Bitcoin Crypto News

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

Christine Lagarde, president of the European Central Bank, has warned that cryptocurrencies are worthless and should be regulated. The ECB boss believes that regulating the sector will prevent people from gambling their life savings on cryptocurrencies. “My extremely modest opinion is that cryptocurrency is worthless. It is founded on nothing, and there are no underlying […]

Bitcoin

Ripple To Launch XRP Powered On-Demand Liquidity Solution In Lithuania

Ripple, an American FinTech firm, and FINCI, a Lithuanian FinTech firm, have partnered up to make retail remittances and B2B payments faster and more affordable. This is done through RippleNet’s On-Demand Liquidity (ODL), which uses XRP for cross-border payments that are crypto-enabled. This partnership will allow customers and businesses to make real-time payments while sparing […]

Bitcoin Crypto News

Time For Autopsy? Bitcoin May Plunge Further After Dive Below $30k

The next bull market in Bitcoin is now building a bottom. As a result, bears continue to rule the market, sending the price of bitcoin below $29,000 in the last 24 hours. Traders expecting the bear market to conclude may have to wait longer due to unfavorable conditions. Will Bitcoin Retrace? Bitcoin is no stranger to retracements of higher than 20%. More substantial corrections have occurred in Bitcoin’s history than this current one. Those who have been around long enough to recall previous meltdowns of more than 50% in less than a month can attest that this is just another hiccup. Since Bitcoin’s inception, there have been around seven price corrections, with the price dropping by half. Bitcoin has always bounced back after each of these corrections. Bitcoin fell by 83% in a short period of time in April 2013. When China first outlawed Bitcoin in December of that year, it dropped another 50%. BTC/USD slides below $30k. Source: TradingView 2018 was a difficult year. Although it reached an all-time high of about $20,000 in December 2017, it was only worth about $3,000 in December 2018. More recent investors will recall the March 2020 meltdown, when Bitcoin dropped 50% in a few of days. In May of 2021, the same event happened. Related reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate Despite this, markets are in chaos today, with Bitcoin down more than 20% in the previous week and more than 50% from its all-time high in November 2021. The 200 week moving average(WMA) is probably the most dependable and straightforward chart to provide some information on Bitcoin’s present position . It usually rebounds back rapidly from the 200 WMA. Only twice in history has Bitcoin fallen below the 200 WMA, and both times it was only for a short time. For more than a month, it has never been below the 200 WMA. Bitcoin’s 200 WMA is now about $22,000. With a current price of roughly $29,000, it may probably go lower or even trade sideways for a while, but the worst is likely behind it. Bloomberg Analyst Believes BTC Will Plummet Despite a recent 15% rally from the lows reached last week, Bloomberg analysts believe the flagship cryptocurrency will continue to fall. BTC now appears to be more fragile than previously. According to the article, Bitcoin’s recent rally has resulted in the formation of a “saucer-top” pattern on an hourly BTC chart. A Head and Shoulders pattern has emerged within it, indicating a trend change from bullish to bearish. Source: Bloomberg After BTC dipped beneath the formation’s neckline, the pattern was activated. In order to avoid a further drop, the Bitcoin price must now surge over $30,800. Santiment’s Bitcoin statistics shows a lackluster market sentiment as traders remain indifferent. On May 18, the S&P 500 fell more than 3%, dragging Bitcoin down with it. Indeed, since the beginning of 2022, the correlation between Nasdaq-100 and Bitcoin has remained tight, making it a good indication for anticipating Bitcoin price movement. Bitcoin-U.S. Equity Market Correlation. Source: Santiment Nasdaq-100 futures and other U.S. index futures are down about 1.5 percent at the time of writing. It suggests that the Bitcoin price may continue to fall. In fact, Asian and European stock markets are down more than 2% today. Whales, on the other hand, appear to be anticipating a bottom in order to continue accumulating. According to Rekt Capital, Bitcoin’s RSI has now reached the level where long-term investors have historically gained the most. Related reading | Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000 Featured Image by Pixabay | Charts by TradingView

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Binance Actively Seeking Regulatory Nod In Germany As Exchange Pushes European Expansion

Why Binance Is Splashing $200 Million On A Strategic Investment In 104-Year-Old Magazine Forbes

Binance, the world’s largest crypto exchange by trading volume, is not abandoning its efforts to spread its tentacles to new jurisdictions and expand its global footprint despite the recent crypto market bloodbath.  CEO Changpeng Zhao revealed Wednesday that the leading exchange is applying for official licenses to operate its regulated trading platform in Germany. Binance […]

Bitcoin Crypto News

Institutional Investors Flood Over $300 Million In Bitcoin Fund, BTC To Reverse Above $30k?

