Cryptocurrency

Fears of more regulatory action against crypto were a key weight on prices this week, amid reports of more moves by the U.S. Securities and Exchange Commission against major players in crypto. The shutdown of a popular privacy coin trading platform also rattled sentiment.This kept Bitcoin trading up 3.5% over the past 24 hours at $63,243.4 by 07:56 ET (11:56 GMT). An overnight drop in the dollar, following soft labor data, afforded some strength to Bitcoin.Sustained outflows from crypto investment products- particularly spot Bitcoin exchange-traded funds- also weighed on the token over the past three weeks.The world’s largest cryptocurrency was little changed over the past seven days, and remained comfortably in a trading range established since its fall from record highs in early-March.The token had fallen as far as $57k last week, entering a technical bear market from its March highs.While Bitcoin had since recovered from those lows, any further gains in the currency were largely stymied by concerns over more regulatory scrutiny against crypto.The shutdown of LocalMonero- a popular platform for peer-to-peer trades of the Monero privacy coin- rattled sentiment.The SEC this week postponed the planned public listing of crypto wallet operator Exodus Movement on the New York Stock Exchange. This came as trading app Robinhood Markets Inc (NASDAQ:HOOD) said it was facing potential regulatory action from the SEC over crypto tokens traded on its platform. The SEC was also seen postponing a decision on spot Ethereum ETFs to June, and is then expected to reject applications for the offering given that it is also reportedly pursuing an investigation of whether the world no.2 token is a security. The regulator has similar cases against exchange Coinbase Global Inc (NASDAQ:COIN) and XRP issuer Ripple. Broader crypto prices were also mainly in the green following Bitcoin’s rebound on Friday.Ethereum rose 1.9%, while XRP climbed 0.3%. Solana was an outperformer, rising over 8% on the day.While weak jobless claims data spurred some optimism over eventual interest rate cuts by the Federal Reserve, the central bank is still only expected to do so by September- a trend that is set to pressure crypto markets in the near-term.Dogecoin (DOGE), the largest meme cryptocurrency by market value, appears to be on track to repeat the bullish “golden cross” technical pattern that preceded its early 2021 surge.With a market cap of roughly $22 billion, DOGE has shown impressive performance this year, surging over 70%, outpacing Bitcoin’s nearly 50% increase.The meme token’s 50-week simple moving average (SMA) is rising and appears set to cross above the 200-week SMA in the coming weeks, signaling a golden cross, CoinDesk noted in a report.This pattern could indicate that short-term price momentum will soon surpass long-term momentum, potentially ushering in a prolonged bullish trend.In March, the DOGE price surpassed its 200-week SMA after breaking out of a prolonged consolidation period, establishing support above this key level. The upcoming golden cross would be the first in over three years, with the previous instance in January 2021 preceding a four-month rally that saw prices soar over 8,000% to a record 76 cents on Binance.However, historical trends don’t guarantee future performance, and moving average crossovers, which tend to lag behind prices, have been known to mislead traders in traditional markets. More

