Bitcoin, Ethereum Technical Analysis: BTC Back Above $40,000 as Bulls Re-Enter
After falling to multi-week lows to start the week, BTC rebounded back above the $40,000 level on Tuesday. Today’s surge in price comes as ETH also rallied, climbing beyond the $3,000 point for the first time in three days.
Following a disappointing start to the week, bitcoin saw its price rebound during Tuesday’s session, as bulls returned to action.
Monday saw BTC fall to a bottom of $38,708.50, which was its lowest point since mid-March, however it has since regained momentum.
This momentum has seen BTC/USD rally to an intraday high of $40,713.89 earlier today, after prices re-entered long-term support of $39,500.
Today’s surge, which sees prices of the world’s largest cryptocurrency up nearly 5%, has somewhat eased, as early entrants likely have chosen to secure gains.
Looking at the chart, the closing of these positions comes just as prices approached the long-term ceiling of $40,835, which has often been a point of contention.
Relative strength remains oversold despite today’s gains, which may turn out to be a positive for bulls looking to spark a resurgence.
Speaking of resurgences, ETH saw its price recapture the $3,000 level for the first time since Saturday, following recent losses.
As of writing, ETH/USD is up 4.6% after a rally which saw it rise to an intraday high of $3,026.42 earlier today.
Today’s peak comes less than 24 hours after prices were trading at a bottom of $2,851.25, which was the lowest ETH had hit since March 18.
This recent decline in price pushed the 14-day RSI near its own floor of 44.20, however bulls have managed to prevent any further weakness, and in turn used this as an opportune time to show strength.
Looking at the chart, the 14-day RSI is now tracking above 45, and should this head toward 50, we will likely see ETH trading above $3,100.
Moving averages are now tracking sideways, which could be the sign of consolidation, however bullish prospects will be increased should an upward crossover occur.
After falling to multi-week lows to start the week, BTC rebounded back above the $40,000 level on Tuesday. Today’s surge in price comes as ETH also rallied, climbing beyond the $3,000 point for the first time in three days.
Following a disappointing start to the week, bitcoin saw its price rebound during Tuesday’s session, as bulls returned to action.
Monday saw BTC fall to a bottom of $38,708.50, which was its lowest point since mid-March, however it has since regained momentum.
This momentum has seen BTC/USD rally to an intraday high of $40,713.89 earlier today, after prices re-entered long-term support of $39,500.
Today’s surge, which sees prices of the world’s largest cryptocurrency up nearly 5%, has somewhat eased, as early entrants likely have chosen to secure gains.
Looking at the chart, the closing of these positions comes just as prices approached the long-term ceiling of $40,835, which has often been a point of contention.
Relative strength remains oversold despite today’s gains, which may turn out to be a positive for bulls looking to spark a resurgence.
Speaking of resurgences, ETH saw its price recapture the $3,000 level for the first time since Saturday, following recent losses.
As of writing, ETH/USD is up 4.6% after a rally which saw it rise to an intraday high of $3,026.42 earlier today.
Today’s peak comes less than 24 hours after prices were trading at a bottom of $2,851.25, which was the lowest ETH had hit since March 18.
This recent decline in price pushed the 14-day RSI near its own floor of 44.20, however bulls have managed to prevent any further weakness, and in turn used this as an opportune time to show strength.
Looking at the chart, the 14-day RSI is now tracking above 45, and should this head toward 50, we will likely see ETH trading above $3,100.
Moving averages are now tracking sideways, which could be the sign of consolidation, however bullish prospects will be increased should an upward crossover occur.
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KunciCoin keeps on pushing their way to succeed And getting listed in HOTCOIN GLOBAL and 3 big Exchanges
World class musicians and artists like Band Ifan Seventeen releasing their Music and arts regularly on
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They are verified on
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Digital Yuan Giveaway: Shenzhen Residents to Receive 15 Million Yuan in Digital Currency
The Chinese government is giving away 15 million yuan in central bank digital currency (CBDC) to 130,000 residents of Shenzhen this Friday. The digital yuan can be used at nearly 5,000 stores with no minimum purchase required.
China’s central bank, the People’s Bank of China (PBOC), continues to test its central bank digital currency (CBDC) with another digital yuan giveaway.
The government of Shenzhen’s Futian district has announced that 15 million yuan ($2.27 million) in digital RMB (e-CNY) will be given to local residents Friday, Global Times reported. It will be divided into 130,000 red packets and given away by raffle via Wechat payment.
Consumers can spend the red packets at nearly 5,000 stores in the district with no minimum purchase required, the publication conveyed, adding that this is the first time that the issuance of digital yuan includes all eight pilot banks and a range of sectors including restaurants and supermarkets.
This is not the first time that the Chinese government is giving away digital yuan in Shenzhen, which is one of the first pilot cities for the e-CNY. In October 2020, the government gave away 10 million digital yuan to Shenzhen residents. At that time, the red packets could only be used at 3,389 designated stores in the Luohu district.
Earlier this month, China’s central bank added more cities to test its digital currency.
Besides Shenzhen, the digital yuan is also being tested in Shanghai, Suzhou, Xiong’an, Chengdu, Hainan, Changsha, Xi’an, Qingdao, Dalian, Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and six cities in the Zhejiang province that will host the 2022 Asian Games in September. The six cities are Hangzhou, Ningbo, Wenzhou, Shaoxing, Jinhua, and Huzhou.
According to the latest data from the Chinese central bank, the digital yuan had 261 million unique users at the end of 2021. In addition, transactions worth more than 87.5 billion yuan ($13.8 billion) have been made using e-CNY.
The Chinese government is giving away 15 million yuan in central bank digital currency (CBDC) to 130,000 residents of Shenzhen this Friday. The digital yuan can be used at nearly 5,000 stores with no minimum purchase required.
China’s central bank, the People’s Bank of China (PBOC), continues to test its central bank digital currency (CBDC) with another digital yuan giveaway.
The government of Shenzhen’s Futian district has announced that 15 million yuan ($2.27 million) in digital RMB (e-CNY) will be given to local residents Friday, Global Times reported. It will be divided into 130,000 red packets and given away by raffle via Wechat payment.
Consumers can spend the red packets at nearly 5,000 stores in the district with no minimum purchase required, the publication conveyed, adding that this is the first time that the issuance of digital yuan includes all eight pilot banks and a range of sectors including restaurants and supermarkets.
This is not the first time that the Chinese government is giving away digital yuan in Shenzhen, which is one of the first pilot cities for the e-CNY. In October 2020, the government gave away 10 million digital yuan to Shenzhen residents. At that time, the red packets could only be used at 3,389 designated stores in the Luohu district.
Earlier this month, China’s central bank added more cities to test its digital currency.
Besides Shenzhen, the digital yuan is also being tested in Shanghai, Suzhou, Xiong’an, Chengdu, Hainan, Changsha, Xi’an, Qingdao, Dalian, Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and six cities in the Zhejiang province that will host the 2022 Asian Games in September. The six cities are Hangzhou, Ningbo, Wenzhou, Shaoxing, Jinhua, and Huzhou.
