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The crypto market has noted quite a swift recovery over the past day. Assets like Solana, Litecoin, Ethereum Classic ended up fetching investors double digit gains. Even Shiba Inu, the second largest meme asset, was trading in green at press time. In just a matter of few hours, SHIB appreciated by nearly 5%. A slight pull back was registered by the asset, however, it was seen making amends at press time. On the weekly, SHIB is currently at a critical juncture, for it is being tested by its 23.6% Fib level. Despite the recent appreciation, bulls have not been able to break-past it. Only when that happens, will the doors to an incline to $0.00000937 open. SHIB/USDT by TradingView Also Read: $7.4 Million Asset Managing Stellar Lumens Fund Shares Pump 430% Rags to riches tales are quite common when it comes to crypto. Meme assets like Dogecoin, Pepe Coin, have managed to turn several investors millionaires in the past. In fact, even Shiba Inu has been successful in doing so. So, can you st...

Back in Q1 2023, Coinbase announced the testnet launch of its native Ethereum layer 2 network, Base. The solution offers a secure, low-cost, developer-friendly way for users to build dApps. Base is built on the MIT-licensed OP Stack, in association with Optimism. Now, the L2 network is almost ready for mainnet launch. According to a recent update tweet, 80% of the boxes have already been checked. Specifically, Base’s announcement highlighted, “We’ve now fulfilled 4/5 of our criteria for mainnet launch.” P.S. In case you’re keeping track, with the completion of these audits, we’ve now fulfilled ⅘ of our criteria for mainnet launch…https://t.co/eRarQ4R7zG https://t.co/9o3vNidNtE — Base ️ (@BuildOnBase) June 29, 2023 Also Read: Base: Coinbase Announces New Ethereum L2 Network’s Testnet Launch Internal, External Audits Coinbase intends to make “on-chain” the next “online” and get over a billion users into the ecosystem. To achieve the objective, Base will serve as both a “home” for Coinbas...

Volatility among some fiat currencies has made stablecoins like USDC a more attractive option for payroll, according to HR executives. Political and economic tensions around the world are making some people more willing to receive their pay in cryptocurrencies like Bitcoin (BTC), according to executives in the human resources industry. The share of salaries taken in cryptocurrencies and stablecoins has been on the rise over the past few years. This trend is driven not only by prominent athletes and politicians taking their pay in crypto, but also by ordinary people who want to hedge against all kinds of instability, according to goLance co-founder and CEO Michael Brooks. Several factors have triggered a surge in crypto salaries, including increasing acceptance as a legitimate payment method, growing education and new technological developments, Brooks said in an interview with Cointelegraph. The economic conditions in various parts of the world have also influenced the surge in crypt...

Bank of Italy is calling for closer regulator scrutiny of stablecoins, which they say “have not proved stable at all.” Italy’s top banking authority has called for a “robust, risk-based” regulatory framework for stablecoins, which could help prevent a worst case scenario — a “run” on stablecoins. The central bank’s recently released Markets, Infrastructures and Payment Systems report for June 2023 has called on regulators to apply the same financial conduct standards to stable coin issuers in the industry. #Bankitalia #26June Alessandra #Perrazzelli discussed about the evolving regulatory landscape for #DigitalAssets at @pointzeroforum Panel “State of Global Digital Asset Regulation: Navigating Opportunities in an Evolving Landscape”#PZF2023 #PointZeroForum @sif_sfi @elevandi pic.twitter.com/Jm0OBeifZh — Banca d'Italia (@bancaditalia) June 26, 2023 The bank said the rise of cryptocurrencies, coupled with several “boom and bust cycles” in a largely unregulated environment has ...

