Gold bug Peter Schiff has highlighted a problem with owning spot bitcoin exchange-traded funds (ETFs). However, the issue Schiff pinpointed isn’t unique to bitcoin ETFs. This discussion has reignited calls for self-custody among crypto proponents. Peter Schiff’s Warning Prompts Self-Custody Push Gold advocate and economist Peter Schiff has highlighted a problem with owning spot bitcoin […]
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Ex-Ripple Director Heralds ‘Big News’ For XRP, Can Price Respond?
Sean McBride, the former Director of Global Talent Acquisition at Ripple, has hinted at significant upcoming news for Ripple and XRP. McBride’s announcement, made via a post on X (formerly known as Twitter), has sparked a mix of excitement and skepticism among followers and investors alike.
His post stated: “Big news coming from #Ripple and #XRP in the next couple days,” setting the stage for speculation on what the news could entail and its potential impact on XRP’s market performance. However, the reaction to McBride’s announcement has been varied within the XRP community.
Big news coming from #Ripple and #XRP in the next couple days
— Sean McBride (@seanmcbride16) February 6, 2024
Wietse Wind, the founder of XRPL Labs—a company known for developing XRP Ledger-based projects such as XAMAN (formerly XUMM), a digital wallet, and Codius, a smart contract platform—responded with a hint of skepticism, implying concerns about insider trading:
Must be quite the news if it is worth entering insider trading territory.
Another community member, identified as Faisal, expressed a more cynical view, suggesting a pattern of temporary engagement with Ripple’s technology: “Another company using Ripple’s products as a ‘pilot program’ and then never actually using it after?” This sentiment reflects a broader skepticism that has occasionally surrounded Ripple’s partnerships and the actual adoption of its technology.
In response to the negative feedback, McBride’s retort was blunt: “Yeah, all you non Ripple shareholders can STFU because, yes, big news IS coming, already has come, and XRP is going to explode so piss off if you don’t have anything positive to say.” This statement indicates a strong belief in the significance of the upcoming news and its potential to positively impact the XRP price.
XRP Price Shows No Reaction (Yet)
As of press time, the XRP price has not shown any significant reaction to McBride’s announcement. This lack of immediate market movement may suggest that investors are adopting a wait-and-see approach.
In a technical analysis of XRP against the US dollar (1-day chart), the price shows a continuation within a descending channel pattern, indicating a bearish market sentiment. As of press time, the XRP price hovered around the .50 mark.
The chart analysis reveals that the price of XRP is currently struggling below several critical Exponential Moving Averages (EMAs) – the 20-day EMA at .52319, the 50-day EMA at .55345, and the 100-day EMA at .56877. This EMA positioning suggests a strong resistance level for any upward price movement. Furthermore, the 200-day EMA at .56220, although below the 100-day EMA, still acts as a potential resistance zone.
Volume indicators show a relatively stable volume with a slight increase in selling pressure, as denoted by the red volume bars. The Relative Strength Index (RSI) is at 36.08, which is close to the oversold territory, but not yet indicative of a strong reversal signal.
Notably, the price is trading near the 0.786 Fibonacci retracement level at .49894, a critical support level in the short term. This Fibonacci retracement is drawn from the major swing high at .74902 to the swing low at .43085. The price has already breached the 0.5 (.58993) and 0.618 (.55239) Fibonacci levels, which were previously acting as support levels, and is now testing the 0.786 level for potential support.
The descending channel pattern is defined by two parallel lines, with the price making lower highs and lower lows, which is typically seen as a bearish signal. For traders looking for a bullish reversal, a break above the upper boundary of the channel and the nearest EMA would be essential. Conversely, a drop below the 0.786 Fibonacci level could see the price test the .43085 level, which is the recent swing low.
Bank of England, HM Treasury Respond to Digital Pound Consultation Amid Strong Public Interest
Amidst public interest, the Bank of England and HM Treasury have addressed key concerns regarding the digital pound, reassuring the public of stringent legislative measures for privacy and control, alongside the maintenance of traditional cash.
HM Treasury and Bank of England Respond to Public’s Digital Currency Concerns, No Final Decision yet on Digital Pound
The Bank of England and HM Treasury have unveiled their response to the public consultation on the potential introduction of a digital pound, following engagement from the public and industry experts. Over 50,000 responses were received, indicating the public’s interest in the future of digital currency in the United Kingdom.
