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Cardano (ADA) Founder Charles Hoskinson Addresses Congress, Argues for Real-World Uses of Crypto and Blockchain

Cardano (ADA) founder Charles Hoskinson is addressing Congress in an attempt to detail the real-world use cases of crypto assets. In a prepared testimony to Congress on the topic of digital asset regulation, Hoskinson says blockchain technology helps marketplaces thrive due to its decentralized and permissionless nature. “Distributed ledgers (i.e., blockchains) store information that needs […]

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ECB’s Christine Lagarde Proposes A MiCA 2.0 To Cover Bitcoin, Staking, And Lending

$2.2 Trillion Asset Manager Buys Stake In MicroStrategy, Gains Indirect Exposure To Bitcoin

President of the European Central Bank, Christine Lagarde, speaking with the European Parliament on Monday, has called on Lawmakers to start working on fresh crypto regulations to cover DeFi and Bitcoin as she fears that crypto will eventually grow to the point where it becomes a financial stability risk. While congratulating the parliament on its […]

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Bitcoin Regains Some Luster With 15% Rally To $21,700 – Can It Maintain The Shine?

Bitcoin could be up with some positive vibe in the coming days. Following last week’s calamitous meltdown that chopped more than 30 percent off the value of prominent cryptocurrencies, including Bitcoin, the broader crypto markets have made a modest comeback. After a sharp decline, Bitcoin’s price has stabilized at $17K, which is a far cry from its all-time peak in November of last year. According to experts, this price range is a crucial support zone for the cryptocurrency. Sunday’s Coingecko statistics indicates that Bitcoin (BTC) has increased by more than 14% over the past week, trading at $21,700 at the time of writing. Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors Bitcoin Gets Some Good Dose Of Optimism Bitcoin rose beyond the top limit of its trading range on Friday as optimism settled back into the expectations of traders. Since Wednesday, when it dipped below $20,000, the BTC/USD pair has risen, while U.S. markets have cooled ahead of the weekend. Earlier this month, the leading cryptocurrency by market capitalization plummeted below $17,600 due to severe selling pressure. According to CoinGecko data, Bitcoin plunged by as much as 69% from its record high. Bitcoin’s mining difficulty achieved its second-largest decline for 2022 on Thursday. Bitcoin’s slump has paused after a quick decline from $32,000 following the breakout of a bearish flag. The $17K-$20K region of the coin’s ATH is providing stable foundation, resulting in a price rebound towards the $24K and possibly the $30K level of major resistance. BTC total market cap at $409 billion on the weekend chart | Source: TradingView.com In the meantime, Bitcoin’s focus on Sunday was $21,000 despite warnings that volatility might still shake the market before Monday. BTC/USD Trading In A Higher Range After U.S. stocks finished the week on a good note, TradingView data suggested that BTC/USD was trading in a generally higher range. As highlighted by market observer Holger Zschaepitz, the S&P 500 completed its second best week of 2022, indicating a minor improvement in risk assets. The supply of Bitcoin is capped at 21 million coins. However, the overall supply of Bitcoin is little more than 19 million, with 2 million remaining to be mined. Suggested Reading | Storj (STORJ) – A Relatively Unheard Crypto – Leads Gainers With 30% Rally Bitcoin’s institutional acceptance is increasing, and more institutions are seeking to add Bitcoin exposure to their balance sheets. This indicates that supplies will become more constrained in the future. According to the central bank’s chairman, the Federal Reserve is keeping a careful eye on the cryptocurrency industry but is not concerned. Fed Chairman Jerome Powell stated before a Senate committee that the central bank does not see any “macroeconomic repercussions” from Bitcoin and the larger crypto market’s dramatic price swings, but that stronger regulation is still necessary. Featured image from Watcher Guru, chart from TradingView.com

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Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning?

The crypto market just saw some slight recovery, but the performances are upside down. Opposite to the way sellouts usually play out, the Bitcoin dominance dropped dramatically as the asset is underperforming the Small Cap index. From last November’s $3 trillion market cap, the crypto market is now down to around $800 billion: Smaller Altcoins Make A Strong Comeback Last week the crypto market saw its bottom, followed now by some slight recovery. As per Arcane Research’s latest weekly report, the smaller altcoins have also been seeing red numbers with the Small Cap index shedding 27%, but it has been the best performer overall. In contrast, Bitcoin had dropped 35%. Through this small window of relief during June, we have seen the blue-chip coin underperform all other indexes. As a result, BTC’s dominance in the market fell -1,51% this week to 43,5% while Ether fell -0,31. The latter has been declining since May from 19.5% to 15%. What’s Making This Crypto Winter Colder The report notes that the primary driver of this crypto crash has been the hedge fund Three Arrow Capital (3AC) collapse. Having invested over $200 million in Luna Foundation Guard’s token sale, 3AC’s liquidity ended up being wiped out and its margin call was the last straw for the already pressured market. Related Reading | How Long Will The CryptoWinter Last? Cardano Founder Provides Answers As per the Wall Street Journal, the crypto hedge fund hired legal and financial advisers to help work out a solution for its investors and lenders. The firm is looking for a way out, “including asset sales and a rescue by another firm”. The prognostic is not very positive at the moment, seeing the wave of liquidations and mitigations of losses by crypto exchanges that have followed the collapse. “We were not the first to get hit…This has been all part of the same contagion that has affected many other firms,” Kyle Davies, 3AC’s co-founder, said in an interview. Arcane Research explained that “In periods of insolvency, creditors unwind the most liquid assets first, which is likely the root cause of BTC and ETH’s relative underperformance in the last week.” The report adds that “illiquid altcoins are more challenging to sell at size, particularly during pressuring times, which explains why smaller coins have experienced less excessive selling pressure in the last week”. Meanwhile, Microstrategy CEO Michael Saylor described the events around this winter as a “parade of horribles” in which the consequences of lack of regulation in the crypto field have made it possible for wash trading and cross-collateralized altcoins to weigh down on Bitcoin. “What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin.” “The general public shouldn’t be buying unregistered securities from wildcat bankers that may or may not be there next Thursday,” Saylor added, slamming at the recent collapses and suggesting that future actions by regulators could prevent the level of volatility that BTC is now experiencing. Related Reading | Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse

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delta.theta: new multi-chain P2P options exchange goes live

Today, the team of delta.theta revealed the official launch of its regulated P2P crypto options exchange. Via partnering with regulated broker Just2trade, the delta.theta platform is able to ensure KYC/AML processes, followed by gaining access to the P2P crypto trading platform. In the newly-launched hybrid DEX platform, individuals will be able to buy and sell […]

The post delta.theta: new multi-chain P2P options exchange goes live appeared first on CryptoNinjas.

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Cardano Founder Charles Hoskinson Comments on XRP Lawsuit, Calls It ‘Regulation Through Enforcement’

Cardano (ADA) founder Charles Hoskinson doesn’t think highly of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple. The SEC sued Ripple in late 2020, alleging the payments firm sold XRP as an unregistered security. In a new interview with BitBoy Crypto, Hoskinson says regulators shouldn’t operate on a case-by-case basis, which he says […]

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