El Salvador proposes a draft reform to the Banking Law to enhance economic growth.

The reform includes allowing private investment banks to operate using Bitcoin and other legal tenders.

El Salvador holds 5,781 BTC valued at over $376M with a $67.33M profit.

El Salvador, the first country to adopt Bitcoin as legal tender, is considering a draft law that could further integrate the cryptocurrency into its banking system. The proposed legislation would allow for the creation of private investment banks that can operate with Bitcoin and other digital assets.

Milena Mayorga, El Salvador’s ambassador to the United States, recently tweeted about this development on X (formerly Twitter).

As part of our economic plan for El Salvador, we propose a BPI, Bank for Private Investment, where we can diversify the financing options offered to potential investors in Dollars and #Bitcoin. 🚀#BitcoinBank#EconomicFreedom https://t.co/3hfwVvTSeX

— Milena Mayorga (@MilenaMayorga) June 14, 2024

One key provision of the reform bill is the creation of private investment banks that can operate with Bitcoin and other digital assets. These banks would be permitted to operate in any legal tender, including the U.S. dollar and Bitcoin, and could even request authorization to provide digital asset services.

The proposed law would also ease certain restrictions on private investment banks, allowing them to operate with greater flexibility and freedom. For example, they would not be subject to the same prohibitions on entering into contracts with foreign banks or financial companies as traditional banks.

To qualify as sophisticated investors, individuals would need to have investment experience, be able to assess risks, and have freely available assets worth $250,000 or $500,000. Private investment banks would only be able to raise funds from these sophisticated investors and would be allowed to provide loans to them if they offered a guarantee.

While the draft reform marks a significant milestone, it has yet to receive approval. Moreover, the legislators have neither called officials to discuss the project’s objectives nor put it to a vote in the Commission.

This latest initiative is part of a broader effort to integrate Bitcoin into El Salvador’s banking system. The country adopted Bitcoin as legal tender in September 2021 and has continued to invest in the asset.

According to official records endorsed by President Nayib Bukele, El Salvador holds 5,781 BTC tokens currently valued at over $376 million, with an unrealized profit exceeding $67.33 million.

The post Bitcoin Banking: El Salvador Drafts Law to Expand Crypto Adoption appeared first on Coin Edition.

Binance co-founder Yi He warns of an impersonator scam on Twitter.

The scammer has already tricked users, causing significant financial losses.

Binance urges caution and recommends verifying information through official channels.

Binance co-founder Yi He has issued a disclaimer against an impersonator using her identity to scam unsuspecting users on the social media platform X. Yi He denied having issued any new memecoins and called on the platform owner, Elon Musk, to ask if there is any way to address the issue from his end.

I have not issued any new MEMEcoins. Clicking on the link will result in your money being stolen. Many people were tricked by this hacker link and lost a significant amount of money today. Is there any way to address this issue? @elonmusk pic.twitter.com/fCiweFweBa

— Yi He (@heyibinance) June 14, 2024

Yi He warned the public that clicking on the impersonator’s link could lead to users’ money being stolen. She noted the hacker had already tricked many people, leading to significant financial losses.

Ms. He made an earlier post alerting the public after she noticed a fake account impersonating her X identity. She highlighted someone clicking the link provided by the impersonator and got scammed of 60 ETH.

I noticed that a fake account has impersonated me and some users have been scammed. It’s been reported to me that someone has clicked into a malicious link and 60 ETH was stolen.@heyibinance is my only account. And $BNB is the only token that I endorse. Please stay alert to… pic.twitter.com/A91lxN7a5z

— Yi He (@heyibinance) June 14, 2024

The Binance co-founder reaffirmed that her only X account is with the handle @heyibinance and BNB is the only token she endorsed.

He shared screenshots from the impostor, alongside a couple of X accounts, attempting to impersonate her with handles reflecting modifications of her identity. She warned users to stay alert to such fake accounts and report them to X to prevent others from being scammed.

Binance, the cryptocurrency exchange, has also stepped in with support for its co-founder. The crypto exchange urged users to be cautious with information they encounter online. Binance stressed the importance of avoiding unverified links and/or QR codes advising users to double-check information through official channels before engagement.

The recent incident underscores the prevalent craftiness of online scammers in using the reputation of notable figures to deceive users. It goes without saying that crypto aficionados  need to safeguard their digital assets through proper scrutiny.

The post Scam Alert: Binance Co-Founder Targeted in Twitter Impersonation Scheme appeared first on Coin Edition.

Gemini to pay $50 million over misleading Earn program.

NY bans Gemini from crypto lending.

NY Attorney General targets crypto fraud.

New York Attorney General Letitia James has secured a $50 million settlement from Gemini Trust Company, LLC (Gemini) to compensate over 230,000 investors, including 29,000 New Yorkers, who were allegedly misled by Gemini’s Earn program. The program, promising secure returns, failed to disclose significant financial risks associated with partner firm Genesis.

Gemini’s Earn program lured investors by promising to grow their money, but internal reviews showed that Genesis’s finances were unstable. Gemini was aware that Genesis’s loans lacked adequate protection and were mostly tied up with entities like Sam Bankman-Fried’s Alameda. However, Gemini did not disclose this to investors.

When the investment scheme collapsed, many investors struggled to recover their funds. The Attorney General’s office investigated these claims and found compelling evidence that Gemini misled investors.

The settlement ensures that all affected investors will receive full reimbursement of their digital assets automatically, without having to take any action. These assets will be available in their accounts.Attorney General James emphasized the severity of the situation, stating:

“Hundreds of thousands of people, including at least 29,000 New Yorkers, had their trust broken and their money misappropriated by Gemini through its misleading Earn program.”

