Category: Cryptocurrency News

The U.S. is another country currently working on stablecoin market regulations having introduced three drafts of the bill until June first week.

Sturdy Finance founder Sam Forman said the company will not pursue the issue any further if the hacker accepts the offer and returns the remaining funds.

One community member described the salaries as “insanely out of touch,” while another Twitter user accused those who established the rates of being “disconnected from reality.”

Solana (SOL) made headlines recently after being labeled as a “security” by the US Securities and Exchange Commission (SEC). As a result, SOL is facing challenges in its price movement.  In light of this regulatory setback, investors closely monitor SOL’s performance. According to CoinMarketCap, SOL is currently priced at $15.45, sustaining a seven-day slump of 23.13%.  Related Reading: XRP Could Be Set For A Breakout As Investment Inflows Continue Source: CoinMarketCap As the market remains uncertain, one wonders: Will Solana be able to recover from its recent downturn and regain its upward momentum? SOL Faces Steep Decline As Support Levels Are Breached The past week has been challenging for Solana (SOL) as it experienced a significant decline, causing it to breach the crucial support zone ranging from $16.7 to $18.8. This downward spiral was initiated by a weekend slump that coincided with Bitcoin’s (BTC) retest of $25,000. As SOL dropped below both the trendline resistance and March’s low of $16, it shifted into a bearish bias. Solana price in a downward trajectory. Source: CoinMarketCap For SOL to regain bullish momentum, it heavily relies on Bitcoin surpassing $26,600 and successfully crossing the $27,000 threshold. However, without this upward movement, the bulls could face challenges in clearing the confluence area situated near $17, which combines bullish order book support and trendline resistance.  Related Reading: Coinbase Receives Hong Kong Legislator’s Support Amid Regulatory Storm A potential rejection at this critical juncture may trigger a further decline in SOL’s price, potentially leading it toward the support levels at $14.9 or even $12.8. Solana Foundation Disagrees With SEC Label Of SOL As Security In separate lawsuits filed on June 5 and 6 against popular cryptocurrency exchanges Binance and Coinbase, the SEC designated the SOL token as a security. The SEC’s classification was based on various factors, including the expectation of profits derived from the efforts of others, as well as the manner in which the tokens are utilized and promoted. The Solana Foundation disagrees with the characterization of SOL as a security. We welcome the continued engagement of policymakers as constructive partners on regulation to achieve legal clarity on these issues for the thousands of entrepreneurs across the U.S. building in the… — Solana Foundation (@SolanaFndn) June 10, 2023 Addressing the SEC’s classification of SOL as a security, the Solana Foundation took to Twitter to express its disagreement. In a statement, the foundation asserted, “The Solana Foundation disagrees with the characterization of SOL as a security.” According to the SEC, the term “security” encompasses not only traditional investment instruments like stocks, bonds, and transferable shares but also extends to “investment contracts.” SOL market cap currently at $6.16 billion. Chart: TradingView.com By labeling SOL as a security, the SEC signals its intention to subject the token to regulations governing securities, which could have significant implications for Solana and its ecosystem. The classification will likely prompt further scrutiny and discussions regarding the nature and regulatory status of cryptocurrencies in the evolving legal landscape. Featured image from APKPure

The Bitcoin community helped Uganda’s Brindon Mwiine travel to BTC Prague after winning tickets for his adoption efforts in East Africa.

The Bitcoin and crypto market may have received yet another bullish narrative from China. As reported by Bloomberg, the country is mulling a major stimulus package to kick-start an economic recovery following the rebooting of the economy after the restrictive Corona measures. In light of Hong Kong’s recent opening to cryptocurrency trading by retail investors, a new bullish narrative is therefore emerging, as renowned expert Lex Moskovski explained via Twitter. According to him, the Chinese stimmies could go directly into “unregistered securities” (allusion to the classification of altcoins by SEC chairman Gary Gensler). Chinese stimmies going into your unregistered securities. Here’s your bullish narrative. https://t.co/HjaB3fliC3 — Lex Moskovski (@mskvsk) June 13, 2023 China Mulls Stimulus Package According to the report, China is considering a comprehensive package of stimulus measures as pressure mounts on Xi Jinping’s government to revive the second-largest economy. Anonymous sources claim the proposals include at least a dozen measures to support areas such as real estate and domestic demand. A particular focus is reportedly on China’s beleaguered real estate market, which is to be a key part of the package. Chinese regulators reportedly want to lower the cost of outstanding residential mortgages and boost lending by the country’s policy banks to ensure that homes are delivered. Related Reading: Bitcoin “Throwback” Could Trigger Flawless Technical Bottom Formation In addition, interest rate cuts by the People’s Bank of China (PBOC) are also said to be under consideration. Speculation on this already arose recently after the central bank unexpectedly cut its seven-day reverse repo rate. However, it is important to stress that the stimulus plan has yet to be finalized and could therefore be subject to change. Nevertheless, China’s State Council could discuss the measures as early as this Friday. Still, it is unclear when they will be announced or implemented, the report states. What Impact Could The Package Have On Bitcoin And Crypto? While investors in the broader financial market are likely to welcome the Chinese authorities’ plans, much will depend on the final scope and composition of the stimulus measures to assess the extent to which Bitcoin and crypto may also benefit from the stimulus package. Nevertheless, the package and Hong Kong’s recent opening on June 1st are an interesting development with regard to cryptocurrencies. The liberal Hong Kong is considered a gateway for wealthy Chinese to invest in foreign assets. Related Reading: Bitcoin’s (BTC) Key Indicator Points Bullish Continuation Despite Recent Dip Meanwhile, the hoped-for “China effect” on the Bitcoin and crypto market has not yet materialized, in part because the registration of exchanges is rather slow. For example, Coinbase only received an invitation from Hong Kong lawmakers to apply in the region yesterday, as Bitcoinist reported. In the US, the $1,200 stimulus checks had a measurable impact on Bitcoin. According to the Federal Reserve Bank of Cleveland, there was a “significant increase” in Bitcoin purchases of $1,200 in April 2020. Furthermore, the central bank noted that overall Bitcoin trading volumes increased by about 3.8% in response to the distribution of the first stimulus checks. While the environment in China is not comparable to that in the US, a similar effect could still be possible. As NewsBTC Chief Analyst Tony “The Bull” recently discussed, Bitcoin’s best rises have always occurred before large monetary stimulus. All of Bitcoin’s best rallies were before major monetary stimulus Zoom out pic.twitter.com/uR2r1zkyrG — Tony “The Bull” (@tonythebullBTC) June 4, 2023 This time, the stimulus may not come from the US, but from China. At press time, the Bitcoin price stood at $26.226 ahead of today’s crucial CPI release in the US. Featured image from Financial Times, chart from TradingView.com

