"Legal terminology can be complex," the company admitted but called the claim false and inaccurate.

ConsenSys, the makers of the popular #MetaMask browser-based crypto wallet, called out "tweets circulating with inaccurate information about ConsenSys' terms of service," asserting for the record that "MetaMask does not collect taxes on #crypto transactions and we have not made any changes to our terms to do so."

"The tax section in our terms of service falls under the 'fees and payment' section, and it exclusively pertains to products and paid plans offered by ConsenSys," the company explained. "Legal terminology can be complex, but it's crucial to emphasize that this section does not apply to MetaMask or any other products that don't involve sales tax."

ConsenSys@ConsenSys

The company was responding to a number of Twitter posts that highlighted section 4.2 of the MetaMask terms of use, describing it as a change that will allow the company to withhold taxes. The claim quickly spread to r/CryptoCurrency on Reddit, where it has already amassed 450 upvotes and over 500 comments, to several crypto #news sites, and to YouTube.

"DECENTRALIZATION IS DYING," declared one viral tweet.

Ash Crypto@Ashcryptoreal

Many compared the rumored change to the recent controversy over Ledger's new Ledger Recover feature for its hardware wallets, described by some as a "backdoor" to its ostensibly secure design.

"Why should Ledger have all the fun?" asked Kashif Raza, founder of #bitcoin education provider Bitinning. "Meta Mask joins the party now!"

Many within the crypto community were quick to push back on the claim.

"Everyone blindly tweeting about the MetaMask tax clause in TOS but not actually reading it," admonished @printer_brrr, curator of the Toddler Art NFT collection. "If you buy a product from them, they can withhold taxes like sales tax for that product. Just like Amazon does when you buy from them."

moneyprintergobrrr.eth@printer_brrr

The top-voted comment on Reddit also sought to dispel the rumor.

"This should be referring to sales taxes and not capital tax," wrote pseudonymous user Mr. Literal under the username thinkingperson. "So when you buy anything online via your credit/debit card, different countries and states may have different sales tax regulation."

"We believe in transparency and accuracy when it comes to sharing information with our users," ConsenSys tweeted. "Our commitment to combat misinformation about our products and services remains unwavering."

source: decrypt

image source: ai

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Kane Warwick, the founder of Synthetix, has come up with twelve proposals to incentivize the next phase of the project.

Among these included a “SNX split and buyback” proposal that involves a 3:1 split of SNX, followed by a buyback and burn.

Kane Warwick, founder of #decentralized derivatives trading protocol Synthetix, proposed 12 substantial governance proposals to propel the platform into its next phase.

These initiatives strive to broaden Synthetix’s capabilities and stimulate increased participation from its community members, as outlined in Warwick’s “State of Synthetix” post.

A significant proposition is the “ #SNX split and buyback” proposal in the post. Warwick suggested a 3:1 split of SNX, followed by a buyback and subsequent burn using the Treasury’s fee yield.

“Should we proceed with a 3:1 split, we would have approximately 90 million additional tokens for buyback and burn, with a market price of $60 million,” Warwick explained. The founder further clarified that the funds required to burn these tokens would be sourced from the treasury fee yield.

Introducing quarterly bonuses

Another proposal, termed the “core contributor alignment,” seeks to incentivize project contributors by distributing #Synthetix Network Tokens (SNX) as quarterly bonuses. Warwick believes this strategy could secure ongoing commitment to the protocol’s success from the platform’s contributors.

Additionally, Warwick proposed the allocation of SNX for trading incentives. This aims to stimulate trading volume and foster increased market activity on the Synthetix platform. Beyond this, he suggested giving SNX to stakers to boost their involvement and commitment to preserving the platform’s stability.

The Synthetix platform supports decentralized derivatives trading within its liquidity pools, which currently boast a total value locked (TVL) of over $420 million on Ethereum and the Optimism Layer 2 network.

The purpose of presenting proposals, Warwick said, was to start a conversation and ensure the Synthetix community is kept in the loop about potential directions for the platform. The proposals will be put to a vote by the Treasury Council (TC), Synthetix’s four-member governance body, which is responsible for resource allocation for the protocol’s expansion and growth.

Currently, these suggestions remain in the conceptual stage, needing votes to progress. “Nothing has been confirmed by a Treasury Council vote yet; however, many of these proposals have garnered support within the [council],” Warwick commented. 

source: theblock

image source: ai

#CryptoDailyDigest #token

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

#Ripple CEO Brad Garlinghouse said in a recent interview with Mukaya Panich, the CEO of SCB 10X, that he expects Ripple’s prolonged legal battle against the US Securities and Exchange Commission ( #SEC ) to be over in weeks. 