The settlement resolves claims against Gemini and prohibits the company from operating any cryptocurrency lending programs in New York. Moreover, Gemini must cooperate with the OAG’s ongoing litigation against Digital Currency Group (DCG), DCG’s CEO Barry Silbert, and Genesis’s former CEO Soichiro Moro.

In October 2023, Attorney General James filed a lawsuit against Gemini for falsely promoting the Earn program as a secure investment. The investigation found that Gemini knew about Genesis’s financial weaknesses yet told investors the program was safe. This lawsuit was part of a broader effort to ensure accountability for dishonest cryptocurrency companies.

Attorney General James has led efforts to protect investors and regulate the cryptocurrency industry. Recently, she settled for $2 billion with Genesis, addressed fraud by AWS Mining and NovaTechFX, and obtained $22 million from KuCoin for breaking regulations. She also recovered $4.3 million from Coin Cafe and $24 million from Nexo and pursued legal action against the ex-CEO of Celsius.

The Gemini settlement underscores the ongoing efforts by regulators like Attorney General James to protect investors in the volatile cryptocurrency market. New Yorkers and industry insiders alike are encouraged to report any suspicious activity, highlighting the critical role whistleblowers play in maintaining the integrity of the burgeoning crypto space.

The post New York’s AG Takes on Crypto: Gemini’s $50 Million Lesson appeared first on Coin Edition.

The SEC has responded to Ripple’s letter concerning the judgment in the TFL case.

In the letter, the SEC cited a potential penalty of $102.6 million from Ripple.

The figure marks a significant reduction from the initial $2 billion request.

In the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission, the regulator has responded to Ripple’s challenge regarding the proposed $2 billion fine. The SEC’s response, filed on Friday, further clarified its stance on the issue, drawing upon a recent settlement in another high-profile case involving Terraform Labs.

The regulator issued the reply on Friday in a letter to District Judge Analisa Torres, as noted by defense lawyer James Filan on X platform (formerly Twitter).

#XRPCommunity #SECGov v. #Ripple #XRP @SECGov has responded to @Ripple’s letter regarding the TerraForm Labs Consent Judgment. pic.twitter.com/VvGSJffwa8

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) June 14, 2024

For context, on June 13, Ripple submitted a letter to support its opposition to the SEC’s earlier $2 billion fine recommendation. Ripple highlighted that, according to the TFL Consent Judgment, the defendant agreed to a settlement involving $3.58 billion in disgorgement and a $420 million civil penalty.

Ripple contended that this penalty equates to 1.27% of TFL’s $33 billion in gross sales, a figure significantly lower than what the SEC is demanding from Ripple. Additionally, Ripple pointed out that while the TFL case involved two fraudulent schemes resulting in a $40 billion loss, the court found no fraud in Ripple’s case.

In the Friday letter, the SEC countered that the TFL consent judgment resulted from a settlement, which has limited value in determining remedies. The SEC argued that Ripple failed to consider several factors, such as TFL’s bankruptcy, the destruction of keys to its crypto wallet, and the reimbursement of investors’ losses. The regulator stated:

“The SEC took all these factors into account when agreeing to the settlement and cited them as relevant for the court’s approval under applicable law.”

Moreover, the SEC noted that Ripple did not agree to any of the terms cited in the TFL case. The regulator argued that the TFL settlement is irrelevant for determining Ripple’s penalties, stating that Ripple has not admitted to any violation of securities laws and alleging it continues to engage in similar conduct.

Furthermore, the SEC criticized Ripple’s comparison of TFL’s $420 million civil penalty to its $33 billion in gross sales. The SEC argued that the penalty should be compared to TFL’s gross profit of $3.587 billion, resulting in a ratio of 11.7%. Applying this ratio to Ripple’s gross profits of $876.3 million would result in a potential penalty of $102.6 million, far exceeding the $10 million limit Ripple insists on.

Following the SEC’s revised calculations, members of the XRP community speculated that the SEC vs. Ripple case might be heading toward a settlement.

The post Terraform Precedent: SEC Challenges Ripple’s Fine Appeal appeared first on Coin Edition.

Experts ponder the factors behind Farcaster’s rapid growth in valuation.

Farcaster records a $1 billion valuation despite 50,000 daily active users.

Analysts attribute Farcaster’s extraordinary valuation to VC intervention.

Crypto-based social media platform Farcaster has experienced rapid growth, reaching 50,000 daily active users and a $1 billion valuation. This success has sparked discussions within the Web3 community about the drivers behind its popularity and the role of venture capital in its ascent.

Data from Dune Analytics, the on-chain data aggregation platform, revealed that Farcaster reached over 50,000 active users last Tuesday. The users generated just under 30,000 engagements on the platform for the day. However, the number of interactions represented an 83% decline from the platform’s peak about two months ago.

Farcaster’s high valuation has piqued interest among blockchain analysts, considering the platform’s stats are similar to what was observed on other social media platforms, like Discord.

CoinFund’s managing partner, Seth Ginn, attributes Farcaster’s growth to the capabilities of the project’s founder, Dan Romero. According to Ginn, there is a common pattern for Web3 social projects to come and go, generating “spurs of excitement” before fading. However, he believes Romero is the right person to change this narrative.

Meanwhile, tech founder Liron Shapira suggested on X (formerly Twitter) that Farcaster’s impressive growth could be attributed to venture capitalists. He noted VCs would earn an additional $20 to $30 million in management fees by investing $150 million in Farcaster instead of giving it back. Shapira thinks something isn’t right with the VCs, given that a $1 billion valuation before achieving 500,000 daily active users is unrealistic.

Following the social platform’s developments, one analyst predicted that Farcaster would launch a token soon. He thinks the token launch will incentivize investors to capture the project’s fully diluted value.

The post Farcaster Soars to $1 Billion Valuation: Can the Crypto Social App Deliver? appeared first on Coin Edition.

