https://www.banklesstimes.com/news/2023/05/29/okx-monthly-por-show-dollar10b-in-btc-eth-tether/
OKX, the second-biggestcryptoexchange by trading volume, published its seventh monthly Proof of Reserves (PoR) showing $10 billion in Bitcoin, Ethereum and Tether (USDT), Bankless Times learned from a press release.
https://journalducoin.com/?p=610734
Il ne faut pas avoir peur de la régulation – Le Forum économique mondial (WEF), notamment connu pour se réunir annuellement dans la ville suisse de Davos, n’est généralement pas très crypto-friendly. L’organisation va même jusqu’à préférer parler de « centre de données » au lieu de ferme de minage de bitcoins, lorsqu’elle présente une entreprise réduisant le gâchis d’énergie (sans jamais mentionner également que celle-ci est donc proche du secteur crypto). Cette fois, le WEF émet des directives, pardon, des recommandations, aux gouvernements pour la régulation des actifs numériques.
Si les États à travers le monde commencent à réglementer très sérieusement (et souvent strictement) le secteur de Bitcoin et des cryptomonnaies, cela ne semble pas encore suffisant pour le Forum économique mondial. En effet, le WEF a publié ce 25 mai 2023 un livre blanc proposant une régulation des crypto-actifs.
Le Forum de Davos, aidé par son Digital Currency Governance Consortium(ou DCGC, qu’il a lancé en janvier 2020), souhaite ainsi que les cryptomonnaies soient réglementées dans le cadre d’une approche mondialiste, avec une coopération globale des autorités à travers la planète.
« La coordination des cadres réglementaires entre les juridictions [de différentes nations] est une tâche complexe pour presque tous les secteurs. Dans le cas des cryptomonnaies – et compte tenu des caractéristiques uniques de leurs technologies sous-jacentes, ainsi que des opportunités illimitées qu’elles présentent – on affirme souvent qu’une coordination mondiale n’est pas seulement souhaitable, mais nécessaire. »
>> 10% de réduction sur vos frais de trading ? Inscrivez-vous sur Binance (lien commercial) <<
Il faut dire que Worl Economic Forum a bien compris que Bitcoin et ses semblables se passent parfaitement d’intermédiaires, qui sont presque invariablement coûteux, lents et possiblement censeurs dans le pire des cas.
« (…) Les crypto-actifs et leur écosystème ne cadrent pas toujours parfaitement dans l’approche actuelle de la réglementation, fondée sur les activités et centrée sur les intermédiaires. Même lorsque des activités liées aux crypto-actifs sont des miroirs de celles du secteur financier traditionnel. »
Nous allons par contre, une fois n’est pas coutume, être totalement en accord avec un élément de livre blanc du WEF. En effet, même le Forum Davos admet qu’aux États-Unis l’hostilité vindicative des régulateurs (et des Démocrates de Joe Biden) contre les cryptomonnaies n’est pas la bonne méthode !
« Les mesures coercitives d’application de la loi sont nécessaires pour traiter les questions relatives à la fraude et à la manipulation du marché. (…) Toutefois, cette approche n’est pas recommandée pour en faire un cadre réglementaire, car [cela] empêche toute discussion significative sur ce qui devrait être réglementé, et ce qui ne devrait pas l’être. »
Ainsi, en plus de créer un « environnement non collaboratif » pour l’innovation entre régulateurs et acteurs du secteur, l’approche coercitive des États-Unis crée une totale « absence de certitude et de prévisibilité » pour développer des activités liées aux cryptos. Le candidat à la présidentielle US 2024, Ron DeSantis, a même affirmé que cela pourrait aller jusqu’à « tuer Bitcoin » si les régulateurs fous de la SEC (Securities and exchange Commission) ne se calment pas.
Anticipez les réglementations à venir en choisissant une plateforme PSAN déjà enregistrée auprès de l’AMF. Pour acheter vos cryptomonnaies, inscrivez-vous vite sur la plateforme Binance. Économisez 10 % sur vos frais de trading en suivant ce lien (lien commercial).
L’article Bitcoin et cryptomonnaies: le Forum de Davos (WEF) publie ses « recommandations » est apparu en premier sur Journal du Coin.
https://ambcrypto.com/ethereum-investors-should-know-this-before-fomo-kicks-in/
Ethereum [ETH] is off to a promising start this week after delivering a bullish performance for four consecutive days. While this may usher in some excitement related to weekend accumulation, there are a few things that investors should consider before going all in.
Is your portfolio green? Check out the Ethereum Profit Calculator
ETH’s bullish performance in the last four days marks the first time that the price has favored a particular direction for over three days. Many analysts may translate this as a sign that demand is growing and outpacing sell pressure. However, a look at more data points is important to establish whether ETH is building towards potentially breaking out of its 2-week limbo.
According to the latest Glassnode data, the amount of ETH supply last active in the last 3 – 6 months just reached a 10-month low. A confirmation that most ETH holders are not moving their coins. This suggests that there is still a long-term focus. On-chain exchange flow data reveals that more ETH has been flowing out of exchanges than the amount flowing in.
A keen look at ETH total exchange inflows and outflows confirms that demand is currently outweighing sell pressure. However, there is something far more notable about the current exchange flows. Exchange flow volumes are now down to levels where we have previously seen a surge in on-chain volumes.
Source: CryptoQuant
The above observation is important because it means ETH may see a resurgence of volumes soon. If that happens, then it will likely break out of its narrow range where the cryptocurrency has been stuck for the last two weeks.
The probability of a breakout or break below the recent range is largely dependent on strong demand from whales and institutions. Addresses holding at least 1000 ETH have been on a downward trajectory for the last two weeks. This is an indication that whales have been gradually offloading some of their coins.
Source: Glassnode
The same applies for ETH’s futures open interest which slid in the last five days. This is despite the 5% upside that the cryptocurrency has achieved during the same 5-day period. There are a few notables, such as the recent dip in the estimated leverage ratio, which suggests that the current upside is not supported by a lot of speculation.
Also, exchange reserves are at monthly lows while funding rates are on the rise.
Source: CryptoQuant
The above underscores a cautious but optimistic outlook in the derivatives market, thus the absence of strong leverage.
How much are 1,10,100 ETHs worth today?
Nevertheless, the recent upside has not pushed out of the narrow 2-week price range, hence underscoring weak prevailing demand. As such, it might be too early to determine if the current upside represents a breakout.
ETH exchanged hands at $1,842 at the time of writing. It is still trading within the narrow band in which it traded within the last two weeks.
On the 11th, JP Morgan, a major US financial company, filed a trademark registration for an AI (artificial intelligence) system named “IndexGPT.”
According to documents submitted to the United States Patent and Trademark Office (USPTO), in addition to advertising and marketing services, AI is intended to be used for the creation, provision, and updating of securities indices, as well as consulting on securities investment. are doing.
Other services included:
The transformer model is one of the deep learning models by AI, and is mainly used in the field of natural language processing.
JP Morgan is pushing hard to use AI. In a letter to shareholders issued in April, the company introduced its efforts related to AI and cloud services as one of the company’s latest developments. Regarding the situation of teams working on AI, he said:
Currently, more than 1,000 people are engaged in data management business, and more than 900 data scientists are working on creating new models in AI and machine learning.
It also has more than 600 machine learning experts who write the code to deploy the developed models into production. These teams focus on AI and machine learning, including natural language processing, time series analysis, and reinforcement learning.
He also said that AI is a “breakthrough technology” and that AI and the data it handles will be critical to the success of JP Morgan’s future business.
He added that JPMorgan is already using AI in its business. By preventing fraud and illegal activity, it significantly reduces risk in retail operations and also helps optimize trades and improve portfolio construction.
JP Morgan said it spent more than ¥280 billion ($2 billion) building cloud-based data centers. He pointed out that AI is closely related to cloud-based systems.
JP Morgan is also working on the ethical side of AI. He said he hired a multidisciplinary team of ethicists to prevent unintentional abuse of AI, anticipate regulatory trends, and help build trust with clients, users, and others.
Currently, the AI language model ChatGPT is a hot topic all over the world, but the issue of AI utilization and ethics is also emerging.
In Europe, for example, German and Italian regulators have launched investigations into ChatGPT for the risks it poses to personal data protection. In Europe, there is the General Data Protection Regulation (GDPR), and there is concern that it may conflict with this.
connection: Germany starts investigation on ChatGPT’s “data protection” = report
What is the EU General Data Protection Regulation (GDPR)?
“Personal Data Protection Law” in the EU. It imposes stringent requirements on companies, and non-compliance can result in fines of up to 4% of annual global turnover. The rights of data subjects are also one of the basic principles.
