Category Archives: Ethereum
The ETH Question: Why does the SEC avoid taking action against Ethereum when all else are fair game? – CryptoSlate
The U.S. Securities and Exchange Commission (SEC) filed suit against Binance today in a move that has rocked the cryptocurrency industry.
The complaint notably includes language in which the SEC clearly elucidates that it considers many of the tokens that traded on Binance to be unregistered securities and lays out its case against several it considers notable offenders. The SEC identifies these crypto asset securities as including (but not limited to) Solana, Cardano, Polygon, Filecoin, Cosmos, The Sandbox, Decentraland, Algorand, Axie Infinity, and Coti.
Todays filing contains some of the SECs most explicit language to date in clarifying its judgment, but once again avoids taking on the big question: is Ethereum a security or not? If so, why is the SEC silent on it? And if not, what is it?
The SECs argument for designating these tokens as crypto asset securities is exhaustively outlined in Section VIII of the complaint (pages 85 through 123). Notable patterns emerge from the filing: the process of initial coin offerings (ICOs), vesting of tokens, allocations for the core team, and the promotion of profit generation through ownership of these tokens, are all repeated themes.
But Ethereum is not listed among these. Gensler has remained consistently vague on the question of whether Ethereum and its namesake coin count as securities. ETH is commonly held as an investment, suggesting it could be classified as a security, but it is also extensively used day-to-day as a medium of exchange across protocols, making its function more akin to cash or ACH settlement.
Gensler has previously suggested that everything other than Bitcoin in the crypto space could be seen as a security, but has notably refused to clearly state as much about Ethereum. When pressed to say the words, I believe Ethereum is a security, the Hon. Chair just will not do it. Genslers reluctance to classify Ether is curious when his SEC is so eager to claim as much for others. Why?
It might be a simple matter of intragovernmental contention. Ethereum could potentially fall under the purview of the Commodity Futures Trading Commission (CFTC), which regards Bitcoin, Ethereum, and Tether as commodities, not securities. Not only do the two categories differ wildly from one another, this overlap could create a regulatory tug-of-war that would Genslers public stance on Ethereum while trying to avoid the appearance of infighting within the federal government.
Another analysis from Protos, argues that Genslers evasion on the matter may be a consequence of the SECs earlier inaction following the infamous DAO hack, which saw the blockchain fork into Ethereum Classic and put the entire ecosystem at risk. However, at the time the SEC did nothing, and now Gensler finds himself in the unenviable position of making up for his predecessors oversights. Now that the Ethereum ecosystem has spent years recovering and building credibility, retroactively declaring it an unregistered security would have unforeseen, but no doubt disastrous, consequences for investors.
In other words, protecting investors in this case would mean protecting them from the protector.
However, perhaps another reason could lie beneath Genslers reluctance to clearly classify Ethereum: he may not know.
Cryptocurrencies and their underlying technologies are innovative and novel. They represent a fundamental shift in how we understand finance and asset ownership, and in the case of decentralized ecosystems like Ethereum, they introduce entirely new paradigms.
If this is true, its not unreasonable to suspect that most peopleeven those deeply involved in the spacemay not fully understand the implications of these innovations just yet. Anything that is fundamentally new will resist categorization, and Ethereum does sothis lack of a concrete concept that both defines Ethereum but fits into previous understandings is the core problem around regulating it.
This regulatory ambiguity presents a complex challenge for Ethereum, but it does not lessen the urgency to address it.The advancement of the crypto industry hinges on obtaining clear legal definitions for Layer 1 (L1) tokens, such as Ethereum, that function simultaneously as mediums of daily exchange and investment vehicles within their respective ecosystems. The ambiguity in their status poses a significant hurdle, stalling progress and fostering uncertainty in a space that is ripe for growth and innovation.
The dichotomy of these tokens roles blurs the boundary between conventional asset classes, forcing us to confront inadequacies in existing legal structures. To propel the crypto industry forward, regulators must acknowledge and address this nuanced reality. Until a refined framework emerges that accurately captures the dual functionality of these L1 tokens, regulatory ambiguity will continue to shroud the industry, stifling its full potential and deterring mainstream adoption. This unique crypto space requires equally unique rulesones that can encapsulate its dynamism and complexity.
