PRESS RELEASE. Monaco, April 24, 2024 – Memereum, a promising project on the BNB Smart Chain, is delighted to announce the launch of its presale. It invites investors to join the movement towards financial empowerment and innovation. With a suite of special financial products and services, Memereum is going to participate in the future advancement […]
Bitcoin News
Latam Insights: Bitcoin Hurts El Salvador Credit Opportunities, Paraguay Supports Selling Power to Crypto Miners
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Bitcoin hinders El Salvador’s credit talks with the IMF, the Paraguayan Senate issues a statement supporting bitcoin miners, and Venezuela unveils a crypto-linked corruption scheme. Bitcoin Reportedly Hurts El Salvador Credit Opportunities With […]
Bitcoin News
Bitcoin Reportedly Hindering El Salvador’s Credit Opportunities With the IMF
Bitcoin and its adoption by the government of El Salvador have become a negative factor in the country’s negotiations with the IMF. According to reports, the institution demands changes to El Salvador’s Bitcoin law to receive a .4 billion credit line for expediting public debt payments and other obligations. El Salvador’s Bitcoin Allegiance Is Getting […]
Bitcoin News
SEC Commissioner Criticizes Delay in Spot Bitcoin ETF Approval — ‘We Squandered a Decade of Opportunities’
U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce has slammed her agency for the delay in approving spot bitcoin exchange-traded funds (ETFs). “Our arbitrary and capricious treatment of applications in this area will continue to harm our reputation far beyond crypto. Diminished trust from the public will inhibit our ability to regulate the markets effectively,” the commissioner stressed.
‘Diminished Trust From the Public Will Inhibit Our Ability to Regulate the Markets Effectively’
U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce issued a statement following the approval of 11 spot bitcoin exchange-traded funds (ETFs) by the SEC.
“Today marks the end of an unnecessary, but consequential, saga,” Peirce began. “More than ten years after the filing of the first spot bitcoin exchange-traded product (‘ETP’) application, the Commission finally has approved multiple applications by exchanges to allow the listing and trading of spot bitcoin ETPs. This saga likely would have spanned well beyond a decade were it not for the DC Circuit-ex-machina.”
Noting that “Bitcoin-based products have been trading for years under other regulatory regimes,” she stressed: “The Commission should have drawn comfort from the successful launch and smooth trading of these products, even through market stress and volatility. Instead, until today, the Commission remained steadfast in its unwillingness to let spot bitcoin ETPs into US markets.” She added:
In the meantime, the Commission has driven retail investors to less efficient means of attaining bitcoin exposure in the securities markets.
One of the ways retail investors had to gain exposure to bitcoin and the crypto market is through bitcoin futures exchange-traded funds, which the Commission did not have a problem approving. “These futures-based products are more complex and more difficult to manage than the spot product, which can translate into higher costs for investors,” Peirce noted. “But, until a court reminded us that our ‘unexplained discounting of the obvious financial and mathematical relationship between the spot and futures markets falls short of the standard for reasoned decisionmaking,’ we persisted in denying a spot bitcoin ETP.”
Peirce added:
The Commission, rather than admitting error, offers a weak explanation for its change of heart.
“In the past, the Commission, allowing our prejudice against the underlying asset to get in the way, has rejected applications on the basis that the bitcoin market was still immature and that there were outstanding manipulation concerns,” she detailed.
“We squandered a decade of opportunities to do our job. If we had applied the standard we use for other commodity-based ETPs, we could have approved these products years ago, but we refused to do so until a court called our bluff. And even now our approval comes only begrudgingly, as demonstrated by our continued insistence that these products satisfy a correlation test we have not demanded of prior commodity-based ETPs,” Commissioner Peirce stated.
“Today’s order does not undo the many harms created by the disparate treatment of spot bitcoin products,” she added, elaborating:
Our arbitrary and capricious treatment of applications in this area will continue to harm our reputation far beyond crypto. Diminished trust from the public will inhibit our ability to regulate the markets effectively.
Do you agree with SEC Commissioner Hester Peirce about spot bitcoin ETFs? Let us know in the comments section below.
Shrapnel (SHRAP) Collaborates with LBank Exchange for Upcoming Trading Opportunities
PRESS RELEASE. Road Town, BVI, November 29, 2023 – LBank Exchange, a global leader in digital asset trading, is set to enhance its platform by introducing Shrapnel (SHRAP), a pioneering blockchain-enabled first-person shooter game. This collaboration marks a significant milestone for both entities in the digital asset space.
