As noted by analysts in a CryptoQuant Quicktake post, the Puell BTC multiplier has recently fallen. The Puell multiplier refers to an intra-network indicator that tracks the ratio of bitcoin miners' 1-day earnings to their 365-day moving average (MA).

Miners earn income in two ways: #blockchain rewards and transaction fees. The former is what you get as a reward for adding a block to the network, and the latter is the fee you get for all the individual transactions contained in the block.
However, in the context of Puell Multiple, only the block reward is included in a miner's income. The block reward remains fixed to the value of #BTC in most cases, so the only variable associated with it is the value of the reward in US dollars.
Read also: #EarnFreeCrypto2024 exchange net flows are the highest since March 3: Can #ETH survive this downturn?
Thus, the indicator measures the revenue in US dollars. Thus, there is a relationship between the price of the cryptocurrency (which determines the amount of reward per block) and the Puella ratio.
If the value of this indicator is greater than 1, it means that miners have earned more than the average for the last 1 year. In this case, the price of the asset may be considered too high.
On the other hand, the indicator is below this threshold, which indicates that miners' earnings are lower than usual. Naturally, in such cases, the coin can be considered undervalued.
So, here is a chart showing the dynamics of the 7-day moving average multiple of #EarnFreeCrypto2024 over the past few years:
The chart shows that the 7-day moving average multiple of Bitcoin's value was at a relatively high level when the rally to a new all-time high occurred.
However, the value of the indicator has fallen sharply recently. At the same time, the price of cryptocurrencies is consolidating in a sideways trend.
If the price has not fallen, what has changed in the earnings of miners? As mentioned above, the reward per block almost always remains unchanged. a little more. The only exception is the "split in half" event, which occurs about 4 times a year.

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Cardano founder Charles Hoskinson's bold statement, "I don't think Bitcoin will survive".

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The U.S. Securities and Exchange Commission appears poised to accept an eight-point Ethereum Etf after approval expectations were turned upside down overnight.

The agency simultaneously approved Form 19b-4 applications from #BlackRock , Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy.
Although the product has received near-full approval, the SEC must approve the registration documents for the S-1 companies before the tender offer can proceed.
Expectations for #ETF approval changed when authorities reportedly changed their views on filings and began following the process that preceded #bitcoin ETF approval.
Bloomberg analyst Eric Balchunas warns that #MemeWatch2024 ETFs are likely to trade for a few more weeks.
That doesn't mean they will start trading tomorrow. This is just a 19b-4 authorization. The S-1 document also needs to be approved, which is time-consuming. We expect that to take a few weeks, but it could take some time. We'll find more in a week or so! "
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#FinTechInnovations

Politico reports that a bipartisan group of U.S. lawmakers has sent a letter to the SEC asking it to approve Ethereum spot exchange-traded funds (ETFs). The group consists of 5 members of the House Financial Services Committee, 2 Republicans and 3 Democrats, and is led by Rep. French Hill.

The letter mentions the approval of the bitcoin-Etf spot on May 1 and claims it is a "pivotal moment for both #digital assets and our financial markets. ""
Given the commission's actions earlier this year, the event will not only demonstrate consistency in the application of the commission's standards, but also reaffirm the legal reasoning that contributed to the emergence of #bitcoin spot ETPs.
In addition, he urged regulators to take a "consistent and fair approach when considering future applications" and U. S. lawmakers have used "Etp backed by other digital assets" instead of focusing on issuing #MemeWatch2024 #Etf .
Bloomberg ETF analyst Eric Balchunas pointed out this choice of words in the X post, adding that it could be an indication that there will be more Etf applications related to other cryptocurrencies.
It will be interesting to see how far and how fast the ETF industry pushes the boundaries (it works). I wouldn't be surprised if they take advantage of SEC vulnerabilities to file applications for all kinds of coins (like in Europe) to test the limits. "
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#MarketInsights

While Bitcoin has no shortage of optimistic price targets this week, some observers are focusing on the long term.