Indeed, Garlinghouse stated in the interview he expects the court case resolution “in weeks, not months,” following the recent court news regarding the Hinman emails would be made public.

Notably, John E. Deaton, Managing Partner of the Deaton law firm, shared his take on Garlinghouse’s predictions on May 25 on Twitter. 

The pro-Ripple lawyer told Garlinghouse: “good luck with that prediction,” followed by a laughing emoji. Deaton also tagged other prominent lawyers in the tweet, including Jeremy Hogan and James K. Filan.

One Twitter user asked Deaton why he was being skeptical about the case potentially coming to an end in a few weeks, to which the legal expert replied:

“You’re reading the tweet wrong (or I worded it poorly). I didn’t imply that I was skeptical – clearly, I agree with him. I’m making fun that some of us have been off in our predictions, so I’m saying good luck with his.”

Last month, Deaton said that he’d be surprised if the case gets resolved later than May 6. 

Ripple CEO believes lawsuit could be over in weeks

As mentioned, Garlinghouse’s comments on a potential resolution timeline come after a recent decision of Judge Analisa Torres to block the SEC’s motion to seal the controversial ‘Hinman documents.’ 

More specifically, the documents refer to the securities regulator’s internal communications involving a speech of former Division Director William Hinman in 2018, when he said that #bitcoin (BTC) and Ethereum (ETH) were not securities. 

The copy of the judgment was shared on Twitter by the former defense attorney James K. Filan, who was tagged in Deaton’s tweet today. 

Garlinghouse believes that the judge’s decision to deny the SEC’s attempts to seal the documents indicates the broader court’s sentiment toward the lawsuit.

The documents are expected to be revealed to the public on June 13 –  per the Court Order from September 9, 2022, which stated that both parties had exactly 21 days after the sealing ruling to file public, updated versions of the related summary judgment papers.

source: finbold

image source: ai

#CryptoDailyDigest #xrp

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Hong Kong will open crypto trading activities to retail investors starting June 1, 2023.

#HongKong ’s Securities and Futures Commission (SFC) has released the results of its consultation paper on regulating crypto assets in the country. In an announcement on May 23, 2023, the financial watchdog said it received 152 submissions from key players in the industry, professional associations, and consultancy firms, greenlighting its proposal to allow licensed crypto exchanges to serve retail investors in the nation.

The new development enables digital asset service providers (DASP) that demonstrate compliance with the new rulebook to apply for licenses from the appropriate authorities, while those who do not plan to follow the SFC’s proposed directives are required to close their business dealings in Hong Kong.

Hong Kong’s New Crypto Guidelines to Become Effective June 1

Although the new guidelines are set to take effect starting June 1, 2023, the upcoming regulatory framework will encompass essential aspects, including asset custody safety requirements, avoidance of conflict of interest, customer asset segregation, and cyber security standards.

While the regulator is yet to approve any crypto trading platform to provide its business offerings to retail investors, crypto exchanges such as Huobi Global, OKX, and Gate.io have applied to obtain virtual assets service provider (VASP) licenses from the country.

If approved, the companies can tap Hong Kong’s #crypto market to increase their user base and strengthen their footprints in the industry.

The decision by the SFC to allow authorized exchanges to operate in the country marks a significant step towards enhancing market integrity and building trust within the space. Through this move, Hong Kong has taken a step further towards achieving its goal of developing a virtual asset hub and becoming a center for technological innovations.

Protect Consumer Interest

Aside from allowing crypto trading platforms to operate in the country, the financial regulator is committed to providing stringent measures to safeguard investors while following the inputs from the results of the consultation paper released in February.

Some of the measures to be implemented in the rulebook include good governance practices, ensuring suitability during the onboarding process, conducting enhanced token due diligence, setting admission criteria, and promoting disclosures.

According to the SFC’s chief executive officer, Ms. Julia Leung, the upcoming guidelines for operators of digital asset trading platforms align with the same business and rule regulatory measures that aim to provide robust investor protection and manage risks.

“Providing clear regulatory expectations is key to fostering responsible development. Hong Kong’s comprehensive virtual asset regulatory framework follows the principles of ‘same business, same risks, same rules’ and aims to provide robust investor protection and manage key risks,” Leung said.

source: coinspeaker

image source: ai

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

#bitcoin (BTC) will be receiving a boost from a prominent #stablecoin issuer that is likely to support the crypto king’s price in the future, according to digital assets manager CoinShares.

