Justin Bieber’s $1.31 million NFT investment suffers a steep decline.

The tweet about Bieber’s NFT loss generated intense discussions among crypto enthusiasts.

Some question the long-term viability of NFTs and potential money laundering.

A recent tweet by SAY CHEESE, a Twitter user based in the United States, has ignited a firestorm of discussions surrounding pop star Justin Bieber’s ill-fated purchase of a Bored Ape NFT.

The tweet, which featured a screenshot of the purchased NFT alongside a somber picture of Bieber, revealed that the NFT, once valued at $1.31 million, has now depreciated 99% to a mere $59,090.

Unsurprisingly, the post garnered an astonishing 1.5 million engagements, fueling speculation and debate among cryptocurrency enthusiasts.

One NFT aficionado, who goes by the handle GutterANT.eth, chimed in, arguing that the current $59,090 would only hold true if Bieber were to sell the NFT. The user further emphasized that holding onto the asset in times of adversity can lead to unexpected turnarounds, compared to the formation of diamonds under immense pressure.

However, not all responses were supportive. One commenter dismissed NFTs as a pandemic scam from the beginning, implying a lack of faith in their long-term viability. Another person insinuated that the entire ordeal could be a front for money laundering.

Yet another individual expressed disbelief that people had ever placed such exorbitant value on a cartoon creation in a simulated world, calling the whole affair “wild times.” This sentiment echoed the growing skepticism surrounding the sustainability of NFT investments.

One commenter, reflecting on their own experience with conventional stock investments, confessed that the feeling of failure when a stock plummets from $20 to $2 is hard enough to bear, let alone the colossal loss suffered in Bieber’s case.

As the NFT market grapples with volatility and public skepticism, Justin Bieber’s multimillion-dollar investment is a reminder of the risks in the rapidly evolving #crypto landscape.

source: coinedition

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Analyst Dan Gambardello predicted that ADA may enter into an 8-9% move in the coming week.

The analyst noted that ADA was trading above the 20-day MA line and may climb to $0.32.

Conversely, a drop below the 20-day MA may lead to ADA falling to $0.22, according to the analyst.

The crypto analyst and trader Dan Gambardello shared his bullish outlook for Cardano (ADA) in a pair of tweets published earlier today. In the first post, he shared his latest technical analysis for the altcoin, wherein he predicted that ADA’s price could break above a key resistance channel between $0.32 and $0.35.

According to Gambardello, #ADA still has a lot of ground to make up following the impact of the SEC lawsuits against Binance and Coinbase. Furthermore, the analyst noted that other cryptos such as #bitcoin (BTC) and #Ethereum (ETH) do not have to recover as much as ADA, and therefore don’t demonstrate the same potential as the Ethereum-killer.

At the time of Gambardello’s analysis, ADA was trading above the 20-day MA line. He stated that this is a positive sign for the altcoin since ADA was rejected by the technical indicator several times in the past few weeks. In addition, the daily RSI indicator escaped extreme oversold territory over the past week, which the analyst mentioned is another positive sign.

Should ADA receive buy pressure from bulls in the coming week, Gambardello predicted that the crypto’s price would look to climb to $0.32. This upside target shared by the analyst is a major obstacle for ADA’s price, which, if broken, may be a strong bullish confirmation.

On the other hand, if ADA’s price drops below the 20-day MA line in the coming week, its downside target will be around $0.22, according to the analyst. Either way, ADA is poised to make an 8%-9% move, added Gambardello.

Traders and investors will want to keep an eye on the aforementioned 20-day MA in the next few days, as it may give an early indication of which direction ADA’s price will move in the short term. A break below the 20-day MA may see ADA drop to $0.22. Conversely, if the 20-day MA line continues to provide ADA support then it could look to climb to $0.32.

Just a few hours after his first tweet, the analyst published another. In this second post, Gambardello predicted that ADA will outperform everyone in the next bull market. Things were looking up for ADA at press time, as CoinMarketCap indicated that the altcoin printed a 1.60% gain over the past 24 hours. As a result, the #crypto was trading at $0.2966.

source: coinedition

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

The partnership will offer multi-chain indexing to provide data-query API to developers.

The NEAR Foundation, the non-profit behind the ecosystem development of the NEAR protocol, is joining with Alibaba Cloud, the Chinese tech giant’s arm for computing and storage, to accelerate Web3 growth in Asia and the Middle East, the organization said Monday.

The partnership grants the NEAR Foundation access to #Alibaba Cloud's developer ecosystem across Asia and the Middle East in a bid to attract more developers to build on the NEAR protocol, said the company in conversation with CoinDesk. Developers that want to launch new NEAR validators will be able to do so with Alibaba Cloud’s "plug-and-play" infrastructure as a service.

The NEAR Foundation and Alibaba Cloud will offer remote procedure calls (RPC) as a service to developers and users in the NEAR ecosystem, a press release said. RPC is a type of computer server that allows users to read data on blockchains and send transactions to different networks. It will also offer multi-chain indexing to provide data-query application programming interface (API) to developers.

Users will also be able to use the NEAR Blockchain Operating System (BOS), a platform it launched earlier in the year that allows developers to build into and interact with other users, while using Alibaba Cloud’s infrastructure.

The price of #NEAR jumped 8% to $1.57 on Monday after the Alibaba announcement.

