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Minute altcoins: Information and opportunities to seize on 5 cryptos

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The cryptocurrency market is recovering after what might be called two days of correction. The fear is to see this slight pullback lead to a retracement. In any case, this session seems to be promising because the market shows an overall increase of 2.29%.

Bitcoin recovered with intraday growth of 1.38%. The BTC price is currently traded at $ 61,303. Investors fear the market’s number one cryptocurrency will end its ATH week below $ 60,000.

On the altcoins side, the day is interesting because we have Ethereum which shows an increase of 5.48%. Shiba Inu panics investors with an XXL performance of 21% during the day. Chainlink finally gets to grow after the Associated Press news. Its price soars by more than 10%. Curve Dao Token is also experiencing remarkable growth of 12.02%.

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Focus on the news and the opportunities to be seized on certain altcoins.

Already nearly $ 2 billion worth of Ethers burned in EIP-1559

Following the automatic burn-out process implemented in the ETH network, EIP-1559 during the update from London, there are almost 603,452 ETH that have been burned so far. Unlike those who think this process would help lower fees, EIP-1559 only makes fees more predictable.

EIP-1559 is in its essence an automated Ethereum deflationary protocol whose sole objective is to reduce the number of tokens in circulation in order to favor an artificial ETH price. The protocol provides that $ 30 million of Ether should be taken off the market every day.

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As we have recalled in previous articles on Ether during this month of October, the second crypto has not really grown on the basis of its fundamentals. The day when investors become fully aware of these factors, expect a very bullish ETH.

Binance Coin: A carbon copy of ETH

You were told that Binance Smart Chain burned the equivalent of $ 639 million in BNB tokens during the week for what counted as its 17th quarterly burnout. In fact, the BSC has decided to take it to the next level by making the burn process automatic just like its competitor, Ethereum.

Binance Smart Chain announced the launch of the new Binance Evolution Protocol (BEP-95) which will be the basis for the burning of BNB tokens. This update is in line with the objective of reducing the number of BNBs available on the market. Binance officials wrote on their blog:

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The burning of BEP-95 depends solely on the activity of the BSC network, and it will continue to operate (by decreasing the supply of BNB), even after the scheduled burning of BNB by Binance.com reaches the target of 100. million BNB in ​​circulation.

This news represents a very good opportunity for BNB Holders who can hope for an evolution of the price of theirs thanks to this protocol implemented in the BSC network.

Associated Press chooses Chainlink’s Oracle

One of the world’s most powerful news networks links to the Chainlink Oracle to automate the process of delivering news across the globe. The news agency announced that it has partnered with Chainlink Labs to launch its own Chainlink node to provide verifiable and traceable information in the age of disinformation.

Chainlink technology is the perfect way to provide smart contract developers anywhere in the world with direct, on-demand access to reliable AP economics, sports and racing data. Working with Chainlink allows this information to be compatible with any blockchain.

If the price of Chainlink did not react much after the announcement, it looks like during this, the value of crypto is recovering. It is up 10% at the time of this writing. Investors are confident about the future of LINK. Renowned crypto analyst and trader Michaël Van de Poppe posted a post on Twitter to say that it is just a matter of time before Chainlink hits $ 100.

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Vechain: Possibility of earning more than 120%

Minute altcoins: Information and opportunities to seize on 5 cryptos

Chart 4h – Evolution of the price of Chainlink (LINK) on the stock market

There is no particular news related to VeChain. The interest in VeChain is particularly linked to the graphic structure of its price curve. Indeed, the data in 4 hours of the VET course make it possible to draw an ascending triangle. We can see that the price of the VET has already broken the ascending line of the triangle. Which is an important signal for the continuation of the bullish pattern. But, how far could one hope for the course to land.

First, it should be remembered that the price of VET is at 50.8% of its ATH. In principle, if the breakout were to be validated, it should exceed its ATH by the end of the year. According to an article in the popular technical analysis journal, FX Street, published last Thursday, the author revealed that VeChain is on the verge of a 120% bullish breakout. A sine qua non for reaching this technical goal is for VET to push the rally up to $ 0.15. From there, we can hope that it extends very easily to $ 0.27.

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The French expert @TagadoBTC is also bullish for the course of the VET with regard to the same triangular structure that we presented. He said on Twitter:

VET broke its h4 triangle on the upside. The target is at $ 0.158, which should also confirm the breakout of the Daily pattern and activate the target at $ 0.33!

Shiba Inu: the token meme about to retest his ATH

“I’m back”, the phrase that illustrates Shiba Inu’s current performance. The Doge Killer appears to be reversing his retracement period. In fact, the crypto is experiencing a daily rise of 27.2%. Its current price ($ 0.00003550) is approaching the multi-year ATH of $ 0.00003791.

