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US President Plans to Discuss Cryptocurrency Issues at G-7

The US Department of Justice recently seized nearly 64 Bitcoin paid as ransom to a group known as DarkSide.

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Joe Biden, the current President of the United States, has remained quiet about Bitcoin and other cryptocurrency assets for the last few months. But, the latest statement from Biden’s national security adviser, Jake Sullivan, indicates that the US President is planning to raise the issues related to the role of cryptocurrencies in ransomware at the G-7.

During the recent press briefing at the White House, Sullivan said: “It is important to deal with the cryptocurrency challenge which lies at the core of how these ransomware attacks are carried out. Ransomware is a national security priority.”

Sullivan added that the US officials are planning to discuss problems related to digital currencies during Biden’s visit to the G-7 meeting. The national security adviser mentioned that a plan is required to share information with other democracies in order to overcome the cryptocurrency challenges.

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In January 2021, Biden halted all Federal regulatory processes including the controversial cryptocurrency KYC regulations proposed by the former Treasury Secretary, Steve Mnuchin.

Cryptocurrency and Ransomware

The latest comments from Sullivan came after the US Department of Justice (DOJ) seized nearly 63.7 Bitcoin worth more than $2.3 million. The cryptocurrency ransom was paid by the Colonial Pipeline to a group known as DarkSide. In May, hackers targeted the infrastructure and operations of Colonial Pipeline.

“As alleged in the supporting affidavit, by reviewing the cryptocurrency Bitcoin’s public ledger, law enforcement was able to track multiple transfers of bitcoin and identify that approximately 63.7 bitcoins, representing the proceeds of the victim’s ransom payment, had been transferred to a specific address, for which the FBI has the ‘private key’, or the rough equivalent of a password needed to access assets accessible from the specific Bitcoin address. This bitcoin represents proceeds traceable to a computer intrusion and property involved in money laundering and may be seized pursuant to criminal and civil forfeiture statutes,” the US DOJ mentioned in an official announcement on Monday.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/cryptocurrency/news/us-president-plans-to-discuss-cryptocurrency-issues-at-g-7/

Blockchain

Bitcoin: ‘Magic’ of the Golden Ratio to the rescue?

It has been more than a month now and Bitcoin, the world’s largest crypto, has remained in the lower $30k to the mid $40k price band. This range is set to be Bitcoin’s “new home” for the next few we

The post Bitcoin: ‘Magic’ of the Golden Ratio to the rescue? appeared first on AMBCrypto.

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It has been more than a month now and Bitcoin, the world’s largest crypto, has remained in the lower $30k to the mid $40k price band. This range is set to be Bitcoin’s “new home” for the next few weeks. Additionally, as our recent analysis pointed out, the crypto asset’s price is set to further consolidate under the $41,500-resistance level. 

An “upward rally” or an “uptrend” is something that Bitcoin hasn’t seen over the past few days. Amidst the death cross narrative doing the rounds, the aforementioned phrases have sort of become alienated to the community now. Nevertheless, there is something to cheer about.

The “Magic” of the Golden Ratio

Source: Twitter

A pseudonymous analyst recently highlighted that after every downtrend (encapsulated within the red region), whenever Bitcoin’s price has shown signs of recovery, it has broken past the 1.0 Fibonacci level (light green line). Next, its price has only surged beyond 1.618 or the ‘golden ratio’ (dark green line). The market has then always used the same level as support to further continue its uptrend. 

What’s more, after retesting the aforementioned level, the crypto has always gone to touch its genuine cycle top. Commenting on similar lines, the analyst added, 

“Every cycle, Bitcoin recovers from its previous bear market, then exceeds the recovery by 61.8% on the downside (market at 1.618).”

The analyst went on to add, 

“Every cycle, after exceeding above the 1.618, BTC has tested this level for support before 🚀 (surging).”

Bitcoin’s price, for now, is yet to successfully sustain a breach of the $40k level. At press time, BTC had fallen by over 4% in 24 hours, with the crypto valued at $35,638.

Interestingly, all the previous sell-offs have eventually pushed Bitcoin towards the golden ratio and the price has been subject to its “magic.” Looking at the prevailing market scenario, Bitcoin has already breached the 1.618-level, as indicated by the chart. Looking at past precedents and keeping the ‘cyclic’ nature of Bitcoin in mind, the odds of an uptrend from this level seem to be quite likely. All in all, the ‘golden ratio’ might act as Bitcoin’s bottom before the next uptrend begins.