Bybit, one of the world’s top three crypto exchanges by volume, has once again underscored its dedication to transparency and trustworthiness by releasing its proof-of-reserves audit, which includes 40 cryptocurrencies, the most comprehensive in the sector.The cryptos covered and all backed over 100% are: BTC, ETH, USDT, USDC, AGI, AGLA, APEX, APT, ATOM, AVAX, BEAM, BLUR, COMP, CRV, DAI, DOGE, DOT, DYDX, EOS, FET, FTM, GALA, IMX, LDO, LINK, LTC, MANA, MATIC, MNT, OP, PEPE, RNDR, SAND, SHIB, SHRAP, SOL, SUSHI, UNI, WLD, and XRP.The reserve ratios for major cryptos are as follows: BTC: 116%, ETH: 106%, SOL: 111%, USDT: 107%, and USDC: 129%.These holdings showcase Bybit’s commitment to maintaining a secure and transparent trading environment. This milestone not only cements Bybit’s position at the forefront of the industry but also exceeds the auditing efforts of its closest competitors.Bybit has consistently received high marks for its operational integrity, including a perfect Trust Score of 10/10 from CoinGecko and an ‘AA’ ranking in the CCData Crypto Exchange Benchmark Report, affirming its adherence to industry best practices.To ensure the safety and accessibility of its client’s assets, Bybit utilizes a sophisticated wallet architecture consisting of cold, warm, and hot wallets. This system is designed to maximize security while providing the liquidity necessary for efficient user transactions. “Our ongoing effort to verify our reserves reflects our core philosophy of fostering trust through tangible proof,” said Ben Zhou, Co-founder and CEO of Bybit. “For us, the assurance of our users’ investments and the transparency of our operations are paramount.”About BybitBybit is one of the world’s top three crypto exchanges by trading volume with 25 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, please visit Bybit Press. ContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

CARV, the leading modular data layer for gaming and AI, is excited to announce an industry-first Node Buyback Program for its upcoming Verifier Node Sales. This program allows node purchasers to opt in for a buyback of up to 100% from CARV’s treasury post-token launch. The innovative design aims to protect participants and encourage global contributions to CARV’s decentralization, creating a more stable and robust infrastructure for a user-owned internet.According to Techcunch, CARV is renowned for its gaming and AI applications used by millions and its modular data layer that supports over 750 enterprises. As the CARV ecosystem expands, running verifier nodes is essential for maintaining integrity and security in its decentralized data processing environment. The initial months following the launch of CARV nodes are critical for establishing stability, participation, and fair distribution. To address market volatility and ensure user confidence, CARV’s dedicated community proposed the node buyback protection mechanism.CARV is committed to pushing boundaries and setting new standards. The Up-to-100% Node Buyback Program pioneers a mechanism fostering true decentralization, empowering the community to participate confidently in building the foundation of a sustainable, user-owned internet.How the Up-to-100% Buyback Program Works10,000,000 $CARV is allocated from treasury to ensure a 100% buyback with a 30-day linear vesting period. Node license holders will retain all prior airdrops, unaffected by the Buyback Program.Some of the bought-back nodes will be reallocated to existing active node operators to further incentivize their participation. The rest will go to the CARV treasury, with potential uses including sharing node operation rewards with $CARV stakers, or conducting node resale or burning.Adjusted Timeline for CARV Node SaleTo accommodate the implementation of the Up-to-100% Buyback Program, the timeline for the CARV Node Sale has been adjusted as follows:The Up-to-100% Node Buyback Program sets a new bar for node investments, reflecting CARV’s ethos of placing users and its community in the driver’s seat. CARV is ensuring a robust foundation for the CARV Node ecosystem, which revolutionizes how personal data is used and shared, paving the way for a user-owned internet where individuals can rightfully profit from the value their data creates.For more information about the CARV node sale and how to participate, visit here or refer to the CARV whitepaper.About CARVCARV is the largest modular data layer for gaming, AI, and ∞, revolutionizing how data is used and shared. To pioneer a future where data generates value for all, CARV has built CARV Protocol, the modular data layer integrated with 40+ chain ecosystems, and CARV Play, its flagship gaming and superapp. CARV has more than 2.5 million registered users, 700 integrated games, and is the largest application in Linea, opBNB, zkSync, Ronin and more. CARV is backed by top-tier funds and ecosystems such as Temasek’s Vertex (NASDAQ:VRTX) Ventures, ConsenSys (developer of Metamask), Tribe Capital, IOSG Ventures, HashKey Capital, Infinity Ventures Crypto, MARBLEX and more. For more information, visit carv.io.ContactCo-Founder & COOVictor Yumedia@carv.ioThis article was originally published on Chainwire More