About Shrapnel (SHRAP)
Shrapnel is being hailed as the world’s first blockchain-enabled first-person shooter game that empowers players with unprecedented levels of creation, trade, and ownership of digital content. Shrapnel presents a rich set of player-creation tools, combining combat, creation, curation, and connection into a community where players own the platform and decide its future. For nearly two decades, the developers have envisioned a competitive, multiplayer FPS where players could mod and make the game their own. But only now has blockchain technology provided the capabilities necessary to support the transaction volume and attribution complexity inherent to such a game.
Shrapnel will be the first moddable AAA FPS game built entirely on chain, using blockchain to empower players to collectively govern the game and its future roadmap. With an intuitive token-based economy, players can finally be rewarded for spending time doing what they love – playing and creating within an FPS game.
As the first competitive multiplayer FPS enabling true player ownership of content created and curated by the community, Shrapnel has the potential to become the definitive FPS franchise for an entire generation of players and creators. The time is right for a game that combines the competitive gameplay of classic shooters with the creative freedom of Minecraft and Roblox.
The developers of Shrapnel aim to fulfill this vision and usher in a new era of community-owned competitive multiplayer games. By leveraging blockchain technology, they intend to empower players to collectively own, govern, and benefit from the platform. Shrapnel represents an ambitious next step in the evolution of FPS games.
SHRAP Token: Powering the Ecosystem
Central to the Shrapnel ecosystem is the SHRAP token, an ERC-20 token deployed on the Avalanche blockchain. This token facilitates various functions, including NFT minting fees, marketplace transactions, reward distributions, and community governance. SHRAP is more than just a utility token; it’s a cornerstone in creating a dynamic and participatory game economy, offering players true ownership of their gaming experiences.
LBank Exchange: A Platform of Choice
This collaboration with Shrapnel (SHRAP) reflects LBank’s commitment to bringing innovative and transformative opportunities to its vast user base. It underscores the exchange’s dedication to embracing cutting-edge technologies and projects that resonate with the future of digital assets.
Learn More about Shrap Token:
Official Website: https://www.shrapnel.com/
Contract: https://snowtrace.io/token/0xd402298a793948698b9a63311404FBBEe944eAfD
Discord: https://discord.com/invite/shrapnel
YouTube: https://www.youtube.com/@playSHRAPNEL
Medium: https://medium.com/@playSHRAPNEL
X (formerly Twitter): https://x.com/playshrapnel/
About LBank
LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 9 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.
Start Trading Now: lbank.com
Community & Social Media:
l Telegram
l Twitter
l Facebook
l LinkedIn
l YouTube
Press contact:
Business Contact:
LBK Blockchain Co. Limited
LBank Exchange
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
US Lawmaker Urges Congress to Focus on Attracting Crypto Opportunities to Bolster National Security
A U.S. lawmaker has called on Congress to focus its efforts on bringing more crypto activity and opportunities to the United States in order to “bolster U.S. national security.” Citing the Department of Justice’s action against crypto exchange Binance, the lawmaker stressed that Congress does not need to rewrite laws that work in the crypto space.
Rep. Emmer Calls for Focus on Domestic Crypto Growth
House Majority Whip Tom Emmer (R-MN) shared his perspective on Congress’ role in shaping cryptocurrency laws following the Department of Justice’s settlement with Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao (CZ).
“Congress does not need to rewrite laws that work in the crypto space. Yesterday’s successful prosecution shows that when enforced, current laws are suitable to help weed out bad actors,” the lawmaker explained on social media platform X on Wednesday. He emphasized:
Congressional resources should instead be spent working to bring more crypto activity and opportunities onshore to bolster U.S. national security.
Rep. Emmer has been pushing for Congress to pass laws that benefit the crypto sector. Earlier this month, the House of Representatives adopted an amendment he attached to the Financial Services and General Government Appropriations Act of 2024 that limits the authority of the U.S. Securities and Exchange Commission (SEC) to carry out enforcement actions against the crypto industry.
In September, the House Financial Services Committee passed his CBDC Anti-Surveillance State Act, which halts the efforts of the Biden administration “from issuing a financial surveillance tool that will undermine the American way of life.”
Emmer and several other lawmakers have pushed to oust SEC Chairman Gary Gensler. In June, Emmer joined Rep. Warren Davidson in supporting the SEC Stabilization Act that seeks to fire Gensler as the chair of the securities regulator.
What do you think about Rep. Tom Emmer urging Congress to focus its efforts on bringing more crypto activity and opportunities to the U.S. in order to bolster national security? Let us know in the comments section below.
