Author: Defx Intern

Paul Grewal, Coinbase’s Chief Legal Officer, is set to testify at a critical Senate hearing focused on allegations of regulatory agencies deliberately limiting crypto firms’ access to banking services. The hearing, dubbed “Operation Chokepoint 2.0,” comes amidst growing concerns about unfair treatment of the cryptocurrency industry.

Grewal, known for his advocacy of transparent crypto regulations, is expected to defend the industry against what many consider to be unjust regulatory actions. Documents obtained through FOIA requests suggest that the FDIC may have instructed banks to restrict dealings with crypto-related organizations, drawing comparisons to the controversial “Operation Chokepoint” that allegedly targeted legitimate but politically unpopular businesses.

The outcome of this hearing could have significant implications for the U.S. cryptocurrency market. If lawmakers recognize that excessive regulation is stifling the sector, it could pave the way for more equitable policies. However, if the hearing results in further investigation without concrete action, crypto companies may continue to face regulatory ambiguity and banking access challenges.

Coinbase, one of the world’s largest exchanges, has consistently maintained that the U.S. risks falling behind in the global crypto landscape due to its inconsistent regulatory approach. Grewal’s testimony is expected to reinforce Coinbase’s call for fair and transparent regulatory treatment, as the company itself has faced various regulatory challenges, including litigation from the SEC.

The cryptocurrency industry eagerly awaits the outcome of this hearing, as it could shape the future of crypto regulation in the United States. A favorable outcome could provide much-needed clarity and support for the growth of the sector, while an unfavorable one may perpetuate the current challenges faced by crypto businesses.

Tags: Coinbase, Crypto Regulation, Senate Hearing, Operation Chokepoint 2.0, Banking Access

Source: https://bitcoinist.com/coinbase-legal-chief-to-defend-crypto-in-high-stakes-hearing/

Berachain, a highly anticipated blockchain project, is set to launch its novel proof-of-liquidity consensus mechanism this week. As the crypto community eagerly awaits this release, it’s crucial for enthusiasts and investors to understand what this means and how to prepare.

The proof-of-liquidity consensus introduces a new approach to blockchain security and validation, focusing on the liquidity of assets within the network. This mechanism aims to provide a more efficient and secure way of processing transactions while incentivizing participation through liquidity rewards.

The launch of Berachain’s mainnet is expected to draw significant attention from the crypto community, potentially leading to increased demand for the project’s native token. As the blockchain goes live, it will be important to observe how the market reacts and whether the proof-of-liquidity model lives up to its promises.

For those looking to participate in the Berachain ecosystem, it’s essential to research the project thoroughly, understand the tokenomics, and assess the potential risks and rewards. As with any new blockchain project, it’s crucial to exercise caution and make informed decisions based on your investment goals and risk tolerance.

The successful implementation of Berachain’s proof-of-liquidity mechanism could pave the way for more innovative approaches to blockchain consensus and open up new possibilities for decentralized finance (DeFi) applications. As the project evolves, it will be interesting to see how it competes with established blockchains and whether it can attract a strong developer community.

Tags: Berachain, Proof-of-Liquidity, Blockchain, Consensus Mechanism, Crypto

Source: https://decrypt.co/resources/how-to-prepare-for-berachain-the-novel-proof-of-liquidity-blockchain

A recent technical analysis by crypto analyst MelikaTrader94 on TradingView has revealed that the Cardano (ADA) price has broken down from an Ascending Channel pattern. This breakdown has opened up two potential scenarios for ADA’s future price action, with key support and resistance levels now in focus.

The Ascending Channel pattern, which is typically considered a bullish continuation signal, had been guiding Cardano’s price momentum for some time. However, the recent breakdown suggests a possible shift in market sentiment and could lead to either a bullish surge or a bearish decline.

In the bullish scenario, if ADA can reclaim the key support level at $0.7765, the analyst predicts a potential rally towards $0.95 to $1.00, signaling the start of a strong uptrend. On the other hand, the bearish scenario suggests that ADA could face further downside, possibly declining towards the 0.4836 and 0.2910 Fibonacci levels if it fails to hold current support levels.

Investors and traders should closely monitor ADA’s price action around the critical $0.63 level, as a break below this support could confirm the bearish outlook. However, if ADA manages to bounce back and break above the $0.7765 to $0.80 resistance zone, it could indicate a potential bullish reversal.

The breakdown from the Ascending Channel pattern has placed Cardano at a crucial juncture, with the upcoming price action likely to determine the direction of its mid-term trend. As the crypto market remains volatile, it is essential for market participants to exercise caution and make informed decisions based on thorough technical analysis and risk management strategies.

Tags: Cardano, ADA, Technical Analysis, Crypto Market, Ascending Channel

Source: Tradingview.com

The Ethereum-based trading card game ‘What Is This Sorcery’ has launched a Kickstarter campaign to raise funds for producing physical cards. However, the campaign is more than just a typical fundraiser.