The path towards comprehensive crypto regulation is obscured by two significant obstacles, which must be addressed urgently for the sectors responsible advancement.
Firstly, the U.S. Securities and Exchange Commission (SEC) must establish a formal position on Ethereum. Given the SECs historical inaction in restraining Ethereums growth when opportunities were present, it has inadvertently fostered an environment where investors are left in regulatory limbo. The SEC, as the protector of investors, has a duty to provide some form of regulatory guidanceeven if it proves to be temporaryto offer a foundational starting point and eliminate the current state of speculation. The lack of clear regulation is not merely an inconvenience; it is a failure to provide the necessary protections for participants in an increasingly significant market.
Secondly, authentic, open-ended discussions about the nature of digital assets are crucial. This implies engaging in conversations devoid of preconceived notions, biases, ideological posturing, or empty rhetoric. We often speak of making space to have the conversation, but acknowledging that conversation needs to take place and actually having one are two very different exercises indeed. Perhaps everyone in the industryas well as those watching over itwould benefit from practicing the latter.
Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.
Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
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Congress Introduces A Game-Changing Crypto Bill Amid $350 Billion Bitcoin, Ethereum, BNB And XRP Price Pump – Forbes
06/05 update below. This post was originally published on June 3
BitcoinBTC and ethereumas well as rival top five cryptocurrencies Ripple's XRPXRP and Binance's BNBBNBhave rocketed this year, adding $350 billion to the crypto market in 2023 (triggering a flood of bullish predictions).
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The bitcoin price dropped back last month from its 2023 peak of just over $30,000, dragging on the ethereum price as well as XRP and BNB, even as Goldman Sachs and Microsoft quietly lay the groundwork for the next bull run.
Now, amid fears a crypto "powder keg" could be about to ignite, U.S. lawmakers have proposed a "functional framework" aimed at providing regulatory clarity for bitcoin and crypto companies in the country.
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The 162-page draft bill, unveiled by House financial services committee chair Patrick McHenry, a Republican from North Carolina, and House agriculture committee chair Glenn Thompson, a Republican from Pennsylvania, is an attempt to kickstart discussions between Republicans and Democrats on the two committees, Bloomberg reported.
In recent weeks, some of the largest U.S. bitcoin and crypto companies have warned the country is falling behind the rest of the world on crypto legislation, with Hong Kong's new regulatory regime coming into force this week alongside the Europe Union's landmark markets in crypto assets (MiCA) regulation being signed into law.
Major crypto exchanges, including the Nasdaq-listed Coinbase, have been feuding with regulators over whether certain cryptocurrencies are being sold and traded as unregistered securities. In late 2020, the U.S. Securities and Exchange Commission (SEC) sued Ripple, accusing the company of selling $1.3 billion in unregistered securities via its XRP cryptocurrency (Ripple's chief executive has recently said he's "confident" of an imminent outcome).
06/05 update: The new draft crypto bill comes amid growing fears in the crypto industry that the U.S. government and regulators are involved in a concerted effort to de-platform crypto from the banking system as "operation choke point 2.0"a reference to a 2013 U.S. Department of Justice policy to lock industries thought to be high risk for fraud and money laundering out of the banking system.
"In the U.S., we know its coordinated," Nic Carter, an investor with Castle Island Ventures who coined the term operation choke point 2.0, told the What Bitcoin Did podcast. "We absolutely know that. Its certain officials in the Biden administration that are working together with specific regulators, in particular the bank regulators, to marginalize the bitcoin and crypto industry."
Carter warned that the Biden administration and regulators' hostility to the crypto industry has grown in the aftermath of the FTX meltdown last year and played a part in the collapse of crypto-friendly banks Signature and Silvergate earlier this year.
The new U.S. crypto billafter several attempts to pass crypto legislation in previous sessionsproposes cryptocurrencies offered as part of an investment contract would fall under SEC oversight, while those that qualify as commodities would be overseen by the Commodity Futures Trading Commission (CFTC).
