Cryptocurrency

This statement comes at a critical time. Bitcoin reached the $62,000 price mark after dipping below $60,000 at the start of the week. The market’s direction is currently influenced by mixed signals from economic data, as investors seek clues to the future trajectory of the economy and how this might impact monetary policy.With inflationary pressures and varying economic indicators, the timing of potential rate cuts is a topic of significant debate among market participants.Michael Saylor’s assertion that Bitcoin is the “cure to economic ill” underscores his belief in Bitcoin as a hedge against economic instability and inflation.The term “orange pill” is a nod to the concept of adopting Bitcoin as a fundamental shift in financial perspective, akin to the “red pill” metaphor from the movie “The Matrix,” representing enlightenment and awakening.Bitcoin has been stabilizing for several months in a broad range between $56,500 and $73,777, indicating buying near the support and selling near the resistance. When a price stays in consolidation, it might require a strong catalyst to move it above or below the range.In the immediate term, Bitcoin bulls face a battle to keep the price above the critical support level of $56,000. Bulls are predicted to stay active around the $60,000 to $56,500 range for the next few days as, if they fail to protect the support, BTC could fall to $50,000.The main resistance level to watch for on the upside is $64,800. A break and closing above this level would indicate that the bears are losing steam. Bitcoin may next aim to rally to $70,000.This article was originally published on U.Today More

Even before the U.S. government started selling BTC, spot traders had been selling their holdings. As traders anticipate an increase in supply, this inflow of Bitcoin onto the market usually sets off a sell-off.As expected under the circumstances, the market’s initial response has been sustained selling pressure. The market’s reaction to this news was relatively calm. A few shorts have opened in anticipation of the supply arriving on the market shortly. On the other hand, closing out long positions has been the main activity. This suggests that although there is some bearish sentiment, many traders are not actively shorting the market; instead, they are just backing off. The fact that institutions are not aggressively selling off Bitcoin is notable even in spite of the existing pressure.This moderation on the part of major holders might have a benefit. The market may stabilize earlier than anticipated if institutional sales do not overwhelm it. Institutions are responding cautiously, and spot markets’ persistent sell pressure points to an uncertain period ahead.But Bitcoin might be able to avert a more severe drop if it can hold onto important support levels. The U.S. government and other significant holders will have a significant influence on how the price of Bitcoin moves in the near future.In general, the possibility of a reversal is present, but it still requires some serious inflows, which are not there yet.This article was originally published on U.Today More

This was part of the funds confiscated in 2013 from the Silk Road dark web market place when it was shut down and its founder Ross Ulbricht arrested and given two lifetime prison sentences.Deaton stated that this does not coincide with the recent SEC policy of proclaiming Coinbase illegal.In response, Coinbase filed a lawsuit against the regulator. However, what has happened now is that the U.S. government has sent 3,940 BTC worth roughly $241.22 million to this exact exchange to be sold. This money was initially confiscated from a drug trafficker on the Silk Road, and then was forfeited at trial in January 2024.John Deaton called this move “nonsense coming from our government” since it allows Gary Gensler and Senator Warren to stand against the whole cryptocurrency space but continues to use the services of the largest U.S.-based crypto exchange, Coinbase Prime. Prior to that, a similar sale occurred in March last year when the U.S. government’s wallet sold 9,861 coins for $216 million.The founder of on-chain data aggregator CryptoQuant believes that this sale will hardly impact the price of Bitcoin on the market. However, this sale coincided with a 1.76% Bitcoin price fall as the world’s flagship cryptocurrency plunged from $61,778 to the $60,688 level. By now, BTC has somewhat recovered and is trading at $61,260 at the time of this writing.This article was originally published on U.Today More

