Bitcoin

Bitcoin rises above $63,000 again

Published

7 months ago

7 July, 2024

SatoshiTimes Staff

Main conclusions

Bitcoin surged above $63,000 again on Monday after falling below $60,000 last week.
The US SEC filed a lawsuit last week against blockchain technology startup Consensys related to its offering of securities through its MetaMask cryptocurrency wallet.
Cryptocurrency exchange Coinbase has filed lawsuits against the SEC and FDIC, seeking information related to the regulators’ decisions related to cryptocurrencies.
Investment giant VanEck has filed for a Solana ETF.

Bitcoin (BTC) climbed above $63,000 again on Monday after falling below $60,000 last week. The price weakness last week was partly a function of investors becoming nervous as the now-defunct cryptocurrency exchange Mt. Gox announced plans to return assets to its customers after they were hacked nearly a decade ago.

Last week was also full of legal news for cryptocurrencies. The U.S. Securities and Exchange Commission (SEC) has filed charges against blockchain technology company Consensys related to its alleged securities offering through its MetaMask cryptocurrency wallet, while Coinbase (COIN) sued the SEC and Federal Deposit Insurance Corporation (FDIC).

On the brighter side of things, investment manager VanEck is so convinced that the regulatory situation for cryptocurrencies in the US is bound to improve that they have applied for a position at Solana. exchange traded fund (ETF).

SEC sues Consensys

The SEC has filed a lawsuit against Consensys alleging that the company was operating as an unregistered broker-dealer and engaging in the unregistered offer and sale of securities through staking on its cryptocurrency wallet. MetaMask since 2020. According to the complaint filed on June 28, Consensys generated more than $250 million in fees through its unregistered services.

The SEC’s complaint seeks a permanent injunction, civil penalties and other equitable relief against Consensys for violating federal securities laws.

“The SEC has been pursuing an anti-crypto agenda led by ad hoc enforcement action. This is just the latest example of its regulatory overreach — a transparent attempt to redefine well-established legal standards and expand the SEC’s jurisdiction through litigation,” Consensys said in a statement.

This is not the first time the two parties have been involved in a legal fight. In response to an earlier notice from Wells, Consensys sued the SEC in Aprilchallenging the agency to confirm its classification of ether (ETH), which is the underlying cryptocurrency in Ethereumas a guarantee.

Coinbase Files New Lawsuits Against SEC and FDIC

Coinbase has initiated legal proceedings against the SEC and FDIC for failing to comply with its requests for information about previous cryptocurrency investigations. This legal action comes amid a ongoing SEC lawsuit claiming that Coinbase operates as an unregistered securities exchange.

Coinbase claims the SEC and FDIC withheld critical information and failed to respond to Freedom of Information Act (FOIA) requests.

These requests sought details on the SEC’s stance on Ethereum. proof of participation transition and information from closed investigations into crypto entities. Additionally, Coinbase’s complaint against the FDIC highlights alleged efforts to isolate the crypto industry from banking services.

VanEck Registers Solana ETF

On Thursday, VanEck filed an application for a Solana (SUN) ETF. The firm is aiming to be first in line for SEC review of a Solana ETF, considering that early submissions are usually given priority. Despite skepticism about the SEC’s approval given Solana’s classification as a security in previous lawsuits, VanEck’s head of digital asset research Matt Sigel told The Block that now is an opportune time to pursue this financial product due to the regulatory conditions for cryptocurrencies becoming more favorable.

To support his theory, Sigel points to recent legislative progress and SEC unexpected approval of spot ether ETFs as indicators of a changing landscape. While some experts doubt the likelihood of approval due to the absence of futures for Solana, Sigel refutes the need for such a requirement. He points out that market surveillance can be achieved through other means, such as information-sharing agreements, as demonstrated by BlackRock’s I BITE Bitcoin ETF.

Solana has recently gained a reputation as the preferred launchpad for several meme coins It is celebrity-backed tokens. Following VanEck’s filing, 21Shares also filed its own Solana ETF offering.

What to expect from the markets this week

While the rest of the cryptocurrency markets await final SEC approval for ether ETFs, all eyes are on bitcoin prices this week after much volatility last week.

Much is also expected in terms of cryptocurrency regulation, especially after the recent US Supreme Court decisions.

In a 6-3 vote last week, the Supreme Court found the Chevron precedent unworkable due to its reliance on statutory ambiguity. The court’s decision to overturn the doctrine, which allowed federal agencies significant leeway in interpreting laws, could be “incredibly important” for the cryptocurrency industry, according to Zero Knowledge Consulting founder Austin Campbell.

Campbell says the regulatory stability offered by this decision is crucial for industries like cryptocurrencies, where the SEC, Commodity Futures Trading Commission (CFTC)and banking regulators must now strictly adhere to written rules. This change could also prompt Congress to take a more active role in clarifying laws, ultimately providing greater legal and judicial certainty for the cryptocurrency industry. Notably, the cryptocurrency industry has criticized the SEC for failing to provide clear guidelines on how to operate legally in the U.S.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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