The FSA of Japan warns LBank Exchange, citing regulatory concerns.

The agency states that the exchange offered services without registering with the authority.

LBank listed Aethir (ETH) on June 12, providing users an opportunity to trade the ATH/USDT trading pairs on the platform.

Japanese regulators have issued a warning to cryptocurrency exchange LBank for operating without proper registration, underscoring ongoing concerns about compliance in the rapidly evolving digital asset industry.

The FSA reportedly asserted that LBank Exchange has an “unknown address” and an “unknown representative.” The agency also added that the platform was conducting its business activities online with Japanese residents as counterparties.

Founded in 2015, LBank operates as a leading global centralized exchange (CEX). The exchange offers customers a wide range of trading options with cryptocurrencies such as Bitcoin, Ethereum, and more.

Crypto reporter Colin Wu shared insights via an X post (formerly Twitter). In his post, Wu stated that the agency warned the exchange for its non-compliance with the authority.

According to CoinPost, the Japanese Financial Services Agency issued a warning to the offshore exchange LBank Exchange on June 14, saying that it was not registered to provide cryptocurrency transactions. It also warned Bybit, MEXC, Bitget, and Bitforex in March last year.…

— Wu Blockchain (@WuBlockchain) June 15, 2024

Notably, the FSA has also issued alert notices against prominent exchanges like Bybit Fintech Limited, MEXC Global, Bitget Limited, and Bitforex Limited. As per the FSA’s allegations, these companies had been operating without registering with the regulators. Thus, the agency banned these platforms’ services in Japan.

Even as it faces scrutiny from Japanese regulators, LBank announced the listing of Aethir (ATH) from June 12, providing users with an opportunity to trade the ATH/USDT trading pairs on their platform. Aethir is an innovative decentralized cloud computing platform that utilizes Graphical Processing Units (GPUs). This move can be seen as an attempt by LBank to diversify its offerings and potentially attract new users.

The post LBank Faces Scrutiny in Japan for Unlicensed Operations appeared first on Coin Edition.

Donald Trump has once again made public his support for Bitcoin and crypto.

Trump promised to “end Joe Biden’s war on crypto.”

The former president plans to make the U.S. a Bitcoin mining hub.

Former President Donald J. Trump is again leveraging cryptocurrency in his 2024 campaign, vowing to “end Joe Biden’s war on crypto” and ensure Bitcoin’s future is “made in America.” 

JUST IN: 🇺🇸 Donald Trump says he will "end Joe Biden's war on crypto, and ensure that the future of crypto and the future of #Bitcoin will be made in America." pic.twitter.com/UdQBzXJOGZ

— Watcher.Guru (@WatcherGuru) June 15, 2024

This marks a notable shift for Trump, who has historically expressed skepticism about digital assets prior to his Presidential campaign.

Amid cheers from his supporters, Trump said:

“I will end Joe Biden’s war on crypto, and we will ensure that the future of Bitcoin will be made in America.”

Notably, the former president has utilized cryptocurrency as a new line of attack against incumbent President Joe Biden in his campaign for re-election. Trump has repeatedly declared an interest in crypto after years of skepticism.

The former president recently posted on the social media platform Truth that he wants all the remaining Bitcoin to be made in the U.S. For context, by being made in the U.S., Trump meant he wanted all the remaining Bitcoins to be mined in America.

According to Trump, Bitcoin mining may be the U.S.’ last defense against a central bank digital currency. He accused Biden of hating Bitcoin, claiming that such hatred only helps China, Russia, and the “radical left.” Trump believes that becoming the hub for Bitcoin mining would enable the U.S. to become “energy dominant.”

Trump claims how mining Bitcoin would benefit the U.S. energy sector and help fight its domestic enemies; though details of it are unclear. However, analysts believe the former president may be taking advantage of the perception that Biden’s administration is skeptical about cryptocurrencies.

Hence, Trump could be courting the growing population of crypto users to garner votes, the majority of whom are of the younger generation and crypto-inclined. The U.S. Presidential election is scheduled for later this year, with Trump presumed to be the leading Republican candidate expected to face the incumbent President Joe Biden.

The post Bitcoin as a Campaign Weapon: Trump’s Bet on Crypto Appeal appeared first on Coin Edition.

Australia’s new Bitcoin ETF, IBTC, has accumulated 46 BTC, indicating strong interest in Bitcoin investments.

The Choppiness Index signals potential for substantial Bitcoin price movement, suggesting an impending expansion phase.

Bitcoin’s current consolidation aligns with historical cycles, paving the way for a traditional and sustained bull run.

Australia’s newly launched Bitcoin ETF, IBTC, has accumulated 46 BTC since its debut, signaling growing investor confidence in cryptocurrencies within the Australian market.

Noted by crypto analyst Julian Fahrer, the ETF’s strong start reflects growing interest and confidence in Bitcoin investments.

🇦🇺 Australia's new #Bitcoin ETF (IBTC) has accumulated 46 BTC since launch pic.twitter.com/ywdSwdLH4c

— Julian Fahrer (@Julian__Fahrer) June 14, 2024

Meanwhile, technical indicators suggest potential market shifts. The Choppiness Index, which measures market volatility, is peaking at levels previously seen only before Bitcoin surpassed major cycle all-time highs with significant volume.

This suggests the potential for significant price movement in the near future. Market observers are closely monitoring these indicators as they might signal an upcoming expansion phase for Bitcoin.

Despite these technical signals, Bitcoin has been struggling to surpass its current price range. Cryptocurrency analyst Rekt Capital noted that Bitcoin’s struggle to break out is actually beneficial for the overall market cycle.

