Kevin O’Leary Expects US Crypto Regulations to Come Out After Midterm Elections – Bitcoin News

Kevin O’Leary Expects US Crypto Regulations to Come Out After Midterm Elections – Bitcoin News

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says U.S. crypto regulations will not come out until after the midterm elections. He explained that President Joe Biden “is not interested in discussing crypto” when his approval ratings have sunk to record lows. O’Leary also cited other factors, including double-digit inflation and high food and gas prices.

Kevin O’Leary on Crypto Regulation, Biden’s Policy

Shark Tank star Kevin O’Leary talked about bitcoin and cryptocurrency regulation in an interview with Stansberry Research, published Friday.

He was asked how far away the U.S. Securities and Exchange Commission (SEC) is from approving a spot bitcoin exchange-traded fund (ETF).

“It’s a long way away,” O’Leary replied. “That’s not what’s going to happen first. I think what’s going to happen first is we are going to see policy on stablecoins.” He cited two bills that have been proposed for the regulation of stablecoins. One was introduced by Senator Bill Hagerty and the other by Senator Pat Toomey.

Noting that a bill on stablecoins will be easy to pass after the midterm elections, he emphasized:

Nothing’s gonna happen until after the midterms. Biden is not interested in discussing crypto when his poll ratings are, you know whatever it is, sub-31%. That’s not a place where he wants to go, so you’re gonna have to wait until after the midterms.

Mr. Wonderful noted that when Biden issued the encouraging executive order on crypto, his ratings were higher. A new poll shows that President Joe Biden’s approval rating dipped to the lowest point of his presidency in May; only 39% of U.S. adults approve of his performance as president.

The U.S. midterm elections are scheduled for Nov. 8. If the Republican Party gains control of either or both chambers, it will have the power to thwart the president’s plans.

O’Leary explained that crypto is not one of the “issues that when you are declining in the polls, you become a champion of. That doesn’t help you.”

Noting that “The market is correcting … People are getting gas at the pump, going to the driving season, at unheard-of prices the last 20 years. The price of protein’s up 20% to 40%,” the Shark Tank star said:

Biden’s facing close to double-digit inflation … He’s not sitting around worrying about crypto.

In addition, O’Leary described that there are a lot of different proposals coming out of the SEC around climate change, crypto, and bitcoin mining. “So it’s a very volatile situation right now,” he said.

Mr. Wonderful was also asked if he thinks this crypto winter will be a long one and where the market will head now.

“The forecasts for bitcoin have never been accurate. No one’s been able to forecast its volatility,” he opined. “And you know, the speculation that it was going to be a hedge against inflation was just flat out wrong.” He continued:

I’d argue that the volatility of bitcoin is going to remain very akin to what Amazon was for the first 15 years — 30% to 50% corrections every 12 months.

He explained the reason was that “There was no institutional support in the early days of Amazon.” The Shark Tank star asserted: “That’s the same right now for bitcoin … People talk about institutions owning it. That’s just not true. They don’t own any of it and they won’t until the SEC rules on it.”

Tags in this story
biden ratings, bitcoin spot etf, high food price, high gas price, inflation, Joe Biden, kevin o’leary, kevin o’leary bitcoin, kevin o’leary crypto, kevin o’leary cryptocurrency, Kevin o’leary biden, midterm elections, midterms, midterms crypto, SEC, Stablecoins

What do you think about the comments by Kevin O’Leary? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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ETH Co-Founder Vitalik Buterin Says The Merge Could Happen in August, There’s Also ‘Risk of Delay’ – Bitcoin News

ETH Co-Founder Vitalik Buterin Says The Merge Could Happen in August, There’s Also ‘Risk of Delay’ – Bitcoin News

Following the statements from Ethereum developer Preston Van Loon at the Permissionless conference, Ethereum co-founder Vitalik Buterin has further confirmed The Merge will likely happen in August. Buterin noted, however, that it’s quite possible there’s still a risk of delay, and The Merge could happen in September or October 2022.

The Merge Could Happen in August, Buterin Says

Just recently, Vitalik Buterin spoke at the ETH Shanghai Web 3.0 Developer Summit and Ethereum’s co-founder discussed the highly-anticipated proof-of-stake (PoS) transition. The Merge is scheduled to go live on Ethereum’s testnet Ropsten in 18 days on June 8, 2022.