In a new blog update, CoinShares weighs in on Tether’s recent decision to allocate up to 15% of its profits into Bitcoin as part of its new reserve management strategy.

“The announcement from Tether, one of the most prominent US dollar-denominated stablecoins, that has decided to begin purchasing Bitcoin from its profit, is anticipated to have a positive effect on Bitcoin’s price.”

CoinShares says that historically, large purchases like the ones that are about to come from Tether have positively impacted the price of Bitcoin, and should support #BTC even if the firm does not invest the full 15% of profits, which would amount to roughly $75 million.

“Our fund flows data reveals that weekly price appreciation where weekly fund inflows ranged from $10–20 million was 2.3%. Although the standard deviation of those observations was 10%, it’s encouraging that 64% of the time, the price movements were positive. This suggests a measurable positive impact from Tether’s decision to progressively increase their Bitcoin holdings.”

Tether’s chief technology officer Paolo Ardoino acknowledged the company’s move on Twitter, explaining its logic.

“Why Bitcoin and not something else? Because Bitcoin is the epitome of a sound and secure monetary system with its decentralized nature and scarcity, Bitcoin is revolutionizing the concept of money and challenging traditional finance.

Bitcoin has defied expectations, shattered boundaries, and provides access to the global financial system to anyone with an internet connection.”

source: dailyhodl

image source: ai

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Introduction:

In recent years, the world has witnessed the meteoric rise of Bitcoin, the pioneering #cryptocurrency that has captured the attention of individuals, businesses, and investors alike. With its decentralized nature and innovative blockchain technology, Bitcoin has revolutionized the financial landscape and opened up new possibilities for the future of money. In this article, we delve deep into the intricacies of Bitcoin, its underlying technology, and its potential to reshape the global economy.

Understanding Bitcoin:

Bitcoin, created by an enigmatic individual or group known as Satoshi Nakamoto, is a digital currency that operates on a decentralized network called the blockchain. Unlike traditional currencies, which are controlled by central banks, Bitcoin is not governed by any single entity. This decentralization gives Bitcoin its unique properties of transparency, security, and immutability.

Blockchain Technology:

At the heart of Bitcoin lies the revolutionary blockchain technology. The blockchain is a distributed ledger that records all Bitcoin transactions across a vast network of computers, ensuring transparency and eliminating the need for intermediaries. Each transaction is verified by network participants, known as miners, who compete to solve complex mathematical problems. Once a transaction is validated, it is added to a block and linked to previous blocks, forming an unbroken chain of information.

Benefits of Bitcoin:

Bitcoin offers numerous advantages over traditional financial systems. Firstly, it allows for peer-to-peer transactions without the need for intermediaries, reducing transaction fees and processing times. Additionally, Bitcoin transcends geographical boundaries, enabling cross-border transactions to be conducted seamlessly and efficiently. Furthermore, Bitcoin provides financial inclusion to the unbanked population, empowering individuals who have limited access to traditional banking services.

Investment Opportunities:

Bitcoin's meteoric rise in value has made it an attractive investment option for many. The limited supply of 21 million bitcoins and the increasing demand have contributed to its price appreciation over time. Investors are drawn to Bitcoin for its potential as a store of value, a hedge against inflation, and a diversification tool for their investment portfolios. However, it is crucial to note that investing in Bitcoin comes with risks, and individuals should exercise caution and conduct thorough research before entering the market.

Adoption and Regulation:

As Bitcoin continues to gain mainstream recognition, its adoption has expanded across various industries. Major companies and institutions are now accepting Bitcoin as a form of payment, providing further legitimacy to the cryptocurrency. Additionally, governments worldwide are recognizing the need to regulate cryptocurrencies to ensure consumer protection and prevent illicit activities. Regulatory frameworks are evolving to strike a balance between fostering innovation and safeguarding the interests of users.

Challenges and Scalability:

While Bitcoin has achieved remarkable success, it is not without its challenges. Scalability remains a significant concern for the Bitcoin network, as it currently faces limitations in terms of transaction speed and capacity. Efforts are underway to address these challenges through the development of second-layer solutions, such as the Lightning Network, which aims to enhance the scalability and speed of Bitcoin transactions.

