Bitcoin Price Aanlysis: Key Technical indicators to watch

Key Technical indicators to watch

In our previous analysis, we observed that both the major support and resistance levels remain operative. Presently, Bitcoin is in a consolidation phase in the short term.

Taking a look at the 4-hour chart, we can note that Bitcoin has been on a downward trajectory since its peak at $31,000. The 55-period moving average constitutes a key resistance level, currently pegged at $27,042.

Source: Tradingview

Turning our focus to the daily chart, we find that the 89-period moving average stands as the principal support level, situated currently at $26,780. 

Impending Altcoin Season

The BTC dominance chart presents an intriguing scenario – it appears to be forming a diamond top pattern. This pattern typically indicates an imminent, significant downtrend. In layman’s terms, we can infer that altcoins, especially those paired with Bitcoin like ADA/BTC and LINK/BTC, may outperform Bitcoin in the near future.

Source: Tradingview


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Texas Passes Bipartisan House Bill 1666 Regulating Digital Asset Service Providers

Aiming to reinforce regulation in the digital asset industry, the Texas legislature has enacted bipartisan House Bill 1666. Set to take effect on September 1, 2023, the legislation imposes rigorous requirements on digital asset service providers in terms of handling customer funds.

Digital asset service providers, specifically those serving over 500 customers or holding at least $10 million in customer funds within Texas, are prohibited from merging customer funds with their own under the new law. This provision includes the provider’s operating capital, proprietary accounts, digital assets, and fiat currency.

To bolster transparency and accountability, the bill mandates that providers offer customers quarterly accountings of outstanding liabilities and assets held in custody. Additionally, an independent auditor must have continuous access to a pseudonymized version of the customer’s information.

The legislation also empowers the Texas Department of Banking to suspend or revoke the provider’s money transmission license if found in violation of the new requirements, thereby implementing a regulatory oversight mechanism.

The enactment of House Bill 1666 showcases Texas’s efforts to balance the growth of the digital asset market with consumer protection, setting a precedent that other states may follow.


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Tangem Announces Partnership for SHIB-Themed Cold Wallets, Strengthening Shiba Inu’s Ecosystem

Tangem, a prominent player in the blockchain industry, has announced it will unleash SHIB-themed cold wallets. These innovative card-shaped vaults are set to become essential tools for safeguarding tokens within the Shiba Inu ecosystem. Pre-orders for these cold wallets will commence on May 29, igniting anticipation among SHIB enthusiasts worldwide.

The introduction of SHIB-themed cold wallets marks a significant milestone for the Shiba Inu community, aligning with their ambition to establish partnerships with influential blockchain players. 

Earlier this year, on April 26, 2023, NOWPayments, a leading payment gateway, announced its plans to integrate Shibarium, a blockchain platform developed by the Shiba Inu project. NOWPayments aims to become the first payment gateway to adopt Shibarium, demonstrating its commitment to supporting tokens and projects built on this innovative infrastructure. As a result of this integration, NOWPayments will enable businesses and individuals to accept payments using Shibarium’s Layer 2 solution, providing an extensive ecosystem of tools for all things SHIB.

Shiba Inu, a meme coin that emerged in August 2020 under the pseudonym “Ryoshi,” quickly gained traction and value within the crypto community. While its origins were initially shrouded in mystery, influential figures such as Elon Musk and Vitalik Buterin amplified its popularity through headlines and tweets. Although Vitalik Buterin was long rumored to be the creator of Shiba Inu, he denied such claims during an interview on the Lex Fridman podcast on June 5, 2021.

Shiba Inu has always been ambitious to expand its ecosystem. It has launched the Shiba Metaverse, NFTs, and decentralized exchanges. At the heart of this ecosystem is the Shiba token, which serves as the primary token within various Shiba Inu projects and applications.


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Hashkey Group Targets $1 Billion Valuation with $200 Million Fundraising

Hong Kong-based HashKey Group, Asia’s leading end-to-end digital asset management and finance house, is in preliminary discussions to raise up to $200 million, a move that could propel its valuation north of $1 billion, as Hong Kong emerges as a growing global crypto hub.

