Crypto exchange Binance US has urged a federal judge to reject a request by the U.S. securities regulator to freeze its assets. The company won’t be able to maintain the trading platform or pay employees and vendors, defense attorneys said in a court filing.

‘No Need for the Draconian Relief Sought by the SEC,’ Binance US Lawyers Say

Binance US, the American subsidiary of the largest cryptocurrency exchange, Binance, has asked a federal judge to reject a request filed by the U.S. Securities and Exchange Commission (SEC) to freeze billions of dollars’ worth of assets under its management.

Last week, the SEC sought court approval to freeze crypto assets on the platform for the duration of a legal fight against Binance.US, Binance Holdings Ltd. and Binance founder and CEO Changpeng Zhao, citing concerns over the safety of customer funds.

“Operations would quickly grind to a halt,” attorneys representing Binance US said in a court filing on Monday, quoted by Bloomberg. The lawyers warned that the exchange will not be able to pay employees and suppliers while emphasizing:

With a freeze of all corporate assets, banking partners would most likely cease to honor requests to transfer funds for any purpose, including customer redemptions.

When the SEC sued Binance, it accused the exchange of “blatant disregard of US securities laws” and “years of violative conduct.” Mishandling of customer funds and misleading investors and regulators were listed among the alleged violations. The defense team insisted, however, that customer assets are safe and stated:

There is no need for the draconian relief sought by the SEC.

One of the banking partners of Binance US has already informed the crypto platform it will no longer hold its assets starting on June 14, the filing further reveals. This partner also froze all activity on the company’s account until after the court rules on the SEC’s motion, the report notes.

On Thursday, Binance US informed customers that it’s suspending dollar deposits and withdrawals. The exchange asked users to withdraw their holdings in U.S. currency by June 13 as it transitions into a crypto-only trading platform.

#BinanceTournament #Binance

Bitcoin moved below the $26,000 level to start the weekend, as bearish pressure intensified following a week of turbulence. Sentiment in the market once again shifted, as traders liquidated their positions on the back of the U.S. Securities and Exchange Commission’s (SEC) crackdown on crypto. ETH dropped below $1,800.

Bitcoin

Bitcoin (BTC) started the weekend trading below $26,000, as traders continued to react to the fallout of the SEC’s cryptocurrency crackdown.

The latest domino to fall came in the form of Robinhood, who moved to delist several altcoins from its platform, including solana and cardano.

BTC/USD fell to an intraday low of $25,502 in the news, which comes a day after price peaked at $26,770.

BTC/USD – Daily Chart

Looking at the chart, the latest downturn came as the 14-day relative strength index (RSI) fell towards a floor at 39.00

At the time of writing, the index is tracking marginally above this point at 40.06.

In addition to this, the 10-day (red) moving average has extended its downward cross versus its 25-day (blue) counterpart, putting further emphasis on the current bearish sentiment.

Ethereum

Bears were also present in ethereum (ETH), which dropped below the $1,800 level to start the weekend.

After climbing to a peak of $1,861.14 on Friday, ETH/USD slipped to a bottom of $1,721 earlier in today’s session.

The move saw ethereum plunge to its weakest point since late April, breaking out of a floor at $1,730 in the process.

ETH/USD – Daily Chart

As a result of this shift in market momentum, the RSI also tailed off, dropping to its lowest level since March.

The index is currently at a reading below 40.00, which is close to oversold territory, and could act as a slight positive for bulls.

In the event price becomes more oversold, there is a good chance that longer term bulls could move to buy the dip.

#Binance #BinanceTournament #BTC #ETH

Doubts regarding crypto remain among German banks, but there is a growing concern about missing out on a potentially game-changing development.

For a long time, German banks largely neglected the cryptocurrency industry, considering it too speculative, too risky and too unregulated.

Foreign institutions, neobrokers, and crypto fintech companies such as Bitwala, Trade Republic, Bison App and Bitpanda were primarily responsible for providing services like trading and custody, business account management, tokenization, card issuing and ATMs.

Trading cryptocurrencies directly at a German bank branch is not possible. Not even the big online banks like Comdirect, Deutsche Kreditbank or ING allow their customers to trade cryptocurrencies directly via a broker. The only way for customers of these banks to invest in Bitcoin {BTC$25,904} and other coins is through certificates replicating the cryptocurrencies.

