Category: News

In a significant move, U.S. Representative William Timmons has demonstrated his support for Ethereum by creating a self-custodial wallet and showcasing it on his X (formerly Twitter) profile. This development highlights the growing interest and adoption of blockchain technology among policymakers.

Rep. Timmons stated that his motivation for creating the Ethereum wallet was to gain hands-on experience with the technology that enables financial sovereignty. By taking this step, he aims to better understand the implications and potential of decentralized finance (DeFi) and its impact on the future of money.

The congressman’s embrace of Ethereum sends a positive signal to the cryptocurrency market, indicating a growing acceptance and understanding of blockchain technology among legislators. This move could pave the way for more informed discussions and decision-making regarding cryptocurrency regulations in the United States.

As more policymakers become familiar with blockchain technology and its applications, it is likely that we will see increased efforts to create a regulatory framework that fosters innovation while protecting consumers. Rep. Timmons’ actions demonstrate a proactive approach to understanding and engaging with this emerging technology.

The creation of a self-custodial Ethereum wallet by a U.S. congressman also highlights the importance of individual control and ownership in the realm of digital assets. By taking custody of his own funds, Rep. Timmons is showcasing the core principles of decentralization and financial autonomy that underpin the cryptocurrency ecosystem.

Tags: Ethereum, US Congress, self-custody, blockchain adoption, cryptocurrency regulation

Source: https://decrypt.co/304425/meet-us-congressman-repping-ethereum-x-profile

The recent crypto market turbulence has caused Bitcoin to plummet below the crucial $100,000 level, triggering panic among short-term investors. However, data from blockchain analytics firm Glassnode reveals that long-term Bitcoin holders remain largely unaffected by the price slump.

While short-term holders experienced significant losses, with nearly 11% of their BTC supply in the red, long-term investors have shown remarkable resilience. Glassnode noted that only 0.01% of the long-term holders’ supply was in loss, highlighting their ability to weather market volatility.

The current market sentiment appears bearish, with Bitcoin briefly dipping to $91,200 before recovering to around $96,000. Market intelligence platform Santiment attributed the overall market decline to the ongoing trade war initiated by President Trump, which has impacted global stock markets.

The market reaction to Bitcoin’s price drop has been overwhelmingly negative, with many investors expressing concern about the potential onset of a bear market. However, it is crucial to note that historically, markets tend to move in the opposite direction of crowd expectations.

Technical analysis suggests that the $97,000 support level is critical for Bitcoin to maintain its bullish momentum. A failure to hold above this level could put the entire bull market at risk, potentially leading to further downside.

As the market navigates this volatile period, investors should keep a close eye on key support levels and be prepared for potential further downside. However, the resilience shown by long-term holders suggests that Bitcoin’s fundamental value proposition remains intact, and the current dip may present a buying opportunity for those with a longer investment horizon.

Tags: Bitcoin price, market volatility, long-term holders, short-term investors, trade war, technical analysis

Source: https://www.newsbtc.com/news/bitcoin/bitcoin-100k-breakdown-spells-trouble-for-short-term-investors-study/

According to a recent claim by pseudonymous onchain analyst Zachxbt, Coinbase users are losing over $300 million annually to scam artists, with many of the victims being elderly. The analyst alleges that America’s largest cryptocurrency exchange has failed to adequately protect its users from these scams.

This revelation raises serious concerns about the security measures and user protection policies in place at Coinbase. As one of the most prominent and trusted exchanges in the industry, Coinbase has a responsibility to safeguard its users’ funds and prevent fraudulent activities on its platform.

The potential market implications of this news could be significant. If users lose trust in Coinbase’s ability to protect their assets, it may lead to a decline in trading volume and a shift towards alternative exchanges perceived as more secure. Additionally, regulatory authorities may scrutinize Coinbase’s practices more closely, potentially leading to increased compliance requirements and oversight.

To address this issue, Coinbase must take swift and decisive action to enhance its security measures, educate users about potential scams, and implement robust fraud detection and prevention mechanisms. Failure to do so could result in reputational damage, loss of market share, and erosion of user confidence in the exchange.

As the cryptocurrency industry continues to mature, exchanges like Coinbase will need to prioritize user protection and security to maintain their position as trusted platforms for buying, selling, and storing digital assets. This incident serves as a reminder of the ongoing challenges in combating scams and ensuring a safe environment for all participants in the crypto ecosystem.

Tags: Coinbase, Scams, User Protection, Exchange Security, Crypto Fraud

Source: https://news.bitcoin.com/coinbase-users-are-losing-300m-annually-to-scam-artists-analyst-says/

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