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    Norway could go its own way on crypto asset regulation, central bank suggests

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    The European Union’s Markets in Crypto-Assets (MiCA) regulation will come into force in a year or two, and it “will probably also apply to Norway.” However, “the Ministry of Finance will assess EEA relevance and implementation in Norway,” Norges Bank noted. Norway is a member of the European Economic Area but not the EU.Continue Reading on Coin Telegraph More

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    Paul Grewal Sides With Plaintiffs In US Treasury vs. Tornado Crash Issue

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    In a recent series of tweets, Coinbase’s Chief Legal Officer Paul Grewal spoke about the legal challenge to sanctions imposed by the US Treasury against Tornado Cash. According to him, the reply brief which is seeking to lift these designations, filed by the plaintiffs is “worth a read.”Grewal reports that the plaintiffs have made four points which all address the government’s attempt to ban the use of open-source software using a property sanctions statute.Additionally, he reviews the four points in rest of this thread. The first argument states that sanctions imposed by the US Treasury against Tornado Cash depend on assuming that anyone who happens to hold the digital token TORN is a member of a legally-recognized entity called “Tornado Cash.” He says: That’s novel as a legal theory, and it’s wrong as a factual matter.The second argument addresses the law stating that sanctions can only block “property.” Grewal insists that while the legal definition of property is something that can be owned, the open-source and immutable smart contracts at the core of the privacy software cannot be owned, controlled, or changed by any party.Consequently, in the third argument, Grewal acknowledges that no one including the founders, developers, and the users who possess TORN in their wallets, has a property interest in the immutable smart contracts.Meanwhile, the final argument cites that sanctioning Tornado Cash unconstitutionally burdened speech under the First Amendment. The Coinbase (NASDAQ:COIN) CLO recaps that the plaintiffs used the software to protect their privacy while engaging in core First Amendment speech such as important donations. However, Grewal says that the government’s answer is worrisome.However, Grewal notes that the First Amendment is stronger than that. He remarks that the government can’t simply tell law-abiding Americans to go exercise their freedom in some other venue with far fewer personal protections.In his final point, Grewal adds that in contrast to the Government’s suggestions, the plaintiffs are not asking for special rules for crypto. Grewal summarizes the plaintiffs are only asking that the government meet the basic legal requirements that Congress wrote, alongside access to a privacy tool that protects legal purchases and donations.The post Paul Grewal Sides With Plaintiffs In US Treasury vs. Tornado Crash Issue appeared first on Coin Edition.See original on CoinEdition More

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    Bitcoin Hovers Around $26K in What Could Become a Decisive Day

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    According to a renowned analyst and founder of MN Trading Michael van de Poppe, Bitcoin’s price is at a critical level. He believes the next move would significantly affect Bitcoin’s price development. He also noted the price is hovering around local lows and breaking below recognizable support.According to Van der Poppe, Bitcoin broke below $26,100, a significant support, but is yet to fall below another support at $25,800. He noted that today’s price action could be decisive for trend-based perspectives.Van der Poppe drew his analysis from the two-hour BTC/USDT chart on TradingView, which showed Bitcoin trading in a horizontal channel. The upper and lower limits of the horizontal channel are $27,466.90 and $25,811.46.One of Van der Poppe’s respondents believes the projections are limited, considering the time frame used in the analysis. The respondent, with the Twitter identity 0xfourty.eth noted that the lows on higher time frame charts are lower than what Van der Poppe indicated. According to him, there are more longs to take out, implying Bitcoin’s price could drop further down before establishing a low.Bitcoin’s price reached a yearly high of $31,035 over two significant rallies. The first rally, which started on the first day of 2023, ended on February 16 after reaching $25,270. The price pulled back and formed a local low at $19,569 before resuming upwards.On April 14, Bitcoin’s price reached $31,035, the highest price this year. Ever since, the price has consolidated and dropped to its current level. As of the time of writing, Bitcoin traded at $26,151, according to data from TradingView.The post Bitcoin Hovers Around $26K in What Could Become a Decisive Day appeared first on Coin Edition.See original on CoinEdition More

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    SOL, LINK, STX, ATOM, and ROSE Show Potential For Price Rises