During the ETH Shanghai Summit, Buterin explained that the transition will be a major test for the entire Ethereum ecosystem. “This will be a major test, larger than any of the tests that we have done before,” Buterin stressed. “Taking a large existing test network with many applications with proof-of-work, moving into proof-of-stake.”

ETH Co-Founder Vitalik Buterin Says The Merge Could Happen in August, There's Also 'Risk of Delay'
Ethereum roadmap which includes The Merge, The Surge, The Verge, The Purge, and The Splurge.
  • Furthermore, Buterin confirmed that The Merge may be implemented by August, as ETH software developer Preston Van Loon had said the same at the Permissionless conference. However, while Buterin did mention the month of August, he also eluded to delays.
  • “If there are no problems then the merge will happen in August,” the Ethereum co-founder said. “But of course, there’s always a risk of problems. There’s also a risk of delays. And so September is possible and October is possible as well,” Buterin added.
  • Meanwhile, The Merge is the first of Ethereum’s major upgrades following the London upgrade, which implemented ETH’s burn mechanism. Following The Merge, Ethereum will implement The Surge, The Verge, The Purge, and finally The Splurge.
  • The Surge aims to help improve scaling by leveraging zero-knowledge rollups (ZK-rollups) via sharding techniques. Ethereum’s The Verge transition will apply Verkle trees in order to achieve statelessness by using the Merkle proof upgrade.
ETH Co-Founder Vitalik Buterin Says The Merge Could Happen in August, There's Also 'Risk of Delay'
“The structure of nodes in a hexary (16 children per parent) Verkle tree, here filled with six (key, value) pairs,” Vitalik Buterin said in a blog post about Verkle trees.
  • The Purge will add an EVM simplification track and eliminate historical data and technical debt, according to the Ethereum roadmap. Finally, The Splurge revolves around “Miscellaneous but important extras.”
  • Buterin also talked about The Surge and noted that after these two upgrades (Merge & Surge), Ethereum will be “a great system.”
Tags in this story
Buterin, ETH Shanghai Web 3.0 Developer Summit, ether, Ethereum, Ethereum Developers, Ethereum The Merge, Permissionless conference, Preston Van Loon, Risk of Delay, Scaling, Sharding, statelessness, The Merge, The Purge, The Splurge., The Surge, The Verge, Verkle trees, Vitalik, Vitalik Buterin, ZK rollups

What do you think about Vitalik Buterin’s comments about The Merge and the Ethereum roadmap? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Draft Law About NFTs Submitted to Russian Parliament – Regulation Bitcoin News

Draft Law About NFTs Submitted to Russian Parliament – Regulation Bitcoin News

Lawmakers have filed a bill with the State Duma aimed at introducing the term NFTs to Russian legislation. The authors of the draft say the rights of those who own non-fungible tokens need to be protected as Russians are currently dealing with NFTs at their own risk.

Russian Deputies Propose Amendments Legally Defining NFTs

Members of the lower house of Russian parliament, the Duma, have put forward a draft law that will incorporate the term “NFT-tokens” into the Civil Code of the Russian Federation. The sponsors of the bill, Vladislav Davankov and Anton Tkachev, are from the parliamentary group of the liberal New People party.

The explanatory note to the bill, Tass news agency reported, states that the initiative aims to “recognize NFT-tokens as non-fungible tokens of unique digital assets (images, videos or other content) in the form of non-fungible data stored in a distributed ledger system (blockchain system).”

“We need to protect the rights of NFT owners,” said Tkachev, quoted by the party’s press service. He pointed out that at present the legal concept of non-fungible tokens does not exist in Russian law and people continue to make transactions with NFT tokens at their own risk. He further elaborated:

Things have moved forward with cryptocurrencies, but an NFT is not a digital currency but a digital certificate of ownership, that is, an object of intellectual property, which is why we propose to regulate NFTs as intellectual property.

While Russian authorities have been taking steps to comprehensively regulate the country’s crypto space, Russia’s current and upcoming legislation does not explicitly mention NFTs. The term digital financial assets (DFAs), introduced with a law which went into force in January 2021, partially covers cryptocurrencies and some types of tokens.