Whether cryptocurrencies such as bitcoin, ethereum, Binance's BNB or Ripple's XRP are defined as securities or commodities would depend on how decentralized their underlying blockchain is, decided by an SEC ruling.
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The bill was cheered by some in the bitcoin and crypto industry ahead of a House agriculture committee hearing on digital asset regulation scheduled for June 6.
The bill "lays a strong foundation for regulatory jurisdiction and definitions," Paul Grewal, the chief legal officer at bitcoin and crypto exchange Coinbase, posted to Twitter. "A comprehensive bill of this magnitude warrants an in-depth review, which well be conducting over the coming days, but what were seeing so far is encouraging."
"Its a win this year for crypto to even get some attention in DC right now, after last year's setbacks," Ryan Selkis, founder at crypto data company Messari, posted to Twitter, adding: "There is still a lot of work to do to get to a viable piece of legislation, but this is a good starting point for a sensible market structure bill."
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
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USDC Introduced on Ethereum’s Layer 2 Scaling Solution Arbitrum – Crypto Briefing
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Circle brought its native USDC on Arbitrum, Ethereums leading layer 2 scaling solution, making Arbitrum the ninth blockchain to extend support for USDC, according to Circles official announcement.
The newly enabled function allows businesses utilizing Circle to conveniently swap USDC across supported chains, avoiding the costs and time lags typically linked with bridging transactions:
Following a recent bug in Arbitrums Sequencer software which caused a temporary halt to on-chain transaction verification, Circles USDC introduction on the Arbitrum network now allows developers, businesses and users to access Arbitrum USDC and take advantage of faster settlement times and lower costs offered by the Arbitrum network, according to the announcement.
Arbitrum, one of Ethereums layer 2 scaling solutions with a $2.2 billion TVL, leverages Optimistic Rollup technology to boost the throughput of transactions for decentralized apps, all while maintaining the security features of the Ethereum blockchain.
Circles deployment of native USDC on Arbitrum maintains a 1:1 ratio with USD, with Arbitrum releasing a bridged USDC called USDC.e, not issued by Circle. Plans are underway to transition liquidity smoothly from USDC.e to USDC over time:
Circle Account and Circle APIs to access Arbitrum USDC for diverse use cases including programmable, quick and global transactions, as well as trading, lending and borrowing on DApps such as Camelot, GMX and Uniswap. Users can also use Arbitrums USDC for payments for e-commerce, NFT marketplaces and gaming.
The Circle Account and APIs also simplify the swapping process of USDC natively across the nine supported blockchains: Aave, Balancer, Camelot, Coinbase, Curve, GMX, Radiant, Trader Joe and Uniswap.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
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USDC Introduced on Ethereum's Layer 2 Scaling Solution Arbitrum - Crypto Briefing
Crypto Price Update: Bitcoin Up 0.70%, Ethereum Up 0.23% – Outlook India
Outlook Money
The global cryptocurrency market cap was at $1.1 trillion on Friday morning, up by 0.34 per cent. Pepe PEPE was the most trending cryptocurrency, while Mask Network MASK was the top gainer and Sui SUI was the top loser
Updated: 09 Jun 2023 12:45 pm
The global cryptocurrency market cap was at $1.1 trillion on Friday morning, up by 0.34 per cent inthe past 24 hours, while the total trading volume was at $26.02 billion, down by 30.47 per cent.
Pepe PEPE was the most trending cryptocurrency, up by 4.20 per cent to $0.000001091 from theprevious day. Its 24-hour trading volume was $108.38 million.
Mask Network MASK was the top gainer, up by 5.07 per cent to $4.20 over the previous day. Its 24-hour trading volume was $65.61 million. Sui SUI was the top loser, down by 3.24 per cent to $0.7313.Its 24-hour trading volume was $156.21 million.
DeFi fell 7.37 per cent to $1.92 billion, Coinmarketcap.com reported.