The Future of Bitcoin:

The future of Bitcoin holds immense potential. As more individuals and businesses embrace cryptocurrencies, Bitcoin is poised to play a pivotal role in shaping the global economy. Furthermore, ongoing technological advancements and the integration of blockchain technology into various industries are likely to drive further innovation and adoption. However, the road ahead is not without obstacles, and the evolution of Bitcoin will require collaboration, regulation, and technological advancements.

Conclusion:

#bitcoin has undoubtedly emerged as a game-changer in the realm of finance and technology. Its decentralized nature, blockchain technology, and potential for financial empowerment make it a force to be reckoned with. As the world witnesses the rise of Bitcoin and its impact on the global economy, individuals and businesses must stay informed, adapt to change, and explore the vast possibilities that this revolutionary cryptocurrency offers.

image source: ai

#CryptoDailyDigest #educational

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Crypto Upvotes experts told which jurisdictions are comfortable for cryptocurrency to live and work in. And also told what factors determine the choice to register a crypto project in the chosen region

The regulation of cryptocurrencies around the world ranges from a complete ban on digital tokens to their recognition as legal tender. From time to time, governments pass laws that force crypto-businesses to migrate.

For example, China’s 2021 ban on cryptocurrency mining caused a mass exodus of miners from China. In 2023, due to stricter regulation in Canada and the U.S., many exchanges stop operating there. And now they are moving to countries in Asia and Europe. Binance and Bybit have already announced their departure from the Canadian market, Coinbase plans to open an office in Dublin.

On the other hand, certain regions are adopting clear regulatory rules for the crypto industry. And this also attracts cryptocurrencies. Hong Kong has allowed retail trading of digital assets since June 1. Huobi, Gate.io, OKX and many other exchanges are already entering the local market. Gemini and Bybit are opening offices in Dubai, while Binance has been operating there since last spring.

Most projects choose two simple rules simply and cheaply

Any cryptocurrency startup wants to cut costs as much as possible at the initial stage. This includes legalization of their activities.

For a cryptocurrency company, registration and licenses are primarily needed to interact with the outside world. For example, to place their applications in the App Store or Google Play. Or opening corporate accounts on major exchanges, our expert explains.

The most important criteria for selection are three parameters: – Ease of opening a legal entity (ideally distant registration). – Speed (ideally a few days) – Price, which does not exceed a few thousand dollars.

As a bonus may be the presence in the company’s charter of the prescribed cryptocurrency activity. And especially in jurisdictions where obtaining a cryptolicense is impossible or not required. Because this process usually requires much more time and expenses than the registration itself.

Popular jurisdictions for crypto business registration

It is because of the speed, simplicity and low-cost of doing business that regions such as Georgia or the Seychelles are popular. Because these countries win in comparison with, for example, Dubai or Hong Kong. So there everything is a little bit more complicated, longer and more expensive.

The most favorable jurisdictions are the ones that support the crypto market. And they have special regulation and, in addition, they provide preferential tax treatment for such businesses. The most obvious example of such a region is Dubai. In addition, the Arab Emirates is relatively neutral in the international financial market in terms of various geopolitical aspects.

Our experts point out that Hong Kong, Switzerland and the Netherlands also have a positive attitude to cryptocurrency business. And they have regulation, but their taxation regime is not as favorable.

There are countries that are not against cryptocurrency. But at the level of regulators they warn both businesses and consumers about the high risks of such assets (e.g., Georgia). Such jurisdictions, as a rule, are against the use of cryptocurrency on their territory. And especially use as a means of payment.

Some cryptocurrency exchanges choose Ireland’s capital Dublin for the fact that the country is part of the EU. And has an established reputation as a financial and technological center. It also provides a favorable tax regime for its residents.

Our experts note that Dubai, Hong Kong and Georgia are increasingly in the news as cryptocurrency-friendly regions. But not just because they are somehow particularly favorable to cryptocurrencies. Rather, it is because they are generally friendly to relocating businesses, including cryptocurrency businesses.

There are no special preferences for cryptocurrency projects. As well as there are no prohibitions preventing the activities of cryptocurrency companies. Practice shows that the absence of bans is enough. To attract a significant number of companies in the current situation. Who are looking for their new place to work.

#CryptoDailyDigest

The price of SNEK, the #meme coin in the Cardano ecosystem, has risen more than 200% in the last seven days. Trading as low as $0.0004 per coin last Monday, SNEK is now quoted at $0.0017. The especially significant jump of 135% was made on the weekend, which is interesting, considering that at this time market participants are less active and the market itself is less volatile.

