The Bank of Russia has announced that it will support accelerating the adoption of cryptocurrency payments for international settlements. According to Elvira Nabiullina, governor of the Bank of Russia, these crypto-based payments must be launched in a sandbox-style experimental regime. In contrast, payments with national digital assets will be launched without similar precautions. Bank of […]
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
Paraguayan Senate Supports Selling Power to Crypto Mining Companies, Criticizes Subpar Energy Agreements With Brazil
The Paraguayan Senate has approved a resolution supporting selling the country’s energy surplus to crypto mining companies, given the price and guarantees that these institutions offer. The declaration criticizes the subpar agreements that sell energy to Brazil for 25% of the fees collected for mining activities, calling to direct this energy to 20 new contracts […]
Bitcoin News
Bitcoin to $240K, Monero Plummets, El Salvador Supports Bitcoin, and More — Week in Review
The “Wolf Of All Streets,” predicts that the upcoming Bitcoin halving could escalate its price. Monero faced a 32% market decline after Binance announced its delisting due to non-compliance issues. El Salvador reaffirmed its dedication to bitcoin amidst the International Monetary Fund’s calls to revoke the cryptocurrency as legal tender. In Brazil, the tax authority […]
Bitcoin News
SOL Price (Solana) Signals Short-Term Top, Here Are Key Supports To Watch
Solana surged toward before the bears appeared. SOL price is now correcting gains but the bulls might remain active near the support.
- SOL price started a major rally above the resistance before the bears appeared against the US Dollar.
- The price is now trading above and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near .00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could accelerate lower if there is a clear move below the .00 support.
Solana Price Starts Downside Correction
In the past few days, Solana saw a major rally above the level. SOL gained bullish momentum after it settled above , like Bitcoin and Ethereum.
The bulls even pumped the price above the level. A high was formed near .72 and the price recently saw a downside correction. It traded below and tested . The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the .50 swing low to the .72 high.
SOL is still trading above and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near .00 on the 4-hour chart of the SOL/USD pair.
The trend line is near the 50% Fib retracement level of the upward move from the .50 swing low to the .72 high. On the upside, immediate resistance is near the .00 level. The first major resistance is near the .00 level.
Source: SOLUSD on TradingView.com
The main resistance is now near . A successful close above the resistance could set the pace for a larger increase. The next key resistance is near .50. Any more gains might send the price toward the .52 level.
More Losses in SOL?
If SOL fails to recover above the .00 resistance, it could continue to move down. Initial support on the downside is near the .00 level.
The first major support is near the .00 level or the trend line, below which the price could test . If there is a close below the support, the price could decline toward the support in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – .00, and .00.
Major Resistance Levels – .00, .00, and .00.
Ethereum Price Rally In Jeopardy? Key Supports To Watch Out In Short-Term
Ethereum price corrected lower below ,050. ETH is now consolidating above the ,020 support and might start a fresh increase in the near term.
- Ethereum is still struggling to climb above the ,075 and ,080 resistance levels.
- The price is trading below ,050 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at ,040 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the 100-hourly Simple Moving Average and then ,075.
Ethereum Price Trims Gains
Ethereum price struggled to clear the ,075 resistance zone. The bears took control and pushed ETH below the ,050 level. However, Bitcoin managed to stay above the ,550 support zone.
ETH traded below the 50% Fib retracement level of the upward move from the ,986 swing low to the ,076 high. Besides, there was a break below a key bullish trend line with support at ,040 on the hourly chart of ETH/USD.
Ethereum is now trading below ,050 and the 100-hourly Simple Moving Average. It is now consolidating above the ,020 support zone. On the upside, the price is facing resistance near the ,00 zone and the 100-hourly Simple Moving Average.
The first key resistance is near the ,075 level. The next resistance sits at ,090. A clear move above the ,090 level could send the price toward the ,130 resistance zone.
Source: ETHUSD on TradingView.com
The next resistance is near ,200, above which the price could aim for a move toward the ,250 level. Any more gains could start a wave toward the ,320 level.
More Losses in ETH?
If Ethereum fails to clear the ,050 resistance, it could continue to move down. Initial support on the downside is near the ,020 level. The next key support is ,000.