Cryptocurrency Glossary
The post JP Morgan applies for trademark registration of financial AI (artificial intelligence) “IndexGPT” appeared first on Our Bitcoin News.
https://www.banklesstimes.com/news/2023/05/29/protocol-on-arbitrum-loses-dollar75m-in-exploit/
Jimbos, a protocol in the Arbitrum Network, was hacked yesterday morning according to blockchain security firm PeckShield, Cointelegraph reported. The exploiter made away with 4,000 ether, which was roughly equivalent to $7.5 million at the time of the attack.
Beijing’s local government on Saturday released a white paper outlining plans and challenges for development of the city’s Web 3.0 industry, typically defined as the next evolution of the internet built around decentralized blockchain technologies, the metaverse, and non-fungible tokens (NFTs). Beijing joins other cities and regions in the country in announcing plans to build capabilities in Web3.
See related article: China: Zhengzhou City proposes metaverse plan
Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong. pic.twitter.com/0Ts1UB0jnL
— CZ 🔶 Binance (@cz_binance) May 27, 2023
See related article: Hong Kong’s new crypto rules covered by China state TV in rare move from Beijing
https://ambcrypto.com/doge-consolidates-at-0-0700-support-is-a-reversal-possible/
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Dogecoin [DOGE] has been on a downward trend since 4 April, after it failed to break the $0.1016 resistance level. Its recent price action has confined it to a tight range, oscillating between the $0.0700 support and Value Area Low at $0.0750.
Realistic or not, here’s DOGE market cap in BTC’s terms
With Bitcoin [BTC] posting gains of 3.9% within the past 24 hours, an uptick in volume could spur a price recovery for DOGE.
Source: DOGE/USDT on Trading View
On the 12-hour chart, the Visible Range Volume Profile showed that the Value Area High (VAH) and Value Area Low (VAL) sat at $0.0940 and $0.0750, respectively. The Point of Control (POC) at $0.0818 lay very close to the resistance level at $0.0805. The VAL acted as a minor resistance on 18 May, with prices unable to push past it.
With price rebounding off the $0.0700 support level, on-chart indicators could provide some insight into DOGE’s next move.
The Relative Strength Indicator (RSI) and Chaikin Money Flow (CMF) both flashed mild bullish signals. The RSI rose above the neutral 50 mark and stood at 53 as of press time. The CMF also stood at +0.06 to hint at growing capital inflows. However, the On Balance Volume (OBV) remained flat, which could hamper any potential bullish rally.
Any significant advancement for bulls will require a close above the VAL before targeting the resistance level at $0.0805. On the flip side, a retest of $0.0700 would see the level cave to the selling pressure. This could see bears target the March low of $0.0632.
Read Dogecoin’s [DOGE] Price Prediction 2023-24
Source: Santiment
Data from Santiment showed the mean coin age (90-day) has been on the rise, since 17 May. This hinted at a network-wide accumulation, due to decreased token movement between addresses, resulting in a reduction in sell pressure.
The rise of the mean coin age also coincided with a sharp drop in dormant circulation, showing a lack of intense selling. These factors combined could see DOGE experience increased demand, and thereby a bullish recovery.
https://bitcoinwarrior.net/?p=301693
Cryptocurrency prices kick-started upside moves on Sunday amidst notable market developments. Bitcoin (BTC) soared past the $27K region following the debt ceiling agreement news from President Joe Biden and Speaker Kevin McCarthy. Biden revealed the deal on Twitter, terming the move as crucial in reducing spending.
Meanwhile, the President affirmed that failure to reach the tentative deal would see the U.S. economy on a disastrous default and eventually recession, crashing jobs and affecting retirement accounts. Earlier Invezz.com reported that Biden wouldn’t accept any deal benefiting cryptocurrency investors.
McCarthy revealed the deal agreement deal earlier, stating that President Biden wasted months refusing to discuss the debt ceiling. Meanwhile, the deal comes some days before the 1 June 2023 deadline – which was to attract turmoil within the financial world.
As mentioned, Biden confirmed reaching a budget deal with Speaker McCarthy. Meantime, the agreement awaits more discussions before going to the U.S. House & Senate.
The deal includes increasing the fed government’s $31.4T debt ceiling, halting a months-long standoff. Moreover, it involves capping spending and increasing the debt limit for two years.
Nonetheless, the news brought relief to the crypto market, with prices reacting to the agreement with green moves. Thus, today’s surges in the cryptocurrency space likely stemmed from rallies in the United States stock markets.
It remains a somewhat quiet Sunday as markets will close tomorrow due to Monday’s Memorial Day. With no economic signals from the United States, the latest updates of the U.S. preventing a calamitous default will offer support on the day ahead.
Nonetheless, market players should keep following cryptocurrency news. Updates related to Binance, SEC vs. Ripple, and Coinbase remain crucial for the markets’ outlook
The post Bitcoin (BTC) launches new surges as U.S. debt ceiling reaches tentative deal appeared first on Invezz.
https://www.newsbtc.com/news/ethereum/ethereum-correction-key-level-break-can-shift-price-course/
The Ethereum price has shown attempts at recovery during recent trading sessions. Over the past 24 hours, the price of this altcoin has experienced a modest increase of nearly 2%. However, when observing the weekly chart, the price has only managed to appreciate by 3%.
In terms of technical analysis, the outlook has favored the bulls, with buying strength exhibiting an uptick. Additionally, both demand and accumulation have displayed positive changes. As the price began to rise, ETH successfully surpassed a significant resistance level, crossing the $1,790 mark.
This breakthrough has enabled the bulls to gain control of the price action. Nevertheless, an important hurdle still remains to be overcome for ETH to witness a substantial rally. Notably, with the Bitcoin price demonstrating uncertain price action, several major altcoins have struggled to surpass their key price resistance levels.
As BTC surpassed $27,000, the broader market’s increased strength might also contribute to the Ethereum upward price movement on its chart. The market capitalization of Ethereum witnessed an increase in the last trading session, indicating a return of buyers to the market.
At the time of writing, ETH was priced at $1,840. The altcoin has exhibited gradual appreciation following its breakthrough of the $1,790 resistance level.
However, ETH has experienced intermittent corrections, and in order to halt this pattern, it needs to surpass the overhead price ceiling of $1,870.
Surmounting this level would pave the way for ETH to trade near $1,900. Conversely, a drop from this level would bring ETH to $1,790 and subsequently to $1,740. The volume of ETH traded in the last session appeared positive, indicating reduced selling pressure on the chart.
Following ETH’s breakthrough of the $1,840 price level, buyers made further attempts to reenter the market. This resulted in a shift in demand into the positive zone.
Additionally, the Relative Strength Index (RSI) surged past the half-line, signaling that buyers outnumbered sellers in the market.
In line with this, the ETH price also moved above the 20-Simple Moving Average (SMA) line, indicating that buyers were steering the price momentum in the market.
In addition to the aforementioned technical indicators, ETH displayed further buy signals. The Moving Average Convergence Divergence (MACD) indicated the price momentum and reversals through the formation of green histograms, which were growing in size.
These expanding histograms aligned with buy signals for Ethereum. Furthermore, the Chaikin Money Flow (CMF) indicator was positive, as it remained above the half-line. This indicated that capital inflows outweighed capital outflows at the time of observation, emphasizing positive market sentiment for ETH.
Le ptit coup de pouce de Binance – En cette période économiquement compliquée où l’inflation et le pouvoir d’achat font la une des médias du monde entier, la plateforme crypto numéro 1 fait un petit geste pour ses utilisateurs. Pendant un mois, Binance va faire cadeau des frais de transactions sur tous les investissements programmés – Auto-Invest dans le menu Earn. Montant, crypto concernées, durée, moyen de paiement, on vous dit tout de cette opération commerciale bienvenue pour les investisseurs au long cours.
A moins d’être un passionné de graphisme et de trading, il est parfois compliqué de savoir quand acheter ou quand vendre ses cryptos préférées. Afin de simplifier le processus d’investissement, la méthode dite du DCA est largement conseillée aux investisseurs en herbe ou aux bons pères de famille qui souhaitent se bâtir un portefeuille dans la durée. Expliqué en détail récemment dans nos colonnes, le Dollar Cost Average a fait ses preuves dans la finance traditionnelle et il s’est aujourd’hui démocratisé dans la crypto également. Concrètement, il s’agira d’investir à intervalles réguliers une même somme d’argent afin de lisser son prix d’entrée, mais surtout d’être plus détendu et d’éviter de chercher sans fin le meilleur prix d’entrée.
