Schlagwort: crypto business

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I would never bet against Bitcoin, Kraken CEO says

  • Kraken CEO Jesse Powell says he still hopes it is possible for Bitcoin price to rally in 2022, even as he acknowledges the risks of fresh downsides.
  • Powell had predicted the last rally could have seen ‘Bugatti for1 BTC’ purchases.
  • Bitcoin currently trades around $23,680.

Kraken CEO Jesse Powell says he is still bullish on Bitcoin (BTC) and that given, he still fancies buying a Bugatti with one BTC. He would not bet against the flagship cryptocurrency, he told “Bloomberg Crypto” in an interview.

Powell also commented on the US Treasury’s sanctions against crypto mixing platform Tornado Cash, seeing the move as “unconstitutional” and a “knee jerk reaction” following recent turmoil in crypto. 

According to him, there is going to be a constitutional challenge to the sanctions.

Bitcoin can rally higher in 2022, Powell says

In 2021, as Bitcoin price rallied, Powell told Bloomberg that by the end of the year, one BTC would be able to buy Lambo – alluding to the realisation of the Crypto Twitter phrase ‘when lambo’ for when one Bitcoin would buy a Lamborghini. He also predicted that the end of 2022 would see ‘one bitcoin per Bugatti’.

But Bitcoin peaked at just above $69,000 in November last year before closing 2021 around $46,000. The bearish extension into 2022 saw the flagship crypto asset plummet to lows of $17,600 in June, and currently trades below $23,680 after another rejection at the $25k level.

Despite this, a bullish Powell believes it’s still possible for Bitcoin to rally as the year ends for the Lambo and Bugatti dream to come true. However, he does not want to hold his hopes out, especially after what unfolded in 2022.

“I wasn’t expecting all of this crazy, craziness in the macro environment,” he stated, noting that this doesn’t mean he is now bearish.

“I’m still very bullish. I bought Bitcoin again at $18,000 so I’m happy to ride it all the way back up. I’m still very bullish in the long run. You know, the fundamentals keep improving so I would never bet against Bitcoin,” he explained.

Powell’s comments come as the crypto industry looks to exit the rough terrain that has characterised the last several months.

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Why is EOS up by more than 30% in the last 24 hours?

The cryptocurrency market is turning things around today, and EOS is one of the best-performing cryptocurrencies among the top 50 coins.

EOS, the native coin of the EOSIO ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap. EOS has added more than 30% to its value in the last 24 hours.

The rally comes as EOSIO is set for a rebrand. The EOSIO is the blockchain, and it is set for a major rebrand. The rebrand would also lead to the fork of the EOS coin. According to the team, the EOS Network Foundation would soon be in charge of the EOS blockchain. 

The rally comes as the broader cryptocurrency market is recovering from the slump it suffered earlier this week. For the first time this week, the cryptocurrency market is trading in the green zone.

The market has added more than 1% to its value over the past 24 hours, with the total market cap now around $1.15 trillion.

Bitcoin is still trading above $24k per coin, while Ether has surged past the $1,900 mark again after adding more than 2% to its value in the last 24 hours.

Key levels to watch

The EOS/USD 4-hour chart is one of the most bullish charts amongst the top 100 cryptocurrencies by market cap.

The MACD line is deep within the positive zone, indicating that EOS is experiencing a bullish momentum at the moment.

The 14-day RSI of 81 shows that EOS is currently in the overbought region after rallying by more than 40% over the past seven days.

At press time, EOS is trading at $1.620 per coin. If the rally continues, EOS could trade above the $2.059 resistance point for the first time since May.

However, EOS could need the support of the broader crypto market to make a move past the $2.488 resistance level over the next few days.

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Has Solana started a bear reversal, or is it just a correction?

  • Solana has been dropping for the last 3 months.

  • The token is yet to break below key support, the recent breakout zone.

  • Solana could head to $60 next if it overcomes the latest weakness.

Solana SOL/USD has lost 1.90% in the last 24 hours. The token remains in the green for the past one week. Our earlier projection set the target at $60, following a key breakout at $43. Solana seems to have lost its previous aggressive bull surge after 3 consecutive days of decline. This thesis interrogates further whether the recent decline is long-lasting or short-lived.