Cryptocurrency Prices
Bitcoin: Bitcoin was up by 0.70 per cent to $26,483.48. Its 24-hour trading volume was $11.87 billion.It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoins market dominancewas at 46.63 per cent, up by 0.07 per cent over the last 24 hours.
Ethereum: Ethereum was up by 0.23 per cent to $1,837.91 over the previous day. Its 24-hour tradingvolume was $4.61 billion.
Tether: Tether was steady at $1, same as yesterday. Tethers 24-hour trading volume was $18.16billion. It is ranked third on Coinmarketcap.
Other Altcoins
Solanas (SOL) was up by 1.32 per cent to $18.67 in the last 24 hours. Its 24-hour trading volume was$229.68 million.
Avalanche was trading at $13.82, up by 0.13 per cent, while its 24-hour trading volume was at$111.53 million.
Cardano (ADA) fell by 1.90 per cent to $0.3172. It is ranked seventh, with a 24-hour trading volume of$240.85 million.
Meme Coins
Dogecoin (DOGE) was up by 0.65 per cent, with a 24-hour price of $0.06785.
Shiba Inu was up by 0.48 per cent to $0.000007955.
Decentralised Finance
DeFi coin was trading at $0.009305, up by 8.01 per cent over the past 24 hours.
Yearn.Finance was down by 0.91 per cent to $5,924.55 in the last 24 hours, while its 24-hour tradingvolume was $11.09 million.
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Crypto Price Update: Bitcoin Up 0.70%, Ethereum Up 0.23% - Outlook India
SquidGrow Revolutionizes Crypto Space with BSC to Ethereum … – GlobeNewswire
Kingstown, Saint Vincent and the Grenadines, June 09, 2023 (GLOBE NEWSWIRE) -- SquidGrow, the trailblazing multi-chain cryptocurrency project, has launched its highly anticipated Binance Smart Chain (BSC) to Ethereum Bridge. This groundbreaking development will empower users to effortlessly and securely transfer their SquidGrow tokens between the two prominent blockchain networks.
The BSC to Ethereum Bridge is a major milestone in SquidGrow's evolutionary journey. Months of meticulous planning and development have gone into creating this robust infrastructure, which promises to deliver a seamless token transfer experience for users across chains. With the bridge, SquidGrow holders can enjoy the flexibility of moving their tokens between BSC and Ethereum with utmost ease and security.
"We are thrilled to unveil the BSC to Ethereum Bridge, marking yet another significant achievement for SquidGrow," said Shibtoshi, the visionary crypto billionaire and driving force behind the project. "Our mission has always been to empower crypto enthusiasts with innovative solutions, and this bridge is a testament to our commitment to revolutionizing the way cryptocurrencies are utilized."
Shibtoshi, known for his astute business acumen and pioneering spirit, has successfully steered SquidGrow to its current multi-chain status. Assisting him in this endeavor is his trusted confidant and right-hand man, AreDub, whose expertise in the crypto industry has played a pivotal role in the project's success.
The BSC to Ethereum Bridge is set to unleash a new era of possibilities for SquidGrow and its growing community. By bridging the gap between these two popular blockchain networks, the project aims to create a more interconnected and inclusive ecosystem that transcends the limitations of a single chain.
"We firmly believe that interoperability is key to unlocking the full potential of decentralized finance," emphasized AreDub. "The BSC to Ethereum Bridge is a significant step forward in our journey towards building a truly connected crypto landscape, where users can seamlessly interact with different chains and tap into a wealth of opportunities."
SquidGrow's relentless pursuit of innovation has garnered attention from crypto enthusiasts and industry experts worldwide. With the BSC to Ethereum Bridge launch coming Monday, 12 June, at 6 p.m. PST, the project is poised to make an even greater impact, solidifying its position as a pioneering force in crypto space.
About SquidGrow:
SquidGrow is a project constantly innovating and pushing the boundaries of what is possible in crypto space. With the launch of the BSC to Ethereum Bridge, the introduction of an NFT marketplace, and the development of a decentralized perpetual swap, SquidGrow is poised to make a significant impact on the crypto industry.