By utilizing the Kickstarter platform, ‘What Is This Sorcery’ is not only securing funds for physical card production but also generating buzz and interest around the game. This strategic move could help attract new players and solidify the game’s position in the competitive blockchain gaming market.

The success of this Kickstarter campaign may set a precedent for other Ethereum games looking to bridge the gap between digital and physical collectibles. It showcases the potential for blockchain technology to revolutionize the gaming industry by providing new avenues for funding, ownership, and player engagement.

As the campaign progresses, it will be essential to monitor the level of support and enthusiasm from the gaming community. Strong backing could indicate a growing demand for tangible collectibles tied to blockchain-based games, opening up new opportunities for game developers and players alike.

Tags: Ethereum gaming, Kickstarter, trading card games, blockchain collectibles, crypto gaming

Source: https://decrypt.co/304382/ethereum-game-what-sorcery-kickstarter-skale

Despite recent price drops and liquidations, analysts believe Dogecoin’s current pullback is a crucial step before its next major rally. The meme coin has found support at $0.25 after dropping below the $0.30 mark, and while this has triggered some fear in the market, experts suggest it’s just part of DOGE’s journey to new all-time highs.

Technical analyst Trader Tardigrade points out that past market cycles show corrections often precede sharp price swings. In fact, similar pullbacks were seen before significant rallies in both 2016 and 2021, with DOGE experiencing retracements of 59.76% and 56.2% respectively, followed by massive surges of 9,222% and 30,693%.

With this in mind, Trader Tardigrade anticipates an even bigger rally this cycle, potentially targeting close to $3. Crypto expert DOGECAPITAL agrees, predicting that once the pullback is over, DOGE could reach new highs between $1.50 and $2.10 in the coming months.

As Dogecoin continues to face bearish pressure, watching key support levels is crucial. A rebound could occur at any time, triggering buying momentum and a significant breakout. Additionally, recent developments like the potential introduction of a Spot Dogecoin ETF and the creation of the Department of Government Efficiency (D.O.G.E) could contribute to the meme coin’s long-term growth.

While the current market sentiment may be pessimistic, analysts remain optimistic about Dogecoin’s future. As history has shown, these pullbacks are often necessary for the meme coin to reach new heights. Investors should keep a close eye on DOGE’s price action in the coming weeks, as a major rally could be on the horizon.

Tags: Dogecoin, DOGE price prediction, crypto market analysis, meme coin rallies, technical analysis

Source: https://bitcoinist.com/dogecoins-pullback-is-vital/

Travala, a cryptocurrency-friendly travel booking platform, has integrated its hotel listings with Trivago, allowing users to book over 2.2 million accommodations using digital currencies. This partnership expands Travala’s reach by merging its extensive catalog into Trivago’s user-friendly interface.

The integration of Travala’s crypto-ready hotel listings into Trivago’s platform signifies a growing acceptance of cryptocurrencies within the travel industry. As more consumers hold and transact in digital assets, the demand for crypto payment options in various sectors, including travel, is on the rise. Travala’s partnership with Trivago addresses this need, providing a seamless booking experience for crypto-savvy travelers.

This collaboration could lead to increased adoption and use of cryptocurrencies for travel-related transactions. By enabling millions of Trivago users to easily book hotels using digital currencies, Travala is not only tapping into a new customer base but also driving the mainstream acceptance of cryptocurrencies. As more leading travel platforms embrace crypto payments, it could trigger a ripple effect across the industry, encouraging other businesses to follow suit.

Moreover, the partnership may boost the market sentiment for travel-focused cryptocurrencies and tokens. Projects aiming to revolutionize the travel industry through blockchain technology could gain traction as a result of this development. Investors might show renewed interest in these tokens, potentially leading to price appreciations and increased trading volumes.

Tags: Travala, Trivago, cryptocurrency, hotel bookings, crypto adoption

Source: https://news.bitcoin.com/travala-partners-with-trivago-to-offer-cryptocurrency-hotel-bookings/

On Monday, Bitcoin experienced a significant flash crash in the South Korean market, leading to a spike in the “Kimchi Premium” – the difference between Bitcoin prices on South Korean exchanges compared to global exchanges. The premium, which is a common occurrence in the country, reached notable highs during this recent market event.

The flash crash in the South Korean Bitcoin market can be attributed to several factors, including heightened market volatility, regulatory concerns, and local market dynamics. As a result, Bitcoin prices on South Korean exchanges deviated significantly from global market prices, creating arbitrage opportunities for traders.

The Kimchi Premium has been a persistent phenomenon in the South Korean cryptocurrency market, reflecting the country’s unique market conditions and investor sentiment. The premium often arises due to capital controls, regulatory differences, and the high demand for cryptocurrencies among South Korean investors.

The recent spike in the Kimchi Premium highlights the importance of monitoring local market dynamics and their potential impact on the global cryptocurrency market. Traders and investors should be aware of these price discrepancies and consider the risks and opportunities associated with arbitrage trading.

As the South Korean cryptocurrency market continues to evolve, it remains to be seen how regulatory developments and market conditions will shape the future of the Kimchi Premium. Market participants should stay informed about local market trends and adapt their strategies accordingly.