Le programme Auto-Invest de Binance correspond exactement à cette définition puisqu’il permet ce type d’investissement avec toute la souplesse d’une grande plateforme. Il vous faudra d’abord choisir parmi les plus de 210 cryptos proposées à l’achat récurent. Cependant, pour ceux qui hésitent un peu ou qui ne savent pas trop sur laquelle miser, Binance propose des formules toutes faites comme celle intitulée The Big 3 qui comprend BTC, ETH et BNB ou le Top 10 Auto-Invest avec les trois précédentes accompagnées des plus grandes capitalisations du marché. Ensuite, à vous de déterminer le montant alloué par période et de choisir la fréquence qui vous va le mieux.
>> 10% de réduction sur vos frais de trading ? Inscrivez-vous sur Binance (lien commercial) <<
Quotidien, hebdomadaire, mensuel ou carrément plusieurs fois par jour, il y en a pour tous les goûts et pour toutes les bourses. Il ne vous reste plus qu’à démarrer votre auto-investissement programmé et les achats s’effectueront sans aucune autre action de votre part. Sachez enfin que la somme nécessaire à ces opérations doit bien sûr être disponible dans votre portefeuille Binance et que vous pourrez interrompre le processus à tout moment sans aucun délai.
Enfin, pour être complet, sachez qu’il est possible d’effectuer ses achats en payant avec des euros, des stablecoins ou même une crypto de votre choix. Le ou les cryptos achetées dans le cadre du programme Auto-Invest seront ensuite versés dans le portefeuille Simple Earn histoire de continuer à générer du rendement. En souscrivant à ce programme d’investissement programmé dès à présent, vous profiterez de frais de transactions offerts jusqu’au 18 juin. Après cela, les frais habituels seront appliqués et il convient de bien se renseigner avant de s’engager.
Binance a bien compris les enjeux actuels et cherche à attirer les petits investisseurs avec cette promotion. Comme dit l’adage, il n’y a pas de petites économies et ces quelques euros représenteront un petit bonus bienvenu avant l’été.
Accompagnerez-vous la révolution Bitcoin ? Il ne tient plus qu’à vous d’embarquer dans le train crypto ! Pour ce faire, et commencer à vous familiariser avec ce monde passionnant, n’attendez pas pour vous créer un compte sur Binance. Vous économiserez 10 % sur vos frais de trading en suivant ce lien (lien commercial).
L’article Économiser avec Bitcoin (BTC) ? Binance offre les frais sur le DCA jusqu’au 18 juin est apparu en premier sur Journal du Coin.
Commentator, CEO of The Finanser and best-selling author at The Finanser
Thinkers360 Thought Leader
Chris Skinner – Financial Markets Advisor of the Year – The Finanser – UK 2023
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https://www.banklesstimes.com/news/2023/05/29/crypto-price-predictions-injective-inj-quant-fetchai/
Cryptocurrencies turned positive during the weekend as investors embraced a risk-on sentiment after the debt ceiling deal. Bitcoin price jumped above $28,000 while Ethereum held steady at $1,800. Other top-performing cryptocurrencies were Mask Network, PancakeSwap, Injective, Lido DAO, Quant, and Immutable X.
https://ourbitcoinnews.com/jp-morgan-analyst-says-bitcoin-could-reach-45000/
Analysts at JP Morgan, a major financial institution, suggested the cryptocurrency Bitcoin could reach 6.3 million yen ($45,000) in the latest price forecast in a memo to clients.
Due to the rarity of Bitcoin, which has an upper limit of 21 million BTC, many investors incorporate it into their asset portfolio as an alternative investment as part of risk hedging. It is sometimes called “digital gold” after the asset value of gold. Recently, a correlation with gold prices has been pointed out.
A JP Morgan analyst said:
With the gold price hovering above $2,000, the value of gold held outside of central bank investment purposes is currently valued at about $3 trillion.Bitcoin as risk capital or[数量]Assuming an adjusted size parity with gold, that would mean Bitcoin price would be $45,000.
Another reason JP Morgan favors Bitcoin price increases is the Bitcoin halving, which is predicted to occur around the end of April 2024.
Halving (bitcoin halving) refers to the timing when Bitcoin mining rewards are reduced by half. Bitcoin stipulates that every time the number of blocks reaches 210,000 (approximately every four years), the amount of newly issued BTC given as a reward to miners is halved.
JP Morgan expects Bitcoin mining costs (break-even point) to double from the current level to about $40,000 by next year’s halving. The cost of miners “has historically served as a valid support line,” so it is likely that the price of Bitcoin will rise after the halving.
Also, based on historical data, the Bitcoin price turned to a bull market around the 2016 and 2020 halvings, and we expect a similar phenomenon to occur next time.
JP Morgan also mentions Ethereum. He said the stocks could face short-term selling pressure until the middle of the year.
connection:Countdown to the next Bitcoin half-life less than a year away, market trends and expert predictions?
Former CEO of leading derivatives exchange BitMEX, Arthur Hayes is bullish on Bitcoin beyond 2024.
In a podcast, Hayes emphasized the importance of the 2024 Bitcoin halving. In the same year, he showed a bullish forecast that Bitcoin will exceed the $ 70,000 (9.8 million yen) barrier and set a record high price between 2025 and 2026.
Meanwhile, the US banking crisis and the US federal government’s “trillion-dollar debt issuance” caused a “powder keg explosion” in the third and fourth quarters of this year, with bitcoin’s price volatility dropping. He argued that it would be intense, but could ultimately favor Bitcoin.
Hayes also said that he is paying attention to the movement of “Bitcoin Ordinals,” which is a Bitcoin version of NFT.
Youtube show “Digital Asset News” with 330,000 subscribers mentions the expansion of the NFT market on the Bitcoin blockchain. He cited the fact that it overtook Solana to become the second largest NFT blockchain as a reason to be bullish on the future Bitcoin price.
connection:Memecoin trading overheating, bitcoin token standard “BRC-20” market expands rapidly
The post JP Morgan Analyst Says Bitcoin Could Reach $45,000 appeared first on Our Bitcoin News.
https://beincrypto.com/optimism-sui-crypto-token-unlocks-market-up/
Several prominent crypto projects will be unlocking tokens this week. The move could have an impact on token prices as markets are currently in the green.
Layer 2 network Optimism is among the ten crypto projects that will be unlocking tokens this week.
On May 31, 3.6% of the supply of OP tokens will be unlocked. This equates to 154.6 million tokens worth around $255 million. According to Token Unlocks, it is the first major unlock for the core contributors and investor groups.
Optimism’s schedule will release 4.7 billion coins linearly until August 2026. Currently, 67% of the total supply remains locked.
Token unlocks usually dilute the supply putting downward pressure on prices. OP is trading up 1.6% on the day at $1.65 but is down 49% from its February all-time high of $3.22.
On May 30, there will be releases for Sweatcoin (SWEAT) and Galxe (GAL). Sweatcoin unlocks around 3.2 million tokens per day, while Galxe will release 586,666 tokens.
June 1 sees unlocks for STEPN, Hedera, and Acala, and June 2 will release tokens for 1inch and Nym.
On June 3, 61 million SUI tokens worth around $63.7 million will be released. Furthermore, Sui tokenomics are heavily venture capital weighted with large chunks of tokens allocated for insiders, investors, and the Foundation.
SUI prices are up 3.4% on the day at $1.04 at the time of writing. However, the token has been trending lower since its launch and is 52% lower than its peak price of $2.16 earlier this month.
Trader Joe (JOE) is also releasing tokens on a linear daily basis, but just 2% of the supply remains locked.
Crypto markets have gained 2.8% on the day, rising to a three-week high of $1.21 trillion. Momentum has been driven by the U.S. government’s agreement on a deal to suspend the debt ceiling.
Over the weekend, President Joe Biden and congressional Republican Kevin McCarthy finally came to a deal to lift the debt limit until January 2025.
This effectively means that there is now no limit on how much more debt the government can incur. Furthermore, the move has increased risk appetite, and markets have moved.
Bitcoin gained 3.3% on the day to reach $28,075 at the time of writing. It is the asset’s highest price since May 8. Ethereum topped $1,900 following a 2.9% increase over the past 24 hours.
The post Optimism and Sui Among This Week’s Crypto Token Unlocks as Market Looks Up appeared first on BeInCrypto.
The ability to make offline payments with central bank digital currencies (CBDCs) has attracted increased interest among central banks for their potential to support public policy objectives including financial inclusion, universal access, payment system resilience and privacy.
A survey conducted by the Bank for International Settlements (BIS) Innovation Hub Nordic Centre found that central banks view offline payments with retail CBDC as an important feature, with 49% considering it to be vital and 49% considering it to be advantageous.