But German banks’ reluctance to embrace crypto is slowly ending, with more institutions working on solutions to give customers access to cryptocurrencies.

Bitcoin soon at 1,200 German banks?

Deutsche WertpapierServiceBank (Dwpbank) took an important step in March 2023 with the launch of its wpNex crypto trading platform, which gives 1,200 banks and savings banks in Germany access to the digital asset industry.

However, it remains to be seen how well affiliate banks will receive the offering and whether it will live up to expectations. “In addition to our pilot customer MLP Banking, we are also in close contact with DZ Bank [Germany’s second-largest bank by assets held] about our offer,” Heiko Beck, Dwpbank CEO, told Cointelegraph, adding that there are “a few other interested parties from the customer base,” without disclosing who.

Large commercial banks serve institutional clients

Asset management group DWS, which is majority-owned by Deutsche Bank, is also looking for a way into the crypto business by giving investors access to digital assets. In April, DWS announced it was working on exchange-traded products of cryptocurrencies in the European market with Galaxy Digital. Additionally, DWS intends to use the partnership to develop other digital solutions that will give investors access to blockchain applications and digital assets.

In an April LinkedIn post, DWS CEO Stefan Hoops said, “Without a doubt, the majority of crypto coins are between worthless and fraudulent,” adding, “Nevertheless, we believe in the future of a tokenized economy which will substantially disrupt the current market structure.”

The move follows the belief that investor interest in digital assets is unabated, according to Hoops, who added that “we should develop safe access to digital assets rather than display schadenfreude when our clients lose money dealing with dodgy [entities].”

#cryptocurrency #crypto2023 #Binance

Binance US has informed its users that U.S. dollar deposits have been suspended and USD withdrawals will no longer be processed. The crypto exchange has asked customers to withdraw dollars by June 13 as it transitions into a crypto-only trading platform. The move followed a lawsuit against the crypto exchange and several other Binance entities by the U.S. Securities and Exchange Commission (SEC).

Binance US Suspends Dollar Deposits, Withdrawals

Binance US made an announcement Thursday regarding the suspension of U.S. dollar deposits and withdrawals following an “aggressive” enforcement action taken by the U.S. Securities and Exchange Commission (SEC).

The securities watchdog filed charges against several Binance entities on Monday, including Binance Holdings, which operates Binance.com; its U.S.-based affiliate BAM Trading Services, which operates Binance US; and Binance CEO Changpeng Zhao (CZ). The regulator followed up with an emergency action application the next day, seeking a temporary restraining order to freeze assets held by Binance US. The SEC also filed charges against the Nasdaq-listed crypto exchange Coinbase on Tuesday.

“The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry,” the official Twitter account for Binance US wrote Thursday, adding that the SEC’s action “has created challenges for the banks with whom we work.” The exchange continued:

In an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. We encourage customers to take appropriate action with their USD.

In addition, Binance US informed customers that it will remove select BTC and BUSD advanced trading pairs. “We have also decided to streamline our buy, sell & convert offering and have paused our OTC trading portal,” the exchange noted.

The platform additionally clarified that it is transitioning into a crypto-only exchange, stating on its website:

Binance.US will become a crypto-only exchange. Please withdraw USD by June 13, 2023.

“Any USD balances remaining on the platform after June 15, 2023, may be converted to stablecoin that can be withdrawn on-chain,” Binance US noted, emphasizing that “Cryptocurrency services remain fully operational, including crypto trading, staking, deposits, and withdrawals.” Moreover, Binance US stressed that it maintains a 1:1 reserve for all customer assets.

In a letter to its users, Binance US stated that “the SEC has brought unjustified civil claims against our business, from which we will continue to vigorously defend ourselves, our customers, our partners, and industry.” The exchange similarly tweeted Thursday that it “will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.”

#crypto2023 #Binance #dyor

Bitcoin edged marginally higher on Friday, as traders began to shift their attention to next week’s Fed meeting. Many are expecting that the Federal Reserve will keep rates unchanged for the first time in over a year. Ethereum remains above a floor at $1,830.

Bitcoin

Bitcoin chart by TradingView

Bitcoin (BTC) moved marginally higher during Friday’s session, as the focus for traders begins to be next week’s Fed rate decision.

Following a low of $26,339.32 on Thursday, BTC/USD jumped to an intraday peak of $26,797.51 earlier today.

