Category: Cryptocurrency News

The pro-Bitcoin nonprofit says it will flag potential civil liberty concerns as more countries are expected to develop CBDC technology.

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Fed Chair Jerome Powell announced a pause in interest rates, but Bitcoin options data still warns that a BTC price drop to $25,000 is possible.

The bipartisan bill purportedly seeks to hold companies accountable for harm, but it’s unclear whether Section 230 even applies to AI.

Recent reports reveal that the Graph, a platform used for indexing and querying blockchain data, is in the final stages of migrating to Arbitrum, a popular Ethereum layer-2 protocol. Following this announcement, GRT, the native token of the indexer, is up 13% in four days, per the candlestick arrangement in the daily chart. The Graph Migrating To Arbitrum The decision to migrate to Arbitrum follows a vote after a proposal was floated to move the indexer to the layer-2 platform.  The Graph Improvement Proposal received majority support from the community, necessitating the preparation for the eventual shift to Arbitrum, a layer-2 platform using roll-ups. Like any other off-chain solution, Arbitrum enables high transaction processing, increasing scalability. Related Reading: Crypto Market Bleeds As SEC Pressures Mount, Is It Time To Buy? With better transaction processing capability, transaction costs are lower, allowing high-demand protocols to launch while enjoying high-security levels since all transactions are rolled up and confirmed on the mainnet. According to the development team, the goal is to enhance scalability, boost transaction processing speeds, and, most critically, reduce the costs of data indexing. Tegan Kline, the CEO of one of The Graph’s development teams, Edge & Node, said the community chose Arbitrum due to its speed and affordability: The Graph users have consistently sought solutions to improve gas efficiencies and other aspects of the network. After carefully evaluating available options, the ecosystem chose Arbitrum as the layer-2 scaling solution to provide speed and affordability to protocol developers and network participants. Cheaper Querying Although Ethereum has changed its fee bidding model following the implementation of the EIP-1559, transaction costs are still high, discouraging some users and protocols from using the mainnet. Moreover, as visible by the high network utilization rate, the high demand for the mainnet means users wishing to transact on layer-1 must pay much more to approve their transactions. On Arbitrum, The Graph holders will also delegate GRT tokens more cheaply. Delegated tokens are staked with Indexers, who index and query data.  Following this transition, Indexers stand to receive more GRT rewards since transacting on Arbitrum is relatively cheaper. According to L2 Fees, a fee tracker, every transfer on Arbitrum costs $0.08, multiples cheaper than Ethereum, which stands at $1.24.  Related Reading: Maker (MKR) Records Positive Moves As Majority Of Coins Bleed It is yet to be seen how The Graph will capitalize on “data accessibility,” which Steven Goldfeder, the CEO of Offchain Labs, said Arbitrum offers. However, what’s clear is that The Graph provides a solution for users wishing to query blockchain data more efficiently. Public blockchains such as Ethereum or Bitcoin are designed to store data securely. However, they can make it challenging to retrieve this data reliably. GRT is trading at $0.10, up 13% from this week’s lows when writing on June 14. Feature Image From Canva, Chart From TradingView

The fund reported it had distributed more than $500 million to projects, including the Tor Project, the Signal Technology Foundation and the Calyx Institute.

Crypto prices have yet to react to the Fed decision to temporarily halt rate hikes, meanwhile, the S&P 500 steamrolled to a new 13-month high.

Bitcoin (BTC) remains steady at $26,000 amidst ongoing regulatory uncertainty in the cryptocurrency industry. While some investors are concerned about the impact of regulatory changes on the market, others see signs of a new bull run on the horizon. Related Reading: Maker (MKR) Records Positive Moves As Majority Of Coins Bleed Why Is $26k A Critical Level For BTC? According to crypto analyst Crypto Con, Bitcoin’s resistance at the 2nd Line on the Market Value to Realized Value (MVRV) at $31,000, followed by its support at the same level, echoes a pattern in 2016. This pattern suggests that Bitcoin could be on the cusp of a new bull run that will surpass previous highs. Crypto Con recently commented on the significance of these trends. “Reaching the mid-top line is an inevitability, just like all the cycles that have come before,” he stated. “Bitcoin has proven its resilience time and time again, and I believe that we are about to witness a new phase of growth in the cryptocurrency market.” That being said, Crypto Con’s analysis is based on historical trends and patterns, which suggest that Bitcoin could be in a favorable position for growth. On the same note, Cryptocurrency trader CJ recently shared his analysis of Bitcoin’s price movements on Twitter, breaking down the key levels to watch. On the weekly chart, CJ notes that Bitcoin has closed below its 200 Moving Average (MA) for the first time in 12 weeks. The price has dipped into a former range, but a close back above this level would be a positive sign. If Bitcoin can reclaim its June open of $27,000, CJ sees the potential for the price to reach $33,000. On the daily chart, CJ points out that the previous week’s high and low remain untapped, as does the daily demand level just below the range high. CJ sees a potential long opportunity if the previous week’s low is swept into the daily demand level and then reclaimed and a short opportunity if the previous week’s high is swept into the June open and then closes back below. Furthermore, on an intraday/1-hour basis, CJ suggests keeping an eye on the mid-point of the weekly range, which is currently capping the price to the upside. Another potential trade opportunity will arise if the local range low is swept and then reclaimed, with a target of the local range high. Federal Reserve Holds Interest Rates Steady, Bitcoin Remains Stable The Federal Reserve has announced that it will not increase interest rates this month, and it is unlikely that there will be any rate cuts in 2023. The Fed’s goal remains a 2% inflation rate, and it has signaled the possibility of rate increases later this year.  Related Reading: Crypto Market Bleeds As SEC Pressures Mount, Is It Time To Buy? The Fed has also indicated that it expects two rate hikes, each with a .25bps increase, by the end of the year, which is generally considered a hawkish statement. Despite these developments, Bitcoin has remained relatively stable, unable to move significantly in either direction. This is likely due to several factors, including ongoing regulatory uncertainty. Featured image from iStock, chart from TradingView.com 

The South Korean yield platform said it has filed a criminal complaint against B&S Holdings and plans to initiate civil proceedings as well.

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