Blockchain Progress

2023-07-28 19:31:02 Bitcoin, Ethereum Technical Analysis: BTC Hangs on to $29,000 Level, Despite Increased Market Volatility

Bitcoin remained above a key support point on Friday, despite bears attempting to push the price below $29,000. Today’s session saw sentiment once again shift bearish, as U.S. consumer sentiment data looms. Ethereum was mostly unchanged in today’s session.

Bitcoin (BTC) continued to trade above the $29,000 mark on Friday, despite bearish pressure intensifying in today’s session. After hitting a high of $29,520.71 on Thursday, BTC/USD dropped to an intraday low of $29,099.35 earlier in the day.

The move saw bitcoin briefly fall below a support point at $29,200, however prices have since climbed back above this point.

Bitcoin chart by TradingView

This latest slippage comes as the 10-day (red) moving average continued its downward cross versus its 25-day (blue) counterpart. In addition to this, the relative strength index (RSI) neared a breakout below a floor at 41.00, however it has so far avoided this. Should this take place, the next possible destination for BTC could be $28,000.

Ethereum chart by TradingView

As of writing, the index is on the cusp of crossing this line, however momentum is still relatively weak. There could likely be a spark later in the day, depending on how traders react to the University of Michigan Consumer Sentiment report. Open / Comment

2023-07-25 20:34:01 Worldcoin Officially Launches, Announces Orb Rollout Expansion in More Than 35 Cities

Worldcoin, the decentralized biometric ID protocol, has officially launched, allowing users to reserve their share of WLD, the incentives-driven token of the protocol, that will be granted when confirming one’s identity using a biometric device called the “Orb.” In addition, Worldcoin also informed that it will be accelerating the rollout of these devices to more than 35 cities.

Worldcoin, the decentralized ID and wallet protocol backed by Sam Altman, CEO of Openai, announced its official launch on Monday.

75% of the initial 10 billion WLD issuance will be granted to users, while Tools For Humanity, the team behind the Worldcoin idea, and its investors, will retain ownership of the remaining 25%.

While users can reserve their share of WLD tokens, they need to physically prove their humanness by getting their irises read by an Orb.

More than 2 million users have already signed up using World ID, and with this move, Worldcoin expects to add more than 40,000 sign-ups weekly.

In countries like Brazil and France, the rollout will be more limited. Altman stated that, for the time being, Worldcoin will not be available in the U.S. due to a lack of regulatory clarity. Open / Comment

2023-07-22 18:05:05 SEC Asks for Increased Funding to Tackle Crypto Market Risks and Wrongdoing

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has asked Congress for more funding for his agency to address “risks in the crypto markets.” In a Senate hearing, he stressed: “We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class.”

“I am pleased to support the President’s FY 2024 request of $2.436 billion for SEC operations, to put us on a better track for the future,” Gensler told lawmakers.

After outlining “tremendous growth” and changes in the U.S. capital markets, the SEC chairman stated:

We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class.

“Such growth and rapid change also mean more possibility for wrongdoing. As the cop on the beat, we must be able to meet the match of bad actors,” he continued.

“With funding to meet the scale of our mission, we can be an even stronger advocate for the American public — investors and issuers alike.” Open / Comment

2023-07-19 18:17:00 Nigeria Declares Food Emergency After Sixth Consecutive Increase in Inflation Rate

The Nigerian government declared a food price emergency after the latest data from the National Bureau of Statistics (NBS) showed that the country’s inflation rate had gone up by 0.38% to 22.79%. The NBS said the June inflation figure does not “fully capture the impact of the fuel subsidy removal and the unification of the exchange rate.”

According to data from the Nigerian National Bureau of Statistics, the country’s June inflation rate rose to 22.79%.

In its latest report, the NBS also said the West African nation’s “headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%.”

In the past, Nigerian authorities have attributed the surge in the inflation rate to the depreciation of the naira.

This is because the data collection for computing the rate for the reference month typically stops around the middle of the month, meaning that the June numbers only reflect approximately two weeks of the policy impact on consumer prices.

In addition to the subsidy removal, the devaluation of the naira in early June from just under NGN470 per dollar to more than NGN700 per dollar is also believed to have contributed to the marginal increase in the inflation rate. Open / Comment

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2023-07-17 18:54:02 SEC Accepts Blackrock’s Bitcoin ETF Application

The U.S. Securities and Exchange Commission (SEC) has accepted the application for a bitcoin exchange-traded fund (ETF) filed by asset manager Blackrock. The move indicates the regulator is preparing to seriously consider a bitcoin ETF and could eventually set the stage for wider adoption of crypto assets and products.