A new bill “On Digital Currency,” which was submitted by the Ministry of Finance in February, is expected to be adopted this year. It has been designed to fill the remaining regulatory gaps in the nation’s legislation. It has already won the support of the federal government in Moscow, while the Central Bank of Russia remains opposed to the legalization of cryptocurrencies like bitcoin.

Tags in this story
authors, bill, civil code, concept, Crypto, Cryptocurrencies, Cryptocurrency, deputies, draft law, Law, lawmakers, legal term, Legislation, legislature, nft, NFTs, parliament, proposal, Regulation, Regulations, Russia, russian, sponsors, State Duma, term, Token, Tokens

Do you think the State Duma will approve the new legislation for non-fungible tokens? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Dubai Creates Committee to Help Cement Its Position as ‘Key City in the Metaverse’ – Metaverse Bitcoin News

Dubai Creates Committee to Help Cement Its Position as ‘Key City in the Metaverse’ – Metaverse Bitcoin News

The rulers of Dubai have created a committee that is mandated with tracking the latest developments in the digital economy. The committee is also expected to bolster the rulers’ quest to make Dubai a “key city in the metaverse.”

Dubai Rulers’ Vision

The Dubai rulers, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum the crown prince and the deputy prime minister, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, reportedly “reviewed vital technology trends in the metaverse and issued directives to form a task force to track the latest developments in the digital economy.”

According to Sheikh Hamdan, the creation of the task force will likely help Dubai in its endeavour to become “a key city in the metaverse.” Extolling the decision by the country’s rulers to make Dubai a leader in the metaverse race, the crown prince said:

The directives of His Highness Sheikh Mohammed bin Rashid to form a higher committee to supervise Dubai’s future technological developments reflect the importance of facing the future with an open mind. The move will help us fully understand reality and explore unique ideas that will shape a brighter future for Dubai and the UAE, maximising future business opportunities.

The Metaverse’s Contribution to Dubai’s Economy

Sheikh Hamdan, who is also the chairman of the Dubai Executive Council (DEC), revealed that the task force is already working on “key pillars and the objectives of the Dubai Metaverse Strategy.” This strategy, according to a report published by Wam, seeks to “increase the contribution of the metaverse sector to Dubai’s economy to US$4 billion by 2030.”

The Dubai rulers are also looking to increase the metaverse’s contribution to Dubai’s gross domestic product (GDP) to one percent, the report said.

Meanwhile, the report said the task force is seeking to implement metaverse technologies, which in turn will help improve the performance of resident surgeons by 230 percent and increase the productivity of engineers by 30 percent.

In addition, the report said there were expectations business revenues from the metaverse could surge to $400 billion by 2025, from the current $180 billion.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














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A Look at What’s Left of Terra’s Defi and Token Ruins – Bitcoin News

A Look at What’s Left of Terra’s Defi and Token Ruins – Bitcoin News

Following the Terra blockchain fallout and the great UST de-pegging event, the Terra network ecosystem is now a wasteland of almost worthless tokens and protocols. While both UST and LUNA were top ten crypto market cap contenders, Terra’s decentralized finance (defi) presence was second to Ethereum in terms of total value locked. Today, the remaining Terra-based token holders and defi protocol operators seem to be waiting for a miracle.

Terra’s Token Economy Has Lost 96% of Its Value

There’s been an abundance of news surrounding the Terra blockchain fiasco and how the team handled the terrausd (UST) implosion. A lot of people know that UST and Terra’s native token LUNA have lost considerable value over the last two weeks. UST has had a 24-hour price range between $0.068 to $0.054 per unit, which is a lot less than the $1 parity it held before the fallout.

LUNA too is down a great deal as it was trading for $72 per coin on May 7, and is now down 99.999849% at $0.00010853 per LUNA. But Terra also had a whole ecosystem of tokens like ANC, MIR, ASTRO, MARS, and more.

Crypto's Barren Wasteland: A Look at What's Left of Terra's Defi and Token Ruins
Terra’s entire ecosystem has been obliterated down to a barren wasteland. Most tokens have lost a great deal of value, trade volume is dwindling, and the defi ecosystem tied to Terra has been eradicated.