According to the latest data from the Chinese central bank, the digital yuan had 261 million unique users at the end of 2021. In addition, transactions worth more than 87.5 billion yuan ($13.8 billion) have been made using e-CNY.
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Road2Moon Game NFT Holders get:
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✅ Passive income from using NFTs to farm native game token ISRM
✅ Level up system to boost farming income
NFTs will be released in 4 waves. First wave of ONLY 100 NFTs at 0.5 SOL starting April 2022 (Whitelist spots disappearing FAST!)‼️
🔥DROP COMPETITION🔥
Win 3 Whitelist spots for NFT Drops starting April 2022. Whitelist spots are released as NFTs and can be traded on Magic Eden Marketplace https://magiceden.io/marketplace/road_2_moon
Competition ending: 02/05/2022 at midnight CET
⚠️ How to WIN?
Enter Givelab competition HERE https://giv.gg/cryptoj
It is only required to join a telegram.
The rest are optional. Complete more steps for higher chances of the drop. Good luck.
Report: Nigerian Trio Allegedly Uses Money Laundering Proceeds to Buy Bitcoins Worth Over $43 Million
Three Nigerian nationals are accused of using money laundering proceeds to buy bitcoin worth over $43 million from cryptocurrency exchange platforms like Binance and Busha. The trio is accused of moving an equivalent of over $215 million from Nigeria to Kenya between October and November 2020.
The global law enforcement agency, Interpol is seeking to conclude a case where three Nigerian nationals are believed to have used money laundering proceeds to buy bitcoins worth over $43 million, a report has said. Three Kenyans including an unnamed powerful Kenyan politician are accused of having aided the Nigerian trio in their efforts to conceal the exact motive for moving the funds.
According to a report by the Kenyan publication, the Nation, a probe by Interpol found that the trio could have transferred over $215 million (25 billion Kenyan shillings) from Nigeria to Kenya between October and November 2020.
Once the funds were in Kenya, the three, Olubunmi Akinyemiju, Olufemi Olukunmi Demuren and Eghosasere Nehikhare, went on a bitcoin buying spree. During this buying spree, the trio is said to have acquired bitcoins that were at the time valued at $36,353,728 from the U.S. registered branch of Binance, one of the largest cryptocurrency exchanges by traded volumes. A further $7,246,582 was used to buy bitcoins on Busha, another cryptocurrency exchange.
After acquiring the bitcoins, the trio is believed to have distributed the cryptos to individual wallets as part of an attempt to make these untraceable, the report said. Still, the Kenyan publication said it could not ascertain the exact number of bitcoins the Nigerian trio had bought on the Kenyan crypto exchange Bitpesa and on Quidax.
The report said the Nigerian trio had managed to successfully move funds using the pretext they were “same company fund transfers.” However, the size of the funds transfers eventually aroused the interest of Interpol.
Following the Interpol investigation, Kenya’s Assets Recovery Agency (ARA) is reported to have obtained a court ruling which authorized it to freeze six bank accounts belonging to six companies that are linked to the alleged money launderers.
Meanwhile, the Nation report identified Pauline Wanjiru Wachira and Evalyne Wawira Gachoki as the two Kenyan citizens that may have aided the Nigerian trio to move the laundered funds.
Three Nigerian nationals are accused of using money laundering proceeds to buy bitcoin worth over $43 million from cryptocurrency exchange platforms like Binance and Busha. The trio is accused of moving an equivalent of over $215 million from Nigeria to Kenya between October and November 2020.
The global law enforcement agency, Interpol is seeking to conclude a case where three Nigerian nationals are believed to have used money laundering proceeds to buy bitcoins worth over $43 million, a report has said. Three Kenyans including an unnamed powerful Kenyan politician are accused of having aided the Nigerian trio in their efforts to conceal the exact motive for moving the funds.
According to a report by the Kenyan publication, the Nation, a probe by Interpol found that the trio could have transferred over $215 million (25 billion Kenyan shillings) from Nigeria to Kenya between October and November 2020.
Once the funds were in Kenya, the three, Olubunmi Akinyemiju, Olufemi Olukunmi Demuren and Eghosasere Nehikhare, went on a bitcoin buying spree. During this buying spree, the trio is said to have acquired bitcoins that were at the time valued at $36,353,728 from the U.S. registered branch of Binance, one of the largest cryptocurrency exchanges by traded volumes. A further $7,246,582 was used to buy bitcoins on Busha, another cryptocurrency exchange.
After acquiring the bitcoins, the trio is believed to have distributed the cryptos to individual wallets as part of an attempt to make these untraceable, the report said. Still, the Kenyan publication said it could not ascertain the exact number of bitcoins the Nigerian trio had bought on the Kenyan crypto exchange Bitpesa and on Quidax.
The report said the Nigerian trio had managed to successfully move funds using the pretext they were “same company fund transfers.” However, the size of the funds transfers eventually aroused the interest of Interpol.
Following the Interpol investigation, Kenya’s Assets Recovery Agency (ARA) is reported to have obtained a court ruling which authorized it to freeze six bank accounts belonging to six companies that are linked to the alleged money launderers.
Meanwhile, the Nation report identified Pauline Wanjiru Wachira and Evalyne Wawira Gachoki as the two Kenyan citizens that may have aided the Nigerian trio to move the laundered funds.
ECB Favors Transparency Over Privacy in Digital Euro Design, Presentation Reveals
The European Central Bank (ECB) leans toward a “transparent” digital euro over one that ensures a higher level of privacy for its users, a presentation devoted to the project has indicated. In the document, the monetary authority explores different privacy options for the eurozone’s digital fiat.
A presentation by the European Central Bank has thrown some light on the regulator’s “preliminary views” on the privacy-related features of the digital euro. It comes as the project to issue a central bank digital currency (CBDC) in the eurozone is still in its investigation phase.
Recognizing that maintaining control over their personal data and upholding privacy as a fundamental right is important for Europeans, the monetary authority nevertheless remarks that a shift towards digital payments implies less privacy by default. That’s despite the possibility to preserve some cash-like features in a digital version of the euro.
A report by the ECB highlighted privacy as a key concern for future users of the digital euro, but the bank now says that privacy needs to be assessed in the context of other EU policies. Among them, anti-money laundering (AML) and counter-financing of terrorism (CFT) efforts. Elaborating on the matter, the regulator states:
User anonymity is not a desirable feature, as this would make it impossible to control the amount in circulation and to prevent money laundering.
The European central bank further insists that the Eurosystem, which consists of the ECB and the central banks of the eurozone members, should have access to the digital euro transaction data in order to validate payments. Also, anonymized, aggregate data should be available for statistical and oversight purposes as well as to fight fraud and crime.
In the presentation, brought to the public’s attention by crypto venture advisor Patrick Hansen this week, the ECB lists three privacy options for the digital euro platform. The first one, which is referred to as the “currently applicable baseline scenario,” aims to ensure that personal and transaction data is transparent to intermediaries which need to comply with AML and CFT regulations.
The second approach would allow a higher degree of privacy for low-value payments and the last one envisages privacy for offline transfers, in which case low-value balances and amounts would not be known to financial intermediaries or authorities. The ECB admits that the latter two “desirable options” could be investigated together with European legislators.