A downside break below ,000 might start a steady decline. The key support is now at ,930, below which there is a risk of a move toward the ,880 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,020
Major Resistance Level – ,075
How Hamas Lost its Crypto In An Israeli Operation, Binance Supports Security Forces
Israeli law enforcement launched an operation targeting crypto addresses associated with the terrorist group Hamas. The country suffered an attack this past Sunday, leading to deaths and many civilians disappearing.
Binance And Israel Work Together To Freeze Crypto
A local news media Calculist report confirmed an operation led by the Israeli Police Department and the National Counterterrorism Headquarters, part of the Ministry of Defense. The operation was supported by the world’s largest crypto exchange, Binance.
During the operation, the law enforcement agencies discovered funds raised by the terrorist group via crypto donations. The investigation led the cyber unit from the Israeli Police to the crypto trading venue.
The terrorist group launched the campaign in the past few days. The law enforcement agencies claimed that Hamas used the attention from Sunday’s attack to raise money from radicals and supporters worldwide.
The terrorist group, the report claims, turned to social media platforms to launch the campaign. A spokesperson for the law enforcement agencies told Calculist the following regarding the events:
As the war broke out, Hamas launched a fundraising campaign on social networks, asking the public to deposit crypto into its account. The cyber unit and the NSC have been working immediately to locate and freeze the accounts, assisted by the Crypto Exchange (Binance), to freeze the funds (…).
The report claims that Binance has been aware of Hamas’s operation on its platform. In a separate report from CoinDesk, some data suggests previous cooperation between Binance and Israeli law enforcement.
The company helped Israel to freeze almost 200 accounts connected to Hamas and other terrorist groups. A spokesperson for the crypto exchange told CoinDesk:
Over the past few days, our team has been working in real-time, around the clock to support ongoing efforts to combat terror financing. We are committed to ensuring the safety and security not just of the blockchain ecosystem, but also the global community, through our proactive work.
Following the events of the past Sunday, the conflict between Israel and Hamas escalated. The nation-state declared war on the terrorist organization and appeared to be preparing to increase its offensive on the Gaza Strip in response to the terrorist group.
In this context, the cooperation between Binance and local enforcement seems likely to increase. Israel will fight Hamas across all sectors, including the nascent industry and its related companies and tools.
Cover image from Unsplash, chart from Tradingview
US Presidential Candidate Ron DeSantis Supports Plan to Eliminate IRS and ‘Break the Swamp’
In an interview this week, Ron DeSantis, the Republican governor of Florida and a presidential candidate, revealed his support to eliminate several federal agencies should he win the general election. Among the entities he mentioned were the U.S. departments of Education, Commerce and Energy, and the Internal Revenue Service (IRS).
If Elected, DeSantis Administration Would Abolish the Departments of Commerce and Energy, Education, and the IRS
During an interview with Fox News television host Martha MacCallum on Wednesday, Ron DeSantis, the Republican governor of Florida and a candidate in the 2024 U.S. presidential race, shared his idea to streamline the federal government by eliminating certain agencies. DeSantis expressed his firm support for reducing the overall size of government and expressed his intention to dismantle a select few departments if elected president.
“We would do Education, we would do Commerce, we’d do Energy, and we would do IRS,” DeSantis told MacCallum. “If Congress will work with me on doing that, we’ll be able to reduce the size and scope of government.” The Republican presidential candidate added:
If Congress won’t go that far, I’m going to use those agencies to push back against woke ideology and against the leftism that we see creeping into all institutions of American life.
DeSantis is not alone in his pledge to dismantle specific federal departments as a presidential candidate. A similar stance was taken by former Republican presidential contender Ron Paul during his 2012 campaign. Paul made a bold promise to abolish five cabinet-level agencies should he win the election. The agencies he specifically targeted were Education, Interior, Commerce, Energy, and Housing and Urban Development.
“In order to get back to growth again you have to get rid of all the mistakes, all of the malinvestments, all of the debt,” Paul said at the time. “You can’t keep dumping the debt onto people.”
This also isn’t the first instance where DeSantis has expressed his views on revamping or dismantling the IRS. In a conversation with Dana Loesch in late May, he voiced his support for a single-rate tax proposal or a flat tax system. “I’ve endorsed all of the single-rate proposals,” DeSantis emphasized during his discussion with Loesch. “I truly believe they would bring significant improvements compared to the existing system.”
