Bitcoin traders are gearing up for a substantial move in the market, as the leading cryptocurrency’s price has remained relatively stable around the $28,000 mark. The price stagnation has left traders speculating on the direction of the next significant shift, with the market poised for a breakout in either direction.
The recent price consolidation has created a sense of uncertainty in the market, with traders and investors closely monitoring Bitcoin’s performance for any signs of a potential breakout. Some analysts believe that this period of calm could be the precursor to a sudden price surge, while others suggest that a downward trend may be on the horizon.
Several factors have contributed to the current state of Bitcoin’s price, including global economic uncertainties, regulatory developments, and fluctuations in institutional interest. These factors have converged to create a unique market environment, with traders and investors waiting for a clear indication of where the market is headed next.
The upcoming price movement will likely be influenced by a variety of factors, such as the progression of regulatory frameworks worldwide, institutional adoption, and the overall sentiment in the market. Additionally, traders will be keeping a close eye on technical indicators to identify any signs of a potential breakout.
In the past, Bitcoin has experienced similar periods of stagnation, followed by significant price movements. The direction of these shifts has often been determined by a combination of market sentiment, fundamental factors, and technical analysis. As such, traders are eagerly anticipating the next major movement, which could potentially signal a new phase in the cryptocurrency’s price trajectory.
As the market waits for a decisive shift in Bitcoin’s price, it remains to be seen whether the next big move will be a bullish surge or a bearish decline. Regardless of the outcome, traders are preparing themselves for a potentially significant change in the market landscape.
U.S. Congressman Tom Emmer has taken aim at Securities and Exchange Commission (SEC) Chair Gary Gensler, calling him a “bad faith” regulator in a recent interview. Emmer expressed concerns that Gensler’s approach to cryptocurrency regulation could hinder the growth and innovation of the emerging industry.
According to Emmer, Gensler’s stance on digital assets is excessively rigid, which could potentially stifle the development of the crypto space. The Congressman argued that the SEC Chair’s regulatory approach should be more flexible and accommodating, allowing for innovation and growth within the industry while still ensuring adequate investor protection.
Emmer also raised concerns about the lack of regulatory clarity from the SEC, stating that the agency’s failure to provide clear guidelines for the crypto sector creates an environment of uncertainty. This, in turn, discourages businesses and investors from engaging in the space, fearing potential legal consequences.
The Congressman’s criticisms come amid ongoing discussions on the appropriate level of regulation for the rapidly evolving cryptocurrency industry. Proponents of a more lenient approach argue that excessive regulation could stifle innovation, while others maintain that strict oversight is necessary to protect investors and maintain market stability.
Despite his criticism of Gensler, Emmer remains a staunch supporter of the cryptocurrency industry. He has consistently advocated for a pro-innovation regulatory framework in the U.S., emphasizing the importance of embracing new technologies and fostering growth in the digital asset sector.
As the debate around cryptocurrency regulation continues, the industry will be closely monitoring the actions of regulators like Gensler and the SEC. It remains to be seen whether a more flexible and innovation-friendly approach will be adopted, or if a stricter regulatory environment will prevail in the coming months and years.
Cardano, a leading blockchain platform, has encountered delays in its development due to an overambitious roadmap and betting on the wrong technology, according to its founder, Charles Hoskinson. In a recent interview with Cointelegraph, Hoskinson, who is also the CEO of IOHK, the company behind Cardano, acknowledged the challenges the platform has faced and provided insights into the reasons behind them.
As the third-generation blockchain project aims to revolutionize the smart contract and decentralized application (dApp) landscape, Hoskinson admitted that the platform’s ambitious goals may have been a factor in its delays. He stated that Cardano’s roadmap had been more extensive and challenging than anticipated, which has led to some missteps in their journey.
One of the critical issues Hoskinson pointed out was that the platform bet on the wrong technology in some instances. He explained that some of the tools and programming languages they initially chose turned out to be inadequate for the tasks at hand. This required them to switch gears and invest time and resources into finding better alternatives.
Despite the setbacks, Hoskinson remains optimistic about Cardano’s future. He believes that the platform’s focus on research, development, and innovation will eventually pay off and lead to a robust and sustainable blockchain ecosystem. Furthermore, Hoskinson emphasized that the team is committed to learning from these challenges and iterating on their approach to ensure the platform’s success in the long run.
Cardano’s setbacks have not gone unnoticed in the blockchain community, with critics pointing out the project’s slow progress compared to its competitors. However, Hoskinson is confident that the platform’s dedication to research and development will prove to be an advantage in the end, as it will enable Cardano to provide more reliable and scalable solutions than its rivals.
In conclusion, while Cardano has faced its fair share of delays and challenges, its founder remains resolute in his belief that the platform’s long-term success will be built on the lessons learned and the commitment to continuous improvement. As the project continues to forge ahead, the blockchain community will be watching closely to see if Cardano can deliver on its promises and revolutionize the world of smart contracts and dApps.
Ethereum (ETH) has recently reached a seven-month high, fueled by the anticipation surrounding its upcoming Shanghai and Capella upgrades. The second-largest cryptocurrency by market cap soared in value as investors and users eagerly awaited the new improvements.