Tags: Bitcoin, Kimchi Premium, South Korea, Flash Crash, Arbitrage

Source: https://decrypt.co/304368/bitcoin-korea-kimchi-premium-soars

Amid extreme market volatility sparked by U.S. trade war fears, Solana (SOL) has showcased remarkable resilience. Despite a sharp 25% drop from its recent highs, SOL bounced back nearly 25% after holding key support levels. Top analyst Jelle’s technical analysis suggests that this may have been a failed breakdown attempt, setting the stage for another push toward new all-time highs if the crucial $205 level holds.

Solana’s ability to recover from deep pullbacks has solidified its position as a market leader. The blockchain’s expanding ecosystem, high-speed transactions, and thriving NFT and DeFi projects have contributed to its strong performance. If SOL reclaims and consolidates above the $220 level, it could signal another leg up. However, a break below $205 might lead to deeper consolidation or a correction toward $180.

Currently trading at $208, SOL faces resistance at the 4-hour 200 moving average around $221. Bulls must push the price above this level and establish it as support to confirm a trend reversal. The $200 mark remains a critical demand zone, and if held, could fuel a recovery toward $221 and beyond. Failure to maintain $200 could intensify selling pressure and lead to a drop toward $190.

As market sentiment remains mixed, investors are closely watching these key levels to determine Solana’s next move. The broader market trend and Bitcoin’s performance will also play a crucial role in SOL’s short-term direction. The coming days will be critical for Solana as it battles to reclaim lost ground and avoid deeper corrections.

Tags: Solana, SOL, Solana Price, Market Volatility, Technical Analysis, Cryptocurrency

Source: NewsBTC

In a groundbreaking revelation, blockchain analytics firm Arkham Intelligence has unmasked an astonishing $108 billion worth of Bitcoin (BTC) tied to the pseudonymous creator Satoshi Nakamoto. By employing cutting-edge forensic tools and the well-known Patoshi Pattern, Arkham traced these immense holdings to the earliest digital vaults associated with Satoshi.

This discovery sheds new light on the sheer magnitude of the dormant Bitcoin fortune amassed by the enigmatic figure behind the world’s first cryptocurrency. With Satoshi’s identity remaining a mystery, the existence of such a vast treasure trove is bound to fuel further speculation and intrigue within the crypto community.

The market implications of this finding are significant. Should even a fraction of these bitcoins move from their dormant state, it could potentially trigger immense volatility in the BTC market. The sheer value of Satoshi’s holdings underscores the importance of monitoring large wallet movements and their potential impact on price action.

Moreover, the revelation serves as a testament to the robustness and transparency of the Bitcoin blockchain. The ability to trace and attribute ownership, even in the case of an anonymous creator, reinforces the inherent strengths of the technology. It also highlights the growing sophistication of blockchain analytics tools in unraveling complex transaction histories.

As the crypto world digests this astonishing news, it remains to be seen how market sentiment and regulatory scrutiny may evolve in response. The existence of such a concentrated wealth in the hands of an unknown entity is likely to spark debates around wealth distribution, decentralization, and the long-term sustainability of the Bitcoin ecosystem.

Tags: Satoshi Nakamoto, Bitcoin, Blockchain Analytics, Crypto Market, Patoshi Pattern

Source: https://news.bitcoin.com/arkham-intelligence-data-unmasks-satoshis-108-billion-bitcoin-vault/

Ethereum (ETH) is currently at a critical juncture, with the $2,700 support level acting as a crucial determinant for the cryptocurrency’s potential to reach new all-time highs. Despite recent market corrections and regulatory tensions, analysts remain optimistic about Ethereum’s future prospects.

According to crypto analyst Ali Martinez, Ethereum must maintain the $2,750 level to establish a foundation for a potential surge to $6,760. Furthermore, if Ethereum forms a head-and-shoulders pattern and stays above $2,700, it could target $7,000, suggesting a possible 150% increase.

The Trump family’s recent support for Ethereum has also added to the optimistic sentiment. World Liberty Financial (WLFI) purchased an additional 1,826 ETH, amounting to approximately $5 million, and Trump’s crypto venture transferred significant amounts of ETH and WBTC to Coinbase Prime.

Institutional investors’ confidence in Ethereum is evident from recent ETF flows, with ETH exchange-traded funds seeing net inflows of $83.6 million, in contrast to the $234.4 million in net outflows from Bitcoin ETFs.

While Ethereum is currently trading at $2,819, down 21% on a monthly basis and 42% from its all-time high, the critical support levels and institutional backing suggest that the cryptocurrency is poised for a potential breakout. As the market awaits further developments, all eyes are on Ethereum to see if it can overcome the current challenges and reach new heights.

Tags: Ethereum, ETH, Ethereum price, Ethereum analysis, crypto market

Source: https://www.newsbtc.com/ethereum-news/ethereum-make-or-break-moment-this-key-level-determines-path-to-reach-7000/