US Senators Kirsten Gillibrand and Cynthia Lummis introduced a new stablecoin bill.

The bill is named “bipartisan Lummis-Gillibrand Payment Stablecoin Act.”

The goal is to establish a new set of regulations for stablecoin issuers.

Junior United States senators from New York and Wyoming, Kirsten Gillibrand and Cynthia Lummis have introduced a new stablecoin bill in the country to bring clarity in the digital asset space. 

In a press release, the lawmakers stated that they have introduced the “bipartisan Lummis-Gillibrand Payment Stablecoin Act” in the United States to establish comprehensive regulations that aim to protect consumers, enable innovation and promote U.S. dollar dominance while preserving the dual banking system. 

“Passing a regulatory framework for stablecoins is critical to protecting consumers, promoting responsible innovation, and cracking down on money laundering and illicit finance,” said Gillibrand in an X post.

A one-page explanation of the bill noted that following the collapse of digital asset trading platform FTX, “proper custody practices for issuers are essential.” As a result, the new stablecoin bill will prevent fraudulent practices in the US.

Senator Gillibrand emphasized the importance of establishing a regulatory framework for stablecoins to uphold the US Dollar’s dominance, foster responsible innovation, safeguard consumers, and combat illicit finance. 

The bipartisan Lummis-Gillibrand Payment Stablecoin Act, which preserves the dual banking system, mandates one-to-one reserves, prohibits algorithmic stablecoins, and enforces compliance with anti-money laundering and sanctions rules, is expected to garner support in both the Senate and the House. 

On the other hand, Senator Lummis echoed these sentiments, highlighting the need for legislation that balances stablecoin regulation with consumer protection and innovation, ensuring the continued dominance of the US dollar and the country’s leadership in financial innovation.

The post US Lawmakers Bring New Stablecoin Bill to Bring Clarity to the Crypto Space appeared first on Coin Edition.

Changpeng Zhao unveils a testnet lesson for Giggle Academy, his recently launched education project.

Zhao shares a video clip, which he claims to be a screen recording of the App from his phone.

The platform focuses on providing education to underprivileged children across the world.

Binance’s former CEO Changpeng Zhao unveiled a testnet lesson for his recently launched education-based project, known as Giggle Academy. Zhao shared a video clip on his X account involving a lesson in an installable Android Package Kit (Apk).

Took a while, but finally got one lesson going, in an installable Apk. This is a screen recording of the App from my phone. (The poor video cutting also done by me😂. There was audio, but the cutting made it sound weird.)This is a "testnet" lesson. We are still changing quite a… pic.twitter.com/wDajO8jpI9

— CZ 🔶 BNB (@cz_binance) April 18, 2024

In March 2024, Changpeng Zhao, who previously stepped back as the CEO of Binance in connection with the ongoing legal and regulatory challenges, launched Giggle Academy. Zhao pleaded guilty to violating anti-money laundering laws and agreed with a $4.3 billion settlement in November 2023, departing from Binance.

Giggle Academy focuses on providing free education to underprivileged children worldwide. The concept paper elaborated on the platform’s founding idea: “Building a high-quality and sticky education platform that is entirely free and accessible to all is the most impactful thing I could do for the next chapter of my life.”

In his recent X post, Zhao incorporated the screen recording of the app from his phone. While the video clip lacked audio, he clarified that the audio was removed as it sounded weird after editing. He added,

“This is a “testnet” lesson. We are still changing quite a bit of it. Don’t read too much into it. This version is mainly for me to confirm that we got a complete team that can actually produce something.”

Further, he addressed the developer team’s efforts for the project. He wrote, “We had to design the characters, the content, make animations, make audio, use a game engine, and a whole bunch of developers.”

The initiative received a wide range of acceptance and appreciation. Data Engineer Don Manning acknowledged Giggle Academy as a “promising” project. He posited that the platform would be a “huge boon” to several children, especially in countries like Africa.

The post Changpeng Zhao’s Giggle Academy: Testnet Lesson Unveiled  appeared first on Coin Edition.

Ethena’s USDe protocol demonstrates robustness via adequate reserve funds amid market challenges.

Negative funding rates pose a significant risk to USDe’s stability and reserve fund sustainability.

Monitoring Keep Rate is vital to fortify USDe’s resilience against funding rate fluctuations.

Ki Young Ju, an On-chain analyst, recently posted insights on X platform regarding the stability of Ethena’s synthetic dollar protocol, USDe. According to Ki Young Ju’s analysis, the protocol’s reserve fund appears capable of weathering challenges akin to the 2022 FTX/LUNA scenario, as long as its market cap remains below $3 billion. 

$USDe stress test:Their reserve fund can handle prolonged negative funding rates like in 2022's FTX/LUNA scenario as long as its market cap stays below $3B (currently $2.4B).The protocol is robust if sufficient reserve funds relative to its market cap. pic.twitter.com/dQLZOqo2o5

— Ki Young Ju (@ki_young_ju) April 17, 2024

Currently, the market cap stands at $2.4 billion, indicating that the protocol’s strength lies in maintaining an adequate reserve fund relative to its market capitalization. This highlights the protocol’s robustness, provided that the reserve funds remain proportionate to market demand.

Ethena, the platform housing the stablecoin USDe, boasts itself as a censorship-resistant, scalable, on-chain form of money. USDe maintains a 1:1 peg to the US dollar by hedging staked Ethereum (and Bitcoin) collateral, thereby mitigating exposure to collateral value fluctuations. The protocol generates yield from funding payments and staked ETH rewards, distinguishing itself from other stablecoins like USDT and USDC, which offer no native yield.

However, Ethena faces various risks in maintaining the USDe peg, including funding, liquidation, custodial, exchange failure, and collateral risks. Particularly concerning is the funding risk, which arises from persistently negative funding rates. In such scenarios, Ethena may be required to pay traders with long positions to keep its short positions open, potentially straining its reserve fund.

