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

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Crypto Strategist Predicts Big Bounces for Bitcoin and One Ethereum Rival – Here Are His Targets

The crypto analyst who called the end of the crypto bull market is now predicting big bounces for Bitcoin (BTC) and Ethereum (ETH) challenger Solana (SOL). Popular crypto strategist Pentoshi tells his 612,000 Twitter followers that after nearly a year, he’s no longer extremely bearish on Bitcoin. “Hard to switch bias after being a doomer […]

The post Crypto Strategist Predicts Big Bounces for Bitcoin and One Ethereum Rival – Here Are His Targets appeared first on The Daily Hodl.

Bitcoin

Veritaseum Sued Coinbase Over Patent Infringement, Seeks $350 M For Settlement

Coinbase gets into trouble with another lawsuit of patent infringement, among its other legal issues. A blockchain-based fintech software company in New York, Varitaseum Capital LLC, sued the crypto exchange for infringing its patent transfer technology for several exchange services. Reggie Middleton, the founder of Veritaseum, filed the patent infringement case against Coinbase in Delaware […]

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Ripple Defendants File Motion to Block SEC From Delaying its Response to Amici Curiae Briefs

SEC Clinches Victory Judge Orders Ripple To Produce Video And Audio Recordings Of Its Internal Meetings

In another twist of the legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the U.S. blockchain company has filed a motion objecting to the SEC’s suggestion that it will need more time or pages to respond to briefs submitted by amici curiae.  The latest dispute is arising from a motion filed […]

Crypto News

Maker DAO Shows Bullish Sentiment After A While, Eyes $800?

MKR trades below 50 and 200 EMA on the daily timeframe.  Price breaks out of a falling wedge with eyes set on key resistance of $800. The price looks strong on low and high timeframes. Maker DAO (MKR) price has had a rough time recently as price beaks out of falling wedge on the daily timeframe against tether (USDT). Despite being a major player in the crypto industry, the price of Maker DAO (MKR) has struggled to replicate its run to a high of $8,000. (Data from Binance) Related Reading: Sandbox Struggles In A Bear Market, How Low Can Price Go? Maker DAO (MKR) Price Analysis On The Weekly Chart  The price of MKR has had a fantastic run, with such movement from a low of $750 to a high of $8,000 in a matter of weeks, creating a sense of surrealism in the hearts of traders and major crypto players. Despite such a run, the bear market has had an impact on MKR’s price, which has fallen from $8,000 to $600, a drop of more than 70% from its all-time high. The price of MKR rallied from its weekly low of $600 to a high of $1,100 before failing to break above that region to higher heights and falling to a low of $650. MKR’s price must break and close above $1,100 in order to have a better chance of trading higher. The price of MKR has formed a downtrend line, which is acting as resistance; flipping the area of $1,100, which is acting as weekly resistance, into support will signal a more relief bounce for the price of MKR. If the price of MKR fails to break through this key resistance region, the price of MKR may retest the $600 support and demand zone for more buy orders. Weekly resistance for the price of MKR – $1,100 Weekly support for the price of MKR – $650. Price Analysis Of MKR On The Daily (1D) Chart The daily timeframe for MKR prices looks promising, as prices broke out of a falling wedge, indicating a shift from a downtrend to an uptrend. With this volume from MKR prices, we could see them retest their daily resistance of $800. On the 1D timeframe, MKR is currently trading at $681, below the 50 and 200 Exponential Moving Averages (EMA), which act as resistance. The resistance levels of the 50 and 200 EMAs are represented by the prices of $790 and $1,200, respectively. The price of MKR needs to flip the $1,000 resistance into support to signal a relief bounce as the price of MKR has kept trading at its daily low. The Relative Strength Index (RSI) for MKR is above 40 on the daily chart, indicating low buy order volume.  Daily resistance for the MKR price – $800. Daily support for the MKR price – $600. Related Reading: U.S. Federal Reserve Set To Hike Rates Above 400 BPs – How Will Crypto Market React? Featured Image From Market Periodical, Charts From Tradingview

Crypto News

Sandbox Struggles In A Bear Market, How Low Can Price Go?