Key concerns raised by the respondents centered around privacy and control of funds, along with the continued availability of traditional cash. The authorities have assured that robust legislative measures will be implemented to safeguard user privacy and control before the roll-out of any digital pound. This includes primary legislation to ensure that neither the Bank of England nor the government will have access to users’ personal data.
The digital pound is envisaged as a supplement to existing forms of money, not a replacement. Economic Secretary to the Treasury, Bim Afolami said, “We will always ensure people’s privacy is paramount in any design, and any rollout would be alongside, not instead of, traditional cash.“
Sarah Breeden, Deputy Governor for Financial Stability, underscored the importance of trust in all forms of money and pointed out that, “[i]t is essential that we build that trust and have the support of the public and businesses who would be using it if introduced.”
No final decision has been made to pursue the digital pound, also known as a central bank digital currency (CBDC). The ongoing work involves exploring the feasibility and potential design choices of a digital pound in the UK economy. This phase will focus on how the digital currency can provide greater choice, convenience, and innovation for everyday payments.
The digital pound aims to coexist with cash in a digital era, offering an alternative for everyday transactions. It would be issued by the Bank of England and designed to be convenient, widely available, and easily exchangeable with other forms of money. The proposed digital currency would be accessible through digital wallets and intended primarily for transactions rather than savings, without paying interest. Initial restrictions on how much an individual or business could hold are also part of the plan.
Before the launch of a digital pound, detailed legislative processes and further public consultations are planned. The proposed design of the digital pound has been generally well-received, but concerns about access to cash and control over personal data led to the commitment to introduce primary legislation for user protection. The future legislation will also prevent the government from programming the digital pound.
The Bank of England currently proposes a holding limit of 10,000-20,000 British pounds, though this may be subject to future reviews. The digital pound is expected to be accessible in several countries, barring those under sanctions. Experiments and further public consultations are planned to test the digital pound in real-world scenarios.
Would you be open to using the digital pound if it were available? Share your thoughts and opinions about this subject in the comments section below.
Is A Bitcoin Spot ETF Approval A Sell The News Event? Experts Respond
All attention of crypto investors has turned toward January 10 when the first Spot Bitcoin ETF is expected to be approved. As usual, the excitement triggered by this has seen prices recover across the space, with no doubt about the bull sentiment leading up to the event. However, arguments have arisen about whether this bullish sentiment would continue if a Spot ETF is eventually approved or if it will end up being a “sell the news” event.
What Is A Sell The News Event?
The phrase “sell the news” is popular in investing circles and is usually associated with a major event that ends up moving prices. BlackRock and 12 other asset managers filing for Spot Bitcoin ETFs with the US Securities and Exchange Commission (SEC) is an example of such a major event.
When the event is positive, it has a good impact on assets in the industry, and in the case of crypto, the prices of Bitcoin and other cryptocurrencies begin to rise. This is usually from the anticipation surrounding the event and investors taking up positions in order not to miss a major move. Mostly, this is because investors expect that the main event, such as the approval of a Spot Bitcoin ETF, would trigger further price increases.
However, this is not always the case for the market. There have been instances where the main event actually sees prices fall across the board. Such a case is referred to as a “sell the news” event as prices are expected to decline as the euphoria reaches its climax.
The potential approval of a Spot Bitcoin ETF has been argued to be a ‘sell the news’ event by many in the space, given that prices have already gone up so much. However, not everyone believes this is the case as crypto experts begin to chime in.
Spot Bitcoin ETF Not A Sell The News Event
One of the first crypto experts to share their thoughts around this is Andrew Kang. Kang took to X (formerly Twitter) to explain that the Bitcoin price is actually still mispriced even after rising more than 100% in one year to cross ,000.
Kang explains that a Spot Bitcoin ETF approval would see all of these asset managers trying to grab between and billion in fees. They will also be pushing for marketing which Kang believes every dollar spent on marketing in 2024 becomes even more important in 2025.
