Category: Cryptocurrency News

Bitcoin price is consolidating above the $25,500 support. BTC could start a fresh increase if it settles above the 100 hourly SMA and $26,150. Bitcoin is slowly moving higher from the $25,500 support zone. The price is trading below $26,000 and the 100 hourly Simple moving average. There was a break above a major bearish trend line with resistance near $25,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a recovery wave if there is a move above the $26,150 resistance. Bitcoin Price Eyes Recovery Bitcoin price formed a base above the $25,400 support zone. BTC is now consolidating and slowly moving higher above the $25,650 level but it faces many hurdles. The bulls were able to push the price above the 50% Fib retracement level of the recent decline from the $26,200 swing high to the $25,620 low. Besides, there was a break above a major bearish trend line with resistance near $25,900 on the hourly chart of the BTC/USD pair. Bitcoin price is now testing $26,000 and the 100 hourly Simple moving average. It seems to be facing resistance near the $26,000 zone or the 61.8% Fib retracement level of the recent decline from the $26,200 swing high to the $25,620 low. The first major resistance is near the $26,150 level. A clear move above the $26,150 resistance might start a fresh increase. The next major resistance is near the $26,500 level. A close above $26,500 might start a move toward the $26,500 resistance zone. Source: BTCUSD on TradingView.com The next key resistance is near the $26,800 level, above which Bitcoin might rise toward the $27,000 resistance. Any more gains above the $27,000 resistance zone might send the price toward the $27,500 resistance zone. Another Rejection in BTC? If Bitcoin’s price fails to clear the $26,150 resistance, it could start another decline. Immediate support on the downside is near the $25,575 level. The next major support is near the $25,400 level, below which the price might gain bearish momentum. In the stated case, the price could drop toward the $25,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level. Major Support Levels – $25,575, followed by $25,500. Major Resistance Levels – $26,000, $26,150, and $26,500.

The UN wants to address AI-generated fake news and information as the organization looks to bring in voluntary guidelines for the technology.

Gün Sirer says the U.S. “won the first wave of the internet revolution” because it enabled responsible innovation. Now, it must do the same with blockchain.

Brad Garlinghouse hinted that the eagerly awaited Hinman documents, which detail internal deliberations by Securities and Exchange Commission staff, could tip the court battle in Ripple’s favor.

The crypto market has been flowing in a sea of red as major assets experienced a correction over the weekend, but tech giant Apple could offer relief. Every cryptocurrency, except for Bitcoin, trended to the downside, but some sectors have bloomed amidst the panic and selling pressure. Related Reading: Cardano Price Falls Below Key Support Levels, Will It Continue To Fall? In particular, some tokens in the Metaverse sector have seen important profits. The assets’ positive price action, defying the overall trend in the crypto market, seems related to Apple’s launch of its new product the Vision Pro. Metaverse Tokens Bloom As Hype For The Apple Vision Pro Growths Apple’s Vision Pro is the company’s first “spatial computer,” the headset will allow users to blend the physical with the digital world. In that sense, people will have the capacity to interact with applications, content, media across different formats, and more. The Metaverse and the projects using blockchain technology to support their platforms want to achieve the same objectives. Thus, there has been a growing correlation between Metaverse tokens and announcements from big tech companies related to the sector. According to a study from CoinGecko, the Apple Vision Pro highlighted the positive performance of Metaverse and Augmented Reality tokens. At its publication, the study showed that Ovr and its native Metaverse token (OVR) saw a 168.6% increase on the back of the announcement. By late May and early June, the token climbed from a low of around $0.28 to $0.74. Other small-cap tokens in the sector experienced similar gains. VFOX recorded a 62% profit between May 15 and June 7, and virtual reality token CUBE from the Metaverse project Somnium rose by around 40% over the same period. Metaverse tokens with larger market caps appreciated pre and after the Apple announcement, although they registered fewer profits. The Sandbox (SAND) saw an 18% increase between mid-May and June 5, and Decentraland (MANA) saw fewer gains, with an 11% profit mostly registered during the announcement. As seen in the chart below, SAND, OVR, and VFOX were just some of the tokens that benefited from the launch of the Vision Pro. Related Reading: Insights On ADA’s Security Concerns: Cardano Founder And Ripple CTO Exchange Views However, the Metaverse has been partially affected by the current trend in the overall crypto market. Some tokens retraced some of their gains on the back of the most recent downturn, but the current price dip could be favorable for long-term investors, as these tokens could continue to benefit from similar announcements.