The European Central Bank (ECB) leans toward a “transparent” digital euro over one that ensures a higher level of privacy for its users, a presentation devoted to the project has indicated. In the document, the monetary authority explores different privacy options for the eurozone’s digital fiat.
A presentation by the European Central Bank has thrown some light on the regulator’s “preliminary views” on the privacy-related features of the digital euro. It comes as the project to issue a central bank digital currency (CBDC) in the eurozone is still in its investigation phase.
Recognizing that maintaining control over their personal data and upholding privacy as a fundamental right is important for Europeans, the monetary authority nevertheless remarks that a shift towards digital payments implies less privacy by default. That’s despite the possibility to preserve some cash-like features in a digital version of the euro.
A report by the ECB highlighted privacy as a key concern for future users of the digital euro, but the bank now says that privacy needs to be assessed in the context of other EU policies. Among them, anti-money laundering (AML) and counter-financing of terrorism (CFT) efforts. Elaborating on the matter, the regulator states:
User anonymity is not a desirable feature, as this would make it impossible to control the amount in circulation and to prevent money laundering.
The European central bank further insists that the Eurosystem, which consists of the ECB and the central banks of the eurozone members, should have access to the digital euro transaction data in order to validate payments. Also, anonymized, aggregate data should be available for statistical and oversight purposes as well as to fight fraud and crime.
In the presentation, brought to the public’s attention by crypto venture advisor Patrick Hansen this week, the ECB lists three privacy options for the digital euro platform. The first one, which is referred to as the “currently applicable baseline scenario,” aims to ensure that personal and transaction data is transparent to intermediaries which need to comply with AML and CFT regulations.
The second approach would allow a higher degree of privacy for low-value payments and the last one envisages privacy for offline transfers, in which case low-value balances and amounts would not be known to financial intermediaries or authorities. The ECB admits that the latter two “desirable options” could be investigated together with European legislators.
Majority of Russia’s Financial Pyramids in Q1 Linked to Crypto, Scammers Exploit Sanctions Topic
Many of the financial pyramids identified in Russia during the first quarter of the year have been associated with cryptocurrencies, a top central bank official has revealed. Fraudsters are actively exploiting the hot topics of the day, including the sanctions theme.
Amid growing financial uncertainty, Ponzi schemes advertising opportunities to invest in digital assets are mushrooming in Russia. Of all financial pyramids detected by regulators in the first three months of 2022, well over half have used cryptocurrency as a lure.
“Schemes based on transfers using cryptocurrencies or investments in ‘digital instruments’ have received another impetus,” Valery Lyakh, director of Bank of Russia’s Department for Combating Unfair Practices told Tass news agency. More than 58% of the pyramids identified by Russian financial authorities in the first quarter of this year were linked to cryptocurrencies, Lyakh detailed.
As usual, the scammers take advantage of the trending topics in the news, the high-ranking representative of Russia’s monetary authority added. “Against the backdrop of financial uncertainties, calls to ‘save money’ in foreign jurisdictions, invest in a foreign project, in foreign securities are popular,” Lyakh elaborated.
Investment proposals like these have been made in the past but now fraudsters also exploit the sanctions imposed on Russia over its invasion of Ukraine, Valery Lyakh pointed out. They are talking about projects in countries that are not supporting the measures against Moscow and offers to circumvent restrictions on international payments have become the new trick to convince victims to send their money, he added.
The possibility of Russia employing cryptocurrencies to evade sanctions has raised concerns in the West but a recent report by Moody’s suggests that Moscow’s ability to avoid the penalties using digital assets is limited by the relatively small size of the crypto market and its low liquidity. The rating agency acknowledged, however, that small crypto transactions made by Russians have increased.
Crypto investment was the main theme of the notorious Finiko Ponzi scheme, Russia’s largest in recent years, which collapsed last summer after receiving over $1.5 billion worth of bitcoin between December 2019 and August 2021, according to Chainalysis. Russian law enforcement recently arrested six more members of Finiko involved in defrauding thousands of victims in Russia, other former-Soviet countries and around the world.
Many of the financial pyramids identified in Russia during the first quarter of the year have been associated with cryptocurrencies, a top central bank official has revealed. Fraudsters are actively exploiting the hot topics of the day, including the sanctions theme.
Amid growing financial uncertainty, Ponzi schemes advertising opportunities to invest in digital assets are mushrooming in Russia. Of all financial pyramids detected by regulators in the first three months of 2022, well over half have used cryptocurrency as a lure.
“Schemes based on transfers using cryptocurrencies or investments in ‘digital instruments’ have received another impetus,” Valery Lyakh, director of Bank of Russia’s Department for Combating Unfair Practices told Tass news agency. More than 58% of the pyramids identified by Russian financial authorities in the first quarter of this year were linked to cryptocurrencies, Lyakh detailed.
As usual, the scammers take advantage of the trending topics in the news, the high-ranking representative of Russia’s monetary authority added. “Against the backdrop of financial uncertainties, calls to ‘save money’ in foreign jurisdictions, invest in a foreign project, in foreign securities are popular,” Lyakh elaborated.
Investment proposals like these have been made in the past but now fraudsters also exploit the sanctions imposed on Russia over its invasion of Ukraine, Valery Lyakh pointed out. They are talking about projects in countries that are not supporting the measures against Moscow and offers to circumvent restrictions on international payments have become the new trick to convince victims to send their money, he added.
The possibility of Russia employing cryptocurrencies to evade sanctions has raised concerns in the West but a recent report by Moody’s suggests that Moscow’s ability to avoid the penalties using digital assets is limited by the relatively small size of the crypto market and its low liquidity. The rating agency acknowledged, however, that small crypto transactions made by Russians have increased.
Crypto investment was the main theme of the notorious Finiko Ponzi scheme, Russia’s largest in recent years, which collapsed last summer after receiving over $1.5 billion worth of bitcoin between December 2019 and August 2021, according to Chainalysis. Russian law enforcement recently arrested six more members of Finiko involved in defrauding thousands of victims in Russia, other former-Soviet countries and around the world.
LUNA, UST Move Closer to Zero, as Do Kwon Asks Holders to ‘Stay Strong’
Do Kwon has urged holders of LUNA to “stay strong,” as the price moves ever closer to zero. Following the UST stablecoin losing parity with USD, prices have plunged, falling to a new low this morning.
As of writing, LUNA/USD is trading at $5.45, which is marginally higher than its earlier low of $4.21.
To put things in perspective, prices are down nearly 90% from yesterday’s peak of $34.28, and only seven days removed from it trading at a high of $88.40.
Following a brief rally in the aftermath of it losing dollar parity, UST also moved towards zero, hitting a bottom of $0.2998 earlier today.
This came less than 24 hours after it was trading at $0.9486, however markets panicked at a lack of communication from LUNA founder Do Kwon, who was said to be working on a “recovery plan.”
LUNA, UST Move Closer to Zero, as Do Kwon Asks Holders to 'Stay Strong'
Although some are still confident in the premise of algorithmic stablecoins, it is yet to be seen if UST will survive long enough to be a part of any future developments.
