Another Win for Ripple as Court Denies SEC’s Motion to Seal
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The tiny country introduced its digital residency program at the beginning of the year in hopes that it will help retain the youthful population and attract business and industry.
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The crypto market is retesting critical support areas as the U.S. Consumer Price Index (CPI) print surpasses expectations. The metric is used to measure inflation in the U.S. dollar, and it recorded an 8.6% increase year-over-year (YoY), the highest since 1981. Related Reading | TA: Bitcoin Bears Keep Pushing, Why BTC Could Still Nosedive This could turn the U.S. Federal Reserve (FED) more aggressive in its attempts to stop inflation. The financial institution began tightening its monetary policy which has translated into a reduction in global liquidity, and negative performance for risk-on assets, such as Bitcoin. The price of Bitcoin is back at $29,400 with a 3% and 3.5% loss in the last 24-hours and 7-days, respectively. The cryptocurrency made several attempts at returning to previous highs, but market conditions have contributed to an increase in selling pressure. A pseudonym trader presented two potential scenarios for Bitcoin in the coming months. The trader claims the market seems to have two targets in mind for the price of the number one crypto: either more downside to $20,000 or a push upwards to $40,000. As seen below, this trader believes Bitcoin could drop to $25,000 before returning to its current levels. This scenario contemplates Bitcoin forming a new range between its yearly lows and the low $30,000. The number one cryptocurrency, and the crypto market cap, might seem some relief later this year. However, rising inflation with a hawkish FED cast a long shadow over the bulls. The second scenario contemplates a longer BTC price range, but with less volatility. The trader said the following about these potential scenarios: These scenario’s would make for a painful and slow crab market throughout the summer. The space would end up feeling dead and empty. Right in time for some positive changes in terms of the macro landscape later on which could be the bullish catalyst for a breakout. Can Bitcoin And Crypto See New Highs In 2022? As inflation in the U.S. seems to spiral out of control, the U.S FED will continue to tighten by reducing their balance sheets and increasing interest rates. Consequently, the crypto market could experience steeper losses. Over the past months, as macro-economic uncertainty rises, Bitcoin dominance followed with an upward trend. As NewsBTC reported, this metric stood north of 40% in the past 7-days but could return to its 2020 levels. At the time, Bitcoin alone formed above 60% of the total crypto market capitalization. If the economic narrative turns its attention from reducing inflation to stopping a potential global recession, Bitcoin and the crypto market could see some relief. This scenario seems likely to play out by the end of the year. Related Reading | TA: Ethereum Holds Key Support, Why ETH Must Clear This Hurdle In any case, new highs seem unlikely for the crypto market. However, market participants should keep an eye out for a shift in narratives as they could signal potential bullish momentum.
Ten days into June, bitcoin continues to trade lower, with prices hovering close to a twelve-month low. Despite this, there continues to be optimism around potential rallies in price over the next few weeks. Overall, there is still a lot of uncertainty in the market, with the potential for either bullish or bearish runs in […]
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Bitcoin of America is a popular virtual currency exchange, registered as a money services business with the United States Department of Treasury (FinCEN)(RegNum). Apart from ensuring a fast and hassle-free transaction, they are known for their customer support. The popular BTM operator has continued to rapidly expand in 2022. This year, Bitcoin of America made […]
Cardano has been looking towards its most recent hard fork titled the Vasil Hard Fork. This will improve not only the network efficiency but is said to make the network more developer-friendly as a whole. The countdown to the hard fork has been a source of hope for many. Given that the price of Cardano’s native cryptocurrency ADA has been struggling so hard, the hope is that the launch of the hard fork will give it a nudge towards recovery. Why Is Vasil Hard Fork Important? For a network like Cardano which is seeing rapid growth, it becomes imperative for the network to run even better than it already does. This includes better network speed and of course, higher throughput and scalability to handle all of the activity. With more than 1,000 projects being developed on the network, Cardano is also looking to make the network more developer-friendly. More projects are expected to jump on board given its better functioning compared to Ethereum and the network plans to accommodate all of these with ease. Related Reading | Bitcoin Miner Revenues Stay Low As Price Decline Continues There are still more than two weeks to go for the launch of the Vasil hard fork on the mainnet but there are already a lot of talks and hopes surrounding it. It is currently running on the Cardano testnet, improving the efficiency of smart contracts. After the June 29th launch, smart contracts on the Cardano network will be cheaper and faster in terms of their functioning. ADA downtrend continues | Source: ADAUSD on TradingView.com Vasil follows the most significant hard fork yet on the Cardano network; the Alonzo hard fork. Alonzo had brought smart contract capabilities to the network. However, Vasil will build and improve on this foundation to make it a more efficient network. Cardano (ADA) On The Charts The price movements of Cardano (ADA) over the last six months have been brutal. The digital asset which had peaked at $3.10 has simply lost all of its holds causing it to crash down more than 80% from this all-time high value. This has put the cryptocurrency in the hands of the sellers and they continue to drag the price down. ADA has, however, seen some significant recoveries which have brought it close to its 50-day moving average. But as long as it continues to trend below this line, the outlook is still bearish for ADA. It is also significantly below its year-to-date moving average and this, too, paints a bearish picture for the altcoin. Related Reading | Bitcoin Decline Sees Funding Rates Plunge To Three-Month Lows Nevertheless, investor outlook toward the digital asset has been turning for the better. This is mostly due to the anticipation around the Vasil hard fork. The growth of the Cardano DeFi sector has also played a big role in this improvement in positive sentiment. If this continues, ADA may see the $1 mark before the month runs out. Featured image from Bitcoinist, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…