The Shanghai upgrade, expected to go live later this year, will improve Ethereum’s scalability and efficiency by implementing a series of Ethereum Improvement Proposals (EIPs). These proposals will address various issues and limitations within the Ethereum network, making it more user-friendly and able to handle a higher volume of transactions.
Meanwhile, the Capella upgrade, slated for 2024, is designed to further enhance the network’s usability and performance. This update will focus on refining the Ethereum 2.0 architecture, which has already shown great promise in addressing the network’s energy consumption and latency problems.
Both upgrades are expected to make Ethereum more appealing to developers, users, and investors alike, contributing to the recent surge in its value. As the upgrades are rolled out and Ethereum continues to evolve, its potential to compete with and eventually surpass Bitcoin as the leading cryptocurrency is becoming increasingly plausible.
As Ethereum reaches new heights, its community remains optimistic about the platform’s future, confident that the upcoming upgrades will further solidify its position as a leading force in the world of decentralized finance and beyond.
Binance, the world’s largest crypto exchange, has shrugged off concerns about its liquidity amid a surge in investor redemptions.
On Saturday, the cryptocurrency giant told Crypto Intelligence News that its management is “not worried” about the growing withdrawals, as many investors seek self-storage or move their holdings to rival crypto platforms.
They added that Binance meets strict liquidity requirements and is 1:1 backed, with all investor assets being held in segregated accounts and wallets.
This comes hot on the heels of FTX, another rival crypto exchange, going bankrupt after experiencing a surge in withdrawals.
Binance initially considered taking over FTX, before deciding against the takeover due to concerns about the firm having mishandled customers’ funds.
The company’s native token, BNB, is currently down by around 15 percent in the last week, after falling a further six percent in the most recent 24 hours of trading.
Earlier this week, on Thursday, Binance CEO Changpeng Zhao said “We are financially OK” when asked if the exchange could handle a $2.1bn repayment – an amount they could have to pay back to FTX.
Zhao’s comments have done little to settle investors, with billions continuing to flow out of Binance and the exchange’s native token continuing to get hammered.
The U.S. Treasury Department said on Tuesday that cryptocurrency exchange Bittrex Inc had agreed to pay $29 mln in fines for “apparent violations” of sanctions on certain countries and anti-money laundering law.
The Treasury Department’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) had levied fines of about $24 million and $29 million, respectively, on Bittrex.
But according to terms of the settlement, FinCEN would transfer $24 million to OFAC after it receives its $29-million payment from Bittrex, as some of the violations stem from the “same underlying conduct” as the OFAC investigation.
Effectively, Bittrex will have to pay a penalty of about $29 million.
Bittrex failed to prevent people located in the sanctioned jurisdictions of Ukraine’s Crimea region, Cuba, Iran, Sudan and Syria from using its platform between March 2014 and December 2017, according to OFAC.
FinCEN said its investigation found that from February 2014 through December 2018, Bittrex did not maintain an effective anti-money laundering program.
“Bittrex’s AML program failed to appropriately address the risks associated with the products and services it offered, including anonymity-enhanced cryptocurrencies,” it added.
Cryptocurrencies and other digital assets have soared in popularity over recent years and are getting increasingly intertwined with the regulated financial system, saddling policymakers with monitoring risks in a largely unregulated sector.
Bittrex in an emailed statement to Reuters said it was “pleased to have fully resolved” the matter with OFAC and FinCEN on mutually agreeable terms.
Cryptocurrency platform Crypto.com will set up its European regional headquarters in Paris, the Singapore-based company said on Wednesday.
The firm will invest 150 million euros ($145.7 million) in France to support the establishment of its market operations, it said in a statement, adding it will hire local talent in the fields of compliance, business development and product.
The cryptocurrency exchange platform, which has more than 50 million users worldwide, received regulatory approval by the French market authority last month, allowing it to offer products and services to customers in France.
Crypto.com also got regulatory approval in the United Kingdom and Italy earlier this year.
In May, cryptocurrency exchange Binance said it had registered with France’s market regulator, with Binance France’s general manager David Prinçay adding it was now seeking a formal licence to open a regional headquarters in France.
Kevin Kelly has been famous for his sense of the direction of all things technological since the 1980s. His books on the subject published over a span of decades are consistent best sellers. When something new comes over the technological horizon, such as artificial intelligence (AI) and blockchain, the world is eager for his opinions, and HistoryDAO has the privilege of having his opinions directly for the second time this year.
In the first interview, HistoryDAO spoke with Kelly on the subject of “what technology wants,” and a good deal of the conversation covered specifically “what blockchain technology wants,” and the role of nonfungible tokens (NFTs).
“The fact that you know London is the capital of England is just a consensus,” said Kelly in the earlier interview. “The very thing itself is a consensus. Not just the representation of it.” This part of Kelly’s discussion brought to light the role of consensus in truth, implying that the Platonic ideal for truth may have been consensus all along. NFTs and blockchain, of course, are founded on the codification of consensus.
