The Turkish lira has performed significantly worse than the big cryptocurrencies. Turks have been flocking to crypto assets, particularly stablecoins. Despite a global crackdown on crypto assets, demand for tether (USDT) has been robust in Turkey since early May. The Turkish lira has performed significantly worse than the big cryptocurrencies, a recent report from Bloomberg notes. Longtime Turkish President Recep Tayyip Erdogan was reelected. Moreover, the country’s national fiat currency fell 11% versus the dollar in the previous week as the central bank drew back from intervention. After the largest drop in almost a year, the Turkish currency was supported again by state institutions on Wednesday. Turks have been flocking to crypto assets, particularly stablecoins like the U.S. dollar-pegged tether, since the lira has lost 80% of its value since the last election in 2018 and is down 20% versus the dollar in 2023 alone. Kaiko reports that lira transactions peaked at 18% in May, and as of early June, accounted for only 10% of overall crypto trading volumes. Tether Adoption on the Rise Ebru Güven, a former banker and current university professor, said that stablecoins are a mechanism for consumers to protect their purchasing power in the face of excessive inflation. Güven also noted that it is now more difficult to acquire dollars or gold due to restrictions imposed by the government. Tether’s market share on Btcturk, a major cryptocurrency exchange in Turkey, has risen to 20%, according to the research. Compared to Binance, the biggest digital asset exchange by trade volume, this is a significant improvement. Dessislava Aubert, a Kaiko analyst, said that despite unusually low volumes, interest in stablecoins on the Turkish market has remained high. She also said that the percentage of local market trading volumes represented by tether last month was the largest it has been since 2020.

On Friday, he tweeted that the Federal Reserve had ruined the American financial system. Earlier, Schiff warned that the Fed was contributing to inflation by funding the bank bailouts. Peter Schiff, an economist and gold obsessive, has returned with more dire predictions for the American economy. On Friday, he tweeted that the Federal Reserve had ruined the American financial system, pointing out that without government intervention, it would fail. As Schiff put it: This wasn’t the first time the economist has raised concerns about the stability of the American financial sector. Tweeting in March, he said: All Eyes on Upcoming Fed Meeting Moreover, many people, notably Tesla and SpaceX CEO Elon Musk, have brought attention to the problem of rising interest rates. In May, the billionaire claimed that the huge interest rate differential between money market accounts (Treasury Bills) paying about 4.5 percent and bank accounts paying less than 1 percent was caused by the U.S. Treasury and the Federal Reserve. Furthermore, in March, when the U.S. government bailed out bankrupt Signature Bank and Silicon Valley Bank, Schiff warned that the Federal Reserve was contributing to inflation by funding the bank bailouts. Inflation was therefore not mitigated by the financial crisis; rather, it was made considerably worse by it. Also, Schiff has recently given dire warnings about the possibility of a U.S. currency crisis, economic depressions, and the debt limit agreement struck by Congress to avert a U.S. government collapse. All eyes are now on the upcoming June 14 Fed interest rate hike meeting.

The United States and its ongoing crackdown on crypto were not specifically mentioned. The company’s first international outpost will be in London. a16z crypto, the cryptocurrency investment arm of the VC firm Andreessen Horowitz, has announced the launch of its first international office in London, less than a week after U.S. authorities took their most drastic actions to date against the digital assets market. The firm said that the United Kingdom has the kind of transparent regulatory environment necessary for the success of the cryptocurrency market, one that creates a level playing field for entrepreneurs while safeguarding consumers from fraud and manipulation. U.S Crypto Crackdown Effect Moreover, while the United States and its ongoing crackdown on crypto were not specifically mentioned, the announcement comes exactly one month after a16z crypto released a “State of Crypto” report on the decline of crypto-related activity in the United States, in which the company claimed that prohibiting rising business models or technologies lowers American values and takes innovation and employment somewhere else. Furthermore, in its release, a16z admitted the challenges caused by the “casino culture” in the crypto sector and said it has been working with politicians and authorities across the world to address these issues. The company’s first international outpost will be in London, where Sriram Krishnan, general partner of the investment arm, will head a team “to grow the crypto and startup ecosystem in the UK and Europe.” Also, in the spring of 2023, the business will host its second Crypto Startup School in London, and it will collaborate with blockchain clubs at “incredible universities that call the U.K. home.” While the a16z crypto announcement showered the UK with acclaim, it also provided reassurance to the home country’s residents. Moreover, according to the company’s statement, A16z will maintain its significant U.S. investment. It remains dedicated to its ongoing efforts to lobby U.S. lawmakers and authorities for more clarity in the crypto industry’s regulatory landscape.

