Tokens Stream

2023-08-23 19:48:01 Biggest Movers: BNB Rebounds From 1-Year Low, SHIB Surges Higher

BNB

BNB, the native token of cryptocurrency exchange Binance, rose by as much as 4% on Wednesday, following recent declines.

After falling to a one-year low of $204.40 on Tuesday, BNB/USD rose to an intraday peak of $216.39 earlier today. Wednesday’s rally in price comes following a recent bear run, which saw the token fall lower for seven of the last nine sessions.

Looking at the chart, the rally coincided with the 14-day relative strength index (RSI) rebounding from a floor at 21.00. As of writing, price strength is currently tracking at 29.22, which is marginally below a ceiling at 30.00.

In the event that this ceiling is broken, BNB will likely move above $220.00.

Shiba Inu (SHIB)

Additionally, shiba inu (SHIB) was also a notable gainer in today’s session, as the meme coin recovered from a recent price dive.

SHIB/USD slipped to a bottom of $0.000007744 during yesterday’s session, before moving to a high of $0.00000832 on hump-day. The rebound saw shiba inu rise from Tuesday’s breakout below a key price floor of $0.00000790.

Like with BNB above, the move came as the RSI bounced from a floor of its own around the 40.00 mark, with a current reading of 43.92. As of now, there is a good chance that SHIB bulls are targeting exits around a resistance point of $0.00000885. Open / Comment

2023-08-21 18:11:32 Nobel Laureate Paul Krugman States Argentina Should Adopt the Euro Instead of the US Dollar

Economics Nobel laureate Paul Krugman recently stated that Argentina might be better off adopting the euro instead of the U.S. dollar amidst the devaluation of the Argentine peso. Krugman argued that Argentina has almost twice as much trade with the European Union as it does with the U.S., stating that the euro would suit them better.

Answering a post where Brad Setzer — an economist who worked at the treasury department of the U.S. — compared the circumstances of the U.S., Canada, South America, and North America as “optimum currency areas,” Krugman stated:

Argentina does almost twice as much trade with the European Union as it does with the U.S. If anything, they should adopt the euro.

Setzer declared that Latin American exports were tied to the Chinese and global commodity cycle instead of the U.S. cycle, detailing that the U.S. dollar was not a commodity currency.

These statements answered the issue presented by Arpit Gupta, an associate professor of finance at New York University’s Leonard N. Stern School of Business, where he speculated about the possible drawbacks of the U.S. promoting the unification of the currency towards Latin America and “trying to more actively push for a common dollar zone along the lines of the euro.”

The dollarization debate has intensified in Argentina since August 13, when Javier Milei, a libertarian candidate, won the preliminary elections with more than 30% of the popular vote. Open / Comment

2023-08-17 17:41:34 Trump’s Crypto Wallet Makes $2.8 Million in Income, FEC Filing Shows

Former U.S. President Donald Trump has provided new data about his crypto income and holdings in a financial disclosure to the Federal Election Commission (FEC). The submission contains information about the balance of an ethereum wallet, which collects proceeds from the sales of Trump-branded non-fungible tokens (NFTs), and the income it produced.

The frontrunner for the 2024 Republican presidential nomination who hopes to win a second non-consecutive term in the White House, Donald Trump, has filed a new disclosure as a candidate which reveals various sources of income that can help him fund his campaign.

Among the major ones are businesses and properties like a company in Miami that owns golf courses and a resort valued at more than $50 million which has generated $145.8 million in income in 2022 and through the end of April of this year, Bloomberg noted in a report.

Federal candidates in the U.S. are required to disclose the value of certain assets and some types of income in broad ranges. These include dividends, capital gains, interest, rent, and royalties, for example. Income from some other sources, such as salaries and speaking fees, must be disclosed in exact amounts.

Trump’s filing shows that a company which made $9.7 million by licensing his image on non-fungible tokens (NFTs), CIC Digital LLC, held a cryptocurrency wallet with at least $1 million in ethereum (ETH), which produced income of $2.8 million. Open / Comment

2023-08-14 19:36:24 Bitcoin, Ethereum Technical Analysis: BTC Bulls Continue to Target $30,000, Despite Slow Start to the Week

Bitcoin started the week hovering slightly above the $29,300 region, however bulls continue to target a resistance level of $30,000. The cryptocurrency mostly consolidated this past weekend, with this sentiment still present on Monday. Ethereum fell marginally below its Sunday peak.

