A recent survey conducted by The Harris Poll and commissioned by Digital Currency Group (DCG) reveals that cryptocurrency is emerging as a critical issue among voters in key swing states. Over 20% of respondents from states like Michigan, Ohio, and Pennsylvania demand more discourse on digital assets from political candidates ahead of the 2024 elections. […]
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Crypto Wealth Bolsters Real Estate Markets and Consumer Spending, Study Finds
As cryptocurrency becomes a significant part of American investment portfolios, its influence extends beyond digital transactions into tangible impacts on real estate markets and household spending, a recent study finds. Report Shows Cryptocurrency Wealth Adds ‘Meaningful Implications for the Real Economy’ The study, first reported on by Bloomberg, analyzes bank and credit card data from […]
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Study Finds 70% to 80% of Secondary Market Transactions Involve Crypto and Stablecoins
Around 70% to 80% of transactions in the crypto secondary market transactions occur between crypto assets and stablecoins. The South Korean government’s welcoming stance, coupled with the high popularity of crypto assets in the country, are among the reasons why the won is now the second most-used fiat currency. Decline in 2021/2 Crypto-to-Stablecoin Volumes According […]
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Dogecoin Finds A Bottom: How The 7-Year Cycle Can Send Price To $40
Dogecoin has had a rather interesting week, first rallying to cross .2, before correcting back downward and eventually losing support at .8. Nevertheless, there is still a lot of steam left in the cryptocurrency it seems, as crypto analysts have identified both a bottom and a 7-year cycle that could send its price as high as .
Dogecoin To Bottom Around .16
In an analysis posted on X (formerly Twitter), crypto analyst Trader Mayne posited that Dogecoin could find a bottom around .16. He explains that this is the level where bulls are mounting support, making it a critical point for the meme coin.
Now, if the bulls are able to hold this support level, it would mean that the DOGE price has eventually found its bottom. However, falling below this support level could be detrimental for the meme coin’s price, as Trader Mayne revealed, leading to an even larger correction from here.
On the flip side, if bulls are able to hold this support, then it could signal a continuation of the bullish trend. The crypto analyst reports that the RR (Risk Ratio) for longs has skewed positive. So, in this case, holding above the .16 support and eventually reclaiming the previous local peak just below .24, then “the party continues,” the analyst stated.
DOGE Price Headed To ?
Trader Mayne is not the only crypto analyst who has shown bullishness toward Dogecoin in spite of the decline. Another analyst, identified as Tardigrade, also took to X to share a cycle trend in the DOGE price that they had uncovered.
The crypto analyst titled the trend the “Cycle of 7 years” which predicts a large move up to new all-time high levels for the meme coin. Tardigrade points to the performance of Dogecoin in the seven years leading up to the 2021 surge, a cycle that they believe is set to repeat again.
$Doge is running in the “Cycle of 7 years”
We can see a similar price action in the first half of the current cycle, compared to that of last cycle.
When we were at .0007 in 2017, we never believed $Doge would spike to .003, .009 & .35
T~O~D~A~Y~:
We are at .22, we… pic.twitter.com/G2tcCNhX2y— Trader Tardigrade (@TATrader_Alan) April 1, 2024
Given that seven years is a wide range, it means that in 2024, the DOGE price is still just halfway to completing it. From here, it would take another four years for the 7-year cycle to be completed, at the end of which Dogecoin is expected to see a massive surge.
The cycle ends in 2028 and by this time, the crypto analyst expects that the DOGE price will move above , then , and all the way to . They support this with the fact that the DOGE price moved from .0007 in 2017, and reached as high as .7 in 2021. Given this, the analyst advises crypto investors not to miss the Dogecoin move up.
Defi Platforms Lose More Than $336 Million in Digital Funds in Q1 of 2024, Study Finds
In the first quarter of 2024, more than 6 million in digital assets were stolen from decentralized finance platforms across 61 incidents of hacking and fraud. During this period, criminals made off with digital assets valued at 4.48 million in two major hacking incidents. In contrast, centralized finance platforms reported no incidents of hacking or […]
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FinCEN Finds Increased Cryptocurrency Involvement in Human Trafficking
The Financial Crimes Enforcement Network (FinCEN) has released an analysis that reports an alleged increase in the use of cryptocurrency in human trafficking cases. According to FinCEN, reports of cryptocurrency linked to these purposes grew from 336 in 2020 to 1,975 in 2021, an increase of almost 500%. FinCEN Alerts of Crypto Usage Linked to […]
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Bitcoin Bull Run In Jeopardy? Analyst Finds Market Top Signals With BTC At $40,000
Bitcoin is walking back on some of its gains over the past few days. The number one cryptocurrency by market cap might be on the verge of a more significant retracement, which could push it back to the ,000 zone.