The current market dynamics show Bitcoin’s price being squeezed by this descending trendline. Every attempt to push upwards meets resistance, leading to lower highs — a classic indicator of a continuing downtrend. Notably, the volume of trades has been decreasing, which typically indicates a weakening of the current trend and potentially sets the stage for a trend reversal. However, the current signals suggest that the market is not yet ready to reverse to being bullish.Adding to the complexity of the movements is the potential formation of a higher low, which could be the first sign of an impending shift in trend. This is a critical observation as it could signify that although the overarching trend is bearish, there is some buying interest at lower levels that prevents further drops, providing a temporary floor for Bitcoin’s price.The immediate future of Bitcoin’s price largely depends on its interaction with the trendline and key moving averages. Currently, the 50-day Exponential Moving Average (EMA) sits around $65,000, acting as potential upper resistance in case of any bullish reversal.The current chart formation presents a descending triangle pattern, a typical bearish signal in technical analysis, suggesting that SHIB could be under significant selling pressure. This pattern is forming just as SHIB tests its support, making the 0.00002260 level crucial for determining its short-term trajectory. A break below this could lead to a test of the next major support at the 0.00002100 level, aligning closely with the 100-day EMA. It often acts as a dynamic support in downtrends, providing a potential rebound zone for the price.Conversely, the immediate resistance is located around 0.00002400. Overcoming this level could invalidate the bearish pattern and possibly trigger a short-term bullish reversal. However, the convergence of the EMAs above this price point may complicate any upward movements, potentially capping gains and adding to the volatility.Given these dynamics, the situation with Shiba Inu remains highly uncertain. The descending triangle, combined with the convergence of moving averages and key support and resistance levels, suggests that SHIB could experience increased volatility in the near future. This unpredictability makes it a risky asset for traders and investors at this time.The current price movement has brought SOL closer to what might be seen as a critical juncture. The nearest solid support level is established around $128, but this level has already been breached once, adding to the unpredictability of its strength in holding future dips. Such breaches can undermine confidence in the support level, suggesting that it may not be as robust as hoped.Despite these concerns, there are positive signs in the market dynamics. The descending volume indicates that selling pressure is diminishing, which could mean that sellers are getting exhausted. This scenario typically sets the stage for buyers to regain control and potentially drive the price upwards. However, the volume profile does not support the formation of an inverse Head and Shoulders pattern, a common bullish reversal indicator, casting some doubts on the immediacy of a bullish turnaround.In the midterm, if buyers can capitalize on the reduced selling pressure, there is a chance for Solana to make significant gains.This article was originally published on U.Today More

