Category: News

The Federal Reserve has expressed support for stablecoin regulations, believing it would strengthen the dollar’s global dominance. This comes on the heels of the newly introduced GENIUS Act, which proposes national standards for stablecoin reserve assets. The bill mandates that stablecoins must be backed by safe, liquid assets like cash and short-term US Treasuries.

The Fed’s endorsement of stablecoins is a strategic move to counter the dollar’s recent loss of dominance to the Chinese yuan, particularly with the BRICS coalition pushing for de-dollarization. By expanding the use of dollar-pegged stablecoins in international trade, the US aims to maintain its financial supremacy.

This pro-crypto stance from the US government is a bullish signal for the entire cryptocurrency market. As stablecoins potentially become part of the national crypto stockpile, it could pave the way for other altcoins to enter the government’s portfolio. With broader crypto adoption on the horizon, the demand for user-friendly storage solutions like Best Wallet is poised to skyrocket.

As the regulatory landscape evolves, it’s crucial for investors to stay informed and adapt their strategies accordingly. While clearer regulations provide a more stable environment for crypto growth, the market’s inherent volatility still demands caution and thorough research before making investment decisions.

Tags: stablecoins, crypto regulation, GENIUS Act, Federal Reserve, Best Wallet

Source: https://bitcoinist.com/fed-backs-stablecoins-best-wallet-presale-hype/

Deribit, a popular cryptocurrency derivatives platform, has announced its decision to exit the Russian market due to European Union (EU) sanctions on Russia. Starting February 17th, Russian accounts will be switched to “reduce-only” mode, with all positions set to be forcibly closed by March 29th. However, withdrawals will remain open for Russian users.

The move by Deribit highlights the growing impact of international sanctions on the cryptocurrency industry. As the geopolitical landscape continues to evolve, crypto platforms are increasingly finding themselves navigating complex regulatory environments. The forced closure of Russian accounts on Deribit may lead to short-term volatility in the markets, as affected users adjust their positions.

The long-term implications of this decision remain to be seen. It is possible that other crypto platforms may follow suit, further restricting access to digital assets for Russian individuals and entities. This could potentially lead to a shift in the global cryptocurrency market dynamics, with users seeking alternative platforms or jurisdictions that are less impacted by sanctions.

As always, traders and investors are advised to watch the market closely and stay informed of any regulatory changes that may impact their activities.

Tags: Deribit, EU Sanctions, Russia, Cryptocurrency Regulations, Crypto Derivatives

Source: https://news.bitcoin.com/crypto-platform-deribit-bars-russian-nationals-due-to-eu-sanctions/

Recent analysis of the Bitcoin Coinbase Flow Pulse, an on-chain indicator tracking the net flow of BTC between Coinbase and other exchanges, suggests that the Bitcoin bull market is still intact despite the latest price volatility. The 30-day simple moving average (SMA) of the indicator has surged above the 90-day SMA and maintained a steep climb, historically signaling a shift towards a bull market phase.

The positive Coinbase Flow Pulse indicates a strong institutional interest in Bitcoin, as Coinbase is primarily used by US-based institutional entities. The absence of significant outflows typically seen in bear markets further supports the bullish sentiment. Additionally, the plunge in Bitcoin Exchange Reserves, measuring the total amount of BTC on centralized exchanges, reduces the risk of bearish pressure from self-custodial wallet inflows.

The confirmation of a continuing Bitcoin bull market by the Coinbase Flow Pulse is a positive sign for investors. As institutional interest remains strong and exchange reserves decrease, the potential for a supply shock-driven price rally increases. However, traders should remain cautious of short-term volatility, as demonstrated by Bitcoin’s recent pullback from $102,000 to around $96,700.

With leveraged trading up to 100x on perpetual contracts, a wide range of funding options, and passive earning opportunities up to 30%, DeFX offers an all-in-one platform for traders looking to capitalize on the ongoing Bitcoin bull market.

Tags: Bitcoin, Bull Market, On-Chain Analysis, Coinbase Flow Pulse, Institutional Interest

Source: https://www.newsbtc.com/bitcoin-news/bitcoin-still-bull-market-on-chain-indicator/

In a move that could significantly boost cryptocurrency adoption in Brazil, lawmaker Adriana Ventura has introduced a draft bill to allow investment funds to buy digital assets like Bitcoin. This regulatory shift may soon open the doors for institutional investors to gain exposure to the burgeoning crypto market.

The proposed legislation comes at a time when Brazil is witnessing a surge in cryptocurrency interest. With a supportive regulatory framework, the country could emerge as a key player in the global crypto ecosystem. Investment funds’ entry into the market is likely to bring in substantial capital inflows, potentially driving up demand and prices.

For investors, this development presents exciting opportunities. By trading cryptocurrencies on platforms like Defx, individuals can leverage up to 100x on perpetual contracts, enabling significant returns on investment. Moreover, Defx offers the unique ability to trade meme coins with leverage in spot margin on the Solana blockchain, catering to the growing appetite for alternative cryptocurrencies.