Nevertheless, amidst discussions of risk mitigation, USDe continues to assert its position as the fastest-growing stablecoin by market capitalization since its inception. Its unique revenue-generating mechanisms, derived from funding payments and staked ETH rewards, offer holders a distinct advantage over traditional stablecoins like USDT and USDC.

One crucial metric to monitor is the Keep Rate, determining the portion of yield directed to the reserve fund. A higher Keep Rate bolsters the fund against negative funding rates, ensuring stability during market downturns. Presently, the USDe price is quoted at $0.998618 and has maintained its peg over the last 24 hours.

The post USDe Stability Check: Will Ethena Survive Funding Rate Challenges? appeared first on Coin Edition.

Ansem, a popular crypto trader, achieved significant gains: 170x on SOL, 520x on WIF, and 80x on BONK.

His strategy involves 70% in long-term holdings and 30% in speculative trades.

He warns against common mistakes like over-leveraging.

Popular cryptocurrency trader Ansem recently entered the spotlight within the digital asset community. The crypto trader printed massive returns, including 170x on Solana (SOL), 520x on dogwifhat (WIF), and 80x Bonk (BONK). Considering these feats, Lookonchain, an on-chain data analytic platform, has dug into Ansem’s trading strategy.

Opening a position in SOL when it was relatively unknown, Ansem secured a significant return of over 170 times the initial investment as SOL surged from $1.5 to $260 within eleven months. This early success laid the foundation for subsequent ventures, including investments in WIF and BONK.

His foresight led to an extraordinary 520x return on WIF, drawing comparisons to the phenomenon of Shiba Inu Token (SHIB). In addition, his endorsement of BONK preceded an 80x increase after he replied to a tweet highlighting the coin’s potential.

Ansem’s journey into crypto trading began in 2017 when he created a thread on X (formerly Twitter), sharing insights into his learning process and resources. Following his transition into full-time trading in 2021, he emphasized the importance of discerning between altcoins and Bitcoin investments. 

Lookonchain analysis of Ansem’s trading style reveals a balanced approach, with approximately 70% of his portfolio allocated to long-term holdings and 30% dedicated to more speculative trades. Importantly, the crypto trader highlighted humility and emotional control as key traits and the significance of wise decision-making in navigating volatile markets.

Moreover, his approach to trading reflects the importance of thorough research and the rationale behind investment decisions. As Lookonchain states, “When evaluating potential success, it is important to consider long-term investments and technological advancements.” Likewise, Ansem stressed the importance of informed, calculated moves in the crypto space. 

Furthermore,Lookonchain stated that over-taking and full positions are common mistakes in investing and can lead to significant losses if predictions are inaccurate. Moreover, using leveraged trading and taking heavy positions in altcoins without proper risk management can lead to huge losses.

The post Ansem’s Crypto Trading Strategy Under Spotlight After Garnering Massive Returns appeared first on Coin Edition.

SHIB’s sustained upward trajectory hinges on maintaining support at the critical “Gray Box” level.

Increasing token burn rates contribute to SHIB’s positive market dynamics.

Technical indicators show potential buying opportunities despite short-term downward momentum.

Shiba Inu (SHIB) has captured the attention of cryptocurrency enthusiasts as it navigates its macro 3rd wave, following a strategic entry at the market’s bottom. As highlighted by Crypto Cipher, an analyst, the key to sustaining this upward trajectory lies in maintaining support at the critical “Gray Box” level, which is a pivotal indicator for bullish momentum. Investors are closely monitoring this threshold, with stop losses now positioned favorably as SHIB continues to exhibit resilience and positive price action.

$SHIB Macro: After catching the exact bottom here is the current view. Right now we are in Macro 3rd wave. For continuation it must holds Gray Box. Now stop loss moved in profit. #SHIB #SHIBARMY #Powell #cryptomarket #Crypto #BTC #ETH #CryptoNews #Bitcoin #Cryptocurrency https://t.co/dD60IsSQJ8 pic.twitter.com/gag0WOeare

— Crypto Cipher (@CryptoCypher20) April 16, 2024

Over the last 24 hours, SHIB has surged by 3.51%, currently priced at $0.00002257, supported by a robust 24-hour trading volume of $840,726,008. As indicated by Shibburn recent token burn metrics underscores a notable reduction in circulating supply, with 24,360,186 tokens burned in the past day, a substantial increase of 25.92% compared to previous levels. 

HOURLY SHIB UPDATE$SHIB Price: $0.00002257 (1hr -0.25% ▼ | 24hr 3.96% ▲ )Market Cap: $13,304,679,832 (3.61% ▲)Total Supply: 589,274,398,718,956TOKENS BURNTPast 24Hrs: 24,360,186 (25.92% ▲)Past 7 Days: 798,314,370 (269.91% ▲)

— Shibburn (@shibburn) April 17, 2024

This trend is part of a larger pattern, with a remarkable 269.91% rise in tokens burned over the past 7 days, amounting to 798,314,370 tokens. The shrinking supply potentially contributes to SHIB’s positive market dynamics.

SHIB/USD 1-Day price chart, Source: Trading view

Despite positive price movements, technical indicators offer nuanced insights. The 1-day stochastic RSI reading of 26.27 indicates potential oversold conditions, presenting a potential buying opportunity for traders anticipating a market sentiment reversal. Conversely, the 1-Day MACD signals short-term downward momentum, reflecting the complexity of SHIB’s current price dynamics.

In terms of market capitalization, SHIB stands at $13,304,679,832, marking a 3.61% increase, indicative of growing interest and investment inflows. Notably, SHIB’s total supply remains steady at 589,274,398,718,956 tokens.

Market sentiment, as gauged by the 1-Day ADX reading of 27.08, indicates moderate strength in SHIB’s ongoing trend. This metric suggests a prevailing upward trajectory, aligning with broader market sentiment favoring SHIB’s growth potential.

