Cryptocurrency

Ali, a crypto analyst, reported this massive influx of Bitcoin into accumulation addresses, which are typically associated with investors who hold their assets for long-term value appreciation, rather than engaging in frequent trading.The timing of this move is particularly noteworthy. It comes at a time when the market is facing a downturn, with prices dropping across the board. Bitcoin’s price fell to $58,414 at the start of the week, the lowest since May 3.This “drop” in value prompted short-term selling as traders and investors sought to reduce their losses. However, in this instance, a contrarian approach was taken, with a significant investment made into Bitcoin, signaling a belief that the market might rebound.According to the chart presented by Ali, on June 27, over 20,200 BTC, worth $1.23 billion were funneled into accumulation addresses. This type of behavior is commonly interpreted as a bullish signal, and the market’s reaction in the aftermath is being carefully watched.Bitcoin has lost roughly 10% of its value in June. It temporarily touched $71,000 at the beginning of June but has since declined steadily. Since March, the flagship cryptocurrency has been trapped in the $60,000 to $70,000 level.At the time of writing, Bitcoin was down 0.26% to $60,916 and has been trading in a tight range since recovering from Monday’s lows of $58,414.This article was originally published on U.Today More

In a video posted on his X account, he revealed the price level at which he would be ready to buy more BTC. As a long-term holder, Portnoy does not see any reason for buying at the $60,000-61,000 price level. If the price drops below $50,000, Portnoy plans to buy $5-10 million in Bitcoin. According to data provided by CryptoQuant, ultra-long-term holders are currently selling Bitcoin. Anticipating a stronger bull market, they do not see any reason to stay in the asset as the BTC price declines.According to IntoTheBlock, long-term Bitcoin (BTC) holders have sold off approximately $10 billion worth of BTC in May 2024. The pace, however, slowed down in June, with over 40,000 BTC sold by holders. This past week Bitcoin faced some major challenges. Just two days before the end of Q1, the cryptocurrency could not break the resistance level and dropped below $60,000.Despite the current rebound, the BTC price is struggling to climb back above $70K level, which it tested in March for the first time. In June, Bitcoin lost 14% in its value, dropping from $71,000 to around $60,000.This article was originally published on U.Today More

The decision by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia deals a blow to Binance, which had asked the court to toss the SEC’s lawsuit that alleges Binance and its founder and former CEO Changpeng Zhao broke securities laws. The SEC’s suit filed against Binance in June 2023 accused the exchange and Zhao of artificially inflating its trading volumes, diverting customer funds, failing to restrict U.S. customers from its platform and misleading investors about its market surveillance controls.The regulator also accused Binance of unlawfully facilitating trading of several crypto tokens the SEC deemed unregistered securities. The ruling adds to the exchange’s woes after Binance agreed in November to pay $4.3 billion to settle with the Department of Justice and the Commodity Futures Trading Commission over illicit finance breaches. Still, Friday’s ruling marks a partial victory for the broader cryptocurrency sector as she sided with a previous judge in saying that the SEC had not made its case that secondary sales of Binance’s tokens – sold by sellers other than Binance on exchanges- were not securities. More

According to Schiff, Bitcoin’s value has dropped over 15% as it approaches the end of Q2, while gold has seen a 4% gain during the same period. This disparity has led Schiff to caution investors who might have shifted from gold ETFs to Bitcoin ETFs, stating that they are now 20% worse off and predicting that the situation could deteriorate further.Bitcoin’s recent price movements show a decline from just under $71,000 to approximately $60,800, marking a more than 14% drop. This dip follows a substantial rise earlier in the year, where Bitcoin soared nearly fivefold from its January 2023 lows to a new all-time high above $73,500 in mid-March. Despite this correction, some analysts consider it part of a larger bull market.Julio Moreno from CryptoQuant has noted a decrease in Bitcoin demand, with a reduction of 23,000 Bitcoins in the past 30 days, which he links to the current price correction.This article was originally published on U.Today More