As Brazil moves closer to embracing cryptocurrencies, it is crucial for investors to stay ahead of the curve. Platforms like Defx provide a comprehensive suite of features, including support for multiple blockchains (Solana, Arbitrum, and Berachain), passive earning opportunities up to 30%, and automated trading through bots. With multi-collateral support, including USDC, sUSDC, and major currencies in the pipeline, Defx is well-positioned to cater to the diverse needs of Brazilian investors.

Tags: Brazil crypto regulation, investment funds, Bitcoin, cryptocurrency adoption, Defx trading

Source: https://news.bitcoin.com/brazilian-lawmaker-proposes-bill-to-allow-investment-funds-to-buy-crypto/

Recent analysis by crypto expert Master Kenobi suggests that Dogecoin’s current price action bears striking similarities to its behavior during the 2017 bull run. This observation has led to speculation that the popular meme coin could be on the verge of a significant rally, mirroring its impressive performance from a few years ago.

The potential for a major Dogecoin surge is further supported by the analysis of another prominent figure in the crypto space, Trader Tardigrade. This analyst believes that DOGE has the potential to outperform the broader crypto market, drawing parallels to the coin’s historic gains during the 2021 bull cycle.

While the similarities between the current market conditions and those of previous bull runs are intriguing, it is essential to approach such predictions with caution. The crypto market is known for its volatility, and past performance does not guarantee future results. However, if the patterns identified by these analysts continue to hold, Dogecoin could be poised for a breakout.

As of this writing, Dogecoin is trading at around $0.26, having experienced a slight dip of nearly 2% over the past 24 hours. Despite this minor setback, the overall sentiment surrounding DOGE remains bullish, with many investors eyeing the coin’s potential to reach new highs.

For those considering investing in Dogecoin, it is crucial to conduct thorough research and assess your risk tolerance before making any financial decisions. While the prospect of a major rally is undoubtedly exciting, the crypto market’s unpredictability means that caution should always be exercised.

Tags: Dogecoin, DOGE, crypto market, bull run, price prediction, technical analysis

Source: https://bitcoinist.com/dogecoin-similarities-to-2017/

The Chicago Board Options Exchange (Cboe) has taken a significant step towards the potential approval of spot XRP exchange-traded funds (ETFs) by filing 19b-4 proposals with the U.S. Securities and Exchange Commission (SEC). The proposals, submitted on behalf of Bitwise, Wisdomtree, 21shares, and Canary Funds, mark the beginning of the SEC’s review process for these innovative investment vehicles.

The filing of these proposals indicates growing institutional interest in XRP and the broader cryptocurrency market. If approved, spot XRP ETFs would provide investors with a more accessible and regulated way to gain exposure to the digital asset, potentially leading to increased liquidity and price stability. The SEC’s decision on these proposals will be closely watched by market participants, as it could set a precedent for future cryptocurrency ETF approvals.

XRP, the native token of the Ripple network, has seen significant volatility in recent years due to ongoing legal battles between Ripple Labs and the SEC. The outcome of these proposals could have a substantial impact on XRP’s price and overall market sentiment. A positive decision from the SEC could boost investor confidence and drive further adoption of XRP and other cryptocurrencies.

As the crypto market continues to mature and gain mainstream acceptance, the potential approval of spot XRP ETFs represents a crucial milestone in the integration of digital assets into traditional financial systems. Market participants will be closely monitoring the SEC’s review process and the potential implications for the future of cryptocurrency investing.

Tags: Cboe, XRP, ETFs, SEC, Cryptocurrency

Source: https://news.bitcoin.com/cboe-files-19b-4-proposals-for-spot-xrp-etfs-initiating-sec-review/

As Bitcoin grapples with a challenging period, hovering around $98,000 after a 10% drop from its all-time high, an interesting trend emerges in its exchange reserves. Data reveals a continuous decline in the amount of Bitcoin held on trading platforms, signaling a potential accumulation phase by investors.

This reduction in circulating supply could lead to a “supply shock,” setting the stage for a possible price rebound in the coming weeks. Analysts suggest that the persistent decrease in exchange reserves may contribute to further price appreciation, as it indicates a growing tendency among investors to hold Bitcoin for the long term.

Another key metric to watch is the Coinbase Premium Index, which measures the price difference between Bitcoin on Coinbase and other exchanges. Recently, this index broke through the critical “0” resistance level with substantial volume, a development closely monitored by traders. A sustained positive premium could signal continued institutional accumulation, potentially boosting Bitcoin’s recovery.

However, failure to hold this level might suggest lingering bearish sentiment or the possibility of further declines. As the market navigates this crucial juncture, investors and traders alike are keeping a close eye on these indicators, seeking to gauge Bitcoin’s future trajectory.

