Crypto Portal

2023-07-27 17:00:32 Will Ripple’s expansion be thwarted by macro-economic factors?

Winners and losers
Congressman Lynch recently claimed that the SEC “half-won” the lawsuit against Ripple while retaliating against the claim that the SEC has been exercising regulation by enforcement. He later stated that due to guidelines imposed upon crypto firms, the SEC has been in the clear in its recent legal proceedings.

The situation so far
For the uninitiated, Judge Analisa Torres issued a ruling on 13 July, stating that XRP was not considered a security during its public sale on cryptocurrency exchanges. However, the judge also determined that XRP could be regarded as a security when sold to institutional investors.

Ripple remains confident
Ripple’s chief legal officer, Stuart Alderoty, dismissed concerns about a possible appeal by the SEC regarding the significant Ripple ruling from earlier this month. Alderoty was of the opinion that if the SEC does decide to appeal, the court may go on to strengthen Ripple Labs’ partial triumph even more. This indicated Alderoty’s confidence in the potential for further favorable outcomes in the ongoing legal proceedings.

On the regulation front
However, the minutia of the SEC’s appeal won’t be the only factor that would be impacting Ripple’s future. On a macro level, the larger regulatory framework created by the U.S. government will also play an important role.

Ripple continues to make progress
Despite the regulatory uncertainty in the U.S., Ripple continued its efforts to expand in various regions. Recently, Ripple announced that its stablecoin project with the Republic of Palau has entered a Phase One pilot. Open / Comment

2023-07-24 21:00:20 U.S. FSC to discuss regulatory clarity for crypto assets

Patrick McHenry (Rep.), the chairman of the House Financial Services Committee (FSC), announced the markup of legislation aimed at providing regulatory clarity around crypto assets on 22 July.

McHenry is a Congress Representative from North Carolina.
The Committee will hold a meeting on 26 July to mark up three legislations about regulatory clarity. They would cover cryptocurrency, stablecoins, and blockchain networks.

The crypto industry wants clarity and our collaborative bill gives both the CFTC and SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate.

SEC’s legal setback spurs a Republican flurry of crypto legislations
The recent enforcement actions of the U.S. Securities and Exchange Commission (SEC) against crypto platforms have polarized the political climate of the U.S. Republican members of the Congress have brought forward a number of legislations around crypto regulations recently. Open / Comment

2023-07-21 19:01:38 SOL outclasses ADA, ETH, but here’s why a breakout remains elusive

Set to break higher
However, Bloomberg Intelligence’s market analyst, James Coutts, noted that there has been a change in SOL’s technical structure. According to Coutts, the previous $26.31 support level has turned into resistance.

The SEC-induced selloff was not enough for the asset to trade below the 2022 low. Price is now consolidating vs ETH but the setup for break higher is there.

SOL tops ADA
But the analyst was quick to mention that Ethereum had more solid fundamentals than Solana despite the latter’s faster speed and lower transaction costs. Hence, he deemed it fit to compare Solana with another Proof-of-Stake (PoS) blockchain— ADA.

While Cardano’s market cap is slightly higher than Solana’s, the same cannot be said for its Total Value Locked (TVL). The TVL measures the rate of unique smart contract deposits into protocols under an existing chain. Open / Comment

2023-07-18 18:30:38 Binance: Lawsuit, layoffs, and price corrections galore – will BNB recover?

The domino effect of the lawsuit
When the news of the SEC going after Binance first hit the market, BNB faced a major price correction. However, that was only the first of many troubles that Binance would have to face.

The Binance lawsuit saga continues
According to recent data, a Nevada-based legal entity named Eeon filed a motion to intervene on behalf of customers, as detailed in a filing with the District Court for the District of Columbia. The petitioner argued that both the SEC and Binance attorneys had represented their own interests and had not made any efforts to advocate on behalf of the customers.

The show must go on
Despite all the ongoing troubles being faced by Binance, the protocol has managed to make progress on various fronts. In an attempt to attract more users, Binance launched a new feature enabling users to obtain multiple deposit addresses for a single network.

How is BNB doing?
At press time, Binance’s token, BNB, had recovered from the price correction brought on by the market’s FUD. However, over the last few days, the price declined from $255 to $248. Open / Comment

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2023-07-15 21:10:04 PEPE drops to key bullish zone – Will bulls defend it?

Will this bullish zone hold?
BTC’s price pump on 13 July saw it grace a new high of $31.8k, pulling up PEPE to aim at the recent price ceiling at $0.00000190. But PEPE faltered near the resistance, inviting short-sellers to seek gains towards immediate support of $0.00000150.

When zoomed out on the daily chart, the above immediate support aligns with a bullish order block (OB) of $0.00000136 – $0.00000162 (cyan). So, the area could act as a bullish stronghold. It could allow bulls to inflict a corrective rebound targeting the local high of $0.00000190.