Among them is Lee, who said that Fundstrat is looking at "base case options" for #btc prices this year.
'We believe #bitcoin is still in the early stages of recovery, so the idea that it could hit the ¥150,000 mark this year is still within the base case scenario,' he said. " he said.
Such a price would double the current all-time high, which was reached on March 5 and fell to 56,000 earlier this month.
Explaining his reasoning, Lee pointed to macroeconomic developments taking place in the United States.
The Fed's words on interest rate cuts, a key issue that risk asset traders consider "softer than what's in the market.
I think that's the reason for the market's recovery," he believes.
Lee is well known in the #cryptocurrency world for his BTC price predictions, but not all of them have come true. In the long run, BTC's long positions have paid off, as he informed his followers on X (formerly Twitter) this week.
'Lesson: intellectual stubbornness is costly,' he wrote, discussing a Fundstrat investment paper.
According to Cointelegraph Markets #Pro and TradingView, at the time of writing, May 5/23, the BTC/USD pair was trading at around 70,000 trades, up 15% from the beginning of the month.
According to the latest estimates of the FedWatch tool from Cme Group, the market believes that a rate cut is only likely at the Fed meeting, which is 9 months away.
The latest minutes from the May Federal Open Market Committee (FOMC) meeting released this week further supported the idea that policy direction has not been ruled out.
Participants discussed the possibility of maintaining current restrictive policy for a longer period of time if inflation did not show signs of a sustained move toward 2%, or reducing restrictive policy in the event of an unexpected deterioration in labor market conditions," according to the minutes.

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#CryptoTrends

--Bitcoin exchange Binance announced its 2nd project on

the Megadrop platform!
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Find out the latest trends in the cryptocurrency market.

UK regulatory approval paves the way for greater adoption of #cryptocurrencies in the institutional sector.
WisdomTree offers low-cost, physically secured ETPs for #MemeWatch2024 and Efirium on the London Stock Exchange.
SEC approval of bitcoin ETPs in the US has led to their introduction in other countries.
WisdomTree has received approval from the Financial Conduct Authority (FCA) to list its bitcoin (BTCW) and etherium (ETHW) backed listed products (ETPs) on the London Stock Exchange (LSE), allowing UK institutional investors access to cryptocurrencies.
The listing, scheduled for April 28, comes just 2 months after the initial LSE announcement, and WisdomTree will be one of the first issuers to list Etp #cryptocurrency at the fca 1 level.
These physically secured ETPs boast a competitive management expense ratio (MER) of 0.35%, making them one of the most affordable institutional-level cryptocurrencies in Europe 1.
Reacting to the news, Alexis Marinof, Head of Europe at Wisdomtree, emphasized that the listing is essential for the growth of the industry and will increase cryptocurrency participation in the UK market. he said:
"FCA approval in this regard could lead to greater institutional adoption of this asset class, as many professional investors have been unable to access bitcoin and other cryptocurrencies due to regulatory restrictions and uncertainty. We expect that with the FCA's approval of the Etp cryptocurrency prospectus, these barriers to entry will be removed.
WisdomTree has pioneered institutional-grade cryptocurrency products in Europe, launching the first physical bitcoin-ETP in 2019. The company currently offers a diverse portfolio of 8 physically backed cryptocurrency ETPs, including both single assets and a diverse cryptocurrency basket.

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#GlobalCrypto #FinTechInnovations

The US House of Representatives has passed the FIT21 bill, which establishes a regulatory framework for cryptocurrencies.

The bill received bipartisan support with 279 votes in favor and 136 against.
The bill will then go to the Senate and faces an uncertain future.
On Wednesday, the crypto industry reached a historic milestone: the U. S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21).
The bill, which aims to create a comprehensive regulatory framework for #digital assets, was approved with bipartisan support by a vote of 279 to 136. This is an important step towards legal clarity on #cryptocurrencies .
71 Democrats and 208 Republicans supported the bill's passage, indicating a growing consensus on the need for clear regulation of cryptocurrencies. Introduced in 2023-2027, the bill seeks to define the role of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing cryptocurrencies. It also establishes rules for various aspects of the cryptocurrency market, such as issuing, trading and storing tokens.
Several lawmakers have voiced their support for the bill's passage. Congressman John #Rose emphasized the need to move away from regulation through enforcement.
I'm fed up with Biden administration officials forcibly regulating this. That's why I support the fit21 Act, which prevents governments from interfering with digital innovation. The bill provides significant restrictions that protect consumers and promote innovation," said Congressman Rose.
Additionally, #Rep . Wiley Nickel emphasized the importance of creating a modern regulatory framework that takes into account the unique nature of digital assets.
FIT21 provides a clear regulatory framework for digital assets, rather than relying on the 90-year-old Securities Act, written before the advent of the Internet. That's a big deal.