Anchor (ANC) the governance token for the defi protocol is down 96% over the past two weeks, and Astroport’s ASTRO token is down 98%. Mirror Protocol’s MIR lost 80.4% while Pylon Protocol’s MINE has shed 96.9% in the last 14 days.

Similarly, Mars Protocol (MARS) has lost 97.6% and the Loop Finance token LOOP is down 98.3% over the past two weeks. Statistics show on March 7, 2022, the Terra ecosystem of tokens was worth $44 billion and today its down 96.70% to $1.45 billion.

Crypto's Barren Wasteland: A Look at What's Left of Terra's Defi and Token Ruins
The entire Terra ecosystem of coins has lost 96.70% in USD value during the last 75 days. Screenshot taken on May 21, 2022.

From the 2nd Largest in Defi to the 33rd — Terra’s Defi Presence Has Been Eradicated

Terra’s presence in decentralized finance was once very large as it held the second-largest total value locked (TVL) out of all the blockchains in existence. On April 5, 2022, Terra’s TVL in defi was $31.21 billion and today, it’s down to $118.81 million.

Every single Terra defi protocol has suffered from 90-99% losses in terms of TVL per protocol. The applications are ghost towns and block explorers like finder.terra.money show extremely low activity for every Terra defi protocol.

Crypto's Barren Wasteland: A Look at What's Left of Terra's Defi and Token Ruins
Terra’s TVL dropped from $31.21 billion to today’s $118.81 million. Screenshot taken on May 21, 2022.

The same can be said for applications like Terra Name Service (TNS) and non-fungible token (NFT) marketplaces like Random Earth, Knowhere, Talis, Luart, Curio, and One Planet. While name service domains on TNS were once $16 per name, they now cost $0.91 to register a name.

As far as NFT marketplaces built on Terra, some markets are still selling NFTs that were once quite expensive, but now the tokens are selling for bottom-of-the-barrel prices. Some NFT collectors removed their listings and are possibly waiting for a Terra re-birth. Most Terra NFT marketplaces are ghost towns in terms of activity.

The Hope for Terra’s Rebirth

A revival is likely the hope for many Terra community members, as the project’s founder Do Kwon and many other Terra supporters have put forth a revival plan to resurrect Terra from the ashes. The plan is to fork the chain at a snapshot before the UST de-pegging event and airdrop new tokens to UST and LUNA holders.

Crypto's Barren Wasteland: A Look at What's Left of Terra's Defi and Token Ruins
Terra’s rebirth proposal vote on May 21, 2022.

Presently, the rebirth proposal vote has four more days but the number of “yes” votes has passed the threshold at 62%. 21.10% have abstained from voting, 0.42% have voted “no,” and 16.48% voted “no with veto.”

Tags in this story
Airdrop, ANC, ASTRO, Crypto, Cryptocurrency, decentralized finance, DeFi, do kwon, Fork, ghost towns, LUNA, Mars, Mir, NFT Marketplaces, Terra Blockchain, Terra defi protocol, Terra Supporters, terraform labs, UST, Wasteland

What do you think about what’s left of the Terra blockchain ecosystem? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Ethereum Has Destroyed $8.10 Billion in Ether, ETH Scarcity to Increase After The Merge – Technology Bitcoin News

Ethereum Has Destroyed $8.10 Billion in Ether, ETH Scarcity to Increase After The Merge – Technology Bitcoin News

According to current metrics, the Ethereum blockchain has burned 2.35 million ether since the implementation of Ethereum Improvement Proposal (EIP) 1559. The $8.10 billion in value was burned over the course of nine months and during the last seven days, 18,110 ether worth $34.9 million was destroyed.

2.35 Million Ethereum Burned — Ethereum Dev Says The Merge Could Happen in August

Approximately 288 days ago, Ethereum developers implemented EIP 1559, a ruleset upgrade that basically changed the algorithm tied to the base fee per gas in the protocol and the network now burns the base fee per gas.

Since the August 5, 2021 London upgrade, after EIP 1559 was codified into the codebase and live, 2.35 million ether worth $8.10 billion in USD value has been destroyed forever.