SNEK to USD by CoinMarketCap

Amid this price action, SNEK climbed to number four in the rankings of the largest tokens in the Cardano ecosystem. It currently has a market capitalization of 83.33 million #ADA , the equivalent of $30.7 million, according to TapTools. SNEK is only $2 million away from third place.

The results of SNEK are even more striking when you find out that the token is not even a month old. The project appeared literally on April 30 on the wave of a sudden meme season on the #crypto market, caused in turn by the Pepe Coin (PEPE) phenomenon.

The basic idea behind SNEK, which calls itself "the chillest #memecoin on Cardano," is to build community, develop the decentralized finance sector in Cardano and reward holders. Despite the absence of any clear roadmap or loud announcements, judging by the success of SNEK in one month, the new meme coin was well received the Cardano community. The virality of SNEK has not gone unnoticed even by Cardano's creator, Charles Hoskinson.

source: u.today

image source: ai

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

#bitcoin price action is at an impasse. #Bulls and #bears are divided as to what happens next, leading to months of consolidation. It could all come down to the next few days, according to the most important #BTCUSDT price chart you’ll see this week.

The chart shows just how critical the stalemate in crypto markets is currently, and why this week could be the end of the indecision.

Bitcoin Momentum Takes A Pause, But What’s Next?

In technical analysis, the velocity of price increases or decreases can be measured by momentum. Various tools exist that get the job done, including the Moving Average Convergence Divergence indicator. The tool is designed to give overbought and oversold signals, plus buy and sell signals based on crossovers of the signal and MACD lines. Passing through the zero line is also an indication of momentum strengthening, as well as the underlying trend.

It is for all these reasons and more that the chart below is so important. The chart consists of BTCUSD on the one-week timeframe. Underneath the price action is the LMACD – a logarithmic version of the MACD. The log version allows more comparative analysis between long-term cycles. At just a glance, it is easy to see that the tool appears ready to cross downward, generating a sell signal.

The inflection point is visible in the LMACD | BTCUSD on TradingView.com

Below The Zero Line: Doom Or Redemption?

What’s worse is the fact the sell signal will occur alongside a failure to hold above the zero line on the LMACD. Such a sign of momentum failure would more than likely lead to a retest of current bear market lows across crypto. However, the D in the indicator’s name stands for “divergence.” Signals are generated based on the tool converging or diverging. Diverging upward in Bitcoin, could send the crypto market blasting off higher instead.

But beware. It is possible that both situations could happen before the week’s end. The LMACD could cross down and turn the histogram red for the first time in 2023 and shake out those eager to jump the gun on the sell signal. After the shakeout, the tool could diverge up before close and continue to push momentum and price to new highs. Alternatively, the tool could diverge upward at this inflection point, only to later cross back down. What is for certain is that the current lack of a decision in price direction is about to end, according to the LMACD.

source: newsbtc by Tony "The Bull"

image source: ai

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

In a recent blog post by Matthew Sigel, Head of Digital Assets Research, and Patrick Bush, Senior Investment Analyst for Digital Assets at VanEck, a leading global asset manager, a bold prediction has been made: Ethereum’s price could potentially skyrocket to $11.8K by 2030. This audacious forecast is grounded in a meticulously crafted valuation model that takes into account Ethereum’s recent hard fork and its potential to rival US T-bills.

VanEck recently revisited its valuation model for Ethereum, the world’s second-largest #cryptocurrency by market capitalization. This comes in light of Ethereum’s recent hard fork, which allows users to withdraw staked ETH, creating a major new competitor to US T-bills.

Ethereum’s network revenues are projected to rise from an annual rate of $2.6 billion to $51 billion in 2030. Assuming #Ethereum captures 70% of the market among smart contract protocols, this implies a token price of $11.8k in 2030, discounted to $5.3k today at a 12% cost of capital derived from Ethereum’s recent beta.

Ethereum is a decentralized, open-source blockchain with smart contract functionality. It provides a secure platform for internet commerce, where users interact via wallets and businesses are made up of batches of smart contract code. Validators ensure the rules are followed, secure the platform, and maintain a ledger of all economic events that occur within the platform.

The principal medium of exchange on the Ethereum network is the #ETH token. Users must pay for the cost of performing their actions in ETH. Validators also receive inflationary rewards and a portion of the fees remitted by users performing activity on Ethereum.