According to historical data, Bitcoin has never broken out this early in the post-halving period. If it did, the bull market would likely be shorter than usual. This continued consolidation is allowing Bitcoin’s price to align with historical halving cycles, potentially paving the way for a traditional and sustained bull run.

#BTC The fact that Bitcoin is struggling to breakout is beneficial for the overall cycleBitcoin has never broken out this early in the Post-Halving periodIf it did, the cycle would be accelerated to such a point that the Bull Market would simply be shorter than usualThis… pic.twitter.com/cQHKWy7hPE

— Rekt Capital (@rektcapital) June 13, 2024

Currently, the price of Bitcoin is $66,319.85, with a 24-hour trading volume of $26,331,930,496.64. This shows a 0.85% drop in price over the past 24 hours and a 4.30% drop over the past seven days. Analysts say these recent price changes are normal and that this consolidation phase could lead to future growth.

The IBTC ETF’s accumulation of 46 BTC is a positive indicator for Bitcoin adoption and investment in Australia. This shows that Bitcoin is being increasingly accepted as a legitimate investment option. As more people invest through ETFs like IBTC, the market could see substantial changes.

While Bitcoin faces short-term fluctuations and consolidation, the broader outlook remains positive. The accumulation by Australia’s new Bitcoin ETF and the technical indicators pointing towards potential expansion suggest that the market is potentially preparing for a traditional bull run.

The post Aussie Bitcoin ETF is Stacking Sats While BTC Price Stalls appeared first on Coin Edition.

zkSync faces backlash after airdrop, labeled a “scam” by some.

OKX CEO Star Xu questions the criticism, citing airdrop disappointment.

Industry leaders like Justin Sun and Binance’s He Yi join the debate.

OKX CEO Star Xu has questioned the growing criticism surrounding zkSync, a layer-2 scaling solution for Ethereum. Many have accused zkSync of being a “scam,” particularly in the wake of its recent airdrop. Xu, however, has raised the possibility that this backlash might stem from disappointment over the airdrop’s distribution.

Why a lot of crypto influencers blame zksync as a scam? Is it because of the airdrop doesn’t meet the original community expectations? https://t.co/qimSoQ6efH

— Star (@star_okx) June 15, 2024

The post on X (formerly Twitter) came in response to a message posted by influencer Sarkesh, a prominent voice on the X platform. In a post dated June 14, Sarkesh asserted that zkSync is “trending as the biggest scammer.” Adding that zkSync is no longer considered the best layer 2 network, Sarkesh stated, “Not only will we not use your network for the rest of our lives, we will do everything to destroy you.”

You are no longer trending as the best layer 2 networkYou are trending as the biggest scammerNot only will we not transact with your network for the rest of our lives, we will do everything to destroy you.Wait 😉👊@zksync #zksync#ZKscam#ZKsyncscam pic.twitter.com/4tqtmkEa7i

— Sarkesh (@navgan_) June 14, 2024

According to Wu Blockchain, zkSync received a lot of criticism after its token listing on Bybit. Industry figures, including TRON founder Justin Sun, Binance co-founder He Yi, and Star, reportedly raised concerns over the matter, highlighting diverse perspectives.

While Sun inquired if a boycott is essential, Binance’s Yi commented that the allegations may have risen from users not receiving the airdrop. Star’s post in response to Sarkesh’s criticism of zkSync read:

“Why a lot of crypto influencers blame zkSync as a scam? Is it because of the airdrop doesn’t meet the original community expectations?”

Meanwhile, cryptocurrency analyst Adam Cochran criticized the zkSync airdrop, asserting that it wasn’t a “well-planned airdrop from a Sybil attack prevention perspective.” He added, “Real users could easily have interacted with 1-2 dApps or only a handful of tokens on your chain when it’s so new and has so few projects.”

The post zkSync Slumps: OKX CEO Offers Counter-Narrative appeared first on Coin Edition.

Nigeria drops tax charges against Binance executives.

Executives investigated for a $26 billion transfer.

Money laundering case against Binance remains active.

The Nigerian Federal Inland Revenue Service (FIRS) has reportedly dropped some tax charges against two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, in an ongoing legal battle between the cryptocurrency exchange and Nigerian authorities, Bloomberg reports.

Nigerian authorities detained Gambaryan and Anjarwalla in late February 2024 over allegations that Binance was involved in an illicit $26 billion transfer. The executives were initially charged with money laundering, tax evasion, and aiding and abetting these crimes through Binance’s platform.

The charges were since amended, with the FIRS naming only Binance and its local counsel as defendants. Gambaryan, who has been unwell, will no longer be required to appear in court for the tax-related charges. However, the money-laundering case still names both executives.

Binance has argued that Gambaryan should not be held responsible for company activities due to his lack of decision-making authority within the company. Gambaryan serves as Binance’s head of financial crime compliance, while Anjarwalla was the director of operations for Africa. 

Gambaryan and Anjarwalla were arrested as part of a broader investigation into Binance’s activities in Nigeria. Anjarwalla briefly escaped custody shortly after his arrest, prompting Nigerian authorities to issue an international arrest warrant through Interpol.

The money-laundering case is scheduled for its next hearing on June 19, where Binance’s legal team will seek an order to uphold the executives’ fundamental rights. The trial is expected to resume on June 20. Gambaryan remains in custody at Kuje prison pending further legal proceedings.

While the dismissal of tax charges offers a reprieve for Binance executives, the ongoing money laundering investigation casts a shadow over the exchange’s operations in Nigeria.

The post Nigeria Drops Binance Tax Charges, Laundering Case Remains appeared first on Coin Edition.

TON faces significant resistance at $8.000, hindering upward movements despite strong support at $6.800-7.000.

Strategic patience advised for $NOT entry, observing .0199 supply zone dynamics amid Bitcoin stability.