Following this exciting development, SquidGrow is looking forward to unveiling the following features in the near future:
- NFT Marketplace: SquidGrow is launching its own NFT marketplace, featuring a curated selection of rare and valuable digital assets. As part of their commitment to the community, SquidGrow will be giving away 100 exclusive blue-chip NFTs to lucky miners.
- Decentralized Perpetual Swap (SGX): SquidGrow is developing a decentralized perpetual swap known as SGX. This groundbreaking financial instrument will revolutionize the trading experience for users, offering seamless access to perpetual contracts across a range of cryptocurrencies and assets.
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SquidGrow Revolutionizes Crypto Space with BSC to Ethereum ... - GlobeNewswire
Crypto Price Today: Bitcoin remains below 27k mark, Ethereum and most other tokens fall – CNBCTV18
SUMMARY
Bitcoin, Ethereum and most other cryptocurrencies extended losses on Friday. The global crypto market cap stood at $1.10 trillion, with a volume of $25.8 billion in the past 24 hours.
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Bitcoin | The world's largest and most popular virtual currency, Bitcoin, fell marginally to $26,376.3. Its market value stood at $11.8 billion. The trade volume was at $11.8 billion.
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Ethereum | The second largest virtual currency, Ethererum or Ether, fell 0.2 percent to $1,833.1 with a market capitalisation of $221.5 billion. The trade volume of Ethereum was $4.5 billion in the last 24 hours.
3 / 8
Dogecoin | Meme-based virtual currency, Dogecoin, fell marginally on Friday. Its market value stood at nearly $9.5 billion. The trade volume was at $167.4 million.
4 / 8
Shiba Inu | Unlike its peers, Shiba Inu gained 0.4 percent with a market capitalisation of $4.7 billion. The trade volume was $71.5 million in the last 24 hours.
5 / 8
Solana | Solana fell half a percent to $18.6 with a market capitalisation of $7.4 billion. The trade volume of Solana was $254.4 billion in the last 24 hours.
6 / 8
Polygon | Polygon rose 1.7 percent with a market capitalisation of $7.2 billion. The trade volume was $273.6 million in the last 24 hours.
7 / 8
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Crypto Price Today: Bitcoin remains below 27k mark, Ethereum and most other tokens fall - CNBCTV18
Is Bitcoin Still Worth Investing in? Exploring Dogetti & Ethereum’s … – Analytics Insight
Bitcoin, the pioneer of digital currencies, has experienced both exponential growth and significant fluctuations since its inception. As we enter 2023, the question arises: Is Bitcoin still worth investing in? Moreover, what other coins are vying for the crown of the crypto market? We will have a look at the potential investment value of Bitcoin in the current landscape and explore how rising coins such as Dogetti (DETI) and Ethereum (ETH) shape up as possible contenders in 2023.
Bitcoin, often referred to as the king of cryptocurrencies, holds a prominent position in the market. Its decentralized nature, limited supply, and growing adoption by institutions have established its reputation as a reliable investment. Despite occasional price volatility, Bitcoin has consistently demonstrated resilience throughout, making it an appealing choice for long-term investors seeking stability.
With a dominant market cap and a solid track record, Bitcoin continues to attract mainstream attention and financial institutions. Its position as a store of value and a potential hedge against inflation remains unchallenged. However, it is essential to consider factors such as regulatory developments, market sentiment, and technological advancements that can impact Bitcoins future trajectory.
While Bitcoins dominance remains unchallenged, other cryptocurrencies are emerging with unique value propositions. Dogetti has gained attention due to its strong and united community. Also with the adoption of a 2% reflection protocol, Dogetti regularly rewards its members simply by holding the token.
The projects main goal is to help every member of the Dogetti family increase their overall net worth. Additionally, Dogetti aims to provide various forms of utility, expanding its potential beyond being a mere meme coin.
The growing popularity of Dogetti reflects the allure of meme coins with utility. As the crypto market evolves, investors seek coins that not only offer speculative gains but also demonstrate practical applications and community engagement. Dogettis unique positioning in this regard makes it an intriguing investment option for those seeking the next big thing in the crypto world.
