Day: May 26, 2021

Bitcoin price volatility hits 2021 high as one analyst paints $15,000 target

admin

The current cryptocurrency market scenario is only for traders that have an extremely high appetite for risks. But for the weak-hearted ones, analysts advise patience and caution ahead. The outlook stands tall for Bitcoin (BTC) and Ether (ETH), the top cryptocurrencies by market capitalization that more or less behave as locomotives for the rest of the crypto market. As of Wednesday, the ETH/USD Realized Volatility on a 30-day timeframe has reached near its 2017 peak levels, according to data provided by Skew. Bitcoin and Ethereum 30-day realized volatility reaches 2021…

Canadian regulators accuse crypto exchange of breaking securities law

admin

Canadian securities regulators have initiated a regulatory action against major global cryptocurrency exchange Poloniex. On Tuesday, the Ontario Securities Commission published a statement of allegations against Polo Digital Assets, also known as Poloniex, alleging that the firm has failed to comply with Ontario securities laws. According to the statement, Poloniex has never been registered with the agency while encouraging Canadians to use its platform and allowing Ontario residents to trade crypto derivatives and securities. “Poloniex has never filed a prospectus with the Commission or obtained an exemption from the prospectus requirement,”…

Bitcoin mining banned in Iran until September

admin

The recent crackdown on Bitcoin (BTC) and crypto mining in Iran has reached a new dimension, with the government banning the activity over the summer. According to a report by Bloomberg, President Hassan Rouhani announced the blanket ban on Bitcoin mining in the country in an address on state television on Wednesday. The nationwide prohibition will reportedly last until September, with the government keen on ensuring access to electricity for domestic consumption during the hot summer months, which are historically peak periods for power demand. As part of his address,…

GameStop to Build NFT Platform on Ethereum

admin

Key Takeaways GameStop has shared a website and Ethereum contract for a new NFT platform. The smart contract also hints at a GME token launch. Meme stocks like GameStop, AMC Entertainment are regaining bullish strength backed by retail investment. Share this article GameStop is launching an NFT platform on Ethereum. The company is encouraging game developers and other industry experts to contribute.  GameStop Joins NFT Craze GameStop is getting into NFTs. The video game retailer has created a website and shared a smart contract for a new platform that will…

Elon Musk reminds followers he really isn’t Dogecoin’s master

admin

Tesla CEO Elon Musk reminded Twitter followers on Tuesday that despite the recent interest he’s taken in Dogecoin (DOGE) he still has no formal authority over the project. Musk was replying to a comment from a Doge-themed account which opined that he had taken to operating Dogecoin like one of his own companies, and that he’d effectively become the project’s CEO. The comment framed Musk’s influence as something to be celebrated, but the self-proclaimed “Dogefather” issued a reminder that he actually isn’t the boss, and that no one really answers…

Nebraska signs law to authorize state-chartered banks to custody crypto

admin

A crypto-friendly bill — co-authored by a cryptocurrency firm and first introduced by Republican state senator Mike Flood this January — was signed into law today in Nebraska. The Nebraska Financial Innovation Act was one of Senator Flood’s first initiatives, introduced scarcely two weeks after being sworn into office. It will authorize the regulation of digital asset depositories in the state by creating a new state banking charter tailored to digital asset-backed financial services. Republican lawmakers outnumber Democrats almost two-to-one in the state legislature (32 to 17) and numbers for this week’s…

Banks cautious about crypto ahead of COVID-19 testimony before US Senate

admin

Major Wall Street bank executives will appear before the United States Senate Banking Committee on Wednesday to discuss the role of their financial institutions in the recovery of the American economy. Democratic lawmakers plan to grill a number of major bank execs, whose firms saw record profits during the COVID-19 pandemic while average Americans struggled to make ends meet.  In prepared testimonies posted on Tuesday, CEOs at the Bank of America, Citigroup and Wells Fargo described their respective banks’ responses to major challenges such as inequality, diversity, climate change, taxes, as…

Is a bigger crypto rally looming?

admin

The price of Bitcoin (BTC) has surpassed $40,000 on May 26, breaking above a key sell area for the first time in five days. Traders expect a broader rally to come and a bullish market structure to form if Bitcoin continues to rise above $42,000 and Ether (ETH) reclaims $3,000.  BTC/USD (orange) and ETH/USD (blue) 4-hour candle chart Source. TradingView $42,000 and $49,000 are key resistance levels Bitcoin has been recovering over the past week due to three major factors. First, Tesla CEO Elon Musk and MicroStrategy CEO Michael Saylor…

Michael Saylor says Bitcoin Mining Council required to combat ‘hostile’ narrative

admin

MicroStrategy CEO, Michael Saylor has explained the details and thinking behind the formation of the Bitcoin Mining Council. The council was formed on May 25 after Saylor brokered a successful meeting between Elon Musk and several top North American Bitcoin mining firms. The miners involved will provide current and planned renewable usage transparency, and will lobby other mining operations across the globe to do so as well Michael Saylor describing the formation of the Bitcoin Mining Council and @ElonMusk‘s shared interest in seeing #Bitcoin succeed: pic.twitter.com/7MfODadi8p — Documenting Bitcoin (@DocumentingBTC)…

Ethereum Breaks Key Resistance, Here’s Why ETH Could Test $3K

admin

Ethereum extended its upward move above the $2,750 resistance zone against the US Dollar. ETH price is showing positive signs and it could rise towards $3,000 or even higher. Ethereum extended its recovery wave above the $2,650 and $2,750 levels. The price is now trading above the $2,700 support and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now showing signs of more gains above…