Building on his stance, DeSantis didn’t mince words when he asserted that he perceives the IRS as a “corrupt” entity, highlighting that this cabinet-level agency is far from being an ally to the ordinary citizen or taxpayer. During his conversation with MacCallum on Wednesday, he voiced his belief in the necessity of a profound reconstitution of the government. Reflecting on the unfulfilled promise of draining the swamp back in 2016, DeSantis offered a more potent metaphor, suggesting the urgent need to shatter the very foundations of the swamp itself.
He emphasized, “We need to fundamentally re-constitutionalize the government. We talked about draining the swamp in 2016; that didn’t happen. I think the better analogy is breaking the swamp.”
What do you think about DeSantis saying he would support eliminating the IRS? Share your thoughts and opinions about this subject in the comments section below.
Jack Dorsey-Backed Bitcoin Legal Defense Fund Supports Open Source Developers in Lawsuit With Craig Wright
Bitcoin Legal Defense Fund (BLDF) recently delivered on its promise to fund the legal costs of 11 Bitcoin developers that are the target of the self-proclaimed Bitcoin inventor Craig Wright’s lawsuit. According to Alex Morcos, the “mission [of BLDF] is to safeguard innovation by shielding developers from legal intimidation.”
The Future of Open-Source Software Development
Bitcoin Legal Defense Fund (BLDF), a Jack Dorsey-backed fund, has said it will make its services available to 11 Bitcoin developers named in a lawsuit filed by the self-proclaimed Bitcoin creator Craig Wright. According to the trio behind the fund, defending Bitcoin developers not only eases the pressure on them but ensures the legal system will not interfere with open-source software development.
In a statement, Dorsey, who founded BLDF along with Alex Morcos and Martin White, argued the case for defending the eleven individuals. He said:
The outcomes of these cases are important for everyone, even those who may not be interested in Bitcoin, because these lawsuits could have serious detrimental effects on open-source development writ large, which will negatively impact our lives in ways we may not even realize until it’s too late.
In their defense filed with a High Court in the United Kingdom on April 26, the developers characterized Wright’s allegations as “a fraudulent claim” and insisted his firm, Tulip Trading Limited (TTL) had deliberately commenced legal proceedings knowing full well it has no claim over the missing 111,000 bitcoins.
Litigation Against Developers Having the ‘Intended Effect’
Before jumping to the defense of the 11 developers, the BLDF founding trio penned a letter that explained their reasons for launching the fund. According to the letter, the weight of continued litigation and the threats of more are “having their intended effect” as has been demonstrated by defendants that have capitulated. Therefore, the objective of BLDF “is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem,” the trio said.
Meanwhile, in a separate statement, Alex Morcos said the fund not only seeks to defend the “right of open-source developers to create and freely share their code with the world for the greater good.” Morcos added that the “mission [of BLDF] is to safeguard innovation by shielding developers from legal intimidation.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Ethereum Price Won’t Go Down Quietly: Key Supports To Watch
Ethereum price declined sharply below ,600 against the US Dollar. ETH revisited the ,535 support and the price might start an upside correction.
- Ethereum started a major decline from the ,665 resistance zone.
- The price is trading below ,600 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near ,625 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher, but the bears might be active near the ,600 zone.
Ethereum Price Drops Over 5%
Ethereum price started a major decline from the ,665 resistance zone. ETH declined heavily below the ,620 and ,600 support levels, similar to bitcoin.
The price is down over 5% and there was a spike below ,550. There was also a break below a major bullish trend line with support near ,625 on the hourly chart of ETH/USD. A low is formed near ,542 and the price is now consolidating losses.
The price is now trading near the 23.6% Fib retracement level of the downward move from the ,677 swing high to ,542 low.
Ether price is now trading below ,600 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the ,590 zone. The first major resistance is near the ,600 zone. It is near the 50% Fib retracement level of the downward move from the ,677 swing high to ,542 low, above which the price might rise steadily. The next major resistance is near the ,625 zone.
Source: ETHUSD on TradingView.com
A close above the ,625 resistance zone might start a fresh rally. In this case, the price may perhaps rise towards the ,665 level.
Fresh Decline in ETH?
If ethereum fails to clear the ,600 resistance, it could continue to move down. An initial support on the downside is near the ,550 level.
The next major support is near the ,535 zone. If there is a break below ,535, the price might retest ,500. Any more losses might call for a test of the ,420 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 30 level.
Major Support Level – ,535
Major Resistance Level – ,600