Category: Cryptocurrency News

United States Republican Patrick T. McHenry, Chair of the House Financial Services Committee, has released a statement calling for the need to pass the Stablecoin Bill in the wake of PayPal’s launch of its own stablecoin PYUSD.  The Call For A Stablecoin Law According to the statement, McHenry believes stablecoins are the “pillar of our 21st-century payments system.” However, they must be regulated to reach their full potential.  Related Reading: TRON’s Justin Sun Reassures Crypto Community That Huobi Exchange Is Solvent  Part of the statement read: This announcement [Paypal’s PYUSD Launch] is a clear signal that stablecoins—if issued under a clear regulatory framework—hold promise as a pillar of our 21st century payments system,” said Chairman McHenry. “Clear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential. That’s why it’s more important than ever that Congress enact legislation to provide comprehensive digital asset regulation, especially for stablecoins.” McHenry also recognizes the role of Congress in providing regulatory certainty to the crypto industry and the need to enact these laws that can keep the US at the “forefront of digital innovation.” The bipartisan Clarity for Payment Stablecoins Act recognizes the strong role that states have played in regulating digital asset firms and builds on successful state regimes, like New York’s. We are currently at a crossroads to keep America at the forefront of digital asset innovation. Congress is making significant, bipartisan progress on legislation to ensure the U.S. leads the financial system of the future. We must finish the job. The bipartisan Clarity for Payment Stablecoins Act, which was advanced by the House Financial Services Committee last month, is a legislative framework that seeks to regulate payment stablecoins. Many will be hoping that this bill could spearhead the passing of other crypto-related bills.  PayPal Continues Journey Into Web3 On August 7, payment platform PayPal announced the launch of its dollar-backed stablecoin, PayPal (PYUSD), in collaboration with Paxos (Paxos also happens to be the issuer of Binance’s BUSD). This is part of Paypal’s efforts to increase its Web3 offerings as the company believes that fully-backed, regulated stablecoins can transform payments in the Web3 space. Related Reading: Ethereum Whale $4.5 Million Burn Shocks ETH Community, What’s Going On? “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,” said Paypal’s President and CEO Dan Schulman. “Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.” This isn’t Paypal’s first attempt at launching a stablecoin. In 2021, the company explored the possibility of launching a stablecoin but faced a setback following heightened regulatory scrutiny from the US Securities and Exchange Commission (SEC).  Total market cap sitting at $1.125 trillion | Source: Crypto Total Market Cap on Tradingview.com Featured image from History Computer, chart from Tradingview.com

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Almost 69% of circulating bitcoin have been inactive for at least a year. submitted by /u/FattestLion [link] [comments]

Previously commonly referred to as the “digital real,” the Brazilian central bank digital currency gets its official brand name.

Cardano (ADA) is currently trading at a pivotal $0.291. The question is: Will ADA experience a 28% upswing or is a 23% drop on the horizon? Remarkably, the ADA price still remains in bearish territory, but the potential for a trend reversal is palpable. Price Analysis: 4-Hour Chart The 4-hour chart paints a picture of ADA trading just a smidge above the 23.6% Fibonacci retracement level, which stands at $0.286. Notably, on Monday, ADA briefly dipped below this level but was buoyed by the ascending trend line (black line) that was established in mid-June. This trend line is the bulls’ last stand; a breach could see a bearish descent to the year’s low of $0.22. Adding another layer of complexity, the 200-EMA (blue line) on the 4-hour chart is converging towards the 23.6% Fibonacci level. ADA’s recent inability to surpass the 20-EMA (red line) is concerning. With the moving averages trending downward, a compression between $0.28 and $0.30 seems inevitable. However, if ADA remains resilient above the 23.6% Fibonacci retracement level and the trendline, and manages to break the moving averages, especially the 200-EMA, then the bulls might just have a fighting chance. Related Reading: Can The Cardano Mithril Protocol Propel ADA To $1 This Year? In this scenario, the 38.2% Fibonacci at $0.319, the 50% Fibonacci at $0.346, and the 61.8% Fibonacci at $0.378 become the next logical targets. A daily close above $0.38 (July’s high) would be a clarion call for the bulls, marking a 28% rallye from the recent price. Bullish Arguments for Cardano The recent price movements by Cardano might be bearish, but there are compelling arguments in favor of ADA’s potential resurgence. Santiment, a renowned analytics platform, recently tweeted: As Cardano sits just above $0.29, whales and sharks holding between 100K-10M ADA have accumulated back to their highest level since September, 2022. Additionally, on-chain transaction volume has been rising nearly every week for the past 6 months. Related Reading: Cardano (ADA) Price Remains Muted Despite Significant Milestones, Why? This statement is supported by data indicating ADA’s transaction volume surged above a staggering 67 billion ADA in consecutive weeks, a peak not seen since September 2021. Such heightened network activity is often interpreted as a bullish sign, indicative of increased user engagement and interest. Furthermore, ADA wallets holding between 100K-10M ADA now account for a significant 34.04% of all circulating tokens, suggesting strong confidence among larger investors. Also, Messari’s recent report on Cardano offers more reasons for optimism. The report delves deep into Cardano’s ecosystem, financial trends, and network performance. One of the standout revelations is the surge in decentralized app (dapp) activities. For the third consecutive quarter, Cardano has seen a remarkable uptick in dapp transactions, boasting a 49.0% quarter-over-quarter increase in Q2, averaging 57,900 daily transactions. State of @Cardano Q2 2023 With a dedicated community of users and developers, Cardano has demonstrated staying power. In Q2, average daily dapp transactions were up 49%, TVL up 10%, and 199% YTD.@redvelvetzip dives in. https://t.co/MNhyNJvIPq — Messari (@MessariCrypto) August 4, 2023 Featured image from Coinbase, chart from TradingView.com

