Category: Cryptocurrency News

In a recent statement before the House of Representatives, US Treasury Department Secretary Janet Yellen emphasized the need for Congress to pass legislation that provides clarity and regulation in the crypto markets.  Secretary Yellen Calls For Action ‘Digital Asset Risks’  During the Financial Committee hearing, Yellen highlighted the “risks” associated with digital assets and called for measures to address potential vulnerabilities and non-compliance with applicable laws and regulations. Yellen specifically mentioned concerns related to runs on crypto-asset platforms, stablecoins, and the “proliferation” of platforms acting outside regulatory boundaries.  The Treasury Secretary stressed the importance of enforcing existing rules and regulations while urging Congress to enact legislation specifically targeting stablecoins and “non-securities” crypto assets in the spot market. Related Reading: Bitcoin, Solana Take Center Stage In $721 Million In Institutional Inflows Notably, Taylor Barr, head of policy at the blockchain trade association Chamber of Digital Commerce, pointed out that the bipartisan FIT for the 21st Century Act, led by Representative French Hill, aligns with Yellen’s call for market structure and regulation. Hill, a proponent of the legislative environment for crypto, previously highlighted the progress made in the House of Representatives. He emphasized passing the first comprehensive regulatory framework for digital assets and the prudent approach to stablecoins.  Furthermore, Hill believes that these initiatives address significant “regulatory gaps” and contribute to the crypto industry’s growth. Pro-Crypto Stance And Legislative Initiatives Align Barr also commended the Clarity for Payment Stablecoins Act proposed by the Chairman of the US Financial Committee, Patrick McHenry.  This act aims to establish consistent oversight and consumer protection for payment stablecoins, incorporating successful state-level regulations and striking a balance between innovation and regulatory certainty. McHenry, who has been vocal about the importance of the US leading the financial system of the future, has already emphasized the bipartisan progress on legislation to address the regulatory challenges posed by digital assets.  McHenry called for the “completion of the job,” highlighting the Clarity for Payment Stablecoin Act as a crucial step towards establishing a federal framework for stablecoins. Related Reading: Solana Suffers 11th Outage In 2 Years, SOL Price Drops 3% Overall, the convergence of Secretary Yellen’s call for regulation, Representative Hill’s legislative initiatives, and Chairman McHenry’s pro-crypto stance reflect a growing momentum toward establishing a comprehensive regulatory framework for the crypto industry.  However, it remains to be seen how Secretary Yellen’s proposed regulatory enforcement ideas and proposals will strike a balance between fostering innovation, as emphasized by McHenry and Hill while ensuring the growth of nascent technology.  As discussions on crypto legislation continue, the industry eagerly anticipates the outcome, seeking a regulatory environment that provides clarity and consumer protection and positions the United States at the forefront of digital asset innovation. Featured image from Shutterstock, chart from TradingView.com 

An analyst has recently explained how a buy signal has formed for XRP on its weekly chart, which could lead to an uptrend lasting for this long. XRP Has Observed A TD Sequential Buy Signal Recently In a new post on X, analyst Ali discussed a buy signal forming in the weekly price of XRP. The relevant indicator is the “Tom Demark (TD) Sequential,” a technical analysis tool for pinpointing probable reversal points for any asset’s price. This indicator is made up of two phases. The first phase is called the “setup” and lasts nine candles. During this phase, candles of the same polarity are counted up to nine, and following the ninth candle, the commodity can be assumed to have hit a top or bottom. Related Reading: XRP, SOL Among Coins With Red Sentiment, Time To Buy Against Crowd? If the setup’s completion occurred with nine green candles (the prevailing trend was bullish), then the indicator would suggest a switch toward the bearish direction. Similarly, red candles would imply a buy signal for the asset. The second phase in the TD Sequential is the “countdown,” which works just like the setup except that it lasts for thirteen candles. After these thirteen candles, another price reversal may have occurred. The TD Sequential phase of the former type has been completed for XRP recently. Here is the chart shared by the analyst that shows the TD Sequential setup forming in the weekly price of the cryptocurrency: Looks like the phase has finished with nine red candles for the asset recently | Source: @ali_charts on X The graph shows that this TD Sequential setup in the cryptocurrency’s 7-day price has formed with red candles, as the coin’s price has been struggling recently. The historical pattern could imply that the asset may have now hit a probable bottom point. Ali suggests XRP “is poised for an upswing lasting one to four weeks.” XRP Has Continued To Go Down Since The Year Has Kicked Off The year 2024 began for XRP with a sharp move down, from which the asset still hasn’t been able to recover as its price has continued to head downward, staying in line with the tone set by the poor start. The below chart shows how the coin has performed over the last three months. The price of the coin appears to have been going down during the last few weeks | Source: XRPUSD on TradingView A brief relief rally came for XRP around the time of the Bitcoin spot ETF approval, but just like it had played out in the broader sector, this surge also couldn’t last long as investors took to selling the news. Related Reading: Dogecoin Trounced: Chainlink’s 34% Jump Kicks DOGE Out Of Top 10 List After all the downtrend since then, the cryptocurrency is now trading around the $0.50 mark, down almost 18% year-to-date. Featured image from Shutterstock.com, charts from TradingView.com

submitted by /u/MasterpieceLoud4931 [link] [comments]

submitted by /u/Vipu2 [link] [comments]