This new rally is fueled by rumors of the crypto listing on Robinhood. The trading volume speaks volumes about traders’ appetite for the Shiba. Intraday, the weight of the SHIB traded amounts to 6 billion, which is the third most traded crypto on the market during this day.

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Executives From Coinbase and Other Crypto Firms To Testify at Hearing on Digital Assets in News Source

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Executives from the top crypto firms in the US will be testifying in an upcoming hearing on digital assets to the House Committee on Financial Services, led by Congresswoman Maxine Waters.

In a statement, Waters names six executives in the digital asset space who will testify at the hearing on December 8th.

The names include:

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  • Jeremy Allaire, co-founder, chairman and CEO of blockchain-focused financial services firm Circle
  • Samuel Bankman-Fried, CEO and founder of crypto derivatives exchange FTX
  • Brian P. Brooks, CEO of full-service blockchain tech firm Bitfury Group
  • Charles Cascarilla, CEO and co-founder of blockchain infrastructure firm Paxos Trust Company
  • Denelle Dixon, CEO and executive director of non-profit organization Stellar Development Foundation
  • Alesia Jeanne Haas, CFO of popular crypto company Coinbase Global Inc.

The hearing is entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.”

In an interview with CNBC, Bitfury CEO Brian Brooks says that one of the things he hopes is discussed at the hearing is the lack of clarity behind the issuance of stablecoins.

“First of all, are we or are we not going to resolve some of the contradictions in US crypto policy?

Just to give you an example of that, we’ve got an administration that is taking the position that only banks should be able to issue stablecoins.

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But it seems like the posture of the administration is also that companies that issue stablecoins can’t be banks, so my hope is we’ll talk a little about how do we resolve these Kafkaesque contradictions.”

Brooks also mentions that he hopes Bitcoin (BTC) and crypto mining can be sold as something that can be a part of an environmentally sustainable future, rather than an obstacle to it.

The hearing can be watched live, here.

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India to set maximum penalty for violating crypto norms at fine of $2.7 million or 1.5 years in jail

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On Tuesday, BloombergQuint (Bloomberg India) reported that the penalty for non-compliance with the Indian government’s crypto policies could range from a maximum fine of 20 crore rupees ($2.7 million dollars) or 1.5 years in jail. Prime Minister Narendra Modi will likely give cryptocurrency investors a deadline to comply with new rules and declare their assets. While the regulatory environment in the country holds a high degree of uncertainty, reports have indicated that investors’ crypto must soon be held in exchanges operating under the oversight of the Securities and Exchange Board of India, or SEBI.

This would mean that private wallets would not be legal under the proposed legislation, and investors who use them could be subjected to the aforementioned judicial penalties. In addition, Modi’s government plans to institute a minimum capital threshold for investing in cryptocurrencies.

India is taking a hard-line stance against crypto due, in part, to the perceived rise in fraud, money laundering and terrorist financing in recent years. Another element, however, is that the competition from privately-owned or privately-issued cryptocurrencies would, in theory, threaten the Reserve Bank of India’s plans to launch a digital rupee. The official text from an ongoing controversial crypto bill in the country is as follows:

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“To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India; however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

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Biden targets crypto with new anti-corruption strategy

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  • Joe Biden target crypto bad actors in new countering corruption document.
  • DOJ sets up new unit to primarily handle crypto crime cases.

US President Joe Biden has targeted cryptocurrencies in the newly published United States Strategy on Countering Corruption document, which addresses govt anti-corruption policies.

The published document contains how the US govt intends to deal with corruption under five pillars. The third pillar particularly speaks on cryptocurrencies through the Department of Justice (DOJ).

“DOJ will utilize a newly established task force, the National Cryptocurrency Enforcement Team, to focus specifically on complex investigations and prosecutions of criminal misuses of cryptocurrency,” the document reads.

The task force primary focus is on “crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors.”

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Joe Biden and cryptocurrencies

The US president has been at the frontline of delivering cryptocurrencies out of the hands of bad actors.

Apparently, the president was irked by successive ransomware attacks on critical American facilities (Colonial pipeline and JBS), where both organizations had to pay crypto ransoms before regaining access to their computers.

The attacks on the two facilities made the DOJ mull about raising ransomware threats to terrorism threats.

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In the summer, the administration’s crypto task force began to hit the headlines following a virtual briefing with Congress in June. At the time, deputy national security adviser Anne Neuberger said the administration was working to quell the use of cryptocurrencies in illicit financial activity.

As part of the planned effort, the task force will analyze and trace crypto transfers that affected companies and institutions have sent—or will send—to perpetrators of ransomware attacks.

Beyond this, Biden has also been a rallying point in the international scene mobilizing Russian President Vladimir Putin and other world leaders at the G7 to act on the criminalities of crypto, ransomware, and other cyber threats.

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