Sen. Warren and SEC chair Gary Gensler were singled out by Cameron. Winklevoss tweeted that Democrats will lose the 2024 election because of the war on crypto. If President Joe Biden and the Democratic Party don’t stop their “war against crypto,” they’ll lose the support of young people, who are critical to their success in office, say the Winklevoss twins. Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, tweeted on June 10 that the Democrats’ anti-crypto position would “alienate an entire generation” of vital young voters. Sen. Warren was singled out by Cameron, as was SEC chair Gary Gensler, who was nominated by President Joe Biden. On June 11, Cameron’s twin brother and fellow Gemini co-founder Tyler Winklevoss tweeted that Democrats will lose the 2024 election because of the “war” of Warren and Gensler. The number of crypto-related enforcement proceedings increased during Gensler’s time at the SEC, and Senator Warren has hinted at assembling an “anti-crypto army.” The United States will have a general election for president, congress, and the Senate on November 5, 2024. All 435 House seats and 34 of 100 Senate seats are up for grabs. Banking on Young Voters Democrats tend to do well with voters younger than 35. In the midterm elections of 2022 in the United States, 63% of young voters supported the Democratic Party, while 35% supported the Republican Party. Pew Research found in April that the biggest group of cryptocurrency users and investors are between the ages of 18 and 29, with 28% of this age group reporting having used or invested in cryptocurrency at some time. However, the degree to which young people place crypto policy above other matters is unclear. For those aged 18–29, boosting the economy ranked second only to bettering education in a Pew study of policy goals done in January, before the financial crisis in March. Candidates for president on both the Republican and Democratic sides, such as Ron DeSantis of the Republicans and Robert F. Kennedy Jr. of the Democrats, have made their positions on crypto policy apparent.

Several cryptocurrencies hit their all-time lows (ATL) on June 10, 2023. ALGO, BSV, LUNA, and other 3 altcoins experience extreme oversold conditions. Last week, the global crypto market staged one of the wild altcoins’ bloodbaths since the Terra Luna collapse in 2022. The ongoing ‘SEC vs Crypto’ predominantly initiated this crypto crash. Numerous cryptocurrencies have plunged to the bottom, hitting new all-time lows (ATL) on Saturday. BTC, ETH, and Other Altcoins in a Week (Source: TradingView) After being tagged as securities, ADA, SOL, and MATIC recorded strong bearish lows. Notably, the following cryptocurrencies, which are among the top 150 by market capitalization, experienced horrendous dips last week. Algorand (ALGO) Algorand (ALGO) got pinned down as the victim of the SEC’s crypto lawsuits — by getting the security label. Ever since then, it displayed a bearish losing streak in the market. ALGO hit its new all-time low (ATL) on June 10 at $0.0958, as per TradingView. Algorand (ALGO) Price Chart (Source: CoinMarketCap) As a way of hinting at a possibility of recovery, ALGO’s price gained 1.85% in the last 24h. According to CMC, the crypto traded at $0.11. Bitcoin SV (BSV) Secondly, Bitcoin SV (BSV) recorded its new all-time low (ATL) at $15.70 on the OKX exchange, as per the TradingView data. Bitcoin SV (BSV) Price Chart (Source: CoinMarketCap) At press time, according to CoinMarketCap, BSV traded down by 1.58% at the price of $25.34. Also, the 24-hour trading volume of BSV plummeted by 43.14% Terra (LUNA) LUNA is popularly the reborn Terra Luna, now Terra Classic (LUNC). According to TradingView, the new all-time-low that LUNA has recorded is $0.5268. Meanwhile, Terra Classic (LUNC) declined to its 11-month-low of $0.00007337. Terra (LUNA) Price Chart (Source: CoinMarketCap) Hence, this altcoin plunged by 54.02% year-to-date. As per the CoinMarketCap data, over the past 24 hours, Terra (LUNA) dropped 1.56% to trade at $0.5901. Flow (FLOW) FLOW is yet another cryptocurrency that is placed on the list of securities by the SEC. After witnessing a notable drop of over 31% over the last week, FLOW recorded its all-time low (ATL) at $0.4354. Flow (FLOW) Price Chart (Source: CoinMarketCap) According to CoinMarketCap, FLOW, at press time, traded at $0.4913 after experiencing a loss of 2.05% in the last 24 hours. Besides the altcoin bloodbath exhibited by these crypto pioneers, the following two newly launched altcoins recorded their all-time lows. Arbitrum (ARB) ARB holds the title of being one of the cryptocurrencies that staged the viral airdrops in 2023This altcoin is the native governance token of Arbitrum, the Ethereum L2 rollup network. According to TradingView data, Arbitrum (ARB) recorded its new ATL of $0.9488 on Saturday. Thus, ARB has crashed by 91.8% since its launch. Arbitrum (ARB) Price Chart (Source: CoinMarketCap) At the time of writing, according to CoinMarketCap, ARB traded at $0.9704 after dropping 2.90% over the past 24 hours. Sui (SUI) Following ARB, the airdrop of SUI was also a much-awaited event among the crypto community. It is the native crypto of the layer-1 blockchain, Sui Network. Notably, this crypto regulatory crackdown caused SUI to bottom to its ATL at $0.558 Sui (SUI) Price Chart (Source: CoinMarketCap) Shockingly, SUI recorded a fall of 86.43% since its launch. As per CoinMarketCap, the price of SUI was down 1.41% in the last 24 hours at $0.6105, at the time of writing. Recommended For You: BNB Price Dips to Low Amidst the SEC Legal Battle