But despite these perceived potential benefits, monetary authorities considering the implementation of CBDCs with offline functionality must take into account a complex matrix of issues relating to security, privacy, likely risks, the types of solution, their maturity and applicability, a new paper by BIS says.
The paper, titled A handbook for offline payments with CBDC and compiled in partnership with UK consultancy Consult Hyperion, addresses these issues and explores key aspects of how CBDCs could work for offline payments.
Ultimately, there is no “one-size-fits-all” solution, the paper says, and each country has different reasons for providing offline payments with CBDC. This means that the types and forms of offline payments will vary from one country to another depending on their objectives and local requirements.
The paper outlines three different modes of offline payments: the fully offline mode, which allows payments to be completed and settled without the need to connect to a ledger; the intermittently offline mode, which, like the fully offline mode, enables the payee to spend the value received at the end of the transfer, but which imposes transaction limits and requires synchronization with the central system intermittently; and the staged offline mode, where value exchange takes place offline but requires a connection to settle on the payee side and for the value transferred to be spendable.
These modes have different implications for risk management, the level and type of privacy provided, and the resilience conditions that are supported, the paper warns.
Modes of offline payment, Source: A handbook for offline payments with CBDC, Bank for International Settlements/Consult Hyperion, May 2023
The paper also delves into the key components required to support offline payments functionality in CBDC systems, highlighting the need of a user device, a user onboarding process, provisioning and lifecycle management of the wallet, online and offline ledgers, offline risk management, and the software implementing the offline payment functionality which must support value transfer and storage.
It notes that offline payments can be provided through hardware, software or a combination of both, but that this design decision will ultimately impact the solution’s suitability. In some countries, for example, software-based solutions are more appropriate than hardware-based ones, or vice versa, the report notes.
Hardware-based solutions use tamper-resistant chips like those commonly present in popular payment cards. Software-based solutions, meanwhile, are typically smartphone-based and use a range of software techniques to protect cryptographic keys and data both at rest and while they are being processed.
A logical architecture for offline CBDC payment solutions, Source: A handbook for offline payments with CBDC, Bank for International Settlements/Consult Hyperion, May 2023
The paper gives several recommendations, advising central banks to adopt a risk-based approach at the earliest stages of designing the technology and business operations, taking into account specifically security, operational and incident risk management.
Authorities should also clearly define the roles and responsibilities of each of the participants in the ecosystem, and should provide guidance to solution vendors on their expectations for what solutions they should be able to offer.
As part of the report, BIS conducted a survey of central banks to understand their views on offline payments with CBDC. Respondents cited financial inclusion (40%), cash resemblance (40%) and resilience (33%) as their main goals for offline payments with CBDC.
The relevance of offline payments is particularly important in developing countries where individuals use feature phones rather than smartphones, and in areas without Internet access and/or electricity, the research found.
The BIS Innovation Hub Nordic Centre is currently exploring the potential of offline payments using CBDCs through Project Polaris. Over several workstreams, the initiative will see the center provide central banks with essential information on architecture, design, implementation planning and investment considerations to make an informed decision.
Featured image credit: edited from Freepik
The post Offline Payments Using CBDCs Promise Many Benefits But Design Should Be Considered Thoroughly appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
https://fintechnews.ch/funding/global-finance-tech-ma-activity-continues-to-decline/61767/
Mergers and acquisitions (M&A) activity in the financial services and technology industries continued their decline in Q1 2023, carrying on a trend that began last year.
Deal activity in these sectors is now reaching levels not seen since the start of the pandemic, new data from research firm PitchBook show.
The sector saw an estimated 856 deals, a decrease of 11.4% quarter-on-quarter (QoQ), while deal value sank 31.7% QoQ and 47.0% year-on-year (YoY), the report says.
Financial services M&A activity by quarter, Source: Q1 2023 Global M&A Report, PitchBook, April 2023
During Q1 2023, the market experienced distressed sales following the collapse of several small- to mid-size banks in the US, it notes.
Silicon Valley Bank (SVB) was acquired from the Federal Deposit Insurance Corporation (FDIC) by First Citizens Bank after an extensive sale process. SVB imploded in March after being forced to sell securities at a loss amid higher interest rates.
Spooked investors and depositors rapidly began pulling their money out, leading a staggering US$42 billion of deposits being withdrawn the day before the bank shut down.
Another acquisition occurred in Q1 2023 when Flagstar Bank, a subsidiary of New York Community Bancorp, acquired certain assets and assumed certain liabilities of Signature Bank from the FDIC.
Signature Bank closed down two days after the collapse of SVB after nervous customers withdrew more than US$10 billion in deposits. That run on deposits quickly led to the third-largest bank failure in US history.
Finally, the third deal highlighted by PitchBook was the purchase of Credit Suisse by fellow Swiss giant UBS after the bank’s shares and bonds slumped.
Like the financial services industry, the technology sector too experienced a slow start of the year, recording an estimated 2,043 deals closed or announced for a combined value of US$146.8 billion in Q1 2023. The figures imply a 1.3% decline QoQ in deal count while deal value went down 18.1%.
The quarter did, however, witness some notable mega-deals, including nine transactions above US$1 billion, according to PitchBook. One of these deals was the acquisition of Qualtrics, a provider of experience management software, by Silver Lake and the Canada Pension Plan in March. The deal valued Qualtrics at approximately US$12.5 billion.
IT M&A activity by quarter, Source: Q1 2023 Global M&A Report, PitchBook, April 2023
Fintech M&A activity also cooled off, recording 130 acquisitions and buyouts in Q1 2023 totaling US$4 billion in value, data from intelligence platform Dealroom show. The numbers suggest a 55.6% YoY and 69% QoQ decline in deal value, while deal count pulled back 42% YoY and 12% QoQ.
M&A deals observed in Q1 2023 included acquisitions of fintech startups by incumbents as well as fast-growing startups consolidating their lead by acquiring rivals. The quarter also saw several PE firms take advantage of tumbling public valuations to acquire high-growth tech companies at more attractive prices.
UK embedded finance and banking-as-a-service (BaaS) provider and former fintech unicorn Railsr was sold earlier this year in a prepackaged bankruptcy to a consortium of investors; US-based savings and investing unicorn Acorns acquired London-based GoHenry, a startup providing financial education services and money management to kids and teens, to expand internationally and offer financial wellness; UK retail and commercial bank NatWest brought an 85% stake in workplace savings account provider Cushon to grow its product offering to businesses; and Vista Equity Partners, an enterprise software-focused PE firm, acquired Duck Creek Technologies in March. The software provider for property and casualty insurance went public in 2020 for a market cap of around US$5 billion, which fell below US$2 billion in 2022.
Number of fintech exits quarterly, Source: Q1 2023 Global M&A Report, Dealroom, April 2023
American law firm White & Case expects the fintech M&A downtrend to reverse. The sector is set to see a surge in M&A deal activity centered on the consolidation of existing market participants, together with investors taking advantage of lower valuations to acquire strategic stakes in scalable technologies, the firm’s M&A lawyers predict.
In addition, smaller fintech companies struggling to build scale will likely seek out strategic partnerships with larger corporations to achieve deep market penetration.
Fintech segments likely to see the most M&A activity include open banking, neobanking, regtech, green fintech, paytech and digital currency infrastructure providers, the experts predict.
Fintech funding activity continued to decline in Q1 2023 and is on track to fall short of both 2021 and 2022, data from Dealroom show. Global fintech funding reached US$14 billion in the first quarter of the year, down 46% and 60% compared with Q1 2021 and Q1 2022, respectively.
Fintech was the most invested industry in Q1 2023 behind only enterprise software where funding activity was driven by OpenAI and the rest of generative artificial intelligence (AI).
Global fintech funding, by quarter US$, Source: Q1 2023 Global M&A Report, Dealroom, April 2023
Featured image credit: Edited from Freepik
The post Global Finance, Tech M&A Activity Continues to Decline appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
https://ambcrypto.com/polkadots-growth-is-dependent-on-these-factors/
According to Polkadot Insider’s 27 May tweet, Polkadot [DOT] has ranked fourth in token activity. Polkadot has surpassed networks such as Solana [SOL], Filecoin [FIL] and Litecoin [LTC] in this regard. Moreover, over $11.4 million worth of token incentives were provided on the network.
Is your portfolio green? Check out the Polkadot Profit Calculator
Despite numerous token incentives, daily activity experienced a substantial 69.9% decline over the past 30 days, according to Token Terminal’s data. Concurrently, the revenue generated by Polkadot also fell by 25% within the same period.