This comes as Alibaba recently announced the hiring of its new Chairman, Joseph Tsai, who has been an active #Web3.0 investor and has signed multiple deals with crypto-related entities.

“The NEAR Foundation and Alibaba Cloud partnership is an important one as we continue to support Web3 developers to explore opportunities,” said Raymond Xiao, head of international Web3 solutions at Alibaba Cloud Intelligence.

“It is also significant for developers and validators in the Asian markets, as they can leverage Alibaba Cloud’s comprehensive infrastructure in Asia.”

source: coindesk

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Data shows the Bitcoin monthly average trading volume has now surpassed the yearly average one. Here’s why this may be bullish for the asset.

Bitcoin 30-Day SMA Volume Has Crossed Above The 365-Day SMA

According to data from the on-chain analytics firm Glassnode, this is the first time since the LUNA collapse that this pattern has formed for the #cryptocurrency . The “trading volume” here refers to the total amount of Bitcoin the investors are moving around on the blockchain.

When the value of this metric is high, it means that many coins are getting involved in transactions on the network. Such a trend is usually a sign that the traders are currently active in the market.

On the other hand, low indicator values imply that the chain is observing little activity currently. This trend can hint that the general interest in the asset is low among investors.

Now, here is a chart that shows the trend in the 30-day simple moving average (SMA) Bitcoin trading volume, as well as the 365-day SMA of the same, over the past few years:

Looks like the lines of the two metrics have come together in recent days | Source: Glassnode on Twitter

The above graph shows that the 30-day SMA Bitcoin trading volume has risen recently. This would suggest that the activity on the network has been seeing an uplift.

The ramp-up in the number of coins being shifted around the network has come as the cryptocurrency has observed a sharp rally, which has now taken the price above the $31,000 level.

Generally, rallies attract attention to the asset, as investors usually find such price action exciting. Thus, it’s not unexpected that the volume has gone up with this price surge.

With this latest rise, the metric has caught up with the 365-day SMA and has just slightly crossed above it. The formation of this pattern implies that the monthly average trading volume of the asset has finally surpassed the average for the past year.

The chart shows that the last time the two lines showed this behavior was around the time of the LUNA collapse. Other than this brief period, the 30-day SMA of the indicator has been under the 365-day SMA for the entirety of the bear market and the rally so far, showing how low the asset’s activity has been in this period.

However, this trend might finally be changing if the latest crossover between these two lines sticks this time, unlike the one seen around the time of the #LUNA crash.

Increasing network activity is usually a constructive sign for Bitcoin, as it suggests growth in utilization. Notable rallies in the asset have historically accompanied growing volumes, as such price moves require many active traders to be sustainable.

As the chart shows, the monthly and yearly SMAs of the BTC trading volume also showed a similar crossover during the buildup towards the 2021 bull run.

BTC Price

At the time of writing, #bitcoin is trading around $31,200, down 18% in the last week.

BTC has been sharply going up recently | Source: BTCUSD on TradingView

source: bitcoinist

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ethereum price is rallying above $1,850 against the US Dollar. ETH is clearly following Bitcoin’s rally and might soon test the $2,000 resistance zone.

Ethereum is moving higher above the $1,850 and $1,880 resistance levels.

The price is trading above $1,850 and the 100-hourly Simple Moving Average.

There is a key bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could rise further above the $1,930 and $1,950 resistance levels.

Ethereum Price Surges Over 6%

Ethereum’s price started a steady increase above the $1,720 resistance zone. Recently, #bitcoin saw a major increase and helped #ETH to clear the $1,850 resistance.

The price is up over 6% and there was a move above the $1,900 level. A high is formed near $1,930 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent rally from the $1,715 swing low to the $1,930 high.

Ether is also well above $1,850 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support near $1,890 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

Immediate resistance is near the $1,930 level. The next major resistance is near the $1,950 level. A successful move above the $1,930 and $1,950 resistance levels might send the price further higher. The next resistance sits near $2,000, above which Ethereum could rise toward the $2,050 level. Any more gains above the $2,050 resistance zone might send the price toward the $2,120 resistance.

Are Dips Supported in ETH?

If #Ethereum fails to clear the $1,950 resistance, it could start a downside correction. Initial support on the downside is near the $1,900 level.

The next major support is near the $1,880 level or the recent low. If there is a break and close below the $1,880 support, the price could drop toward the $1,820 support or the 50% Fib retracement level of the recent rally from the $1,715 swing low to the $1,930 high. Any more losses may perhaps send the price toward the $1,780 zone or the 100-hourly Simple Moving Average.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is in the overbought zone.

Major Support Level – $1,780

Major Resistance Level – $1,950

source: newsbtc

image source: AI

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Bitcoin is trading at $30,000 today, up more than $5,000 in around a week since retesting 25,000 support.

More important than the psychological level itself is the fact the push above $30,000 has turned momentum on monthly price charts bullish for the first time since August 2021. In addition, price is back above a dynamic technical resistance level that has prevented a bull run for several months. With that out of the way, crypto could soar.

Bitcoin Above $30,000 Triggers Bullish Crossover

As some analysts predicted, #bitcoin is indeed following stocks with a potential bull market breakout. The last several days of upside have resulted in a revisit to above $30,000. Price action is now attempting to establish support above the key level.