“When you think about the size of the opportunity, it shouldn’t surprise us to see marketing/ad spend on the scale of 2021 bull madness,” Kang said. “When you consider the importance of timing for issuers, maybe we even take it a level further. It’s going to be a bonanza.”
Also responding to and buttressing Kang’s point is @ChainLinkGod who gave their own insight into how bullish an approval is. They explain that all of the asset managers who have filed for Spot ETFs are inherently long on Bitcoin.
“Yes, they don’t technically have any directional exposure, but all else equal, a 10x in the price of bitcoin is a 10x in yearly management fees,” ChainLinkGod explains. They further add that each applicant will be looking to become the dominant player as this means they will be able to harvest billions of dollars in fees passively for years.
“All of which involves massive ad spend, shilling $BTC at every public appearance, and advising all their clientele *this year* to get exposure to $BTC via their ETF,” they explain. Given this, a potential approval is more bullish than bearish for Bitcoin as the players struggle for dominance.
XRP Performance Woes: How Might Its Price Respond To Current Market Realities?
XRP experienced a surge after Ripple Labs’ recent legal win against the US Securities and Exchange Commission, marking a partial victory. Nonetheless, the pace of this upswing has moderated in recent weeks, encountering notable resistance and initiating a downward trajectory.
With the latest data from CoinGecko, the XRP value registers at .658512. This shows a 1.1% contraction over the preceding 24 hours and a notable seven-day decline of 7.4%.
During the height of its price surge after Ripple Labs’ legal breakthrough, its coin encountered a rejection near the .95 threshold. This particular zone mirrors the level it reached back in March 2022 during its bearish decline.
This prompts the question of whether XRP is retracing its steps into a former range or if this constitutes a mere temporary retreat within an ongoing upward trend.
XRP Dampening Sentiment
Further impacting the prevailing sentiment around XRP, US District Judge Jed Rakoff has invalidated the approach taken in last month’s ruling concerning the SEC’s lawsuit against Ripple Labs.
According to an XRP price analysis, the cryptocurrency has reached its zenith and is now poised to revisit its previous resistance level. Nonetheless, several crucial factors necessitate consideration beforehand.
XRP is currently trading at the upper threshold of the expansive Bollinger Bands. While this signifies the potential for a retracement, it also signifies amplified volatility, indicating that any forthcoming pullback might manifest as notably severe.
Furthermore, the Stochastic RSI illustrates that XRP has surged to the overbought threshold at 80. This suggests a corrective pullback is probable, given that the market’s buying strength is waning.
Traders Turn To New Coin As Alternative
Amid the recent challenges faced by XRP, numerous traders have shifted their focus toward an emerging alternative – XRP20. This new option has garnered attention due to its modest market capitalization and unique advantages that set it apart from the original XRP coin.
According to insights shared by analyst Jacob Bury, XRP20 holds significant potential for a price surge, leveraging the ongoing situation with XRP. The conventional XRP project has faced criticism for its centralized nature and the over-the-counter sales of XRP conducted by its founders.
In contrast, XRP20 stands out as a fully community-owned venture. It has allotted 40% of its tokens for presale, another 40% for staking rewards, earmarked 10% for DEX liquidity and plans to burn the remaining 10%. The coin is not affiliated with Ripple, XRP or their ecosystem, its website says.
One of the distinctive features of XRP20 lies in its extensive marketing achievements. The project has gained notable coverage from various prominent media outlets, contributing to a successful presale round that raised a substantial 0K in two days. This rapid fundraising underscores the growing interest and enthusiasm surrounding the coin within the trading community.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from iStock
Bitcoin And Crypto Respond Bullish To February’s CPI At 6.0%
After the Bitcoin made a massive rally of over 20% in the wake of the banking crisis in the United States, all eyes were on the new inflation data in the US today. The release of the Consumer Price Index (CPI) for February came from the US Bureau of Labor Statistics (BLS) at 8:30 EST. And these are the numbers:
The annual inflation rate was 6.4% in January and was estimated at 6.0% for February. The February Consumer Price Index released today showed inflation at 6.0%, in line with expectations. Annual core inflation was forecasted at 5.5%, down from 5.6% in January. Today’s release was 5.5%.