Bitcoin (BTC) started yet another week in consolidation, as price uncertainty in the market remained high. After peaking at $29,441.00 on Sunday, BTC/USD dropped to a bottom at $29,124.11 earlier in today’s session. Since falling to this low, bitcoin bulls moved to buy the marginal dip, pushing price to a current reading of $29,351.73.

Bitcoin chart by TradingView

In order for bullish momentum to truly intensify this week, a ceiling of 49.00 will first need to be broken on the 14-day relative strength index (RSI).

At the time of writing, the index is tracking at a reading of 47.90, with the 10-day (red) moving average on the cusp of an upward cross.

A breakout above the 49.00 zone will also likely lead to a crossover of moving averages, which could be what is needed to recapture the $30,000 mark this week.

Similar to BTC, ethereum (ETH) was also largely unchanged on Monday, as the cryptocurrency continued to trend sideways.

Ethereum chart by TradingView

Despite this downward sentiment, the 10-day (red), and 25-day (blue) moving averages have moved closer to an upwards crossover.

Like with BTC above, for this to occur the RSI would first need to breach a resistance zone, in this instance at the 48.00 point.

Should this take place, ETH could hit $1,900 in the coming days. Open / Comment

2023-08-11 19:08:01 CBDC Is Grave Threat to Liberty, Presidential Hopeful Vivek Ramaswamy Warns

The U.S. dollar will be stronger if it’s not a central bank digital currency (CBDC), according to candidate for Republican presidential nomination Vivek Ramaswamy. He is convinced that a digitized greenback and other digital fiats represent a threat to democracy in the United States.

Vivek Ramaswamy, one of the runners in the 2024 Republican Party presidential primaries, has criticized the U.S. government for considering a digital version of the dollar.

Ramaswamy believes that “CBDCs are just the latest Trojan horse of the Great Reset and are a clear path to a social credit system that will permanently embed ESG into our currency itself.” In his view, “the dollar will be *stronger* if we protect it from digitization.”

In a video posted on X, formerly Twitter, the American entrepreneur said he is a “big opponent” of central bank digital currencies, which he considers to be “a grave threat to liberty in this country,” for the same reason that China is adopting them. Open / Comment

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2023-08-08 18:33:02 Senator Calls for Audit on Palau’s Ripple-Backed Stablecoin Pilot Program

Palauan senator Mark Rudimch has called for an audit of Palau’s stablecoin pilot program, launched by the country’s ministry of finance in partnership with Ripple in July. In a letter sent to the public auditor Satrunino Tewid, Rudimch reported the Palauan senate had concerns regarding the “constitutionality, security, accountability, statutory authority, and oversight of the program.”

Palau’s Ripple-backed stablecoin program, launched and announced in July, faces opposition from the Palauan senate. According to local reports, Senator Mark Rudimch, chairman of the Senate Resources, Commerce, Trade and Development Committee, has requested Public Auditor Satrunino Tewid audit the program, voicing various concerns regarding the ongoing test.

Rudimch’s concerns point in two different directions. The first is related to the program’s legality, as he says the Ministry of Finance might not have the authority to run a program of this kind in Palau. “Is this a setup for an unconstitutional precedent?” he asked. The second aspect has to do with the use of government resources without following proper procedure.

Rudimch explained that using Ripple’s research and development grant as collateral to secure 1:1 dollar stablecoin redemptions “supersedes or suspends existing laws and regulations” to fund the pilot program. Open / Comment

2023-08-05 19:26:31 Biggest Movers: SHIB Surges to 3-Month High to Start the Weekend

Shiba inu was a notable gainer during Saturday’s session, as the meme coin climbed to a three-month high. The move comes as traders continue to react to Binance’s decision to approve the coin as a collateral asset, in addition to the upcoming launch of Shibarium. Dogecoin also snapped its recent losing streak today.

