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2023-06-10 20:42:52 Bitcoin, Ethereum Technical Analysis: BTC Moves Higher, as Traders Prepare for Next Week's Fed Meeting

Bitcoin

Bitcoin (BTC) moved marginally higher during Friday’s session, as the focus for traders begins to be next week’s Fed rate decision. Following a low of $26,339.32 on Thursday, BTC/USD jumped to an intraday peak of $26,797.51 earlier today.

The move comes as bulls bounced from a price floor at $26,300, with a ceiling at $27,200 now a potential target. In order to get closer to this point, the 14-day relative strength index (RSI) will need to move past a ceiling at 47.00

Despite the optimism from bulls, the 10-day (red) moving average remains in a downtrend, following a cross with its 25-day (blue) counterpart.

Ethereum

In addition to bitcoin, ethereum (ETH) recorded some small gains on Friday, after colliding with its own support point. ETH/USD climbed to a peak of $1,861.14 in today’s session, which comes less than 24 hours after falling to a bottom at $1,831.26.

Unlike bitcoin, the moving averages have yet to cross, which provides optimism to longer-term bulls of potential upcoming gains. As well as the price, the RSI has also avoided a breakout below a floor at 47.00, and is now at a reading of 48.23.

The next target appears to be the 52.00 mark, and should this be hit, ethereum will likely be above $1,900. Open / Comment

2023-06-06 20:41:16 Report: Binance Controlled Bank Accounts Belonging to Its US Affiliate Between 2019 and 2020

Between 2019 and 2020, crypto exchange Binance controlled bank accounts belonging to its U.S. affiliate including one holding funds of American clients, a new Reuters report has said. According to the report, employees of the crypto exchange’s U.S. affiliate had to get Binance executive Guangying Chen to sign off on payments including payroll.

According to a report, Guangying Chen, a senior executive with , was in control of five bank accounts belonging to the crypto exchange’s supposedly independent affiliate Binance U.S.

The report, which cites bank records, said the new revelation of what Chen and her deputies did between 2019 and 2020 undercuts claims that the U.S. affiliate operated independently.

The latest claims against Binance and its U.S. affiliate appeared to have coincided with the U.S. Securities and Exchange Commission (SEC) taking legal action against the exchange. Open / Comment

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2023-06-03 19:51:05 Cathedra Bitcoin Unveils Plans for Off-Grid Bitcoin Mining in Texas

On Friday, Cathedra Bitcoin Inc. announced a partnership with 360 Mining, revealing plans to deploy mobile data centers and application-specific integrated circuit (ASIC) bitcoin miners at 360 Mining’s off-grid location in Texas.

According to Cathedra Bitcoin (CBIT), the firm will be deploying bitcoin miners at 360 Mining’s off-grid Texas campus.

If necessary and its “economically advantageous to do so,” the company can abstain from bitcoin mining and sell the natural gas on the open market.
Cathedra plans to deploy its own mobile bitcoin mining data centers, called “Rovers,” to start with.

“Upon completion of any subsequent deployments, the Company expects the full 2.0 megawatts of bitcoin mining capacity under the partnership to produce at least 54 PH/s of incremental hash rate,” Cathedra’s announcement details. Open / Comment

2023-05-31 20:58:02 New Nigerian President Slates Central Bank’s Interest Rate and Currency Demonetization Policy

The new Nigerian president Bola Ahmed Tinubu has deplored the Central Bank of Nigeria (CBN)’s aggressive interest policy which he has reportedly labeled “anti-people” and “anti-business.” Tinubu also announced the scrapping of a fuel subsidy which has been in existence since the 1970s.

According to a BBC report, the fuel subsidy is estimated to have gulped as much as $9.3 billion from the government’s revenues and may be on course to surpass this in the first half of 2023.

The remarks by the new Nigerian president came just over a week after the Central Bank of Nigeria (CBN)’s monetary policy committee voted to raise the benchmark rate by 50 basis points. The CBN has argued that its aggressive interest rate policy is intended to tame inflation, which rose to a 17-year-high of 22.22% in April.

However, Tinubu, who predicated his presidential campaign on reducing the country’s unemployment rate and boosting the gross domestic product (GDP), reportedly labeled the CBN’s interest rate policy “anti-business” and “anti-people.”

Concerning the central bank’s controversial demonetization of old naira banknotes, Tinubu said his government will launch a review of this CBN policy. Open / Comment

2023-05-29 19:30:00 Co-founded by Sam Altman of OpenAI, Worldcoin is building the largest and most inclusive financial network as a public utility, and giving ownership to everyone.

Their mission is to create a universal privacy-preserving identity, one that verifies your unique humanity while retaining your privacy — and to give the whole world a user-friendly and accessible entry point into the global economy.. Still in beta, Worldcoin is expected to be launching soon.

Worldcoin has three main platforms:
1. World ID: With over 1.7 million users already, World ID is looking to grow the largest verifiably real person identity system on the internet.
2. World App: Just launched this month, the World App has risen to the #1 spot on the US App Store for Web3 apps, ahead of the likes of Binance and Coinbase.
3. Worldcoin Token: Users in most of the world (excluding the US and several sanctioned nations) can receive up to 25 shares of an eventual token via weekly grants by verifying their World ID at an Orb. Orbs locations can easily be found via the World App.

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2023-05-28 20:24:02 Russian State Duma Chairman: ‘US National Debt Is a Global Financial Pyramid’

Vyacheslav Volodin, chairman of the Russian State Duma, the lower house of the Russian Federal Assembly, has stated that U.S. debt has become a “global financial pyramid” whose objective is to “deceive other nations and people.” Volodin also explained that the ability of the U.S. government to service its debt was weakening, making the U.S. dollar a toxic currency.

On his Telegram channel, Volodin stated:

All financial pyramids, as history shows, sooner or later end in failure. But the current situation is different. The U.S. national debt is a global financial pyramid created by Washington to deceive other nations and people.

According to official numbers, for the year 2023, the U.S. debt was $31.4 trillion, having increased almost $10 trillion during the last five years. A significant yearly increase was produced in 2020 when it rose 19% due to the impact of the different Covid-19 assistance programs.

The Chairman of the State Duma also recommended that the different states of the U.S. federation should seek alternatives to the dollar to reduce the risks for their citizens.

Twenty-three states are discussing laws to approve using gold and silver for payments. In April, Arkansas signed a law to make gold and silver bullion and coins legal tender, releasing transactions made with these metals from any tax duties. In the same way, Texas is currently advancing a bill that would issue a gold-backed digital currency as legal tender. Open / Comment

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