Kwon finally provided a more substantial update to the Terra community just recently, noting:
I understand the last 72 hours have been extremely tough on all of you – know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.
The LUNA founder said of UST that “Before anything else, the only path forward will be to absorb the stablecoin supply that wants to exit before UST can start to repeg.” Kwon then provided some technical prospects for decreasing “the supply overhang of UST.”
Do Kwon has urged holders of LUNA to “stay strong,” as the price moves ever closer to zero. Following the UST stablecoin losing parity with USD, prices have plunged, falling to a new low this morning.
As of writing, LUNA/USD is trading at $5.45, which is marginally higher than its earlier low of $4.21.
To put things in perspective, prices are down nearly 90% from yesterday’s peak of $34.28, and only seven days removed from it trading at a high of $88.40.
Following a brief rally in the aftermath of it losing dollar parity, UST also moved towards zero, hitting a bottom of $0.2998 earlier today.
This came less than 24 hours after it was trading at $0.9486, however markets panicked at a lack of communication from LUNA founder Do Kwon, who was said to be working on a “recovery plan.”
LUNA, UST Move Closer to Zero, as Do Kwon Asks Holders to 'Stay Strong'
Although some are still confident in the premise of algorithmic stablecoins, it is yet to be seen if UST will survive long enough to be a part of any future developments.
Kwon finally provided a more substantial update to the Terra community just recently, noting:
I understand the last 72 hours have been extremely tough on all of you – know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.
The LUNA founder said of UST that “Before anything else, the only path forward will be to absorb the stablecoin supply that wants to exit before UST can start to repeg.” Kwon then provided some technical prospects for decreasing “the supply overhang of UST.”
Bitcoin, Ethereum Technical Analysis: ETH Back Below $2,000, BTC Down 6% to Start the Weekend
Following a strong rebound on Friday, crypto prices moved back into the red today, with BTC falling below $30,000 to start the weekend. ETH also moved lower, as its own price slipped below the $2,000 level during Saturday’s session.
On Saturday, bitcoin’s price fell below $30,000, as crypto bears returned to action to start the weekend.
Following a rise of nearly 10% during Friday’s session, BTC/USD fell to an intraday low of $28,860.79 earlier today.
Saturday’s decline comes after prices hit a peak of $30,924.80 yesterday, as LUNA appeared to have finally fallen into crypto irrelevancy.
However, as LUNA spiked by almost 2,000% in today’s session, the volatility and general uncertainty in markets likely contributed to BTC’s selloff.
Looking at the chart, the 14-day RSI is now trading lower, as it fell to a bottom of 25, which is a floor that has not been broken since late January.
Should this change, then we will likely be looking at bitcoin trading closer to $25,000 in upcoming sessions.
The world’s second-largest cryptocurrency also moved lower to start the weekend, as ETH fell below $2,000 on Saturday.
ETH/USD dropped to a bottom of $1,964.65 on Saturday, which is around 7% lower than yesterday’s peak of $2,139.71.
As a result of today’s move, prices are now hovering close to a support level of $1,950, which was the starting point of Friday’s rally.
Similar to BTC, the 14-day Relative Strength Index on the ethereum chart is also tracking around 25, which is its lowest point in over four months.
We have already seen prices of ETH fall to as low as $1,695 this week, and should the RSI continue to weaken, we might soon revisit these lows.
Overall, ETH is down over 26% in the last seven days, with BTC trading almost 20% lower in that same period.
Following a strong rebound on Friday, crypto prices moved back into the red today, with BTC falling below $30,000 to start the weekend. ETH also moved lower, as its own price slipped below the $2,000 level during Saturday’s session.
On Saturday, bitcoin’s price fell below $30,000, as crypto bears returned to action to start the weekend.
Following a rise of nearly 10% during Friday’s session, BTC/USD fell to an intraday low of $28,860.79 earlier today.
Saturday’s decline comes after prices hit a peak of $30,924.80 yesterday, as LUNA appeared to have finally fallen into crypto irrelevancy.
However, as LUNA spiked by almost 2,000% in today’s session, the volatility and general uncertainty in markets likely contributed to BTC’s selloff.
Looking at the chart, the 14-day RSI is now trading lower, as it fell to a bottom of 25, which is a floor that has not been broken since late January.
Should this change, then we will likely be looking at bitcoin trading closer to $25,000 in upcoming sessions.
The world’s second-largest cryptocurrency also moved lower to start the weekend, as ETH fell below $2,000 on Saturday.
ETH/USD dropped to a bottom of $1,964.65 on Saturday, which is around 7% lower than yesterday’s peak of $2,139.71.
As a result of today’s move, prices are now hovering close to a support level of $1,950, which was the starting point of Friday’s rally.
Similar to BTC, the 14-day Relative Strength Index on the ethereum chart is also tracking around 25, which is its lowest point in over four months.
We have already seen prices of ETH fall to as low as $1,695 this week, and should the RSI continue to weaken, we might soon revisit these lows.
Overall, ETH is down over 26% in the last seven days, with BTC trading almost 20% lower in that same period.
Biggest Movers: AVAX Rebounds on Tuesday, AAVE up Over 10%
Global crypto markets are up over 2% during Tuesday’s session, with AAVE and AVAX two of the biggest tokens to rise. Both of these cryptocurrencies rebounded from losses during yesterday’s session, with AAVE trading as much 10% higher.
AAVE rebounded during Tuesday’s trading session, as bulls returned to action after a recent three-day winning streak was snapped yesterday.
Following a low of $82.02 to start the week, AAVE/USD rallied by as much as 10% today, hitting a peak of $92.16 in the process.
Today’s move pushed prices away from the long-term support level of $80, and they now hover marginally below a resistance point of $94.
Bulls in AAVE seem to be targeting the $100 level, however we will likely not see a move towards this point unless the current ceiling on the RSI is broken.
Looking at the chart, the 14-day Relative Strength Index is tracking below a resistance of 36.30, which is the highest point the indicator has hit in the past ten days.
Overall, although prices are currently oversold, both the short and mid-term moving averages show that momentum is still bearish.
Similar to AAVE, AVAX saw its price climb higher on Tuesday, after a brief stint in the red to start the trading week.
AVAX/USD rose to a peak of $35.47 earlier in the day, which comes following a low of $32.22 during Monday’s session.
As a result of today’s move, AVAX is now trading marginally below a resistance level of $37.30, which appears to be the point bulls are targeting.
Overall, relative strength on the current chart shows that prices are still oversold, and tracking near multi-month lows.
Looking at the chart, there is an upcoming resistance level at 32, which will test this recent bullish sentiment, which has seen prices climb for four of the last five sessions.
Should bullish strength continue to increase, we will likely see prices move towards $40 in upcoming sessions.
Global crypto markets are up over 2% during Tuesday’s session, with AAVE and AVAX two of the biggest tokens to rise. Both of these cryptocurrencies rebounded from losses during yesterday’s session, with AAVE trading as much 10% higher.
AAVE rebounded during Tuesday’s trading session, as bulls returned to action after a recent three-day winning streak was snapped yesterday.
