Aurelia Butler

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    in Cryptocurrency

    Popular Crypto Trader Predicts Continued Downtrend For PEPE

    The renowned crypto trader and analyst, Michael van de Poppe, revealed in two tweets posted yesterday that he was bullish on Avalanche (AVAX), but he believes the same could not be said for the trending meme coin Pepe (PEPE). According to the post, van de Poppe believes that PEPE’s current downtrend is likely to continue in the next few days.The trader also shared that every block of resistance on the meme coin’s chart is an area to short PEPE. If the price of PEPE fails to stay above the crucial $0.0000016 level, van de Poppe suggested that this would create the perfect shorting opportunity. He added that traders can continue to short PEPE until it drops to $0.00000147 or even $0.00000115.PEPE price (Source: CoinMarketCap)Data from CoinMarketCap indicated that, at press time, PEPE was trading below the $0.0000016 level at $0.000001568. This comes after the meme coin suffered a 0.40% price drop over the past 24 hours, which also pushed PEPE’s weekly performance even further into the red at -6.88%.On the other hand, van de Poppe pointed out a bullish divergence in AVAX’s higher timeframe support in a separate tweet. The trader explained that the altcoin’s next move will likely depend on what Bitcoin (BTC) does next. However, he did believe that if AVAX can climb above $14.80, it could trigger a strong confirmation of the bullish divergence.AVAX price (Source: CoinMarketCap)At press time, AVAX was one of the cryptocurrencies trading in the green after a 2.97% price increase over the past day. As a result, AVAX was trading just below the important $14.80 level at $14.78.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 Popular Crypto Trader Predicts Continued Downtrend For PEPE appeared first on Coin Edition.See original on CoinEdition More

  • 163 Shares199 Views

    in Economy

    ECB to raise rates after summer, 3 more hikes until September – HSBC

    The British bank, therefore, forecasts two 25 bp hikes in July and September, in addition to the quarter-point hike for the upcoming June meeting, with the deposit potentially touching 400 bp from the current 325 bp.The rates on main refinancing operations and marginal lending facilities are currently at 3.75% and 4.00%, respectively, after an overall increase in recent months of 375 basis points, the largest in ECB’s short history.This is also accompanied by a not-so-positive outlook on rate cuts, which analysts say will not occur “before the end of 2024.” According to HSBC, there are five reasons why the bank led by Christine Lagarde will continue to raise the cost of money:1) Activity remains remarkably buoyant in the service sector. The income squeeze is easing and consumer confidence is well off its lows;2) The labour market remains quite tight and wage growth is rising steadily;3) Productivity has been poor, which alongside rising wages implies growth in firms’ labour costs is higher than that consistent with a 2% inflation target;4) Policymakers think there is “more ground to cover” and some want to raise rates until they see signs that core inflation is falling on a “sustained basis”, which we do not think see happening until after the summer;5) Fiscal policy remains supportive, with funds for energy support measures being reallocated to more general spending and widespread tax credits.The bank also issues a warning about the consequences of the rapid rise in the cost of money, highlighting how monetary tightening “is starting to bite,” and how the transmission of monetary policies works with “long and variable lags.”According to HSBC, the Eurozone’s “heavy reliance” on bank lending implies a higher risk of overtightening, with negative consequences for banks’ funding costs and sovereign bond spreads.”In this sense, “any bout of acute market volatility that materially affected the inflation outlook… could stop the ECB in its tracks and even force it into cuts.””The ECB still sits on the horns of a dilemma,” the bank concludes.(Translated from Italian) More

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    in Cryptocurrency

    Binance Confirms Support for Fetch.ai and Terra Classic Upgrades

    Binance, one of the leading cryptocurrency exchanges, has confirmed its support for the upcoming network upgrades of Fetch.ai (FET) and Terra Classic (LUNC). The upgrades are set to enhance the functionality and performance of these blockchain networks, providing users with improved features and stability.The Fetch.ai (FET) network upgrade is scheduled at the Fetch.ai block height 11,235,813, estimated to be around 2023-05-23 13:00 (UTC). In preparation for the upgrade, Binance will temporarily suspend deposits and withdrawals of FET starting from 2023-05-23 at 12:00 (UTC). However, it’s important to note that trading of FET will continue uninterrupted during this period.Similarly, the Terra Classic (LUNC) network upgrade will occur at the Terra Classic block height of 12,902,400, expected to be around 2023-05-23 22:00 (UTC). Binance will temporarily suspend deposits and withdrawals for LUNC and USTC via the Terra Classic network, starting from 2023-05-23 at 21:30 (UTC). However, this period will not affect trading activities involving LUNC and USTC.Binance has assured its users that the exchange will handle all technical requirements related to the network upgrades. Users holding FET, LUNC, and USTC in their Binance accounts can rest assured that their assets will be safe and secure during the upgrade process, according to Binance.Following the network upgrades, Binance will monitor the stability of the upgraded networks before reopening deposits and withdrawals for FET, LUNC, and USTC. Users will not be notified through a separate announcement, so staying updated with Binance’s official channels for the latest information is recommended.The post Binance Confirms Support for Fetch.ai and Terra Classic Upgrades appeared first on Coin Edition.See original on CoinEdition More

