Category: Cryptocurrency News

MicroStrategy is a business intelligence firm and one of the biggest holders of Bitcoin, the world’s most valuable cryptocurrency by market capitalization. And Michael Saylor, the former CEO of MicroStrategy, believes the cryptocurrency market is bottoming, and a Bitcoin rally is on the horizon. Regulation, Halving, And Ordinals Are Drivers In the interview, Saylor points out several tailwinds that may drive BTC to new 2023 highs. Specifically, he talks about regulations and how BTC is safe, considering the favorable classification from the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), two of the top regulators in the country. Their officials classify Bitcoin as a commodity with utility and not an unregistered security. Saylor opines that other assets besides Bitcoin have a “black cloud hanging” over them and could be “regulated out of existence.” Consequently, he continued, capital will most likely flow from altcoins to BTC. I think the crypto tokens and securities will be regulated, perhaps out of existence. Bitcoin is the most secure network. It’s the most secure asset. Everything else has got a black cloud hanging over it. You will see a consistent flow of capital from the rest of the crypto ecosystem into Bitcoin. Related Reading: Prominent Crypto Trader Drops Shocking Bitcoin Price Prediction Besides regulation, he thinks the upcoming BTC halving event could propel prices higher. In 2024, the Bitcoin network will halve miner rewards from the current 6.25 BTC to 3.125 BTC. This development will be a supply shock on the network, making BTC scarcer and more valuable. Though miner revenue might drop, past halving events have led to significant price gains. This pattern may be replicated next year. Even though Ordinals has been blamed for bloating the network, Saylor remains bullish about the service and that it will propel the digital asset toward new highs. Ordinals is a platform allowing users to attach files, such as texts and videos, to Satoshis, effectively storing them on-chain. A satoshi is the smallest unit of BTC. Bitcoin Bull Run Incoming Talking to CNBC, Saylor, a Bitcoin permabull, thinks the recent firmness of the coin could be the start of a bull run that could push it to new 2023 highs. Related Reading: Bitcoin Price At Key Juncture, What Could Trigger Strong Increase BTC has been consolidating, failing to convincingly close above the $28,000 resistance level. For the better part of May 2023, prices have been edging lower, moving from around the $31,000 level recorded in late April 2023. Since April, the coin has dropped by around 10%, falling to as low as $25,800 last week. Despite the recent contraction, Bitcoin remains within a bullish formation. Notably, bears have failed to reverse gains posted from mid-March to early April 2023. Feature Image From Canva, Chart From TradingView

submitted by /u/Harold838383 [link] [comments]

submitted by /u/_swnt_ [link] [comments]

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, appears to be on the verge of a potential reversal. Technical analysis shows a compelling case for Ethereum’s potential reversal toward the $1,900 mark. The coin has shown signs of finding support at its current levels, and with mounting buying pressure, a bullish trend could be on the horizon. As the crypto market continues to evolve, all eyes are now on Ethereum and its potential reversal. Related Reading: Shiba Inu Struggles To Initiate A Breakout: Will It Defy Resistance And Rebound? Decreasing Volatility, Trading Volume Indicate Potential Reversal For Ethereum  Ethereum’s price charts reveal a notable decline in volatility, indicating a potential shift in market sentiment. Volatility, which measures the frequency and magnitude of price fluctuations, is on the decline, suggesting that the bearish sentiment surrounding Ethereum may be losing steam.  This drop in volatility often precedes trend reversals and signifies a market that is maturing and finding consensus among investors. Accompanying the decreasing volatility, Ethereum has also experienced a decline in trading volume, a crucial indicator of market activity and investor interest. The reduced trading volume is significant as it signifies a decrease in selling pressure, creating an environment conducive to potential price spikes.  For Ethereum, the diminishing trading volume sets the stage for a bullish reversal and hints at the possibility of an upward price surge. Source: Coingecko Amidst these positive indicators, Ethereum continues to ride the wave of success, with CoinGecko reporting an impressive price of $1,862, reflecting a remarkable 3.1% rally in the past 24 hours alone. Furthermore, the cryptocurrency demonstrates a promising seven-day increase of 2.8%, adding to its growing momentum. Source: CryptoQuant Mixed Signals: Staking Inflows Down Despite Ethereum’s positive price momentum and decreasing volatility, recent data from CryptoQuant reveals a decline in staking inflows. On Sunday, staking inflows stood at 93,952 ETH but dropped to 71,648 ETH on Monday. Although still higher compared to recent dips, the decrease in staking inflows suggests a potential shift in investor behavior. On the other hand, the total value staked continues to climb. This indicates that while the rate of increase has slowed down, there is still ongoing interest in staking Ethereum, potentially driven by the prospect of earning passive income through staking rewards. ETHUSD currently at $1,861 on the daily chart at TradingView.com Related Reading: These Top 5 Cryptos Are Seen Making Big Moves This Week Another aspect to consider is the withdrawal profile, which has presented mixed signals. Overnight, there was a notable spike in principal withdrawals, indicating a bearish sentiment. However, projections for the morning session suggest a more bullish outlook, with expectations of principal ETH withdrawals falling to below-normal levels. These withdrawal patterns contribute to the overall uncertainty surrounding Ethereum’s short-term market outlook. While staking inflows decrease and withdrawal activity remains inconsistent, investors and analysts are closely monitoring these indicators to gauge the direction of the market and the sentiment of Ethereum holders. -Featured image from WSJ

The Department of Banking highlighted that Bitcoin of America failed to obtain a license as a money transmitter to operate Bitcoin ATM kiosks in the state.

Bitcoin has seen around $167.47 million worth of NFT sales over the past 30 days, while StepN has integrated Apple Pay to remove barriers to entry to the app.

submitted by /u/AESTHTK [link] [comments]

Two individuals sued by the SEC for allegedly running a fake crypto mining scheme are seeking the suit’s dismissal, arguing the regulator has no authority over crypto.