Recently accumulated tokens were unmoved
According to Santiment, the 90-day Mean Coin Age metric has risen since early June, implying wide-network accumulation of PEPE in the same period. Open / Comment

2023-07-11 19:30:01 Bitcoin holders hoping to make profits should read this before their next move

Bitcoin accumulation at different range
As we examine the price movements of Bitcoin over the past year per Glassnode, an interesting pattern emerged. Initially, the cryptocurrency began the year at around $16,500, and during that period, approximately 637,000 BTC were purchased. The purchase accounted for roughly 3.71% of the total BTC in circulation.

Long and short-term Bitcoin holders hold at profit
Analyzing the Bitcoin 30-day Market Value to Realized Value revealed an interesting trend. As of this writing, the 30-day MVRV was approximately 4.78%. This indicated that holders within this timeframe were currently holding their assets at a profit. This metric further suggested that even those who purchased their holdings at the current price range were still in a profitable position.

BTC sees a positive trend
As of this writing, Bitcoin was trading at approximately $30,600 on a daily timeframe. While it had a profit of less than 1%, it was noteworthy that this marked the second consecutive day of trading in profit. Presently, Bitcoin was exhibiting an upward trend following its recent price movement. Open / Comment

2023-07-08 17:30:10 Cosmos’ Interchain embraces this token’s issuance through KAVA

Cosmos is one of the blockchain networks that have held strong to the idea of an internet of blockchains. However, that vision has been met with challenges regarding interconnectedness. The network’s latest announcement underscores a move aimed at overcoming one of those challenges.

According to the announcement, the Kava blockchain will facilitate USDT’s launch on interchain. This development will not only make it easier for DeFi users to transfer funds from one chain to another but also make it more cost-efficient.

What does this mean for USDT? From a utility point of view, having USDT easily available and transferable in the interchain ecosystem might have some advantages. For example, it translates to easier access to liquidity on more DeFi platforms. Users may also find it easier to use DeFi with native USDT easily transferable within the interchain ecosystem.

Assessing KAVA’s performance
As noted earlier, the Kava blockhain which is a Cosmos SDK chain will facilitate the USDT rollout on the interchain. But what does this mean for the Kava network and its native cryptocurrency? Perhaps this major development may unlock more visibility for the network.

So far Kava has seen a significant surge in market cap in the last 30 days. Kava’s marketcap bottomed out at slightly over $421 million in mid-June but peaked above $704 million on 25 June. It hovered around $578.7 million in the last 24 hours. Open / Comment

2023-07-05 18:30:00 Denmark regulator asks Saxo Bank to dispose of its crypto holdings

The Danish Financial Supervisory Authority has ordered Saxo Bank to dispose of its crypto holdings.

The DFSA released a statement on July, condemning Saxo Bank’s crypto activities. The Danish regulator added that under current rules, it was not legal for banking institutions to perform crypto trading as an additional bank activity for concerns of financial stability.

The statement read as follows,

“Unregulated trading in crypto-assets can create distrust in the financial system, and the Danish FSA considers that it would be unfounded to legitimize trading in crypto-assets.”

How Denmark is regulating crypto
Like a lot of countries, the authorities in Denmark are also dealing with crypto-related activities on a case-by-case basis.

In April, the DFSA granted permission to a local crypto firm Januar to operate in 30 European Economic Area markets.

In March, the Supreme Court of Denmark passed two rulings regarding the status of Bitcoin as a taxable asset. It ruled in the first case that a party gaining profits from selling Bitcoin acquired through several purchases and donations needs to report the sale as a taxable event.

In the second case, it ruled that a user who mined their own Bitcoin and later sold the coins would be subject to the same tax norms. Open / Comment

2023-07-02 22:15:04 Here’s why $0.3 is ADA’s recovery pain point

Buyers’ exhaustion at 0.3?
The H4 market structure, like the D1 price chart, was bearish at the time of writing unless ADA zoomed past $0.3. Nevertheless, a candlestick session close above $0.3 will only be a bullish intent and not a guaranteed rally.

Most importantly, the $0.3 is a March low and a bearish market structure breaker. That makes it a crucial resistance level for near-term bulls. So far, the recovery from 10 June hasn’t broken the bearish market structure. Notably, ADA has been rejected four times at $0.3, further highlighting buyer exhaustion at the level.

The funding rate fluctuated
From June, ADA’s funding rates wavered in Binance Exchange, which could limit a strong recovery capable of bypassing the $0.3 hurdle.

However, the negative sentiment waned, as shown by the rising weighted sentiment (blue). Also, the 90-day Mean Coin Age rose, denoting network-wide accumulation of ADA. These could be a boon for bulls, but traders should track BTC price action for optimized setups. Open / Comment