Aave received a deposit of 25,000 $stETH, equivalent to $43 million, from a whale. The number of Ethereum (ETH) whales has seen a notable increase. In the last 24 hours, there have been reports indicating that a significant amount, equivalent to 25,000 stETH or approximately $43 million, was deposited by a whale into the Aave platform. Additionally, during the same period, borrowed a substantial amount of 35 million USDT from Aave. Furthermore, according to the latest reports, the same whale also deposited 35 million $USDT into the Binance exchange. Within the crypto space, crypto whales hold immense influence, making them some of the most significant entities in the industry. Put simply, these whales are either individuals or organizations that possess a substantial quantity of a particular cryptocurrency or a collection of non-fungible tokens (NFTs). Interestingly, the number of crypto whales has been on the rise in recent times. This signifying their growing presence and impact within the market. It is worth noting that these whales have demonstrated a bullish outlook specifically toward Bitcoin (BTC), Cardano (ADA), and RenQ Finance (RENQ), potentially influencing market trends and investor sentiment surrounding these cryptocurrencies. The Cardano ecosystem has witnessed a notable surge in whale activity. Indicating a substantial increase in the participation of large ADA holders. Recent reports indicate a notable increase in the number of Ethereum (ETH) whales, suggesting a rise in their presence within the market. As indicated by CoinMarketCap, the present valuation of Ethereum (ETH) stands at $1,739.25. Accompanied by a notable 24-hour trading volume amounting to $5,133,341,312. Over the past 24 hours, Ethereum has experienced a decrease of 1.03% in its value. Recommended For You: Chainlink (LINK) Market in Turmoil: Whales Dump $2.6M on Binance

XRP, MATIC, and Cardano face regulatory challenges but remain steadfast Market Analysts anticipate a potential bullish surge for XRP, MATIC, and ADA. Matic Surges by 4.07% in 24h. The cryptocurrency market has been shaken by regulatory battles, with tokens such as XRP, Polygon (MATIC), and Cardano (ADA) finding themselves caught in the midst of the turmoil. Accused of engaging in securities trading on non-compliant exchanges, these coins have endured significant price volatility. However, their remarkable resilience suggests the potential for an impressive comeback. As market participants eagerly watch and anticipate developments, XRP, MATIC, and Cardano position themselves for a bullish resurgence. XRP Despite facing allegations from the SEC and the resulting turbulence in the market, XRP has displayed resilience. Following the lawsuit against Ripple Labs, the token experienced a significant price drop as major exchanges suspended trading. However, members of the XRP community have vehemently challenged the SEC’s claims, emphasizing that XRP is not a security. Signs of revival have emerged for XRP, demonstrating its potential for a strong recovery. The current price of XRP, according to CoinMarketCap, is $0.513, with a 24-hour trading volume of $964,550,791.It has experienced a 2.21% increase in the last 24 hours. XRP Price Chart, Source: CoinMarketCap MATIC The scrutiny from the SEC cast a shadow of uncertainty over MATIC, leading to market jitters and a subsequent price dip. However, the Polygon Foundation has staunchly defended MATIC’s regulatory compliance and highlighted its development outside the United States. Undeterred by these challenges, MATIC exhibits a potential for rebound, indicating the possibility of a power surge. According to CoinMarketCap, MATIC is currently priced at $0.630329 with a 24-hour trading volume of $555,830,866. It has experienced a 4.07% increase in the last 24 hours. [/URL] MATIC Price Chart, Source: CoinMarketCap Cardano Cardano remains resolute in the face of regulatory challenges. Input Output Global (IOG) has firmly asserted that ADA is not classified as a security under U.S. law, demonstrating the organization’s commitment to collaborating with regulators. Supported by a passionate community, Cardano showcases resilience and charts a course for significant growth. According to CoinMarketCap, ADA is currently priced at $0.277124 with a 24-hour trading volume of $495,071,064. It has experienced a 3.30% increase in the last 24 hours. ADA Price Chart, Source: CoinMarketCap As the regulatory landscape evolves, market participants eagerly await clarity and resolution. The future holds the promise of renewed momentum for XRP, MATIC, and Cardano as they strive to reclaim their positions and contribute to the ongoing growth and innovation of the cryptocurrency market. Recommended For You Ripple (XRP) Price Prediction 2023

Binance Coin (BNB) reached a six-month low. SEC lawsuit against Binance exerted bearish pressure on other major cryptocurrencies. The largest crypto exchange, Binance, native cryptocurrency BNB, witnessing a massive decline due to the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Binance. The lawsuit brought by the SEC against Binance has had a significant impact on the token BNB. And the crypto token price reached a six-month low of below $225. Also, the allegations made against the crypto exchange indicate its alleged engagement in unlawful activities—multiple violations of securities laws. In addition, Binance experiences significant whale activity and outflows from the exchange. SEC Lawsuit Weighs Heavy on Binance The SEC lawsuit against Binance has posed a major hurdle for Binance and had negative effects on BNB. Recently, the price of BNB has experienced a significant drop from its previous value of over $280 against the US dollar, indicating a bearish trend in the market. In mid-April, the price of BNB formed a notable high of around $350 before experiencing a sharp decline. It breached crucial support levels at $280 and $250, eventually reaching the vital support zone at $220. Currently, BNB is trading below the $250 mark and the 100-day simple moving average. Binance Coin (BNB) Price Chart (Source: Tradingview) At the time of writing, Binance coin traded at $225.50 with a 24-hour trading volume of $571 million and a market cap of $35 billion. The price of BNB declined by over 5% in a day and by 24% in just a week. The above chart shows that the BNB price is in the “strong sell” zone. Further, the situation has also exerted bearish pressure on other major cryptocurrencies like Bitcoin and Ethereum. Recommended for you Binance Coin (BNB) Price Prediction 2023

