Crypto News

California State Kills Main Crypto Bill, Why?

One of the pressures in the crypto market is regulation. Many countries’ regulators are consistent in supporting the control and monitoring of crypto assets. These regulators always create laws to manage the industry and protect investors’ funds. California and New York are taking the lead in global crypto regulations. For instance, crypto companies in New York currently operate under a law mandating them to get a “BitLicense” before offering virtual asset services. The law has become operational in the State, although the current mayor Eric Adams is not supportive of the law. Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why But apart from these top players, other States such as Arizona and Wyoming are also coming up with diverse crypto regulations. California Bill For Crypto Businesses And Exchange Another bill, like the BitLicense law, emerged in California. The “Digital Financial Assets Bill” will mandate exchanges and businesses in the industry to get a license from California regulators. This bill had earlier passed the assembly with a 71-0 vote. It also gave the senate and now awaits the Governor, Gavin Newsom, to sign it by September 30. Unfortunately, but surprisingly, Newsom vetoed the bill. The decision has surprised the regulators, but the crypto community is thrilled about it. Newsom wrote to the California State Assembly, stating that he would veto the bill. According to him, the crypto oversight bill is unsuitable for the State. The Governor believes that the crypto industry is gaining more popularity by the day. As such, there should be a transparent law protecting the citizens of the State. To achieve that, Newsom mentioned that his administration had researched the crypto industry to uncover protective approaches for investors. Therefore, signing a bill without cognizance of his research will be wrong. Also, he pointed out that the federal mid-term election is in the pipeline and should be completed first. Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? According to Newsom, the bill will draw tens of millions from the State’s general fund. This amount will be required in the cost-benefit analysis of the bill and will be accounted for during the State’s budgeting process. So, he suggests that the regulators wait for now and develop a flexible approach to strike a balance between innovation and protection. The Digital Asset Community Rejoices Every regulation in the crypto industry affects operations in one way or another. That’s why the community applauds Newsom’s actions to keep the bill. The Blockchain Association Jake Chervinsky applauded the Governor’s guts and strength in standing up to the State Assembly. Also, Miles Jennings from a16z praised Newsom for his support of Web3 in California. Featured image from Pixabay, chart from TradingView.com

Crypto News

Ripple Outperforming Almost The Whole Market, What’s Pumping XRP Price? 

The currency of the blockchain-powered online payment platform, XRP, has gained almost 60% in the past week. After briefly dipping to $0.34 five days ago, the token climbed back and traded around $0.52 this morning. Crypto influencer Ben Armstrong claims to know the reason behind this continuous climb amid the current general crypto bear market. The multiple-crypto holder shared his two cents about the state of events with his 800k plus followers on Twitter yesterday. Related Reading: Maker DAO Shows Bullish Sentiment After A While, Eyes $800? Influencer Believes Impending Close To Ripple-SEC Case Is Responsible According to Armstrong, multiple factors are causing Ripple’s insane price surge. However, he can confidently trace one primary reason to the ongoing SEC court battle with the sixth strongest crypto. The influencer tweeted that SEC has given up on its 2-year struggle of trying to prove XRP is a security. As of this week, the Ripple community “can be pretty confident the worst-case scenario is a fine,” the tweet reads. The last weekend saw both parties in the ongoing case filing for summary judgment. In other words, Ripple and SEC believe enough evidence has been provided for a verdict outside a court case. They wait for Judge Torres’ decision supporting one side or the other based on already available evidence. A court battle that started way over in 2020 might soon be coming to an end. Ripple And XRP Community Expect A Favorable Verdict Like Ben Armstrong, the Ripple community and Ripple Labs are expectant of a favorable ruling. If that happens, XRP will not be considered a Security but a digital asset, just as Ripple intended.  Another crypto influencer predicted that if this happens, it will be the needed boost the bearish crypto market needs. David Gokhshtein tweeted that the crypto market will go parabolic should XRP win this case. He and Brad Garlinghouse, Ripple’s CEO, believe a win for XRP would stamp cryptos stand with regulation. Consequently, it would increase investors’ faith in the ailing asset. Whale Movements On XRP Blockchain Also Partially Responsible For Price Boost Another reason for the surge in XRP seems to be whale movements on the platform. On-chain analytics firm, Sentiment data reveal an increase in whale transactions on the Ripple blockchain.  Furthermore, the Whale Alert crypto tracker revealed multiple anonymous transfers of significant amounts of XRP in the past week. Data showed that a 261 million XRP transfer and another 582 million XRP transaction took place. Ripple was involved in both transactions, moving 80,000,000 of the tokens externally. In total, close to a billion tokens exchanged hands in whale transactions last week.  Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? These two factors mentioned above are mainly responsible for the continuous climb of XRP tokens over the last week. One can only wait to see if the XRP community’s optimism is indeed rightly placed and that ripple will indeed win the case. At the time of writing, XRP is currently trading around $0.48 after briefly testing $0.52 earlier today per Coinmarketcap data.  Featured image from Pixabay and chart from TradingView.com