The more than 6% intraday increase in BTCUSD has triggered a potential bullish crossover on the LMACD. The crossover is the first green tick on the LMACD since it turned red in August 2021.

A bullish crossover occurs when the LMACD line crosses the signal line from below. However, the crossover requires a monthly close to confirm, and several monthly closes for a full confidence signal.

Could this be the work of the composite man? | BTCUSD on TradingView.com

Bollinger Band Signal Confluence Could Target $50,000 Next

Technical analysts often look for a confluence of signals. For example, a morning star Japanese candlestick reversal pattern is more noteworthy when at support and the RSI is oversold.

The chart above shows that not only is Bitcoin flirting with $30,000 resistance, it is also at the monthly Bollinger Band basis line. And all this is happening with the aforementioned bullish crossover of the monthly LMACD.

With #BTCUSDT above the monthly “mid-BB”, the next logical target would be the upper Bollinger Band. This is currently located above $50,000 per #BTC . Historically, after crossing bullish and making it over the median, Bitcoin ultimately tagged the upper hand in the months that followed. Is this time going to be different? Or is the next stop $50,000 per coin?

source: bitcoinist

image source: AI

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

The SEC’s crackdown against altcoins is boosting Bitcoin’s share of the crypto market.

Bitcoin’s market capitalization is once again larger than that of all other cryptocurrencies combined, according to data from TradingView. 

The site’s BTC dominance metric rose above 50% on Monday for the first time since May 2021, when Bitcoin’s price plummeted after China announced a total ban on crypto mining, and Tesla partly distanced itself from the asset over environmental concerns. 

Pledditor @Pledditor

Bitcoin dominance last neared the 50% mark in June 2022 as the entire crypto market cratered on news of persistently high inflation in the United States, leading to aggressive monetary tightening from the Federal Reserve.While Bitcoin dropped dramatically at the time, coins like Ethereum (ETH) dropped harder, with the ETH/BTC pair falling to a ratio of just 0.05.

A similar decline took place this month as ETH/BTC fell from 0.07 on June 6 to 0.064 at writing time. 

unregistered securities. Meanwhile, SEC chairman Gary Gensler has again clarified that he views Bitcoin as a commodity. 

In a lawsuit against Binance, the US Securities and Exchange Commission (SEC) called the exchange’s native token BNB a security. The token—the fourth largest crypto by market cap—has plummeted 20% since the start of the month.

The Bitcoin dominance metric has often been criticized for under-representing Bitcoin’s true market share by including stablecoins within its calculations, which are effectively dollars trading on the blockchain. However, even the stablecoin market has receded this year after Paxos was forced by the SEC to start winding down BUSD in February, erasing billions of dollars in tokens from circulation.

Last Tuesday, MicroStrategy’s executive chairman Michael Saylor predicted that Bitcoin dominance will rise above 80% as regulators continue clamping down on other digital assets.

Michael Saylor⚡️ @saylor

Bitcoin is up 6% since last week after BlackRock filed for a Bitcoin Spot ETF, for which investors are optimistic may receive unique approval from the SEC. 

source: decrypt

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Aptos (APT) has shown an impressive market performance in the last week gaining by 18.25% to emerge as one of the biggest weekly gainers on #CoinMarketCap . This positive price movement is quite significant for many APT investors, as the APT market has been under bearish control for most of 2023.

Aptos’ Unimpressive 2023

Aptos began the year with a bang, surging by over 500% to hit its all-time high price of $18.58 on January 26. However, the prominent altcoin had since experienced a steady decline since then, with little insignificant price rises. 

Due to such disappointing price movement, much concern has been over what was touted as “one of the most promising tokens of 2023”.  The Aptos project, which was launched back in October 2022, received a lot of hype coming into the crypto space. 

Much of this interest was driven by the blockchain being an indirect product of the now-defunct Diem blockchain initiative. Aptos boasts various impressive features, including a unique programming language – Move – a parallel execution engine, low transaction costs, and high-level security features. 

On June 10, APT was trading as low as $5.74, indicating a 69.11% decline from its ATH value in January. However, following its recent impressive performance, many investors wonder if the altcoin could actually be readying for market reversal.

Based on data from CoinMarketCap, APT is trading at $7.05, with a 5.38% gain on the last day. The token’s daily trading volume has also moved by 125.76%, attaining a value of $274 million. Meanwhile, APT’s market cap is currently at $1 billion. 

APT trading at $7.02 | Source: APTUSD Chart On Tradingview.com

Is The Market Reversal On?

As earlier stated, APT’s current bullish run led to much speculation among investors, with many hoping the token could soon return to the glorious heights seen at the beginning of the year. 

This discourse is further fueled by various on-chain activities, an example of which is the gradual increase in daily user transactions on the Aptos network over the last few months. 

According to data from aptscan.ai, an analytics tool native to the Aptos chain, the number of daily active daily transactions on the network moved from 75,806 on March 1 to 162,071 on June 16, yesterday. 

Source: Aptscan.ai

This continuous increase in adoption shows that many users have maintained their faith in the novel blockchain project despite the poor performance of its native asset. 

According to popular price prediction site, Coincodex, the current investor sentiment around APT is neutral, with a Fear & Greed index of 49, indicating the token may be a favorable investment at this point in time. 

