Month: May 2024

Dog That Inspired Dogecoin (DOGE), Shiba Inu (SHIB)

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as…

IMF Calls Zimbabwe’s Gold-Backed Currency an ‘Important Policy Action’

The International Monetary Fund (IMF) has stated that Zimbabwe’s recently introduced gold-backed fiat currency represents a significant policy step. This is the IMF’s first substantial comment on the currency since its inception. The global lender has reportedly announced plans to send a team in June to evaluate the performance of the new currency. Contrasting IMF […] Source CryptoX Portal

Coinbase Bears The Brunt Of Supreme Court’s Dogecoin Verdict, DOGE Suffers 4% Slump

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In a recent ruling that could have implications for the crypto industry, the US Supreme Court unanimously sided against US-based cryptocurrency exchange Coinbase, over a 2021 Dogecoin (DOGE) sweepstakes dispute.  The court’s decision, delivered by Justice Ketanji Brown Jackson, dismissed Coinbase’s argument that a ruling against it would invite legal turmoil, emphasizing the importance of contractual agreements and the role of courts in resolving disputes. Coinbase Arguments Dismissed The key issue was whether the dispute should be submitted to arbitration or litigated in court. According to Bloomberg Law, the court…

Analyst Says “Only A Matter Of Time” Before Bitcoin Flies Past ATH

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An analyst explained how Bitcoin’s availability for trading has quietly declined during the asset’s recent consolidation phase. Bitcoin May Be In A Good Position To Set New All-Time Highs In a new post on X, analyst Willy Woo discusses the recent trend in the Bitcoin inventory sitting on centralized exchange platforms. Related Reading The chart below shows how the spot and paper BTC reserves have changed over the past few years. Looks like both of these metrics have registered a decline recently | Source: @woonomic on X As the graph…

Major Rally on the Horizon?

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Chainlink’s LINK price is gaining bullish momentum above $16.50. The price could continue to move up if it clears the $17.50 resistance zone. Chainlink price is showing bullish signs and eyeing more gains above $17.00 against the US dollar. The price is trading above the $16.50 level and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair (data source from Kraken). The price could start another increase if it clears the $17.50…

FTM’s Key Support At Risk As Fantom Launches Sonic Foundation And Wraps $10M Funding

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The Fantom Foundation has recently disclosed its plans to establish the Sonic Foundation and Sonic Labs in preparation for the launch of its Sonic blockchain.  In an announcement on Thursday, the foundation expressed its commitment to leveraging its technology and revealed additional details about the upcoming developments. Fantom Introduces Sonic Chain According to the foundation’s blog post, with the completion of the upgrade for their Opera chain on the horizon, Fantom is directing its focus towards creating a new “high-throughput” chain called Sonic (S).  The introduction of the Sonic network…

XRP Price Consolidates, Gearing Up for Its Next Major Breakout

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XRP price extended its decline below the $0.520 support. The price is now trading in a range and eyeing an upside break above the $0.5320 resistance. XRP extended losses and declined below the $0.5120 support. The price is now trading above $0.5250 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.5325 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.5365 resistance zone. XRP Price Holds Ground In…

Former Bank CEO Pleads Guilty to Embezzling $47M to Buy Crypto, Leading to Bank Collapse

Former Heartland Tri-State Bank CEO Shan Hanes pleaded guilty on Thursday to embezzling $47.1 million for personal cryptocurrency purchases, leading to the bank’s collapse. From May to July 2023, Hanes executed at least 10 wire transfers from the Elkhart-based bank to cryptocurrency accounts. The bank’s failure resulted in a total loss of equity for investors. […] Source CryptoX Portal

Mining Difficulty And Hash Rate Spike Amid ETH ETF Buzz

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Bitcoin mining difficulty has adjusted upwards by nearly 2%, reaching over 84.4 trillion, as the network’s average hash rate surged past 600 EH/s. This increase comes amid growing optimism in the crypto market, particularly due to speculation about the potential approval of spot Ethereum ETFs in the United States. Notably, Bitcoin mining difficulty measures how difficult it is to find a hash below a given target. The Bitcoin network has a global block difficulty that adjusts every 2,016 blocks (roughly every two weeks) to ensure that the time between blocks mined…