Following a low of $82.02 to start the week, AAVE/USD rallied by as much as 10% today, hitting a peak of $92.16 in the process.
Today’s move pushed prices away from the long-term support level of $80, and they now hover marginally below a resistance point of $94.
Bulls in AAVE seem to be targeting the $100 level, however we will likely not see a move towards this point unless the current ceiling on the RSI is broken.
Looking at the chart, the 14-day Relative Strength Index is tracking below a resistance of 36.30, which is the highest point the indicator has hit in the past ten days.
Overall, although prices are currently oversold, both the short and mid-term moving averages show that momentum is still bearish.
Similar to AAVE, AVAX saw its price climb higher on Tuesday, after a brief stint in the red to start the trading week.
AVAX/USD rose to a peak of $35.47 earlier in the day, which comes following a low of $32.22 during Monday’s session.
As a result of today’s move, AVAX is now trading marginally below a resistance level of $37.30, which appears to be the point bulls are targeting.
Overall, relative strength on the current chart shows that prices are still oversold, and tracking near multi-month lows.
Looking at the chart, there is an upcoming resistance level at 32, which will test this recent bullish sentiment, which has seen prices climb for four of the last five sessions.
Should bullish strength continue to increase, we will likely see prices move towards $40 in upcoming sessions.
Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations
Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added.
Cyprus has an “enviable position” in the EU when it comes to innovation, with the second-best progress last year, according to the European Innovation Scoreboard, the country’s Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos stated at a meeting with the local fintech community. The event was devoted to digital assets, entrepreneurship and financial technology.
Commenting on the future of digital assets in Cyprus, including cryptocurrencies, the minister walked a fine line between embracing innovation and having to pay heed to laws, the Cyprus Mail wrote in a report on Thursday. Quoted by the English-language daily newspaper, Kokkinos elaborated:
I can tell you that Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and respect not only the regulations currently in place but also the absence of any regulations.
The government representative gave an example with Malta, the regulatory framework of which attracted many crypto companies and investors but also led to increased scrutiny and investigations into some of its companies and banking institutions. “We have to be careful of the frameworks of the European Union since we are a member state,” Kokkinos emphasized.
The deputy minister then revealed that the Cyprus government has already drafted a “very attractive bill on crypto assets.” The legislation has been published and interested parties can review it, he pointed out. The executive power has also commissioned a New York-based firm to assist the island nation with the implementation of the regulations.
“Our challenge is not being aligned with the EU, it’s about the dilemma of whether to wait for the ECB to finalize their own regulatory framework or do we go alone on our own, with the former scenario also involving the possibility of that framework being overregulated,” Kyriacos Kokkinos remarked. “My answer is that we will go at it alone while respecting the rules,” he added.
The deputy minister acknowledged that certain challenges exist, including some disagreements between the government and the Central Bank of Cyprus (CBC). “We must remember that the CBC is subject to the ECB and central banks tend to be conservative, so our job is to challenge them through the debates we are having with them,” he told the audience at the event which took place in Larnaca.
Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added.
Cyprus has an “enviable position” in the EU when it comes to innovation, with the second-best progress last year, according to the European Innovation Scoreboard, the country’s Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos stated at a meeting with the local fintech community. The event was devoted to digital assets, entrepreneurship and financial technology.
Commenting on the future of digital assets in Cyprus, including cryptocurrencies, the minister walked a fine line between embracing innovation and having to pay heed to laws, the Cyprus Mail wrote in a report on Thursday. Quoted by the English-language daily newspaper, Kokkinos elaborated:
I can tell you that Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and respect not only the regulations currently in place but also the absence of any regulations.
The government representative gave an example with Malta, the regulatory framework of which attracted many crypto companies and investors but also led to increased scrutiny and investigations into some of its companies and banking institutions. “We have to be careful of the frameworks of the European Union since we are a member state,” Kokkinos emphasized.
The deputy minister then revealed that the Cyprus government has already drafted a “very attractive bill on crypto assets.” The legislation has been published and interested parties can review it, he pointed out. The executive power has also commissioned a New York-based firm to assist the island nation with the implementation of the regulations.
“Our challenge is not being aligned with the EU, it’s about the dilemma of whether to wait for the ECB to finalize their own regulatory framework or do we go alone on our own, with the former scenario also involving the possibility of that framework being overregulated,” Kyriacos Kokkinos remarked. “My answer is that we will go at it alone while respecting the rules,” he added.
The deputy minister acknowledged that certain challenges exist, including some disagreements between the government and the Central Bank of Cyprus (CBC). “We must remember that the CBC is subject to the ECB and central banks tend to be conservative, so our job is to challenge them through the debates we are having with them,” he told the audience at the event which took place in Larnaca.
Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secrecy Act
Bitmex co-founder Arthur Hayes is not going to prison for violating the U.S. Bank Secrecy Act. Instead, the former crypto exchange CEO has been sentenced to “six months of home detention and two years of probation.” Hayes has agreed to pay a fine of $10 million.
The U.S. Department of Justice (DOJ) announced Friday that the founder and former CEO of cryptocurrency derivatives exchange Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded guilty to violating the Bank Secrecy Act in February.
The DOJ states:
Hayes, 36, of Miami, Florida, was sentenced to six months of home detention and two years of probation. Hayes also agreed to pay a fine of $10 million dollars representing his pecuniary gain from the offense.
U.S. Attorney Damian Williams explained that while building a cryptocurrency trading platform “that profited him millions of dollars,” Hayes “willfully defied U.S. law that requires businesses to do their part to help in preventing crime and corruption.”
Williams added: “He intentionally failed to implement and maintain even basic anti-money laundering policies, which allowed Bitmex to operate as a platform in the shadows of the financial markets.”
Two other Bitmex co-founders, Benjamin Dalo and Sam Reed, also pleaded guilty and are scheduled to be sentenced in the near future.
Like Hayes, the two other co-founders have also been ordered to pay $10 million each in a civil monetary penalty.
Bitmex co-founder Arthur Hayes is not going to prison for violating the U.S. Bank Secrecy Act. Instead, the former crypto exchange CEO has been sentenced to “six months of home detention and two years of probation.” Hayes has agreed to pay a fine of $10 million.
The U.S. Department of Justice (DOJ) announced Friday that the founder and former CEO of cryptocurrency derivatives exchange Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded guilty to violating the Bank Secrecy Act in February.
The DOJ states:
Hayes, 36, of Miami, Florida, was sentenced to six months of home detention and two years of probation. Hayes also agreed to pay a fine of $10 million dollars representing his pecuniary gain from the offense.
U.S. Attorney Damian Williams explained that while building a cryptocurrency trading platform “that profited him millions of dollars,” Hayes “willfully defied U.S. law that requires businesses to do their part to help in preventing crime and corruption.”
Williams added: “He intentionally failed to implement and maintain even basic anti-money laundering policies, which allowed Bitmex to operate as a platform in the shadows of the financial markets.”
Two other Bitmex co-founders, Benjamin Dalo and Sam Reed, also pleaded guilty and are scheduled to be sentenced in the near future.