BASINGSTOKE, England–(BUSINESS WIRE)–#regtechgrowth–A new study from Juniper Research, the foremost experts in fintech, has found that spend on regtech by financial institutions and other industries will increase by 124% between 2023 and 2028 globally, from $83 billion in 2023. Complexity and Compliance Increasingly complex regulatory requirements are driving corporates to adopt a range of new technologies to facilitate compliance. New approaches include the use of shared blockchain ledgers to improve anti-money laundering, and fraud compliance at cryptocurrency exchanges. Natural language processing is also being used to detect malicious actors in emails and phone calls; successfully identifying misconduct, conflicts of interest and financial crime. With increased deployment of these technologies, we anticipate rising levels of enterprise investment, as they recognise the vast efficiencies regtech can create. Regtech is a subset of fintech focusing on technology that can enable the delivery of regulatory requirements more efficiently and effectively than existing capabilities. Find out more about the new report, Regtech: Market Forecasts, Trends & Strategies 2023-2028, or download a free sample. The Leaders in Regtech As part of the study, Juniper Research released its latest Competitor Leaderboard for 2023. Underpinned by a robust scoring methodology, the new Competitor Leaderboard ranked the top 23 regtech vendors, using criteria such as the level of innovation of their solutions, the number of industries they support, and their future business prospects. The top 5 vendors for 2023: Encompass Socure Feedzai Chainalysis Fenergo The research found that the leading players offered streamlined identity verification automated by AI, and were able to successfully position themselves in many different industries, as regtech expands beyond just financial services. In order to stay ahead of their competition, vendors must develop solutions that utilise AI and machine learning, which can automate processes such as identity verification. The most successful vendors will leverage AI to reduce the manual requirements needed by compliance teams and allow them to focus on tasks that require human elements; lowering costs and increasing productivity significantly, at a time of strong cost pressures. Regtech market research: https://www.juniperresearch.com/researchstore/fintech-payments/regtech-market-size-report Download the free sample: https://www.juniperresearch.com/whitepapers/how-ai-and-blockchain-are-shaping-regtech Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and commentary. Contacts Sam Smith, Press Relations T: +44(0)1256830002 E: [email protected]

The company’s crypto practice, which manages $7.6 billion (£6.05 billion) of committed capital, will establish the firm’s first international office in London. a16z plans to locate its next Crypto Startup School accelerator program in the UK in 2024 and the company will work closely with UK universities to support the development of blockchain technologies and startups. a16z crypto leads the $43 million (£34.25 million) investment in UK-based Gensyn, which provides decentralized computing resources for AI systems and applications. NEW YORK–(BUSINESS WIRE)–Andreessen Horowitz (a16z) announced today that it will open its first international office in London, and that it is planning the next Crypto Startup School accelerator program to take place in the UK in Spring 2024. a16z’s U.K. office will allow it to work closely with universities throughout the UK to help provide talent and support to develop blockchain clubs and encourage blockchain related curriculum. From a16z crypto founder and managing partner, Chris Dixon: “The UK has deep pools of talent, world-leading academic institutions, and a strong entrepreneurial culture. Following a productive dialogue with the Prime Minister, and months of constructive conversations with HM Treasury, UK policymakers, and the Financial Conduct Authority, we’re thrilled to open our first international office in a jurisdiction that welcomes blockchain technology and is committed to creating a predictable business environment by pursuing regulations that both embrace web3 and protect consumers. We look forward to helping foster the growth of the UK web3 ecosystem while the proper regulations come online.” From UK Prime Minister, Rishi Sunak: “As we cement the UK’s place as a science and tech superpower, we must embrace new innovations like Web3, powered by blockchain technology, which will enable start-ups to flourish here and grow the economy. “That success is founded on having the right regulation and guardrails in place to protect consumers and foster innovation. While there’s still work to do, I’m determined to unlock opportunities for this technology and turn the UK into the world’s Web3 centre. “That’s why I am thrilled world-leading investor, Andreessen Horowitz, has decided to open their first international office in the UK – which is testament to our world-class universities and talent and our strong competitive business environment.” The London office, slated to open later this year, will be led by General Partner, Sriram Krishnan. a16z crypto has invested in a number of UK-based crypto companies including Arweave, Aztec, and Improbable. We are also excited to announce our newest investment in UK-based Gensyn. Founded by computer science and machine learning research veterans Ben Fielding and Harry Grieve, Gensyn’s decentralized compute protocol will enable developers to build state-of-the-art AI systems on any connected hardware. Their novel cryptographic verification system allows users to trust that the protocol’s machine learning work was completed correctly. a16z Crypto Startup School, an accelerator program designed around the specific needs of web3 startups, plans to locate its next program in London in Spring 2024 with the aim of attracting UK and international entrepreneurs to build web3 startups in the UK. More details on applications will be released later this year. The most recent CSS program attracted more than 8,000 applicants with the final 26 companies chosen receiving investments from a16z, mentorship from industry experts, as well as the opportunity to participate in a Demo Day that reaches investors at the end of the course. Participants came from a range of countries including the UK, U.S., India, Germany, France, Argentina, Ecuador, and Canada. A16z will seek the appropriate regulatory permissions to ensure it conducts its activities in the UK in compliance with the applicable regulations. Contacts Paul Cafiero, [email protected]