The U.S. securities regulator has officially accepted Blackrock’s application for a spot bitcoin ETF.

Blackrock filed its application in mid-June amid an ongoing crackdown by the SEC on crypto platforms for alleged violations of U.S. securities laws through the offering of digital assets that the regulator considers unregistered securities.

One of the targeted companies, leading U.S. cryptocurrency exchange Coinbase, was chosen by the asset manager to serve as custodian for its Ishares Bitcoin Trust, the assets of which consist primarily of bitcoin. Blackrock’s filing incorporates a surveillance-sharing agreement with Coinbase.

The Securities and Exchange Commission has previously denied approval of bitcoin ETFs in the U.S. on numerous occasions, citing concerns such as the risk of market manipulation and insufficient protection for investors. Open / Comment

2023-07-13 19:31:01 Russian State Duma Passes Digital Ruble Law

The State Duma, the lower house of the Russian Federal Assembly, discussed and passed the Digital Ruble law in its second and third discussion on July 11. The law will allow the Central Bank of Russia, as the sole regulator of the proposed digital currency, to organize a pilot test slated for August.

The resolution passed on July 11 and identified as “4351-8 GD” introduces the concepts of “digital ruble,” “digital ruble platform,” and “digital ruble platform participant.” Also, the law specifies the payment function of the digital ruble, establishing it as an element of the national payments system.

The Russian CBDC will become the third form of accepted money in Russia, behind cash and non-cash digital money stored in bank accounts.

Following the approval of the law, the Central Bank of Russia (CBR) quickly published a draft of the digital ruble platform’s rules on its website, a 44-page document that lists the “basic rules by which the Bank of Russia, as the operator of the platform, will interact with its participants and users, and the requirements for them.”

These rules describe how the CBDC can be used, the procedures for opening and closing digital ruble accounts, and how its platform will carry out compliance procedures. Also, the document describes how disputes and complaints related to digital ruble payments will be dealt with. Open / Comment

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2023-07-10 19:38:02 Iran Looking to Replace Dollar With Dinar in $10 Billion Trade With Iraq

Iran’s government considers employing the Iraqi dinar in bilateral trade with Iraq in a bid to further curtail the dominance of the U.S. dollar. The annual turnover between the two neighboring nations exceeds $10 billion with millions of pilgrims and health tourists crossing the border each year.

Speaking to Iran’s Mehr News Agency, the head of the Iran-Iraq Chamber of Commerce, Yehya Eshaq, made it clear that the transition to dealing in national fiats is a priority for the current Iranian government. “Most countries in the world are looking for breaking the American hegemony in their exchanges, and the use of national currencies can help accelerate this process,” Eshaq said and added:

Also quoted by the Shafaq news agency in Iraq, Eshaq pointed out that transacting in national currencies can speed up the ongoing shift away from U.S. control on global trade, a trend which, in his opinion, is gaining traction.

Iran and Iraq should be able to reduce the dominance of the dollar by maximizing trade exchanges with their national currencies, Yehya Eshaq emphasized, adding that both nations can benefit from this move and proper follow-up steps.

Eshaq’s statements follow recent remarks by Iran’s President Ebrahim Raisi who stressed the need for de-dollarization. Speaking during the virtual summit of the Shanghai Cooperation Organization’s Council of Heads of State earlier this week, he stated that any attempt to shape a fair international system requires the removal of the U.S. dollar as an “instrument of dominance in intra-regional relations.” Open / Comment

2023-07-07 20:29:01 Bitcoin, Ethereum Technical Analysis: BTC Falls Below $30,000 Ahead of US Nonfarm Payrolls

Bitcoin dropped below the $30,000 level on Friday, ahead of the upcoming nonfarm payrolls (NFP) report in the United States. Today’s report comes as private sector jobs rose by 497,000 in the last report, double the expected number. Friday’s NFP is projected to come in at 225,000. Ethereum hit a one-week low today.

Bitcoin (BTC) dropped to a one-week low on Friday, ahead of the upcoming nonfarm payrolls report in the United States.

Payrolls are expected to come in at 225,000 for June, less than the 339,000 jobs added the month prior.

Many believe a strong number will almost certainly guarantee that the Federal Reserve will hike rates later this month. Open / Comment