Category: Cryptocurrency News

The Bitcoin price has shown a strong reaction after the lawsuits filed by the US Securities and Exchange Commission (SEC) against Binance and Coinbase, which may have surprised many. Generally, rising prices on negative news are a strong indication that the sell side is losing steam and a bottom is near. In the case of the Bitcoin price, however, there are still some anxieties hovering over the market at the moment that could mean another, possibly final, drop to the downside. For example, it is still not clear whether the U.S. Department of Justice (DOJ) will also take legal action against Binance and what impact this will have on Binance’s international business. Bullish Arguments Are Growing For Bitcoin Nevertheless, the bullish signals are mounting. As Glassnode co-founders Jan Happel and Yann Allemann write in their latest analysis, Bitcoin’s Bollinger bands pretty much reflect the current state. On the 1-day chart, BTC price remains within the accumulation zone, between the lower band and the 20-day moving average. Related Reading: Bitcoin Is Reportedly Trading At a $2k Premium on Binance.US “Which suggests that this is still a good entry point,” the co-founders of the leading on-chain analysis service say. At the same time, with reference to the chart below, the analysts warn that traders should be aware of widening bands that could herald impending higher volatility that could lead to abrupt moves. Looking at Bitcoin’s open interest, Allemann and Happel state that despite the strong reaction to the bad news, there is no clear direction for now: We believe that the price will continue to consolidate alongside open interest until we approach the FOMC and the market begins to position for the expected output. Remarkably, next week’s Fed meeting – on June 13-14 – will be the first in years without a clear consensus on the rate decision. Since the Fed started raising rates, there has been a clear consensus at every meeting. According to the CME FedWatch tool, futures show a 30% chance that rates will be raised and a 70% chance that they will not. The lack of clarity is also likely to lead to more volatility in the BTC price ahead of the decision. Related Reading: Bitcoin Retests Moving Average That Marked All Major Market Bottoms BTC recently retested the 200-week moving average (MA) at $25,306, but supply liquidity was somewhat thin here. In addition, if price goes down again, a retest of the 50-month MA at $25,898 would be very interesting, where liquidity and sentiment seem to be stronger. It is worth noting that BTC has already formed a double bottom at the 50-month MA. A triple bottom would be bullish. On the other hand, a loss of the 200-month MA would open the way to bearadise. In this respect, a few very important days await BTC in the coming week(s). A defense of the aforementioned price levels is of utmost importance. If defended, a journey to bull paradise could be next, but bulls need to turn the tables on the lower time frames. Featured image from iStock, chart from TradingView.com

Crypto influencers are nothing but just a bunch of paid shills, they don't even look if the project is a rug or a possible honeypot. This guy heavily promoted a scam token to his loads of followers which was later rugged, to which he said ​ https://preview.redd.it/j0oyyaipet4b1.png?width=1046&format=png&auto=webp&s=6d6e2a102124a60ceeebd3ae4a632d834c56dd92 ​ He shilled this scam coin, rugged in…
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U.S. Senators asked the Justice Department to investigate whether the crypto exchange made a false statement to Congress in a letter earlier this year.

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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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