The move comes as bulls bounced from a price floor at $26,300, with a ceiling at $27,200 now a potential target.

In order to get closer to this point, the 14-day relative strength index (RSI) will need to move past a ceiling at 47.00

At the time of writing, the index is tracking at 46.21, with bitcoin trading around the $26,600 level.

Despite the optimism from bulls, the 10-day (red) moving average remains in a downtrend, following a cross with its 25-day (blue) counterpart.

Ethereum

In addition to bitcoin, ethereum (ETH) recorded some small gains on Friday, after colliding with its own support point.

ETH/USD climbed to a peak of $1,861.14 in today’s session, which comes less than 24 hours after falling to a bottom at $1,831.26.

Unlike bitcoin, the moving averages have yet to cross, which provides optimism to longer-term bulls of potential upcoming gains.

Ethereum chart by TradingView

As well as the price, the RSI has also avoided a breakout below a floor at 47.00, and is now at a reading of 48.23.

The next target appears to be the 52.00 mark, and should this be hit, ethereum will likely be above $1,900. #googleai #BinanceTournament #crypto2023 #dyor

Approximately 12 years ago, a programmer named Laszlo Hanyecz from Florida had a craving for pizza. He decided to purchase two pizzas using Bitcoin, making it the first recorded real-world use of cryptocurrency.

On May 18, 2010, Hanyecz posted on the Bitcointalk.org forum expressing his intention to buy two large pizzas with Bitcoin. He offered 10,000 Bitcoin to anyone who could fulfill the order and deliver it to him.

Later that day, a user named "ender x" responded to the forum post, commenting that 10,000 Bitcoin seemed like a substantial amount for just two pizzas and wishing Hanyecz luck in his quest for "free pizza." Five days later, on May 22, 2010, at 7:17 p.m., Hanyecz shared a picture of the pizzas he bought along with a message stating, "I just wanted to announce that I exchanged 10,000 bitcoins for pizza."

This event documented the first-ever purchase of a tangible item using Bitcoin. In Jacksonville, Florida, there is even a plaque at Papa John's commemorating this historic transaction, reading, "Papa John's. Famous Bitcoin pizza makers. May 22, 2010."

Since then, the price of Bitcoin has skyrocketed, and the 10,000 Bitcoin Hanyecz spent on the pizzas is now valued at around $291,305,000. While Hanyecz couldn't have anticipated the current value of Bitcoin, his intention was simply to exchange pizza for Bitcoin, and he achieved just that.

Bitcoin Pizza Day, celebrated on May 22, has become a notable event for Bitcoin enthusiasts worldwide. People from every continent commemorate this day by purchasing pizza and sharing it with family and friends, resembling a sort of religious ceremony for the day when a Floridian introduced Bitcoin through a pizza purchase.

Here are some intriguing facts about Bitcoin Pizza Day:

1. At the time of purchase, 10,000 Bitcoins were worth only $41.

2. Hanyecz didn't stop at two pizzas; he continued buying pizzas using Bitcoin.

3. Hanyecz had to wait four days to receive his pizza order. 4.

Another participant in the transaction, Jeremy "Jercos", didn't hold onto his Bitcoin for long.

5. Initially, Bitcoin Pizza Day wasn't widely observed until it gained popularity in 2014.

6. Bitcoin Pizza Day wasn't the first Bitcoin-related holiday; it followed "Satoshi Disappear Day" in 2011.

Instead of mocking Hanyecz for his pizza purchase, we should recognize the historical significance of this event. It marked the first time Bitcoin gained market value, and Hanyecz played a crucial role in introducing Bitcoin to the mainstream. Bitcoin represents a unifying force worldwide, transcending gender and race, and offers a liberating alternative to the devaluing financial system.

#binancepizza #BTC #crypto2023 #feedfeverchallenge #dyor

According to statistics from mid-May 2023, 18 different application-specific integrated circuit (ASIC) bitcoin mining devices are profitable using today’s bitcoin exchange rates. Additionally, the top bitcoin mining machines today are made by three prominent ASIC manufacturers, as fabrication competition these days is limited.