The firm said it remains a “supporter” of the crypto sector and suggested that the move was purely to avoid any potential regulatory non-compliance.

Despite the recent downturn in the cryptocurrency market, there are positive signs for Bitcoin’s (BTC) future. One key indicator is the Puell Multiple, which suggests a bullish continuation for Bitcoin despite the recent dip. Crypto Con, a well-known cryptocurrency analyst, has closely monitored the Puell Multiple and identified two key factors that point to a positive outlook.  Related Reading: Cardano Price Falls Below Key Support Levels, Will It Continue To Fall? Bitcoin’s Bullish Potential According to Crypto Con’s analysis, the trend for Bitcoin remains intact, indicating that the market is still bullish on the cryptocurrency. Additionally, Bitcoin has not yet reached the mid-top line that every mid-top has reached without diminishing, as seen in the chart below, suggesting that there is still room for growth. The Puell Multiple is a cryptocurrency market indicator that measures the ratio between Bitcoin’s daily issuance value and its 365-day moving average (MA) The Puell Multiple is calculated by dividing the daily issuance value of Bitcoin (in USD) by its 365-day moving average. A high reading on the Puell Multiple suggests that BTC is overvalued and may be due for a correction. In contrast, a low reading suggests that Bitcoin is undervalued and may be a good buying opportunity. The Puell Multiple is considered a long-term indicator, providing insights into the macro trends of the Bitcoin market. It has been used to predict major market movements, including the bull run in 2011 and the subsequent bear market. These factors have been evident for Crypto Con since December 2022, when Bitcoin broke the downtrend macro bearish outlook and reached $21,000. At the time, Crypto Con made his first bullish calls on the Puell Multiple when Bitcoin traded at $16,500. Is BTC Facing A Bear Market? Doctor Crypto, a prominent analyst in the cryptocurrency space, has provided insights into what could be next for BTC. In a recent report, Doctor Crypto discussed the significance of key “price manipulations” that took place, which resulted in Bitcoin breaking above the 50-day Exponential Moving Average (EMA) and subsequently nuking afterward.  According to Doctor Crypto, losing the 200-week MA indicator can suggest that Bitcoin is entering a bear market.  Furthermore, the recent Securities and Exchange Commission (SEC) uncertainty in the market played a role in breaking down this important indicator, suggesting a clear manipulation by market makers. However, the report notes that market makers may be awaiting the outcome of the Federal Open Market Committee (FOMC) decision this week before deciding on the next move. Related Reading: SBI CEO Predicts Massive XRP Price Surge, Expects Ripple Verdict In Few Weeks The report suggests that a worse-than-expected FOMC decision could lead to a massive drop toward the $24,000 region and potentially even lower. The fear of recession combined with SEC fear, uncertainty, and doubt (FUD) could lead to BTC’s “total collapse”, hunting down the liquidity pool at $24,000 and potentially even lower. At the time of writing, the primary cryptocurrency in the market, Bitcoin, is trading at $25,800. It has been maintaining a sideways price action, leaving investors uncertain about which direction the market will move in Featured image from iStock, chart from TradingView.com