Ethereum, the second-largest cryptocurrency by market cap, presents a different investment opportunity. Unlike Bitcoin, Ethereum is not solely a digital currency but a decentralized platform that enables the creation of smart contracts and decentralized applications (DApps). Its native cryptocurrency, Ether (ETH), powers transactions within the Ethereum network.
The rise of DApps and decentralized finance (DeFi) has propelled Ethereums popularity. The platforms versatility and its ability to execute complex programmable contracts have attracted developers and investors alike. With Ethereum 2.0, an upgrade that aims to enhance scalability and sustainability, Ethereums potential for growth and innovation continues to captivate the crypto community.
As we navigate the crypto market in 2023, the investment landscape presents both established and emerging opportunities. While Bitcoin maintains its position as the flagship cryptocurrency, offering stability and reliability, alternatives like Dogetti and Ethereum bring their unique value propositions to the table.
Dogettis strong community and focus on utility make it an intriguing option for investors looking for meme coins with practical applications. On the other hand, Ethereums smart contract capabilities and the growing DeFi ecosystem position it as a platform for innovation and decentralized applications.
Ultimately, the decision to invest in Bitcoin, Dogetti, or Ethereum depends on individual risk appetite and investment goals. While Bitcoin remains a solid choice for long-term investors, the potential upside of meme coins like Dogetti and the innovative possibilities of Ethereum make them worthy contenders for those seeking the next big crypto investment.
To explore the opportunities presented by Dogetti further, visit their official website and join The Family today.
Presale: https://dogetti.io/how-to-buy
Website: https://dogetti.io/
Telegram: https://t.me/Dogetti
Twitter: https://twitter.com/_Dogetti_
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Is Bitcoin Still Worth Investing in? Exploring Dogetti & Ethereum's ... - Analytics Insight
Whats Next for Bitcoin (BTC), Ethereum (ETH), & Ripple (XRP) Prices in the Coming Week? – Coinpedia Fintech News
The Bitcoin price witnessed a massive dump of over 3.38% in the past 24 hours, dragging the global market cap by nearly 6%, which is approaching the $1 trillion mark. The BTC price is currently retesting the $25,000 level, and if it fails to hold, then the price may drop towards $23,000. However, the current market trend indicates that strong support may not hold, which may further trigger a bigger descending movement than expected.
The price from the 0 FIB levels at the 2023 highs has been plunging down to test the lower levels. It held at the 0.23 FIB level for quite a long time but soon plunged towards the next level at 0.38. However, the EMA-200 levels may act as a strong base but may certainly not trigger a rebound. Therefore, the price may continue to visit lower targets in the coming week, which may even drag the price as low as $21,000 or $20,000 too.
As the SECs squeeze erupted in the form of Robinhood delisting three major cryptos, the ETH price also felt the heat and dropped below $1750. A huge bearish candle formed the lows around $1720, after which a notable flip raised the levels marginally. Currently, the price is testing one of the crucial support levels along the ascending trend line, and a daily close below these levels may trigger a massive dump.
The price is losing the crucial bullish pattern, which may not be good for a healthy rally. The RSI is plummeting, the ADX is bearish, and the MACD just turned negative, indicating the selling pressure has just begun to accumulate. Therefore, fewer probabilities of a bullish rebound may be expected in the coming days as the bears have completely dominated the rally for an extended period.
In times of acute bearish trend, the Ripple price has displayed some strength as it triggers a rebound from the interim support after reaching $0.4737. Currently, the XRP price is trading between $0.55 and $0.49, and if the lower support holds, then a rebound may be imminent. Otherwise, if the bears intensify their action, then the token may face a heavy drop to reach levels around $0.44.
The XRP price recorded a massive bearish candle in the past 45 days that dragged the price from $0.54 to below $0.5. The buying pressure in the daily charts has just waned as the MACD is about to flash a sell signal soon. The RSI is plunging and has reached an average level of 50, preparing for more bearish action. This could drag the price lower if the bulls fail to hold the price above the crucial support at $0.5.