  • 138 Shares139 Views

    in Cryptocurrency

    OKX Crypto Exchange Applies to Become a Registered DASP in France

    OKX, the world’s second-largest cryptocurrency exchange by volume, has reportedly applied to become a registered Digital Asset Service Provider (DASP) in France. OKX filed under the requirements outlined by Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).Last April, the cryptocurrency exchange incorporated OKX France as part of plans to expand its European presence. Registering with the AMF will allow OKX to offer several products and services to customers in France without falling short of local regulations.According to Tim Byun, OKX Head of Global Government Relations, The French DASP regulation provides a clear and secure regulatory framework for digital asset service providers. Byun notes that OKX intends to play a role among the growing number of registered DASPs in France by growing the French ecosystem safely and soundly.OKX intends to make France a significant hub for its digital asset services. The exchange acknowledged France’s sound and transparent regulatory framework and its high concentration of crypto enthusiasts crucial for its development. It also noted the high rate of experienced traders and the highly qualified workforce in France as factors that would enhance its growth.Representing the French government, Jean-Noël Barrot, Minister Delegate to the Ministry of Economy, Finance and Industrial, and Digital Sovereignty, in charge of Digital Transition and Telecommunications, expressed delight over OKX’s decision to expand to France. According to Barrot, the decision confirms France’s aspirations to become a key player in Web3 technologies.He said,OKX is licensed in the Bahamas and has a provisional license from VARA in Dubai. In March, the crypto exchange announced plans to apply for virtual asset service provider licenses in Hong Kong.The post OKX Crypto Exchange Applies to Become a Registered DASP in France appeared first on Coin Edition.See original on CoinEdition More

  • 150 Shares119 Views

    in Economy

    Greece on track for new vote with leftists unable to form coalition

    Prime Minister Kyriakos Mitsotakis, whose New Democracy party won 40.8% of the vote on Sunday compared with Syriza’s 20.1%, had earlier opted against forming a coalition and has pushed for a second vote in a bid for an outright majority.Tsipras told President Katerina Sakellaropoulou that he could not form a coalition, after many voters turned away from Syriza’s radical, anti-establishment style that had swept it to power during the turbulent years of the Greek debt crisis.”I have no reason to hide that the electoral result is a painful shock, it was unexpected,” Tsipras said outside the presidential mansion. “I take full responsibility for this result, but in my dictionary that means standing and fighting.”A second vote is scheduled for June 25, when a system of bonus votes for the winning party comes into play that could hand Mitsotakis’ party a majority in parliament to govern alone.Opposition parties do not have enough seats to form a ruling alliance without involving New Democracy. All party leaders have indicated they will not hold exploratory talks.Tsipras said in a televised statement that Syriza’s primary responsibility was to “prevent the prospects of an almighty and uncontrollable ruler-prime minister” and ensure the presence of the left in Greece’s political landscape.Before the election, Mitsotakis told Reuters he wanted to ensure his party secured a comfortable majority, saying “experience has taught us in Greece that one party governments are much more stable than coalition governments.”The defeat of Syriza, which called the second vote a “final battle”, has revealed a split in the left. Two small leftist parties, set up by former Syriza members, did not secure enough votes to make it into parliament.Before the first vote, Syriza tried to persuade the Socialist PASOK party, which finished third on Sunday, and leftist parties, including the Communist KKE, to back it in a coalition government. After its defeat, Syriza accused them of turning their back on efforts to form an alliance against the conservatives.PASOK will still formally be handed a mandate to form a coalition government before the president appoints a caretaker government that will lead Greece to a second vote. Under electoral rules, the winner of a second vote following an inconclusive first election receives 20 bonus seats in parliament if they get 25% of the vote, and up to 50 bonus seats if they get about 40%. If Mitsotakis secured 40% of the vote again or even a little less, he would still have a majority.To benefit from bonus seats, he needs to stay the biggest party, but that seems likely given his nearest rival Syriza secured 20.1%. The total seats Mitsotakis secures will, however, depend on how many other parties make it into parliament. More

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    in Cryptocurrency

    Crypto Lawyers Say SEC v Ripple Judge May Find XRP a Non-Security

    Crypto lawyer Jesse Hynes believes that the judge overseeing the Securities and Exchange Commission’s lawsuit against Ripple may rule XRP as a non-security digital asset if a clear distinction is made between XRP’s early sales and how it is currently sold. Such a ruling would also be contingent on whether the court decides to investigate XRP’s status as a security.Hynes, who previously served as the chief legal officer at Gala Games, took to Twitter earlier today to reflect on the latest developments in the SEC’s controversial lawsuit against Ripple. According to Hynes, the court will most likely find that the early-day sales of XRP violated U.S. securities laws. However, he added that the crypto lawyer believes that the judge will “determine that Ripple is no longer violating securities laws in how they are currently doing sales.”The crypto lawyer stated that there is considerable uncertainty as to whether the court will decide to tackle the question of whether XRP is a security. However, given the SEC repeatedly bringing XRP’s status into question, the court may be compelled to decide the matter. In such an event, Hynes believes that the court will find that XRP cannot be considered an investment contract.Fellow crypto lawyer Bill Morgan chimed in on Hynes’ Twitter thread and agreed with his assessment of the latest developments in the lawsuit. Morgan stated that a distinction between early and later sales of XRP can lead to a conclusion that digital assets can change from security to not being security.Morgan highlighted that the argument for XRP’s status as a non-security digital asset may get bolstered by its sales to Ripple’s On-Demand Liquidity (ODL) clients. The crypto lawyer argued that the judge’s recent decision to deny the sealing of the Hinman documents showed that she understood the difference between programmatic and institutional sales of XRP. The Hinman documents contain internal communications and statements made by William Hinman, the SEC’s former Director of Corporation Finance, where he referred to Ethereum being a non-security asset. The post Crypto Lawyers Say SEC v Ripple Judge May Find XRP a Non-Security appeared first on Coin Edition.See original on CoinEdition More