The company, with operations extending to Singapore and Tokyo, caters to a broad client base including institutions, family offices, and professional investors. The funding move is being interpreted as an affirmation of Hong Kong’s increasing relevance in the global digital asset space.

In January this year, HashKey Capital, a wing of HashKey Group specializing in crypto and blockchain, announced the successful closure of its third fund, HashKey FinTech Investment Fund III (“Fund III”). The fund secured total commitments of $500 million, underlining the group’s stature as a formidable player in the world of crypto finance.

Fund III, managed by HashKey FinTech Investment, an affiliate of HashKey Capital, saw significant participation from a broad range of investors including sovereign wealth funds, corporations, and family offices. This strong support underscores the group’s credibility and reinforces its position in the market.

As Hong Kong continues to promote its standing as a burgeoning crypto hub, the latest fundraising efforts of HashKey Group align well with this narrative. The proposed funding round, if successful, will not only boost HashKey’s market presence but also strengthen Hong Kong’s foothold in the international digital asset landscape.


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Coinbase One Unveils New Features Including Zero Trading Fees and Increased Staking Rewards

Coinbase, a leading cryptocurrency exchange, has announced significant updates to its premium membership service, Coinbase One. Notably, the platform will now offer zero trading fees and enhanced staking rewards to its members. These features are accompanied by additional benefits from Coinbase’s partners like Messari and CoinTracker. These benefits are available for a subscription fee of $29.99 per month.

As part of the announcement, Coinbase is also expanding access to Coinbase One to users in the United Kingdom, Germany, and Ireland. This global expansion is in line with the company’s aim to provide fewer fees, more rewards, and a seamless experience for users worldwide in the crypto economy.

Coinbase One provides more value for both frequent traders and long-term investors. Traders can now execute numerous trades across hundreds of assets without the worry of transaction fees. Meanwhile, long-term investors can maximize their crypto economy involvement with the aid of lower commissions for staking ADA, ATOM, SOL, and XTZ. The membership also provides exclusive rewards throughout the year, enabling users to gain more from their crypto holdings without any additional fees.

Coinbase One is set to provide a smooth user experience by addressing customer service issues promptly. A dedicated support team is now available 24/7 for users from the United States, United Kingdom, Germany, and Ireland. In addition, U.S.-based members will receive a pre-filled tax Form 8949 that conveniently organizes crypto transactions for easy tax filing.

Coinbase One members can also take advantage of exclusive, limited-time partner deals. These include 90 days of exclusive crypto market insights and analytics with Messari Pro and an assortment of benefits from other partners like Alto IRA, Blockworks’ Permissionless, CoinTracker, and Lemonade. These offers demonstrate Coinbase’s commitment to bring the best of the crypto economy to its users.

The expansion of Coinbase One to the UK, Germany, and Ireland is part of the company’s broader strategy to bring its services to more countries in the future. Coinbase remains steadfast in its mission to develop trusted crypto products and services while supporting other innovators in bringing the next billion people into the crypto economy.

Wil One’s zero trading fee policy be the potential game changer in the crypto Industry?

Coinbase has often faced criticism for maintaining some of the highest trading fees in the crypto industry. These fees have historically been a significant revenue source for the company, demonstrating the efficacy of the model despite user grievances. The introduction of a zero-trading-fee structure for Coinbase One members is a clear response to these criticisms and could set a precedent for other cryptocurrency exchanges to follow.

Binance, Coinbase’s primary competitor and the world’s largest cryptocurrency exchange, has been highly successful due, in part, to its strategy of keeping fees low. This model has allowed Binance to attract a massive user base and set a standard for affordability in the industry.

However, Coinbase’s move towards zero fees for its premium members marks a potentially disruptive change in this landscape. Although this policy is currently limited to Coinbase One members, it could significantly impact competitive dynamics if expanded more broadly or if it forces other exchanges to consider similar strategies to maintain market share.


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Bitcoin (BTC) $ 27,613.40 1.86%
Ethereum (ETH) $ 1,666.78 3.39%
Litecoin (LTC) $ 66.64 1.42%
Bitcoin Cash (BCH) $ 242.57 0.09%