The post Token Burn Propels SHIB As Analysts Eye Critical ‘Gray Box’ Support Level appeared first on Coin Edition.

Bitcoin halving fuels market optimism, boosting crypto values.

SEI shows resilience with a 3.31% increase in market cap.

PYTH’s value increases by 2.88% amid long-term bearish trends.

The cryptocurrency market is experiencing a surge of optimism as the much-anticipated Bitcoin halving event is just days away. This positive sentiment has fueled notable price increases for several cryptocurrencies, including SEI and PYTH tokens. Investors are eagerly observing these movements, hoping the trend continues in the face of upcoming market changes.

SEI/USD Analysis

The SEI token, according to recent data from CoinStats, is trading at $0.5056, reflecting a 2.98% increase from the previous day’s value. The token has demonstrated resilience within the crypto market as its market cap has escalated by 3.31%, reaching $1,427,919,577. In contrast, its trading volume has experienced a marked decrease of 19.73% over the last 24 hours, totaling $131,244,629. This suggests that traders might be opting to hold their SEI tokens instead of engaging in active trading.

SEI/USD 24-Hour Chart (Source: CoinStats)

Despite the overall positive trajectory, the SEI token continues to exhibit considerable volatility. The day started with SEI at $0.4913, but it faced a downturn, dropping to an intraday low of $0.4565. This price point is now seen as a critical support zone. However, as the day progressed, bullish forces drove the price up to a high of $0.5155, which currently serves as the resistance level.

Looking ahead, if the bullish trend persists, the SEI token is poised to challenge and potentially exceed this resistance level. Conversely, should a bearish trend reemerge, the established support at $0.4565 will be critical in preventing further declines in the token’s value. 

PYTH/USD Analysis

On the other hand, the PYTH token has seen a modest rise in its value today, trading at $0.5882, which represents a 2.88% increase. Despite this daily gain, the overall performance of PYTH has been bearish, with significant declines of 22% and 41% over the past week and month, respectively, according to data from CoinStats.

PYTH/USD 24-Hour Chart (Source: CoinStats)

The recent uplift in intraday sentiment, however, suggests a potential shift towards positive market dynamics for PYTH. Should this positive sentiment persist, it might help correct the downward trend observed in the long term and attract new investors drawn by the prospect of capitalizing on emerging upward movements.

Moreover, PYTH’s market cap has increased by 2.77%, reaching a valuation of $887,987,393. This adjustment has positioned PYTH as the 93rd largest cryptocurrency by market cap. Nonetheless, its trading volume has declined by 12.35% within the same period, amounting to $70,122,383. This reduction in trading volume indicates that while the market cap has increased, fewer transactions are occurring, suggesting that investors might be holding on to their assets in anticipation of future gains.

The post SEI and PYTH Tokens Rally Ahead of Bitcoin Halving Event appeared first on Coin Edition.

Polkadot’s scarcity, with 1.4B max supply and 1.3B in circulation, supports upward price potential.

Grayscale’s 14% allocation to Polkadot boosts investor confidence and dividend prospects.

Technical analysis hints at bullish momentum, with a $15 short-term target and a $90 breakout by 2024.

Polkadot (DOT), the 14th-ranked cryptocurrency in the current market by CoinMarketCap data, has driven the interest of analysts and investors alike in its bright prospects. This optimism stems from various fundamental factors, technical indicators, and recent developments within the Polkadot ecosystem.

One of the key drivers of positivity surrounding Polkadot is its robust tokenomics. As highlighted by Discover Crypto, an analytic firm, in a YouTube video, with a limited total supply of 1.4 billion tokens, of which only 1.3 billion are currently in circulation, Polkadot boasts a scarcity that appeals to investors seeking assets with constrained availability. This scarcity contributes to the potential for upward price movements, especially when coupled with increasing demand and adoption.

Polkadot’s inclusion in Grayscale’s Dynamic Income Fund is a recent development that has fueled optimism. This fund, set up to implement an income-generation platform by means of proof-of-stake-associated rewards in cryptocurrencies, has set aside 14% of its resources to invest in Polkadot. The strategic investment by Grayscale not only reflects confidence in Polkadot’s future but also introduces a new avenue for value investors and those seeking dividend-like returns to participate in the cryptocurrency market.

Currently trading at $6.65, technical analysis further supports the bullish outlook for Polkadot. Chart patterns, such as the formation of a head and shoulders pattern, suggest potential price movements upwards. 

Analysts anticipate Polkadot testing the $15 level in the near term, with potential resistance at $30 and a breakout target of $90 by 2024. The identification of bullish trends in the 4-hour chart, including notable increases in buying volume, reinforces this positive sentiment.

Polkadot/USD 1-Day price chart, Source: TradingView

In the short term, there could be pullbacks, but the long-term trend remains positive. Traders and investors are advised to monitor key indicators such as stochastic RSI and ADX for potential buying opportunities and trend strength. The current stochastic RSI reading above the signal line signals potential bullish momentum in the short term, aligning with the moderate trend strength indicated by the ADX.

The post Polkadot Price Projections: Will It Hit $90? Analysts Insights appeared first on Coin Edition.

Raoul Pal believes it is standard for Bitcoin’s price to stall before embarking on significant rallies.

According to Pal, Bitcoin’s exponential rallies occur when the altcoin season comes.

The analyst spotted early signs of the altcoin season in the current market dynamics.

According to Raoul Pal, the CEO of Real Vision, it is standard for Bitcoin’s price to stall for some time before embarking on significant rallies. In a recent interview on the Altcoin Daily YouTube channel, Pal noted that Bitcoin’s exponential rallies occur when the altcoin season comes.

The well-known crypto personality highlighted there are early signs of the altcoin season in the current market dynamics. Pal noted that memecoins dominated the crypto market in a protracted trend that could drag longer.