According to a new report by TRM Labs, Bitcoin (BTC) is losing favor among cybercriminals. The report claimed that illicit players are choosing to stick to fiat or move to other cryptocurrencies. TRM Labs revealed that BTC volumes in illicit activities have fallen over the past seven years. In 2016, Bitcoin accounted for two-thirds of all cryptocurrency hacks, but by 2022, that percentage had dropped to just under 3%. According to the survey, Ethereum (68%) and BNB Smart Chain (19%) picked up the slack. Source: TRM Labs Instead, according to TRM Labs, a new multichain era has caused a “qualitative leap” away from Bitcoin as the main method of transferring illicit proceeds. The company also said that criminal money movements continue to be cash and other kinds of fiat-related finance. The firm pointed to “hawala” remaining as one of the primary methods of laundering. Hawala is the process of transferring money without physically moving it. TRM Labs added that while there has been an inc...

Last week, CoinGape Media reported that Fidelity is preparing to file a similar Bitcoin ETF. On Tuesday, mainstream media reported Fidelity Digital Assets nearing a spot Bitcoin ETF filing. BTC price briefly jumps over $31,000 after the Fidelity Bitcoin ETF news. In fact, Bitcoin hit a one-year high of $31,411 on June 23. advertisement “Despite the regulatory challenges in the US, the moves by top traditional financial institutions such as BlackRock and Fidelity signify that institutional interest and participation remain, injecting credibility and potential stability into the market” said Jaime Baeza, founder of crypto hedge fund ANB Investments. Digital asset investment products recorded $199 million last week after nearly a year amid renewed interest from investors. Approval of a spot Bitcoin ETF will bring more cash flow to the crypto industry. In addition, Volatility Shares 2X Bitcoin Strategy ETF (BITX), the first leveraged Bitcoin futures...

Join Our Telegram channel to stay up to date on breaking news coverage Economists at global investment bank JPMorgan shed some light on global viewpoints they look forward to unraveling in 2023 and 2024. According to them, the probability of United States sliding into a recession exceeds the possibility of avoiding one. A statement by Business Insider explains that the investment bank presented four probable global outlook scenarios in which the “boil the frog” recession emerged as the justifiable outcome. What is ‘Boil The Frog’ Recession? Boiling the frog is a phrase commonly used to describe a situation where people fail to act on a potential problem until it gets more severe and eventually bubbles over. The firm said that it is the most likely outcome underlining that a recession is likely to happen. The outcome – to which the economists assigned a 36% probability – involves the US toppling into recession just like the rest of the global economy. Ag...

Bitcoin speculators remain important for BTC price analysis as their profitability nears classic selling levels. Bitcoin (BTC) may see a “market correction” should BTC price action go much beyond $33,000, research warns . In the latest edition of its weekly newsletter, The Week On-Chain, analytics firm Glassnode flagged speculative selling risk on the horizon. Bitcoin speculator profits average 12% Bitcoin short-term holders (STHs) — the more speculative BTC investors — have returned to the spotlight this year. Recently, their aggregate cost basis appeared to form wider BTC price support near $26,000. For Glassnode, which observed the cost basis’ significance in recent weeks, the opposite effect could soon appear. As part of its coverage of short-term and long-term holder (LTH) activity, researchers highlighted levels at which speculators should take profit en masse. It used the market value to realized value (MVRV) metric , which divides the spot value of coins versus the price at ...

Binance, a prominent player in the cryptocurrency exchange industry, has experienced a notable decline in market share amid increasing regulatory scrutiny and legal challenges. Recent data from Kaiko reveals that Binance’s spot trading market share reached its lowest point in nearly a year, standing at 55.9% in June 2023.  This decline can be attributed to various regulatory actions against the exchange, particularly by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Binance's market share remains stubbornly stuck near a one-year low https://t.co/W7MXYzKXNE — Bloomberg Crypto (@crypto) June 26, 2023 In the United States, the SEC and the CFTC have filed complaints and initiated legal proceedings against Binance and its founder, Changpeng “CZ” Zhao. The SEC’s enforcement action threatened the trading platform, while the CFTC launched a lawsuit against the company in late March. These legal ...