SAND trades below 50 and 200 EMA on the daily timeframe.  Price continues to range with little or no volume despite having strong fundamentals. A break above $1 could trigger a relief rally for SAND price. Sandbox (SAND) price has had a rough time recently as price ranges in a daily timeframe channel against tether (USDT). Despite having good fundamentals with so much backing from top investors and partnerships, the price of Sandbox (SAND) has struggled to replicate its run to a high of $8. (Data from Binance) Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why Sandbox (SAND) Price Analysis On The Weekly Chart  The price of SAND has had difficult moments, with such movement from a low of $0.5 to a high of $8 in a few weeks, creating euphoria in the hearts of traders and major crypto players. Despite being backed by strong investors and partnerships, the bear market has impacted the price of SAND, which has dropped from $8 to $1, a drop of more than 70% from its all-time high. SAND’s price showed great strength as it rallied from its weekly low of $1 to a high of $1.5 before failing to break above that region to higher heights. The price of SAND has remained range-bound, unable to break above a weekly resistance of $1.5 to trend higher to the $2 region. To have a better chance of trading higher, the price of SAND must break and close above $1.5. The price of SAND has formed a downtrend line, acting as resistance; flipping the area of $1.5, which is acting as weekly resistance, into support will signal a more relief bounce for the price of SAND. If the price of SAND fails to break through this key resistance region, we may see the price of SAND range within this channel or retest the $0.6 and lower support and demand zone for more buy orders. Weekly resistance for the price of SAND – $1.5 Weekly support for the price of SAND – $0.6-$0.5. Price Analysis Of SAND On The Daily (1D) Chart The daily timeframe for SAND prices remains in a range channel, with prices unable to break out due to low volume. After being rejected from a high of $1.5, the price continued in a range in a channel, with eyes set on flipping the $1.5 rejection area, where SAND prices have tested several times. The price of SAND is currently trading at $0.92 on the 1D timeframe, below the 50 and 200 Exponential Moving Averages (EMA), which act as resistance. The prices of $1 and $1.6 correspond to the 50 and 200 EMA resistance levels, respectively. The price of SAND needs to flip the $1 resistance into support to signal a relief bounce as the price of SAND has kept trading at its low since the major rally. Daily resistance for the SAND price – $1-$1.6. Daily support for the SAND price – $0.6. Related Reading: U.S Federal Reserve Set To Hike Rates Above 400 BPs – How Will Crypto Market React? Featured Image From Breakingnews, Charts From Tradingview

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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

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U.S. Federal Reserve Set To Hike Rates Above 400 BPs – How Will Crypto Market React?

The United States Federal Reserve is tightening, and interest rates hike has heavily impacted on the crypto market. Earlier this month, Bloomberg Analyst Mike McGlone McGlone said Bitcoin would outperform traditional stocks as interest rates hike. However, to this point, Bitcoin does not seem to follow Bloomberg’s predicted trend. As a matter of fact, despite Bloomberg’s bullish standpoint, Bitcoin and other cryptocurrencies are still in a crash. For example, BTC and ETH dropped by 2% after the Fed’s announcement and bounced back. BTC is currently trading below $19,000. The Fed’s Federal Open Market Committee (FOMC) manages the economy during inflation and recession by controlling the money supply in the country. The Fed maintains the money supply via quantitative tightening and easing of reserves. As a result, a rise in interest rates triggers volatility in the market. Related Reading: Prepare For Volatility: Data Suggests Bitcoin Gets Chaotic During FOMC Meetings Inflation Would Drop To 2% By 2025, Says Federal Reserve The Federal Reserve revealed its plans to tackle inflation at Thursday’s FOMC. The Fed 75bps interest rate hike is just the tip of the iceberg as it plans to raise the rates as high as 400bps by the end of 2022. In August, the CPI indicated 8.3% YoY inflation, but the Federal Reserve forecasts inflation to come down to 2% by 2025. The Fed Reserve plans to bring inflation down to 5.4% by 2022 and 2.8% by 2023. Reports show that Fed raised this year’s interest benchmark by four times. The current rates are between 2.25% to 2.50%. From the CNBN Fed Survey for September, Fed’s interest hike would remain at the peak rate for 11 months. John Ryding, the Chief economic advisor at Brean Capital, commented in response to the survey. Ryding said the Fed has finally realized the inflation problem is critical. He thinks the Fed’s monetary tightening rate is a ‘positive real policy rate.’ The economist advises Fed to increase the current rate by 5%. The survey reported that among 35 survey respondents, some economists, strategists, and fund managers think Fed might overdo its tightening. Recession Would Hit Global Economy – World Bank The World Bank says recession would hit the global economy because of the war-like monetary policies of the world economy. Svan Henrich, the founder of Northman Trader, thinks interest rates would depend on recession than inflation in the next year. He thinks Jerome Powell, Chairman of the Fed Reserve, emulates Paul Volcker. Henrich further advised Powel to pivot before hitting the 40bps rates target. Paul Volcker is the former Chairman of the U.S Fed Reserves. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? Jerome refused to say much about the recession, saying he didn’t know the depth or when the recession would occur. Meanwhile, Fed dismissed all speculations of recession. Everyone awaits the release of the following inflation data in the Consumer Protection Index for September. In addition, the next Federal Open Market Meeting will take place on November 2. Featured image from Pixabay, charts TradingView.com