The day after EIP 1559 was implemented, Ethereum co-founder Vitalik Buterin explained that the change was “definitely the most important part of [the] London [upgrade].”

During the last 24 hours, 2,396 ether worth $4.63 million has been burned. On May 1, 2022, the network saw the largest daily burn rate ever with 71,718 ether worth $138.78 million. The second highest burn rate daily record was on January 10, 2022, as 19,424 ethereum worth roughly $37.5 million was destroyed that day.

The biggest ethereum burner today is Opensea as the marketplace has burned 229,925 ether over 14,639,327 transactions. Gas used for ether transfers has burned a total of 207,072 ETH, and Uniswap V2 has burned 131,457 ether.

While the London upgrade’s EIP 1559 was a big protocol change, the next big shift will be when The Merge is applied. At that time, Ethereum will transition to a full proof-of-stake (PoS) network from its current proof-of-work (PoW) consensus algorithm.

Ethereum proponents are already getting prepared for The Merge as they suspect the change will be codified at some point this summer. Just recently, on May 17, the Ethereum-focused software firm Consensys launched an early access version of “Bonsai Tries” which aims to be a few steps ahead of the official Merge transition.

Furthermore, at the recent Permissionless conference, Ethereum developer Preston Van Loon said the public may see The Merge implemented by August. Ethereum developer Tim Beiko recently explained The Merge will likely go live by the third quarter of 2022. Beiko further explained that he “strongly suggests” that miners do not invest in more mining rigs going forward.

Despite the upcoming changes, Ethereum’s PoW hashrate has been at the highest point in the network’s lifetime on May 13, at block height 14,770,231. Burning ethereum has become simply part of the protocol and many crypto proponents believe ethereum will be ‘ultra-sound’ money with the deflationary mechanism.

A simulation of The Merge indicates that after the transition, ethereum will become scarcer. Currently, Ethereum’s issuance rate is 5.4 million ethereum a year, and after The Merge, the issuance rate will be around only 500,000 ether per year. While current supply growth is 3.7% annually, after The Merge, it will be roughly about 0.4% per year.

Amid all those changes, Ethereum’s burn rate will be the same, which is estimated to be around 900,000 ether per year. However, significant spikes like the 71,718 ether burned on May 1, can change estimations a great deal.

Tags in this story
2.25 burned ethereum, burned ethereum, deflationary mechanism, EIP-1559, ETH, ether burned, Ethereum, London Upgrade, PoS, PoW, Preston Van Loon, Proof of Work, Proof-of-Stake, Ruleset, ruleset change, Scarcity, technology, The Merge, Tim Beiko, transition, Ultra Sound Money, Vitalik Buterin

What do you think about the 2.35 million ether burned since August 5, 2021? How do you feel about The Merge approaching? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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SOL Slips Again as ATOM Drops 10% to Start the Weekend – Market Updates Bitcoin News

SOL Slips Again as ATOM Drops 10% to Start the Weekend – Market Updates Bitcoin News

SOL was trading lower to start the weekend, as prices slipped on Saturday. This comes as bears re-entered the market following a week of consolidation. ATOM was one of the biggest movers, falling by 10%.

Cosmos (ATOM)

After climbing by over 15% on Friday, ATOM was one of the biggest losers on Saturday, as prices fell by over 10%.

ATOM/USD followed up yesterday’s peak of $12.12 by falling to an intraday low of $10.82 to start the weekend.

The move comes as ATOM moved back towards its floor of $9.90, just as some were preparing for a rally towards $15.00.

Biggest Movers: SOL Slips Again as ATOM Drops 10% to Start the Weekend
ATOM/USD – Daily Chart

However, instead of this, we have seen ATOM move back towards a ten-day low, as bearish pressure pushed prices lower.

Looking at the chart, the drop comes as the Relative Strength Index (RSI) failed to break out of a ceiling at 38.

Markets will now likely continue to move around the current support point, prior to any further rallies or possible declines.

Solana (SOL)

SOL fell to ninth in the list of most valuable crypto tokens in the world, as markets were once again red to start the weekend.

Following a peak of $52.11 on Friday, SOL moved lower, hitting an intraday low of $48.05 in the process.

Saturday’s sell-off sees ADA leapfrog solana to be the eighth most valuable token, as prices dropped by over 7% in today’s session.