Dogecoin is currently trading at $0.065 and it is moving backward in the indices showing little to profit. The meme currency has lost its hype as the steep price decline made its larger-than-life persona fizzle out. DOGE is among the worst-performing cryptocurrencies of 2023 and investors who took an entry position post 2022 are in losses. Even Tesla CEO Elon Musk’s tweets and statements about DOGE are barely moving the needle in terms of price. Also Read: Shiba Inu: Elon Musk’s Twitter Suspends App That Burns Billions of SHIB Tokens Source: Coingecko However, leading cryptocurrency experts believe that Dogecoin has an upside potential of 1,060% in the coming years. The prediction is for the long-term and short-term holders might not make the most out of DOGE. Dogecoin Awaits An Upside Potential of 1,060%, Predict Experts Source: CryptoPotato According to the Finder’s panel of cryptocurrency experts, Dogecoin could reach a maximum high of $0.75 by 2030. That’s 2 cents above its all-tim...

The Terra Classic team has unveiled a spend proposal for the project’s revival. The proposal highlighted a variety of milestones and also requested funding for a full-stack development team known as the Six Samurai. In the proposal, the development team is asking for $116K. Yesterday, an ambitious spend proposal was unveiled to the Terra Classic (LUNC) community for the blockchain’s revival. In addition, the team also proposed funding for a dedicated development team, nicknamed the “Six Samurai”. The roadmap for the upcoming quarter includes several key milestones. The first objective is to migrate from Columbus-5 to Columbus-6, reducing sync time for archive nodes and optimizing network performance. Additionally, the team plans to update to the latest versions of the Cosmos SDK, providing access to enhanced Features . The establishment of the Terra Classic USD (USTC) Testnet is another crucial step, following its successful passage in go...

Sam Bankman-Fried’s lawyers have moved to dismiss most of the former FTX CEO’s 13 criminal charges relating to the epic downfall of his crypto empire. Counsel for Bankman-Fried argued Monday that FTX had outlasted its competitors in the face of “crypto winter” — the industry-wide downturn which affected crypto exchanges, banks, lenders and hedge funds. Many struggled or even shut down completely last year. But FTX survived longer than most that filed for bankruptcy, Bankman-Fried’s counsel said, before ultimately surrendering to the same market forces. “The government’s response was dramatic — and troubling,” they said. “Rather than wait for traditional civil and regulatory processes following their ordinary course to address the situation, the government jumped in with both feet, improperly seeking to turn these civil and regulatory issues into federal crimes.” In pre-trial motions, Bankman-Fried’s lawyers sought reprieve from all charges except conspiracy to commit securities fr...

Lookonchain tweeted today that Jump Trading acquired LEVER, PERP, LDO and MASK last week. The blockchain tracking firm noted that Jump Trading purchased more than 1 million tokens in each crypto. At press time, LEVER, PERP, LDO and MASK all printed 24-hour gains. The blockchain tracking firm Lookonchain tweeted earlier today that Jump Trading has been accumulating Mask Network (MASK), Lido DAO (LDO), LeverFi (LEVER) and Perpetual Protocol (PERP) over the past week. According to the post, Jump Trading has acquired more than a 1 million tokens in each crypto throughout the past 7 days. The on-chain tracking firm shared that Jump Trading currently holds 1.59 million MASK, worth approximately $6.15 million, and 1.09 million LDO estimated to be worth $2.11 million. In addition, the company also holds 509 million LEVER valued at $686K, as well as 1.07 million PERP, which is worth approximately $545K. In related news, the total crypto market cap increased 1.83% over t...

1. Powell Believes Payment Stablecoins Should Be Treated as Currency a. Federal Reserve Chairman Powell: Cryptocurrencies like Bitcoin Seem to Have ‘Staying Power’ link On June 22nd, during the latest congressional hearing, Federal Reserve Chairman Powell stated that cryptocurrencies like Bitcoin appear to have “staying power.” Stablecoins also hold a significant share in the overall cryptocurrency market, and lawmakers are currently attempting to establish regulations for them. b. Powell States Stablecoins for Payments Are Considered as Currency During Hearing link During the congressional hearing, Chairman Powell also stated that payment stablecoins are considered as a form of currency, and central banks should play a role in approving their issuance in the United States. He mentioned, “We do regard them as currency.” Powell also dismissed suggestions of the Federal Reserve directly issuing a digital dollar (CBDC) or the imminent arrival of a digital dollar, citing concerns related ...