These downward trends raise questions about the effectiveness of token incentives in attracting and retaining users.
Source: token terminal
To revitalize user engagement, proposals have been made to make changes to the Polkadot network. One of them includes a proposal to increase the number of validators. The suggestion entails a gradual addition of five new validators in each period until they reach 400.
This incremental increase is believed to strike a balance between security and network scalability. Core developers are supportive of such changes, further advocating for increased value and network participation.
Polkadot witnessed positive developments in other areas as well.
For instance, Polkadot’s cross-consensus message format (XCM) witnessed a notable expansion in the first quarter of this year, extending beyond transfers. The number of channels utilizing XCM increased by an impressive 60%.
This growth indicates the growing adoption of Polkadot’s interchain communication protocol, potentially fostering greater interoperability and functionality within the network.
Source: Messari
Despite efforts to drive adoption, the price of Polkadot’s native token, DOT, has continued to decline in tandem with its trading volume. Over the last month, DOT’s volume fell from 250 million to 90 million.
Realistic or not, here’s DOT’s market cap in BTC’s terms
This trend aligns with the prevailing negative sentiment surrounding the token, as the crypto community holds limited expectations for a rapid price recovery.
Source: Santiment
Moreover, stakers have displayed dwindling faith, with only 45.3% of circulating DOT being staked, according to Subscan’s data. This reduced staking participation raises questions about the confidence of token holders in Polkadot’s future prospects.
Source: Subscan
https://www.newsbtc.com/news/ethereum/ethereum-block-size-surges-to-1-month-high/
Ethereum, the world’s second-largest cryptocurrency by market capitalization, has witnessed a significant surge in its mean block size, reaching a new 1-month high. This milestone was recently announced by Glassnode, a renowned on-chain analysis platform.
The increase in block size indicates a notable improvement in Ethereum’s network capacity and transaction throughput, potentially bringing positive implications for the ecosystem.
The mean block size of Ethereum has skyrocketed, surpassing the previous 1-month high recorded on May 27, 2023. Glassnode’s data reveals that the current mean block size stands at 121.4 million.
This surge highlights a substantial increase in the average data volume accommodated within individual blocks of the Ethereum blockchain.
Larger block size is indicative of Ethereum’s ability to handle more data and transactions per block, effectively enhancing the network’s capacity. With a higher average data volume in recent blocks, ETH showcases its potential for improved scalability and transaction throughput.
Ethereum’s surge in block size signifies a positive development for the ETH ecosystem, as it accommodates the growing demands and usage of the network.
The surge in Ethereum’s mean block size holds several implications for ETH and its community. Firstly, it signifies the network’s continued growth and adoption. As more participants engage with the Ethereum blockchain, the increased block size demonstrates the platform’s ability to handle a higher volume of transactions, leading to enhanced efficiency and reduced congestion.
Moreover, the surge in block size also contributes to improved transaction throughput. With larger block sizes, more transactions can be included in each block, resulting in faster confirmation times and smoother user experiences.
This development is crucial for applications built on the Ethereum network, such as decentralized finance (DeFi) protocols, non-fungible token (NFT) marketplaces, and various other decentralized applications (dApps). It enables them to process a greater number of transactions within a given timeframe, fostering better scalability and usability.
Additionally, Ethereum’s increased block size may have a positive impact on gas fees. Gas fees, which are transaction fees on the Ethereum network, can be influenced by block size. A larger block size allows for the inclusion of more transactions, potentially alleviating congestion and reducing gas fees. This could lead to a more cost-effective and accessible environment for users and developers utilizing the Ethereum ecosystem.
Meanwhile, Ethereum has shown a possible brewing uptick in the past week. The second crypto asset by market capitalization has surged 2.3% in the past week. Over the past 24 hours, ETH has seen a 1.1% gain.
At the time of writing, Ethereum currently trades at $1,851. Ethereum’s trading volume has, however, ranged between $3 billion and $5 billion in the past seven days indicating a possible accumulation. Regardless, in the past 24 hours, ETH has had a trading volume of $5.5 billion.
-Featured image from Shutterstock, Chart from TradingView
BAND prices remain stable at the time of writing. However, considering recent development within the Band Protocol ecosystem, there could be more upsides as the project unveils new features and strikes strategic partnerships.
Recently, Band Protocol, a platform focusing on cross-chain data oracles, partnered with Horizen, a public blockchain offering a scalable ecosystem for decentralized applications (dapps).
The goal is to provide EON, Horizen’s recently launched EVM-compatible intelligent contracting platform, with access to decentralized oracle services. In this way, decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs) within the EON ecosystem will have real-time pricing information and reliable data via Band Protocol’s middleware solutions.
EON uses Band Protocol’s primary Oracle solution to provide real-time token price feeds across several blockchain networks. Integrating these two platforms ensures the integrity of EON’s data, which will be essential in developing the company’s DeFi, gaming, and NFT ecosystem.
Band Protocol’s ability to gather and integrate real-world data and APIs to intelligent contracts may help EON become less reliant on centralized oracles, which introduce points of failure. This new link allows programmers to enhance and expand the functionality of EON intelligent contracts.
According to Rob Viglione, co-founder, and CEO of Horizon Labs, the relationship with Band Protocol is a broad step forward in the company’s efforts to provide a safe and scalable environment for DApps.
The reliable oracle services provided by Band Protocol allow programmers to design innovative software for DeFi, gaming, and NFTs.
Integrating Band Protocol’s oracle solution, Horizen EON can now provide their intelligent contracts with accurate, real-time price data. Due to this collaboration, new possibilities in DeFi, gaming, and NFT applications will emerge, and the whole blockchain ecosystem will become more robust and decentralized.
Moreover, Band Protocol has proposed the implementation of SubDAOs.
According to Shine Sutheeravet, head of operations at Band Protocol, the goal is to address challenges in decentralized autonomous organizations (DAOs).
SubDAOs offer solutions for complexity management, efficient resource allocation, specialized expertise, flexibility, inclusivity, and scalability.
The proposal suggests transforming the Cosmos Group module into councils to establish clear governance structures.
At the moment, Band Protocol is seeking community feedback to refine and optimize this governance framework and drive the growth of the SubDAO ecosystem.
Amid this development, BAND prices are stable at around $1.39, and likely to recover after dropping 40% from February 2023 highs.
https://www.newsbtc.com/analysis/ada/ada-price-cardano-bullish-moves-0-385/
Cardano’s price is attempting a recovery wave above $0.375. ADA could gain bullish momentum if it settles above the $0.3850 resistance zone.
This past week, Cardano’s price declined toward the key $0.354 support zone. The bulls managed to stay in action and averted a major downside break below $0.3540.
A low was formed near $0.3536 and the price started a recovery wave. There was a move above the $0.365 and $0.375 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $0.369 on the 4-hour chart of the ADA/USD pair.
The price is up 3% and showing a few positive signs, similar to Bitcoin and Ethereum. The bears are now protecting more gains above the $0.3850 resistance. A high is formed near $0.3850 and the price is consolidating gains. ADA price is trading above $0.370 and the 100 simple moving average (4 hours). It might soon test the 23.6% Fib retracement level of the recent wave from the $0.3536 swing low to the $0.3850 high.
Source: ADAUSD on TradingView.com
On the upside, immediate resistance is near the $0.385 zone. The next major resistance is forming near the $0.396 zone. If there is an upside break above the $0.385 and $0.396 resistance levels, the price could start a decent increase. In the stated case, the price could even surpass the $0.420 resistance zone. The next key resistance might be $0.432, above which it could test $0.45.
If Cardano’s price fails to climb above the $0.385 and $0.396 resistance levels, it could start another decline. Immediate support on the downside is near the $0.375 level.
The next major support is near the $0.368 level or the 50% Fib retracement level of the recent wave from the $0.3536 swing low to the $0.3850 high. A downside break below the $0.368 level could open the doors for a fresh decline toward $0.354. The next major support is near the $0.332 level.
Technical Indicators
4 hours MACD – The MACD for ADA/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.
Major Support Levels – $0.375, $0.368, and $0.354.
Major Resistance Levels – $0.385, $0.396, and $0.420.
https://www.newsbtc.com/shiba-inu/shiba-inu-network-records-2538-new-addresses-in-a-day/
Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has witnessed a remarkable surge in network activity as it recently recorded an unprecedented number of new addresses. According to data shared by prominent analyst Ali Charts, 2,538 new SHIB addresses were created on May 26, marking the highest increase in three months.