As of this writing, Bitcoin (BTC) trades at ,950 with a 2% loss in the past 24 hours. On the weekly chart, the cryptocurrency records a 3% loss, with all tokens in the top 10 by market recording a similar performance, except for Avalanche (AVAX).
Bitcoin Hits Local Top? Bull Run Slows Down
Over the weekend, Bitcoin was rejected from the critical resistance level at ,500. According to a pseudonym analyst, as the BTC price dropped to its current levels, a significant player placed a “substantial resistance block.”
The chart below shows that the selling order is 1,562 BTC, or around million. It also shows thick support for BTC as the bullish momentum fades.
In other words, Bitcoin might slow down, but the area around ,000 could provide critical support for a potential bounce. The analyst stated on the increasing selling orders appearing on the books:
Massive resistance added on BTC Binance Spot. This is what a top looks like. A substantial resistance block of 1562 BTC has just arrived in the order books.
BTC Whales On The Move
While many believe that the market can absorb the spike in selling pressure, crypto analytics firm Material Indicators showed that Bitcoin is losing the support of major players. Over the weekend, players selling orders above million “dumped” their positions.
The firm has been warning traders about this possibility by arguing that the recent bullish price action was a strategy to suck in liquidity from retail investors. Once this smaller player jumped in, whales began to “distribute” or sell their coins into the rally.
In that sense, the firm set a potential local top for BTC at ,000. Keith Alan, one of Material Indicators senior analysts, stated the following on the current price action:
The good news is, at some point the market does flip to accumulation, and prices moving lower will get us to that point. As bad as it looks for bulls right now, I’m not expecting a straight line down. Time to exercise some patience and see how things develop from here.
Cover image from Unsplash, chart from Tradingview
Another Court Finds SEC Acted ‘Arbitrarily and Capriciously’
The United States Court of Appeals for the Fifth Circuit has found that the U.S. Securities and Exchange Commission (SEC) acted “arbitrarily and capriciously” in a case involving the stock buyback disclosure rule. “Another day and another court finds that the SEC again acted arbitrarily and capriciously. Is anyone else concerned about this very troubling pattern of the SEC flouting any faithful allegiance to law under Mr. Gensler?” Ripple’s chief legal officer asked.
SEC Loses Another Legal Battle
Following a federal court’s determination that the U.S. Securities and Exchange Commission (SEC) had acted “arbitrarily and capriciously” in a case involving a spot bitcoin exchange-traded fund (ETF) application, another federal court reached a similar conclusion in a separate matter involving the securities regulator.
The United States Court of Appeals for the Fifth Circuit stated on Tuesday that the SEC’s stock buyback disclosure rule was arbitrary and capricious. While this case is unrelated to crypto, the crypto community noted that the securities watchdog had lost another legal battle.
Crypto exchange Coinbase’s Chief Legal Officer Paul Grewal highlighted on social media platform X Wednesday that the United States Court of Appeals for the District of Columbia Circuit recently ruled in favor of Grayscale Investments, and now the Fifth Circuit has reached a similar decision. He stressed:
Again and again, federal courts of appeal hold that the SEC acted arbitrarily and capriciously in violation of the Administrative Procedure Act.
Grayscale Investments is seeking to convert its flagship bitcoin trust (GBTC) into a spot bitcoin ETF. Initially, the SEC rejected the cryptocurrency asset manager’s application. However, the Court of Appeals for the District of Columbia Circuit sided with Grayscale and instructed the SEC to reconsider the application. Circuit Judge Neomi Rao explained: “The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. We therefore grant Grayscale’s petition and vacate the order.”
Ripple Chief Legal Officer Stuart Alderoty also commented on X Wednesday: “Another day and another court finds that the SEC again acted arbitrarily and capriciously. Is anyone else concerned about this very troubling pattern of the SEC flouting any faithful allegiance to law under Mr. Gensler?”
Alderoty detailed last month that the SEC lost to Ripple three times. The first was when District Judge Analisa Torres ruled that “as a matter of law, XRP is not a security.” The second was when the SEC’s bid for an interlocutory appeal was denied, and the third was when the securities regulator dropped all charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
Nonetheless, SEC Chairman Gary Gensler continues to bring enforcement actions against crypto firms. He has stated many times that the crypto industry is a field that is rife with fraud, abuse, and misconduct.
How do you view the finding by another federal court that the SEC acted arbitrarily and capriciously? Let us know in the comments section below.