Volume spikes near key levels like $8.000 indicate active trader engagement, influencing $NOT ’s price direction.

Even as TON continues to show strong performance in the cryptocurrency market, analysts are closely watching $NOT , a token within the TON ecosystem, as it navigates critical resistance and support levels.

For those considering an entry into $NOT , a patient approach seems prudent. As highlighted by prominent crypto analyst Altcoin Sherpa, observing its behavior around the $0.0199 supply zone or waiting for a more favorable Bitcoin environment could inform a well-timed decision.

$TON: Still 1 of the strongest charts in crypto. Buying $NOT seems like a decent idea if you think btc stabilizes.I'll buy NOT if I see it continually testing that supply zone at .0199 OR if I see a dip + btc looks ok. Not rushing in though. https://t.co/Vbetcehcoc pic.twitter.com/sYnvB6YjTS

— Altcoin Sherpa (@AltcoinSherpa) June 14, 2024

One of the key challenges facing TON lies at the $8.00 level, a formidable resistance point that has repeatedly thwarted upward breakthroughs. This resistance indicates significant selling pressure, as evidenced by repeated price reversals at this critical juncture.

Conversely, robust support emerges in the $6.80-$7.00 range, evidenced by consistent bounces off this zone during recent market corrections. These reliable support levels are pivotal in sustaining the current price structure and warrant close monitoring for any shifts in market sentiment.

Volume analysis reveals notable spikes during pivotal price movements. Increased trading activity near resistance levels like $8.00 and during tests of support zones suggests active engagement among traders, potentially influencing future price directions.

Source: Altcoin Sherpa

The trend analysis paints a cautiously optimistic picture, characterized by incremental highs and lows over recent weeks. A notable ascent from the $6.800 support to the current proximity of $8.000 indicates bullish momentum, albeit tempered by the persistent challenge of definitively breaching the resistance ceiling.

Source: Altcoin Sherpa

Currently trading at $0.021161 the immediate outlook hinges on $NOT ’s ability to decisively surmount the 0.0199 resistance level convincingly. A successful breach could propel it towards higher milestones, with the .023544 resistance as the next target. Failure, however, might prompt a retreat towards the supportive .017028 level, shaping short-term market dynamics.As at press time, Toncoin (TON) is trading at $7.99, reflecting a 5.06% increase in the past 24 hours. The cryptocurrency has demonstrated robust trading activity, with a 24-hour volume totaling $545,388,718.

The post TON on the Rise, but Can $NOT Crack the Code to $8? appeared first on Coin Edition.

Bitcoin could rally if it holds above $66,000, per Crypto Banter.

Fibonacci analysis suggests potential Bitcoin targets of $84,000 or $100,000.

Rising Ethereum dominance may trigger a broader altcoin surge.

Popular YouTube channel Crypto Banter outlined five reasons for continued optimism in the cryptocurrency market, despite recent volatility, citing technical indicators and market trends as key factors supporting a bullish outlook.

The analyst highlighted the 50-day Moving Average (MA) as a key mid-term indicator. Bitcoin’s historical performance above this threshold has been positive, with a past surge from $42,000 to $73,000 after surpassing this average. Bitcoin is currently retesting this level, and a sustained move above could trigger a bullish trend.

Second, the daily Relative Strength Index (RSI) suggests potential for Bitcoin’s rise if it holds above $66,000 in the next 24 hours. This indicator has historically been effective in predicting price movements and market sentiment. Crypto Banter noted that while a lower high could indicate short-term bearish control, a higher RSI high is bullish.

Third, Fibonacci retracement analysis reinforces the bullish outlook. Maintaining the 382 Fibonacci level, which aligns with technical signals like the MA could lead to significant upward momentum. This analysis suggests a Bitcoin target of $84,000 or even $100,000 if the market remains strong.

Fourth, the ETH/BTC ratio contributes to Crypto Banter’s optimism. With its flat daily chart, Ethereum may soon outperform Bitcoin. This trend, if sustained, could propel altcoins into a bullish phase. Cryptocurrency investment often increases when Ethereum outperforms Bitcoin.

The analyst finally delves into increasing market dominance of Tether (USDT) as an encouraging sign. While still below a notable trend line, USDT dominance has risen, suggesting a potential bullish market, as declining USDT dominance typically correlates with rising cryptocurrency prices.

While Bitcoin’s current price action may appear uncertain, the confluence of technical indicators and market trends suggest a potential bullish trajectory for both Bitcoin and Ethereum in the near future, according to Crypto Banter’s analysis.

The post Why This Crypto Analyst Is Betting Big on Bitcoin and Ethereum appeared first on Coin Edition.

Binance to merge Fetch.ai, Ocean Protocol, and SingularityNET tokens into ASI token.

Binance will suspend FET, OCEAN, and AGIX deposits and withdrawals starting July 1, 2024.

Trading for the new ASI token will commence on Binance starting July 5, 2024.

Binance has announced it will support the upcoming merger of Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX) tokens into the new Artificial Superintelligence (ASI) token. The exchange will handle all technical aspects to ensure a smooth transition for its users.

Starting July 1, 2024, at 3:30 AM UTC, Binance will temporarily suspend deposits and withdrawals of FET, OCEAN, and AGIX to prepare for the merge. Users should plan their transactions accordingly.

Binance will also delist all spot trading pairs for FET, OCEAN, and AGIX, including AGIX/BTC, AGIX/FDUSD, FET/BTC, FET/USDT, OCEAN/BNB, and OCEAN/USDT. Open orders will be automatically removed after trading ceases.