Biggest Movers: SOL Slips Again as ATOM Drops 10% to Start the Weekend
SOL/USD – Daily Chart

Overall, prices are now trading closer to the long-term support level of $47, which is near a ten-month low.

Looking at the chart, the 14-day RSI is now hovering around 34, which is below a resistance point of 36.

Should price strength continue to track this level throughout the weekend, it is unlikely that we will see any significant changes in price.

Do you expect SOL to end the weekend trading above $60? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




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Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery

Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery

The crypto market is showing signs of recovery, and it seems Cosmos has also been pulled in the same direction with an increase of 12% in the last 24 hours.

Cosmos (ATOM), the 27th biggest cryptocurrency, has a total market cap of $3.2 billion. ATOM, the token that fuels the Cosmos blockchain network, has been gaining a lot of traction with an increase of over 12.7% overnight.

Currently, ATOM is trading at the price point of $11.45.

Suggested Reading | Avalanche Crumbles More Than 16% As Crypto Landslide Continues

ATOM Remains In Bear Territory 

Even though the charts have been looking bullish, ATOM is still at a bearish stance with trades that plummeted by 74% compared to its all-time high record of $44.70 in September 2021.

There has been a noticeable spike in ATOM’s trading volume that is evident in multiple exchanges. The total trading volume is at roughly $327 million in the past 24 hours, which is up by 11% in comparison to the previous day.

What Is Cosmos?

Cosmos refers to a decentralized network of blockchains that runs using the power of Byzantine Fault Tolerance (BFT) algorithms.

More so, Cosmos also enables developers to create and innovate their own blockchains plus allows Blockchains that run on Cosmos to freely interact or engage with one another.

Some of the major blockchains that run in the Cosmos are the Terra, Kadena, and Thorchain.

Developer Incentives Following Terra’s Demise

Injective, a decentralized blockchain that is focused on the development of decentralized Finance (DeFi) applications, has designed a proposal to create incentives for developers who were negatively impacted by the downfall of Terra.

Injective is also responsible for the adaptation of the Ethereum compatibility and bringing it to the Cosmos IBC ecosystem which has immensely helped Terra developers to build applications fast with the aid of familiar tools.

ATOM total market cap at $3.16 billion on the weekend chart | Source: TradingView.com

The Injective proposal was created on May 12 following the downfall of Terra at which developers started to look for opportunities to build projects elsewhere. The proposal was passed with a convincing 99% agreement with the initiative in a matter of four days.

The entire injective community was in unison when they decided to redirect the incentives just to make sure that Terra dApps will have enough resources to facilitate a smooth transition into joining Injective.

Further, CosmWasm, Injective’s up-and-coming smart contract layer is seen to power up Terra projects to enable speedy onboarding without the need to rewrite codes which could happen if they decided to transfer to other blockchains.

Suggested Reading | Ripple (XRP) Struggles To Breach $0.45 Level, Down 16% In Last 7 Days

Cosmos Network Performing Well

There are nearly 50 tokens and 28 InterBlockchain Communication (IBC)-enabled blockchains that are running in the Cosmos.

More so, there are also around 265 services and apps that power up the Cosmos ecosystem comprising wallets, blockchains, and explorers.

Kadena TVL was up by 18% or $7.2 million in just 24 hours. TVL of Cronos soared by 2.16% or $2.32 billion in the past 24 hours.

Tokens in the cosmos plus DeFi activities have been performing extremely well.

Meanwhile, the king of crypto have improved in-market performance. Bitcoin is up by 4% in a matter of 24 hours and is now trading at $30,187.

Ethereum has also increased by 4.4% overnight with a current TVL of $2,026.

Featured image from Zipmex, chart from TradingView.com



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Cryptocurrency Is ‘Based on Nothing,’ Should Be Regulated, ECB’s Lagarde Says – Regulation Bitcoin News

Cryptocurrency Is ‘Based on Nothing,’ Should Be Regulated, ECB’s Lagarde Says – Regulation Bitcoin News

President of the European Central Bank Christine Lagarde has insisted that unlike a digital euro, cryptocurrency has no underlying asset. It should be regulated to prevent people from losing their life savings by speculating on crypto assets, the top ECB official has suggested.