Taking these insights from Kelly to heart, the HistoryDAO team came to realize how important consensus has always been considered all the way back to the founding of Western philosophy by Plato, who believed that while objective truth existed, it could only be revealed through “dialectic,” which bears significant analogy to the modern concept of consensus.
In the coming weeks, HistoryDAO, represented by founder and CEO Sky Harris, and Kelly will add a favorite and increasingly critical topic to the dialectic: AI. Does AI have a role to play, or will it soon have a role to play, as a participant in dialectic itself? Do blockchain and NFTs have a unique touchpoint with truth? The conversation will pursue such questions with reference to lessons from history and technology’s role in the future. Kelly’s perspective on AI will be explored as well in the context of another passion of his art as a universal and uniquely human endeavor.
Look for the conversation on HistoryDAO’s YouTube channel in the coming weeks!
About HistoryDAO
HistoryDAO is where the world records history in Web3. The Web3 community comes together on the HistoryDAO platform to mint historic and current events immutably on the blockchain to be preserved — unchanged and indelible — as HistoryNFTs. The decentralization and democratization of history with blockchain and NFT technology are governed by you, the decentralized autonomous organization (DAO), the people. Write, record, analyze, adjudicate and mint our world as it unfolds across the globe every day with HistoryDAO and HistoryNFTs.
- Twitter: https://twitter.com/History_DAO
- Discord: https://discord.com/invite/MFCxaEp2Zn
- YouTube: https://www.youtube.com/c/HistoryDAO
- Website: https://historydao.io
About Kevin Kelly
Kevin Kelly is renowned for his seminal role in the history of the internet. It can be said that he “was there from the beginning.” Kelly co-sponsored the first Hackers Conference in 1984 under the auspices of the publisher of the Whole Earth Catalog, which also supported the oldest digitally based community bulletin board, The Well, founded in 1985, and still operating today. In the early 90s, he became the founding editor and “Senior Maverick” of Wired Magazine. In his career as a chronicler observing the relationship between human beings and technology, he became famous for making dependable predictions about what that relationship would produce in the future.
Kelly has published several best-selling philosophical books on technology over the past decades, and his most recent work is a labor of love from the time he first arrived in an Asian country with a camera in hand. It’s called “Vanishing Asia,” an anthology of more than 9,000 photographs he took while traveling through Asia since the 1970s.
European Union rules to regulate crypto assets will curb the market share of non-euro denominated stablecoins from 2024, potentially limiting EU competitiveness, industry representatives have said.
Ambassadors for the 27 EU states on Wednesday gave their approval to a deal on the new Markets in Crypto Assets Regulation (MiCA) thrashed out in June with the European Parliament.
To become law, the Parliament must vote on the rules, something which is expected to happen in December or early 2023.
The ambassadors also published a full text of the deal, revealing details such as that stablecoins not denominated in the euro will be limited to 1 million transactions and 200 million euros ($196 million) in transaction value when marketed in the euro zone.
A joint letter by crypto industry groups Blockchain for Europe and the Digital Euro Association said that the world’s three largest stablecoins – Tether, USD Coin and Binance USD – account for 75% of crypto trade volumes and already exceed the transaction-count and volume limits set out in the EU rules.
Anto Paroian, CEO of cryptocurrency hedge fund ARK36, said the curb “will likely limit the EU’s competitiveness and innovation potential”.
The European Crypto Initiative, a Brussels-based crypto lobbying group, said in a statement the outcome could be “burdensome”.
But it said a more favourable approach to euro-denominated stablecoins was likely to emerge after “initial fears for the EU’s financial stability and monetary sovereignty”.
Stablecoins are a type of cryptocurrency designed to maintain a constant value, usually via a 1:1 peg with a fiat currency.
“If the directive’s current wording does not change, it will significantly restrict the use of dollar-denominated stablecoins such as USD Coin, Tether, and Binance US,” Fabian Astic, Global Head of DeFi and Digital Assets at Moody’s Investors Service, said.
Stefan Berger, a member of the European Parliament who helped to negotiate the final deal, told Reuters: “Indeed, this might increase the euro-pegged stablecoins, which is a welcome development.”
Tether’s dollar-pegged coin is the world’s third largest cryptocurrency, with a market cap of $68 billion, compared to$202 million for the euro-pegged version, CoinGecko data shows.
Celsius Network’s co-founder and chief strategy officer Daniel Leon has stepped down, the bankrupt crypto lender said on Tuesday, joining a wave of executive departures from beleaguered digital asset companies.
The announcement comes a week after chief executive officer Alex Mashinsky’s resignation. Leon’s departure was first reported by CNBC.
Hoboken, New Jersey-based Celsius filed for Chapter 11 bankruptcy in July, a month after freezing withdrawals citing extreme market conditions.
Lenders such as Celsius boomed in lockstep with the surge in popularity of major cryptocurrencies like Bitcoin, as they offered interest rates much higher than traditional banks and easy access to loans.
However, the collapse of digital tokens terraUSD and luna, coupled with a tough macroeconomic environment, tested their business model and eroded customers’ optimism.
Voyager Digital Ltd, another major U.S. crypto lender, also filed for bankruptcy in July.
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