Shiba Inu has been one of the worst-hit in the crypto bear with the coin losing over 90% of its all-time high value already. As a result of this, the number of SHIB millionaires has been declining rapidly and has now reached one of its lowest points. Only 1,207 Shiba Inu Millionaires Left As the price of Shiba Inu declined rapidly due to the bearish market headwinds, various holders rapidly lost their millionaire status. This has seen the number declined to only 1,207 SHIB addresses that can boast of the millionaire status at current prices. These addresses which are holding at least $1 million worth of tokens are becoming fewer by the day. One cause of this decline is the fact that the meme coin lost support at $0.000008 and declined further. However, there is also the issue of large investors selling their holdings as they rush to get out of the cryptocurrency which seems to have no end to its decline. These coins being distributed back into the market are apparently being scooped up by smaller investors, leading to a more even distribution among holders. Currently, the total number of wallets holding at least $1 million worth of tokens only makes up 0.1% of its total holder base. SHIB Investors Still Nursing Losses Just as the large investors are being hit hard, others have been left out of the onslaught. Shiba Inu holders are worse off than any other holder base in the top 20 cryptocurrencies by market cap with only 11% of all holders being in profit right now. The rest of its over 1.3 million holders, amounting to 86% are all in losses at present prices, with only 3% sitting in the neutral territory. For comparison, Dogecoin (DOGE) which is Shiba Inu’s fiercest competitor is still seeing around 50% of its holder base sitting in profit. Bitcoin (BTC) profitability is at 62% of total holders, while Ethereum holders in profit are 65% of total investors, data from IntoTheBlock shows. If the current market headwinds do not reverse soon and prices continue to fall, then SHIB’s profitability levels for holders could drop further. This would also mean that the number of SHIB millionaires would decline even further. At the time of writing, SHIB is trading at a price of $0.0000079, seeing meager gains of 0.33% in the last 24 hours, and larger losses of 6.25% on the 7-day chart. Its market cap is now sitting at approximately $4.7 billion, making it the 17th largest cryptocurrency by market cap.

The VIX is a hot topic across finance at the moment, falling to one of its lowest levels in years. In an unusual look at Bitcoin and its ratio against the VIX, the chart could be hinting at the crypto market being on the cusp of an explosive rally… or massive rejection. Crypto Market Under Pressure SEC And Ready To Explode Bitcoin price is falling, and crypto is crumbling under the might of the US SEC. The SEC launched a string of enforcement actions against Binance and Coinbase, and labeled several top altcoins to be securities. The resulting sell pressure and panic has BTC struggling to maintain support. However, if you switch from your run-of-the-mill BTCUSD chart to BTCUSD versus the VIX, the ratio between the two vastly different measures tells a completely different story than the USD chart. The chart below highlights that the BTCUSD/VIX ratio shows a strengthening relationship on the BTCUSD side. This makes sense with the Volatility Index falling. In the past, a falling VIX and rising BTCUSD meant a major bullish rally. Why VIX Versus Bitcoin Could Mean A Massive Move On The Way The Volatility Index signals volatility, not necessarily the direction of which the volatility will take price. And it rarely stays low for long. Elevated VIX levels are often associated with fear. Low levels of fear in the market, could eventually support the idea of a further rise in risk assets. The ratio between BTCUSD and the VIX is also at former all-time high resistance, which failed previously to hold as support. Making it back above the level could give the crypto market the push it needs. Failure to push through resistance at this level could be the result of either failure in BTCUSD or a massive move higher in the VIX. Which will it be? This chart appeared in issue #7 of CoinChartist VIP alongside a dozen other exclusive crypto charts.

Bitcoin price has been a topic of great interest and speculation in the financial world, with investors eagerly watching its price movements for potential opportunities. Recently, an interesting development has caught the attention of both seasoned traders and crypto enthusiasts alike. According to Mikybull Crypto, there is a long-term chart feature that, if it continues to hold, could potentially lead to a significant upside for Bitcoin (BTC). In his latest analysis, the popular trader highlighted encouraging signs on the BTC/USD weekly chart, suggesting the possibility of a remarkable 60% surge in value. This potential surge would catapult bitcoin price to an impressive point of approximately $40,000. The question on everyone’s mind is: Will Bitcoin indeed experience this substantial upside, and what factors might contribute to such a surge? Long-Term Chart Signals Potential Upside For Bitcoin Price With Bitcoin still confined within a narrow trading range it entered nearly three months ago, traders and investors find themselves in a quandary when it comes to predicting short-term price targets. The day-to-day performance of the cryptocurrency has failed to establish a clear trend, leaving $30,000 as a formidable resistance level hanging overhead. Nonetheless, renowned trader Mikybull Crypto remains optimistic, as he identifies an intriguing price action on the higher time frames that could signal a significant move in the near future. According to his analysis, the weekly chart reveals the completion and subsequent retesting of an inverse head-and-shoulders pattern for BTC/USD. In contrast to the standard head-and-shoulders pattern, which typically indicates a solidified resistance followed by a downward trend, the inverse head-and-shoulders pattern is a bullish counterpart. This suggests that Bitcoin may be on the verge of a positive breakout. “Bitcoin is flashing a text book inverse head and shoulders on the weekly TF. Price is currently retesting the Neckline after the breakout,” Mikybull Crypto wrote. “As taught, if the range between the head and neckline is usually the sprint, we are anticipating another 60% rally on BTC,” he said Bitcoin Price Faces Speculation On $40K Target Amid Halving Predictions As Bitcoin’s price drops to the $25K level on CoinGecko, market participants continue to keep a close eye on the highly anticipated $40,000 mark. This significant price level has become a popular target for many traders and investors, as it symbolizes a potential breakthrough for the leading cryptocurrency. Adding to the discourse, renowned trader and analyst Credible Crypto recently made a prediction suggesting that Bitcoin may enter a sideways phase, ranging between $20,000 and $40,000, for approximately 12 months following the upcoming halving event in April 2024. Bitcoin halving, which occurs approximately every four years, is a significant event in the cryptocurrency’s ecosystem. It is marked by a reduction in the block rewards earned by miners, resulting in a decreased rate at which new Bitcoins are generated. This event has historically been associated with bullish trends, as the reduced supply of new coins often drives up demand and subsequently impacts the price. Featured image from TechSpot