The bearish move of Solana takes the price to $43.44 at press time. We find that Solana’s support is at $43. It suggests that the token is retesting the support, and we are yet to confirm a bearish reversal. 

Further scrutiny of Solana shows that the token is on a clear uptrend. The cryptocurrency has successfully overcome the latest hack-inspired decline. It has maintained a system of higher highs and higher lows. The momentum has still not been the strongest.

Solana remains supported at $43 amid bear weakness

Source – TradingView

Technically, the indicators read bullish for SOL. From the daily chart outlook, the MACD line closed above the moving average, confirming bullish momentum. The 21-day and 50-day moving averages also support the token. 

The current indications are that SOL is undergoing a correction. There is no confirmed bearish reversal. Investors should watch price action at $43 for a potential bullish reversal. In the less likely scenario that $43 fails to hold, SOL could find the next support at $35.

Summary

Solana token has maintained the $43 support despite the latest weakness. The bull case for the token remains in place. The current retracement is a correction likely to open buy opportunities.

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Fed tells banks to pay attention to legal aspects before jumping into crypto

The Federal Reserve Board wants to see banks take time to understand the cryptocurrency space first before diving in.

The US Federal Reserve Board has warned banks looking to engage in crypto-related activities or offer such services to ensure they are familiar with applicable regulatory requirements and guidelines.

The Fed’s caution to Board-supervised banking institutions was announced in a letter released on Tuesday, and comes after recent high-profile crypto-related engagements involving the world’s largest asset investment manager BlackRock.

“The emerging crypto-asset sector presents potential opportunities to banking organisations, their customers, and the overall financial system,” the Fed noted in the press release. However, the central banks’ take is that crypto can pose certain risks, including consumer protection and financial stability.

So, while the overall opportunity for investors is there, the regulator wants banks to ensure they understand the legal environment and related requirements before they get involved.

Fed outlines steps banks need to follow

In its supervisory letter, the Fed therefore calls on banks to take such steps as assessing whether the crypto activity of interest is “legally permissible.” 

They also need to determine whether there are any regulatory filings to be made, with banking organisations now required to notify the central bank before diving into crypto-related activities.

Another key consideration banking institutions need to look at is whether they are adequately prepared in terms of having required safety systems and controls.

Last month, the Federal Deposit Insurance Corporation (FDIC) warned crypto users that the agency’s deposit protections do not apply to cryptocurrencies or crypto firms. This came as the government agency asked companies not to mislead consumers.

In 2021, the Fed Board, FDIC, and the Office of the Comptroller of the Currency (OCC), jointly released a statement on crypto policy, while the push to bring clarity to the industry continues across the world.

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XRP posts sluggish gains as the case with SEC drags on – What next?

  • Ripple’s case with SEC continues to drag on, affecting the XRP price

  • The native token has gained by 0.97% in a week despite escaping a consolidation zone

  • XRP was dislodged from the sixth position by Cardano’s ADA

Ripple XRP/USD is now the 7th largest cryptocurrency after posting negligible gains. Cardano, which has been surging lately, has claimed the 6th spot, previously held by XRP. A spot check of XRP on CoinMarketCap shows the token has just 0.97% gains in a week.

XRP’s failure to inspire a rally after a breakout underlines caution around its case with the SEC. A positive case outcome is expected to be a major boost for XRP. However, with investor sentiment shifting to alternative tokens, XRP could remain subdued.

Nothing confirms the likely winner in the tussle expected to shape the direction of crypto regulation. However, Ripple has been winning small milestones ahead of the expected ruling. On August 3, a US judge Sarah Netburn allowed Ripple access to videos of SEC officials. The case outcome is expected before the end of the year, although delays are still possible.

XRP fails to rally after a breakout from a consolidation channel

Source – TradingView

Technically, XRP has kept the $0.375 support intact. It is the breakout zone from the consolidation channel. However, momentum is weakening, with the MACD line crossing below the moving average. The token is also sliding below the 21-day moving average.

Concluding thoughts

XRP remains bullish, but momentum is waning. That could be due to investor concerns regarding the outcome of the case with the SEC. Should the case outcome be positive, XRP would explode to new levels. 

A positive projection of the case could also trigger XRP jump above the current level. Investors should be aware that XRP could slide further at the current level as momentum wanes.

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