HALVING STEAL(S)
Hi all!
Important news this week:
- Legislation to regulate stablecoins in the United States may be adopted before the end of 2024.
Chairman of the US House Financial Services Committee Patrick McHenry has advocated for stablecoin issuers to follow the same legal standards as traditional financial companies. And he is pushing for Congress to pass legislation regulating stablecoins by the end of this year.
- Half of the token pre-sales on Solana turned out to be a scam
According to a report from blockchain cybersecurity analytics company Blockaid, more than half of the tokens issued on the Solana network for further pre-sale turned out to be fraudulent. Typically, such massive scams of crypto projects occur during a bull cycle, during a rush, when scammers create both memcoins and disguise themselves as the names of well-known projects. Be careful.
- Bitcoin mining difficulty has updated its maximum before halving
This difficulty recalculation was the last before the Bitcoin halving, which is expected to take place on April 20. Halving the reward historically leads to a decrease in hashrate - miners are forced to turn off equipment that has become unprofitable in order to avoid losses. The indicator increased along with the recovery of the price of Bitcoin to levels above $70,000. The head of the mining company Marathon, Fred Thiel, expressed confidence that the price of Bitcoin has already taken into account the upcoming halving and we will not see any large historical price values.
On the other hand, after halving, the number of bitcoins mined per block will be reduced by exactly 2 times. Accordingly, miners will mine 2 times less bitcoins, which can cause a shortage and demand for it and play a role in the price.
Now the schedule...
6H As you can see, at the beginning of the week after the breakout, where I expected to see a retest and continued growth if it consolidated above $71,400, the price returned back to the triangle. Yesterday there was another attempt at a breakout with consolidation and now it seems that the price will once again return to the triangle. When the price returns to it, I think that sellers will continue to try to push the price down in order to test the upward support of the triangle, the lower limit of the range of $65600-69000 and 200DMA 6H at $64500
While we have not gone far into the triangle, there are still chances to continue growth from the current ones to the peak.
6H On ether, buyers are currently managing to hold the level of $3,500, which speaks in favor of continuing local growth to the seller’s block of $3,650, upon the breakdown of which the next target will be $3,900.