While the current market conditions present challenges, the confluence of declining exchange reserves and the behavior of the Coinbase Premium Index offers a glimmer of hope for Bitcoin enthusiasts. As always, the cryptocurrency market remains dynamic and unpredictable, requiring careful analysis and a long-term perspective.

Tags: Bitcoin, exchange reserves, supply shock, price rebound, Coinbase Premium Index, institutional accumulation, market analysis

Source: https://www.newsbtc.com/bitcoin-news/bitcoin-exchange-reserves-plunge-are-we-on-the-brink-of-a-rebound/

In a significant move towards dedollarization, Russia and Ethiopia are strengthening their currency ties to bolster economic stability and decrease dependence on foreign exchange. This development is part of a broader global trend of countries shifting away from the U.S. dollar in international trade.

The deepening of currency ties between Russia and Ethiopia underscores the growing importance of establishing alternative financial frameworks that provide greater autonomy and resilience. By reducing reliance on the U.S. dollar, these nations aim to insulate their economies from potential external shocks and geopolitical pressures.

This shift towards dedollarization could have far-reaching implications for the global financial landscape. As more countries seek to diversify their currency reserves and trade settlements, the dominance of the U.S. dollar may gradually erode. This could lead to a more multipolar international monetary system, with a greater role for alternative currencies and regional financial arrangements.

For Russia and Ethiopia, this move towards closer currency cooperation could open up new avenues for bilateral trade and investment. It may also encourage other nations to follow suit and explore similar arrangements, further accelerating the trend of dedollarization.

However, it is important to note that transitioning away from the U.S. dollar is a complex and gradual process. The dollar’s deep liquidity, widespread acceptance, and its role as a reserve currency continue to make it an attractive option for many countries. Nonetheless, the growing momentum behind dedollarization suggests that the international financial system is undergoing a significant transformation.

As this trend continues to unfold, it will be crucial to monitor its impact on global trade flows, currency markets, and geopolitical dynamics. The evolving financial landscape may present both challenges and opportunities for countries seeking to navigate the shifting tides of the global economy.

Tags: dedollarization, Russia, Ethiopia, currency ties, US dollar

Source: https://news.bitcoin.com/russia-and-ethiopia-take-steps-away-from-us-dollar-as-dedollarization-grows/

BNB price is showing signs of recovery after finding support at the $540 level. The cryptocurrency is now trading near $580 and aiming for a fresh move toward the $635 resistance.

The recent price action suggests that BNB is gearing up for a potential rally. However, it must first overcome the immediate resistance at $585. If successful, BNB could test the $605 level and possibly set the stage for a larger move toward $620.

On the technical front, the MACD indicator for BNB/USD is gaining pace in the bullish zone, while the RSI is currently above the 50 level. These indicators support the bullish outlook for BNB in the near term.

Despite the positive signs, BNB must maintain its position above the crucial $560 support to sustain the upward momentum. A breakdown below this level could trigger another decline, potentially leading to a retest of the $540 support or even a drop toward $510.

As BNB navigates this critical juncture, investors and traders should keep a close eye on the key resistance levels at $590 and $605. A decisive break above these hurdles could open the door for significant gains, while failure to overcome them may result in a period of consolidation or a corrective pullback.

Tags: BNB price, Binance Coin, crypto market, technical analysis, resistance levels

Source: https://www.newsbtc.com/analysis/bnb/bnb-price-rally-600/

Crypto analysts are predicting a potential 40% upside for XRP price in the near future, despite the current market pullback. ProjectSyndicate, in a recent TradingView post, noted that XRP’s 4-hour chart indicates a bullish outlook, with the ideal buy and hold level around $2.

The analyst suggests that the current correction, following XRP’s retest of its all-time high, presents a low-risk buying opportunity. With the pullback not yet complete, ProjectSyndicate expects XRP to drop to as low as $2 before witnessing the predicted 40% gains, potentially reaching $2.80.

XRP has been one of the hardest hit among the major cryptocurrencies during the current market downturn, losing its position as the third-largest crypto by market cap to USDT. However, several analysts, including ColdBloodedCharter, see this as an excellent accumulation opportunity, highlighting key support levels at $2.50, $2.25-$2.30, and $1.90-$2.

CasiTrades, another prominent analyst, suggests that this pullback could be the final low before a significant price liftoff. According to their analysis, XRP is in the fifth wave of an ABC pattern, with the sell-off extending the asset past its target. If this pattern completes, it could signal the end of the correction and the beginning of a massive Wave 3 up, potentially sending XRP past its previous all-time highs with minimal resistance.

As the market sentiment remains bearish, XRP’s ability to hold key support levels and maintain its bullish structure will be crucial in determining its short-term price action. Investors and traders should keep a close eye on these levels and consider the potential for accumulation as the asset prepares for its next major move.

Tags: XRP price prediction, XRP technical analysis, crypto market analysis, altcoin investing, cryptocurrency trading

Source: https://www.newsbtc.com/analysis/xrp/xrp-price-eyes-40-gains/