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Binance’s depleting USDC reserves has become a hot topic in the crypto ecosystem, especially after Coinbase CEO’s quip during the company’s Q2 earning call.

Bitcoin stages a recovery toward a key resistance but fails to break through, and BTC price action is giving some cause for optimism.

One of the world’s oldest cryptocurrency exchanges, Bitstamp, is trying to scale its operations with new fundraising advised by Galaxy Digital.

Litecoin (LTC) has recently faced a period of bearish pressure that has taken a toll on its market performance. The months of July and August have witnessed a shift in sentiment, as bearish forces began to dominate the crypto market.  As of the latest update, LTC finds itself trading within a critical support zone, prompting discussions among traders and analysts about its potential trajectory. With the value of LTC hovering just below the $80 mark, market observers are closely monitoring whether this level will hold against the prevailing bearish sentiment. Related Reading: PEPE’s Future: Will Prices Of Meme Coins Continue To Drop? Litecoin Vital Support Zone Tested A recent price analysis has underscored the significance of the $80 threshold, suggesting that a breach below this point could potentially trigger an extended downtrend for Litecoin. The current market figures reflect a small 24-hour uptick of 0.2% and a seven-day decline of 8.5% with a current price of $82.57 on CoinGecko, painting a cautious picture for LTC’s short-term performance. The fluctuations in price during this period have sparked discussions about the factors contributing to Litecoin’s recent struggles. Source: Coingecko Halving Event And Its Impact The crypto community is no stranger to the phenomenon of halving, an event embedded in the genes of cryptocurrencies like Litecoin. In 2019, Litecoin underwent its second halving, a pre-programmed event that occurs approximately every four years. This event, characterized by a reduction in block rewards issued to miners, has historically carried significant implications for price trends. LTC weekly price movement. Source: CoinMarketCap Related Reading: XRP Journey To $10: Unveiling The Forces That Could Trigger An Upward Momentum The halving event in 2019 witnessed a fascinating sequence of events. In the lead-up to the halving, Litecoin’s price experienced a rally, generating excitement among investors. However, the post-halving scenario took an unexpected turn as an extended downtrend followed, lasting for over 500 days. This downtrend was succeeded by a period of consolidation, marking the complexity of crypto market dynamics and the interplay between halving events and price trends. Litecoin market cap currently at $6 billion. Chart: TradingView.com LTC’s Third Halving Event And Network Fundamentals Fast-forward to August 2, 2023, and Litecoin’s blockchain has just experienced its third halving event. Occurring at block 2,520,000, this event has effectively slashed mining rewards to 6.25 LTC per block. Despite the prevailing lull in price action, Litecoin’s network fundamentals remain robust.  Litecoin’s Hashrate is currently at getting close to hitting a new all time high. Currently at 933.2 TH/s, with difficultly just touching on a new ATH. $LTC is stronger than ever! Despite what you may read in the ‘press’. pic.twitter.com/0hEgED09kd — Litecoin (@litecoin) August 6, 2023 Meanwhile, Litecoin’s hashrate is poised to achieve an all-time high, exemplifying the network’s resilience and ongoing miner participation. Presently boasting a difficulty level of 933.2 TH/s, Litecoin inches closer to establishing a new record, highlighting its secure and decentralized network infrastructure.  The strengthening hashrate and its associated positive network indicators underline Litecoin’s capacity to withstand market fluctuations and continue to evolve in the face of external pressures. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from The Currency Analytics