Aurelia Butler

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    in Cryptocurrency

    FTX 2.0 coming up, Multichain FUD and Worldcoin raises six figures: Hodler’s Digest, May 21-27

    Bankrupt crypto exchange FTXs revival plans could soon become reality. According to court filing documents, FTX’s new management had a series of meetings with creditors and debtors in the past month, reviewing plans for restarting the exchange and finalizing the material required for its rebooting as FTX 2.0. The documents also suggest FTX could soon enter into a bidding process. Previous reports pointed out that a reboot could come as early as 2024, as the exchange has already recovered over $7 billion in assets.Continue Reading on Coin Telegraph More

  • 188 Shares169 Views

    in Cryptocurrency

    Why have Bitcoin and crypto lost 60% of their market cap since their all-time highs?

    The latest Macro Markets show begins by exploring why the crypto market capitalization is some 60% below its all-time high, while the S&P 500 is less than 15% away from its peak. For Pechman, the sector is suffering from a huge problem, as it doesn’t fit a commodity nor does it fit a foreign exchange currency. Moreover, not every mutual fund can hold crypto.Continue Reading on Coin Telegraph More

  • 125 Shares99 Views

    in Cryptocurrency

    A Bullish Flag On BTC’s Chart Could Signal Potential Upside

    The crypto market leader, Bitcoin (BTC) earned itself a spot on CoinMarketCap’s trending list after a 0.91% price increase over the past 24 hours. As a result, BTC was worth about $26,725.02 at press time.Despite BTC’s positive performance throughout the past day, it was not enough to flip the crypto’s weekly or monthly performances back into the green. BTC was down 0.56% over the past seven days, and experienced losses of more than 7% over the past month.BTC performance was also not enough for it to strengthen against its biggest competitor, Ethereum (ETH). At press time, BTC was down against the altcoin leader by about 0.02%.4-hour chart for BTC/USD (Source: TradingView)A bullish technical flag was on the verge of triggering on BTC’s 4-hour chart, as the 9 EMA line was looking to cross above the 20 EMA line. Should this cross happen, the leading crypto’s price could finally flip the resistance level at $26,850 into support. This will then clear a path for it to rise to the next major resistance at $27,450.This bullish thesis will be validated if BTC’s price is able to close above the $26,850 within the next 24 hours. Should it fail to achieve this, BTC’s price is at risk of dropping back down to the next crucial support at $26,350.One technical indicator that investors and traders will need to take note of the RSI indicator on the 4-hour chart. At press time, the RSI line was sloped negatively towards oversold territory and was looking to cross bearishly below the RSI SMA line.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post A Bullish Flag On BTC’s Chart Could Signal Potential Upside appeared first on Coin Edition.See original on CoinEdition More

  • 150 Shares189 Views

    in Cryptocurrency

    BTC, ETH in Billions Moved Off Exchanges While Only $630M USDT Enters

    In a recent on-chain exchange flow report, data from Glassnode shows that Bitcoin (BTC) and Ethereum (ETH) witnessed significant net outflows from crypto exchanges. At the same time, the popular stablecoin Tether (USDT) experienced an influx of funds.The report indicated that Bitcoin saw $661.2 million flowing into exchanges within 24 hours, but a higher amount of $797.8 million was withdrawn, resulting in a net outflow of negative $136.5 million. This negative net flow suggests that investors and traders are moving their Bitcoin holdings away from exchanges, possibly for long-term storage or alternative investment opportunities.On the other hand, Ethereum, the second-largest crypto, experienced an even more pronounced outflow. Approximately $310.7 million entered exchanges, but a staggering $1.1 billion was withdrawn, leading to a significant net flow of negative $821.8 million. This heightened movement of Ethereum off exchanges could indicate a shift towards DeFi platforms or other projects built on the ETH blockchain. A crypto community admin and trader commented that the ETH outflow implies that the number of ETH token stakes increased sharply.Contrary to the trend in Bitcoin and Ethereum, Tether, the leading stablecoin pegged to the US dollar, witnessed a positive net flow. The ERC20 variant of USDT attracted $809.5 million into exchanges, while only $630.4 million was withdrawn, resulting in a net inflow of positive $179.0 million. The increased demand for Tether could reflect market participants seeking stability amidst the recent volatility in other cryptos. Ultimately, the on-chain exchange flow data from Glassnode highlights the ongoing market dynamics and investor sentiment within the crypto ecosystem. The post BTC, ETH in Billions Moved Off Exchanges While Only $630M USDT Enters appeared first on Coin Edition.See original on CoinEdition More