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How Optimisms Upgrade Will Shape The Future Of Ethereum – Forbes
displayed on a smartphone screen in Athens, Greece on May 2, 2022. (Photo illustration by Nikolas Kokovlis/NurPhoto via Getty Images)NurPhoto via Getty Images
Optimism, an Ethereum scaling solution that raised a $150 million Series B in 2022, co-led by Andreessen Horowitz and Paradigm at a $1.65 billion valuation, is working toward a future where a single tech stack can power multiple blockchains. Optimism's 'Superchain' vision has attracted a community of developers and devout contributors, known as the Optimism Collective, who are eagerly awaiting the Bedrock upgrade, which will enhance usability on Optimism and its upcoming network of chains.
Imagine a world where sending emails was limited to specific email providers. Gmail users could only communicate with other Gmail users, while those with Yahoo or Hotmail accounts were restricted to their respective domains. Sending emails across domains was risky and didnt always work. This is analogous to the current state of affairs for crypto, where communicating between blockchains is inefficient. Coinbase and Worldcoin are leading the charge in developing decentralized alternatives on Optimism's infrastructure, paving the way for other companies to address this ongoing fragmentation problem.
Layer-2 blockchains, or rollups, uptake the function of transaction processing from its underlying Layer-1 to make it faster and cheaper. Ethereum has several live rollups that have become competitive with some L1 blockchains in value and users, such as Arbitrum and Optimism. Unlike an L1, an L2 inherits the security properties of the underlying L1; with an established chain like Ethereum, there is ample economic security that its rollups can benefit from. Depending on the rollups configuration, it can also tap into Ethereums battle-tested set of infrastructure and tooling.
Rollups are en route to cheaper transactions, but most had to be built from scratch, which is no easy feat. Each rollup team had to also bootstrap a validator, developer, and community-base. Despite all the growth work, theres no guarantee that once live, a user base will follow.
In the world of blockchain technology, an app team is often forced to decide between a building on a rollup or becoming an appchain. An appchain is a blockchain dedicated to a single app for example, the exchange dYdXDYDX lives as an appchain on the Cosmos network. On the other hand, a general-purpose rollup can support multiple applications and is typically preconfigured for such versatility. However, this choice entails constructing all the necessary infrastructure and growth processes from scratch. Ideally, an app team will have considerable control with little technical overhead this promotes open-source contributions and minimizes smart contract risk. A collaborative, public good focused network of chains means accelerated development and lower the barrier to entry for builders and users.
Optimism, developed by a group of Ethereum developers, launched in 2021. The team has conducted two airdrops to date, the latest distributed $30 million worth of OP to 300,000 unique users. On May 31, 9% of total OP supply worth more than $580 million was unlocked. This event led to a 10% price decline three days before the event.
Like the other rollups, Optimism has experienced quite a bit of volatility in usage and price. Part of this phenomenon can be attributed, at least in part, to speculative user actions. To capture sustainable revenue via loyal users, the tech in question has to actually address some need and be accessible.
Optimisms Bedrock Upgrade will take place on June 6 and will be a crucial step towards realizing the Superchain vision through:
The Superchain network of chains will be built with the OP Stack, the same software stack that powers Optimism. With a shared infrastructure base, it will become easy to bridge over assets between participating chains and finally allow for user experiences where, for example, the user does not have to manually pick between networks to achieve the cheapest, safest transaction. Eventually, the Superchain will merge Optimism into this network of chains.
It appears that OP Stack has started to successfully attract established brands and companies to consider a blockchain, starting with Fortune 500 company Coinbase, which will be the first company to launch an OP Stack L2, Base. The hope is to incubate the L2 within Coinbase as it attracts builders. Coinbase will not be issuing a Base token, which is important because that signals low speculation and that the unwavering focus will be on achieving interconnected blockchains on Ethereum.
Following in Coinbases footsteps, Worldcoin, Sam Altmans AI-resistant identity protocol which recently closed $115 million in a Series C, recently revealed plans to develop an OP Stack chain, migrating from its previous homebase, PolygonMATIC. We are at the nascent stages of more established companies choosing to move to a rollup or appchain so that its users have access to decentralized products. Moves so far suggest that more companies will likely choose to build on the OP Stack in 2023.