Like Hayes, the two other co-founders have also been ordered to pay $10 million each in a civil monetary penalty.
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Ethereum’s Beacon Network Deals With a 7-Block Chain Reorganization
On May 25, seven blocks were reorganized on Ethereum’s Beacon chain at 8:55:23 a.m. (UTC) at block height 3,887,075 all the way to block 3,887,081. The reorganization was discovered by Martin Köppelmann who noted the “current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain.”
While all eyes have been glued to development surrounding Ethereum’s upcoming transition to proof-of-stake (PoS) via The Merge, the chain that will be crucial to the transition, Ethereum’s Beacon chain, suffered a seven-block deep reorganization.
A blockchain reorganization, otherwise known as a reorg, is basically a chain split and nodes receive blocks from a new chain amid the existence of the old chain. In the case of Ethereum’s Beacon chain, the reorganization occurred at block height 3,887,075 to block 3,887,081.
Martin Köppelmann, the co-founder of Gnosis, noticed the event and tweeted about it on social media. “The Ethereum beacon chain experienced a 7-block deep reorg —2.5h ago,” Köppelmann said. “This shows that the current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain… (proposals already exist).” Köppelmann added:
This, unfortunately, shows that the analysis by [Georgios Konstantopoulos] and [Vitalik Buterin] here was too optimistic when the article claimed reorg stability will improve in PoS over PoW. We have not seen 7 block reorgs on Ethereum mainnet in years… At this point, it is unclear whether the reorg we saw was caused by an attack or just unfortunate network conditions.
After talking about the issue on Twitter, Köppelmann remarked that some of the attention his tweet garnered, specifically from Ethereum detractors, made him regret tweeting about it. “However, I think it is a strength of the Ethereum community to openly discuss all challenges, and spend more energy on finding a better solution, instead of spending time defending an issue,” Köppelmann said.
Ethereum’s co-founder Vitalik Buterin responded to Köppelmann’s regret comments and told the Gnosis co-founder not to regret it. “Truth-seeking is more important than ‘not giving the wrong people rhetorical ammunition’ or whatever,” Buterin said. “As long as truth-seeking results in action and not just commentary,” one individual responded to Buterin’s statement.
The Ethereum co-founder replied: “In this case, client teams have been scrambling to understand the situation so they can figure out what to fix for the last couple of hours — Already some good hypotheses.” Buterin’s reply was tethered to a tweet written by Ethereum developer Preston Vanloon who gave his opinion about the reorg situation. Vanloon said:
We suspect this is caused by the implementation of Proposer Boost fork choice has not fully rolled out to the network. This reorg is not an indicator of a flawed fork choice, but a non-trivial segmentation of updated vs out of date client software.
Ethereum’s blockchain reorganization follows both Vanloon and Buterin saying The Merge could be implemented in August. However, Buterin was quick to follow up his statement by saying there’s always a “risk of problems” and “delays.” He then said that September and October could be possible as well.
On May 25, seven blocks were reorganized on Ethereum’s Beacon chain at 8:55:23 a.m. (UTC) at block height 3,887,075 all the way to block 3,887,081. The reorganization was discovered by Martin Köppelmann who noted the “current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain.”
While all eyes have been glued to development surrounding Ethereum’s upcoming transition to proof-of-stake (PoS) via The Merge, the chain that will be crucial to the transition, Ethereum’s Beacon chain, suffered a seven-block deep reorganization.
A blockchain reorganization, otherwise known as a reorg, is basically a chain split and nodes receive blocks from a new chain amid the existence of the old chain. In the case of Ethereum’s Beacon chain, the reorganization occurred at block height 3,887,075 to block 3,887,081.
Martin Köppelmann, the co-founder of Gnosis, noticed the event and tweeted about it on social media. “The Ethereum beacon chain experienced a 7-block deep reorg —2.5h ago,” Köppelmann said. “This shows that the current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain… (proposals already exist).” Köppelmann added:
This, unfortunately, shows that the analysis by [Georgios Konstantopoulos] and [Vitalik Buterin] here was too optimistic when the article claimed reorg stability will improve in PoS over PoW. We have not seen 7 block reorgs on Ethereum mainnet in years… At this point, it is unclear whether the reorg we saw was caused by an attack or just unfortunate network conditions.
After talking about the issue on Twitter, Köppelmann remarked that some of the attention his tweet garnered, specifically from Ethereum detractors, made him regret tweeting about it. “However, I think it is a strength of the Ethereum community to openly discuss all challenges, and spend more energy on finding a better solution, instead of spending time defending an issue,” Köppelmann said.
Ethereum’s co-founder Vitalik Buterin responded to Köppelmann’s regret comments and told the Gnosis co-founder not to regret it. “Truth-seeking is more important than ‘not giving the wrong people rhetorical ammunition’ or whatever,” Buterin said. “As long as truth-seeking results in action and not just commentary,” one individual responded to Buterin’s statement.
The Ethereum co-founder replied: “In this case, client teams have been scrambling to understand the situation so they can figure out what to fix for the last couple of hours — Already some good hypotheses.” Buterin’s reply was tethered to a tweet written by Ethereum developer Preston Vanloon who gave his opinion about the reorg situation. Vanloon said:
We suspect this is caused by the implementation of Proposer Boost fork choice has not fully rolled out to the network. This reorg is not an indicator of a flawed fork choice, but a non-trivial segmentation of updated vs out of date client software.
Ethereum’s blockchain reorganization follows both Vanloon and Buterin saying The Merge could be implemented in August. However, Buterin was quick to follow up his statement by saying there’s always a “risk of problems” and “delays.” He then said that September and October could be possible as well.
Chinese Crypto Regulations Force NFT Gaming App Stepn to Block Mainland Users
China’s anti-crypto regulations have reportedly forced the non-fungible token (NFT) game, Stepn, to exclude users from the mainland starting on July 15. Shortly after the announcement, Stepn’s in-game cryptocurrency is reported to have briefly dropped by 38%.
China mainland users of the NFT gaming app Stepn will not be able to access the app starting on July 15, the developers have said. The blockade on users from this region is set to become effective when Stepn stops providing GPS and IP location services.
Despite revealing the plans to stop serving users from the mainland, the dev team insisted in a tweet that they had not engaged in any business with players from the region. The team tweeted:
We apologize for the inconvenience and thank you for your understanding. STEPN has not engaged in any business in mainland China since its establishment and has not provided download channels. STEPN has always attached great importance to compliance obligations and always strictly abides by the relevant requirements of local regulatory agencies.
In addition to the May 26 announcement, the Stepn team said they will still inform users of any new details relating to the blockade via social media, email, and in-app alerts.
Meanwhile, a report in the South China Morning Post said Stepn’s in-game cryptocurrency had plunged by 38% following the announcement. The report also said that shortly after the announcement was made, Stepn had become the top trending search term on Weibo, China’s social media platform.
Described as the “move-to-earn” game, Stepn enables users to trade the so-called NFT trainers as well as the in-game cryptocurrency (GMT) by either walking or running in the real world. The in-game cryptocurrency earnings are either converted to cash or other crypto assets, the report added.