The team predicts #APT to decline only by 0.86% in the next 5 days. They remain largely optimistic, backing an APT reversal as they project the token to hit a price of $15.32 in the next month. 

However, note these predictions are not to be relied on as financial advice. All investors are admonished to do their due diligence before engaging the market. 

source: newsbtc

image source: AI

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

#Litecoin (LTC), one of the prominent cryptocurrencies in the market, has experienced a significant surge, rising by 8% from its previous level of $70. 

This upward movement has sparked speculation among investors, leading to questions about the potential for Litecoin to reach the $1,000 mark in 2023.

In this Litecoin price prediction, we will take a look at the technical outlook and examine the possibilities for its future trajectory.

Litecoin Price

The current price of Litecoin (LTC) is $77, and the 24-hour trading volume is $285,408,830. Over the past 24 hours, Litecoin has experienced a nearly 1% increase.

Litecoin currently holds the 12th position on #CoinMarketCap , with a live market cap of $5.6 billion. 

The circulating supply of LTC coins is 73,166,214, with a maximum supply of 84,000,000.

Litecoin Price Prediction

From a technical standpoint, Litecoin has broken below a symmetrical triangle pattern, acting as a support level of around $84. 

A strong bearish engulfing candle below the 50-day exponential moving average suggested a high probability of the downtrend continuing. 

The triple bottom pattern near $77.85 has been invalidated, indicating a prevailing bearish sentiment.

Given the strong bearish technical indicators, it was anticipated that Litecoin would continue its downward trend and target the next support level, around $65.457.

A breach below this level could potentially trigger further selling pressure, with a potential downside target near $63.

However, Litecoin found support near $72.20 and reversed its trajectory, trading back near the $77.18 level.

On the upside, a bullish breakout above the $77.18 level could expose Litecoin to a higher level, around $82.40.

It is important to highlight that the $72.20 level is expected to act as a significant support, potentially leading to a robust recovery in Litecoin's price.

Traders should closely monitor the $72.20 level as oversold indicators like the RSI and MACD suggest the possibility of a price retracement.

Furthermore, there is a notable support zone around $65, while resistance can be observed around $82.40.

If Litecoin manages to surpass this level, it may face resistance around $88.44, with a substantial barrier at $84.

Can LTC Reach $1,000 in 2023?

Although Litecoin is currently displaying a bullish trend, it is important to note that there is no indication that it will reach the $1,000 mark in 2023. 

While the price may experience some upward movement, reaching such a significant milestone within the year is unlikely based on the available data and market conditions. 

source: cryptonews

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

While #Ripple  continues to wage a widely publicized legal battle against the United States Securities and Exchange Commission (SEC), the blockchain company has not let regulatory hurdles stand in the way of its innovation and expansion of its reach, including in Colombia.

As it happens, Colombia’s central bank, Banco de la República, has announced a partnership with Ripple alongside the Ministry for Information and Communications Technologies (MinTIC) to implement Ripple’s central bank digital currency (CBDC) platform, according to a press release on June 15.

What project represents

With this effort, powered by the #XRP Ledger (XRPL) blockchain, the Colombian central bank aims to boost its high-value payments system as part of the third phase of MinTIC’s blockchain experimentation under the guidance of the Directorate of Digital Government.

Commenting on the project, MinTIC Minister Mauricio Lizcano highlighted that the project would deliver “a technological solution (prototype), which will allow simulations of different use cases in the high-value payment system.” Additionally:

“Potential efficiencies can be evaluated through the results obtained in the development of a solution with blockchain technology, which manages to improve and complement the processes in the entities in a safe and efficient way.”

Meanwhile, James Wallis, Ripple’s VP of Central Bank Engagement and CBDCs, explained that such cooperation would “unlock new ways organizations operate in the digital era” and “pave the way for transformative advancements in the utilization of blockchain technology within the public sector.”

As Wallis added:

“This partnership showcases our commitment to driving innovation and efficiency, ultimately empowering public entities to unlock the full potential of secure and transparent transactions.”

Earlier, Ripple unveiled its end-to-end XRPL-driven #CBDC solution to allow central banks, financial service providers, and governments to launch their own digital currencies, helping them solve problems in CBDC implementations, as Finbold reported on May 18.

XRP price analysis

Meanwhile, XRP, the token at the center of Ripple’s ecosystem, is yet to show any reaction to this development, as, at press time, it was changing hands at the price of $0.48, recording a drop of 5.80% in the last 24 hours and 8.48% across the previous seven days but still a 13.60% increase on its monthly chart.

XRP 30-day price chart. Source: Finbold

Finally, time will tell whether Ripple’s recent expansion success manages, after all, to push the XRP token toward breaking out of the bearish cycle that has engulfed the majority of the cryptocurrency sector and caused XRP to lose $3 billion from its market capitalization in a single day.

According to pseudonymous #crypto analyst Altcoin Sherpa, it certainly has enough strength to achieve this in the near future, even reaching as high as $0.8, provided it breaks through the critical supply zone between $0.53 and $0.6.

source: finbold

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

XRP, the native cryptocurrency for the #Ripple network, has witnessed an impressive surge following the public release of the highly anticipated Hinman documents.