On a monthly basis, the U.S. consumer price index was 0.4% in February. The forecast was for 0.4%, down from 0.5% last time. Core inflation on a monthly basis shows a similar picture. It was reported today at 0.5% for February, with both the forecast for February and actual for January standing at 0.4%.
Thus, the inflation data comes out almost exactly as expected, only the core inflation MoM is slightly higher than expected.
CPI: 6.0% – Forecast 6.0%
Core CPI: 5.5% – Forecast 5.5%
Which means, entirely as expected.
— Michaël van de Poppe (@CryptoMichNL) March 14, 2023
What Does This Mean For Bitcoin And Crypto?
The latest inflation data from the US is bullish, as it could give the Fed room to pause rates or even cut them. And the Bitcoin price immediately reacted accordingly. At press time, BTC broke through the extremely important resistance at ,200 and hit ,278 on Binance at one point.
One thing to keep in mind is that the Dollar Index (DXY) went into a downward spiral after the recent mixed US jobs report and the biggest banking crisis since the great financial crisis in 2008. Due to the banking system’s intrinsic problem with the U.S. government bonds and the new “Bank Term Funding Program” of the U.S. Federal Reserve (Fed), the dovish expectations have risen massively.
By means of the new program, the Fed is rescuing all banks. They can pledge their currently loss-making bonds (but also MBS) to the Fed at the purchase price at the time instead of the current market value and receive cash in return. For many market participants, this means that the Fed has once again turned on the money printer while the DXY is poised for further downside.
Ultimately, the Fed may has no other choice than back-paddling on their interest rate hikes to avoid eroding confidence in the US banking system. The new inflation figures should give the Fed more leeway to point to a deflationary environment and lower the rate hike pace or even pause in the midst of the banking crisis without losing its credibility.
For Bitcoin and crypto, the CPI print couldn’t have been much better. There is only one downside, which the market seems to be ignoring at the moment. Liz Young, head of investment strategy at SoFi writes:
Feb headline CPI in-line at 0.4% (m/m) & 6.0% (y/y), core a bit higher at 0.5% m/m vs 0.4% est. Somewhat worrying trend is that core services ex-housing (aka “supercore”) continued to move up m/m. That’s what the Fed is watching, futures say a 25bp hike has a 76% chance.
At press time, the Bitcoin price smashed through the key resistance at ,200 and stood at ,219.
3AC Co-Founder Kyle Davies Fails to Respond to Liquidators’ Subpoena Despite Twitter Delivery
According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly failed to respond to a subpoena from the firm’s current liquidators, despite it being sent via Twitter. Representatives from advisory company Teneo state that Davies continues to ignore his obligations to Three Arrows.
3AC Liquidators Frustrated With Lack of Response From Co-Founders
A recent filing submitted to the New York bankruptcy court states that Kyle Davies, co-founder of 3AC, is obstructing or disregarding requests from the 3AC Liquidation team. Additionally, according to representatives from advisory firm Teneo, Davies is accused of soliciting investors “shamelessly” for a new cryptocurrency project. On Jan. 5, 2023, the “3acliquidation” Twitter account served subpoenas to the 3AC founders via Twitter.
Lawyers and two representatives from Teneo explained in a court filing released Tuesday night that the liquidators have yet to receive a response from Davies. While the lawyers note that the 3AC founders are looking to start a new crypto project, the liquidators also mention that Davies has been active on social media. “He has not even attempted to reach out to undersigned counsel to voice an objection or concern with the topics of the subpoena. This is not a question of partial compliance, but of no compliance whatsoever,” the filing details.
The liquidators add:
He is, without question, aware of the Subpoena … having been tagged in 41 replies and 64 retweets … and has, once again, chosen to ignore his duties to Three Arrows. All the while, Mr. Davies has continued to post on his Twitter account, openly ignoring the Court’s directives and enjoying media attention while he continues to thwart efforts by the Foreign Representatives to gain access to documents and information.
Liquidators have expressed frustration about their attempts to reach 3AC co-founders Su Zhu and Davies since the bankruptcy proceedings began. At the time, Zhu maintained that the pair has been communicating with all relevant authorities “from day one.” However, complaints from 3AC liquidators emerged shortly after the defunct cryptocurrency hedge fund filed for bankruptcy protection, using the Chapter 15 process to safeguard the company’s assets in the United States.