Pal spotted an ongoing trend that is repetitive of what happened in 2020 when most people wrote off Ethereum. He noted that despite a slow start, Ethereum picked up and paced quickly, leading other altcoins into a well-recognized altcoin season. He thinks the situation is similar to the current altcoin market.

Speaking about the upcoming Bitcoin halving, Pal noted that he does not expect any significant market behavior on the halving day. According to him, what users know is that the supply of BTC will be reduced by half. Hence, over time, there will be less new Bitcoin supply, leaving the existing participants to cater to the industry’s supply needs.

Pal explained that adding other macroeconomic factors over time would tilt the Bitcoin situation in favor of demand. When the above stated happens it would lead to the accustomed escalation in crypto prices seen after each halving event. 

The renowned analyst explained that the Bitcoin halving itself does not impact Bitcoin’s price. According to him, the signal that the market is entering a crypto summer triggers exponential rallies. Also, the crypto summer coincides with other socio-economic and socio-political factors like the debt refinancing cycle and the U.S. elections.

Pal explained that combining the significant events shortly after the Bitcoin halving creates the momentum that pushes the market higher. They form the tailwind behind Bitcoin’s price and the prices of many other cryptocurrencies.

The post BTC In Standard Stalling Period Ahead of Wild Rallies – Analyst appeared first on Coin Edition.

Alex Wacy advises focusing on projects with strong fundamentals for maximum gains.

SOL’s recent price movements suggest a potential consolidation or reversal in the market.

Wacy anticipates significant growth opportunities during the upcoming alt season for investors.

Renowned cryptocurrency Analyst, Alex Wacy, took to X platform to share insights on potential entry points in the cryptocurrency market in the coming weeks, highlighting strategies to outperform the majority. With a focus on capitalizing on market fluctuations, Wacy emphasizes the adage “Buy fear – Sell greed” as a guiding principle for investors seeking to maximize returns.

The upcoming weeks might present even more good entry points.➜ Buy fear – Sell greedTo outperform 85% of people, you only need to take only two actions.Remember FTX Crash: $SOL dropped to $8. Recently, it was at $200.Focus on solid projects with strong fundamentals.…

— AlΞx Wacy 🌐 (@wacy_time1) April 16, 2024

Wacy recalled the FTX Crash where SOL, the native token of the Solana blockchain, plummeted to $8 before surging to $200. This stark example underscores the profitability of investing during times of market uncertainty. Wacy advises investors to concentrate on projects with robust fundamentals, anticipating significant gains when the market rebounds.

Additionally, Wacy’s prediction aligns with present market dynamics, as SOL is currently valued at $139.43, showing promising upward movement. Solana has a trading volume exceeding $5 billion and a 4.02% increase in value over the last 24 hours. With a market cap surpassing $62 billion, Solana holds the fifth position on CoinMarketCap. Evaluating SOL’s Relative Strength Index (RSI) on the 4-hour chart, which sits at 45.24, hints at a potential period of stabilization or a forthcoming shift in direction.

SOL/USD 4-Hour Chart (Source: TradingView)

Moreover, the Know Sure Thing indicator (KST) is suggesting short-term oversold conditions, which could be a sign of an upcoming rebound. Additionally, the Moving Average Convergence Divergence (MACD) indicates a diminishing bearish momentum, suggesting a potential shift in market direction.

Despite this, Wacy maintains that the approaching alt season offers an excellent chance for investors to leverage significant gains. Even cryptocurrencies ranked within the top 200 by market capitalization might see exponential growth, potentially generating returns of around 10-15 times their current value within a short span of a few weeks. By capitalizing on moments of market fear and focusing on projects with solid fundamentals, investors stand to gain substantially during periods of market resurgence. 

The post SOL Price Analysis: Is a Massive Rebound on the Horizon? appeared first on Coin Edition.

Ran Neuner thinks the recent pullback has plunged the cryptocurrency market into full reset.

According to Neuner, tension in the Middle East triggered the recent pullback in the crypto market.

Bitcoin is attempting to reclaim a bullish position above a crucial support line.

Ran Neuner, host of the crypto YouTube Channel Crypto Banter, thinks the recent pullback has plunged the cryptocurrency market into full reset. According to Neuner, the crypto market is set for a bull run.

In a recently uploaded video, Neuner noted that the tension in the Middle East triggered the recent pullback in the crypto market. However, with the tension subsiding, the altcoin market has started recovering. He thinks the current state of the crypto market provides a buying opportunity for users, even though they have to be careful to avoid altcoins that will stall.

Starting with Bitcoin, Neuner highlighted that the flagship crypto is at a crucial level. He showed that the recent pullback pushed Bitcoin below the support line in an ascending triangle on the daily chart.

However, with the recent recovery, the pioneer crypto is attempting to reclaim a bullish position above the support line. According to Neuner, breaking above this line will confirm a return of the uptrend at a crucial moment in the life of the cryptocurrency.

Meanwhile, Neuner observed that most altcoins recorded profits during the day as they recovered from the recent price drop. Despite the recovery, the renowned analyst noted that Total 3, the entire crypto market cap excluding Bitcoin and Ethereum, put in a lower low during the recent pullback. 

According to him, that signified that altcoin prices dropped due to a fundamental change in the market structure, other than the war in the Middle East. Hence, users can use the evolving tokenomics to identify the right altcoins to buy in the upcoming bull run.

Neuner clarified that, unlike the altcoins, the war in the Middle East affected Bitcoin’s recent trajectory. He explained that a tug of war emerged between people who understood Bitcoin as a store of value and those who considered it a risky asset. Hence, the controlled pullback in BTC’s price and the current attempt to reclaim its bullish sentiment.

The post Altcoins Recover Amid Subsiding Tension in the Middle East appeared first on Coin Edition.

AGIX token’s value rises 3.17% in 24 hours, reaching $0.8429 despite recent declines.