This surge in address creation has propelled the total number of addresses on Shiba Inu’s Shibarium’s Puppynet testnet to a milestone of over 16 million. The significant growth in network engagement reflects the growing adoption and use of Shiba Inu within the community.
The Puppynet dashboard of Shiba Inu reveals that more than 16 million wallet addresses are actively interacting with the network, indicating a vibrant ecosystem. With over 1 million total blocks on the network and an average block time of just five seconds, Shiba Inu’s blockchain demonstrates its efficiency and scalability.
Furthermore, the network has processed a remarkable number of transactions, surpassing 13 million in total. These statistics highlight the increasing popularity and utilization of Shiba Inu within the cryptocurrency space.
Meanwhile, Shiba Inu’s surging network activity is closely aligned with its soaring social metrics. According to data from Lunar Crash, a reputable data aggregator, SHIB ranks among the top 10 coins by social mentions over the past week.
Notably, SHIB’s social mentions reached 10,240, while its social engagements reached 344.8 million over the past week. Analyzing its weekly performance, SHIB’s social engagement witnessed a significant rise of 20.7%, reaching 2 billion, while its total mentions grew by 6.5% to 168,000.
It is worth noting that the token attracted an average of 1,200 unique social contributors per hour, emphasizing its strong community engagement.
According to an official statement from Lucie, a key figure in the Shiba Inu’s ecosystem, the highly anticipated launch of Shibarium’s mainnet is expected to take place before the year’s end. Lucie revealed that Shibarium developer Shibarium 1 has speculated a launch date in August, while Shiba Inu lead Shytoshi Kusama predicts a slightly earlier launch in July.
Lucie emphasized the confidence of the Shiba team in the upcoming mainnet launch and highlighted the concerted efforts of multiple teams, including the integration of artificial intelligence (AI). However, the team remains focused on sustainable growth and is not engaging in any promotional tactics. Lucie stated that thorough testing processes and security audits are of utmost importance before the official launch, ensuring the reliability and robustness of the platform.
Notably, it is evident that the Shiba Inu ecosystem is diligently working towards a successful mainnet launch, prioritizing security and long-term viability. As the project continues to progress, stakeholders eagerly anticipate the forthcoming release, which is poised to play a pivotal role in shaping the future of SHIB.
Meanwhile, the Shiba Inu (SHIB) market has shown a brewing uptick following a significant retracement in the past week. Over the past 24 hours, SHIB has surged 2.2% with a trading price of $0.00000879.
-Featured image from Shutterstock, Chart from TradingView
https://journalducoin.com/economie/crise-plafond-dette-etats-unis-plus-cash-caisses-janet-yellen/
Endettés à mort – Au moment d’écrire ces lignes, un accord de principe aurait peut-être été trouvé entre Démocrates et Républicains pour relever le plafond de la dette (debt ceiling) des États-Unis. Cette crise de la dette américaine, qui dure dans sa dernière phase actuelle depuis des mois, est récurrente Outre-Atlantique. Si un accord devait être réellement trouvé, il le sera in extremis, car beaucoup d’observateurs jugent que des conséquences critiques pourraient avoir lieu dès ces premiers jours de juin 2023, si le plafond de la dette US n’est pas augmenté, une fois de plus.
Les États-Unis sont de loin le pays avec la dette la plus colossale du monde. En cet instant, elle a désormais dépassé les 31 800 milliards de dollars. Sauf que, le plafond théorique de la dette des États-Unis (normalement, à ne pas dépasser donc) est de 31 400 milliards de dollars. Or, ce maximum a été dépassé le 19 janvier 2023.
Face aux réticences des Républicains (majoritaire à la Chambre des Représentants) d’augmenter une énième fois ce plafond de la dette sans des réductions de dépenses budgétaires de l’administration Biden, cette dernière est même allée jusqu’à imaginer des rustines assez improbables. Comme l’émission d’une pièce en platine de 1 000 milliards de dollars. Évidemment, cette valeur aurait été purement nominale, pour faire un tour de passe-passe avec le plafond de la dette, car sinon la pièce aurait nécessité 28 571 tonnes du métal précieux (selon le cours du platine).
La situation périlleuse des USA inquiète certains au plus haut point, comme Janet Yellen, la secrétaire d’État au Trésor US, et ancienne présidente de la Réserve fédérale américaine (la Fed). Comme le rapporte notamment le magazine économique Fortune, cette dernière explique que les États-Unis sont au bord du défaut de paiement.
Janet Yellen estime en effet que son département ne pourra plus assurer les dépenses de l’État fédéral américain passé les premiers jours de juin. Le relèvement du plafond de la dette devient ainsi une urgence vitale.
« Sur la base des données disponibles les plus récentes, nous estimons désormais que le Trésor ne disposera pas de ressources suffisantes pour satisfaire aux obligations du gouvernement si le Congrès n’a pas relevé ou suspendu le plafond de la dette d’ici au 5 juin. »
Dans cette dernière déclaration de Janet Yellen, on apprend que le solde du Trésor des États-Unis est désormais de moins de 39 milliards de dollars. Cela, alors qu’une rallonge exceptionnelle (des fonds d’urgence) de plusieurs centaines de milliards de dollars avait déjà été débloquée, suite au dépassement du plafond de la dette en janvier.
Pour éviter que leur nation se retrouve en faillite, un accord a été convenu dans ce sens samedi soir entre Joe Biden, et le chef républicain de la Chambre des représentants, Kevin McCarthy. Les membres du Congrès vont certainement réussir à s’accorder, pour que les États-Unis puissent continuer de s’endetter, encore et toujours . Enfin, peut-être pas « toujours ».Déjà, parce que le reste du monde se rend bien compte que les USA ne pourront jamais rembourser leur dette. Mais même dans le pays, certains hommes politiques US, comme le candidat à la présidentielle Bob Kennedy, commencent à dénoncer les impressions monétaires des banques centrales, comme celles de la Fed.
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L’article Plus de 31 000 milliards de $ de dette aux USA : Biden trouve un accord de dernière minute est apparu en premier sur Journal du Coin.
On the US NY stock market on the 26th of the previous weekend, the Dow Jones Industrial Average was 328 dollars (1.0%) higher than the previous day, and the Nasdaq Index was 277 points (2.1%) higher.
The stock fell for five days in a row due to uncertainty over the debt ceiling issue, but US President Biden reached an agreement in principle with Speaker of the House of Representatives McCarthy and announced a policy to submit a bill to raise the debt ceiling to Congress, which is a risk. On-mood spread.
However, there is still some uncertainty as to whether the bill will pass successfully in parliament, as the two parties have yet to reach a consensus.
connection:AI / semiconductor related stocks soar, NY Dow down for 5 days | 26th Financial Tankan
connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”
In the crypto asset (virtual currency) market, Bitcoin rebounded to $28,129, up 3.78% from the previous day.
BTC/USD daily
As with the stock market, concerns about a US default (debt default) have receded significantly, and the worsening market sentiment has improved sharply. Since there were also a considerable number of position adjustments for risk hedging, it seems that short covering pushed up the market.
In the futures market, a loss cut (forced liquidation) of about 44 million dollars (equivalent to 5 billion yen) of BTC short positions was confirmed in 24 hours.
coin glasses
It is also a technically important turning point, and if 1 BTC = $ 32,000, which functions as a resistance line (upper resistance line) in the bottom price range of the previous bull market, can be broken, a turn to a bullish trend in anticipation of the halving in 2024 is realistic. comes with
connection:Countdown to the next Bitcoin half-life less than a year away, market trends and expert predictions?
After June, the tide may turn in the cryptocurrency market for three reasons.
The first is the aforementioned debt ceiling issue. The fact that a basic agreement was reached on a provisional arrangement before the enactment of the bill was well received.
The second is the monetary policy of the Federal Reserve (Fed).
In order to curb inflation, the FRB has tightened monetary policy at a pace unprecedented in history over the past year.
The interest rate hike phase is also in the final stage, and at the earliest, the US Federal Open Market Committee (FOMC) will stop rate hikes in June. If the economy falls into a recession from next year onwards, the possibility of a pivot (policy change) to monetary easing again is expected.
However, it is undeniable that inflation (high prices) in Western countries has fallen from its peak but remains high. There are also voices from financial authorities concerned about the gap with the optimistic stock market, and if interest rates continue to be raised in June contrary to market expectations, it may become a negative surprise.
The third is the situation in Greater China in the crypto asset (virtual currency) industry.
Authorities at the Beijing Municipal Commission of Science and Technology, which hosts China’s version of Silicon Valley, Zhongguancun, which contributes to the growth and competitiveness of China’s high-tech industry, released a web3 white paper last weekend.
Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong. pic.twitter.com/0Ts1UB0jnL
— CZ
Binance (@cz_binance) May 27, 2023
In May 2021, China issued a total ban on crypto assets (virtual currencies) due to concerns about the impact on the traditional financial system and the digital yuan. As a result of shutting out the mining industry, which until then boasted the world’s largest share, the market price of Bitcoin and the global hash rate (mining speed) plummeted.
However, with the collapse of Terra (LUNA) and the collapse of major exchange FTX in 2022, the U.S. SEC (Securities and Exchange Commission) began to further strengthen regulations on crypto assets (virtual currencies), and the attitude changed and softened.
“Hong Kong,” which is positioned as a special administrative region, has suggested that individual investors will resume trading, and announced that it will aim to become an international center for the crypto asset industry. We started to promote the invitation of web3 companies.
connection:Hong Kong Finance Minister Shows Policy for Web3 and Cryptocurrency Development
Some see this trend as a bullish signal that evokes the inflow of Chinese money, which was one of the driving forces behind the 2017 cryptocurrency bubble, and Changpong Zhao (CZ) of the largest cryptocurrency exchange, Binance, is also excited. I can’t hide
On the other hand, Wu Blockchain, who is familiar with the situation in China, said that Ethereum co-founder Gavin Wood was involved in the proposal for Web3 and blockchain, but said, “The white paper is not cryptocurrency itself, but artificial intelligence (AI) and metaverse ( Virtual space) is the main topic, and only NFTs (Non-Fungible Tokens) are mentioned with regard to blockchain.In the way overseas media reports, there are also sections that are expanding interpretations and exaggerating.”
He showed a calm demeanor.
We obtained the full text of this Beijing Web3 white paper. The article acknowledges that Gavin Wood proposed Web3 and the content of the blockchain; but in the Chinese-style Web3, AI and metaverse are the main topics, and the blockchain part only mentions NFT .
Read the full… https://t.co/1Y2FggL3TZ pic.twitter.com/knDe1lBtcI— Wu Blockchain (@WuBlockchain) May 28, 2023
connection:Beijing, China plans to invest more than 2 billion yen a year to strengthen policy support for Web3 industries
connection:Bitcoin stays flat, is there limited room for upside | bitbank analyst contribution
Click here for a list of market reports published in the past
[Recruitment]Recruitment of new personnel due to Web3 business expansion
Japan’s largest cryptocurrency media CoinPost is looking for full-time employees and interns as it expands its Web3 business.
1. Media Business (Editorial Department)
2. Marketing operations
3. Conference management and launch work
4. Open Position (students welcome)Details https://t.co/UsJp3v8mSH pic.twitter.com/B98JZmoQbW
— CoinPost-virtual currency information site-[app delivery](@coin_post) February 14, 2023
The post Bitcoin rebounds due to receding default concerns, 3 backgrounds that change the tide appeared first on Our Bitcoin News.
US President Joe Biden and House Speaker Kevin McCarthy on Saturday agreed to a deal in principle to raise the federal government’s $3.4 trillion debt ceiling with only a few days left before the June 5 deadline.
The tentative arrangement entails an appropriations agreement in the 2024 and 2025 budgets and a two-year debt limit extension through January 2025, putting the issue to bed until after the coming elections. Though it is not finalized and still pending approval from the House of Representatives and Senate, Saturday’s compromise comes as a right step toward avoiding an economically destabilizing default. In a update on Sunday, Biden delivered his remarks on the agreement asking legislators to expedite the same.
“Speaker McCarthy and I reached a bipartisan budget agreement that will prevent the worst possible crisis – a default for the first time in our nation’s history. I strongly urge Congress to pass the agreement right away,” the POTUS page wrote on Sunday.
Biden previously asked lawmakers to present a budget proposal to counter the plans he unveiled back in March, which included higher taxes on those earning more than $400,000 a year
The latest agreement needs to win congressional approval next week from a Republican-led (222-213) House and Democratic-controlled (51-49) Senate. Republicans have been insistent on a deal that cuts federal spending on areas like education as part of the measures to slow the growth of the US debt. Democrats, on the other hand, have called out Republicans for treading dangerous economic waters and instead advocated for higher taxation of the wealthy and companies while increasing spending on programs like free community college.
Difference in discretionary spending
Approval from the narrowly divided Congress on Wednesday will end a months-long standoff involving the uncomfortable negotiations, as stated by McCarthy. Markedly, the divide between the hard-right Republicans and progressive Democrats in each chamber inherently presents opportunities that could slow down the process.
“President Biden wanted to spend more and raise taxes. Republicans fought —and won— to reduce spending and stop Biden from radical overreach,” the House Speaker said.
News of US debt ceiling deal delivered support to crypto markets. Bitcoin welcomed modest gains, printing a series of green candles on the daily chart on its way above $27,200 before consolidating and climbing towards $28,100, where it was last spotted at the time of writing.
BTC/USD chart. Source: TradingView
A green weekly candle will be a relief for bulls, given that Bitcoin has sealed three consecutive red weekly closes, retreating 2.66%, 5.43% and 0.66% between Week 18 and Week 20. Still, the BTC/USD pair is down on the month and remains a long shot at $29,400.
PancakeSwap (CAKE), Mask Network (MASK), and Injective (INJ) lead top gainers on the daily chart. MASK was trading 14% in the green, while CAKE and INJ have registered gains of 15% and 9% on the day. Mask Network serves as a portal to the internet, allowing seamlessly send encrypted messages, cryptocurrencies, and even DApps (Defi, NFTs, DAO) over social media platforms. Earlier this month, the decentralized social network announced it had invested $100 million in The Open Network (TON) to promote Web3 initiatives.
Top alt gainers
Coinglass liquidation data shows more than $108 million worth of short bets got liquidated by slightly rally coming of the weekend. With Bitcoin and most altcoins coming off their range-bound morning on the macro news, the focus has shifted to the Federal Reserve’s next move on the June policy decision. Recent events in macro have resulted in an uptick in inflation, fueling bets on a 25-basis point interest rate hike.
Target probabilities for 14 June Fed meeting
The CME FedWatch Tool’s forecast on the probability of a June 25 bps interest rate hike has shot up to 65.30% from 17.4% one week ago.
The post Bipartisan Agreement on US Debt Ceiling Sends Bitcoin Above $28K Ahead of Weekly Close appeared first on Securities.io.
https://blog.bitmex.com/ordi-contracts/
What is ORDI?
Ordinals (ORDI) is a cryptocurrency that operates with inscriptions written on the Bitcoin blockchain. Thanks to the ORDI protocol, information such as text, images, sound, and video can be written to the smallest unit of Bitcoin, satoshi. With a total of 2.1 quadrillion satoshis in Bitcoin, the Ordinals protocol opens up new use cases in the form of NFTs and tokens.
ORDIUSD will begin trading from tomorrow, 30 May 2023 at 04:00 UTC.
For more, read on.
If you haven’t yet signed up for a BitMEX account, you can do so here.
As with all quanto contracts, the ORDIUSD product has a fixed Bitcoin multiplier, regardless of the ORDI/USD price. This allows traders to long or short the ORDI/USD exchange rate without ever touching ORDI or USD.
Traders can post margin in XBT, and earn or lose in XBT as the ORDI/USD rate changes.
This quanto risk premium may be one of the factors that results in the ORDIUSD swap trading at a premium/discount to the ORDIUSD spot price.
For an explanation of the same concept, check out this blog post referencing ETHUSD.
Key Contract Details for Our ORDIUSD Listing:
You will be able to trade the ORDIUSD perpetual contract here, or check out the full contract specs here.
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The post Coming Soon: Bitcoin- Margined ORDI Listing appeared first on BitMEX Blog.
The Science and Technology Commission of Beijing, China has released a white paper titled “Web3 Innovation and Development in Beijing”. Web3 says it’s an inevitable trend in the future of the Internet.
Beijing’s Chaoyang district also plans to invest more than 2 billion yen (100 million yuan) each year to develop the Web3 industry. 27, local media reported.
The Beijing Municipal Science and Technology Commission is also known as the Beijing Zhongguancun Science Park Management Commission. Zhongguancun is home to a concentration of IT companies and, along with Shenzhen, is also known as China’s Silicon Valley.
The committee pointed out that the Web3 industry is being developed around the world. In China, Beijing is in a position to lead China in the development of the Web3 industry in terms of policy efforts, innovative enterprises, and scientific research infrastructure.
He added that the city of Beijing is planning and launching a series of initiatives on technology platforms, implementation scenarios, and oversight mechanisms to become a hub of Web3 innovation with international impact. .