Crypto News

Ethereum Protects $1,200 with Blood, Will This Region Hold?

ETH price holds above $1,200 as bulls don’t want to let go of a price below key support  Price continues to trade below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe.  ETH price bounced on the four-hourly chart after a bullish divergence appeared. The price of Ethereum (ETH) has shown less bullish sentiment after its much anticipated “Ethereum Merge.” Ethereum saw its price plummet against tether (USDT) following the Federal Open Market Committee news (FOMC). The Federal Reserve raised its target interest rate by 75 bps, negatively affecting the price of ETH. (Data from Binance) Related Reading: Why “Low” Capitulation Might Hint At More Pain For The Bitcoin Price Ethereum (ETH) Price Analysis On The Weekly Chart  The price of ETH continues to struggle to keep its head afloat after seeing the weekly candle closing bearish, with the new week looking more bearish ahead of the expected FOMC meeting.  ETH price tried showing some relief bounce ahead of the new week as price moved to a region of $1,370, but this bounce was cut short as the news of an increased rate hike harmed the price seeing the price of ETH to a weekly low of $1,250 before bouncing off that region as price reclaimed $1,300.  The price of ETH needs to move to a high of $1,500 to remain safe from falling lower to its crucial support. If the price of ETH continues with this structure, we could see the price of ETH breaking the support of $1,200 and going lower to a region of $1,024, where there is more demand for ETH price. The price of ETH is currently faced with resistance to breaking above $1,324; If ETH fails to break and hold above this support zone, we could see the price going lower to its $1,200 key support and lower if this support fails to hold off sell orders.  Weekly resistance for the price of ETH – $1,324. Weekly support for the price of ETH – $1,200. Price Analysis Of ETH On The Four-Hourly (4H) Chart The 4H timeframe for ETH prices continues to move in range as price retested a low of $1,250; the price of ETH bounced from this region after forming a bullish divergence as price rallied to a high of $1,320 before facing resistance to breaking higher.  The price of ETH needs to reclaim $1,400 for a chance to trend higher. On the 4H timeframe, the price of ETH is currently trading at $1,310, just below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for ETH price. The price of $1,400 and $1,540 corresponds to the resistance at 50 and 200 EMA for the price of ETH. The price of ETH needs to reclaim 50 EMA for a chance to trend to $1,500. The Relative Strength Index of ETH is below 50, indicating fewer buy orders. Four-hourly resistance for the ETH price – $1,400. Four-hourly support for the ETH price – $1,200. Related Reading: Algorand Price Moves Against The Tide, ALGO Rises 22% In One Week Featured Image From Istock, Charts From Tradingview

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Why “Low” Capitulation Might Hint At More Pain For The Bitcoin Price