First of all, BTC’s price action indicates a significant buying zone at $58,000, a level of historical support. The 200-day moving average, or the black line on the chart, and this support level imply that a Bitcoin rebound may be imminent. The volume profile shows more encouraging signs. Due to the recent drop, trading volumes have increased, suggesting that buyers are still very interested in the product at these reduced prices. Heightened activity typically signals an impending price reversal because it is an accumulation by investors anticipating gains in the future. Moving averages offer an additional level of understanding. Though these levels frequently serve as dynamic support and resistance zones, the chart indicates that Bitcoin is currently trading below the 100-day and 50-day exponential moving averages. A break above these moving averages on Bitcoin suggest a possible trend reversal and a move in the direction of bullish momentum.For now, there is no distinctive fuel for the asset, and it is unlikely to appear in the foreseeable future, unless the Ethereum ETF pushes the market forward as a whole. The chart indicates that XRP has had difficulty keeping up its upward momentum and has continued failing to breach significant resistance levels. To suggest a possible trend reversal, XRP must cross above the 26-day Exponential Moving Average (EMA). This level has served as a barrier, and a successful breach might herald the start of a bullish phase. The volume analysis reveals that traders have differing opinions, though. Trading volume has occasionally spiked but not consistently enough to allow for a long-term upward trend. Significantly higher buying volume is necessary for XRP to maintain its reversal attempt. This would give the market the momentum it needs to break through resistance levels and keep prices higher.XRP is presently in the neutral zone, according to the Relative Strength Index (RSI). There is potential for upward movement because this shows neither overbought nor oversold conditions.The 200-day Exponential Moving Average (EMA) is represented by the $0.13 mark on the chart, which indicates that Dogecoin has been finding it difficult to break above significant resistance levels.A successful break above this level, which has historically been a major resistance point, might signal a bullish reversal. There may be cause for concern as volume analysis indicates that trading activity has been relatively muted. Dogecoin requires a sizable rise in purchasing volume to continue its upward trend. The momentum needed to convincingly break through the 200 EMA may be hampered by a lack of consistently high trading volumes. The relative positions of the 100-day and 50-day EMAs are also noteworthy. At the moment, Dogecoin is trading below both of these moving averages, which typically denotes a downward trend. But DOGE would be a very bullish indicator if it could muster enough buying pressure to break through these levels. Some additional information is offered by the Relative Strength Index (RSI).The fact that Dogecoin’s RSI is currently circling the neutral zone indicates that there is still potential for upward movement without an overbuying situation. A move above the RSI’s 50-point threshold would boost confidence in a possible bullish breakout.This article was originally published on U.Today More

(Reuters) – The U.S. Treasury Department finalized a rule on Friday requiring cryptocurrency brokers, including exchanges and payment processors, to report new information on users’ sales and exchanges of digital assets to the Internal Revenue Service. The new requirements aim to crack down on crypto users who may be failing to pay their taxes, and stem from the $1 trillion bipartisan 2021 Infrastructure Investment and Jobs Act. At the time the bill was passed, it was estimated that the new rules could bring in close to $28 billion over a decade.The rule, which would be phased in starting next year for the 2026 tax filing season, align the tax requirements for cryptocurrencies with existing tax reporting requirements for brokers for other financial instruments, such as bonds and stocks, Treasury said.The final rule was modified from Treasury’s original proposal in order to limit some burdens on brokers and to phase in the new requirements in stages, Treasury officials said. It also includes a $10,000 threshold for reporting on transactions involving stablecoins, a type of crypto token typically pegged to an asset like the U.S. dollar. The cryptocurrency industry had waged a comment letter campaign after Treasury proposed the rule last year, arguing that the scope of the proposal’s definition of a broker was too broad and that the requirements violated the privacy of crypto owners. Treasury said it reviewed more than 44,000 comments on the proposal. It also said it anticipates issuing additional rules later this year to establish tax reporting requirements for non-custodial brokers, including decentralized crypto exchanges. In a release, Treasury emphasized that crypto owners “have always owed tax on the sale or exchange of digital assets” and that the new rule “simply created reporting requirements… to help taxpayers file accurate returns and pay taxes owed under current law.” The rule introduces a new tax reporting form called Form 1099-DA, meant to help taxpayers determine if they owe taxes, and would help crypto users avoid having to make complicated calculations to determine their gains, according to the Treasury Department. Brokers would need to send the forms to both the IRS and digital asset holders to assist with their tax preparation.The IRS currently requires crypto users to report many digital asset activities on their tax returns, regardless of whether the transactions resulted in a gain. Users are required to make that calculation themselves, and the platforms on which digital assets trade do not give the IRS that information. More