Trading of the new ASI token on Binance will open on July 5, 2024, at 8:00 AM UTC. FET, OCEAN, and AGIX token holders will have their holdings automatically converted to ASI at the following rates:

1 FET = 1 ASI.

1 OCEAN = 0.433226 ASI.

1 AGIX = 0.433350 ASI.

Binance Margin will delist cross and isolated margin trading for these pairs by June 26, 2024, at 6:00 AM UTC. All positions will be automatically settled and canceled. For Binance Loans users, outstanding loan positions for FET, OCEAN, and AGIX will be closed by June 25, 2024, at 3:00 AM UTC. Users are advised to repay any outstanding loans before this deadline.

Binance Simple Earn products for FET, OCEAN, and AGIX will cease support on June 28, 2024, at 3:00 AM UTC. Balances will be automatically redeemed and credited to users’ Spot Wallets. Locked FET products will be converted to ASI locked products on July 8, 2024, at 4:00 AM UTC.

Binance through its latest announcement will manage all technical requirements for the merge, ensuring a seamless token swap for users.

The post Binance to List New ASI Token After FET, OCEAN, and AGIX Merger appeared first on Coin Edition.

Solana’s price shows bullish divergence, signaling potential price increase.

JasmyCoin’s price may see upward movement within a larger correction phase.

Analyst predicts SOL could reach $600, JASMY’s outlook less certain.

Crypto analysts are closely watching recent price fluctuations in Solana (SOL) and JasmyCoin (JASMY), offering insights and predictions based on technical analysis and market trends.

Prices for Solana have been volatile, but analysts predict SOL could cost between $150.51 and $173.16 by mid-June 2024. Current market activity and technical patterns support this price growth.

Crucially important are Circle’s programmable wallets on Solana and Helio’s Solana Pay plugin for Shopify merchants. These integrations may boost usage and adoption by enhancing the e-commerce and Web3 services capabilities on Solana.

Additionally, Evai CEO Matthew Dixon detected a Solana bullish divergence. He clarified that the RSI makes lower lows while SOL makes higher lows. This bullish divergence, with higher lows in the RSI and lower lows in the price, indicates a potential trend reversal.

#SOL is demonstrating Hidden Bullish Divergence shown by the red lines (Higher lows on $SOL price, Lower RSI lows)Followed by Regular Bullish Divergence (Lower lows on Price, Higher RSI lows)The movement down is also corrective and so conclude #Solana price will head higher pic.twitter.com/IqPhCaV9rA

— Matthew Dixon – CEO Evai (@mdtrade) June 14, 2024

Dixon came to the conclusion that the price of SOL ought to climb because the decline is corrective. Market expectations are for SOL to increase, and this technical analysis supports that. Solana also has solid long-term projections.

Some analysts predict SOL will hit $600 because of its robust network adoption metrics and growing TVL in its DeFi ecosystem. Technical patterns also point to a possible brief increase to $200 if certain resistance levels are breached.

Shifting focus to another token generating analyst interest, JasmyCoin (JASMY), known for its focus on data democratization and Internet of Things applications, has also seen recent price fluctuations.

Matthew Dixon reports that, following a predicted correction, Jasmy fell in the 4th wave of a larger fractal pattern. This implies a 5th wave to potentially finish the bigger fractal 5th wave.

Following the anticipated correction for #JASMY, we have corrected lower in a 4th wave in blue, meaning we should get 5th wave up in blue to complete the larger fractal 5th wave red.We could have "nesting" to allow potential further upward movement but this is not expected imo pic.twitter.com/c9ZpCKlEYJ

— Matthew Dixon – CEO Evai (@mdtrade) June 14, 2024

Dixon does not think “nesting” will let things go higher. According to this technical viewpoint, there may be an organized correction phase with upward movement possible as a component of a bigger wave pattern.While both SOL and JASMY are currently experiencing market fluctuations, the insights from analysts like Dixon suggest the potential for future price appreciation.  

The post Solana and JasmyCoin: Crypto Analysts See Potential for Price Rebound appeared first on Coin Edition.

ENA indicates potential for a short-term rebound despite the prevailing downward trend.

Key resistance at $0.800; a breakout might lead to a price rally towards $0.900.

Strong support levels at $0.700 and $0.600 suggest strong buying interest.

Ethena (ENA), a cryptocurrency currently experiencing volatility, is showing signs of a potential rebound despite a recent downward trend, according to technical analysis.

As of writing, ENA is trading at $0.730, reflecting a 1.53% increase over the past 24 hours. 

The 4-hour trading chart of ENA against Tether (USDT) shows a persistent downward trend since late April. ENA’s price action has been characterized by lower highs and lower lows, indicating sustained bearish momentum. Recently, the price bounced back slightly from a significant dip in early June, where the price touched around $0.600. This rebound suggests potential short-term bullish sentiment.

The 4-hour trading chart of ENA against Tether (USDT) shows a persistent downward trend since late April. ENA’s price action has been characterized by lower highs and lower lows, indicating sustained bearish momentum. Recently, the price bounced back slightly from a significant dip in early June, where the price touched around $0.600. This rebound suggests potential short-term bullish sentiment.

Moving averages offer trend direction insights. As of writing, ENA price is below the 50-period moving average, indicating short-lived bearish momentum. A breakout above this moving average could indicate a potential trend reversal. Moreover, the price is below the 200-period moving average, confirming a long-term bearish trend. The 200-period MA around $0.900 is crucial for a long-term trend change.

The Relative Strength Index (RSI) is at 44.75 suggesting that ENA might be oversold, with a potential reversal or consolidation. The Moving Average Convergence Divergence (MACD) line is below the signal line, indicating bearish momentum. However, the narrowing gap between the MACD and the signal line suggests a weakening bearish momentum. 

ENA shows potential for a short-term rebound despite a prevailing downward trend. The price may attempt to break the $0.800 resistance level. A successful breakout might lead to a price rally towards $0.900. The current market sentiment suggests cautious optimism, with critical support levels at $0.700 and $0.600 providing strong buying interest zones.