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#CompassInvestments

The Financial Innovation and Technology for the 21st Century Act (FIT21) is the first major cryptocurrency bill to pass through one house of Congress. The bill is currently headed to the U.S. Senate, where its future remains uncertain due to a lack of analogs and unclear support. The Senate committee has yet to do any serious work on cryptocurrency regulation. Despite the convincing victory of the House of Representatives, the creation of a comprehensive oversight body for the crypto industry in the US is still in the works.

We need rules of the road," said #Rep . Josh Gottheimer, a Democrat, Maxine Waters, who supported the bill despite opposition from leading Democrats in the White House and the House Financial Services Committee). He characterized the bill as "well-reasoned, thoughtful, bipartisan legislation" and called for cooperation to pass it.
Overall, 71 Democrats and 208 Republicans voted in favor of the bill, while 3 Republicans and 133 Democrats opposed it.
Jake Czerwinski, a lawyer who supports #cryptocurrencies , wrote on The X website, "This is a huge number of elected Democrats expressing 'no confidence' in the current makeup of the SEC, a signal to the Biden administration that fighting cryptocurrencies is a lost platform this year.
The fact that so many Democrats supported the bill suggests that Democrats don't want to alienate crypto-loving Americans before the election cycle.
Biden and Gensler disagreed.
President Joe Biden opposed the bill, but it did not threaten a veto, unlike recent congressional attempts to override the SEC's policy on #cryptocurrency accounting. SEC Chairman Gary Gensler also criticized the bill as unnecessary and jeopardizing existing securities regulations.
"The Financial Innovation and Technology for the 21st Century Act (FIT21) creates new regulatory gaps and undermines years of precedent for investment contract oversight, creating incalculable risks for investors and the capital markets.
First, the bill removes investment contracts recorded on blockchain from the scope of the statutory definition of securities and eliminates the time-honored protections of most federal securities laws.

Rep. Maxine Waters argued that the bill would allow cryptocurrency companies that skirt securities laws to avoid liability.

Provide clients with relevant information;

.
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#CryptoAdoption #news

-Polkadot (dot) is consolidating above the 7.40 area against the US dollar. If it overcomes the 7.70 resistance, the price could start a new rise.

The #dot pair accelerated the movement and tested the resistance7.70 level against the US dollar.
The price is trading above the mentioned 7.20 zone and the 100-hour simple moving average.
On the hourly chart of the DOT/USD pair (Kraken data source), a major bullish trend line has formed, supported by the 7.40 key.
If it fails to hold above the above support level of 7.20, the pair may continue to grow.
After forming a base above the 6.80 level, the dot price started to rise decently. It overcame many obstacles around 7.20 and rose above 77.65. The high was formed at $7.69 and the price is currently consolidating the rise, along with #MemeWatch2024 and #MemeWatch2024 .
Support 7.50 There was a move below the support zone. The price fell below the 23.6% Fibonacci retracement level, rising from a low of 6.91 to a high of 7.69.
The dot is currently trading above the above 7.20 zone and the simple moving average of 100 (4 hours). A major bullish trend line is also formed on the hourly chart of the DOT/USD pair with support at 7.40. The nearest resistance is near the level around 7.70.
The next major resistance is around the 7.80 level. A successful breakout to 7.80 could lead to another strong rise. In this case, the price could easily rise to 8.20 in the short term. The next major resistance is located at around 88.50.
Are there any more negative dots on the dots chart?
If the dot price fails to initiate a new rise above the 7.70 level, it could continue to move downward. The first major support is near the 7.40 level and the trend line.
The next major support is near 7.30, with a simple moving average of 100 (4 hours) or 50% Fibonacci retracement level up from the 6.91 low to the 7.69 high, below which price could fall to 7.70. Further losses could open the door for a move to the 6.90 or 6.80 support zone.