ApeChain, being built on behalf of the ApeCoin DAO, will now be able to support efficient, low-cost zero-knowledge proof verificationzkVerify, a modular protocol optimized for zero-knowledge proof verification developed by Horizen Labs, has successfully integrated into ApeChain’s Jenkins Testnet, the highly anticipated Arbitrum Orbit Chain. This integration aims to significantly expand the types of Web3 games that can efficiently launch on ApeChain with high performance. Developers building on ApeChain, optimized as a gaming-first platform, will be able to leverage zkVerify’s zero-knowledge proof verification technology to optimize transaction processing and reduce proof verification costs by 90%+ — potentially saving millions in annual expenses for projects built on ApeChain. This efficiency gain will enable developers to leverage zkVerify to create more intricate gaming experiences, such as card games, fog of war games, and prediction market-based games. ApeChain was first announced by ApeCoin DAO, the decentralized autonomous organization behind ApeCoin (APE), in February 2024. ApeCoin itself is an ERC-20 governance and utility token used within the APE ecosystem. Enhancing Web3 gaming with zkVerify on ApeChainWhile zero-knowledge proofs offer significant benefits for privacy, scalability and security in blockchain applications, they are costly and computationally-intensive. This has been a significant hurdle for the widespread adoption of Web3 games and dApps, which require fast, frequent transactions to provide smooth user experiences. zkVerify addresses these issues head-on by offloading the proof verification process from the main chain. By doing so, it significantly reduces the computational burden on the blockchain, allowing for faster, more cost-effective transactions.About zkVerifyzkVerify is a modular blockchain dedicated to efficiently verifying zk proofs across diverse blockchain stacks. It enables any Layer 2 projects and dApp developers that utilize zero knowledge to scale rapidly and cost-effectively by drastically reducing proof verification costs without compromising network performance. Designed for seamless integration with existing blockchain networks, zkVerify minimizes technical overhead and provides a developer-friendly environment. By simplifying the zk proof verification process and reducing associated costs, zkVerify enhances the performance of existing blockchain networks and unlocks new capabilities within the broader Web3 ecosystem. For more information, users can visit https://zkverify.ioAbout Horizen LabsFounded in 2019, Horizen Labs is a leading blockchain technology company specializing in zero-knowledge cryptography. Dedicated to scaling decentralized networks, Horizen Labs is elevating blockchain technology to unprecedented levels of efficiency. By focusing on developing next-gen, modular architectures, Horizen Labs is setting new standards for performance, security, and cost-effectiveness. Horizen Labs is trusted by industry giants such as Yuga Labs, Animoca Brands, and Offchain Labs. Additionally, it is the development company engaged by the Ape DAO and Horizen DAO to develop leading projects such as ApeChain and Horizen. Horizen Labs is a globally distributed team with offices in Milan and New York City. For more information, users can visit https://horizenlabs.io.ContactSenior Public Relations ManagerJosh AdamsSerotoninjosh@serotonin.coThis article was originally published on Chainwire More

The Abey Foundation is thrilled to announce that Abey, a pioneering Layer-1 blockchain, has officially launched the trading of its token on the BitMart cryptocurrency exchange starting from 14:00 UTC on June 26, 2024. This listing marks a significant milestone in our journey, aligning with our vision to expand global reach, enhance accessibility, and improve liquidity for our growing community.Abey’s integration with BitMart opens new opportunities for investors and traders worldwide, making it easier than ever to engage with our innovative blockchain ecosystem. The listing on BitMart is a strategic step towards fostering a more inclusive and dynamic financial landscape, providing users with seamless access to our token. In addition to this exciting listing, we are continuously working on enhancing the inter-app features of the Abey blockchain, which will allow seamless interaction between different applications within the Abey ecosystem. These advancements are set to redefine the user experience, making the Abey blockchain more versatile and interactive.Abey invites its community and new users to explore the trading offerings available on BitMart and stay tuned for more updates on our upcoming features. Users can follow Abey’s X or join Abey’s Discord to see how they can earn some bonus $ABEY through socials, signing up for trading, and more!About BitMartBitMart is a top-20 global digital asset trading platform, providing real-time trading services for various digital assets. With a mission to drive innovation in the blockchain industry, BitMart offers a secure, professional, and user-friendly trading experience to users worldwide.For more information, users can visit bitmart.com.About AbeyBuilt for DeFi, GameFi, Metaverse projects and more, Abey is an EVM-compatible L1 with no downtime since its launch in 2018. Its unique inter-app feature promotes greater engagement among Abey builders and users, enabling them to accumulate potential benefits from utilizing different apps within the Abey ecosystem.To apply for a grant or read more, users can visit abey.com.ContactJasonAbeyFoundationjason@abey.comThis article was originally published on Chainwire More