Category: Cryptocurrency News

Bitcoin is increasingly active in Asia as U.S. supply share dwindles over the past two years.

The UK’s Financial Conduct Authority (FCA) recently proposed some strict new rules for how crypto companies can market their products and services to customers. If passed, the regulations would clamp down on misleading hype and unrealistic promises, requiring more transparency and balanced information.  According to a release by the FCA, the new rules, which will apply to first-time investors in the UK willing to purchase crypto assets, will require companies to introduce a cooling-off period from October 8, 2023. The FCA has also opened consultations regarding the matter until the 10th of August. New Rules For Firms Promoting Crypto Products Or Services Essentially, the FCA wants to treat cryptocurrencies as high-risk investments as part of its post-Brexit financial strategy revealed in February. In 2022 alone, the FCA forced firms to rectify 8,582 misleading promotions. The regulator is concerned that crypto newbies don’t fully understand the risks of these volatile, unregulated assets. With the value of major cryptocurrencies fluctuating wildly, those promoting crypto must also put in place clear risk warnings and ensure adverts are clear, fair, and not misleading.   Related Reading: Not Immune To FUD? Binance Sees $1.5 Billion In Outflows In 24 Hours According to the announcement, firms promoting crypto products or services will need to include a clear risk warning such as: ‘Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.’ A comprehensive set of guideline consultations will be published, and it will clarify the rules that companies must follow to make sure that advertisements regarding cryptocurrencies are not misleading. In addition, promotions that appear to attract crypto investors, such as ‘refer a friend’ programs, would no longer be allowed. The total market cap drops to $1.067 trillion | Source: Crypto Total Market Cap on TradingView.com US Treasury Secretary Yellen Wants More Regulation Regulators from big powerful nations are continuing to look for legislation considering that there are no regulations in place to oversee the cryptocurrency industry. Despite this, there has been no significant development so far. Recently, Janet Yellen, the current Secretary of the United States Treasury and a former Chair of the Federal Reserve has voiced her concern over the lack of regulation in the cryptocurrency market. She contends that the United States Congress should be doing more to pass laws that will protect investors and curb illicit activity. Related Reading: Cardano (ADA) Declines As Market Recovers Amid Security Charges During an interview on CNBC’s Squawk Box, Yellen stated, “I see some holes in the system where additional regulation would be appropriate.” The era of unchecked crypto hype by companies may be coming to an end in the UK. While regulation could curb crypto crime and shield consumers, lawmakers need to be careful not to stifle innovation. The crypto market continues to grow rapidly, and many see digital assets as the future of finance. Featured image from iStock, chart from TradingView.com

Despite running on a Polkadot parachain, Grill.chat lets users post using Ethereum wallets and send payments via Polygon.

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Hi! I've been reading a lot about ERC-4337 and how it works at the high level view (at least this point: https://beincrypto.com/learn/erc-4337/). I understand that with this framework, the end-user doesn't need an EOA anymore. Following the fact that no more EOA manipulation is needed on the end-user side, I have several questions: How is…
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Stacks, the layer-1 protocol that enables smart contracts on Bitcoin, have demonstrated incredible resilience amid bearish market trends. Stacks’ STX token price has increased by over 6% over the past week and joined top-gaining coins today with a nearly 0.53% price gain, while the broader crypto market plunged by 1.63% in the last day. STX’s price moves have left investors wondering if it will soon conquer the $0.7 level, as its seven-day price range is between $0.532995 and $0.669564. Stacks (STX) Bucking Bearish Trends Amid Heightened Regulatory Uncertainty  According to CoinGecko data, STX rebounded yesterday from a two-day price decline after the total crypto market cap witnessed a 1.6% increase. The token saw a massive 11% price decline on Tuesday, June 6, before regaining momentum with an 8.9% price increase on June 7. Related Reading: Less Than 100 XRP Needed To Become A Millionaire? New Research Suggests As a DeFi-enabling protocol, Stacks (STX) is among the tokens prospering in the heat of the SEC’s lawsuit against Binance and Coinbase. After the US regulator pronounced several digital tokens, including SOL, ADA, BNB, MATIC, and ATOM, as securities, DeFi protocols witnessed increased trading volume. The same goes for STX, and according to CoinMarketCap data, STX saw a 0.65% increase in market cap over the past 24 hours. The crypto market cap turned red after news of the two lawsuits broke out in the crypto ecosystem. Although STX went with the flow, dropping 0.3% and 11% on June 5 and 6, it soon recovered momentum. The token’s timely recovery could be why it retained most of its 7-day and 14-day gains. Data shows that STX’s 14-day price increase is 11.9%, while Bitcoin only recorded a 0.5% increase in the last two weeks. STX Price Outlook Volatility is high across various assets in the crypto market, while sentiment is down as fear and uncertainty grip investors due to heightened enforcement actions. The Fear& Greed Index has been neutral over the past month, but technical analysis suggests a bullish outlook for STX. At press time, STX price has exceeded the 10, 20, and 30-day Exponential and Simple Moving Averages, suggesting a strong buy signal. However, the momentum is a little bearish, as the token has to conquer the 50 and 100-day Simple Moving Averages to break above the $0.7 mark. Related Reading: Polkadot Metrics Surge With Project Launches – Good News For DOT Price? The bull Bear Power is currently neutral at 0.0655. Therefore, the bulls must overpower the bears before the STX price can rally with bullish momentum in the coming days. Also, STX is trading at $0.65, gearing up to touch $0.7. That could be possible if the bulls conquer the bears in the coming days. Featured image from Pixabay and chart from TradingView.com