Altcoin Corrections Signal Strong Buy Opportunities: Crypto Analyst
In a recent analysis shared on X (formerly Twitter), crypto analyst Michaël van de Poppe offered an insightful perspective on the current state of the altcoin market. His analysis draws parallels with historical trends, suggesting that the current corrections in altcoins may present strong buying opportunities for investors.
Buy The Altcoin Dips Now?
Van de Poppe’s analysis began by noting the ongoing corrections in the altcoin sector, which he interprets as part of a sustained uptrend. “Altcoins have multiple days/weeks correction while still in an uptrend,” he stated, indicating that these periods are not only natural but also beneficial for the market’s overall health.
He further explained the dynamics of these corrections, emphasizing their historical significance. “This [current] period is very heavily comparable to the period we experienced at the end of 2015, or at the end of 2019,” van de Poppe mentioned. He drew specific attention to Ethereum’s remarkable run from to in late 2015, which eventually led to a peak of ,400 in 2017, demonstrating the potential for massive returns.
Van de Poppe’s analysis also touched upon the concept of higher timeframe support zones. He elucidated that during initial upward runs, corrections to these support zones offer ideal re-entry points for investors. “During the run in 2020, we’ve seen the DeFi summer taking place, which has a high chance of coming back to the surface in 2024,” he added, hinting at a potential bull run in the coming months.
A significant part of his analysis involved a detailed comparison between Ethereum’s price action and that of other altcoins like Chainlink and Arbitrum. He noted, “If you compare the price action of Ethereum with the current price action of Chainlink, you’ll see that it’s just barely having a correction of 20%.” He suggested that further corrections could provide even clearer trends and entry points for investors.
Van de Poppe also emphasized the importance of time frames in analyzing these trends. “If you start to zoom in on the 1h, or 4h, or 15m timeframe, you’ll spot those trends as well. It’s just a matter of time frame,” he explained.
Chainlink And Arbitrum Entry Zones
Looking at the LINK/USD 1-day chart, van der Poppe remarked, “Arguments can be made that we’re barely at the start of this first upwards wave of the cycle as this rally of Chainlink lasted less than 5 weeks.”
As the crypto analyst shows, Chainlink has already undergone a correction of -21.7%. According to him, there are two points of interest for a possible entry, in the range from .54 to .18 and around .62.
“Another example is Arbitrum, which is currently resting on support and, just like the rest of the markets, is providing a corrective move,” stated van der Poppe. The analyst identifies a “clear range support” at .98 in the 1-day chart of ARB/USD.
In conclusion, Michaël van de Poppe’s analysis presents a compelling case for considering altcoin corrections as potential opportunities for investment. His concluding advice to investors is “Don’t be afraid, if an altcoin drops between 30-50% at this stage of the cycle, time to look for your entries.”
At press time, the total altcoin market cap stood at 9.264 billion, just below the crucial 0.236 Fibonacci retracement level of 9.928 billion. A break above this resistance could be a major bullish signal.
Chinese Economist Urges Government to Reconsider Crypto Ban — Warns of Missed Tech Opportunities
An economics professor and former adviser to the People’s Bank of China has urged the Chinese government to reconsider its ban on cryptocurrencies. He warned that banning crypto activities could result in missed opportunities that are “very valuable” to regulated financial systems.
Chinese Economist Warns of Missed Opportunities Due to Crypto Ban
A former adviser to the Chinese central bank, the People’s Bank of China (PBOC), has called on the Chinese government to reevaluate its cryptocurrency ban, the South China Morning Post reported Monday.
Huang Yiping served as a member of the Monetary Policy Committee at the People’s Bank of China between 2015 and 2018. He is currently a professor of finance and economics at Peking University’s National School of Development.
While acknowledging that a cryptocurrency ban may be practical for China for the time being, the former central bank adviser stressed that the government should consider whether such policies will be sustainable in the long run. He cautioned that a permanent ban on crypto-related products could result in missed opportunities in technologies like blockchain, which are “very valuable” to regulated financial systems.
In September 2021, the Chinese government declared all crypto activities illegal, claiming that crypto disrupted the country’s economic and financial order while providing a breeding ground for criminal activity.
Despite the ongoing crackdown by the Chinese government, a significant number of cryptocurrency investors are still in China. According to blockchain analytics firm Chainalysis, China is among the top 10 countries with the highest crypto adoption. In addition, FTX’s bankruptcy filing in November last year shows that Mainland users accounted for 8% of the collapsed crypto exchange’s customer base; FTX had over 5 million active users before it imploded.