Cryptocurrency Is ‘Worth Nothing,’ ECB Governor Claims

The head of the eurozone’s monetary authority, Christine Lagarde, maintains that cryptocurrencies are “based on nothing,” and is concerned about people “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which is why I believe that that should be regulated.”

Speaking to Dutch TV, Lagarde admitted she is skeptical about the value of crypto assets, as opposed to a central bank digital currency (CBDC) such as the digital euro, which the European Central Bank (ECB) is planning to issue within the next few years. Regarding cryptocurrency, she also stated:

My very humble assessment is that it is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety.

The top ECB executive made the comments amid difficult times for crypto markets, when major coins like bitcoin (BTC) and ether (ETH) are down 50% from their peak prices in 2021, Bloomberg reported. Cryptocurrencies are also facing mounting pressure and increasing scrutiny from regulators around the world, often citing threats to the financial system.

“The day when we have the central bank digital currency out, any digital euro, I will guarantee — so the central bank will be behind it and I think it’s vastly different than many of those things,” Christine Lagarde elaborated. The governor noted she doesn’t hold any crypto assets but admitted one of her sons has invested in crypto against her advice and she follows them “very carefully.”

Lagarde’s statements also come after other ECB officials have already expressed similar concerns. In April, Executive Board Member Fabio Panetta ramped up the bank’s anti-crypto rhetoric, comparing the rise of crypto assets to the 2008 subprime mortgage crisis and the Wild West’s gold rush, while calling for global regulations.

More recently, Panetta said the digital euro could become a reality by 2026, setting a time frame for its launch. The project is currently in its investigation phase and as the ECB is now stepping up engagement with stakeholders, the realization phase could begin at the end of 2023.

Tags in this story
CBDC, Central Bank, Christine Lagarde, Crypto, crypto assets, crypto investments, Crypto markets, Cryptocurrencies, Cryptocurrency, Digital Currency, digital euro, ECB, Eurosystem, Eurozone, Governor, head, Lagarde, President, Regulation, Regulations

What’s your opinion about the ECB’s stance on cryptocurrencies? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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ETH Back Below $2,000 to Start the Weekend – Market Updates Bitcoin News

ETH Back Below $2,000 to Start the Weekend – Market Updates Bitcoin News

ETH started the weekend trading below $2,000 as the price consolidation in crypto continued. Bitcoin is also trading lower during Saturday’s session, with the world’s largest cryptocurrency once again falling under $30,000.

Bitcoin

Following marginal gains above the $30,000 level during yesterday’s session, BTC once again fell below this point.

Friday saw BTC/USD trading at a high of 30,664.98, however these gains were short-lived, with prices falling to a bottom of $28,793.61 earlier today.

As of writing, prices are down 3.27% to start the weekend, with this decline coming as bulls were unable to sustain the price floor at $28,800.

Bitcoin, Ethereum Technical Analysis: ETH Back Below $2,000 to Start the Weekend
BTC/USD -Daily Chart

The recent consolidation in bitcoin comes as a result of increased market uncertainty, following recent actions by the Federal Reserve, leading investors to move away from riskier assets.

This is encapsulated by the fact that BTC has only seen a marginal move in price over the past week, despite all the ups and downs.

Overall and as we speak, prices are down 0.25% from the same point last week, however sentiment seems to be more bearish as we head into the final week of May.

Ethereum

After briefly breaking back into the $2,000 level on Friday, ethereum once again slipped below this point.

To start the weekend, ETH/USD has so far dropped to an intraday low of $1,926.68, which is slightly under its current support point.

Following a bounce above its resistance of $1,950 on Friday, the world’s second-largest crypto token fell below this point earlier today.

Bitcoin, Ethereum Technical Analysis: ETH Back Below $2,000 to Start the Weekend
ETH/USD – Daily Chart

However, since reaching these lows, price strength has slightly risen, with ETH now trading $20 above this price floor.

As of writing, the 14-day RSI is still tracking within oversold territory, which is below 30, and close to a resistance of 35.

Bulls will still be optimistic about a potential rebound, providing that we see a breakthrough of the ceiling with the indicator.

Will we see ETH end the weekend trading above $2,000? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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