Bitcoin Finds Rejection At This Historical Line, Bear Market Back On?
On-chain data shows Bitcoin has failed in its latest retest of a historically significant metric, a sign that a bearish trend might have taken over.
Bitcoin Has Been Rejected From The Short-Term Holder Cost Basis
As pointed out by an analyst in a post on X, BTC is currently facing resistance at the short-term holder’s realized price. The “realized price” here refers to the cost basis or acquisition price of the average investor in the Bitcoin market.
When the spot price of the cryptocurrency is below this level, it means that the investors as a whole are currently in a state of net loss. On the other hand, the asset being above this metric suggests that the overall market is holding some profits right now.
In the context of the current discussion, the realized price of the entire BTC sector isn’t of relevance, but of only a particular segment: the “short-term holders” (STHs).
The STHs are the investors who purchased their coins within the past 155 days. The members of this group are generally weak in their conviction, and thus, they can be quite reactive to changes in the market.
Now, here is a chart that shows the trend in the Bitcoin realized price specifically for these STHs over the past couple of years:
As displayed in the above graph, the Bitcoin short-term holder’s realized price is valued at about ,800 right now. During its most recent attempt at recovery, BTC retested this line but ended up finding some major resistance at it.
The indicator actually has a lot of history of acting as both resistance and support for the spot price of the cryptocurrency. Generally, this line has helped the asset during bull rallies, while it has impeded it in bear markets.
From the chart, it’s visible that the asset’s price had found resistance at this mark and had remained under it throughout the bear market in 2022. With the rally that started in January of this year, though, the coin had finally managed to find a break.
The realized price of the STHs had then flipped towards being a support level, as it had propelled the asset during the retests in March and June. With the crash in August, however, Bitcoin once again slipped below the line and has been unable to climb back above it since.
Given the significance of the line, the latest retest of the indicator was quite important, so the fact that it ended in failure could be a worrying sign for the asset, as it may mean that a shift back towards a bearish trend might have occurred.
BTC Price
Retests like the one of the STH realized price can sometimes take a while to properly finish, but since Bitcoin has seen a steep decline towards the ,700 level since the rejection, it may be confirmation that the asset was indeed rejected this time.
Binance Finds Way to Serve Belgian Users After Cease Order
Cryptocurrency exchange Binance said it continues to provide services to residents of Belgium through its Polish entity. The announcement comes two months after the crypto trading company was ordered by the Belgian financial regulator to cease all crypto services in the country.
Binance Offers Belgian Clients to Trade on Its Polish Platform
Belgian customers of Binance, the world’s largest crypto exchange, are currently served by its Polish platform. In a blog post published Monday, the crypto trading company pointed out that the move allows it abide by applicable regulations. It stated:
We are pleased to announce that Binance Poland sp. z o.o. is now the entity that provides Binance services for Belgian residents. By doing this, Binance ensures that it complies with its regulatory obligations and can continue to provide services to Belgian users.
The change comes after in June Belgium’s Financial Services and Markets Authority (FSMA) ordered Binance to “cease immediately all offers of virtual currency services” in the EU nation, accusing it of providing exchange and custody wallet services from countries that are not members of the European Economic Area (EEA).
The FSMA also demanded from Binance to return to Belgian clients all cryptographic keys and crypto assets that it holds for their account, or transfer them to entities governed and authorized by the law of an EEA member state in order to continue to carry out the said activities.
Binance emphasized it will be able to continue serving Belgian users in compliance with local regulatory requirements. “Binance Poland is able to provide crypto exchange and custodian services in line with its registration as a virtual assets service provider (VASP) in Poland,” the exchange noted.
To keep trading on Binance, Belgians will have to accept the Terms of Use of Binance Poland for Belgian users, the company explained, adding: “We may also ask users to resubmit some of the required know-your-customer (KYC) documentation in order to comply with Polish regulatory requirements.”
Binance has been dealing with increased pressure from financial authorities around the world, including lawsuits from the securities and commodities regulators in the U.S. In Europe, Binance withdrew its license applications or canceled its registrations in several countries, including the Netherlands, Germany, Cyprus, and the U.K., indicating it wants to focus on fewer regulated entities on the Old Continent.
In late July, the crypto giant announced it’s restoring full services for its Japanese users on a new platform. In November 2022, acquired the Japan-registered Sakura Exchange Bitcoin (SEBC) after receiving warnings from Japanese regulators that it was operating without the necessary authorization.
Do you think Binance will adopt a similar approach regarding other European markets where it faces regulatory challenges? Share your thoughts on the subject in the comments section below.