Furthermore, cryptocurrency mining activities have increased in China. According to data from the Cambridge Centre for Alternative Finance (CCAF), traffic from China accounted for approximately 20% of bitcoin’s total hash rate from September 2021 to January 2022. The center explained: “This strongly suggests that significant underground mining activity has formed in the country … As the ban has set in and time has passed, it appears that underground miners have grown more confident and seem content with the protection offered by local proxy services.”
Huang noted that the PBOC is trying to drive the adoption of its central bank digital currency (CBDC). Although the digital yuan or e-CNY is still in its trial phase, the central bank started counting the digital currency as part of its money supply in December last year. However, former PBOC director-general of research Xie Ping recently said usage of China’s CBDC has been “low” and “highly inactive.”
Do you think China will establish a more crypto-friendly crypto framework in the near future? Let us know in the comments section below.
Litecoin Price Could Present Shorting Opportunities At These Levels
The Litecoin price has continued to face rejection after it failed to topple over the price level. In the last 24 hours, it barely registered any price movement. It just depreciated by 0.8%. It was an indication of sideways trading for the altcoin.
The past week for LTC has been choppy owing to constant volatility amongst major market movers. Bitcoin has dropped in price over the last 48 hours, dragging most altcoins down with it. The technical outlook of the Litecoin price showed signs of struggle as the bears were still around.
Demand for LTC slowed down, as did the accumulation. Buyers have continued to sell short as and when LTC lost its local support. From the technical outlook, the Litecoin price may present shorting opportunities for traders at some levels.
For the coin to move on the upside, demand has to return in the market. Bitcoin has to move back above the ,000 price level for most altcoins to gain momentum. The market capitalization of Litecoin declined in the last 24 hours, reflecting bearish pressure in the market at press time.
Litecoin Price Analysis: One-Day Chart
LTC was exchanging hands at at the time of writing. Even though the coin is consolidating at the moment, it can lose its local support. The immediate resistance for the coin stood at , and clearing that level will take the coin to .
On the flip side, the inability to remain over will bring the coin to and then to . When the coin falls to and then to , this would be a shorting opportunity for sellers as the coin will start correcting after that.
The amount of Litecoin traded in the last session was in red, which indicated bearishness and more selling in the market.
Technical Analysis
The buyers were in control of the price of the asset for most of December. With increased market price volatility and Litecoin price consolidation, there was increased liquidation, causing buying strength to decline.
The Relative Strength Index was near the 30-mark, which was a sign of overselling. In accordance with the selling pressure, the Litecoin price was below the 20-Simple Moving Average (SMA) line, and that meant sellers were driving the price momentum in the market.
Sellers continue to have leverage in the market, but an indicator shows that buyers could step in now. The Awesome Oscillator (AO) reads the price trend and reversals within it. AO portrayed green histograms, which were buy signals for the coin.
If buyers act on it, the price of the altcoin can momentarily go up before it descends. The Directional Movement Index indicates the price direction of the asset.
DMI was negative as the -DI line (orange) was above the +DI line (blue). The Average Directional Index (red) was dipping near the 20-mark, meaning that the current price direction lacked strength.
Ethereum Price Offers Trade Opportunities After Recent Bullish Breakout
Ethereum managed to clear the ,230 resistance zone against the US Dollar. ETH tested ,280 and seems to be forming a strong support near ,230.
- Ethereum gained bullish momentum and cleared the ,230 resistance zone.
- The price is now trading above ,230 and the 100 hourly simple moving average.
- There is a short-term bullish trend line forming with support near ,230 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it stays above the ,230 and ,200 support levels.
Ethereum Price Rallies Above Resistance
Ethereum price remained well bid above the ,150 support zone. ETH formed a base and started a fresh increase above the ,200 resistance, similar to bitcoin.
The price cleared the key resistance near the ,230 and ,250 levels. The upward move was such that the price traded as high as ,280. It is now consolidating gains near the ,265 level. Ether price is also trading above ,230 and the 100 hourly simple moving average.
The bulls are currently active above the 23.6% Fib retracement level of the recent increase from the ,150 swing low to ,280 high. There is also a short-term bullish trend line forming with support near ,230 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the ,280 level. The first major resistance is near the ,300 level. The next major resistance is near the ,330 level, above which ether price might start another bullish wave. In the stated case, the price could rise towards the ,380 resistance zone. Any more gains might send the price towards the ,420 resistance zone.
Dips Supported in ETH?
If ethereum fails to climb above the ,280 resistance, it could start a downside correction. An initial support on the downside is near the ,250 level.
The next major support is near the ,230 level and the highlighted trend line. If there is a break below ,230, the price could test the ,200 support, where the bulls could emerge. Any more losses may perhaps start another decline towards the ,150 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – ,230
Major Resistance Level – ,280