Rockstar believes that as more quality Bitcoiners join, support, communicate and collaborate, Bitcoin will continue to rise.

XRP, Ripple’s native cryptocurrency, is now experiencing a surge of optimism as funds continue to flow, even in the face of a recession-hit industry. Despite the challenges and uncertainties that have plagued the crypto market, XRP has managed to stand out, capturing the attention of investors and enthusiasts alike.  But what exactly is fueling this impressive growth? Why is XRP able to maintain its momentum while others struggle? And, perhaps most importantly, what does the future hold for this resilient cryptocurrency? Related Reading: Coinbase Receives Hong Kong Legislator’s Support Amid Regulatory Storm XRP Secures Promising Investment Inflows In a notable development, XRP has successfully attracted a surge of promising investment inflows, as evidenced by the latest report from CoinShares.  Investment products focused on XRP have seen a significant milestone being reached, with an astonishing half a million dollars invested in the past week alone, continuing the positive trend observed in the previous week. This brings the cumulative inflow since the beginning of 2023 to an impressive total of $4 million. XRP investment inflows. Source: Bloomberg and CoinShares. The positive investment inflows have had a tangible impact on the price of XRP, which has responded with remarkable upward momentum. CoinMarketCap reports XRP’s price at $0.53, indicating a noteworthy 2.9% rally in the past 24 hours. This price surge showcases XRP’s resilience amidst the challenging landscape of the cryptocurrency market.  Source: CoinMarketCap Furthermore, over the course of the last seven days, XRP has experienced an impressive climb of 3.3%, solidifying its position as a promising digital asset during these turbulent times. Exclusion From Recent Court Filings By SEC Meanwhile, the recent court filings by the US Securities and Exchange Commission (SEC) have noticeably omitted XRP, as well as ETH and BTC, which highlights the SEC’s deliberate decision to treat XRP differently from other cryptocurrencies. This exclusion signifies a clear acknowledgment and distinction by the SEC regarding the unique nature of XRP within the cryptocurrency landscape. Related Reading: FLOKI Recovers From A Bad Fall, Climbs Back Up To The Green Zone Eleanor Terrett, a well-known journalist at Fox Business, took to Twitter to express her perspective, revealing that legal sources have furnished her with potential elucidations. As per the information provided by her sources, there are several factors that could plausibly explain this noteworthy lack. Some questions as to why the @SECGov did not name $XRP as a security token in the @binance lawsuit. According to some of my legal sources it could be one or all of a couple of reasons: 1. The SEC wants to stay away from risking inconsistent decisions. 2. It’s already being… — Eleanor Terrett (@EleanorTerrett) June 5, 2023 As US regulators intensify their crackdown on the crypto industry, altcoin investors concerned about regulatory uncertainties are turning their attention to the XRP ledger (XRPL) network. The faith in XRP’s potential is further reinforced by the substantial growth observed in the XRPL network. In the first 10 days of June alone, the XRPL network has experienced a considerable surge in growth. Specifically, between June 2 and June 12, the number of new wallet addresses created on the XRPL network surged by an impressive 70%, rising from 1,435 to 2,443. XRP market cap currently at $27 billion. Chart: TradingView.com Investors Maintain Faith In Crypto’s Potential Investors’ continued faith in XRP can be attributed to Ripple’s ongoing developments and partnerships. The strides made by Ripple in expanding the use cases of XRP and forging collaborations with financial institutions have instilled confidence in its long-term value proposition. Featured image from InvestingHaven

Bitcoin pitch invasion! A new Cointelegraph video examines a local soccer club’s impact on its town and national Bitcoin adoption.

Bitcoin has plenty of resistance levels to deal with as CPI starts a major macro week for risk asset markets.