18 ASICs Profit With Electricity Costs at $0.12 per kWh and Today’s Bitcoin Exchange Rates

The average hashrate of the Bitcoin blockchain over the last 2,016 blocks stands at approximately 353.9 exahash per second (EH/s) at present. In an impressive feat this month, on May 2, 2023, at block height 787,895, the network reached an unprecedented peak of 491.15 EH/s. Meanwhile, the price of bitcoin (BTC) has been steadily hovering slightly below the $27K mark. Real-time mining rig data gathered from asicminervalue.com reveals that there are 18 profitable SHA-256 ASIC miners in operation using current BTC exchange rates.

The top six most profitable bitcoin mining rigs according to asicminervalue.com.

Given the present value of BTC and the rapid surge in hashrate, one might expect a multitude of ASIC manufacturers to be actively crafting advanced mining rigs in 2023. Surprisingly, however, the landscape is dominated by just three prominent ASIC fabricators exclusively focused on designing mining rigs for bitcoin extraction: Bitmain, Microbt, and Canaan. All 18 of the leading ASIC bitcoin miners, compatible with SHA-256 and currently generating profits, originate from these three manufacturers.

The top three most prominent bitcoin mining rig producers in 2023.

The Top 6 Most Profitable ASIC Bitcoin Miners on the Market in 2023

The top bitcoin mining rig is the Bitmain Antminer S19 XP Hydro, boasting a hashrate of 255 terahash per second (TH/s). With its establishment dating back to 2013, Bitmain has cemented its presence in the industry over the years, manufacturing 10 out of today’s top 18 ASIC miners. Taking into account current BTC exchange rates, data reveals that the S19 XP Hydro yields an estimated daily profit of approximately $9.29, factoring in an electricity cost of $0.12 per kilowatt hour (kWh).

The Bitmain Antminer S19 XP Hydro (pictured left) and the Antminer S19 XP (pictured right).

In close pursuit, the Antminer S19 XP, producing 140 TH/s, firmly secures its position as the second most lucrative ASIC rig. The S19 XP rakes in an estimated daily profit of $4.82 while upholding the same electricity costs. Trailing closely behind is Microbt’s Whatsminer M56S, commanding 212 TH/s and claiming the spot as the third most profitable bitcoin miner in the current market. Projections suggest that the M56S yields a daily profit of $4.44.

The Microbt-brand Whatsminer M56S (pictured left) and the Canaan Avalon-made A1366 (pictured right).

Following suit, the Antminer S19k Pro produces a hashrate of 136 TH/s, while the Antminer S19 Pro+ Hydro clocks in at 198 TH/s. These two miners are estimated to generate a daily profit ranging from $3.40 to $3.70. The fifth most profitable ASIC mining rig is Canaan’s Avalon A1366 which produces 130 TH/s. At $0.12 per kWh, the Avalon A1366 gets an estimated $3.17 per day in profit.

With electricity costs set at $0.12 per kilowatt hour (kWh) and considering the prevailing BTC prices, a total of 18 mining devices prove to be profitable. However, if the electricity rate drops below $0.12 per kWh, a broader range of machines with lower terahash outputs become financially viable.

While the global average electricity rate hovers around $0.14 per kWh, there’s a decent amount of countries, including Iran, Cambodia, Afghanistan, Belarus, Cape Verde, Brazil, Central African Republic, Bhutan, and Azerbaijan, among others, where electricity rates range from $0.01 to $0.05 per kWh.

#feedfeverchallenge #crypto2023 #BNB #BTC #Binance

In a recent interview, the renowned investor Paul Tudor Jones expressed his perspective on bitcoin, acknowledging that there might be regulatory challenges ahead. However, Jones emphasized his unwavering commitment to the dominant cryptocurrency, affirming that he maintains “a small diversification” in his investment portfolio and always will.

Paul Tudor Jones on Bitcoin: ‘I’m Sticking With It, and I’m Going to Always Stick With It’

In an appearance on CNBC’s “Squawk Box” this week, the legendary hedge fund manager Paul Tudor Jones shared his insights on both bitcoin (BTC) and the U.S. economy. Jones expressed his view that the U.S. Federal Reserve might have gone overboard with its actions, asserting that any rate hikes are unlikely to occur this year. Furthermore, he suggested that inflation could persistently decrease, bringing the Federal Reserve closer to achieving its objectives of controlling inflation than anticipated. Nonetheless, this decline in inflation could present a challenge for the leading cryptocurrency, bitcoin.