Nevertheless, China’s ongoing crackdown against crypto-related businesses appears to have forced the dev team to take steps that ensure Stepn complies with the country’s regulations.
China’s anti-crypto regulations have reportedly forced the non-fungible token (NFT) game, Stepn, to exclude users from the mainland starting on July 15. Shortly after the announcement, Stepn’s in-game cryptocurrency is reported to have briefly dropped by 38%.
China mainland users of the NFT gaming app Stepn will not be able to access the app starting on July 15, the developers have said. The blockade on users from this region is set to become effective when Stepn stops providing GPS and IP location services.
Despite revealing the plans to stop serving users from the mainland, the dev team insisted in a tweet that they had not engaged in any business with players from the region. The team tweeted:
We apologize for the inconvenience and thank you for your understanding. STEPN has not engaged in any business in mainland China since its establishment and has not provided download channels. STEPN has always attached great importance to compliance obligations and always strictly abides by the relevant requirements of local regulatory agencies.
In addition to the May 26 announcement, the Stepn team said they will still inform users of any new details relating to the blockade via social media, email, and in-app alerts.
Meanwhile, a report in the South China Morning Post said Stepn’s in-game cryptocurrency had plunged by 38% following the announcement. The report also said that shortly after the announcement was made, Stepn had become the top trending search term on Weibo, China’s social media platform.
Described as the “move-to-earn” game, Stepn enables users to trade the so-called NFT trainers as well as the in-game cryptocurrency (GMT) by either walking or running in the real world. The in-game cryptocurrency earnings are either converted to cash or other crypto assets, the report added.
Nevertheless, China’s ongoing crackdown against crypto-related businesses appears to have forced the dev team to take steps that ensure Stepn complies with the country’s regulations.
Cardano Spikes as Supporters Anticipate Vasil Hard Fork, Poll Shows ADA Expected to Hit $1 by the End of June
During the last seven days, the cryptocurrency cardano has increased in value by 17.3% against the U.S. dollar, as the community anticipates the upcoming Vasil hard fork, an upgrade that aims to improve the network’s throughput and enhance smart contract capabilities. Moreover, according to a poll involving 24,468 crypto enthusiasts, cardano is predicted to reach $1 in value by the end of this month.
The digital currency cardano (ADA) has been performing a lot better than most digital currencies in terms of market gains. For instance, while bitcoin (BTC) increase in value by 6.5% during the last week, ADA jumped in value by 17.3%. Cardano’s rise follows the recent Terra LUNA and UST fallout, and the digital currency has managed to capture the sixth position out of today’s top crypto market capitalizations.
ADA has had a 24-hour price range of around $0.599 to $0.657 per unit and there’s been $1.66 billion in ADA trade volume worldwide on Wednesday. Cardano has been one of the top smart contract tokens that’s been able to dodge a decent amount of the market carnage stemming from the Terra blockchain fiasco. The Input-Output Global (IOG) CEO and inventor of Cardano, Charles Hoskinson, seems to be sticking to the well-known proverb: “slow and steady wins the race.”
Hoskinson and ADA have been criticized for being slow to the ball when it comes to specific features like smart contracts and decentralized finance (defi) applications. Speaking in an interview with Coindesk author Sage D. Young, Hoskinson stressed if blockchain projects move too fast, money can be lost just as quickly. The IOG CEO said:
If you move too quickly, as we’ve seen with Luna, and we’ve seen with $10.5 billion of hacks last year, you could actually get it to work until it doesn’t, and then when it doesn’t it’s a catastrophic failure and everybody loses their money.
Hoskinson’s ADA was mocked by the Terraform Labs co-founder Do Kwon on April 8, when Kwon explained that the Luna Foundation Guard (LFG) purchased a sum of AVAX. In the Twitter thread, Kwon said: “We may buy ADA for negative correlation.” Amid the LUNA and UST fallout on May 10, Hoskinson quoted Kwon’s tweet and remarked:
Should I buy some Luna for negative correlation?
Cardano is also due for a major upgrade called the Vasil hard fork, which will add four Cardano Improvement Proposals (CIPs) into the mix. The CIPs include CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Collateral Outputs). CIP-31 in particular is expected to reduce Cardano’s transaction costs a great deal.
“Reference scripts reduce your transaction costs,” the Cardano development team detailed during the first week of May. “Currently, new scripts need to be included in each transaction. With reference scripts, you can interact with the script through a reference, pushing it onto the chain. Interaction with a smart contract becomes minimal.”
During the last seven days, the cryptocurrency cardano has increased in value by 17.3% against the U.S. dollar, as the community anticipates the upcoming Vasil hard fork, an upgrade that aims to improve the network’s throughput and enhance smart contract capabilities. Moreover, according to a poll involving 24,468 crypto enthusiasts, cardano is predicted to reach $1 in value by the end of this month.
The digital currency cardano (ADA) has been performing a lot better than most digital currencies in terms of market gains. For instance, while bitcoin (BTC) increase in value by 6.5% during the last week, ADA jumped in value by 17.3%. Cardano’s rise follows the recent Terra LUNA and UST fallout, and the digital currency has managed to capture the sixth position out of today’s top crypto market capitalizations.
ADA has had a 24-hour price range of around $0.599 to $0.657 per unit and there’s been $1.66 billion in ADA trade volume worldwide on Wednesday. Cardano has been one of the top smart contract tokens that’s been able to dodge a decent amount of the market carnage stemming from the Terra blockchain fiasco. The Input-Output Global (IOG) CEO and inventor of Cardano, Charles Hoskinson, seems to be sticking to the well-known proverb: “slow and steady wins the race.”
Hoskinson and ADA have been criticized for being slow to the ball when it comes to specific features like smart contracts and decentralized finance (defi) applications. Speaking in an interview with Coindesk author Sage D. Young, Hoskinson stressed if blockchain projects move too fast, money can be lost just as quickly. The IOG CEO said:
If you move too quickly, as we’ve seen with Luna, and we’ve seen with $10.5 billion of hacks last year, you could actually get it to work until it doesn’t, and then when it doesn’t it’s a catastrophic failure and everybody loses their money.
Hoskinson’s ADA was mocked by the Terraform Labs co-founder Do Kwon on April 8, when Kwon explained that the Luna Foundation Guard (LFG) purchased a sum of AVAX. In the Twitter thread, Kwon said: “We may buy ADA for negative correlation.” Amid the LUNA and UST fallout on May 10, Hoskinson quoted Kwon’s tweet and remarked:
Should I buy some Luna for negative correlation?
Cardano is also due for a major upgrade called the Vasil hard fork, which will add four Cardano Improvement Proposals (CIPs) into the mix. The CIPs include CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Collateral Outputs). CIP-31 in particular is expected to reduce Cardano’s transaction costs a great deal.
“Reference scripts reduce your transaction costs,” the Cardano development team detailed during the first week of May. “Currently, new scripts need to be included in each transaction. With reference scripts, you can interact with the script through a reference, pushing it onto the chain. Interaction with a smart contract becomes minimal.”