Though this harmonious future sounds like the master solution to fragmentation within crypto, theres potential for it to go south. There have been multiple attempts at interconnected ecosystems, like Cosmos, which havent held a candle to the volume that Ethereum chains see. This also means that the Superchain flourishes only if Ethereum does which is a safe enough bet considering the economic backing that Ethereum offers.
Since May 1, OP has tumbled over 40%. Following a successful upgrade, Optimism may regain its appeal to users, potentially recovering transaction volume from earlier in the year. It's important to note that the Superchain vision extends beyond Optimism itself, thus is not a competitive endeavor. As more builders choose to develop appchains on the OP Stack, we move closer to solving the blockchain communication problem that is holding back proper adoption.
Im a crypto researcher, formerly a research analyst at Messari and a venture capital fellow at Bloomberg Beta, with a degree in mathematical sciences from the University of California, Merced. Im passionate about open, accessibleaccess to technology and finance.
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How Optimisms Upgrade Will Shape The Future Of Ethereum - Forbes
Is it Too Late to Buy Ethereum? ETH Price Falls after Twitter Founder Jack Dorsey Says Ethereum is a Security Here’s … – Cryptonews
Source / Cryptonews.com
In the world of cryptocurrencies, stability is a luxury and now Ethereum (ETH), the world's second-largest cryptocurrency, has found itself at the heart of an escalating debate over regulatory clarity following a wave of enforcement actions by the U.S. Securities and Exchange Commission (SEC).
The SEC recently launched lawsuits against two of the world's largest crypto exchanges, Coinbase and Binance, alleging they traded assets considered securities without the requisite registration.
The assets implicated in this ongoing controversy include Solana (SOL), Cardano (ADA), Binance Coin (BNB), and Polygon (MATIC), sparking worries over Ethereum's future price action.
Adding fuel to the fire, Jack Dorsey, founder of Twitter and known Bitcoin advocate, raised eyebrows when he suggested that Ethereum should also be classified as a security.
While the tweet has sparked a fierce debate online, its impact on Ethereum's price has been unquestionable.
The suggestion, whether it finds regulatory support or not, however, contributes to a sense of uncertainty that often leads investors to shy away from impacted assets.
Beyond the crypto-specific issues, Ethereum's price is also feeling the pressure from broader economic factors.
The U.S. Labor Department reported a surge in jobless claims, a clear sign of slowing labor market momentum.
With 261,000 new applications for unemployment benefits, the latest figures came in well above the 235,000 predicted by economists, fueling recession fears and applying downward pressure on Ethereum's price.
In light of the legal headwinds tearing through the industry, Ethereum is currently trading at $1,844 (+0.66%) as topside resistance seems to be forming an unbreakable ceiling of resistance on the short time frame (STF).
The recent downtick, triggered in part by Jack Dorsey's comments, has seen Ethereum price slip back below the MA20 for the first time in two weeks.
Price now seems descendant, with more than a month of ranging behaviour risking a decisive move to the downside.
The loss of MA20 support is a big blow to Ethereum bulls, with weeks of tough fought consolidation giving way to fundamental pressures.
Worse still, unlike many other leading cryptocurrencies such as ADA, the downtick has done little to cool-off Ethereum's RSI oscillator.
On the fence at 48.81 - the RSI offers few clues for price action on the STF.
The MACD offers more clues, showcasing bearish divergence to -1.63, adding to the bearish case for STF movements.
With a perfect storm of headwinds rapidly arriving in Ethereum markets, many feel it is only a matter of time until Ethereum is named in the SEC's cases.
Against a background of a softening US labor market, Ethereum faces an STF upside target at $1,900 (+2.82%) reclaiming poised position above the MA20.
Downside risk is more significant with a return to $1,750 (-5.3%) firmly on the cards if negative sentiment continues to grow.
This leaves Ethereum facing a risk: reward ratio of 0.53 - a troubling STF price prediction.
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