The market cap of AGIX grew by 4.15%, reaching over $1.076 billion today.

AGIX shows a potential bullish shift with an ascending triangle pattern on the 4-hour chart.

In the past 24 hours, the SingularityNET (AGIX) token has shown promising growth, with its price rising by 3.17%. As of press time, its value was at $0.8429. This surge is part of a broader trend of fluctuation, as AGIX has been quite volatile recently, trading between an intraday high of $0.8662 and an intraday low of $0.7904.

Despite this short-term increase, the overall trend for AGIX hasn’t been as positive. Over the last week and month, the token has faced declines, dropping 18.77% and 20.09%, respectively. These decreases show that the token has struggled recently, even though today’s numbers are more encouraging.

AGIX/USD 24-Hour Chart (Source: CoinStats)

Interestingly, the market capitalization of AGIX has increased by 4.15% today, reaching over $1.076 billion. This indicates that the overall value of all AGIX tokens in circulation has gone up, reflecting the increase in the token’s price.

However, not all indicators are positive. The trading volume, which shows how much AGIX was traded on the last day, has fallen by 20.60%. This decrease suggests that fewer people are buying and selling the token today compared to yesterday.

AGIX Token Holders Back ASI Alliance Initiative

The recent surge in AGIX token values can be attributed to the resounding approval of the Artificial Superintelligence (ASI) Alliance proposal by AGIX token holders. As announced by SingularityNET, this key approval marks the start of what is now the world’s largest open-source and decentralized network. 

We are excited to announce that the supermajority of AGIX token holders has approved the Artificial Superintelligence (ASI) Alliance proposal.This historic decision marks the formation of the largest open-source, decentralized network dedicated to accelerating the development… pic.twitter.com/hybqyUpyn8

— SingularityNET (@SingularityNET) April 16, 2024

This network is focused on accelerating the development of decentralized artificial general intelligence (AGI) and, eventually, ASI. Expressing appreciation for its community’s participation, SingularityNET emphasized the significance of this milestone in a statement.

SingularityNET said in an X post:

“We thank the SingularityNET community for their participation in this important vote.”

The initiative not only reflects a shift towards decentralized and team-oriented models in advanced AI technology development but also sets a new precedent in the field.

Bullish Signals on the Horizon

The AGIX token is exhibiting a bearish market structure on the 4-hour chart, which has dominated its long-term trend. However, recent movements suggest a shift in the market dynamics as the token breaks past previous highs, signaling a potential change to a bullish outlook. The chart also reveals an ascending triangle pattern, indicating a possible upward breakout.

AGIX/USD 4-Hour Chart (Source: TradingView)

If the price surpasses the 38.2% Fibonacci retracement level, it could trigger a significant rally, pushing AGIX to retest previous resistance near the 50% Fibonacci level. This momentum may extend toward the key resistance zone between $1.12 and $1.20. Conversely, if the market fails to sustain this bullish breakout and instead breaks downwards, AGIX could see a decline to its immediate support at $0.7852 or further to a 4-day low of $0.6253 before potentially gathering strength for another bullish push.

AGIX/USD 4-Hour Chart (Source: TradingView)

On the technical front, intraday indicators support the optimistic scenario. The Moving Average Convergence Divergence (MACD) shows the MACD line ascending above the signal line in the negative zone, marked at 0.0211. This suggests that a bullish bias is taking hold of the market in the short-term trend.

Additionally, the histogram displays increasing positive bars, reinforcing the likelihood of continued bullish momentum. The Bull Bear Power indicator further confirms this trend, with bars extending above the zero line, indicating strong bullish control and upward price action.

The post AGIX Price Rises to $0.8429 Amidst Volatility, ASI Alliance Proposal Key Catalyst appeared first on Coin Edition.

Bitcoin has major support at the $62,000 price level.

If BTC fails to hold $62K, $51,500 is the next area of major demand and support.

To resume the bull run, Bitcoin needs to break above $66,250.

Bitcoin (BTC), the world’s largest digital asset, has a major support at the $62K price level as per the data provided by UTXO Realized Price Distribution (URPD), and it is imperative for the leading cryptocurrency to hold above this price region.

As per a post by technical analyst @ali_charts on social media platform X (formerly known as Twitter), if Bitcoin holds above $62,000 and breaks above the $66,250 price level, the bull run will resume. 

However, if the digital asset fails to hold above $62,000, it might retest the nearest major support at $51,500, which is another major demand area for Bitcoin. For the digital asset to continue making higher highs, it is crucial to reclaim the $66,250 mark.

According to the data from CoinMarketCap, the price of BTC as of 1:18 a.m. on Wednesday, stands at $64,429, much higher than its nearest support of $62,000. Further, the market capitalization of the digital asset stands at $1.268 trillion, up 2.79% in the past 24 hours. 

The digital asset is 12.95% off from his all-time high of more than $73,000 made in March 2024. The trading volume of Bitcoin is down 12.90% in the past 24 hours, suggesting that the chances of higher prices are not significant.

Data from TradingView confirms that the RSI indicator is bearish, with the selling pressure being higher than the buying pressure.

Source: TradingView

The RSI reads a value of 44 which is below the neutral of 50. A few weeks ago, BTC was being overbought and the current price slump seems like a correction.

The post Bitcoin Faces Vital Support at $62K, Will the Bull Run Resume? appeared first on Coin Edition.

Binance appoints former NY Fed Chief Martin Grant to the firm’s Board of Directors for BAM Management US Holdings.

Grant boasts more than three decades of regulatory, legal, and compliance experience.

Binance.US Interim CEO Norman Reed addresses Grant as a world-class legal and ethical compliance executive.

Binance US declared the appointment of Martin Grant, the former New York Fed Chief, to the platform’s Board of Directors for BAM Management US Holdings.