In addition to his observations on the U.S. economy, Paul Tudor Jones delved into the regulatory landscape surrounding bitcoin and the broader cryptocurrency industry. With conviction, Jones opined that “bitcoin has a real problem because, in the United States, you have the entire regulatory apparatus against it.” Despite this formidable opposition, Jones emphasized during his interview with CNBC that he remains steadfast in his commitment to the leading digital currency, opting to maintain a modest allocation of BTC in his investment portfolio.

Jones said:

From the beginning, I’ve always said I want to have a small allocation to it because it’s the only thing humans can’t adjust the supply in. So I’m sticking with it, and I’m going to always stick with it as a small diversification in my portfolio.

Back in October 2021, Jones confidently declared that bitcoin was “winning the race against gold,” just before BTC surged to its all-time high of $69K. Fast forward to May 2022, and Jones expressed the difficulty of not being bullish on cryptocurrencies. However, with the potential decline in inflation, the rationale behind hedging with gold and bitcoin might lose some of its luster in the future.

“[Bitcoin and gold have] done so well recently because of the fact that we have had these great risk premiums,” Jones told CNBC. “I wonder whether they may not be boring in the future. If inflation is truly done a bit, if that story’s been played, then you have to wonder: we were buying gold and bitcoin for the inflation hedges – that game may be over,” the investment mogul added.

#feedfeverchallenge #crypto2023 #dyor #BNB #Binance

Reef is thrilled to announce the launch of a $10 Million Accelerator Program for Web3 projects building on the Reef Chain, which are based out of the Middle East. The program, managed by Reef Labs, aims to support, incubate, and invest in promising Middle East-based Web3 developers, teams, and projects building on the Reef Chain.

The rise of blockchain/Web3 applications in the Middle East are setting the stage for remarkable technological progress and innovation. Reef has already made a significant impact in the region by securing the Best Ecosystem Award at The Middle-East Blockchain Awards.

Driving Growth in the MENA Region:

The Accelerator Program seeks to drive Reef’s vision for growth, making it the de-facto blockchain in the MENA (Middle East and North Africa) region. Ideas selected as part of this initiative will benefit from the financial support provided by Reef’s venture partners, along with mentorship, marketing, and business development assistance from Reef Labs. Additionally, these ecosystem projects can leverage Reef’s global community to promote their ideas and achievements to other Web3 developers and blockchain enthusiasts.

Positioning Reef for Web3 Adoption:

The present geo-political landscape in the MENA region fosters the growth of region-specific blockchain networks, which are set to play a significant role in promoting Web3 adoption. Reef is ideally positioned to deliver enterprise-grade solutions with high scalability, cost-effective transactions, extensible EVM, and on-chain upgradability features, thus stimulating inventive models to harness blockchain technology. Additionally, the remarkably low entry barrier for dApp developers has made Reef one of the most developer-friendly ecosystems to build upon.

Denko Mancheski, CEO of Reef, said about this new initiative, “We’re launching the Reef Accelerator Program with the aim of welcoming the brightest minds in the Web3.0 industry. The Reef team has been working with Web3 developers in the Middle East region for some time now, and is extremely excited by the talent and innovation we witness. Through our recently conceptualized Reef Labs initiative, we will choose the best Middle Eastern projects, empower them to realize their full potential and integrate them into the current Reef ecosystem of NFT, DeFi, Metaverse, and GameFi projects. It will also enable us to drive the growth of the Web3 industry in the Middle East and emerge as this region’s de-facto blockchain”.

The Reef Accelerator Program is poised to solidify Reef Chain’s position as the most developer-friendly blockchain solution for web2 businesses transitioning into the web3 space in the MENA region, ultimately propelling the upcoming wave of innovation and Web3 adoption.

This program amount of $10 million will be part of the $20 million developer support fund that Reef had announced earlier.

#feedfeverchallenge #crypto2023 #dyor #BNB #Binance

Solana extended recent gains on Monday, as the token rose to a one-week high, following recent declines. The token dropped below the $20.00 level last week, as a red wave hit cryptocurrency markets. Litecoin was also higher today, climbing by nearly 7%.

Solana (SOL)

Solana (SOL) rose to a one-week high on Monday, as momentum shifted following a recent bear run.

SOL/USD surged to a peak of $21.49 earlier in today’s session., which comes after Sunday’s low of $20.65.