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#transscreen.ru #DigitalCurrency

At the latest meeting of the U.S. Federal Reserve Board, officials expressed growing concerns about inflation, with many members hesitant to move to low interest rates.

Meeting details: the minutes of the Federal Open Market Committee (FOMC) meeting held between 4/30/04 and 5/11 revealed concerns about the #persistence of inflation. Despite some easing over the past year, recent data show that prices of goods and services have risen significantly.
Fed Target: the Fed is aiming for 2% inflation, but current indicators show that price increases are well above that level. This sustained inflation has prompted policymakers to consider further monetary tightening if necessary.
The Fed decided to keep short-term lending rates in the 5.25-5.5% range, which is a 23-year high. The decision was based on data showing continued strong economic growth.
There has been a slight improvement since then, with the Consumer Price Index for March showing annualized inflation at 3.4%, down slightly from March.
However, the consumer sentiment survey shows that concerns about inflation are on the rise.
Risks and Concerns
Fed officials cited several growing risks to inflation, including geopolitical events and their impact on low-income consumers. Some attributed the rise in inflation earlier in the year to seasonal factors, while others cautioned against discounting these large-scale changes.
Concerns were also raised about consumers' increased use of credit cards and riskier financing methods such as buy now, pay after service.
Despite #optimism about the prospects for economic growth, officials expect some slowdown this year. They believe inflation will eventually return to the 2% target, but are uncertain about the timing and impact of high interest rates.
Market Expectations
After the meeting, Fed officials maintained a cautious tone. Fed Chair Waller emphasized that "months" of positive data are needed before a rate cut can be considered.

#MemeWatch2024 Price Forecast

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#CryptoNews #DigitalCurrency

Shares of Metaplanet, a Japanese investment company that borrows from MicroStrategy's expertise in the bitcoin (BTC) sector, have soared 1% over the past 158 weeks, the most of any Japanese stock.

Metaplanet's share price now stands at 93 yen, up 127% over the past two days. This rise forced the Tokyo Stock Exchange to halt trading at least twice last week.
The company's market value is close to $110 billion (994,000 or 14.8 billion yen at the current price).
Under TSE rules, stock prices below 100 yen can rise below 30 yen per day, and Metaplanet was violated for two consecutive days.
Dylan Leclair, the company's director of #bitcoin strategy, also spoke about the latest results, noting that Metaplanet has been "the most successful exchange in Japan" for 2 days in a row.
Since announcing its bitcoin investment strategy on September 8, the company has accumulated 117.7 bitcoins, the value of which has now reached ¥720 million. Its shares are up 389%.
Like #MicroStrategy , Bitcoin's largest corporate shareholder, Metaplanet said in its May 5-13 statement that it will "utilize all capital market tools to strategically strengthen bitcoin funds.
The company said Bitcoin's investment strategy is designed to hedge against Japan's worsening debt burden and the rapid depreciation of the Japanese yen:
"This is a direct response to Japan's ongoing economic pressures, especially Japan's high level of government debt, long-term negative real interest rates and the resulting depreciation of the yen," it said. ""
Japan's debt-to-GDP ratio is 261%, the worst among developed economies, and the Japanese yen has fallen more than 34% against the US dollar since the beginning of 2021, Metaplanet adds.
Bitcoin, meanwhile, has risen nearly 190% against the Japanese yen over the past 12 months.
Metaplanet is currently only available on the Tokyo Stock Exchange and is closed to U. S. investors.
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#GlobalCrypto #CryptoMarketTrends #BlockchainFuture

-Data from CryptoQuant shows that growth in demand for ETH seems to be picking up again on the back of increased purchases by regular holders following rumors of ETF approval. The chart below shows a 5.20% increase in ETH purchases by regular E