Grant served the NY Fed from 2005 to 2022 with decades of regulatory, legal, and compliance experience. He served the Fed as Chief Compliance and Ethics Officer, dealing with anti-money laundering programs, sanction enforcement, data privacy, risk assessment, etc.

Binance.US Interim CEO Norman Reed commented that Martin is a “world-class legal and ethical compliance executive with unparalleled experience instituting best practices in compliance, conduct, and governance at the highest levels of government and financial services.” Acknowledging the inclusion of Grant into the Binance team, Reed added,

“The addition of a director of Martin’s caliber to the Binance.US Board reflects the strength of our business and demonstrates our commitment to maintaining the highest standards of compliance and integrity.”

At present, Grant is working as the Global Head of Regulatory Affairs & Integrity at JST Digital, a global financial services company. He joined the firm in 2022, ensuring regulatory best practices.

Grant shared his enthusiasm for joining Binance US, commenting, “It is an honor to join the Binance.US Board.” Further, he stated,

“It is an honor to…be part of an organization built from the ground up to connect Americans to the digital asset industry in a safe, responsible, and compliant manner. The American digital asset industry is at an inflection point, and I am excited to help guide the future of one of the country’s most influential and customer-centric crypto platforms.”

Amidst increasing legal challenges, Binance US had previously reduced a significant portion of its workforce. However, the addition of a person like Grant, with immense regulatory knowledge and experience, is likely to aid Binance’s legal struggles. 

The post Binance US Appoints Former NY Fed Chair Amidst Regulatory Challenges appeared first on Coin Edition.

Drift Protocol’s token airdrop marks a pivotal step towards decentralization, empowering users with governance.

The protocol’s allocation strategy balances user rewards, ecosystem growth, and protocol development effectively.

Inspired by MetaDAO, Drift’s Futarchy DAO fosters community engagement and influences decision-making dynamically.

Drift Protocol, a decentralized exchange (DEX) based on the Solana blockchain, announced the launch of its token airdrop by allocating 100 million tokens to its users in the upcoming weeks. With this decision, it is the first gateway to the process of decentralization for Drift, which includes a tokenized governance system. MetaDAO, along with the technology of their futarchy, are some of those who would get an advantage from this statement because Drift will be integrating them into their operations.

The upcoming DRIFT governance token will be distributed following a three-month points program that incentivized participation from traders, borrowers, lenders, and airdrop enthusiasts within the Solana DeFi ecosystem. Notably, a substantial portion of the 100 million tokens allocated for the airdrop will be awarded to longstanding Drift users. Airdrops, a common practice in cryptocurrency, involve the free distribution of tokens to individuals.

Drift Protocol aims to decentralize its operations by empowering token holders to vote on critical decisions such as token listings and software upgrades. In this airdrop, ten percent of the total DRIFT token supply will be allocated to users, while venture backers will receive a significant portion, accounting for 22%. Noteworthy backers include crypto VCs Polychain Capital and Multicoin Capital, alongside angel investors like Solana’s founders.

Ecosystem development and protocol enhancement are also key priorities for Drift, with 43% of tokens dedicated to ecosystem growth initiatives and 25% earmarked for protocol development payouts. The protocol’s ambition extends beyond its role as a decentralized exchange, aiming to become a comprehensive platform for crypto investors on Solana, offering perpetual trading with leverage, spot trading, and exotic financial instruments.

Despite recent market volatility, Drift has demonstrated resilience, with its insurance fund serving as a robust safeguard against losses. Control over the protocol will transition to a three-pronged governance structure comprising a security council, Realms DAO, and Futarchy DAO. The latter, inspired by MetaDAO, will enable traders to influence decision-making by participating in conditional markets based on the price of the DRIFT token.

Drift plans to invest in ecosystem initiatives such as trading bots, validator clients, and alternative front ends to enhance user experience and support Solana’s decentralization efforts. With a commitment to innovation and community involvement, Drift Protocol continues to chart a course towards a more inclusive and decentralized financial ecosystem on Solana.

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The lawsuit between Ripple and the SEC could settle within the next 24 hours.

Legal counsels of both parties must appear for a final pretrial conference today.

As anticipation for settlement grows, XRP crashes by 2.2% in the last 24 hours.

Widely circulated court documents concerning the legal case of Ripple and the SEC suggest that both parties could settle within the next 24 hours. In particular, the court document endorsed by District Judge Analisa Torres stated that on April 16, 2024, the legal counsels of the SEC and Ripple must appear for a final pretrial conference in a courtroom in New York. 

With the conference set for today, anticipation has been building within the crypto community about the potential outcome. In addition, the document specifies that before the scheduled pretrial conference, legal counsels representing Ripple and the SEC must meet in person for at least one hour to explore potential settlement options regarding the case.

As a result, prominent XRP community members like Ashley Prosper have expressed that Ripple and the SEC have settled. This view is backed by a series of events related to the SEC’s legal actions that have unfolded recently.

Late last month, the SEC submitted its initial remedies brief and proposed judgment in the Ripple case. Specifically, the regulator explicitly asked the court to compel Ripple to pay over $1.95 billion in fines and penalties for its alleged breach of federal securities laws. Moreover, the regulator wants Ripple to pay this settlement within 30 days after the court adopts the proposed judgment as the final ruling. 

Interestingly, Ripple has unlocked 500 million XRP from escrow outside its usual monthly schedule during the week of the settlement conference. This move has led to speculation within the community that these funds might be linked to the potential settlement discussions.

While anticipation for a settlement grows, XRP’s price has not seen a positive impact. In particular, XRP is down by over 2.2% in the last 24 hours and 20% over the past seven days.

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The recent decline in cryptocurrency prices has brought Ethereum into sharp focus, with a notable surge in discussions despite an overall market downturn. As highlighted by Santiment, a market intelligence platform, this shift in attention is attributed mainly due to the launching of a new ETF, driving heightened interest in Ethereum as the second-largest cryptocurrency by market capitalization.