In a new development for their partnership, MultiversX has announced its integration with Google BigQuery, marking a significant milestone in making blockchain data more accessible and insightful, per an official post. Related Reading: xDay 2023 Day 2: Google And MultiversX Join Hands, How The Big Tech Giant Will Support The Community MultiversX Ecosystem Gains a Boost With BigQuery Integration This integration hints at potential growth for the MultiversX ecosystem, underscoring the network’s commitment to enhancing the user experience and assisting its developer community by providing them with new tools. With this latest collaboration, Google replicates its role as the internet’s information custodian by making MultiversX’s blockchain data readily accessible through BigQuery. This platform operates as an enterprise-grade cloud data warehouse. The official post claims this move will “democratize access to blockchain insights, offering unprecedented transparency and analysis capability to users and developers alike.” Integrating BigQuery enables anyone with an account to delve into the MultiversX network’s intricacies without needing specialized software or the lengthy process of syncing the ledger. Users can now easily query the network’s data, including details about the top 100 block producers, daily transaction counts, and much more, as seen in the chart below. This capability is expected to drive further innovation and development within the MultiversX ecosystem. Lucian Mincu, CIO of the MultiversX Foundation, highlighted the significance of this development, stating: Analyzing and interpreting data to reveal useful insights about product usage is a science barely explored in the web3 space. Having Google resolve a big part of the hassle for MultiversX projects is an important step towards making dApps better, more useful, and more appealing to the masses. Google Support Accelerates MultiversX Development In addition to data accessibility, the partnership between MultiversX and Google Cloud encompasses a wide range of initiatives to accelerate Web3 adoption and ecosystem expansion. As announced during the xDay 2023 Conference in Bucharest, Romania. These include a startup accelerator program, hackathons, developer initiatives, and joint business developments. MultiversX’s presence at the company’s booth at GITEX Global in Dubai in 2023 exemplifies the partnership’s deepening collaboration. The partnership also shows Google Cloud’s commitment to supporting the blockchain community, as highlighted by Daniel Rood, Head of Web3 EMEA for Google Cloud. The partnership aims to drive adoption, “accelerating” the growth of the MultiversX ecosystem and, by extension, the broader Web3 space. With Google’s backing, MultiversX is poised for accelerated growth, bringing new opportunities for users and developers. Related Reading: Solana Suffers 11th Outage In 2 Years, SOL Price Drops 3% As blockchain technology continues to evolve, partnerships between MultiversX and Google BigQuery are pivotal in shaping the future of digital assets and Web3. By enhancing data accessibility and supporting the development community, MultiversX and Google are setting new standards for innovation and collaboration in the blockchain space. Chart from Tradingview

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

The expectations of a Bitcoin bull run in the year 2024 continue to drive investment decisions across the space. A number of reasons have been given for the expected bull run, including the approval of Spot Bitcoin ETFs for trading as well as the upcoming BTC halving event. One analyst has echoed the latter, elaborating on why the halving will bring about a bull market. The Bitcoin Halving Event Will Send Market Higher Crypto analyst James van Straten took to X (formerly Twitter) to explain why the Bitcoin halving event is bullish for price. Now, the halving is an event that is programmed to take place approximately every four years, cutting the block rewards in half each time it happens. Related Reading: LUNC Price Rally Is Far From Over Following Falling Wedge Breakout, Analyst Says This means that the number of BTC that miners are awarded for mining a block is immediately slashed by 50%, thereby drastically reducing the number of new coins coming into circulation. Currently, the block reward is at 6.25 BTC and the next halving will slash it to 3.125. Straten points to this reduction, using the monthly issuance as the case study. He explains that over the past month, there have been a total of 61,000 BTC accumulated by miners and exchanges. However, after the halving, the monthly issuance is expected to drop to 13,500 BTC and it is this drop that is most significant. Past 30 days of all cohorts, miners and exchanges included have accumulated 61,000 #Bitcoin. When monthly issuance gets cut in half in April to 13,500 #Bitcoin. If demand stays the same, it outpaces issuance by a factor of 4. Market will find an equilibrium most likely… https://t.co/FZOWsa8AGR pic.twitter.com/yn4lsF3cPG — James Van Straten (@jvs_btc) February 6, 2024 As Straten points out, if the demand were to stay elevated at the same levels when the halving takes place, it would see demand exceed supply by a factor of four. This will cause a shift in the market, which will have to “find an equilibrium most likely higher.” In other words, prices would have to go up to keep up with the demand. BTC price recovers from crash | Source: BTCUSD on Tradingview.com Targets For BTC Price In 2024 Another bullish factor for the Bitcoin price is that the halving year coincides with the United States presidential elections. As Markus Thielen, Head of Research at Matrixport, pointed out in an analysis, this coincidence has always been bullish for the price. Related Reading: Dogecoin Adoption Rate Touches New ATH, But Why Is This AI Bearish On DOGE Price? The report points back to the previous halving and election years, which show the price of Bitcoin ending on a high note. The last three halving years have seen BTC rise 152% in 2012, 121% in 2016, and 302% in 2020, showing a consistent trend. With the year 2024 being another halving and election year, the research analyst expects that the price of Bitcoin will finish out the year at $70,000. This would mean another 65% rally from the current price levels, and if the trends hold, the start of another bull market. “Supported by the macro environment, monetary tailwinds, the US election cycle, and gradually increasing demand from TradeFi investors allocating to Bitcoin ETFs, a Bitcoin rally to 70,000 appears plausible,” Thielen said. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Bitcoin News, chart from TradingView.com