recent resurgence in the demand for meme assets has pushed BONK’s value up by over 150% in the past 30 days.

Alabi told BeInCrypto that BONK’s surge in popularity may be tied to the wider altcoin rally. Still, its appeal among Nigerian investors is also driven by its affordability and perceived upside. In a market where many top coins appear overbought, low-cost tokens like BONK offer speculative traders a chance to enter early and ride potential momentum.

“Interest could be based on the broader altcoin momentum, but investors could also be drawn to the low price entry point and potential for long-term growth,” Alabi pointed out. 

The meme coin trades at $0.00003 at press time, up 7% in the past 24 hours. BONK could extend its rally toward $0.000038 if buying pressure is sustained. A successful breach of that resistance could propel the altcoin to reclaim its year-to-date high of $0.000040.

For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

BONK Price Analysis
BONK Price Analysis. Source: TradingView

On the other hand, if demand weakens, BONK’s price could dip to $0.000034.

SUI

This week, layer-1 (L1) coin SUI is another altcoin trending among Nigerian traders. According to Alabi, SUI’s resilience and rising visibility in Nigeria can be linked to its expanding ecosystem and increasing institutional validation.

With big names like Grayscale and VanEck backing the token through new investment vehicles, the CEO mentioned that Nigerian investors are paying closer attention to its long-term potential.

He added that the increase in SUI’s total value locked (TVL) over the past month signals a growing adoption and capital confidence in the network’s infrastructure. According to DefiLlama, this currently stands at $2.148 billion, rising by 25% since the beginning of July. 

SUI TVL
SUI TVL. Source: DefiLlama

This uptick in TVL reflects increased market-wide participation and suggests that more users and developers are actively engaging with the Sui ecosystem.

SUI currently trades for $3.99. If network activity remains high, demand for the SUI coin will increase, pushing its price toward $4.09. A break above this level could trigger a move to $4.29.

SUI Price Analysis.
SUI Price Analysis. Source: TradingView

However, if profit-taking continues, the coin’s value could dip to $3.68.

PEPE

Despite a slight pullback over the past week, PEPE also remains on Nigerian traders’ radar. According to Alabi, the coin has benefited from the broader memecoin revival, with gains of around 18% over the last 30 days. 

He explained that the strong performance of more established tokens like Dogecoin (DOGE)—which gained roughly 30% in the same period—has helped to renew market confidence in smaller memecoins like PEPE.

PEPE trades at $0.000012 at press time, noting a 5% uptick in the past 24 hours. If buy-side pressure strengthens, the meme coin’s rally could reach $0.000014.

PEPE Price Analysis
PEPE Price Analysis. Source: TradingView

Converesly, if sellers regain dominance, they could drive a downward trend to $0.0000107.

The post 3 Altcoins Trending in Nigeria For The Last Week of July appeared first on BeInCrypto.

El Salvador Insists It’s Buying Bitcoin Despite IMF Saying Otherwise

El Salvador has quietly added more Bitcoin to its national treasury, despite recent claims from the International Monetary Fund (IMF) suggesting otherwise.

The country’s latest move signals continued support for its pro-Bitcoin policy, even as external pressure mounts.

El Salvador’s Bitcoin Reserve Numbers Face IMF Doubt

On July 24, El Salvador’s Bitcoin Office confirmed a fresh purchase of 8 BTC, valued at approximately $948,392. The announcement shows the coins were acquired at an average price of $118,549 each.

This brings the country’s total publicly reported Bitcoin holdings to roughly 6,248 BTC—currently worth around $740 million.

However, this disclosure contradicts a recent statement from the IMF. The organization claimed that El Salvador had not purchased any new Bitcoin.

el salvador bitcoin
El Salvador Bitcoin Purchase As Claimed by the Government. Source: Bitcoin Office

According to the IMF, the country has been shuffling coins between wallets rather than making new acquisitions. It argues that these internal transfers create the illusion of accumulation when, in reality, the total amount of BTC held remains unchanged.

The IMF also said the national Bitcoin wallet system does not accurately update reserve figures in real time, leading to further confusion.

John Dennehy, founder of the Bitcoin education project ‘My First Bitcoin’, supported this view. He described the recent wallet activity as “misleading,” stating that transfers between internal accounts are being framed as fresh purchases without increasing the total holdings.

The Salvadoran government has not officially responded to the IMF’s statement. However, it continues to highlight its broader Bitcoin strategy, particularly in education.

Stacy Herbert, Director of El Salvador’s Bitcoin Office, pointed to a growing list of national programs aimed at increasing Bitcoin literacy.

These include initiatives like Node Nation for high school students, the Bitcoin Diploma program, and CUBO+, which engages young tech talent across the country. Over 80,000 civil servants are also receiving training under a program known as ESIAP.

This means that El Salvador continues to position itself as a pioneer in Bitcoin adoption. However, questions about transparency and compliance with international financial agreements persist.

The post El Salvador Insists It’s Buying Bitcoin Despite IMF Saying Otherwise appeared first on BeInCrypto.