Despite increasing short positions across the market, Ethereum has managed to hold a resilient position, down only 4.58% over the last 24 hours, with a current trading price of $3,089.87.

🗣️ As #crypto prices have been on the decline, #Ethereum is seeing the fastest rise in discussion rate. The new #ETF has caused more interest in the #2 market cap asset, even though #shorts are rising rapidly. Also, keep an eye on #Beam's rise in interest. https://t.co/0bfF7HR4lw pic.twitter.com/j6zyJqpiMT

— Santiment (@santimentfeed) April 16, 2024

The emergence of an Ethereum ETF has brushed up investors’ hopes while encouraging confidence in cryptocurrencies and their prospects. This occurs concurrently with increasing volatility in the crypto market. Over the same period, Bitcoin experienced a decline of about 4.29%, while Ethereum saw a slightly steeper drop of 4.58%. This decline follows developments out of Hong Kong, revitalizing market sentiment following a challenging weekend marked by geopolitical tensions.

Moreover, regulatory bodies’ recent approval of Bitcoin ETFs has injected further enthusiasm into the market. While investors await potential approval of similar products for Ethereum, industry experts remain cautious about the prospects of spot Ether ETFs gaining regulatory clearance in the United States. These developments underscore the evolving landscape of crypto investments, with regulatory approvals playing a pivotal role in shaping market dynamics.

Ethereum/USD 1-Day price chart (Source: Trading view)

Amidst this backdrop, Ethereum’s technical indicators reveal potential buying opportunities. The 1-day stochastic RSI suggests an oversold condition, hinting at a possible price reversal in the short term. Traders are advised to monitor the stochastic RSI for a crossover above the signal line, which could signal a shift in sentiment towards a bullish trend.

Beam/USD 1-Day price chart (Source: Trading view)

On the other hand, Beam, a newly emerging cryptocurrency, has had positive movement as its price rose by 2.58% to reach $0.090239 over the past 24 hours. Nevertheless, a warning is presented via the 1-day momentum of MACD that implies a bearish movement for Beam in the short term which means that a thorough plan is essential for traders who want to take entry positions.

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CEO Kris Marszalek of Crypto.com maintains optimism for Bitcoin’s long-term growth despite recent sell-offs.

Pre-halving pressure leads to Bitcoin dipping over 5% in 24 hours, reaching $62,500.

Marszalek foresees a significant market turnaround within six months following the Bitcoin halving.

While Bitcoin has encountered significant selling pressures in these few days to the halving, the CEO of Crypto.com, Kris Marszalek, believes this halving event is poised to strengthen the price of BTC over the long haul.

Bitcoin selling may become evident as the date of the so-called halving nears but the event longer term is set to bolster the price of the largest digital asset, according to the head of the https://t.co/1aQemhmjuy exchange https://t.co/wr8efu8iAi

— Bloomberg (@business) April 16, 2024

Marszalek expressed this sentiment in a Tuesday interview on Bloomberg. He affirmed that the Bitcoin market may continue to witness a downturn pre-halving, attributing it to “due to buy-the-rumor, sell-the-news trading.”

Notably, Bitcoin is down again by over 5% in the last 24 hours to $62,500 after briefly rallying to $66K yesterday. On Saturday, the asset crashed by over 10% to retest the $60K range.

However, the Crypto.Com executive expressed conviction that the halving will make a substantial difference and be a positive development for the market over time. In particular, Marszalek suggested a six-month turnaround timeline. “I expect pretty decent action within the six months following the Bitcoin halving,” Marszalek remarked.

Notably, the halving, which diminishes the new supply of Bitcoin, is anticipated to occur around April 20. Following this year’s event, the amount of Bitcoin miners can earn daily for validating transactions will drop from 900 to 450. 

Throughout history, Bitcoin and the broader crypto market have established new all-time highs after the halving. For instance, Bitcoin traded at a low of $8,374 on the halving day of May 11, 2020. By November 2021, BTC peaked at $68,789, representing a 721% gain from the halving day low.

In an interview with CNBC last month, Kris Marszalek stressed the long-term perspective of holding BTC, urging market participants to disregard the dips. “This is an asset that you want to hold for decades, not for days or weeks,” Marszalek remarked.

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ADA struggles with a bearish market, hovering near $0.4625 amid declining volume.

Cardano’s market capitalization drops by 4.46%, indicating decreased activity.

ADA’s bearish trend persists as technical indicators hint at strong selling pressure.

Cardano’s native token, ADA, experienced a marked rally in the first quarter of 2024, with its price reaching a high of $0.715 in March. Despite this surge, ADA has recently seen a loss of momentum, leading to a decline in value and a stabilization in the price range of $0.4926 to $0.4409 throughout the day. According to CoinStats data, the token hit an early intraday low but subsequently recovered slightly, stabilizing above this low point.

As of press time, ADA was trading at $0.4625, marking a 5.75% decrease over the last 24 hours. This reflects ongoing challenges for ADA as it struggles to regain its previous high values. However, compared to Bitcoin, ADA has demonstrated resilience and stability, showing a relative increase of 1.06%, which could suggest a stronger base for potential future growth.

ADA/USD 24-Hour Chart (Source: CoinStats)

On the other hand, ADA’s market capitalization has experienced a downturn of 4.46% today, dropping to $16.685 billion. The trading volume for ADA has also fallen by 23.13%, landing at $647.482 million in the last 24 hours, which indicates a decrease in trading activity.

On the same accord, the trading range in which ADA is situated is serving as critical support and resistance levels. If the bearish momentum continues, ADA’s price could test the lower boundary of today’s range at $0.4409. Conversely, an upward movement would challenge the intraday high, acting as resistance.