Last week saw one of the largest losses of value in the history of cryptocurrency. Bitcoin and the general crypto market crisis was hit by the Terra ecosystem’s collapse. Bitcoin plummeted to under $30,000. Obviously, institutional players took advantage of the circumstance. Investors Flood Bitcoin Institutions reportedly invested $300 Million into exchange-traded Bitcoin funds last week, according to reports. According to CoinShares, the previous week recorded record weekly crypto inflows for the year 2022. The net weekly inflows were $274 million in the previous week. While North American investors pumped $312 million into cryptocurrency last week, European investors saw a $38 million net outflow. According to the CoinShares report: Investors saw the recent UST stable coin de-peg and its associated broad sell-off as a buying opportunity. Bitcoin was the primary benefactor, with inflows totalling US$299m last week, suggesting investors were flocking to the relative safety of the largest digital asset. CoinShares’ head of research, James Butterfill, expressed amazement at the unprecedented volume of bullish investments in Bitcoin funds despite increased market volatility. “It’s the highest weekly total since October 2021, and the 19th highest since records began in 2015,” he said. Source: Coinshares Bitcoin’s price peaked at $69,000 in November of last year, and it has since been on a steady decline, losing more than 50% of its value. The Bitcoin price has dropped by more than 20% since the beginning of May 2022. Related reading | Grayscale Met With The SEC, Tried To Convince Them To Turn The GBTC Into An ETF Would Price Surge? Bitcoin plummeted against the US dollar and hit the $29,000 support level. BTC must settle above the $30,500 resistance to begin a solid rise. Bitcoin dipped below $30,000 after failing to gain traction above $31,000. The price is currently trading above both the $30,000 and the 100 hourly simple moving averages. A break over a connecting negative trend line with resistance near $29,600 was seen on the hourly chart of the BTC/USD pair. The pair could acquire bullish momentum if it closes above the $30,500 resistance. Although the price dipped below $29,500, bulls were active near $29,000. The price has recovered losses after forming a low near $29,060. Above the $29,500 barrier, there was a clear upward movement. The price surpassed the 23.6 percent Fib retracement level of the latest drop from the swing high of $31,390 to the low of $29,060. There is immediate resistance near the $30,300 mark. It’s approaching the 50% Fib retracement level of the latest drop from the swing high of $31,390 to the low of $29,060. A solid close above $30,300 might pave the path for a large gain. BTC/USD trades slightly above $30k. Source: TradingView Around $31,400 is the next major resistance level. In the next sessions, a clear break over the $30,300 and $31,400 resistance levels could kick-start a new upswing. Near $32,500 could be the next big resistance level, after which the price could rise to $34,000. If bitcoin fails to break past the $31,400 barrier mark, it could fall further. On the downside, $29,600 provides immediate support. Around $29,000 is the first substantial support. If the price breaks and closes below the $29,000 support level, it might herald the start of a significant fall. Related reading | TA: Bitcoin Holds Key Support, Why BTC Must Clear This Resistance Featured image from iStockPhoto, Charts from TradingView.com