VanEck’s valuation approach involves estimating cash flows for the year ending on 4/30/2030. They project Ethereum revenues, deduct a global tax rate and a validator revenue cut, and arrive at a cashflow figure. They then apply multiple estimates by applying a long-term estimated cash flow yield of 7% minus the long-term crypto growth rate of 4%.

The firm also recognizes the transaction fees of the system and MEV as a revenue item to ETH. They assert that ETH is evolving beyond a transactional currency or a consumable commodity like oil or natural gas. They believe that ETH will become a store-of-value asset for state actors looking to maximize human capital.

In their Base Case, they assume that Ethereum will achieve $51B in annual revenue in the year ending 4/30/2030. After deducting a validator fee and a global tax rate, they arrive at cash flows of $42.90B to Ethereum. Assuming an FCF multiple of 33x, 120.7M token, they come to a Base Case 2030 Price Target of $11,848 per token. To determine a valuation in today’s dollars, they discount Ethereum at 12%, finding today’s discounted price to be $5,359.71 in their Base Case.

In conclusion, VanEck’s analysis offers a clear valuation methodology for Ethereum, considering transaction fees, MEV, and “Security as a Service.” They assess market capture across key sectors and explore Ethereum’s potential as a store-of-value asset in the evolving #crypto landscape. Their analysis is based on the thesis that Ethereum becomes the dominant open-source global settlement network that hosts substantial portions of the commercial activity of business sectors with the highest potential to gain from moving their business functions to public blockchains.

source: cryptoglobe

image source: ai

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Bitcoin’s (BTC) price has been struggling to surpass the $30,000 mark, and its recent drop below $27,000 has dashed hopes of a swift recovery. 

This price movement comes when the crypto community gears up to celebrate #bitcoinpizzaday on May 22, which marks the anniversary of the first-ever Bitcoin transaction for two pizzas back in 2010. 

As this event unfolds, speculation exists about its potential impact on Bitcoin’s price. Notably, optimistic market observers believe that Pizza Day’s nostalgia and sentimental value could generate renewed interest in Bitcoin, attracting new investors and driving up demand despite the subdued general market. 

In looking at Bitcoin’s possible price pump, the focus is on reclaiming the $27,000 support level. In this line, cryptocurrency trading analyst Michaël van de Poppe, in a tweet on May 22, acknowledged that Bitcoin remains flat, and if the crypto breaks the $27,200 level, it’s likely to rally to $29,000 and potentially record new highs.

“Bitcoin is still stuck in between, while Ethereum (ETH) shows more strength. If Bitcoin breaks $27,200, it’s likely to continue running to $29,000 and potentially new highs. Until then, we remain flat,” he said.

Bitcoin price analysis chart. Source: TradingView

Bitcoin and volatility 

Elsewhere, according to onchain data provided by crypto analysis platform Glassnode, Bitcoin’s seven-day price range has been relatively tight at 3.4%. Comparisons to previous periods, such as January 2023 and July 2020, indicate that similar tight price ranges preceded significant market moves in the past. Therefore, the trend suggests high volatility is on the horizon. 

Bitcoin volatility chart. Source: Glassnode

Notably, when price ranges are compressed, it often signifies a period of consolidation and indecision among market participants. Sharp price movements can follow such periods as buying or selling pressure intensifies.

On the other hand, there exists some skepticism for #bitcoin to rally on #PizzaDay based on the current market movement. Bitcoin’s recent trading has been gloomy, with the asset weighed down by other prevailing factors. 

Bitcoin has been displaying a consistent consolidation pattern, gradually declining but retaining its overall value. Despite this downward trend, the maiden cryptocurrency has only experienced a marginal decrease of about 2% over the last 30 days.

Leading up to Pizza Day, Bitcoin has remained relatively inactive, showing a lack of clear direction. Despite macroeconomic triggers, the #cryptocurrency has failed to break free from its current status quo.

It is worth noting that on May 22, 2010, a Bitcoin user named Laszlo Hanyecz made history by purchasing two Papa John’s pizzas for a staggering 10,000 BTC worth around $268.72 million at the time of publishing. This transaction is often hailed as the first real-world use of Bitcoin, marking a significant milestone in the cryptocurrency’s journey hence the Bitcoin Pizza Day. 

CoinGecko@coingecko

Bitcoin price analysis

By press time, Bitcoin was trading at $26,872 with weekly losses of about 2%. 

Bitcoin seven-day price chart. Source: Finbold

Under technical analysis, Bitcoin is dominated by bearish sentiments. A summary of the one-day gauges from TradingView aligns with the ‘sell’ sentiment at 10 while moving averages are for ‘sell’ at 9. Oscillators are neutral at 9.