Shiba inu (SHIB) jumped to a three-month high on Saturday, with prices surging by as much as 10%. Following a low of $0.000008551 on Friday, SHIB/USD surged to a peak of $0.000009509 earlier in today’s session. This resulted in the meme coin climbing to its strongest point since May 6, when price reached a high of $0.00001007.

Looking at the chart, the move comes as the 14-day relative strength index (RSI) moved past a resistance level of 67.00. At the time of writing, the index is tracking at 73.62, which is its highest level since February.

Should momentum continue throughout the weekend, the next target for bulls is likely to be a ceiling at $0.00001025. In addition to SHIB, dogecoin (DOGE) also rose higher today, snapping a three-day losing streak in the process.

DOGE/USD rallied to a high at $0.07628, less than 24 hours after the meme coin was at a low of $0.07279. As a result of this surge in price, DOGE is now trading at its highest point since Wednesday, after breaking out of a resistance zone of $0.0760.

This coincided with the RSI moving past its own ceiling at the 52.00 mark. It is currently at a reading of 55.84. Despite today’s rally, dogecoin is still trading nearly 3% lower than at the same point last weekend. Open / Comment

2023-08-02 19:33:01 Bitcoin, Ethereum Technical Analysis: BTC Surges Towards $30,000, Following Latest Microstrategy Filing

Bitcoin moved towards the $30,000 level on Aug. 2, as markets reacted to the latest filings by Michael Saylor’s Microstrategy. In the second quarter the company reportedly added 12,333 BTC at a cost of $361.4 million. Ethereum jumped back above a key price floor of $1,850.

Bitcoin (BTC) moved closer to $30,000 on Wednesday, following news that Microstrategy added 12,333 BTC to its books in Q2. After trading at a low of $28,657.02 on Tuesday, BTC/USD jumped to a high of $29,988.00 earlier in today’s session.

This is the highest point that the cryptocurrency has hit since July 24, which is the last time price traded above $30,000.

Bitcoin chart by TradingView

After its filings, Microstrategy CFO Andrew Kang said: “Our bitcoin holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest increase in a single quarter since Q2 2021.”

BTC’s 10-day (red) moving average has now started to gradually shift direction, after an extended downtrend.

In addition to this, the relative strength index (RSI) has found a firm support point at the 46.00 level, with price strength now tracking at 47.11.

Ethereum chart by TradingView

At the time of writing, the index is now tracking at 45.67, with the next visible resistance level at 50.00

A jump to this point will likely result in ethereum trading above $1,900. Open / Comment

2023-07-30 18:52:03 Ethereum Liquid Staking Sees 270,000 ETH Influx in 2 Weeks

Recent statistics reveal that in the past fortnight, about 270,000 units of ethereum (ETH) were deposited into liquid staking derivative protocols. Currently, these decentralized finance (defi) staking platforms hold an estimated 10.65 million ether locked within their systems.

Liquid staking platforms based on ethereum (ETH) have continued to attract sizable deposits, as evidenced by an influx of 270,000 ETH, equivalent to slightly above $505 million at present ETH exchange rates.

Back on July 14, 2023, about 10.38 million ETH was secured in these platforms, a figure that experienced a surge to 10.65 million by July 29. Lido Finance continues its reign over these 23 liquid staking applications, claiming 74.31% of the market share.

Two weeks ago, Lido held 7.71 million ether within its infrastructure, a figure which has since climbed to 7.91 million. Coinbase, with its grip on 10.99% of the liquid-staked ETH market share, saw its ether reserves expand from 1.14 million to the present 1.17 million.

In parallel, Rocket Pool has experienced an uptick in the past two weeks, with its ether holdings growing from 830,039 ETH to a current total of 857,967 ETH. At present, Rocket Pool’s hold on the 10.65 million market share amounts to 8.06%.

Frax Ether likewise witnessed an upward trajectory, rising from an initial 238,197 Ether to 243,819. Stakewise recorded modest growth in its ETH holdings, escalating from 92,326 to 93,225. Additionally, Binance Pool’s ether cache grew from 91,834 to its present standing at 92,824 ETH. Open / Comment