After gaining the authority to take action regarding the Bitcoin it had seized, the US government continues to transfer cryptocurrencies to exchanges. In April, the government had previously contributed to a market decline by transferring a larger amount of Bitcoin worth $2 billion. While such actions are seen as part of the US’s intervention in the crypto market, some believe that the government is making strategic moves to reduce its holdings of crypto assets.According to Lookonchain data, the US government currently holds approximately 213,46 BTC worth around $13.07 billion. The US holds the most Bitcoin among governments. Globally, approximately 2.7% of the circulating Bitcoin is held by governments, primarily the US, China, the United Kingdom, Germany, and El Salvador. Meanwhile, this move by the US follows the transactions of the German government, which has been transferring Bitcoin to crypto exchanges since last week.The downtrend in the Bitcoin market has intensified in recent days with the sales from government institutions. However, many market experts attribute the main reason for the Bitcoin decline to miner sales.Although the pullback in Bitcoin is largely thought to be due to miner sales, the US continues to create market anxiety with its large amount of BTC holdings. Speculations in the market are developing around the idea that the US has the potential to manage the market with its Bitcoin reserves, and it is emphasized that such crypto transfers can create a greater impact with panic selling in the market rather than the amount sold.After closing the day yesterday with a drop of around 1.5% below $61,000, Bitcoin saw accelerated buying, especially towards US trading hours today. The largest cryptocurrency is currently recovering yesterday’s losses and moving towards $62,000. More

After submitting the necessary documents to the SEC this week to start trading an Ethereum ETF, VanEck officially applied today to issue a spot Solana ETF.Matthew Sigel, VanEck’s Head of Digital Asset Research, announced on X today that VanEck has applied to issue the first SOL ETF in the USA. The application details show that the VanEck Solana Trust is planned to be listed on the Cboe BZX Exchange, and according to the company’s statement, SOL assets will be held by VanEck and evaluated based on the MarketVectorTM Solana Benchmark Rate.On the other hand, following VanEck’s application, the issue of the SEC defining many altcoins, including Solana, as securities during its lawsuit against Binance last year came to the forefront.Matthew Sigel stated that they believe Solana is a commodity and claimed that the cryptocurrency functions similarly to Bitcoin and Ethereum. However, the fact that the SEC views cryptocurrencies other than Bitcoin and Ethereum as securities is seen as the biggest obstacle to ETF approval.Nonetheless, it seems that crypto investors are not yet worried about such concerns. After the announcement of VanEck’s spot Solana ETF application, the overall market outlook turned positive.Solana saw a value increase approaching 10% in a short time and reached the $150 threshold as of the last hour. Bitcoin’s daily value increase is currently around 1.5%, while Ethereum is trading at $3,450 with a 2.5% rise.Among the top 100 cryptocurrencies, MKR and BOME are leading with value increases exceeding 10%, while AI tokens FET and AGIX, which are on the verge of merging, have recorded declines exceeding 10%. More

Kadena, the industry’s only scalable Proof of Work blockchain, welcomes Nitin Gaur, the Founder of IBM (NYSE:IBM) Blockchain Lab and a former Global Head of Digital Assets at State Street (NYSE:STT), as an advisor. Gaur, a distinguished leader in blockchain with a robust patent portfolio, brings a wealth of knowledge and expertise to guide Kadena’s strategic direction for implementing a decentralized approach to traditional finance.For more information about Kadena and its initiatives, users can visit www.kadena.io.About Nitin GaurNitin Gaur is currently the Founder and CEO of LedgerLink, an AI-driven Web2.5 Platform. The goal of LedgerLink is leading Digital Asset and Technology Design, with aspirations to transition part of the company’s financial market infrastructure and its clients to the new digital economy. In this role, Nitin aims to dedicate energy to bridging traditional finance and emerging decentralized finance with concepts around enterprise-grade digital asset custody, risk model frameworks, tokenization of traditional assets, and fund structures, to transform and modernize the market infrastructure with a vast partner ecosystem. Nitin Gaur also serves as the CTO and Co-Founder at Portal Asset Management, an acclaimed crypto hedge fund. He is also the co-host of the “Beyond Bitcoin” podcast, which offers deep insights into the evolution and adoption of digital assets across industries.In his previous role, Nitin Gaur, served as Managing Director at State Street, Founder and Director of IBM Digital Asset Labs – committed to devising industry standards, use cases and working towards making blockchain for enterprise a reality. In parallel Nitin also served as CTO of IBM World Wire – a cross-border payment solution utilizing digital assets. Nitin also Founded IBM Blockchain Labs and led the effort to establish blockchain practices for the enterprise. Prior to this role, he was working in the capacity of CTO, IBM Mobile Payments, and Enterprise Mobile Solutions. Nitin holds an MS in Management Information Systems and an MBA in Finance from the University of Maryland. Nitin was also appointed as an IBM Distinguished Engineer and was recognized as a Master Inventor with a rich patent portfolio.About Kadena Kadena, a blockchain technology company founded in 2017 by Stuart Popejoy and Will Martino, who created JP Morgan’s first blockchain and led the SEC’s Crypto Committee, stands as the industry’s only scalable layer-1 Proof of Work (PoW) blockchain. This unique scalability enables Kadena to deliver infrastructure-grade performance for any blockchain project. Along with their smart contract language Pact, Kadena’s platform provides the world with the tools and environment to turn ideas and ambitions into reality, paving the way for true blockchain mass adoption.Kadena LinkedInKadena on X (Formerly Twitter)Kadena DiscordContactKadena PressKadenapress@kadena.ioThis article was originally published on Chainwire More