Bitcoin technical analysis. Source: TradingView

Considering that Bitcoin has been consolidating recently and facing challenges due to macroeconomic factors, it suggests a lack of significant upward momentum in the near term. Consolidation typically indicates a period of price stability and indecision among market participants.

While Pizza Day has historically generated enthusiasm and increased attention in the cryptocurrency community, its impact on short-term price movements remains uncertain. 

source: finbold

image source: ai

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Cardano founder Charles Hoskinson has expressed confidence in Cardano making substantial strides in its mission to create a truly decentralized and inclusive blockchain ecosystem.

In a Thursday, May 25 video on his YouTube channel, Hoskinson provided an update on the project’s progress and outlined the significant developments that will contribute to the platform’s unrivalled decentralization in the cryptocurrency space.

First, Hoskinson highlighted CIP 1694, an important project which aims to bring a new way of governing Cardano. Currently, most major decisions on how things are done on the network are decided by the #Cardano Foundation and a small group of people. However, according to Hoskinson, with CIP 1694, more people from the community will be able to have a say and be involved in making decisions.

“You should have a say, not people you’ve never met not people that aren’t accountable to you and not people who don’t have your best interest at heart and I’d like to believe we can get there. That’s why we built Cardano,” said Hoskinson.

He further mentioned that the team behind this project was working hard to build and test it on node 8.0, adding that they plan to release node 8.1 soon.

To further encourage community involvement, Charles Hoskinson announced the launch of a grant and Request for Proposal (RFP) program. According to him, these initiatives will provide interested individuals and organizations opportunities to contribute to the Cardano ecosystem by developing tools, infrastructure, and voting accountability mechanisms. He noted that these programs’ details will be unveiled in June and July.

In addition, the crypto guru revealed that Cardano is collaborating with the University of Edinburgh’s decentralization index lab to measure the project’s level of decentralization compared to other major cryptocurrencies like #bitcoin and Ethereum. This collaboration aims to showcase Cardano’s significant progress in decentralization, aligning with the project’s primary goal of building decentralized protocols.

He also mentioned various other ongoing projects within the Cardano ecosystem. These include advancements in peer-to-peer mechanics, signature support, and the development of the Hydra open-source program. According to him, these developments further contribute to Cardano’s journey towards unrivalled decentralization.

 “My belief is that we’ll actually be substantially more decentralized than all cryptocurrencies on Market which is one of the primary goals of these types of protocols,” he added.

Notably, Charles Hoskinson once again stressed the significance of focusing on moving forward even when facing criticism from others in the industry. That said, as Cardano prepares to enter the age of Voltaire, the network can anticipate a surge of projects and people joining, which will positively impact its overall growth and that of ADA, its native token.

source: zycrypto

image source: ai

#CryptoDailyDigest #ada #dyor

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Attorney John Deaton, known for his pro-XRP stance, has disclosed that the SEC’s Ethics Office did not approve William Hinman’s controversial speech.

The former director of SEC’s Corporation Finance, Hinman, made remarks in 2018 classifying #bitcoin and Ethereum as non-securities but failing to mention #XRP .

Deaton recently shared a document that shed light on the various departments at the SEC that received drafts of Hinman’s speech.

Surprisingly, the Ethics Office was notably absent from the list of recipients, raising questions about the official approval process for the speech.

SEC’s Ethics Office Approval Could Have Helped Ripple, Deaton

Expressing his views on social media, Deaton asserted that if the SEC Ethics Office approved Hinman’s speech, it would have been made public long ago.

Deaton believed such approval would have served as crucial information in the case, stating that being able to say the Ethics Chief cleared my speech would be a proverbial get of jail free card.

This disclosure by Deaton comes days after he revealed that the Ethics Office, headed by Danae Serrano, was not included in the email chain of Hinman’s speech drafts recipients.

Hinman Suspected Of Malpractice

The controversy surrounding Hinman’s speech has continued soaring as the case lingered, with allegations of corruption and conflicts of interest levied against him.

Non-profit watchdog Empower Oversight even requested an investigation into Hinman’s conduct, pointing out that he received significant profit sharing from the pro-Ethereum law firm Simpson Thatcher & Bartlett while in a key position at SEC’s Corporation Finance.

Empower Oversight also revealed that despite warnings from the Ethics Office, Hinman continued to engage with Simpson Thatcher.