  • 125 Shares179 Views

    in Economy

    Thorny issues remain in US debt-ceiling talks, key Republican says

    WASHINGTON (Reuters) -A lead Republican negotiator in the talks with President Joe Biden’s administration to raise the U.S. federal government’s $31.4 trillion debt ceiling and avoid a disastrous default told reporters that thorny issues remained on Saturday.Time is tight. The Treasury Department on Friday said the government would run short of funds to pay all its bills on June 5 without congressional action, a slightly later but firmer deadline than its prior forecast of default as early as June 1.And any deal in principle between Democratic President Joe Biden and top congressional Republican Kevin McCarthy will be the start of what could easily be a week-long process of shepherding legislation through the narrowly and bitterly divided Congress.”These are tough things. This is not how I anticipated the final hours and days would go. But we’re getting to a very narrow set of issues that has to be dealt with,” said Representative Patrick McHenry, adding that a major focus for Republicans remained spending cuts. “You can’t get there if you don’t deal with the thorny issues in a reasonable way.”Hardline Republicans in the House of Representatives have threatened to block any bill that does not meet their expectations, including sharp spending cuts. Progressive Democrats have also threatened to withhold support for some of the compromises raised, particularly around imposing new work requirements on federal anti-poverty programs.”It’s very close and I’m optimistic,” Biden told reporters on Friday. Republicans control the House by a 222-213 margin, while Democrats hold a 51-49 Senate majority, leaving a narrow path to pass any agreement by the Democratic president and Republican speaker into law.Republicans have sought to sharply curb government spending over the coming 10 years in order to slow the growth of the U.S. debt, which is now equal to the annual output of the economy.But the tentative agreement would likely fall well short of their goal.The two sides have tentatively reached an agreement that would raise the debt ceiling by enough to cover the country’s borrowing needs through the November 2024 presidential election. It would boost spending on the military and veterans’ care, and cap it for many discretionary domestic programs, according to sources familiar with the talks. STICKING POINTSRepublicans have rejected Biden’s proposed tax increases, and neither side has shown a willingness to take on the fast-growing health and retirement programs that will drive up debt sharply in the coming years.Biden’s signature infrastructure and green-energy laws would remain intact, while the Internal Revenue Service would see its recent budget increase scaled back slightly. But safety-net programs remain a sticking point. Republicans want to stiffen work requirements for the Medicaid health plan for the poor and the SNAP food assistance program. Democrats say that would create more barriers for people who are already struggling to make ends meet.Both programs expanded dramatically during the COVID-19 pandemic but have been scaled back in recent months.A failure by Congress to raise its self-imposed debt ceiling before June 5 could trigger a default that would shake financial markets and send the United States into a deep recession.Several credit-rating agencies have said they have put the United States on review for a possible downgrade, which would push up borrowing costs and undercut its standing as the backbone of the global financial system.A similar 2011 standoff led Standard & Poor’s to downgrade its rating on U.S. debt, hammering markets and sending the government’s borrowing costs higher. More

  • 125 Shares119 Views

    in Cryptocurrency

    Community Warns Against Sending Funds to BEN.eth in $LOYAL Pre-Sale

    In a recent tweet that has caused a stir in the crypto community, Crypto Tony, a prominent influencer, issued a strong cautionary message about a pre-sale project led by crypto personality Ben Armstrong, also known as Bitboy. The influencer expressed astonishment at the amount of funds accrued so far by BEN.ETH, the token associated with Armstrong’s latest venture, called LOYAL. Specifically, nearly 2k Ethereum (ETH) token, equivalent to over $10 million, has been deposited to the BEN address in question. With a touch of disbelief, the influencer warned followers against sending money to Armstrong, emphasizing the perceived irrationality of such an action. While some people see it as gambling, others consider it an old-fashioned money laundering scheme.This proclamation comes at a time when Armstrong has assumed control over the BEN coin project, which primarily operates as a meme coin. In response to the concerns raised, Armstrong took to Twitter to shed light on the situation. He assured the community that the BEN coin, the primary focus of his efforts, would benefit from the LOYAL project. Armstrong suggested that the connection and vision behind the two initiatives will become apparent to believers of the BEN coin in due course. The tweet further highlighted Armstrong’s intention to consolidate the “BEN Nation” by collaborating with the Ben community. Early this month, the Ripple chief technology officer (CTO), David Schwartz, expressed agreement with the sentiment that the BEN meme coin project is a potential rug pull, as reported by Coin Edition. In the tweet, Schwartz raised concerns about Armstrong’s decision to join the team, suggesting a connection between his involvement and the potential for a scam.The post Community Warns Against Sending Funds to BEN.eth in $LOYAL Pre-Sale appeared first on Coin Edition.See original on CoinEdition More