Ethereum, the renowned blockchain platform and brainchild of Vitalik Buterin, faces a crucial crossroad on its path to further growth and adoption. In a blog post recently shared by the Ethereum co-founder himself, Buterin highlights the imperative need for three pivotal transitions that Ethereum must undergo in order to ensure its prosperous future. These transitions, aptly dubbed “The Three Transitions,” revolve around the realms of Layer-2 scaling solutions, the implementation of smart contract wallets, and the augmentation of privacy in fund transfers. Without embracing these transformative changes, Buterin says Ethereum risks hindering its own expansion and jeopardizing its position as a frontrunner in the ever-evolving landscape of decentralized technologies. Layer-2 Scaling: Addressing Ethereum’s High Gas Fees One of the most pressing challenges faced by the Ethereum network is the issue of exorbitant gas prices, according to Buterin. To tackle this problem head-on, Buterin proposes the adoption of Layer-2 rollups, which offer a promising solution. By embracing rollups on a large scale, Ethereum can effectively mitigate the persistently high gas fees that have been a significant deterrent for users. Even in the current crypto winter, widely considered the harshest downturn in the history of cryptocurrencies, gas fees for Ethereum transactions still hover around $3. Buterin emphasizes the unsustainability of this situation, emphasizing that widespread adoption of Layer-2 solutions is the key to resolving the issue. Neglecting to do so would inevitably lead users to seek out “centralized workarounds” that offer more affordable alternatives and are easier to navigate. Wallet Security: Enhancing User Experience And Trust According to Buterin, the lack of improved wallet security creates a barrier to users fully embracing the self-custody of their assets, leading them to seek centralized alternatives like exchanges. To overcome this challenge, it is crucial to enhance wallet security measures and provide a user-friendly experience that instills trust. Furthermore, Buterin highlights the significance of interoperability between wallets and networks. Seamless integration allows for a smoother experience when utilizing cryptocurrencies for day-to-day transactions such as purchasing groceries. Ethereum Privacy: Overcoming The Transparency Challenge The absence of privacy in individual transactions poses a significant hurdle to Ethereum’s goal of becoming the preferred network for everyday users, according to the developer. The lack of confidentiality and the public visibility of transactions can deter individuals from embracing cryptocurrencies in their daily lives. Buterin contends that if transactions are easily traceable and linked to users, people would be reluctant to use crypto for everyday activities. Acknowledging the importance of privacy, he proposes the utilization of stealth addresses as a potential solution. However, he also admits that privacy concerns remain a formidable problem without a readily available remedy. While Buterin recognizes the significance of privacy, finding a comprehensive and practical solution is a complex challenge. Ethereum, like many other blockchain networks, grapples with balancing transparency and security with the need for individual privacy. Resolving this issue requires ongoing research, development, and collaboration to ensure that privacy concerns are adequately addressed within the Ethereum ecosystem. Featured image from Cryptonomist

The Crypto Queen accomplice, like his former boss Ruja Ignatova, has disappeared prior to facing legal proceedings in the United States. Frank Schneider, who worked as the “crisis manager” and security advisor for OneCoin’s mastermind Ignatova, is currently evading authorities and is being pursued by the French legal system. Schneider, 53, was placed under house arrest in France while awaiting extradition to the US. The Crypto Queen Accomplice Evades Justice, Questions Fair Trial Initially apprehended by French authorities in April 2021 while traveling with his family near the Luxembourg border, Schneider endured a seven-month incarceration before being granted release under house arrest. Accused of participating in a massive cryptocurrency scam worth $4 billion, Schneider could potentially receive a maximum prison sentence of 40 years on charges of fraud and money laundering. Astonishingly, he managed to evade electronic surveillance, despite being strapped with an ankle tag, according to French officials who confirmed the development to the BBC. Throughout this period, Schneider resided in a village in France and granted interviews to journalists while collaborating with his legal team to contest his extradition. Expressing doubt about receiving a fair trial in the US, the crypto queen adviser conveyed his concerns to the BBC during an interview conducted in August 2022 while he was still under house arrest. “I fear that I have not got access to a legal system in which I can defend myself properly,” he said at the time. “The system is very much based on so-called plea bargaining. Now, for me, that already is a problem, because I profoundly believe that I’m not guilty. Crypto Queen: OneCoin Scam Unraveled The OneCoin cryptocurrency scam, one of the most notorious fraudulent schemes in recent years, continues to captivate global attention. At the center of this elaborate web of deception stands Ruja Ignatova, known as the Crypto Queen, whose vanishing act has left a trail of unanswered questions and a tangled web of financial ruin. Ignatova, a Bulgarian national, founded OneCoin in 2014, promising unparalleled returns on investments in the cryptocurrency. With slick marketing tactics and a charismatic persona, the crypto queen enticed unsuspecting individuals from all walks of life to pour their savings into what she claimed would be the next big thing in digital currency. However, in 2017, cracks began to appear in the empire she had built. Investigations by authorities around the world started to expose the fraudulent nature of OneCoin. As the pressure mounted, Ignatova disappeared from the public eye in late 2017, leaving behind a trail of disgruntled investors seeking answers. Schneider’s arrest by French authorities in April 2021 brought a glimmer of hope to the victims of the OneCoin scam, as they believed it would lead to the recovery of their investments. Yet, his subsequent release under house arrest and escape from electronic monitoring have dealt a blow to those seeking justice. Featured image from Slate/Getty Images Plus