According to reports and an interview with Davies in November 2022, Davies is believed to be in Bali. During the interview, CNBC’s Becky Quick asked Davies if he was “in Bali because Indonesia is one of the seven countries that won’t extradite you to the United States.” Zhu’s location is thought to be either Singapore or the United Arab Emirates (UAE), but the exact location of either 3AC co-founder is uncertain as of writing.
What do you think of the allegations against Kyle Davies and the ongoing legal battle for Three Arrows Capital? Share your thoughts in the comments below.
Cardano Releases New Update On Testnet, How Will The Price Respond?
Cardano is gradually pushing through most of its network’s building phases. The Basho phase, the fourth of the five stages of Cardano’s developing plans, is progressing.
The first three phases were Goguen, Byron, and Shelley, which provide smart contracts, the foundation, and decentralization, respectively. Finally, Vasil, the primary feature of Basho, is launched on Cardano’s testnet with a focus on scalability.
In recent news, the Cardano network has completed the hard fork of Vasil on its testnet. This latest successful move prepares the network for the upcoming upgrade on the mainnet. The tech firm Input-Output Global (IOG), handling the project, announced on July 3.
With the progressive movement, the network is expected to experience more scalability and excellent performance for all transactions. Also, the tech company is inviting project developers, stake pool operators, and exchanges to test run on the testnet.
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They could roll out their projects to test the features of the Vasil. This would enable the team to timely maintain all necessary assessments and adjustment the final upgrade on the mainnet.
The IOG team had planned for the Vasil upgrade on the Cardano mainnet to be on June 29. But it later postponed the date of the event. The team explained that fixing all the prevailing unharmful bugs needed more time.
According to the statement from IOG, the network’s community is carried along in the project through its proposal. However, it would take the confirmed readiness of the community for the final launch of the upgrade on the Cardano mainnet. The tech firm estimated one month for the launch to take place.
Cardano Price Reacts Despite Vasil Upgrade
Launching Vasil on the mainnet is expected to introduce several scalability features on the network. These include enhanced transaction efficiency and performance and increased block creation speed or throughput. In addition, the upgrade would enable the interoperability of the network with several blockchains and networks. Also, there would be a reduction in the overall network cost for all users.
Cardano has passed through a series of developmental stages. Smart contract integration stands as its last principal development stage. This was closely followed by decentralized applications as well as DeFi protocols.
Cardano has been advancing gradually with lots of activities from developing irrespective of the numerous projects within the ecosystem.
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Vasil upgrade is a great developmental project on the Cardano network. However, its news of launch hasn’t made a significant impact on the native token ADA. The price of the coin is around .44 at the press time. This shows about a 0.4% drop within the last 24 hours.
Cardano price reacted positively before taking a downturn Source: ADAUSDT Tradingview
Data from DeFi Llama revealed that the total locked value (TVL) for Cardano is 5.85 million. The most significant contributor is WingRiders, a DeFi exchange that holds up to .7 million.
Featured Image From Pexels, and chart from Pixabay
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How Will Bitcoin Respond To Its Biggest Listing Yet? The United States
Bitcoin price is at a pivotal moment, potentially ready for a breakout into a new bull trend. The crypto market has just been watching and waiting for the right spark.
Crypto assets typically pump when they’re listed on a new exchange or platform. The spark the crypto world may have been waiting for could be here with the figurative listing of Bitcoin on every United States bank in the world.
United States Banks Can Now Custody Crypto, OCC Clarifies
Yesterday, the crypto community erupted with applause over a clarification from The Office of the Comptroller of the Currency (OCC) that banks across the US could custody cryptocurrencies for their customers.
Institutions ranging from national banks have long stored cash, gold, and other personal items of value or importance for their customers. The OCC says it recognizes the “importance of digital assets,” and therefore wanted to make the clarification for banks to provide such services.
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Services will include “holding unique cryptographic keys associated with cryptocurrency,” and “activities related to custody services.”
“Crypto custody services may extend beyond passively holding ‘keys,’” a declaration from the OCC reads.
“From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today,” explained Acting Comptroller of the Currency Brian P. Brooks.