ADA/USD Technical Analysis

The ADA token is demonstrating a bearish market structure on the one-day chart, with price action fluctuating and tending towards a downward trend since March 14. Recent developments show that after breaching a support level, the price of ADA stabilized within a new support range of $0.472 to $0.448. This stabilization suggests a possible consolidation phase, as the token resisted a further drop to lower support at $0.40, which has held firm against further declines.

ADA/USD 1-Day Chart (Source: TradingView)

However, the market remains volatile. If a bullish trend were to take hold, ADA could potentially target the resistance zone at $0.58. This resistance is significant as it coincides with the 50% Fibonacci retracement level, calculated from a recent swing high of $0.810 to a swing low of $0.401. A breakthrough at this level could indicate a bullish trend reversal, potentially setting new targets for upward movement.

Conversely, should the price break below the current support level of $0.448, it may retest the $0.40 level, hinting at a possibility for further downward movement. This bearish sentiment is supported by key technical indicators. The Moving Average Convergence Divergence (MACD) indicator shows a sharp downward trajectory in the negative region at 0.047, indicating strong selling pressure.

ADA/USD 1-Day Chart (Source: TradingView)

This is corroborated by the expanding red bars on the histogram below the zero line, reinforcing the potential for continued bearish trends. Additionally, the Chaikin Money Flow (CMF) indicator sits below the zero line with a reading of -0.07, suggesting a higher outflow of money from ADA compared to inflow, further supporting the prevailing bearish market sentiment.

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BlackRock’s Bitcoin ETF, IBIT, attracted $73.4 million in net inflows on Monday, while other ETFs remained stable.

The Grayscale Bitcoin Trust (GBTC) saw significant outflows, with a reduction of $110 million on the same day.

Hong Kong approves asset managers to establish Bitcoin and Ether exchange-traded funds (ETFs).

BlackRock’s Bitcoin ETF, IBIT, was the only U.S. spot Bitcoin ETF to attract inflows on Monday. In contrast, other ETFs did not experience new inflows or outflows. Per data from SoSoValue, IBIT gathered approximately $73.4 million in net inflows. 

Still, these were insufficient to offset significant outflows from other funds, particularly the Grayscale Bitcoin Trust. GBTC reported a $110 million reduction on the same day, putting its historical net outflow at $16.38 billion.

Notably, ten Bitcoin spot ETFs have recorded a net outflow of $91.8 million collectively. This trend reflects investor caution, prompted by recent volatile movements in Bitcoin’s price, which declined by 11.6% last week to about $63,410.

Over the past week, GBTC recorded the most substantial outflows, losing $767 million. Although funds like IBIT and the Fidelity Wise Origin Bitcoin Fund (FBTC) secured inflows, these were overshadowed by the heavy outflows from GBTC. 

Meanwhile, Hong Kong is strengthening its role in the digital assets arena by granting initial approvals for asset managers to establish Bitcoin and Ether exchange-traded funds (ETFs). Harvest Global Investments, in collaboration with HashKey Capital Ltd. and Bosera Asset Management (International) Co., announced this in separate statements on Monday.

In addition, the Hong Kong branch of China Asset Management has secured authorization from the city’s Securities & Futures Commission to manage virtual assets and is developing new products. As stated by Bloomberg, “OSL Digital Securities Ltd. said it would provide custodial services for Bitcoin and Ether products from the China Asset Management unit as well as Harvest.”

This initiative is part of Hong Kong’s overall move to compete with cities like Singapore and Dubai as a leading hub for cryptocurrency businesses. The market responded positively to the approval of these spot funds. Bitcoin rose by 4.3%, reaching around $66,629, while Ether increased by 6.1%, climbing to $3,257.

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Blur continued its token unlock program in the early hours of Tuesday, April 16, 2024.

The NFT marketplace has unlocked 655 million BLUR, worth $259 million of its total supply.

BLUR’s price dropped as the project released more tokens into the crypto market.

Blur, the decentralized marketplace for non-fungible tokens (NFTs), continued its scheduled token unlock program in the early hours of Tuesday, April 16, 2024. In a post on X, Spot On Chain, the leading crypto analytics platform, noted that the NFT marketplace released 34.42 million BLUR, equivalent to $15.29 million, into the cryptocurrency ecosystem.

34.42M $BLUR ($15.29M) was unlocked from the lockup contract 2hrs ago and will soon be moved to #Coinbase for distribution.In total, 655M $BLUR (now $259M), or 21.8% of the total supply, have been unlocked since Jun 2023.The $BLUR price has dropped ~41% since the last unlock… https://t.co/yOrJaOFCus pic.twitter.com/JVd7IVd8he

— Spot On Chain (@spotonchain) April 16, 2024

Spot On Chain noted that Blur will deposit the unlocked tokens to Coinbase for distribution. The platform highlighted that Blur has unlocked 655 million BLUR, worth $259 million, or 21.8% of the total BLUR supply since June 2023.

According to Spot On Chain, BLUR’s price dropped by approximately 41% since the last token unlock, as impacted by the board market. The analytics platform cited in an earlier post that Blur released 33.42 million fresh BLUR tokens into the crypto ecosystem on Monday, April 15. As usual, the tokens were released from the project’s lockup contract and would be moved to Coinbase for onward distribution.

Notable from Spot On Chain’s post is the fluctuating value of BLUR tokens on subsequent releases into the crypto marketplace. As of Monday’s release, the total number of released BLUR tokens was 616.8 million, with a total value of $411 million. On Tuesday, despite the increasing number of BLUR in circulation, the total value dropped. 

The dwindling BLUR price reflects the impact of increased supply based on an economic perspective. Demand drops with more tokens injected into the marketplace until the market adjusts and equilibrium is restored. Users’ sentiment also plays a significant role in the crypto market development. As reflected in the price development, the anticipation of falling demand could trigger users into a selloff in the short term.

Spot On Chain noted that Blur is now in year two of the four-year vesting schedule with a lower unlock rate. BLUR traded for $0.3898 at the time of writing, according to data from TradingView.

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