TH holders based on expectations of ETF approval.CryptoQuant defines permanent holders as "addresses that accumulate #MemeWatch2024 and never sell. ""
"This type of holder has purchased over 2,023,000 ETH, which is the highest since 10.09. 100.
Popular analyst Ali Martinez made similar observations and shared the following chart showing the increase in ETH accumulation by whales on the 20th.
Analyst firm Santiment noted that while crowd sentiment towards #bitcoin and Solan remains bearish, excitement around #MemeWatch2024 has reached its highest level since 2023/9.
The SEC is now likely to approve the first #Etf , and #MemeWatch2024 is showing the most optimistic sentiment since May 9 as the price of ETH surged. "...
データによるとAlternative. me The cryptocurrency fear and greed index rose to an "extreme greed" level of 76, up from a "greed" level of 64 last week. This means that retail investors are increasingly positive about cryptocurrencies, and if the SEC approves Ethereum spot Eft this month, the price of ETH is expected to continue its uptrend.
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Ethereum (ETH)-based meme coins have experienced a significant jump in price over the past 24 hours. The jump is attributed to increased speculation over the approval of an Ethereum spot exchange-traded fund (ETF) in the United States.

Analysts at Bloomberg recently raised the probability of spot #MemeWatch2024 #ETF approval from 20% to 75%.
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#TrendingTopic #CryptoTrends #FinTechInnovations

Bitcoin's (BTC) short-term advance above the $42,000 mark marks the beginning of a tumultuous crypto-supercycle that could overtake the flagship cryptocurrency and surpass $500,000 Optimists who say it marks the beginning of a complete financial change attracting Wall Street's attention and influence.

Cryptocurrency is experiencing an unexpected resurgence this year, and will grow by more than 150% by 2023. Market watchers are eagerly anticipating the possibility of endorsements from U. S. exchange-traded funds (ETFs) that directly hold the coin.
This optimism, among other things, prompted #Coinbase CEO Brian Armstrong to declare that "bitcoin could be the linchpin for the expansion of Western civilization. " "On the other hand, projections of the coin's future value vary widely, ranging from 50,000 to more than 5,530,000 in the short term, according to a December4Bloomberg report.
Experience shows that the key driver behind bitcoin's surge in 2020 and 2021 was the large influx of liquidity into the system during the pandemic. In the absence of another real liquidity program, predictions of large-scale growth seem far-fetched. "
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#CryptoAdoption #TokenEconomy #MarketInsights #DigitalCurrency

Meta, Coinbase and other companies have formed the Technology Against Fraud coalition to fight online fraud.

Share links:In this article:Meta, #Coinbase and other companies have formed the Technology Against Fraud coalition to fight online fraud.The alliance includes Match groups, Kraken, #Ripple and #Gemini .The initiative aims to combat scams related to romance, #cryptocurrencies and artificial intelligence.Meta, Coinbase and other major players in the tech and crypto industry have formed a new coalition called Technology Against Fraud to fight dating apps, social media and cryptocurrency scams. According to a statement released Tuesday, the group will work together to find a way to combat the tools used by scammers.The coalition also includes Match Group, owners of Tinder and Hinge, Kraken, Ripple, Gemini and a global anti-fraud organization."Technology Against Fraud" is an initiative to educate people and provide them with tools to combat romance and "pig slaughter" scams. These types of scams include creating fake social media accounts and dating site profiles to gain the trust of customers and then tricking them into sending them cryptocurrencies.Participating companies will also share best practices, threat intelligence and many other tips to help users avoid falling victim to such online scams.Guy Rosen, Meta's chief information security officer, said in a statement that the coalition will strengthen the security efforts of technology companies to take down rogue networks around the world.We hope this coalition will provide threat intelligence and trends for technology companies' security teams, enabling them to more effectively take down rogue networks around the world.In an interview with Fortune, Yoel Roth, vice president of trust and security at Match Group, said all technology companies need to unite to fight criminals.

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#FinTechInnovations

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The CEO of crypto investment firm Galaxy Digital says Democrats are changing their stance on cryptocurrencies as the 2024 U.S. presidential election approaches.