This article was originally published on U.Today More

This event, which halves rewards for miners, has been the fourth since the creation of the Bitcoin protocol in 2009 and has triggered a series of unexpected movements in the market, including a recent drop to $57,000 from the all-time high of $73,000 recorded before the halving.The Bitso expert noted in an interview that this volatility is not surprising, given that the current halving cycle has presented several differences compared to previous ones.Before the 2024 halving, Bitcoin experienced an impressive bullish rally, largely driven by the opening of Bitcoin exchange-traded funds (ETFs), which facilitated institutional investment in the cryptocurrency, he explained. This massive influx of capital helped drive the price of Bitcoin to all-time highs before the rewards reduction event, marking an unprecedented event in Bitcoin’s history.However, after the halving, the market reaction has been different from previous cycles. Although an immediate price increase was expected due to the decrease in Bitcoin’s supply, there has been a certain silence and a decrease in enthusiasm among investors. This lack of a quick rebound has generated some anxiety among market participants, resulting in sales and a correction in the price of Bitcoin.”(Volatility) is something normal because many times people who have been entering this market feel that at the moment of halving the price has to increase instantly, but the reality is that it happens progressively, but also since this didn’t happen, people see that it wasn’t the result, they start to panic, start to sell, the famous ‘buy the rumors, sell the news’,” detailed Gonzalez.The macroeconomic context has also influenced Bitcoin’s volatility. Recent statements by Federal Reserve Chairman Jerome Powell maintaining interest rates and expressing concerns about inflation have affected investors’ perception. Uncertainty surrounding traditional economic policies has led to increased interest in alternative assets like Bitcoin, perceived as resistant to conventional monetary policies.Regarding future prospects, Daniel González did not rule out the possibility of further adjustment in the price of Bitcoin.Bitcoin price registered a new drop to $61,000 on Thursday, though it is now trading at around 62,489. Several factors have influenced this decline, including concerns about high interest rates in the United States and increased regulatory scrutiny towards major players in the crypto sector.Regulatory concerns are in the spotlight, after it was revealed that the United States Securities and Exchange Commission (SEC) is investigating Robinhood (NASDAQ: HOOD), Coinbase (NASDAQ: COIN), and Ripple, which could influence the perception of cryptocurrencies under US law.Ethereum, as the second-largest cryptocurrency, is also under scrutiny, after the SEC postponed the approval of Ethereum ETFs until its investigation is concluded.Additionally, a recent report suggests that over 90% of transactions in stablecoins are artificial, increasing regulatory concerns around this key sector of the crypto industry.The market also faces challenges related to the unlocking of altcoins worth nearly $2 billion in the coming weeks, which could negatively affect the altcoin market by increasing the available supply.These regulatory and supply developments occur in a context of uncertainty about high interest rates in the United States, leading traders to show a strong preference for the dollar over higher-risk assets such as cryptocurrencies. More

Gurbacs believes that there are only a few entrepreneurs out there who actually support BTC and “believe in the money and capital markets revolution.” Those few in the tradfi space, Gurbacs specified, usually tend to be “family offices and quiet billionaires.”Agreeing with the point made by X user @MrHodl, Gurbacs said, “Thank Satoshi” for having the opportunity to stack Sats. “If they all got it, we’d be stacking much less sats today,” the user tweeted.Schwartz admitted that he indeed possesses all the necessary coding skills to be Satoshi. However, he said that he does not know Qt – a cross-platform framework of the C+ coding language.Still, Schwartz admitted that the idea that he could be Satoshi or part of the team who were Satoshi is plausible but not true.Bitcoin was launched in 2009, and Satoshi then disappeared from public view in 2010 after leaving his brainchild in the hands of BTC enthusiasts, among who were Hal Finney and Gavin Andreesen. In 2011, XRPL was created, and Charlie Lee launched Litecoin. In 2013, Jackson Palmer and Billy Markus used the Bitcoin code to create the original meme cryptocurrency, DOGE, as a parody of BTC, and launched it in December of that year.This article was originally published on U.Today More

Bitcoin network difficulty is a measure of how hard it is for miners to verify transactions and add them to a block for rewards. Network difficulty is computed every two weeks, and the metric rises with increasing computers plugging in to mine more Bitcoin. The opposite trend occurs when there are fewer entities plugged into the network.According to the data, the average network hashrate over the trailing seven-day period comes in at 572.18 EH/s, the biggest slump since at least December 2022. This drop, if sustained, means that for the same resources, miners can get additional output with amplified profitability. With the earnings report by crypto mining firms underway, thus far, the favorable mining difficulty is showcased in their enhanced revenue for the first quarter.The Bitcoin ecosystem is under an intense spotlight with the price of the underlying asset down by $61,135.59, or 2.29%, in 24 hours. The coin has been sliding since it recorded an all-time high (ATH) of $73,750.07. However, long-term traders are confident in the asset’s ability to stay resilient and potentially plot a rebound soon.At the moment, bullish sentiment hinges on the take by CryptoQuant CEO Ki Young Ju, who said the network can support more than 3x of its current valuation. For Bitcoin, this would imply a high of $256,000. With Morgan Stanley and Susquehanna reportedly embracing spot Bitcoin ETFs, the optics and potentials are notably well aligned.This article was originally published on U.Today More