On Tuesday, the popular #cryptocurrency soared over 7% to tap $0.5650 at noon. This price movement was met with enthusiasm from investors, as the reveal is a significant development in the ongoing legal dispute between the cryptocurrency firm and the US Securities and Exchange Commission (SEC).

In a tweet, Ripple CEO Brad Garlinghouse expressed his optimism about the potential influence of these documents on the lawsuit, saying he believes “they were well worth the wait.”

The infamous Hinman documents consist of internal communication within the #SEC related to a speech delivered in 2018 by William Hinman, the former Director of the Corporation Finance division. In the speech, Hinman stated that Ether was not a security. Ripple has always insisted that these documents will be crucial, shedding light on the SEC’s perspective on cryptocurrencies, particularly Ether and XRP.

Expressing his gratification, Stuart Alderoty, Ripple’s Chief Legal Officer, noted that the public could finally get a glimpse at what occurred behind the scenes. According to the lawyer, the documents reveal that Hinman disregarded multiple warnings regarding the speech’s fabricated analysis, which lacked a legal foundation and failed to consider the Howey factors.

Stuart argued that these factors, created by Hinman to determine when a token becomes “sufficiently decentralized”, were seen as introducing confusion and regulatory gaps within the market. He noted that despite the agency exhibiting inconsistent positions on the speech’s significance in litigation, it remains accessible on the SEC’s website. This is despite the SEC insisting that the documents were Hinman’s opinion.

Stuart concluded by calling for the immediate removal of the speech from the SEC’s website, investigating potential influences on Hinman, and reassessing the speech’s validity in discussions around the classification of tokens. He emphasized the need for unelected officials to faithfully apply existing laws rather than attempting to create new ones, as Hinman seemingly did.

It is important to note that as the legal dispute between Ripple and the SEC approaches its conclusion, the contents of Hinman’s documents can tilt the scales in favour of Ripple.

Meanwhile, apart from the public release of the Hinman documents, the #crypto market has also been reacting to two other notable events. Today, the US Court of Appeals for the third circuit ordered the SEC to clarify a rulemaking petition by Coinbase.

On the other hand, Binance US is also expected to challenge the SEC’s request to freeze its assets. The exchange filed a motion in court on Monday, June 12, stating that complying with the SEC’s request would put it out of business if granted.

source: zycrypto

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

This week in the crypto #market is shaping up to be one of the most significant in terms of macroeconomic events. These unfolding developments will not only have a ripple effect on cryptocurrencies, but also on stocks, the dollar, and every other asset class. Let’s break down these crucial events and why they matter to crypto enthusiasts and investors.

The Macro Economic Calendar And Its Impact On Crypto

All week long, the crypto market will be exposed to the impact of a series of macro events, ranging from inflation metrics to a Fed rate decision, to the unsealing of the “Hinman documents” which have the potential to change the outcome of the Ripple v. #SEC case.

The rollercoaster week ahead on the regulatory front kicks off with the release of the Hinman documents, which could potentially influence not just the outcome of the Ripple court case, but the status of cryptocurrencies as securities broadly. The SEC is also expected to respond to Coinbase’s request for clearer regulatory rules.

The macro portion of the eventful week begins with CPI numbers for May. The CPI is a critical indicator of inflation, measuring the average change in prices for a basket of consumer goods and services. If the CPI is higher than expected, it suggests inflation is rising, which can lead to increased speculation about interest rate hikes. These potential hikes can strengthen the dollar, which usually causes Bitcoin and other cryptocurrencies to decline as investors seek safety in the dollar.

The following day will see the release of May PPI numbers. PPI measures the average change in selling prices received by domestic producers for their output. A higher than expected PPI signals increased inflation at the production level, which can lead to a rise in consumer prices down the line. This can impact cryptocurrencies similarly to the CPI, as a stronger dollar may lead to a decrease in #cryptocurrency values.

The crypto market is signaling explosive volatility ahead | TOTAL at TradingView.com

If that wasn’t enough, Wednesday brings the Federal Reserve interest rate decision. Interest rate decisions are always closely watched by financial markets. If the Federal Reserve raises rates to combat inflation, the cost of borrowing increases, and businesses are less likely to take on debt. This could lead to a decline in the stock market, which often spills over into the crypto market as investors seek to reduce overall risk. However, experts are expecting a potential pause in rate hikes, which could boost crypto prices in tandem with stocks. But only if inflation figures cooperate.

On Thursday, additional macro reports will be released on Initial Jobless Claims, Retail Sales, Industrial Production, Business Inventories, and more. These data points give us a snapshot of the current economic health. High jobless claims can indicate economic weakness, which might lead to a flight to the safety of the dollar and a sell-off in riskier assets like crypto. Conversely, strong retail sales and industrial production could indicate economic strength and increase risk appetite, potentially bolstering crypto prices.

Finally, on Friday, Fed Governor Waller will give an early morning speech. The speech could give insights into the Fed’s thinking and future monetary policy. Depending on the tone and content of Waller’s remarks, #crypto markets could experience significant volatility.

The culmination of these events leads into a holiday weekend for US legacy markets, observing Juneteenth. Historically, reduced trading during holiday periods can lead to higher volatility due to lower liquidity.

Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

source: bitcoinist

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Shiba Inu (SHIB) is one of the #cryptocurrency initiatives that has captivated investors’ interest and enthusiasm the most. The introduction of Rocket Pond, the creation of the SHIB Metaverse, and the impending mainnet release of Shibarium are just a few of the significant changes that the Shiba Inu community is anxiously anticipating as the project gathers pace and speed.

The launch of Rocket Pond, one of the 11 SHIB Metaverse hubs, was one of the most eagerly awaited updates. According to Marcie Jastrow, a Shiba Metaverse advisor, the Rocket Pond will be presented very soon. SHIB owners and fans are extremely excited about this news and can’t wait for the launch of this new metaverse hub.

The Shiba Inu project has focused on the SHIB Metaverse, and the team has been working hard to assemble it. Jastrow recently alluded to the upcoming release of a video presentation of one of the metaverse centers. With this release, the community can anticipate seeing a glimpse of the immersive universe that Shiba Inu is creating.

Shibarium, another ground-breaking invention, is also seeing rapid development. Puppynet, the Shibarium beta version recently released, shows continual upgrades and advancements. The developer team is working behind the scenes and improving the platform to offer the Shiba Inu community autonomous services and infrastructure.

These improvements mark significant turning points for the Shiba Inu project as it continues to gain popularity and draw an expanding user base. SHIB has lost two zeros since April, highlighting its remarkable price performance and #market interest. This has sparked investor rumours and conversations about the likelihood that SHIB would soon achieve the coveted price of $0.001.

Shiba Inu lovers have expressed their enthusiasm and eagerness on various social media sites as they eagerly await these developments. There is palpable excitement for the next updates since SHIB holders think these achievements could significantly increase the value of their treasured coin.

It is important to note that the #ShibaINU initiative has strongly emphasised accessibility and inclusivity. According to reports, Rocket Pond and other metaverse hubs won’t be bought out by private investors. Once the metaverse is operational, it will instead be accessible to the general public and offer options for participation and community interaction.

The Shiba Inu community is on the verge of anticipation as the launch dates for Rocket Pond, the SHIB Metaverse, and the #Shibarium mainnet approach. The planned updates are significant advancements for the project and can influence how the SHIB ecosystem develops in the future. Shiba Inu is already firmly entrenched as one of the most compelling projects in the cryptocurrency market, thanks to the enthusiasm and confidence that each milestone brings.

source: zycrypto

image source: AI

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Vitalik Buterin, the co-founder of Ethereum, has proposed a roadmap consisting of three transitions: Layer 2 scaling, wallet security enhancement, and privacy measures.

#Ethereum co-founder Vitalik Buterin laid out a roadmap in a blog post comprising three major technical transitions that he believes are needed to ensure the success of the Ethereum blockchain.

Buterin contends that these transitions – Layer 2 scaling, wallet security enhancement, and privacy measures – will be pivotal in preserving Ethereum’s decentralization and assuring its open and permissionless nature for all users.

According to Buterin, if these transitions fail to occur, the sustainability of Ethereum could be undermined.

The first one is scaling Layer 2s. In the last couple of years, Ethereum has rapidly witnessed the emergence of a Layer 2 ecosystem consisting of Optimistic Rollup and Zero Knowledge-Rollup solutions. These solutions have helped reduce the cost of transactions, but since most activity still takes place on the main network, the L2 space still needs to mature and scale further. 

Buterin warned that without Layer 2 scaling, Ethereum could face escalating transaction fees, particularly during market expansion phases or “bull runs.” This could push users towards centralized alternatives, he warned.

“Without the first [L2 scaling], Ethereum fails because each transaction costs $3.75 ($82.48 if we have another bull run), and every product aiming for the mass market inevitably forgets about the chain and adopts centralized workarounds for everything,” Buterin stated.

Emphasis on wallet security

In his blog, Buterin further highlighted the importance of wallet security. He contended that potential security concerns could deter users from storing their funds on the Ethereum network, forcing them to opt for centralized exchanges instead.

"Without the second [wallet security], Ethereum fails because users are uncomfortable storing their funds (and non-financial assets), and everyone moves onto centralized exchanges," Buterin said.

He suggested transitioning to smart contract wallets that support complex features like social recovery, similar to account abstraction. According to Buterin, social recovery wallets would be necessary for improved security and user experience.

The Ethereum co-founder also emphasized the importance of privacy as the third transition. He expressed concern that without robust data privacy measures in place, users could be discouraged from using Ethereum. Buterin suggested implementing stealth address protocols to provide privacy features for Ethereum users.

source: theblock

image source: AI

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

One bitcoin whale has woken up after more than 10 years of inactivity.

It transferred more than 1,400 coins to a new address.

A wallet holding a large bitcoin sum transferred its 1,432.93 bitcoins — worth $37.8 million — to a new address after more than 10 years of inactivity.

The address initially received bitcoin on April 9, 2013, when the price was only $195.40 per coin, on-chain analyst Lookonchain noted.

The price of bitcoin is down more than 3% on Coinbase over the past week. Source: TradingView

This latest transfer follows a slew of similar movements over recent months.

On April 24, a bitcoin whale address that hadn't been active for 12 years transferred nearly $11 million in #bitcoin to another address. That movement came only days after another whale address transferred nearly $61 million in bitcoin after nine years of inactivity and a separate wallet transferred 279 bitcoins after ten years.