Bitcoin Crypto News

Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why

There has been a massive sell-off in the cryptocurrency market, and during this period, whales have been focusing on Dogecoin (DOGE) and the general negative attitude in the cryptocurrency industry. There was a 5.34 percent increase in the number of addresses owning between 100 million and 1 billion DOGE, as revealed by @bull bnb. For Dogecoin, the percentage of wallets with between 100 million and one billion Dogecoin has grown by 5.13 percent in the last week. About six additional whales have joined the network, bringing in an additional 620 million DOGE. Dogecoin | The number of addresses holding 100M – 1B $DOGE has increased by 5.13% over the past week. Roughly 6 new whales have joined the network, scooping up approximately 620M DOGE. Considering this I will scoop a fresh brand new bag of #DOGE pic.twitter.com/0TaysaPIog — Bull.BnB (@bull_bnb) September 23, 2022 In light of this, @bull bnb recently tweeted, “I’m about to scoop a fresh brand new bag of #DOGE.” Recent whale activity has come as a huge surprise to DOGE holders and investors. What, then, compelled the whales to seek out DOGE? Related Reading: Polkadot Suffers 10% Weekly Loss On Hawkish Fed – Time To Buy DOT? Is This The Time To Purchase The dip? As you may be aware, the present market climate is extremely negative for cryptocurrencies. Fear sparked by the CPI report’s release and the U.S. Federal Reserve’s interest rate hike triggered a widespread selling off in the stock and cryptocurrency markets. The USD followed this decline. At the time of publication, the memecoin has fallen 9.94 percent from its September 12 peak. Even if DOGE showed signals of bullishness, it was not enough to prevent a 9.56 percent decline on September 18. This decline may have prompted whales to seek accumulation rather than selling their DOGE supply. Now that whale activity has increased, what does this signify for DOGE? Dogecoin Bullish Behavior  DOGE’s bullishness came as a surprise as the cryptocurrency market continues to decline, particularly Bitcoin and Ethereum. This increase in price can be ascribed to the whales’ recent buying binge in DOGE. A As at the time of writing, DOGE was trading at $0.066041, up 9.4% in the last seven days, data from Coingecko show. This implies that the memecoin is leading the crypto market, giving the entire crypto market hope that respite is on the horizon. But investors and traders must ask whether this is really a flash in the pan or a persistent bull trend. As of the time of writing, the token’s resistance level was tested at the 0% Fib level. This was answered with a lengthy wick of rejection, followed by a red candle. This could be the beginning of a short corrective period for DOGE, which will result in a slight price decline. In the coming days, we can anticipate receiving additional information. Related Reading: How XRP Pulled Off A 33% Rally Over The Past 7 Days DOGE total market cap at $8.7 billion on the daily chart | Source: TradingView.com Featured image from Cryptory, Chart: TradingView.com

Altcoins Bitcoin Ethereum

Crypto Trader Predicts XRP Could Erupt by Over 80%, Updates Outlook on Bitcoin (BTC) and Two Altcoins

A widely followed crypto analyst is predicting a massive surge for Ethereum (ETH) competitor XRP while updating his outlook on Bitcoin (BTC) and two other altcoins. Pseudonymous trader Altcoin Sherpa tells his 183,000 Twitter followers that XRP should rise to $0.60 before ultimately shooting up to $0.87. “XRP: Go to $0.60 and then $0.87 if […]

The post Crypto Trader Predicts XRP Could Erupt by Over 80%, Updates Outlook on Bitcoin (BTC) and Two Altcoins appeared first on The Daily Hodl.