The OCC also sees the need for banks to build infrastructure ready for the regular custody of digital assets, likely due to the United States eventually coming to terms with a digital dollar.
Bitcoin BTCUSD Weekly Long-Term Uptrend | Source: TradingView
Will Bitcoin Pump On The Equivalent Of A US-Wide Bank Listing?
Bitcoin price is trading sideways after several months. The asset’s halving is now in the past, and the asset’s physical counterpart, gold, has been soaring for the same reasons BTC is supposed to.
Yet the cryptocurrency isn’t moving until someone strikes a match and lights the fuse. An explosive move is expected, and it may finally be here following this groundbreaking news.
Related Reading | Here’s Why a Fund Manager Thinks Bitcoin Will “Punch” Past ,500
When cryptocurrencies are listed on Coinbase or Binance, they often pump sky high due to the nod of support and sudden interest from new customers. Could the same thing happen now to Bitcoin and crypto now that every bank in the US has the green light to provide crypto custody?
The barrier to crypto adoption has long been the bewildering Bitcoin and blockchain interface. Front-end and second-layer technologies are needed for the mainstream to take notice. Proper and familiar faces to store crypto with is another important factor.
All of this is now coming together, just as Bitcoin looks to be breaking out of its long-term price pattern, and continue its long-term uptrend.
Major Economic Data Releases Tomorrow — How Would Bitcoin Respond?
- Bitcoin has started the third quarter mutely as its price fluctuates in a small -range.
- The cautious sideways movement surfaces ahead of the U.S. Non-Farm Payrolls (NFP) report releasing on Thursday.
- Observers expect a recovery of at least 3 million jobs in June, a piece of news that may help the S&P 500 and Bitcoin continue its rally into the new week.
The price of Bitcoin on Wednesday rose modestly, signaling that the cryptocurrency will start the third quarter on a cautious note after closing the previous one more than 40 percent higher.
The BTC/USD exchange rate surged 0.16 percent to circa ,151 on hopes that Federal Reserve would continue its stimulus program beyond the July expiry. The climb, nevertheless, failed to turn into an extended upside move as traders also assessed the rising number of COVID cases and its impact on the U.S. economy.
Bitcoin maintaining support above ,100. Source: TradingView.com
Bitcoin has so far reacted optimistically to the Fed’s decision to inject trillion via the purchase of Treasury bonds and mortgage-backed securities. The cryptocurrency surged by more than 150 percent from its mid-March low after the central bank’s intervention.
The bullish behavior now looks poised to persist in July as the Department of Labor releases its Non-Farm Payroll report on Thursday.
Recovery in Jobs
Bitcoin, as well the U.S. stock market, is focusing on the Automatic Data Processing employment change in June.
Observers noted that the largest U.S. payroll company expects to have employed 3 million Americans in June after sacking 2.76 million in May and 19.557 million in April. The recovery in employment data may prompt the Fed to pursue a wait-and-watch approach at least until the end of July.
It is also because of the outcome of a Summary of Economic Projections (SEP) that shows “a general expectation of an economic recovery beginning in the second half of this year.”
Nonfarm Payroll Precast: We expect private nonfarm payrolls to surprise on the upside as more businesses reopen across the US.https://t.co/PHMBcC6pjH pic.twitter.com/dQkyPElBTl
— DeepMacro (@DeepMacro) June 30, 2020
Futures tied to the S&P 500 reacted as cautiously as Bitcoin to the U.S. NFP release, plunging by 0.42 percent ahead of the New York opening bell Wednesday. FXStreet analyst Joseph Trevisani noted that the benchmark index would benefit from a positive employment report, nevertheless.
That leaves Bitcoin with a short-term bullish bias. The cryptocurrency’s downside corrective has lately slowed down near the ,000-9,100 range.
Meanwhile, a rise in the S&P 500, a market that has formed a positive correlation with Bitcoin, may prompt traders to push the crypto’s price into a new range to the upside.
Risks
The Fed chairman Jerome Powell on Tuesday cautioned the economy against expecting a full-fledged recovery. He cited the resurgence in COVID cases in California and Florida that sent the states into a fresh lockdown phase.
Mr. Powell, however, confirmed that his office expects to introduce additional relief packages for “certain industries” should the situation require.