Also on April 24, an #Ethereum address that participated in the project's initial coin offering woke up after 7.7 years of dormancy and transferred a single ether.

source: theblock

image source: AI

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Cryptocurrencies the SEC characterized as securities in recent lawsuits led the drop among altcoins, while BTC traded mostly flat.

Binance's BNB token led the sell-off in the altcoin market, while BTC remained flat.

Crypto markets extend losses as central banks globally signal further rate hikes.

Major cryptocurrencies targeted as unregistered securities in U.S. Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase dropped sharply to lead an altcoin sell-off Wednesday as traders sought the relative safety of bitcoin (BTC).

BNB, the Binance Smart Chain’s native token, dropped 8% in the last 24 hours to as low as $252, its lowest price since early January, according to CoinDesk data. Cardano’s ADA, Polygon’s MATIC and Solana’s SOL, all top 10 tokens by market capitalization, also nosedived between 6% and 8% through the day.

BTC, the largest cryptocurrency by market cap, was outperforming, down 0.9% over the same period and changing hands at around $26,500. BTC has been trading between $25,000 and $27,000 for much of the past week.

Ether (ETH) was changing hands at $1,850, down 1.3% through the day, performing roughly in line with broader digital asset markets. The CoinDesk Market Index (CMI), which tracks the price action of a basket of cryptocurrencies, declined 1.1%.

Unregistered securities

The SEC’s inclusion of 13 altcoins in its filings Monday and Tuesday weighed on those token’s prices, potentially restricting U.S. investors’ trading offerings.

“Altcoins are under pressure as the SEC has made it clear they will make it nearly impossible for key exchanges to offer them,” Edward Moya, senior market analyst at broker platform Oanda.

“With an #SEC tag of being a security, #crypto traders are abandoning ship with #BNB , #ADA , MATIC, and SOL, with some moving those funds towards bitcoin.”

These tokens might extend their losing streak, particularly if the SEC looks to restrict staking, institutional-focused digital asset brokerage Enigma Securities said in a market report.

“ADA in particular would be the major victim, with its growth over the last 4-5 years heavily driven by consumer staking,” Joe Edwards, head of research at Enigma wrote.

More tightening

Surging bond yields globally also weighed on digital asset markets, as central banks signal further liquidity tightening, Oanda’s Moya noted.

Bank of Canada hiked interest rates by 25 basis points Wednesday again after a four-month pause and doubled down on continuing its quantitative tightening campaign, while Australia’s central bank (RBA) raised rates to an 11-year high on Tuesday and projected further hikes.

The U.S. 10-year government bonds rose 11 basis points throughout the day, a sign that investors expect the Federal Reserve to keep interest rates higher for longer.

“It appears Wall Street is fearful that the Fed might have to deliver more tightening just like the Bank of Canada and Reserve Bank of Australia have signaled this week,” Moya added.

source: coindesk

image source: AI

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Circle, the company behind the popular #USDC stablecoin, just got an official greenlight to operate in Singapore. After receiving an in-principle approval in November last year, Circle’s Singapore branch has obtained a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The Singapore license means Circle can now offer USDC to even more people and businesses in Asia.

USDC is one of the most popular and trusted stablecoins. Issued by Circle, each USDC token is backed 1:1 with US dollars held in what the company says are highly liquid fiat reserves.

What Does the Digital Token License Allow?

According to the license from the country’s central bank, Circle Singapore is now able to provide various services. These services include domestic and international money transfers within Singapore, as well as services pertaining to digital payment tokens. 

As the issuer of the second biggest #stablecoin in terms of market cap, Circle is well-positioned for the growth of the blockchain and web3 ecosystems in the Asian market. The new digital token license allows Circle to operate with more confidence and support in this key region. 

Overall, Singapore rolled out the red carpet for Circle and other #cryptocurrency companies looking to expand into Asia. With its friendly regulatory environment, access to markets, and available talent, Singapore offers fertile ground for Circle’s stablecoin to take root and thrive. 

“Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value,” said Jeremy Allaire, Co-Founder and CEO of Circle.

USDC market cap sitting at $28.66 billion | Source: Market Cap USDC on TradingView.com

The Future Of The Regulation Of Digital Assets

The crypto industry is known to be a target of regulatory bodies in recent years, particularly in Europe and the US. This week alone, the US Securities and Exchange Commission has taken significant legal action against Binance and Coinbase, two of the biggest companies in the crypto industry.

However, Asia and the Middle East have been showing better accommodation to the #crypto industry, with companies obtaining regulatory licenses in these markets. An example is Hong Kong opening up its crypto exchange licensing earlier this month. 

Singapore has taken a relatively progressive stance on digital assets and is working to become a hub for crypto companies and innovation in the Asian market. With a trusted company like Circle now properly licensed to provide digital currency services, more people and businesses in Singapore can start using crypto and stablecoins for payments, trading, and other transactions.

source: bitcoinist

image source: AI

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

A closely followed #crypto strategist is outlining how #bitcoin ( #BTC ) can regain its bullish momentum and rally toward a fresh all-time high.

Pseudonymous analyst Credible Crypto tells his 340,600 Twitter followers that Bitcoin bulls have successfully defended a critical support level at $25,000 following Monday’s corrective move.

