From Beijing to Tokyo, Asian nations get active in crypto regulation: Law Decoded, May 22–29
Lawmakers in Japan have decided to enforce stricter Anti-Money Laundering measures to trace cryptocurrency transactions from June 1.
Lawmakers in Japan have decided to enforce stricter Anti-Money Laundering measures to trace cryptocurrency transactions from June 1.
submitted by /u/CappucinoAtDawn [link] [comments]
"Law regulators" around the world together with their governments keep trying to make crypto weaker or to ban it from their country forever. They say it is used for scams, drug trafficking etc. Because nature of crypto is dezentralization, they are probably right. But, they are pointing it too much, too often for sums that…
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SELFDESTRUCT: History, EIPs, Future in smart contracts Learn about various SELFDESTRUCT proposals with this ELI5 video https://youtu.be/sIr6XX8yR8o Topics History and expected usages DAOattack Why developers use SELFDESTRUCT Open Issues & reasons for deprecating SELFDESTRUCT Related EIPs 7:45 – EIP-4758: Deactivate SELFDESTRUCT 8:53 – EIP-4760: SELFDESTRUCT bomb 9:45 – EIP-6046: Replace SELFDESTRUCT with DEACTIVATE 11:00 –…
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EOS Network, a popular open-source blockchain platform prioritizing high performance and security, has recently witnessed a sharp price decline. The asset exhibits bearish sentiment in the 30-Day timeframe. Related Reading: The Best Decision Is To ‘Buy Bitcoin (BTC),’ Robert Kiyosaki Urges The EOS price is down by 14.19% in its one-month data from CoinMarketCap. This suggests that the bears have controlled the market since the last 30 days trading session. This shift in market sentiment raises questions about what lies ahead for EOS. EOS Faces High Bearish Momentum, Further Price Decline, or Potential Reversal? The bearish sentiment and the loss of control by the bulls have had a noticeable effect on EOS’s price. The cryptocurrency has experienced a downward trend, with declining trading volumes and increased selling pressure. Notably, the 24-hour trading volume is declining by 13.29% today, May 29, 2023, and its market cap is down by 1.32%. As of the time of writing, the price of EOS is down by 1.28%, at $0.89. This trend reflects a shift in market dynamics as investors become more cautious and start to sell their EOS holdings. Despite the prevailing bearish sentiment, potential catalysts could alter the trajectory for EOS. On May 26, the EOS network shared potential bullish news about its partnership with Hypha DAO and an initiative dubbed Beta Program. EOS network claims that the Beta program will offer a range of pre-configured templates designed to meet different firms’ needs and objectives. Generally, this news may lead to a positive market impact on the EOS price and market sentiment. EOS’s positive development and partnership can attract new buyers and increase demand, increasing prices. Also, Fear of Missing Out (FOMO), a psychological phenomenon, can create a buying frenzy and drive the price even higher quickly. EOS Price Formed Double Bottom Pattern In that sense, the EOS/USDT has formed a double-bottom chart pattern, suggesting a potential uptrend movement soon. The double bottom pattern is a bullish reversal pattern that typically forms after a prolonged asset price decline. Confirming the double bottom pattern occurs when the asset’s price breaks above the resistance level formed by the peak between the two bottoms. This breakout confirms the reversal signal and suggests a higher probability of an upcoming uptrend. Related Reading: JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why EOS has an important resistance level at $0.931, which represents a significant blockage for possible bullish movement. Bollinger Bands and MACD Signal Potential Trend Reversal The asset is currently oscillating between the upper band and middle band of the Bollinger Band indicator. This suggests an increase in the buying pressure and a rising bullish momentum. In addition, the Moving Average Convergence/Divergence (MACD) is currently above its signal line, suggesting bullish momentum. This indicates that the buyers are gradually taking over the market, and there might be a potential trend reversal soon. As seen in the chart above, the histogram is above zero and has strong green bars, further confirming the bullish sentiment in the market. Featured image from Pixabay and chart from TradingView
The deal was posted to both the Ethereum network and the protocol’s official Twitter channel.
The news of a tentative debt ceiling deal bolstered Bitcoin’s price above $28,000, but higher levels continue to attract selling from the bears.
American Express plans to extend its AI capabilities through partnerships despite having experimented internally with numerous machine learning-powered services.
If the historical pattern in this on-chain indicator is anything to go by, hopes for the continuation of the Bitcoin rally may still be alive. Bitcoin SOPR Ratio Has Been Going Up In Recent Weeks As an analyst in a CryptoQuant post pointed out, the SOPR ratio has been above 1 recently. The “Spent Output Profit Ratio” (SOPR) indicates whether the investors in the Bitcoin market are selling their coins at a profit or a loss right now. When the value of this metric is above 1, it means the average holder in the sector is currently moving their coins at a loss. On the other hand, values below this threshold imply the market is realizing a net profit at the moment. The BTC sector is generally divided into two main holder groups: the “short-term holders” (STHs) and the “long-term holders” (LTHs). The former cohort includes all investors that acquired their coins within the last 155 days, while the latter group includes those who bought before this cutoff. In the context of the current discussion, the relevant indicator is not the SOPR itself but the “SOPR ratio.” This indicator measures the ratio between the SOPR, specifically for the LTHs and the STHs. Related Reading: Will This Political Deal In The US Save Bitcoin and Crypto? Now, here is a chart that shows the trend in the 30-day simple moving average (SMA) Bitcoin SOPR ratio throughout the history of the asset: Looks like the value of the metric has been going up in recent days | Source: CryptoQuant As you can see in the above graph, the quant has marked the pattern that the 30-day SMA Bitcoin SOPR ratio seems to have followed during the past cycles of the cryptocurrency. Whenever the SOPR ratio is below 1, the LTHs realize lower profits relative to the STHs. Historically, this has usually been observed inside bear markets. The bear market bottom formations in the asset price have always occurred when the indicator has plunged deep below this mark and hit a value of about 0.5. Bullish periods followed with a surge in the metric back above the 1 level. Such a breakout implies a shift in the market dynamics, as the LTHs are harvesting a higher profit than the STHs during periods like these. During the rally in the last few months, the 30-day SMA Bitcoin SOPR ratio has again managed to break above the 1 mark, suggesting that the shift towards a bull market may have occurred. Related Reading: Bitcoin Shows Recovery: Did This Historical Line Act As Support Again? The metric is still firmly above this level, despite the recent struggle that the coin has seen. The analyst believes this is a sign that the bulls continue to dominate the market. From the chart, it’s also visible that the present values of the SOPR ratio are nowhere near as high as what was observed during past rallies, including the April 2019 rally, which may hint that the rally has some potential to go before the top. BTC Price At the time of writing, Bitcoin is trading around $27,900, up 4% in the last week. BTC has gone up during the past day | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com
State lawmakers passed a proof-of-reserves bill and legislation covering crypto firms’ usage of flare gas, both awaiting Texas Gov. Greg Abbott’s approval or veto as of May 29.