In a significant move, Nigeria’s market regulator has issued a directive to suspend the operations of Binance, the largest cryptocurrency exchange globally, within the country. The regulator stated that the exchange’s local unit, which had been attracting Nigerian investors through its website, was operating illegally. Binance and its affiliated companies continue to find themselves in increasingly troubled waters, as they grapple with a series of challenges following the recent lawsuit filed by the US Securities and Exchange Commission (SEC). The lawsuit has brought about significant legal and regulatory difficulties for the cryptocurrency exchange and its associated entities. This week, the SEC took legal action against both Binance and Coinbase, accusing them of violating its regulations. Nigeria’s Regulatory Stance Casts Doubt On Future Of Binance Last year, Nigeria’s SEC took a major step by publishing a comprehensive set of regulations specifically designed for digital assets. This move demonstrated that Africa’s most populous country was actively seeking a balanced approach between an outright ban on cryptocurrencies and their unregulated use. By implementing these regulations, Nigeria aimed to create a regulatory framework that would enable the responsible and secure utilization of crypto assets within the country while addressing potential risks and concerns. In light of recent developments, the SEC issued a warning to Nigerians, cautioning them against engaging with the mentioned entity. The exchange has emerged as a prominent cryptocurrency platform in Nigeria, establishing itself as a market leader following the collapse of FTX. In 2022, Binance was in talks with the Nigerian Export Processing Zones Authority (NEPZA) to establish a virtual free zone centered around blockchain and the digital economy. However, with the regulatory challenges faced by Binance and the SEC’s warning, the future of such initiatives remains uncertain. Furthermore, the agency has directed the crypto exchange to cease facilitating investments from Nigerian individuals on its platform. It has explicitly warned that regulatory action may be taken against cryptocurrency exchanges, including Binance. Binance Faces Ongoing Scrutiny From Multiple Regulatory Bodies In the midst of these challenges, the Binance.US platform has made a significant decision to transition into a “crypto-only exchange.” As part of this transition, Binance.US has announced its intention to delist all USD trading pairs from its platform by June 13. This move indicates a strategic shift in focus towards catering exclusively to cryptocurrency trading activities. The exchange made the decision to exit the Canadian market in May, citing an unfavorable regulatory environment as the reason behind this move. Prior to that, the company had also cancelled its derivatives license with the Australian Securities and Investments Commission (ASIC). The Australian financial regulator had raised concerns and initiated a review of Binance’s compliance with local laws.

Crypto.com, one of the world’s largest crypto exchanges, has halted its institutional trading platform for US clients. The release of this news comes in the wake the Securities and Exchange Commission’s (SEC) decision earlier this week to take legal action against two of the most well-known cryptocurrency exchanges; Coinbase and Binance. Shutting Down Institutional Service For American Clients Starting from June 21, Singapore-based cryptocurrency exchange Crypto.com, will no longer provide institutional exchange service for American customers. The company stated that the decision was made due to the present market climate, which features a low level of demand from institutions located in the United States. However, the decision can be related to an unfortunate consequence of the uncertain regulatory environment for cryptocurrencies in America. How The Suspension Impacts Crypto.com’s US Clients According to the company, this decision will only affect institutional traders. These are that can invest large amounts of money in cryptocurrencies compared to retail investors. For regular Crypto.com users, the platform remains fully operational. Users can still buy, sell, and trade dozens of cryptocurrencies as well as use the company’s popular crypto debit card and mobile application. Additionally, regulated derivatives trading and UpDown Options will continue to be accessible to retail users. Crypto.com is one of the many crypto companies trying to increase its clientele in the US, with the company even buying the naming rights to Los Angeles Lakers’ home arena in 2021 in a $700 million, 20-year arrangement. However, in recent years, the country has become increasingly difficult for crypto companies to do business in. At this point, it’s unclear if or when Crypto.com may resume exchange services for US institutional clients as regulations around crypto trading for big players like hedge funds and investment firms are still evolving in America. Nevertheless, the company is still taking steps to make crypto trading more accessible to its 80 million plus customers worldwide. This week, the company announced an integration with CoinRoutes to boost its liquidity. Customers of CoinRoutes include investment managers, OTC desks, and trading companies. As a result of its association with CoinRoutes, both companies will be able to provide improved access to liquidity and minimize friction for institutional investors in cryptocurrencies who are located outside of the United States. The SEC’s hardline stance is frustrating for many crypto enthusiasts and companies. But as the agency ramps up oversight of the crypto industry, exchanges like Crypto.com have to adapt to the changing regulatory landscape.

