Aurelia Butler

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    in Cryptocurrency

    John Lennon’s Son Slams ‘Bitcoin Ban Bill’ by Senator Warren, Here’s Key Reason

    Lennon commented on a video posted by Dennis Porter, cofounder and CEO of Satoshi Action Fund. In the video, Senator Warren’s coauthor of the “Bitcoin Ban Bill,” Senator Roger Marshall, admits that he and Warren asked the American Bank Association for help to craft the legislative act against cryptocurrencies. He admits outright that he does not know much about crypto, apart from the fact that it is allegedly used for criminal purposes.If the law gets passed, it will allow Bank Secrecy Act requirements and KYC rules to be extended to include various cryptocurrency actors, including miners, validators and wallet provider companies.a critical comment on that tweet considering the IQ of some lawmakers to be not more than 90, meaning that banks are believed to be the biggest enemies of crypto since cryptocurrencies are here to excel them. In particular, this is related to transaction fees, speed of transactions and control of the way funds are being used by their owners.Lennon is into crypto himself. Earlier this year, he became keen on the Friend Tech project. In 2020, he started advocating the flagship cryptocurrency Bitcoin, pointing out its advantages over traditional currencies and financial assets.Warren believes that without proper oversight, cryptocurrencies may take down the American economy. She does admit that cryptocurrencies have the potential to create financial inclusion for the unbanked. However, the senator mostly sees Bitcoin and other cryptocurrencies as a means for money laundering, tax evasion and other criminal activities. She even claimed that North Korea uses crypto for financing half of its nuclear program – a statement that caused a sarcastic reaction across Crypto X (Twitter) recently.This article was originally published on U.Today More

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    in Economy

    China bans export of rare earth processing technologies

    Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.China has banned exports of technologies for processing rare earths, the latest sign President Xi Jinping’s administration is hitting back against US-led curbs on advanced computer chip sales to Chinese companies.The new controls risk further straining geopolitical tensions between China and the US and its allies over control of global resource and technology supply chains. For many in the west, they will also underline China’s dominance over large swaths of the world’s important resources.China controls the lion’s share of the supply chain for rare earths, key materials used in clean energy and defence products.The commerce ministry in Beijing said on Thursday it was banning the export of technologies used in rare earth extraction and separation and in some rare earth magnets. It gave no immediate explanation for the move.The ban comes after Chinese officials this year started requiring additional export permits for gallium, germanium and graphite, materials whose supply is largely controlled by Beijing and which are key to technology manufacturing.Chinese officials have in recent months stressed national security as the main reason for the controls. However, many experts see them as evidence Beijing is leveraging its dominance over global clean technology supply chains to fight back at trade restrictions that have been expanded by the administration of US President Joe Biden.Under Biden, Washington’s controls have widened from sales of cutting-edge chip technology to China to increasingly blocking Chinese battery and electric vehicle producers from accessing generous US government subsidies. According to the International Energy Agency, China accounts for about 60 per cent of the world’s rare earth mining production, but close to 90 per cent of processing and refining.Policymakers in Washington and Brussels have long been concerned about over-dependence on China for rare earths and many of the other materials and resources used in clean technologies.With heavy government support, non-Chinese production of rare earth oxides jumped almost fourfold to 90,000 tonnes over the seven years to 2022, according to US data. But China has maintained its dominance, doubling its own production to 200,000 tonnes.The IEA also forecast global demand would increase by as much as seven-fold over the two decades to 2040, underpinned by the world’s transition from carbon-intensive energy production and transport towards cleaner electricity generation and electric vehicles.The agency noted that countries typically took more than 15 years to develop mining projects from discovery to first production, raising doubts about how fast the west might be able to disentangle itself from Chinese critical minerals supplies. Additional reporting by Nian Liu in Beijing More