The post Ethena (ENA) on the Move: Is a Rally in the Works? appeared first on Coin Edition.

Central banks increasingly explore CBDCs, favoring wholesale versions.

Early CBDC adoption faces challenges despite advancements in China.

CBDC future uncertain, but may reshape global finance.

A new survey by the Bank for International Settlements (BIS) reveals growing interest among central banks in exploring Central Bank Digital Currencies (CBDCs), with a majority of respondents favoring wholesale versions over those accessible to the public.

The survey, conducted between October 2023 and January 2024, revealed that 94% of the 86 participating banks are supportive of the idea of a CBDC. This figure marks an increase from the 90% of 81 respondents recorded in 2021.

Furthermore, the surveyed banks indicated a preference for a wholesale CBDC instead of a retail version. A wholesale digital currency is designed for banks and large financial institutions, while a retail CBDC would be accessible to the public.

Several countries have explored the idea of a CBDC, with China, one of its earliest proponents, launching a digital yuan (e-CNY) pilot in 2019. The following year, the Bahamas launched the first CBDC, the SandDollar. Nigeria followed suit in 2021, introducing its digital currency, the e-Naira.

Following the launch of its mobile app in 2022, China’s e-CNY has witnessed impressive growth. By June 2023, 950 million transactions worth $253 billion were completed using the digital yuan. Nonetheless, this figure represents about 0.16% of the domestic cash circulation according to PwC data.

Furthermore, Nigeria’s e-Naira has faced challenges, with transactions conducted using the digital currency totaling just N29.3 billion since its launch. Market experts have attributed this low usage to the government’s ban on cryptocurrency. Meanwhile, the Central Bank of Nigeria (CBN) has partnered with Gluwa, a blockchain company, to boost e-Naira adoption.

While it launched with much hype, The Bahamas SandDollar has also witnessed minimal adoption. Since its launch, the digital currency has only reached $2.1 million, 0.5% of the country’s total cash circulation. The BIS stated:

“For retail CBDCs, more than half of central banks are considering holding limits, interoperability, offline options, and zero remuneration,”

As central banks worldwide explore the potential of CBDCs, the experiences of early adopters like China, the Bahamas, and Nigeria highlight both the promise and challenges of this emerging technology.

While China’s e-CNY shows growth potential, the tepid adoption of the SandDollar and the e-Naira underscores the complexities of integrating digital currencies into existing financial systems.

The post Central Banks Are All In on Digital Money, New Survey Shows appeared first on Coin Edition.

Michaël van de Poppe expresses bullish outlook on Ethereum amid dip.

He anticipates a possible surge with the upcoming trading of ETH ETF.

Analysts Mags and Yoddha forecast Ethereum reaching a peak of around $15,000 this season.

Analyst Michaël van de Poppe has expressed a bullish outlook for Ethereum (ETH) and related tokens, anticipating a price surge as the approval of Ethereum spot exchange-traded funds (ETFs) looms.

In a recent update on X (formerly Twitter), Poppe conveyed his confidence in ETH despite ongoing bearish pressure in the market.

#Ethereum has corrected in the past three weeks, but slowly but surely, the momentum toward listing the Ethereum ETF will start to emerge.The expectation is that the ETF will go live in July.I’m betting on the ETH ecosystem and it holds a crucial support level. pic.twitter.com/BfUQt4hRiX

— Michaël van de Poppe (@CryptoMichNL) June 14, 2024

Poppe acknowledged that Ethereum has retraced most of the gains made over the past three weeks, with its current price at $3,510, down 8% from its weekly high. He suggested that the momentum for listing an Ethereum spot ETF is gradually building, similar to the surge observed in late May during the initial SEC filing frenzy.

Specifically, on May 20, ETH traded at a low of $3,050 but surged by about 20% to $3,800 the next day amid speculation that the SEC would approve pending ETF applications. The approval eventually arrived three days later, but ETH’s bullish momentum had already subsided.

With the approved Ethereum spot ETFs expected to begin trading in July, Poppe anticipates a similar surge, potentially replicating the 20% spike within hours. He revealed that he is investing in the ETH ecosystem, noting that it maintains a crucial support level.

Notably, Michaël van de Poppe’s bullish view of ETH is widely shared in the community. Recently, on-chain analyst Mags expressed optimism about ETH, suggesting that the asset is forming a structure reminiscent of the previous cycle, which saw a 13x increase. Mags predicts a peak of around $15,000 for Ethereum this cycle.Similarly, technical analyst Yoddha has identified Ethereum as one of the most promising altcoins currently, noting that it is already trading above its previous yearly high and proposing a similar target in the $15,000 range.

The post Ethereum Rally Expected as Spot ETFs Launch, Analyst Predicts appeared first on Coin Edition.

MACD on the 1-day chart shows a bearish signal but suggests a potential reversal as negative momentum weakens.

The Klinger Oscillator indicates a bearish trend but is starting to ascend, hinting at a possible bullish crossover.

SHIB’s current price at $0.00002172, up 2.65% from yesterday, suggests a resurgence of buyer interest.

Shiba Inu (SHIB), has been trending downward in recent weeks, but key technical indicators suggest a possible reversal may be on the horizon.

Analysis of the 1-day chart reveals that the Moving Average Convergence Divergence (MACD) indicated by the blue line is currently below the signal line in the orange color. This indicates a bearish signal, suggesting that the downward momentum is likely to continue. However, it’s noteworthy to mention that the MACD indicator appears to have maxed out on the negative momentum, and is potentially headed for a reversal.

This potential reversal is further supported by the Klinger Oscillator, a metric that combines volume and price data to measure long-term trends. Despite currently being below zero, a bearish signal, the Klinger Oscillator is showing signs of an upward movement, nearing a bullish crossover. This crossover, if confirmed, could indicate a positive shift in SHIB’s price trajectory in the near term.