Bitcoin Blockchain Crypto News

Shiba Inu Eternity Update Awaited – Will This Lift SHIB’s Price?

There may be a Shiba Inu (SHIB) rally coming soon. Recent events have sparked widespread interest in the Shiba Inu project and its native cryptocurrency. On Thursday, the company’s founder and chief programmer, Shytoshi Kusama, informed the SHIB Army that the company’s development team is working on a burn mechanism that will have implications for the entire Shiba Inu ecosystem. SHIB holders can’t help but be giddy about the future, what with the community’s official Twitter account teasing yet another major update. Related Reading: Will Polkadot Network Progress Give An Ailing DOT Renewed Vigor? Shiba Inu ‘Eternity’ Excitement   A lot has happened since the Australian release of Shiba Eternity. All of this excitement and eagerness is only heightened by the latest statement made by the official account tweet. Thank you to all the wonderful #SHIBARMY listeners, participants, and those who asked questions. You rock! See you on Download Day, October 1st/2nd!! 😍😍 #SHIB #Shiboshis #ShibaEternity #SHIBARMYSTRONG https://t.co/TcGVBZIM10 — SHIBQueenie (@SHIBQueenie) September 23, 2022 The Shiba Inu team just announced via the Twitter Space Event “Shiba Eternity Community Update” the official date for the global debut of the Shiba Inu Collectible Card Game. According to the announcement, Shiba Eternity will launch on October 1. The Shiba Inu Community will celebrate the release as “Download Day” while simultaneously breaking the Android and iOS App Stores. There was consequently a lot of excitement about the coin and the overall ecosystem. There is additional good news for the ecosystem. As of this writing, the development team is still putting the last touches to Shibarium, the upcoming update that is anticipated to debut on or about September 30. That Much-Needed Scalability Supposedly, this upgrade will provide scalability to the Shiba Inu ecosystem and cut gas expenses for everyone, particularly on the gaming side. Will this, however, be sufficient for the coin to rally? Currently, the coin’s value is between $0.000000957 and $0.00001230. This indicates that the currency is trading within its June price range, which is a less favorable period for cryptocurrencies. Chart: TradingView.com This decline in price, which followed a progressive climb from June to August, is the result of larger market factors. The recent 0.75 percent increase in interest rates and the news of worsening year-over-year inflation caused investors and traders to feel dread. The price decreased by a stunning 25.06 percent from its latest peak on September 10. SHIB Seen Rising To The Occasion Nevertheless, it has risen to the $0.00001038 price range from its bottom on September 21. This range of prices will support the token’s expected relief rally. The last decline at $0.00001192 represents the resistance. This level is critical since bulls can easily exploit any breakthroughs towards the 78.60 Fib level. Due to the fact that the SHIB token is based on Ethereum, its value might be affected by the Ethereum ecosystem. The current market conditions can magnify the coin’s volatility that may lead to a crash. If the larger financial markets rebound from the decline on September 13, we can anticipate SHIB to ride the tide of recovery. Related Reading: What Ethereum Can Bring On The Table For ETH Investors In Q4 SHIB total market cap at $5.8 billion on the daily chart | Source: TradingView.com Featured image from Coin Culture, Chart: TradingView.com

Altcoins Analysis Bitcoin Blockchain

Trendy crypto gaming platforms like Moshnake, Decentraland, and Axie Infinity offer Rewards

Trendy crypto gaming platforms like Moshnake, Decentraland, and Axie Infinity offer Rewards

The blockchain gaming ecosystem is rapidly growing, with breakthroughs occurring daily in the play-to-earn, NFTs, and DeFi markets. The “play-to-earn” approach used by the GameFi ecosystem, which involves offering players financial incentives to play games, has completely changed the gaming landscape. Decentraland (MANA) and Axie Infinity (AXS) have been at the forefront of this new […]