In a new #interview with CNBC's Squawk Box, Mike Novogratz says the Biden administration is listening to the market and changing its view on #cryptocurrencies .
But assuming the market is right, and the market is usually pretty savvy, it seems as if someone in the Biden White House called and said: "I won't let you down. " "Guys, we can no longer speak out against cryptocurrencies.
I think it's an earthquake. If it did happen, the price would be much higher than it is here.
When asked to clarify the meaning behind his reasoning, Novogratz doubled down, saying that Democrats didn't want cryptocurrencies to sacrifice the election for them.
I sense a broad shift among Democrats who don't want #cryptocurrency to be a big issue in the election. Crypto Super PACs (Political Action Committee) They have raised over $1,150 million dollars and are targeting Sherrod Brown and Jon Tester. "
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#BlockchainFuture #CryptoAdoption

The U.S. Securities and Exchange Commission (SEC) is showing signs of approving the Spot Ethereum Etf, indicating a potential reversal of its previous position.

Share links:In this article:The U. S. Securities and Exchange Commission (SEC) is showing signs of approving the Spot #MemeWatch2024 #Etf , indicating a potential reversal of its previous position.According to recent reports, the U. S. Securities and Exchange Commission could approve applications for Ethereum ETFs as early as this Thursday.The price of Ethereum rose 23% following news of the possible approval of the ETF spread.The Securities and Exchange Commission (SEC) is making big changes to give the green light to Ethereum-focused exchange traded funds (ETFs). A week ago, all bets were off. It seems giants like #BlackRock and VanEck were destined to get a negative response to the proposal for ETFs to directly own ether.But we are on the cusp of what could be a full-blown SEC approval. Ethereum currently boasts a whopping $455 billion in market cap, second only to #bitcoin . And now it will become even more accessible to both regular and institutional investors.The driving force behind the sudden approval was the SEC staff's reported trend of approving ETFs. A detailed commentary on the filing will be published and a decision will be approved as early as this Thursday.On Thursday, the SEC will also decide on the application from vaneck and ARK/21b-19shares 4, which, if approved, will pave the way for the launch of spot Ethereum Etf. A similar deadline expires next month for other major players in the sector, including #Grayscale Investments, Fidelity, Blackrock and Franklin Resources.The SEC is reportedly coordinating the launch of multiple Ethereum ETFs simultaneously, a strategy reminiscent of the launch of the spot Bitcoin Etf, which received multiple approvals on May 1 of this year.Today, Fidelity and Grayscale made a high-profile announcement about their application.

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The U.S. Securities and Exchange Commission (SEC) is asking Nasdaq, CBOE, and NYSE to finalize their applications to offer Ethereum exchange-traded index funds.

Share links:In this article:The U. S. Securities and Exchange Commission (SEC) is asking Nasdaq, CBOE, and NYSE to finalize their applications to offer #MemeWatch2024 exchange-traded index funds.The move suggests that the #ETF application may be approved.The interaction between the SEC and the exchange is unusual and shows the potential for a change in outlook.The U. S. Securities and Exchange Commission (SEC) has asked Nasdaq and the CBOE to reconsider their applications to list Ethereum exchange-traded funds (ETFs). This unexpected request suggests that the agency may be getting closer to approving these applications, which would give a much-needed boost to the entire cryptocurrency industry.Historically, the SEC has been cautious in approving financial instruments related to cryptocurrencies, so this development is particularly noteworthy. On the other hand, the application filed by Nasdaq and the CBOE is the first step in a two-step approval process.By this weekend, the SEC will have to decide whether to approve the application filed by the CBOE to list the #ETH Etf submitted by VanEck and ARK Investments/21shares. An SEC official reportedly contacted Nasdaq, CBOE and NYSE out of the blue, asking them to quickly update and change their applications.Such a request usually precedes approval, according to people familiar with the process. These exchange applications (19b-4) require SEC approval to make the necessary rule changes to list new products. However, issuers must obtain SEC approval for ETF registration statements (S-1s) before they can begin trading.Unlike listing applications, the SEC does not set a specific timeframe within which a registration application must be filed. This means it could take months for ETH Etf's to begin trading.The SEC review process involves several steps.

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#MarketInsights #CryptoUpdates