According to Credible Crypto, a move below $25,000 will likely be driven by forced liquidations, which he thinks would be favorable for long-term BTC bulls.

“I consider the 1st target met at this point – which means anything lower is a ‘bonus.’ Will only be driven by forced liquidations and the minute we manage to reclaim $27,500, we probably squeeze up and see a full-on reversal.” 

Source: Credible Crypto/Twitter

The trader says he’s accumulating Bitcoin at current prices as he predicts a move above $27,500 could send BTC skyrocketing to a new all-time high.

“I’ve started buying spot BTC as per the plan.

Haven’t hit ‘sub-$25,000’ yet but took our lows at $25,800-ish… 

Keeping it simple: Can fish for liquidations into $22,000-$23,000. Downwide capped at $20,000, in my opinion.

Reclaim $27,500 and we are ready for continuation to new all-time highs.”

According to Credible Crypto, Bitcoin’s latest move down to $25,000 is “logical and healthy” as he holds the contrarian view that BTC will print a fresh all-time high this year, leaving many traders on the sidelines.

At time of writing, Bitcoin is trading for $25,591, down over 4% in the last 24 hours.

source: dailyhodl

image source: AI

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

A popular analyst says that #bitcoin ( #BTC ) and the #crypto markets could receive a boost from the resumption of monetary expansion.

In a new video update, the pseudonymous host of InvestAnswers says that global liquidity, or the amount of money circulating in the system, has historically been one of the best indicators for the movements of the crypto markets.

The analyst says that with liquidity slightly falling over the past year, the trend is likely to reverse and boost Bitcoin in the process.

“Global liquidity has fallen down because the US is tampering their money supply. It’s down 4% or 6% year to date so far, and that’s had a big impact on this gold line cutting through the Bitcoin line. Normally, when liquidity goes up, Bitcoin goes up, with a little bit of a time lag. Sometimes it’s exactly at the same time, so crazy, crazy times here. 

You can see here liquidity has dropped off, but with all the stuff that’s going on with debt ceilings being risen, and other economies around the world like Germany realizing they’re in a recession, money printing will begin again. [I’m] pretty certain of that. And that will drive the prices up, too.

Source: InvestAnswers/YouTube

BitMEX founder and #crypto veteran Arthur Hayes recently said the Federal Reserve will likely have to print money to pay interest on reserve balances, thereby increasing liquidity in the system. Hayes predicted that wealthy asset holders who received interest payments from the Fed will likely buy risk assets with the proceeds.

“All of this interest paid is effectively a stimulus program to wealthy asset holders. What do wealthy asset holders do when they have more money than they need? They purchase risk assets. Gold, Bitcoin, AI tech stocks, etc. will all be beneficiaries of this ‘wealth’ that is printed by the government and handed out as interest.”

source: dailyhodl

image source: AI

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Franklin Templeton, one of the world’s largest asset managers with over $1.5 trillion in assets under management, plans to invest heavily in #bitcoin as well as its underlying technology.

This strategy was revealed by Sandy Kaul, the Senior Vice President of Franklin Templeton’s burgeoning #crypto business, during a Sunday interview with Scott Melker, host of the Wolf Of All Streets podcast. 

Discussing how Franklin Templeton entered the digital asset space, Kaul explained that the company was intrigued by the technology behind Bitcoin and had decided to experiment on blockchain to bring operational efficiency and cost savings for its businesses.

As such, the company commenced research on individual coins, created multi-coin portfolios, and even invested in various crypto firms through a dedicated venture capital fund created in 2021.  Furthermore, she disclosed that Franklin Templeton operates its node operations to gain a comprehensive understanding of the Bitcoin network and its growth.

Kaul also emphasized that Franklin Templeton’s interest in crypto extends beyond Bitcoin. She highlighted the vast opportunities presented by the cryptocurrency’s blockchain and expressed her belief in investors exploring emerging opportunities.

“I think one of the issues we have right now is that people fixate too much on just Bitcoin and oftentimes don’t think about the broader ecosystem….Bitcoin is a huge Innovation, and we think it’s going to have massive opportunities in the future,” said Kaul.

Kaul also predicted a continued surge in institutional investors dabbling with cryptocurrencies, particularly Bitcoin. She highlighted the cyclical nature of the crypto market, with waves of bull markets occurring every few years since 2011.

According to her, institutions prefer to enter the #market when prices are low, and the sector is not in the spotlight. Thus, the current crypto winter was a period in which institutions strategically positioned themselves in the market, similar to the gradual adoption of alternative assets that took around 10 to 15 years. Furthermore, Kaul emphasized the importance of institutional involvement in creating a solid foundation for the market, which would play a crucial role in propelling cryptocurrencies to new heights following substantial price declines.

“I know they’re not worried about the price. They salivate at low prices…If you’ve seen Bitcoin go to $69,000 and you see it at $15,000, you know $69,000 can happen again.” She added.

That said, as Franklin Templeton commits to investing further in Bitcoin and the broader crypto ecosystem, the asset manager joins prominent hedge funds, such as Grayscale Investments, Ark Invest and Pantera Capital, that have already made substantial investments in the space.

Furthermore, with Franklin Templeton’s commitment to education and promotion alongside its investment activities, mainstream acceptance of digital assets in investment portfolios will likely accelerate.

source: zycrypto

image source: AI

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.