Crypto News

CoinEx CEO: Breaking Financial Shackles & Making Crypto Trading Easier

CoinEx, a crypto exchange that serves more than 3 million registered users in over 200 countries and regions, has adopted a new brand slogan — Making Crypto Trading Easier. We interviewed Mr. Haipo Yang, CoinEx’s founder and CEO, and discussed topics concerning CoinEx and the future development of the crypto industry. Q: What are the considerations behind CoinEx’s new slogan — Making Crypto Trading Easier? A: Today’s crypto market has entered a new stage in terms of technological progress, market scale, and user base. At its height, the total market cap of cryptocurrency approached $3 trillion. Meanwhile, surpassing Facebook, Bitcoin has become one of the 10 most valuable assets globally. Cryptocurrency is now an integral part of global assets, and crypto technologies are also influencing more industries and users. At the same time, many are daunted by crypto technologies. In their view, the market is reserved for geeks and professional investors only. Such a stereotype is not wholly unfounded — many trading platforms out there are indeed designed for professionals. They just keep introducing new functions and pile up all features and products without considering user capabilities, which discourages many newcomers. Picture this: An average user visits a crypto exchange to buy Bitcoin. However, swamped by derivatives like delivery contracts and European options, he has no idea how to buy Bitcoin at all. Are such platforms really designed for the general public? They think users might need this or that but ignore the most important fact that for most users, it is not that easy to complete the very first crypto trade. Decentralized crypto technologies are created to serve the public in the first place. All crypto users deserve respect —not only just the professional, but also retail investors, deserve access to the crypto industry. The dismissal of beginners and retail users goes counter to the crypto sector’s original mission, which is to break the financial monopoly. As such, we work to remove users’ misgivings about the crypto industry and break financial shackles. We want to deliver a message that crypto trading is a level playing field and that finance is by no means the privilege of certain groups of people. We will build a bridge that connects users with the crypto space. As a gateway to the crypto market, CoinEx helps users complete each crypto transaction with ease. Q: The slogan upgrade of CoinEx involves strategic adjustments in terms of branding, product and technology. Could you shed light on the future vision and strategic plans of CoinEx? A: CoinEx will “make crypto trading easier” through product, token listing, and user services. First of all, when it comes to products, we exercise restraint and never pile functions upon functions. Instead, CoinEx promises to offer sufficient and satisfying functions. Unlike many exchanges that offer an excessive number of redundant functions, CoinEx pursues “EASIER”. This does not mean that there are fewer things you can do on CoinEx. On the contrary, we aim to turn sophistication into simplicity by building products that meet real demands. In addition, we also attach great importance to token-listing. CoinMarketCap shows nearly 20,000 types of crypto assets globally. However, many of them come with great risks. As we can see today, most trading platforms suffer from either a lack of diversity or garbage assets. This is why our research team spends plenty of time screening the cryptos available in the market. To a certain extent, CoinEx saves users the trouble of risk filtering, allowing them to invest easily in assets minimizing users’ workload. Last but not least, CoinEx emphasizes user service. Here at CoinEx, we offer professional, efficient and considerate user services. When beginners are confused with crypto-related products, which is frequently the case, they can always turn to our intuitive beginner guides, all-encompassing help documents and humanitarian user support. CoinEx respects each ordinary user via first-rate services. Q: Compared with the past, many professional investors like VC firms, hedge funds, and asset managers have joined the crypto market. Will this lift up the investment threshold of the crypto space? Do retail investors still have a chance in such a market? A: Professional investors and retail investors are not in an antithesis relation. The fact that more investors have joined the industry comes as a recognition of the market and injects more liquidity into the crypto space. It is natural that an established market will attract various investors, but that does not mean there are no opportunities for retail investors. Here, we can compare the crypto market with conventional financial markets. In a conventional financial market, large investment banks are inherently centralized. A company needs to go through a complicated process before it can go public. As such, stocks can only be issued via big institutions, while primary markets are exclusive to professional investors. Retail investors, on the other hand, are kept out of this process. Such a centralized monopoly incurs expensive costs and creates a high threshold. Essentially, stock issuance offers funds to project teams and creates investment opportunities for investors. Meanwhile, intermediary players like investment banks and VC firms do not improve capital efficiency. Blockchain and crypto technologies have brought a new decentralized solution that allows retail investors to directly participate in primary markets through IDO and IEO, thereby breaking the monopoly of professional investors. Over the past few years, we have seen many new attempts in the crypto industry, covering DeFi, meme and Play-to-Earn. Many of these new categories are neither created by professional traders, nor are designed for big institutions. The crypto sector is now accessible to all, which means that every investor has the opportunity to profit from cryptos. Q: During the last two years of rapid growth, CoinEx has always prioritized user experiences and user demands. How do you put “EASIER” into practice during constant product iterations? In the future, what are your priorities for streamlining the trading experience? A: We have been focusing on mechanisms, interaction, and content-guided when upgrading CoinEx products. Users use a product to meet their intended goals. As such, “EASIER” means that we should help users meet such goals as quickly as possible. As for product mechanisms, we hope that users can meet their goals via the simplest operations. For instance, Swap, a new feature recently launched by CoinEx, helps users meet one simple goal, which is to swap one type of cryptocurrency for another. Unlike other swap products that often ask users to account for complicated terms such as slippage, market price, and limit price, CoinEx Swap is backed by a set of independently developed smart algorithms, which only requires users to enter the target cryptos and the swap amount, and everything else will be handled by CoinEx. With Swap, users benefit from fast conversions at excellent prices. Other than mechanisms, we also value interaction, which covers webpage interaction and visual guides. Instead of stacking up all the functions and information on one page, CoinEx strives for simple content that allows users to spot the function they need at the first glance. Moreover, we will keep improving our text introductions and product descriptions in content guidelines, helping all users get started with CoinEx right away through simple, intuitive expressions. During the interview, Haipo Yang also mentioned that the improvement of user experiences is a never-ending process. According to him, product development requires unremitting efforts. CoinEx insists that crypto assets should be made available to the general public. It aims to “break financial shackles” and strive for “EASIER” with user-centered design (UCD) or user-driven development (UDD) by improving its products. We have every reason to believe that driven by CoinEx’s efforts, the crypto trading sector will provide new opportunities for more retail investors.  

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EU Parliament Pushes For Restriction Of Services From Crypto Firms Operating From Tax Haven Countries

EU Is Set To Vote On Whether Or Not It Intends To Ban Bitcoin And Ethereum

For most lawmakers, the crypto markets are uncharted territories, and as such, it is not surprising that they often choose to err on the side of caution. Consequently, The journey to comprehensive crypto regulation has been a bumpy ride. New information has revealed that the European Commission has reservations against a ban on crypto firms […]