At present, the U.S. government owns 213,546 Bitcoin, which is approximately $13 billion. Even though it is a small portion of their overall holdings, this most recent transfer is nonetheless significant. The move to Coinbase Prime, an exchange that institutional investors frequently use raises the possibility of plans to sell off some of these assets. Primarily recognized for its illicit drug sales, the Silk Road was the first contemporary darknet market and online black market.Under the alias Dread Pirate, Ross Ulbricht introduced it in February 2011. In October 2013 the FBI closed down the website, and Ulbricht was taken into custody and given a life sentence. Other governments have also been selling their Bitcoin holdings in recent months. For example the German government has been selling off a significant portion of its $2 billion worth of Bitcoin holdings. Governments are selling off cryptocurrency they have seized potentially to reduce market volatility or capitalize on current values. This sale is in line with a larger trend in this regard. Such a substantial Bitcoin movement could have a big impact on the market. Large transfers can occasionally cause volatility to rise, particularly when they are connected to government wallets.Unfortunately, large sales are coming in amid a period of high volatility on the market, where Bitcoin struggles to hold above $60,000. However, the precise motivations behind this transfer are unknown to the public. Usually the money raised from these sales goes toward funding different government initiatives or is given back to the people who were harmed in the crimes linked to the seized property.This article was originally published on U.Today More

AdEx announced the launch of its platform, repositioning as a tool primarily for Web3 advertisers looking to engage with the broader Web2 audience. The updated platform introduces several technological advancements, including the integration of Artificial Intelligence (AI) and Zero-Knowledge (ZK) privacy protocols.The AdEx platform has undergone significant enhancements to better serve advertisers:- Reduced Campaign Fees: Fees are now 7%, with a reduction to 4% when using ADX tokens.- Deposit Incentive: Advertisers depositing more than $10,000 will receive a 30% bonus on their deposit, enhancing their advertising spend.- Focus on Advertisers: The platform’s redesign prioritizes advertiser needs, integrating with Supply-Side Platforms (SSPs) to expand available ad inventory.- Expanded Payment Options: Advertisers can now use a variety of payment methods, including cryptocurrencies like USDT, USDC, ADX, and DAI.- Polygon Network Support: This addition aims to provide faster transactions and lower fees.- AI and Zero-Knowledge Technology: These new features are designed to optimize ad performance and improve user privacy.Since its founding in 2017, AdEx has evolved from a crowdfunding initiative that raised over $10 million into a platform focused on the digital advertising sector. The platform has grown to include various features beneficial to advertisers, including the introduction of the Ambire Wallet and subsequent rebranding phases. The current update marks a continued focus on integrating advanced technologies to improve advertising efficacy and privacy.With the launch, AdEx is enhancing its offerings to advertisers, focusing on technological integration and platform usability to meet the evolving needs of the digital advertising industry.About AdEx:AdEx represents a next-generation ad-tech solution aiming to address and correct some of the most prominent inefficiencies of the online advertising industry, such as ad fraud, lack of transparency in reporting, and user privacy. Founded in 2017 as a decentralized ad exchange, AdEx has pivoted to a Demand-Side Platform (DSP) catering to the needs of Web3 advertisers. This transformation enables them to access untapped audiences of potential crypto users through programmatic advertising. Noteworthy platform advantages include minimal fees (just 7% for launching a campaign), premium publishers, payment options in stablecoins, and enhanced security.Website | X | Telegram | Reddit | Discord | Facebook (NASDAQ:META)ContactCommunicationsIvan Manchevivan@adex.networkThis article was originally published on Chainwire More