As a result of this rally, solana moved to its strongest point since last Monday, when price was close to $22.00.

SOL/USD – Daily Chart

One of the catalysts of today’s gains came as the 14-day relative strength index (RSI) broke out of a ceiling at 45.00.

The index is now tracking at 48.31, which is its highest reading in almost ten days of trading.

Should current sentiment extend throughout the week, there is a good chance SOL will near its long-term resistance at $24.00.

Litecoin (LTC)

Additionally, litecoin (LTC) also moved higher in today’s session, with price climbing by as much as 7%.

Following a low of $81.75 on Sunday, LTC/USD raced to an intraday high of $87.54 earlier in the day.

This jump resulted in the token reaching its highest point since March 6, which is the last time LTC was trading close to the $90.00 mark.

LTC/USD – Daily Chart

From the chart, a breakout of the RSI has also occurred here, with a ceiling at 51.00 being broken.

At the time of writing, price strength is now at the 54.15 mark, with the next visible point of resistance being 58.00.

There is a strong possibility that litecoin could move above $90.00 in the coming days.

#feedfeverchallenge #crypto2023 #dyor #BNB #BTC

Amid Lebanon’s financial crisis, significant demonstrations have erupted in Beirut targeting financial institutions. Outraged Lebanese depositors, witnessing their savings vanish, have resorted to smashing bank windows, setting fires, and engaging in riots. Simultaneously, leaders of Lebanon’s central bank face grave allegations of fraud, embezzlement, and political corruption.

Lebanese Citizens Left Penniless as Financial Institutions Crumble

In February 2023, Lebanese depositors that were incensed by the alleged theft of their life savings by the country’s central bank, set ablaze the very banks that held their fortunes. Bitcoin.com News highlighted this distressing situation, revealing that regional banks had frozen accounts, leaving residents unable to access their hard-earned funds. As if that weren’t enough, Lebanon was plagued by skyrocketing inflation, further exacerbating the plight of its citizens.

The wave of discontent continued in March 2023 when protests reverberated throughout Beirut and other regions. Outlookindia.com vividly reported scenes of shattered windows, burning tires, and passionate demonstrators venting their anger against Riad Salameh, the governor of Lebanon’s central bank.

Amidst the month of May 2023, resolute demonstrations persist as Lebanese residents grapple with mounting anxiety over the fate of their hard-earned savings. Reports reveal that the bank, in a bid to restore order, enlisted the aid of security personnel and called upon riot police to quell the upheaval unfolding outside the downtown Beirut branch of Bank Audi.

Frustration simmers among Lebanese citizens who find themselves utterly deprived of access to their deposits, with accusatory fingers pointed squarely at Salameh and his brother. Alarming allegations have emerged from six European countries, as detailed by The National, suggesting that Salameh and his brother orchestrated an intricate embezzlement scheme of colossal proportions.

“In Lebanon, it is not one firm or one bank but the whole financial system that collapsed without warning from auditing firms,” The National’s reporter Nada Maucourant Atallah explains. “The crisis exposed losses of almost $70 billion wiping depositors’ savings out and triggering an uncontrolled inflationary spiral, which plunged more than 80 percent of the population into poverty.”

Leaders of Lebanon’s Central Bank Under Fire: Grave Allegations of Fraud and Corruption Surface

According to French court documents reviewed by Reuters, French prosecutors have unveiled their intentions to level preliminary accusations of fraud and money laundering against Salameh. The charges revolve around allegations that he concealed his wealth using purportedly counterfeit bank statements. A scheduled hearing in France on May 16th has been arranged by the French judicial authorities.

Meanwhile, the circumstances faced by ordinary citizens and Lebanese bank depositors persist, leaving them without any funds. The consequences of this predicament have ignited relentless indignation, as people grapple with the urgent need to provide for their families and meet basic necessities such as food and shelter. Lebanese financial institutions have now devolved into mere façades, with hollow bank tellers, vacant ATMs, and fortified buildings standing as bleak reminders of Lebanon’s broken economy.

#feedfeverchallenge #dyor #crypto2023 #BTC #Binance

Midway through May and bitcoin has mostly fallen lower, as markets digested several key pieces of economic data. The headline was another rate hike by the Federal Reserve, which came as U.S. non-farm payrolls rose marginally higher than expected. Heading into the last fortnight of the month, could bulls be on the brink of returning?