The MACD is still in the bearish zone with signs of the downtrend weakening. Meanwhile, the Klinger Oscillator is starting to show signs of bullishness. Taken together, these technical indicators offer a glimmer of hope for a bullish revival. This is just one side of the story. Before making any decision on the price trajectory, there are some additional factors to consider such as price action and other market trends.

As of press time, SHIB is trading at $0.00002172, a 2.65% increase from previously. This uptick in price could be a sign that buyers are returning to the market, potentially fueling further gains. SHIB’s popularity as a meme coin remains strong, and its price could see significant volatility in the coming days and weeks.

Investors should always DYOR carefully and consider all of the factors before making any investment decisions.

The post Shiba Inu (SHIB) Price Prediction: What Do the Charts Say? appeared first on Coin Edition.

XRP analysis reveals a bearish trend with signs of potential reversal.

Narrowing Bollinger Bands indicate decreasing volatility and possible consolidation.

Traders watch for price movement above the middle Bollinger Band and a Parabolic SAR shift.

XRP’s recent price action reveals a predominantly bearish trend, according to an analysis of Bollinger Bands and the Parabolic SAR. However, indicators suggest a potential shift in momentum, with the possibility of a near-term reversal.

Using a 20-period Simple Moving Average (SMA) with upper and lower bands at two standard deviations from the SMA, Bollinger Bands measures volatility and potential price action. From May onwards, a narrowing of the bands indicates reduced volatility and a phase of consolidation. Moreover, the price is currently hovering near the lower Bollinger Band, a typical sign that the asset is in oversold territory, suggesting a potential correction or reversal may be on the horizon.

The Parabolic SAR (Stop and Reverse) identifies potential reversal points and the direction of the trend. In the 1-day chart, the SAR dots remain above the price, indicating a sustained downtrend and reinforcing the bearish trend. However, should the dots move below the price, it could signal a potential reversal and the start of a new uptrend.

A look into the broader market trends indicates that the XRP’s price plummeted in early June, confirmed by the prominent long lower wick on one of the bearish candles. This suggests a strong selling pressure followed by some buying interest.

Overall, the analysis of XRP using Bollinger Bands and the Parabolic SAR reveals a predominantly bearish trend, with signs of consolidation in recent weeks. The price’s hovering near the lower Bollinger Band and the consistent SAR dots above the price confirm the bearish thesis. However, the narrowing of Bollinger Bands points to reduced volatility and the possibility of a significant trend reversal in the near term. Traders should keep a close watch for a decisive move above the middle Bollinger Band and a shift in SAR dots below the price to confirm any bullish reversal.

The post XRP Price Outlook: Volatility Decreases, Reversal Signals Emerge appeared first on Coin Edition.

Turkey’s proposed corporate tax overhaul aims to generate $7 billion, addressing budget shortfalls post-earthquakes.

New crypto regulations in Turkey seek to enhance security, supervise trading platforms, and align with global standards.

The combined tax and crypto measures reflect Turkey’s strategy to bolster economic stability and adapt to financial technology.

Turkish lawmakers are set to introduce a sweeping tax overhaul, primarily targeting corporations, in an effort to shore up the national budget following last year’s devastating earthquakes. 

The proposed legislation, expected to be presented to parliament this month, also includes new regulations for the cryptocurrency industry.

According to Bloomberg, the proposed changes could generate additional revenue of 226 billion liras, approximately $7 billion, or 0.7% of the nation’s gross domestic product. The draft law is anticipated to be introduced in parliament for debate later this month.

The upcoming tax overhaul represents the most significant change to Turkey’s fiscal policies in decades. The government aims to address budget deficits and enhance economic stability through a focus on corporate taxes. These new tax initiatives are part of a larger strategy to bolster public finances and aid in recovery following the severe earthquakes last year.

Turkish lawmakers are preparing to implement new regulations for the Bitcoin industry alongside changes to corporate taxation. This week, a draft measure centered on cryptocurrency regulation is anticipated to be presented to parliament. The proposed laws seek to empower the Capital Markets Board (SPK) to oversee trading platforms and improve the security of cryptocurrency transactions.

1/ Turkish lawmakers are poised to introduce a #cryptoregulation bill in parliament this week. 🇹🇷This bill will focus on enhancing security for #crypto transactions and bringing trading platforms under the oversight of the Capital Markets Board (SPK).🔍 pic.twitter.com/W6JhLNKMLD

— Shyft Network (@shyftnetwork) May 16, 2024

The planned crypto regulations will set rules for licensing and overseeing crypto platforms. These steps aim to create strong guidelines for storing customer assets and imposing penalties for noncompliance. By aligning Turkey’s crypto rules with global Financial Action Task Force standards, the government aims to make cryptocurrency trading safer and more transparent.

Turkey has adopted a two-pronged strategy to handle fiscal challenges and embrace contemporary financial innovations, prioritizing corporate taxes and regulating the cryptocurrency sector. The new corporation tax laws are projected to generate significant money, supporting the nation’s economic stability and recovery. Cryptocurrency laws aim to protect investors and maintain the integrity of the financial system.

2/ The proposed law reportedly aims to license and supervise crypto platforms, establish robust standards for storing customer assets, and implement penalties for non-compliance. 💼These measures seek to align Turkey with global Financial Action Task Force standards. 🌍

— Shyft Network (@shyftnetwork) May 16, 2024

The upcoming debates in parliament will decide how these proposals will be finalized and their possible impact on Turkey’s economy. By implementing both tax reforms and improved oversight of cryptocurrencies, Turkish lawmakers are actively tackling financial challenges and promoting a stable economic environment.

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