As the legal battle between Ripple and the #SEC intensifies, Deaton’s latest disclosure regarding the SEC Ethics Office and the Hinman documents has attracted more attention to them again.

The public release of Hinman’s emails, scheduled for June 13, 2023, is highly anticipated and expected to provide further insights into the matter.

It remains to be seen how this revelation will impact the ongoing legal proceedings and whether it will influence the SEC’s case against Ripple.

Ongoing Trend In XRP Market

Meanwhile, #Ripple (XRP) has made some gains, indicating a positive trend in its price performance even with the US debt default controversy.

Over the past 24 hours, Ripple has experienced a price surge of 4.83%, reaching a price of $0.5024 at the time of writing. Notably, Ripple’s growth extends beyond the short term, with a seven-day price growth of 9.02%.

XRP trends higher on the chart l XRPUSDT on Tradingview.com

The price surge can be attributed, in part, to the growing trading volume. Over the past 24 hours, the trading volume for Ripple has increased by 86.94%.

The trading volume currently stands at $1,363,414,126, reflecting substantial liquidity and market activity.

source: bitcoinist

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

In a significant bullish move, the price of #bitcoin (BTC) has surged above the $27,000 level, capturing the attention of cryptocurrency investors and traders.

This upward movement has sparked optimism and speculation about the potential direction of #BTC in the near term. 

As Bitcoin reclaims this crucial level, market participants will closely monitor its price action and key levels to gauge the strength of the current bullish momentum. 

In this Bitcoin price prediction, we will analyze the latest developments and highlight the important levels to watch as the market unfolds today.

BTC Rises as US Unemployment Rate Weakens

In May, the United States experienced a higher-than-expected unemployment rate of 3.7%, surpassing the forecasted 3.5%. 

Despite the unchanged labor force participation rate, this figure marked the highest jobless rate since October 2022.



Both the public and private sectors saw an increase of 339,000 payrolls during the month, indicating positive signs of job growth.

Furthermore, average hourly earnings, a significant indicator of inflation, saw a 0.3% rise for the month



On an annual basis, wages grew by 4.3%, slightly below the estimated level by 0.1 percentage point. However, the average workweek decreased by 0.1 hours to 34.3 hours in the US.

These figures reflect the current state of the US labor market and provide insights into the economic landscape.

Bitcoin Price Prediction

Bitcoin initially showed bullish momentum around the $27,200 level, but after the release of strong US non-farm payroll figures, a correction occurred, causing it to drop below $27,000. 

However, BTC has reversed back and now it's trading above the $27,000 level.

The 50-day exponential moving average on the hourly timeframe acted as resistance, pushing bitcoin prices lower. 

Currently, bitcoin is seeking the support of around $26,600, and a break below this level could lead to further downward momentum.

Bitcoin Price Chart - Source: Tradingview

It is worth noting that on larger timeframes, bitcoin has formed a descending triangle pattern, which often precedes a breakout. 

This pattern, combined with the double bottom support at $26,600, is creating resistance around $27,000 to $27,500.

In terms of potential price targets, a break below $26,600 could open the door to $26,000 support. 

On the other hand, if Bitcoin manages to break above $27,275, the next target could be around $27,500 or even higher near $27,800.

Traders should closely monitor the $27,250 level and consider taking positions until $26,600. 

It is important to stay updated on the latest market trends and price movements to make informed decisions in bitcoin trading.

source: cryptonews

image source: ai

#CryptoDailyDigest #technicalanalysis

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

One bitcoin whale has woken up after more than 10 years of inactivity.

It transferred more than 1,400 coins to a new address.

A wallet holding a large bitcoin sum transferred its 1,432.93 bitcoins — worth $37.8 million — to a new address after more than 10 years of inactivity.

The address initially received bitcoin on April 9, 2013, when the price was only $195.40 per coin, on-chain analyst Lookonchain noted.

The price of bitcoin is down more than 3% on Coinbase over the past week. Source: TradingView

This latest transfer follows a slew of similar movements over recent months.

On April 24, a bitcoin whale address that hadn't been active for 12 years transferred nearly $11 million in #bitcoin to another address. That movement came only days after another whale address transferred nearly $61 million in bitcoin after nine years of inactivity and a separate wallet transferred 279 bitcoins after ten years.

Also on April 24, an #Ethereum address that participated in the project's initial coin offering woke up after 7.7 years of dormancy and transferred a single ether.

source: theblock

image source: AI

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.