Current Market Status

At the halfway point of May, bitcoin has fallen to a two-month low, as market sentiment shifted bearish, following April’s strong gains.

With several key data points all being released in a short window, it was somewhat expected that price uncertainty would be present.

The Fed increased interest rates by 25 basis points, days after non-farm payrolls rose to 253,000, versus expectations of 180,000.

Since then, inflation fell to 4.9% in April, with many still uncertain as to what the Federal Reserve will do during June’s meeting.

May Outlook

Bitcoin (BTC) fell to a low of $25,810 last Friday, which came after a breakout occurred at a key price floor of $26,500.

This move saw the world’s largest cryptocurrency plunge to its weakest point since March 17, when the price was below $25,000.

Since then, BTC has somewhat rebounded, climbing to a peak of $27,527.51 earlier in today’s session.

BTC/USD – Daily Chart

From the chart, one of the catalysts for this move was the 14-day relative strength index (RSI), which rose above a ceiling at 42.00.

The index is now tracking at 44.66, with bitcoin reentering its own support point at $27,500, with bulls seemingly targeting $28,000 in the near term.

A big test will be what happens when the RSI reaches a ceiling at 48.00, should it move beyond this, not only will BTC be above $28,000, however, there is a good chance that it could hit $30,000 before the month’s end.

#feedfeverchallenge #crypto2023 #dyor #BNB #BTC

On May 15, 2023, the Bitcoin Cash network achieved another annual milestone by seamlessly integrating four cutting-edge features into its consensus ruleset. At precisely 1:24 p.m. UTC on Monday, the eagerly anticipated upgrade went live, marking a significant leap forward for the peer-to-peer electronic cash platform. Bitcoin Cash fans believe the transformative changes are set to revolutionize the blockchain’s ecosystem.

Bitcoin Cash Network Takes a Leap Forward With 4 New Ruleset Changes

At Bitcoin Cash block height 792,772, the network successfully upgraded the blockchain. The upgrade is more developer focused and average BCH users do not need to do anything. Only miners and full node operators need to upgrade their BCH software to be compatible with the ruleset changes. Over time, specific bitcoin cash (BCH) compatible wallets can upgrade as well and incorporate some of the new improvements like Cashtokens.

Today’s upgrade features four new elements which include: Cashtokens, Allow Transactions to be smaller in size, P2SH32, and Restrict Transaction Versions. The Allow Transactions ruleset changes “prevents a hash griding attack, where SPV wallets can confuse a 64-byte transaction for a merkle node,” according to a summary published by Coin Dance.

The “Pay-to-Script-Hash-32” (P2SH32) alteration serves as a long-term remedy against 80-bit P2SH collision attacks. The modification introduces an advanced address format exclusively designed for smart contracts, boasting enhanced cryptographic security measures.

With the introduction of the “Restrict Transaction Versions” modification, Coin Dance explains that transactions are now strictly limited to version numbers of either 1 or 2. Any blocks containing transactions that defy this rule will be swiftly invalidated.

The Cashtokens upgrade, eagerly awaited by the BCH community, promises a wealth of transformative features, making it a slightly more intricate enhancement. This highly anticipated upgrade is poised to usher in a multitude of advancements that will significantly elevate the capabilities of the network.

Bitcoin.com News spoke with software developer Jason Dreyzehner about Cashtokens on May 2, 2023, and he detailed the potential game-changing impact of Cashtokens CHIP for Bitcoin Cash. According to Dreyzehner, Cashtokens will offer censorship-resistant, low-fee digital assets that can represent physical assets and function as currencies, stablecoins, securities, and more.

Cashtokens offer a multitude of enticing benefits, such as empowering individuals to issue tokens representing a wide range of items. In addition, they bring smart contract functionality that rivals Ethereum but with an efficiency advantage of over 1,000 times in transactions and block validation.

The introduction of Cashtokens also paves the way for the development of low-fee, censorship-resistant prediction markets, while contract-issued commitments and non-fungible tokens (NFTs) open up exciting possibilities for decentralized applications (dapps). Amid the upgrade, bitcoin cash (BCH) is up 4% higher against the U.S. dollar on Monday morning.

#feedfeverchallenge #crypto2023 #dyor #BNB #BTC