On the other hand, he also pointed out problems. The development of the Web3 industry in Beijing still faces challenges in terms of technology and talent support, industry chain integration, and legal regulations.
As the next step, Beijing will strengthen policy support for Web3, promote technology research and common platform construction, develop Web3 adoption scenarios, risk management, etc., to build a better ecosystem for the development of Web3. said to go.
In addition, at the Web3-related forum where this white paper was published, the director of the Zhongguancun Chaoyang Park Management Committee said that Beijing’s Chaoyang District will invest about 2 billion yen (100 million yen) every year from this year for the development of the Web3 industry ecosystem. (more than yuan) will be invested in special funds.
By 2025, we aim to make Chaoyang District a leading area for the Web3 industry.
What is Web3
The current centralized web is defined as Web2, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.
Cryptocurrency Glossary
Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong. pic.twitter.com/0Ts1UB0jnL
— CZ
Changpeng Zhao (CZ), CEO of major cryptocurrency exchange Binance, also commented that it was interesting that the white paper came out at the same time as Hong Kong’s new cryptocurrency regulations came into force.
He also points out that the white paper includes terms such as NFT (non-fungible token), VR, AI, and metaverse.
The other day, China’s state-owned Central Television (CCTV) reported news about a Bitcoin (BTC) ATM in Hong Kong. There are also expectations.
connection: Chinese state TV reports Hong Kong cryptocurrency news, commented by Binance CZ
However, cryptocurrency media WuBlockchain took a cautious view on such speculation.
Although the Web3 industry will be supported, he pointed out that AI (artificial intelligence) and the Metaverse are the main topics in the white paper, and that only NFTs are mentioned in the blockchain chapter. He said that it does not suggest that the ban on trading crypto assets (virtual currency) in China will be lifted.
We obtained the full text of this Beijing Web3 white paper. The article acknowledges that Gavin Wood proposed Web3 and the content of the blockchain; but in the Chinese-style Web3, AI and metaverse are the main topics, and the blockchain part only mentions NFT .
Read the full… https://t.co/1Y2FggL3TZ pic.twitter.com/knDe1lBtcI— Wu Blockchain (@WuBlockchain) May 28, 2023
connection:Bitcoin rebounds due to receding default concerns, 3 backgrounds that change the tide
The post Beijing, China plans to invest more than 2 billion yen a year to strengthen policy support for Web3 industries appeared first on Our Bitcoin News.
https://www.newsbtc.com/analysis/eth/ethereum-price-lift-to-2k/
Ethereum price started a recovery wave above the $1,850 level against the US Dollar. ETH must clear $1,920 to continue higher in the near term.
Ethereum’s price remained supported above the $1,750 level. ETH formed a base and recently started a fresh increase above the $1,820 resistance, similar to Bitcoin.
The bulls were able to pump the price above the $1,850 resistance. It even spiked above the $1,900 level. However, the bears are still active near the $1,920 resistance. A high is formed near $1,929 and the price is now consolidating gains.
Ether is trading above $1,880 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,870 on the hourly chart of ETH/USD.
The price is now trading near the 23.6% Fib retracement level of the recent increase from the $1,837 swing low to the $1,929 high. Immediate resistance is near the $1,920 zone. The next major resistance is near the $1,930 level. A close above the $1,930 resistance could send Ether toward $2,000.
Source: ETHUSD on TradingView.com
The next resistance sits near $2,050, above which Ethereum could rise toward $2,120. Any more gains above the $2,120 resistance zone could push the price toward the $2,250 resistance.
If Ethereum fails to clear the $1,920 resistance, it could start a downside correction. Initial support on the downside is near the $1,900 level.
The next major support is near the $1,880 zone or the trend line or the 61.8% Fib retracement level of the recent increase from the $1,837 swing low to the $1,929 high. If there is a close below the $1,870 support, the price could revisit the $1,840 support. Any more losses may perhaps send the price toward the $1,800 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is above the 50 level.
Major Support Level – $1,870
Major Resistance Level – $1,920
https://forkast.news/bitcoin-28000-us-debt-ceiling-talks/
Bitcoin moved back above US$28,000 in Monday morning trading in Asia, leading a rally among all top 10 non-stablecoin cryptocurrencies. Ethereum also reclaimed the US$1,900 resistance level. The surge in cryptocurrencies followed an in-principle agreement between President Joe Biden and House Speaker Kevin Mccarthy to raise the country’s debt ceiling. The move has boosted investors’ appetite for risk assets. Meanwhile, U.S. equity futures rose Friday, with further positive sentiment over the weekend following in-principal agreement on U.S debt talks.
Bitcoin rose 3.98% over the last 24 hours to US$28,195 at 9:30 a.m. in Hong Kong. It recorded a weekly gain of 5.73%, according to data from CoinMarketCap. The world’s largest cryptocurrency is trading above the US$28,000 resistance level for the first time since May 10.
Ether also jumped 3.48% in the past 24 hours to US$1,916, moving up 6.53% over the past seven days. It was trading above the US$1,900 mark for the first time in three weeks.
Cryptocurrency prices received a boost from U.S. debt ceiling talks.
U.S. President Biden announced Saturday that he had reached an in-principle budget agreement with House Speaker Kevin McCarthy. If ratified, the agreement would suspend the government’s debt limit through Jan. 1, 2025.
Both parties are now urging U.S. Congress to pass the deal by June 5 – the debt default deadline set by Treasury Secretary Janet Yellen. If an agreement is not ratified by that date, the government would no longer be able to pay its debts. Such an outcome would prove devastating for U.S. and global markets.
The sense of relief among investors that a deal is on the verge of completion has led to “fresh buying of risk assets,” said Markus Thielen, Head of Crypto Research & Strategy at digital asset service platform Matrixport, in a note shared with Forkast.
“So many investors were scared about the debt ceiling and the potential default by the U.S. government – which is just so unlikely. Now, they need to find something else to be bearish about while the market likely rallies,” said Thielen.
With Bitcoin taking the lead, all other top 10 non-stablecoin cryptocurrencies traded higher over the past 24 hours. The total market cap for cryptocurrencies rose 3.00% in that period to US$1.17 trillion. The 24-hour trading volume also jumped 57.01% to US$31.73 billion.
Neo, the token that supports China-affiliated Neo blockchain, saw the largest weekly gain in the top 100 cryptocurrencies. It rose 23.83% to US$11.37. Neo is backed by Onchain, a Chinese blockchain company and member of the country’s internet finance industry lobby.
Neo outperformed most other larger-cap cryptocurrencies in the past week with investors now “positioning themselves for the Hong Kong opening event,” said Thielen of Matrixport.
The special administrative region of China will unlock trading for retail investors from June 1, as the city seeks to become a hub for the crypto industry.
https://medium.com/quantum-economics/the-single-most-important-investment-advice-b04b58aab8e2
I have a word for the tendency of markets to swing between bubble and crash and bubble again. I call that “Capitalism”. That’s what the…
The former prime minister of Greece says the current banking regime is rightfully wary of a central bank digital currency (CBDC) in the US.
Writing in an op-ed for Project Syndicate, Yanis Varoufakis says fears of future CBDCs are similar to the fears of smoking restrictions.
Just as cigarette companies lamented the rise of smoking restrictions, Varoufakis says JPMorgan and the other Too-big-to-fail (TBFT) banks view CBDCs as a government-backed threat against their business.
“Once upon a time, the greed of tobacco companies was channeled through libertarian outrage over the restriction of smokers’ freedom to choose cancer.
This time, the outrage is serving the interests of bankers panicking at the prospect of Fed accounts. Dimon and other masters of the TBTF universe are right to be scared, because a Fed CBDC would threaten their empire building.
And bankers around the world are right to fear that many of their lucrative services would no longer be required. With those services – holding deposits, processing payments, and so on – ‘disintermediated,’ they would suddenly be unable to hold societies hostage.”
Varoufakis says that contrary to popular belief, CBDCs aren’t necessarily the dystopian nightmare that many critics believe them to be.
He believes a CBDC system could be far more private and resistant to tyranny than the current private banking apparatus.
“The system that manages Fed accounts can be made totally anonymous (just as crypto accounts are anonymous and identified by a long string of numbers) while a separate system supervised by relevant authorities can check for illicit activity such as tax evasion and money laundering. Thus, a proper and democratically controlled CBDC rollout can bring the combined benefits of strengthening tax collection, fighting deflation, and enhancing protection against Big Brother (and his many little brothers).”
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The post JPMorgan and Too-Big-To-Fail Banks Are Right To Panic Over American CBDC: Yanis Varoufakis appeared first on The Daily Hodl.