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    in Cryptocurrency

    Bitcoin Overcrowded? Peter Brandt’s Explosive Take on BTC Price

    In the world of technical analysis, a bullish divergence emerges when the RSI reflects an oversold reading followed by a higher low, coinciding with lower lows in the price. Conversely, a bearish divergence occurs when the RSI hits an overbought reading followed by a lower high, aligning with higher highs in the price.Brandt’s stark perspective contends that is overbought, and the presence of not just one, but three consecutive divergences underscores the extreme overheating of its price. However, dissenting voices may argue that the crypto market, though a decade old in the realm of exchange trading, remains young and is characterized by volatility.Often dubbed the “Wild West,” the crypto market continues to defy conventional financial analysis. Its unpredictable dynamics challenge classical approaches, where attention often surpasses fundamentals in influencing asset values. , while compelling, may encounter skepticism due to the crypto market’s notorious unpredictability.Brandt’s viewpoint, undeniably robust, highlights the increasing divergence within the community on the reliability of traditional market analysis methods in a space known for its unpredictable and sometimes improbable events.This article was originally published on U.Today More

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    in Cryptocurrency

    Glassnode Cofounders Set $2.5K Target for Ethereum’s Ambitious Push

    The cofounders have identified a key support level at $2.1K, once a formidable resistance, now transformed into a critical zone for the cryptocurrency’s short-term rebound. In a recent tweet, they highlighted Ethereum’s resilience on the market, emphasizing the significance of the current support level.According to their analysis, breaching this level may activate the 50-Day Exponential Moving Average (EMA), potentially signaling a shift in market dynamics. The cofounders pointed to the presence of an ascending triangle pattern, suggesting that $2.1K is crucial for short-term rebounds, and the breach could pave the way for further gains.The cryptocurrency market has been closely monitoring Ethereum’s movements, given its position as a leading blockchain platform and the second-largest cryptocurrency by market capitalization. The Glassnode cofounders’ predictions have sparked increased interest and discussion within the crypto community, with traders and enthusiasts eagerly anticipating the outcome of this .Their tweet not only underscores the technical analysis of Ethereum’s price action but also reveals broader market sentiment and enthusiasm. The cofounders have set their sights on the formidable $2.5K target, further fueled by the prevailing optimism on the cryptocurrency market.If successful, this ambitious push could pave the way for Ethereum to ascend to $2.7K, marking a significant milestone for the digital asset. Traders and investors are keeping a keen eye on whether the cryptocurrency can the resistance-turned-support and sustain the upward momentum.This article was originally published on U.Today More

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    in Economy

    Brazil’s central bank reaffirms easing pace amid unanchored inflation expectations

    In its quarterly inflation report, the central bank said that inflation in the quarter ending in November came 40 basis points lower than policymakers had estimated in September. This was primarily attributed to lower-than-expected prices in regulated sectors, especially fuels, and industrial goods.While acknowledging that this movement led the market to project a “significant decline” in inflation for this year, the central bank emphasized that “there was no significant change in the median expectations for the coming years, which remain unanchored.”In the report, the central bank raised its own inflation projection for 2026, which had not yet been disclosed, to 3.2%, up from the 3.1% seen in September. Last week, the central bank released its inflation estimates of 3.5% for 2024 and 3.2% for 2025, with the target for all these years set at 3%.Private economists surveyed weekly by the central bank anticipate inflation at 3.93% next year and at 3.5% in 2025 and 2026.Against this backdrop, policymakers reiterated their plan for additional 50 basis point interest rate cuts in the upcoming rate-setting meetings, asserting that this pace is appropriate to keep the necessary contractionary monetary policy for the disinflationary process.The maintenance of a steady outlook for its next steps, signaled since last week, disappointed some economists who saw room for larger rate cuts in the future amid a slowdown in local inflation and improvements in the global scenario. GDPThe central bank slightly raised its economic growth forecast for this year to 3.0% from the previously projected 2.9% in September, while worsening the outlook for a 1.7% increase next year from 1.8% before.Policymakers wrote they see “moderation in household consumption, a resurgence of investments, and the maintenance of a favorable balance in external accounts” in 2024.Brazil’s current account deficit is set to increase to $35 billion next year from $26 billion this year, the central bank projected, influenced by a smaller trade surplus. Policymakers expect the trade balance to remain positive at $73 billion next year, down from $79 billion this year.Regarding bank lending, the central bank forecasts a rise of 8.8% in 2024, accelerating from the 6.8% expansion estimated for this year. More