Cryptocurrency

The paths and performance of Bitcoin and AI tech stocks have clearly diverged in recent times. While AI tech stocks have become an important sector within the larger technology industry, Bitcoin has attracted a lot of interest and investment as the very first cryptocurrency.Bitcoin has drawn fervent admirers as well as critics, causing considerable price changes. Several variables, including market demand, legislative changes, institutional adoption, and investor mood, have an impact on the price of Bitcoin.Data from Bloomberg shows that Bitcoin has been stuck in a narrow trading range since March.A wide spectrum of businesses engaged in artificial intelligence technologies and applications are represented by AI tech stocks. Due to the revolutionary potential of AI in numerous areas, including healthcare, finance, transportation, and more, this industry has consistently experienced growth and investment interest.Advancements in automation, data analytics, machine learning, and other AI-related topics are frequently linked to AI tech stocks. While the price of Bitcoin has fluctuated wildly, AI tech stocks have often seen a more steady growth trend. Market acceptance of AI solutions, technological improvements, company-specific changes, and general investor sentiment toward the technology industry all have an impact on how well AI tech stocks do.Cryptocurrencies and their tightened scrutiny by US regulators have also affected the price of crypto assets, causing them to decouple from AI tech stocks.Fiona Cincotta, senior market analyst at City Index, stated:The price of Bitcoin has been quite fluctuating in the past few months. According to CoinMarketCap data, Bitcoin is down by over 15% YTD and 4.4% in the last 30 days. From a yearly high of $31,693, BTC has plummeted to a low of $26,808 at press time. BTC, which breached $28,000 two days ago, has fallen below the $27,000 range with a 1.4% drop in value over the last 24 hours.It’s crucial to remember that when market dynamics change and new advancements present themselves, the gap between Bitcoin and AI tech stocks may alter over time. As with any investment, it is advisable to do extensive research and consult an expert before making a choice.The post Bitcoin and AI Tech Stocks Diverge, What Does This Mean for Crypto? appeared first on Coin Edition.See original on CoinEdition More

Digital assets have emerged as one of the early focal points in the upcoming 2024 U.S. presidential election. In a surprising move, one of the prominent new candidates has even referenced Bitcoin in his campaign opener, using it as evidence of President Joe Biden’s alleged missteps.While the fiercest battle is expected to unfold among Republican contenders, with former President Donald Trump assuming the role of Biden’s primary nemesis, an unexpected challenge has emerged in the form of Florida Governor Ron DeSantis. DeSantis wasted no time in staking out a position on crypto, employing it as a political shorthand.During his campaign’s launch on Twitter Spaces, DeSantis boldly stated, “The current regime, clearly, has it out for Bitcoin,” portraying crypto as a symbol of innovation and personal freedom. He further added,Insiders and experts believe digital assets in presidential politics could expose government abuses. However, this focus may not advance crypto businesses’ goal of comprehensive regulations over political sentiments.Meanwhile, Accusations abound that Biden’s administration is clamping down on emerging crypto businesses and pushing for a CBDC that critics see as a potential surveillance tool. DeSantis and Biden’s challenger, Robert F. Kennedy Jr., have voiced these concerns.Moreover, DeSantis’ pro-crypto position sets him apart from his main competitor, Trump. The frontrunner for the 2024 Republican nomination stated in 2019 that he was “not a fan” of crypto, citing their volatile value and lack of tangible backing. However, Trump’s recent foray into selling NFTs has blurred his stance.Two weeks before launching his campaign alongside tech mogul Elon Musk, DeSantis capitalized on his state’s so-called “ban” on a U.S. CBDC to create a political spectacle. Legal experts specializing in commercial law have pointed out that Florida’s action does not constitute a ban. Nevertheless, DeSantis’ enthusiasm may resonate with political supporters who are impressed by his zeal.DeSantis’s pro-crypto position overlooks the global nature of cryptocurrencies, which operate independently of sovereign control. His suggestion that Democrats could “kill” crypto if given more time may underestimate the influence of U.S. lawmakers and the thriving potential of crypto in other global jurisdictions like Europe.As the 2024 U.S. presidential election unfolds, it remains to be seen how the crypto industry will influence the political landscape and whether comprehensive regulations will emerge to shape the future of digital assets.The post Pro-Crypto DeSantis Contrast Biden’s Stance in 2024 US Election appeared first on Coin Edition.See original on CoinEdition More

