Day: June 25, 2024

White House Rehires Adviser Who Helped Develop Biden’s Executive Order on Crypto

The White House has rehired Carole House, who helped develop President Joe Biden’s Executive Order on Ensuring Responsible Development of Digital Assets, as Special Advisor for Cybersecurity and Critical Infrastructure Policy at the National Security Council. Previously, House worked at the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), leading efforts on cybersecurity and virtual currency […] Source CryptoX Portal

Will Bitcoin Have A ‘Red Monday, Green Week’?

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Bitcoin (BTC) faced a sharp price drop as the last week of Q2 began. The dramatic decline saw the flagship cryptocurrency momentarily lose its support above the $60,000 level on Monday. Related Reading The drop left many investors wondering whether the bullish rally is over. However, crypto analysts remain optimistic about BTC’s performance and consider the drag down to be part of the quarterly retest. Is Bitcoin Headed For A ‘Chop Summer’? On Tuesday, crypto analyst Jelle made a case for Bitcoin’s bullish momentum. Amid the bearish sentiment from some…

Pundit Is Undeterred By The Solana Price Crash, Says Price Is Headed For $1,000

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The Solana bearish price action might be coming to a close, as many cryptocurrencies have started to show mixed price action in the past 24 hours. Dialing the price action further back shows Solana has been mostly bearish and has been on a price decline since the beginning of the month. Notably, the crypto recently reached a 30-day low of $123.96, representing a 29% decline from a monthly high of $174.65. However, some proponents remain undeterred and are still looking forward to a bullish Solana on the long run. Particularly,…

Argentina Records First Week of Zero Inflation in 30 Years; Milei Claims He’s Redefining Economic Theory

Argentina is reaping its first rewards in the fight against inflation, as a private consulting firm found that the inflation in food and beverages reached 0% during June’s third week. President Javier Milei celebrated this achievement, stating that his administration was rewriting economic theory and that he might receive the Nobel prize if successful. Javier […] Source CryptoX Portal

Florida lawmaker pitches ‘Bitcoin for Taxes’ bill

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A Florida lawmaker has introduced a bill that would greenlight Bitcoin as an approved payment method for federal taxes. On Tuesday, Republican Representative Matt Gaetz proposed a bill allowing American citizens to settle federal income tax obligations using Bitcoin (BTC). Gaetz said the modernized tax system would promote innovation, increase efficiency, and maintain the U.S.’s leadership in technological advancement.  Per an official statement from Gaetz’s staff, the policymaker was inspired to pursue new legislation after personally witnessing Bitcoin’s impact in El Salvador. “This is a bold step toward a future…

Bitcoin’s Correction Is Not Done: $54K Could Be On The Horizon, Says Top Analyst

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Recent trends in the Bitcoin market have shown a significant flushing out of leverage, a process commented on by prominent crypto analyst Willy Woo. While this corrective phase has seen Bitcoin’s price fall to as low as $58,000 yesterday, it has partially rebounded, currently trading around the $61,500 mark. However, the journey could be smoother, as ongoing liquidations and market adjustments pose challenges. Analyzing The Depth Of Current Market Correction Woo’s insights highlight that Bitcoin’s market correction hasn’t been done despite the recent recovery. Particularly, the market continues to grapple…

Coinbase Gets Flipped by Bybit As World’s Second Largest Crypto Exchange, According to Analytics Firm Kaiko

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Crypto exchange Coinbase has been surpassed in volume by Bybit since October, according to analytics firm Kaiko. In a new report, Kaiko says that the launch of Bitcoin (BTC) exchange-traded funds (ETFs) in the US has helped Bybit more than others in its push for market dominance. “The launch of spot Bitcoin ETFs in the US has significantly boosted global crypto trading volumes. However, not all exchanges have benefited equally from the rally that started in October. One exchange has by far made the most gains: Bybit. Since October, the…

Analysis of Long-Term ‘Diamond Hand’ Bitcoin Holders Reveals Market Insights: Glassnode 

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Recent data from Glassnode provides a detailed analysis of bitcoin’s long-term holders (LTH) and their impact on the cryptocurrency market. In the latest onchain report, researchers highlight key metrics and behaviors of LTHs to understand supply and demand dynamics. Bitcoin Market Trends and Long-Term Holders Analyzed in the Latest Glassnode Report Glassnode’s analysis shows that […] Original

Tether Announces Shift to ‘Community Driven Support’ Regarding USDT in Eos and Algorand

Tether, the company that manages the issuance of USDT, the largest stablecoin of the crypto market, has announced a shift in its focus on providing support to blockchains based on community interest. The company announced it would stop minting USDT tokens in two blockchains, Eos and Algorand, starting June 24. Tether Announces Change to Community-Driven […] Source CryptoX Portal

Bitwise CIO Bullish On Spot Ethereum ETFs: Envisions $15 Billion Inflows

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In a significant development for the cryptocurrency market, asset managers are eagerly preparing for the launch of new spot Ethereum ETFs, pending approval from the US Securities and Exchange Commission (SEC).  Bitwise Chief Investment Officer (CIO) Matt Hougan has weighed in on the potential of these ETFs, predicting substantial inflows into the regulated market within the first months of trading. Market Data Suggests $15B Demand For Spot Ethereum ETFs Hougan’s projections are based on a thorough analysis of available data. He emphasizes that there is no need for speculation when…