Bitcoin (BTC) is entering a new “speculation cycle” typical of a bull run, new analysis says. In a tweet on May 16, Philip Swift, creator of data resource LookIntoBitcoin and co-founder of trading suite Decentrader, revealed history repeating itself according to the RHODL Ratio metric. RHODL Ratiocreator on BTC price: “Zoom out” RHODL Ratio is
Month: May 2023
On today’s episode of The Market Report, analyst and writer Marcel Pechman discusses if Bitcoin (BTC) is safer than the United States dollar, considering the U.S. government’s risk of defaulting on its debt. He also covers why Bitcoin’s $28,000 resistance will not be a walk in the park and, finally, what is happening between Celsius,
Bitcoin (BTC) looked poised to give up $27,000 as support on May 17 with traders lying in wait for new lows. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Whales meet low liquidity Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $26,800 at the time of writing. The pair had staged multiple
On May 15, the Supreme People’s Procuratorate of the People’s Republic of China, the national agency responsible for legal prosecution, shared its thoughts on the non-fungible token (NFT) market. In an article published, three authors laid out the prosecutors’ vision of the market risks and the following reasons to enforce it more actively. The article
The trading of so-called “unbacked cryptoassets” such as Bitcoin (BTC) and Ether (ETH) should be regulated as gambling rather than a financial service, a panel of British lawmakers said in a new report. The United Kingdom is currently working on a crypto regulatory framework that would mix existing financial asset laws with new crypto-specific rules.
Bankrupt crypto lending firm Celsius is anxious to get its staked Ether (ETH) stash back from liquid staking platform Lido which enabled withdrawals this week. Celsius initiated the process of withdrawing its Lido Staked ETH (stETH) from the protocol. According to transaction data it has requested the withdrawal of 428,084 stETH in batches of 1,000.
Indonesia is introducing a new national payment system as the country furthers its de-dollarization efforts and protection against “possible geopolitical consequences.” The new payment system will replace Visa and Mastercard in state-owned institutions and companies, a top central bank official said. “We expect that very soon it will become widespread.” Indonesia Establishes New National Payment
Bitcoin (BTC) surfed $27,000 on May 16 as traders stayed buoyant about upside continuation. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView $24,000 BTC price still in play, says trader Data from Cointelegraph Markets Pro and TradingView showed BTC/USD still focusing on the $27,000 mark, having dipped to $26,870 after the daily close. Still lacking
Sam Altman, the CEO of OpenAI and co-founder of Worldcoin, recently testified before Congress alongside IBM’s chief of trust, Christina Montgomery, and NYU professor Gary Marcus. The Senate judiciary subcommittee session represented Altman’s first official appearance before Congress, giving senators the opportunity to question the OpenAI CEO concerning his company’s views on regulation. ‘If this
The price of Lido DAO (LDO) has rebounded to its three-week high of $2.21 as of May 16, up 40% when measured from its local low of $1.57, established four days ago. This impressive double-digit recovery appeared in tandem with other top-ranking crypto assets, including Bitcoin (BTC) and Ether (ETH). However, LDO has greatly outperformed
Cryptocurrency investment group CoinShares recently published its Q1 earnings report for 2023 amid what it’s calling a “return to profitability.” Highlights of the report include revenue in the amount of $11.73 million (down from $22.46 million in Q1 2022), total comprehensive income of $3.62 million (down from $25.83 million in Q1 2022) and an adjusted
Since May 12, Ether (ETH) price has been struggling to sustain its $1,800 support level as investors face pressures from a worsening crypto regulatory environment and the Ethereum network’s high gas fees. Also negatively impacting Ether’s price are 3 indicators signaling reduced demand for its decentralized applications (DApps) and a lack of leverage buying demand
Lido Finance has enabled Ethereum withdrawals after its V2 mainnet went live earlier today. The community behind the DeFi staking platform passed an on-chain vote to approve the transition to version 2. Lido’s governance token has gained more than 12% following the latest developments. Lido Finance, the largest Ethereum staking protocol, has activated the withdrawal
Over the past four days, there has been a surge in Ordinal inscriptions, and as a result, the BRC20 token economy has experienced significant growth with over 10,000 additional coins. The current value of the BRC20 token economy now stands at $497.75 million, comprising a total of 24,677 distinct tokens. Bitcoin Users Issued More Than
The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto assets. This is the eighth version of the Directive on Administrative Cooperation (DAC), which is a set of procedures for automatic information sharing between European governments for tax purposes. DAC8 was proposed in December and approved May 16
The tide might have gone out on Bitcoin Ordinals, but there’s a strong undercurrent of investments in Bitcoin-only companies. River, a U.S.-based Bitcoin (BTC) technology and financial services company is the latest to make a splash. River announced a $35 million Series B equity funding round despite the bear market. Kingsway Capital led the round, with notable
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