A crypto analyst on Twitter with the identity CrediBULL Crypto has predicted a short-term bearish movement for Bitcoin. According to the crypto analyst, Bitcoin traded under a significant resistance zone and below an aggregate open interest (OI) level could be considered a danger zone.CrediBULL Crypto shared a chart analysis highlighting critical areas on the Bitcoin chart that influenced his prediction. They include a CME gap, a supply region, and a support level. However, the most crucial indicator influencing CrediBULL’s prediction is the OI level, which he noted to have a lot of room for fulfilling a short-term downward price movement.The confluence of events shared by CrediBULL suggests Bitcoin price would fill the CME gap below it. It also indicates the price will drop along with the OI until it achieves a bottom. Ultimately, CrediBULL projected the price would drop further if the support of around $25,000 breaks.Focusing on the OI metric, CrediBULL considers it a crucial indicator in monitoring how trends develop. In an earlier post, he explained that aggregate OI oscillates between the 10 billion and 6 billion figure levels. According to the analyst, traders use the metric to mark local tops and bottoms in a trending market. Hence, when the OI reaches 10 billion, the traders respond by liquidating long positions, and prices drop.On the contrary, CrediBULL explained that when the OI falls toward the 6 billion level, there is an exhaustion in the liquidation of long positions. At such times, prices begin to move back up healthily. So, traders use this metric to match the price and make decisions.Moreover, CrediBULL noted the OI was at 8.6 billion, with more room to drop lower. In addition to other metrics, the analyst concluded that Bitcoin’s price would likely drop lower in the short term.The post Crypto Analyst: Bitcoin Could Drop Below $25K in the Short Term appeared first on Coin Edition.See original on CoinEdition More

The leading cryptocurrency trading platforms Binance and Gate.io came forward repudiating the rumors raised against the firms the previous days. While rumors on the 20% layoff of Binance’s employees were spread, scandals on Gate.io’s “insolvency problems,” unfurled within minutes.On May 31, the Chinese reporter Collin Wu posted on his Twitter account Wu Blockchain about the “uncertain” proportion of Binance’s layoff, stressing that the information has been handed over by multiple sources. The reporter added that the layoff might be a consequence of the “poor overall market and the large expansion before”.Binance CEO Chanpeng Zhao, better known as CZ, responded to Wu’s tweet describing it as “another FUD”, just like he dismissed the previous “Red Notice” rumors:CZ expounded that the elimination of the company employees is part of a “bottom-out” program, by which Binance eliminates the individuals who are not fit into the company. As per his statement, the “push out” doesn’t indicate the unworthiness of the employees; they would be “high performers”, but might not fit the company’s unique culture.Countering the rumor, CZ stressed that the company is still functioning smoothly. He quoted:In another turn of events, the crypto account under the name CoinSumption warned its followers regarding an insolvency issue in Gate.io, following the speculations on whopping transactions that took place within the ecosystem and a resulting suspension of activities.Answering the ambiguities prevailing within the community, Gate.io appeared with a tweet, assuring its users that the platform’s operations are running smoothly without any withdrawal issues. The exchange affirmed that the statements spreading against Gate.io were just a FUD.The post Rumors on Binance and Gate.io: Platforms Clarify the Issues appeared first on Coin Edition.See original on CoinEdition More

Germany’s Deutsche Telekom (OTC:DTEGY) is set to become a validator for Ethereum layer-2 scaling platform Polygon, becoming one of 100 validators providing staking and validation services for the network and Polygon’s Supernets solution.Continue Reading on Coin Telegraph More

Speaking with Cointelegraph, 24-year-old entrepreneur Luca Netz said that many NFT projects overwhelm people with Web3 jargon and information, making it almost unapproachable for newcomers:Continue Reading on Coin Telegraph More

From the open-world role-playing games to battle royale-themed shooters, gaming quickly turned to a major point of interaction between users and Web3, with almost half of blockchain activity coming from gaming. While play-to-earn provides a fresh take on players’ experience of a game, there’s an even bigger potential for Web3 gaming with microtransactions. Web2 gaming offers skins or other in-game items via microtransactions, but the inefficiency and lack of transparency of traditional payment methods are often met with criticism from players.Continue Reading on Coin Telegraph More

The Gate.io team said the company’s “operations are running healthy” and that it is focused on establishing an affiliated trading platform in Hong Kong called Gate.HK.Continue Reading on Coin Telegraph More