World Mobile announces the completion of DeWi technology field tests in Kenya, Mozambique and Nigeria, bringing a full African rollout one step closer.

The market is currently experiencing a downturn fueled by an unsettling combination of FUD (fear, uncertainty, and doubt). Adding to this challenging situation is the recent lawsuit filed against crypto exchange giants Coinbase and Binance by the US Securities and Exchange Commission. In their legal action, the regulatory body has vividly portrayed Binance and Changpeng Zhao’s actions as part of “an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law”. As a consequence of this disheartening news, Binance’s netflow on the Ethereum blockchain has plummeted to a staggering negative $776.8 million. This event led to the crypto market dropping over 3% in the past 24 hours at the time of writing as significant cryptocurrencies slid, pulling the entire market downwards. Meanwhile, Bitcoin, for its part, continues to languish below the $27k region. Thus, these top five cryptocurrencies are a must-avoid for investors if they want to stay in the green this week.  Netflow to Binance over the past 24 hours is $778.6M negative on Ethereum – $871.7M in and $1.65B out Over the past hour, netflow on Ethereum continues to be negative at $35.7M on Ethereum – $14.8M in and $50.5M out Track it here https://t.co/nwTgpXWhZY and filter for “Binance” pic.twitter.com/jnNAN0QKVy — Nansen 🧭 (@nansen_ai) June 6, 2023 Top 5 Losing Cryptos Amid FUD Storm PEPE Once the bringer of significant gains to investors has now succumbed to the bearish forces of the market, according to Coingecko, the token is now down over 13% in the daily timeframe, following the market slippage that started this week.  The token’s current trajectory puts it on a path for more FUD for investors. At the moment, PEPE’s price oscillates above the $0.00000101 support range. With the bearish sentiment in the crypto market right now, it will take some time before bulls can knock a zero out of PEPE.  SAND Despite a strong advertising campaign ahead of Paris Hilton’s concert on the 7th of June, investors’ and traders’ confidence in SAND was shaken as major cryptocurrencies fell in price. Coingecko noted a 17% decrease in the past 24 hours, a sign that more pain in the short to medium term is at hand. ✨PARIS: LIVE IN CONCERT ✨ Owners of the 11 rarest 1/1 Avatars get a free ticket to @ParisHilton: Live in Concert on June 7th. This will be an unmissable evening with Paris + special guests at the Fonda Theatre in LA, featuring performances of her famous songs and brand new,… https://t.co/afDazic39p pic.twitter.com/MXNpF8RQID — The Sandbox (@TheSandboxGame) June 5, 2023 SAND is currently sitting above the $0.4976 support range. Investors and traders could expect the bears to break through this support level if the bearishness in the market continues. If this happens, a drop to $0.4368 will occur.  SUI Even as the news of the network’s partnership with Red Bull Racing hit the market, bears still found a way to crash the party. Recent market data shows that the SUI, the governance token of the network, is down 14% since Wednesday.  SUI has a newfound support range at $$0.7533. SUI bulls, however, should not expect much from this support level as it has no strength backing it. At the moment, investors and traders should monitor the market’s movement as the token has a significant correlation with Bitcoin.  Bitcoin sliding near the $25K region. BTCUSD Chart: TradingView.com Bearish Atmosphere Pervades CFX Bears brought havoc to CFX, continuing the bearish momentum after Conflux was affected by Multichain’s irregularities. As of writing, the CFX is down over 12% since yesterday, following the general market downturn.  At the moment, CFX bulls are trying to settle around the $0.2229 support level. If this support holds, we might be able to see a return towards $0.2354 in the long term. However, investors and traders should still be wary of short to medium term losses on the token.  AXS Despite the successful release of Axie Origins on the Apple Store last month, the market downturn and FUD dashed any hope of gains in the short term. Coingecko data reveals that the token is down nearly 12% since Wednesday.  After enjoying gains made after the release of Axie Origins, bears are now trying to break through the $6.6 support level. If they are successful, a drop to $5.86 in the near future is possible if the market continues to pull AXS downward.  (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 Binansal