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    Solana (SOL), Chainlink (LINK), Stacks (STX), Cosmos (ATOM), and Oasis Network (ROSE) have emerged as notable contenders within the crypto space, and there are strong indications that the prices of these cryptocurrencies may experience a substantial rise in the upcoming week.SOL was one of the many top 10 cryptocurrencies that experienced a price decrease over the past 24 hours of trading. At press time, the Ethereum-killer was trading hands at $19.30 after a 1.05% price drop. This succeeded in pushing SOL’s weekly performance even further into the red at -7.58%.Daily chart for SOL/USDT (Source: TradingView)SOL’s price was hovering above a key support level at $18.99, a level which it had already broken below earlier in today’s trading session when it reached a daily low of $18.77. Since then, traders and investors had successfully recovered the altcoin’s price.Nevertheless, the 9 EMA line trading below the 20 EMA line on the daily chart suggested that SOL’s price was in a short-term bearish cycle and would continue to fall in the next 24-48 hours. There is still the possibility that SOL’s price will be able to recover further over the next 2 days, however.The RSI line on the daily chart was positively sloped toward the overbought territory. If it is able to close above the RSI SMA line within the next 48 hours, then SOL’s price could climb to the next resistance level at $20. Conversely, SOL’s price falling below $18.99 again will see it drop down to the next support level at $17.50.LINK was yet another cryptocurrency that experienced a price loss over the past day. The altcoin was worth around $6.30 at press time after a 0.80% drop in its price. Despite this, LINK was still able to strengthen against both Bitcoin (BTC) and Ethereum (ETH) by 1.20% and 1.07% respectively.Daily chart for LINK/USDT (Source: TradingView)A bullish descending wedge pattern had formed on LINK’s daily chart which, if validated, could see the altcoin’s price make a move towards $7.312 in the near future. Technical indicators were still flagging bearish, however, with the 9 EMA line positioned below the 20 EMA line. In addition to this, the RSI line was trading below the RSI SMA line.If LINK’s price is able to remain above the closest support level at $6.193 for the next 24-48 hours, then it may look to make a move toward the 9 EMA line on the daily chart at around $6.56 before it climbs to $7.312. On the other hand, closing a daily candle below the current support level will see LINK’s price plummet to $5.62.At press time, the price of STX was down just under 5%. As a result, the price of the altcoin stood at $0.5813. This meant that the crypto was trading much closer to its daily low of $0.5766 than its 24-hour high of $0.6131.The drop in STX’s price also resulted in its weakening against the two market leaders. As a result, STX was down 2.98% against BTC and down 3.08% against ETH.Daily chart for STX/USDT (Source: TradingView)Technical indicators on STX’s daily chart were flagging bearish at press time as well. The daily RSI line was trading well below the daily RSI SMA line and was sloped steeply toward the oversold territory. Meanwhile, the 9-day EMA line was trading below the 20-day EMA line and was breaking away from the longer EMA line.The next support level that STX’s price could drop to is $0.5235, while the upside target for the altcoin’s price is $0.6770. If STX’s price is able to break above the 9-day and 20-day EMA lines, it could look to rise to $0.8354 in the near future. On the other hand, dropping below the aforementioned support at $0.5235 would see it drop to $0.3304.ATOM was one of the few top 100 cryptos that recorded gains over the past 24 hours of trading. This meant that ATOM was worth approximately $10.49 after a price increase of 1.20%. However, despite its successful past day, the altcoin’s weekly performance was still firmly set in the red zone at -4.12%.Daily chart for ATOM/USDT (Source: TradingView)ATOM’s price had rebounded off the support level at $10.275 after it tapped the level earlier in today’s trading session. As a result, the daily RSI line saw its slope go from negative to positive, which is a notable bullish flag for the altcoin’s price.Should the daily RSI line cross above the RSI SMA line within the next 24 hours, ATOM’s price could rise to $10.709. On the other hand, a drop below the current support level would result in ATOM’s price dropping to $9.751 in the next couple of days.ROSE was yet another crypto that suffered losses over the past day of trading. At press time, ROSE was worth $0.05101 after a 1.59% price drop. As a result, the altcoin’s weekly performance was down by more than 7%.In addition to this, ROSE also weakened against both BTC and ETH by 0.46% and 0.59% respectively. After a more than 30% increase, ROSE’s 24-hour trading volume was standing at $14,265,714 at press time.Daily chart for ROSE/USDT (Source: TradingView)ROSE’s price movement has been flat over the last 2 weeks, which could suggest that the altcoin’s price will experience a breakout soon. In addition, ROSE’s price is hovering just above the support level at $0.04876. Should bulls re-introduce themselves within the next two days, it could result in ROSE’s price soaring to above $0.05639.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 SOL, LINK, STX, ATOM, and ROSE Show Potential For Price Rises appeared first on Coin Edition.See original on CoinEdition More

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    Price of AXS Rests on a Key Support Level as Bears Step In

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    According to the market tracking website CoinMarketCap, Axie Infinity (AXS) emerged as one of the few cryptocurrencies that witnessed a price increase in the past day. At press time, AXS was trading at $6.91 following a rise of 2.78%.This indicated that AXS was closer to its daily high of $7.13 than its 24-hour low of $6.54. The price surge has also allowed AXS to strengthen its position against the market leaders, Bitcoin (BTC) and Ethereum (ETH), by approximately 4.62% and 4.53% respectively.Despite this recent price upturn, AXS’s weekly performance remained in the red at -4.79%. However, the altcoin had experienced a significant surge in its 24-hour trading volume, reaching $88,984,466 – marking a jump of over 170% over the last day.4-hour chart for AXS/USDT (Source: TradingView)From a technical perspective, the altcoin’s price was able to break above the resistance level at $6.85 earlier today and flip it into support. During the same 4-hour cycle, AXS attempted to do the same with the next resistance level at $7.11 and was able to reach a high of $7.20, but closed the 4-hour candle back below the mark.At press time, there was a bullish flag that was about to trigger on AXS’s 4-hour chart, with the 9 EMA line looking to cross bullishly above the 20 EMA line. Should this cross happen within the next 24 hours, the crypto’s price will most likely have the momentum needed to flip the aforementioned $7.11 resistance into support.One thing to note, however, was that the RSI line on the 4-hour chart was bearishly sloped towards oversold territory. If the RSI line crosses below the RSI SMA, before the end of today’s trading session, it could result in AXS’s price dropping below the recently-flipped level at $6.85.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 Price of AXS Rests on a Key Support Level as Bears Step In appeared first on Coin Edition.See original on CoinEdition More