Bitcoin miners are now taking advantage of the recent price increase as they have begun to send massive amounts of BTC to centralized exchanges. While this is not new as miners tend to sell BTC to fund their operations, the sheer volume that is being moved to exchanges is what is alarming. Bitcoin Miners Send Over $70 Million To Exchanges In a recent development reported by on-chain data aggregator Glassnode, Bitcoin miners are moving massive amounts of BTC to exchange. In the last week alone, these miners moved a reported $70.8 million worth of BTC to centralized exchanges. Related Reading: Crypto Investor Sentiment Refuses To Budge, But Can The Weekend Change This? The amount moved in the last week marks the third-largest single inflow for Bitcoin miners in terms of dollar value. It is just 30% below the highest figures which were recorded in 2021 when the price of BTC hit its all-time high of $69,000. BTC miners send over $70m to exchanges | Source: Glassnode Interestingly, because of the current price of Bitcoin, it means that the miners are moving more in terms of the BTC count compared to the dollar count. So miners moved around twice the number of BTC they moved back in 2021 to get the current figure of $70.8 million, data from Glassnode shows. Despite the large selling volumes that seem to be coming from miners, Bitcoin holders continue to be steadfast in their belief in the digital asset. Glassnode reported that long-term holders, i.e. holders who have held their BTC for more than one year, continue to be the most dominant of the bunch with a total of 40.1% of BTC supply remaining unmoved in the last three years. BTC Price Still Shows Bearish Pressure Bitcoin bulls have continued to fight the bears but the effort has fallen short of expectations. As such, BTC prices continue to show intense bearish pressure. BTC falls below $26,000 support | Source: BTCUSD on TradingView.com Despite the digital asset trading above the $26,000 support, it is still sitting below its 50-day and 100-day moving averages, which could tell of more declines to come. It is also obvious in the fact that bulls are barely holding on to the $26,000 support as resistance mounts at $26,500. Related Reading: Here’s Why Ethereum Could Be At Risk Of Falling To $1,000 Again Nevertheless, the long-term outlook for the cryptocurrency is still very bullish with BTC well above its 200-day moving average. With the Bitcoin halving just around the corner, the digital asset could be headed into another bull market very soon. At the time of writing, BTC is changing hands at a price of $26,015, up 1.09% in the last 24 hours. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com

Binance, the largest global cryptocurrency exchange, has quietly changed its terms of service after the United States Securities and Exchange Commission (SEC) filed a complaint at the District Court for the District of Columbia on June 5. Meanwhile, BNB prices continue to crash, dropping to register new 2023 lows as when writing on June 12. Binance Changes Terms Of Service News of the exchange quietly changing its terms of service was shared on Twitter. Under these new terms, Binance can, at their volition, swap delisted assets held in a user’s dormant account without consent. Moreover, the exchange can swap the token or coin for any asset they wish. Related Reading: SBI CEO Predicts Massive XRP Price Surge, Expects Ripple Verdict In Few Weeks Observers on Twitter say this update represents an additional tool in the ramp’s arsenal, as it can affect users based on listing and delisting assets, identifying dormant accounts, and the precedents it establishes for other cryptocurrency exchanges. Under the new terms, Binance has exclusive authority to determine which assets are listed, allowing it to list or delist an asset at will. Such a delisted asset can then be converted into a different coin and modified to its order size. Binance can absolve itself and its operatives, of any liabilities or accountability to the asset’s owner, for any fees or losses, or damages incurred in the process. While most of the above interpretation is speculative, as there have been no official announcements or operational evidence of such activities, concerns have been raised about the possibility of Binance absolving itself of any need to be transparent. BNB Crashing After SEC’s Lawsuit The changes come after the SEC’s lawsuit against Binance, which accuses the exchange of allegedly illegally operating an unauthorized exchange in the United States. Changpeng Zhao, the CEO of Binance, claims that, from 2019, all US-based citizens were restricted from transacting on Binance Global. Zhao also reiterated that its US-based exchange is an independent entity. However, the SEC claims that the exchange” subverted their controls to secretly allow high-value United States customers to continue trading on the Binance Global platform.” Moreover, while Binance publicly claimed that Binance US is independent, the SEC alleges that Zhao secretly controls the company behind the scenes. Related Reading: Data Reveals Short-Term Bitcoin Holders Refuse To Sell Despite SEC Crackdown In the wake of this lawsuit, BNB has been free-falling, according to trackers on June 12. The coin is trading at $230 and down 35% from its April high. At this level, BNB has reversed all gains posted in 2023 and is trading in December 2022 territory. With the SEC cracking the whip, laying down allegations against cryptocurrency exchanges and individual protocols, their respective tokens would likely be under pressure as holders exit.   Feature Image From Canva, Chart From TradingView

Former SEC enforcement co-director George Canellos reportedly joins the Binance.US legal team as the firm faces challenges to keep its assets unfrozen.