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Russia’s Industrial Giant Rostec Announces Blockchain-Based Alternative to SWIFT
Rostec, the Russian manufacturing and technology conglomerate, has developed a system allowing the processing of international settlements and storage of digital currency. The blockchain-based platform has been announced as an alternative to SWIFT, which is unavailable for some Russian banks.
Russian state-owned corporation Rostec has built a platform using blockchain technologies to facilitate international settlements between Russia and its partners and the storage of digital currency. CELLS is intended as an alternative to the global payment messaging system SWIFT, from which a number of Russian banking institutions have been disconnected as part of western sanctions.
Russia has been increasingly cut off from global finances, foreign currency reserves, and traditional payment channels as a result of its invasion of Ukraine. The government in Moscow has been trying to transition to payments in national currencies such as the ruble and the yuan in its trade deals, and is also considering the possibility of using cryptocurrencies for international settlements. This, as Russia’s largest companies and importers are facing difficulties in their U.S. dollar payments.
According to Rostec Executive Director Oleg Yevtushenko, “a digital payment system based on a blockchain platform can be used as a full-fledged replacement of SWIFT, providing high speed, secure and irrevocable transactions.” Quoted by RBC Crypto, he added that CELLS will make it possible to switch to settlements in national currencies, eliminate the risk of sanctions, and ensure the independence of Russia’s national financial policy when it comes to clearing.
CELLS is a product of the Novosibirsk Institute of Program Systems (NIPS). Its designers wanted to create a complete ecosystem of software products and services based on distributed ledger technology (DLT) that enables international payments, multicurrency transactions, user identification, and digital currency storage, the report details.
The system will be expected to process up to 100,000 transactions per second with the option to increase its capacity in the future. Based on CELLS, a data storage system, a platform for creating web applications, a “digital passport” service, a “digital housing and communal services” system, and other solutions will be implemented, the creators promise.
Rostec, the Russian manufacturing and technology conglomerate, has developed a system allowing the processing of international settlements and storage of digital currency. The blockchain-based platform has been announced as an alternative to SWIFT, which is unavailable for some Russian banks.
Russian state-owned corporation Rostec has built a platform using blockchain technologies to facilitate international settlements between Russia and its partners and the storage of digital currency. CELLS is intended as an alternative to the global payment messaging system SWIFT, from which a number of Russian banking institutions have been disconnected as part of western sanctions.
Russia has been increasingly cut off from global finances, foreign currency reserves, and traditional payment channels as a result of its invasion of Ukraine. The government in Moscow has been trying to transition to payments in national currencies such as the ruble and the yuan in its trade deals, and is also considering the possibility of using cryptocurrencies for international settlements. This, as Russia’s largest companies and importers are facing difficulties in their U.S. dollar payments.
According to Rostec Executive Director Oleg Yevtushenko, “a digital payment system based on a blockchain platform can be used as a full-fledged replacement of SWIFT, providing high speed, secure and irrevocable transactions.” Quoted by RBC Crypto, he added that CELLS will make it possible to switch to settlements in national currencies, eliminate the risk of sanctions, and ensure the independence of Russia’s national financial policy when it comes to clearing.
CELLS is a product of the Novosibirsk Institute of Program Systems (NIPS). Its designers wanted to create a complete ecosystem of software products and services based on distributed ledger technology (DLT) that enables international payments, multicurrency transactions, user identification, and digital currency storage, the report details.
The system will be expected to process up to 100,000 transactions per second with the option to increase its capacity in the future. Based on CELLS, a data storage system, a platform for creating web applications, a “digital passport” service, a “digital housing and communal services” system, and other solutions will be implemented, the creators promise.
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Get a chance to win a prize pool of up to $200K in the form of KunciCoin and also a first time deposit reward if you are a new member of Bybit Exchange.
You can also claim cashback provided by the Kunci team, First Time deposit ( FTD ) Competition
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Bitcoin, Ethereum Technical Analysis: ETH Plunges Below $1,800 as Red Wave Intensifies
Following a move towards $32,000 to start the week, BTC was fighting to stay above $29,000 during Tuesday’s session. The red wave which captured bitcoin bulls, also overcame ETH, pushing prices nearly 8% lower, as of writing.
Following a strong start to the week, bitcoin was once again trading lower, as prices dropped below the $30,000 mark.
Tuesday’s selloff saw BTC/USD slip to an intraday low of $29,311.68, which is over 7% lower than yesterday’s peak at $31,693.29.
After breaking out of its $30,500 ceiling on Monday, prices were unable to penetrate the higher resistance point of $31,550, which was an entry point for bears.
Looking at the chart, today’s candlestick appears to be a bearish engulfing candlestick, which has wiped out the precious three days of gains.
Although prices are still trading above $29,000, should this floor break, then the target will likely be the $28,800 support level.
As of writing, the 14-day RSI is tracking at 44.20, with its own support point fast approaching at the 43.30 mark.
Should this be broken, the bears will likely reach their price target.
ETH continues to hover lower to start the week, with prices today dropping to their lowest point in almost a fortnight.
The world’s second largest crypto token fell by nearly $2,000 in the last 24 hours, hitting its lowest point since May 28.
Tuesday’s intraday low in ETH/USD saw it drop to a bottom of $1,729.41, breaking below its floor of $1,750 in the process.
Since hitting this floor, prices of the token have since rebounded, and as of writing the asset is trading marginally above support at $1,761.81.
Overall, prices are 6.71% lower than Monday’s high, with bearish momentum going from strength to strength.
Should we see this pressure extend, it is likely that ETH will be trading into the $1,600 range in the next few sessions.
Following a move towards $32,000 to start the week, BTC was fighting to stay above $29,000 during Tuesday’s session. The red wave which captured bitcoin bulls, also overcame ETH, pushing prices nearly 8% lower, as of writing.
Following a strong start to the week, bitcoin was once again trading lower, as prices dropped below the $30,000 mark.
Tuesday’s selloff saw BTC/USD slip to an intraday low of $29,311.68, which is over 7% lower than yesterday’s peak at $31,693.29.
After breaking out of its $30,500 ceiling on Monday, prices were unable to penetrate the higher resistance point of $31,550, which was an entry point for bears.
Looking at the chart, today’s candlestick appears to be a bearish engulfing candlestick, which has wiped out the precious three days of gains.
Although prices are still trading above $29,000, should this floor break, then the target will likely be the $28,800 support level.
As of writing, the 14-day RSI is tracking at 44.20, with its own support point fast approaching at the 43.30 mark.
Should this be broken, the bears will likely reach their price target.
ETH continues to hover lower to start the week, with prices today dropping to their lowest point in almost a fortnight.
The world’s second largest crypto token fell by nearly $2,000 in the last 24 hours, hitting its lowest point since May 28.
Tuesday’s intraday low in ETH/USD saw it drop to a bottom of $1,729.41, breaking below its floor of $1,750 in the process.
Since hitting this floor, prices of the token have since rebounded, and as of writing the asset is trading marginally above support at $1,761.81.
Overall, prices are 6.71% lower than Monday’s high, with bearish momentum going from strength to strength.
Should we see this pressure extend, it is likely that ETH will be trading into the $1,600 range in the next few sessions.