The Bitcoin price is stuck in a tight range following yesterday’s U.S. Federal Reserve (Fed) announcement on monetary policy. Macro forces have taken over global markets increasing the correlation across all asset classes. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? For a deep dive into how the Fed 75 basis point hike affected the Bitcoin price, and a look into the crypto market’s internal dynamics, check out the analysis from our Editorial Director Tony Spilotro. Link below: At the time of writing, the Bitcoin price trades at $18,900 with a 2% and 7% loss in the last 24 hours and 7 days, respectively. The entire crypto top ten by market cap is recording losses on similar time periods with the exception of XRP which continues to trend to the upside with a 29% gain over the past week. Why The Bitcoin Price Needs To See More Capitulation As NewsBTC reported yesterday, the crypto market has completed every major price catalyzer in the short term with the Ethereum “Merge”. Now, the market is moving in tandem with macroeconomic factors and with traditional markets. This might provide room for a relief rally or for more downside if major financial indexes trend in one direction or the other. According to Jurrien Timmer, Director of Macro for investment firm Fidelity, there has been “little capitulation” for the S&P 500. Despite the fact that the equity index has been on a downtrend since reaching an all-time high at 4,819 into its current levels at 3,837, Timmer believes the market has been resilient and might need to see more capitulation before forming a bottom. Via Twitter, the expert said the following sharing the chart below: It’s surprising how little capitulation there has been in the market. Yes, the sentiment surveys are all negative, but actual flows have not been. This seems consistent with the lack of volatility in the market (…). The above coincides with analyst Dylan LeClair look into previous Bitcoin cycles. The analyst believes BTC forms a bottom following a “final capitulation” of the mining sector. This event might lead to a crash in the network hashrate, which is yet to be seen. LeClair said: I believe with macroeconomic conditions as the catalyst, something similar will repeat. We’re not there yet. Will Bitcoin Re-Test Its 2020 Lows? But how low can the Bitcoin price and the crypto market crash? The benchmark cryptocurrency is already trading 80% lower than its all-time high, $69,000. This has historically marked a bottom for BTC’s price and has formed a barrier against further downside. In that sense, rather than a fresh leg down, the cryptocurrency might see more sideways movement across 2022 as the Fed continues to hike interest rates and traditional markets trend to the downside. This thesis might be supported by a potential downside pressure for the U.S. dollar (DXY). Related Reading: Bitcoin Taps $18,100, Why This Is Dangerous For The Market? The currency has been trending higher, moving opposite to the Bitcoin price and risk-on assets, but seems to be at a critical resistance area. This might provide the crypto market with room for a relief rally. As seen in the chart below, the DXY Index could be above to see a spike in selling pressure.

Crypto News

Bitcoin Taps $18,100, Why This Is Dangerous For The Market?

BTC price tabs $18,100 for the second time as price respect weekly downtrend.  Price continues to trade below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe.  BTC price bounced on the four-hourly chart after a bullish divergence appeared. The price of Bitcoin (BTC) has had a rough week against tether (USDT) as the price plummeted following the Federal Open Market Committee news (FOMC). Following the news that the Federal Reserve raised its target interest rate by 75 bps, the price of Bitcoin (BTC) fell from $19,700 to a region of $18,100. (Data from Binance) Related Reading: Solana Price Continues To Trade Laterally With Signs Of Further Depreciation Bitcoin (BTC) Price Analysis On The Weekly Chart  The price of BTC continues to struggle to keep its head afloat after seeing the weekly candle closing bearish, with the new week looking more bearish ahead of the expected FOMC meeting.  BTC price tried showing some relief bounce ahead of the new week as price moved to a region of $19,500, but this bounce was cut short as the news of an increased rate hike harmed the price seeing the price of BTC drop to previous all-time high causing worry as this has been a strong support zone for the price of BTC. If the price of BTC continues to tap this region of $18,100, it will weaken the support, and we would likely revisit lower support areas of $17,500-$16,000, acting as high-demand zones. For BTC’s price to restore its bullish move, the price needs to break and hold above $24,000 as the price has continued to respect the downtrend resistance on the weekly chart preventing the price of BTC from trending higher since falling from its all-time high.  The price of BTC is currently faced with resistance to breaking above $19,500; If the price of BTC fails to break and hold above this support zone, we could see the price going lower to its $18,100 support and lower if this support fails to hold off sell orders.  Weekly resistance for the price of BTC – $19,500. Weekly support for the price of BTC – $18,000-17,500. Price Analysis Of BTC On The Daily (1D) Chart The daily timeframe for BTC prices continues to move in range in an asymmetric triangle; the price of BTC needs to break out of this range with good volume for the price to trend to a high of $20,800.  On the daily timeframe, the price of BTC is currently trading at $18,900 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for BTC price. The price of $20,800 and $28,000 corresponds to the resistance at 50 and 200 EMA for the price of BTC. The price of BTC needs to reclaim 50 EMA for a chance to trend to $22,000. Daily resistance for the BTC price – $20,800. Daily support for the BTC price – $18,100. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? Featured Image From Quit falling, Charts From Tradingview