The Russian banking giant Sberbank is getting into the cryptocurrency trading business. According to a release, the bank will begin providing crypto asset services to its customers this month. This exciting new phase in the bank’s continuous foray into cryptocurrency is expected to take place in the coming weeks. In particular, the financial institution will soon permit customers to trade bitcoin and other cryptocurrencies. Sberbank’s deputy board chairman Anatoly Popov said the bank is prepared to launch cryptocurrency-related services. Customers can purchase, sell, and trade digital goods. Soon, the bank will begin issuing digital financial assets (DFA) transactions. Sberbank Makes Foray Into Digital Assets Trading To paraphrase what Popov wrote in his original post: Moscow-based Sberbank is Europe’s second-largest financial institution; it had hoped to release an Ethereum-compatible DeFi platform in April but has since pushed back its debut to June. Tokens would be issued, smart contracts would be developed, and the bank’s commercial and retail banking services would be integrated. Sberbank believes in and uses blockchain systems. The bank’s investment arm, Sber Asset Management, has announced plans to introduce Russia’s first exchange traded fund based on blockchain technology in December 2021. Alexander Vedyakhin, the bank’s vice chairman, outlined the positive effects of the change. More money could be brought into the bank by investors who are interested in the cryptocurrency market. On the flip side, the bank has also implemented new assessment features. The purpose of this change is to facilitate financial transactions involving digital assets. Russian Banking Giant Embraces Future Of Digital Currencies From Vedyakhin: Sberbank attempted to get the Russian government to greenlight the release of its stablecoin in 2021. The Russian central bank has been hesitant to allow the creation of private cryptocurrencies, but Sberbank is pushing ahead with the development of its platform anyhow. Sberbank was granted permission to issue and trade digital currency the following year. Meanwhile, Russian private bank Alfa Bank, in addition to state-owned Sberbank, is authorized to issue cryptocurrency. Lighthouse, a Fintech startup, and Atomyze, a tokenization platform supported by the Russian Federation, are two more recognized financial institutions. This is an exciting time for Sberbank and its customers as it enters the trading of digital currencies. Sberbank is clearly embracing the future of digital currencies and setting the pace in Russia as the bank continues to innovate and adapt to the ever-evolving financial landscape. Featured image from Sergei Fadeichev/TASS

Lummis has been collaborating with Senator Kirsten Gillibrand on a new bipartisan move. Senator Gillibrand had promised more specificity in the updated bill’s definition of tokens. Senator Cynthia Lummis of the United States made headlines when she turned to Twitter to promote her efforts to create a legislative framework. That would allow people and businesses to own and trade digital assets inside the United States. Lummis has been collaborating with Senator Kirsten Gillibrand on a new bipartisan push to implement extensive regulations for cryptocurrency. The momentum for this legislative effort to create a regulatory framework for the digital asset market is likely to grow on Capitol Hill later this year. Eliminating Regulatory Gray Areas Moreover, Lummis said that the opposition was successful in blocking a 30% tax on digital asset mining from being included in the latest debt limit accord. But underlined that the battle for a clear regulatory framework for the crypto industry is far from done. At a symposium on digital assets. Senator Gillibrand had promised more specificity in the updated bill’s definition of tokens and the procedures for acquiring them. Senators have often claimed that their action is motivated by a desire to clarify and eliminate regulatory gray areas. In this case, around cryptocurrencies. Recent sources suggest that the primary goal of the next measure is to define cryptocurrencies. With the added benefit of perhaps eliminating the “security” label. Further, the proposed law is said to enforce a global prohibition on algorithmic stablecoins. However further discussion is needed to establish the businesses permitted to create stablecoins. And the restrictions involved with maintaining their USD reserves. On the other hand, the Nigerian Securities and Exchange Commission said on Saturday that Binance, the largest cryptocurrency exchange in the world, was “illegal” to operate in Nigeria. Trouble for Binance has arisen since the US Securities and Exchange Commission (SEC) filed a lawsuit against it and numerous related entities. Binance has been labeled an “illegal” exchange by the Securities and Exchange Commission of Nigeria. It has issued an order for Binance to cease operations in the country.

The CFTC issued a statement on June 9 summarizing the extent of the default judgment. Ooki DAO has been issued permanent trading and registration bans. A district court in the United States has issued a default judgment ordering Ooki DAO to cease operations. Furthermore asked to pay a $643,542 civil penalty. In September 2022, the CFTC sued Ooki DAO for “unlawfully acting” as a futures commission merchant. And providing consumers margin and leverage trading services. Ooki DAO had until January 2023 to file an answer to the action, thus a default judgment has been looming for some time. The CFTC issued a statement on June 9 summarizing the entire extent of the default judgment and calling the ruling a “sweeping victory” in the litigation, which became final on June 9. Moreover, Ooki DAO has been issued “permanent trading and registration bans,” and its website and all associated data must be removed from the Internet. As reported by the commission: Operating Without Legal Accountability One of the first occasions a government body has gone after a DAO and its token holders was in this case involving Ooki DAO. Industry participants had previously assumed that the decentralized character of DAOs and decentralized financial platforms shielded them from regulatory oversight. However, the CFTC claimed that Ooki DAO’s forerunner bZeroX’s creators Tom Bean and Kyle Kistner tried to transfer control of the non-compliant trading platform to Ooki DAO in order to escape legal repercussions. CFTC Division of enforcement director Ian McGinley stated: The recent crackdown by U.S. SEC has hit the crypto sector hard and now all eyes are on the upcoming Fed interest rate hike.