Well, even though an uptrend is on the cards, there is no surety of when it will exactly happen. However, the analyst went on to contend,

“This Bitcoin Year of the Bull is not over. Much more to come – and the price will go much higher.”


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-magic-of-the-golden-ratio-to-the-rescue

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QNT Technical Analysis: Price Below the Fibonacci Pivot Point of $72.67

QNT price has tested and fallen below the 23.6% FIB retracement level of $72.18. The price may soon fall below the 23.6% FIB extension level of $69.82 as well. Thus, as of now, the bearish forces are strong. Therefore, we can expect the price downtrend to continue today as well as tomorrow.

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The Quant Network is the first blockchain network to develop the Overledger DLT gateway – an enterprise-grade DLT (Distributed Ledger Technology) gateway. This gateway ensures enterprises achieve interoperability across multiple blockchains systems and DLTs. It also aids in cross-chain interconnectivity. It is a speedy, straightforward, and secure ecosystem. QNT is the native token of this network. Technical Analysis of QNT is as follows.

Past Performance

On Jun 12, 2021, QNT opened at $51.71. On Jun 18, 2021, QNT closed at $71.01. Thus, in the past week, the QNT price has increased by roughly 37%. In the last 24 hours, QNT has traded between $71 – $76.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67.png

https://zephyrnet.com/wp-content/uploads/2021/06/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67.png

Day-Ahead and Tomorrow

Currently, QNT is trading at $75. The price has increased from the day’s opening price of $71.01. Thus, the market seems bullish.

READ  Will Ethereum undergo a 27% surge or a 16% drop?

The MACD line has turned negative while the signal line is still positive.  In other words, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bearish.  Hence, we can expect the price to start falling.

Currently, the RSI indicator is at 25% – deep into the ‘oversold’ region. It faced rejection at 60% and fell to the current level. Hence, selling pressures are very high. Heavy offloading of crypto will push its price further down. It is a good time for traders to go long.

Besides, the OBV indicator has also fallen steeply. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the QNT price. In short, all three indicators have shown bearish signals.

READ  Miller Value Funds to Invest in Bitcoin via Grayscale Bitcoin Trust

QNT Technical Analysis

Currently, the price is below the Fibonacci pivot point of $72.67. It may soon fall below the first Fibonacci pivot support level of $70.76. If the bears remain strong till day end, then the price may fall below the subsequent support levels of $69.58 and $67.67, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $72.18. The price may soon fall below the 23.6% FIB extension level of $69.82 as well. Thus, as of now, the bearish forces are strong. Therefore, we can expect the price downtrend to continue today as well as tomorrow.

#QNT #The Quant Network

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67

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Coinbase Co-Founder Talks DeFi, NFTs, and Crypto Regulation

Fred Ehrsam, the co-founder of Coinbase cryptocurrency exchange talked about state of cryptocurrencies and the era of NFT in his latest interview.

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Fred Ehrsam, the co-founder of Coinbase cryptocurrency exchange talked about the state of cryptocurrencies and the era of NFT in his latest interview with Bloomberg TV.

NFTs Will Have No Value in Three to Five Years

In an interview on Bloomberg TV on June 17th, Coinbase co-founder Fred Ehrsam drew parallels between the rise of cryptocurrencies and the dotcom boom of the 1990s in relation to the state of NFTs in three to five years:

“I go so far as to say that 90% of NFTs produced, they probably will have little to no value in three to five years. You could say the same thing about early internet companies in the late ’90s.”

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According to him, it’s inevitable that people will “try a bunch of stuff” and that most of it won’t work in the beginning:

“People are going to try all sorts of things. There’ll be millions and millions of cryptocurrencies and crypto-assets, just like there were millions and millions of websites. Most of them won’t work,”

“The technology itself is really important and really valuable over the long run, and there will be a few things that end up being fundamental building blocks that really do matter,” he adds.

At the same time, Ehrsam says said that people shouldn’t be so quick to dismiss meme-based cryptocurrency Dogecoin, saying:

“If crypto has taught us anything, it’s never to dismiss a good meme that could later manifest into more concrete progress.”

READ  New York Stock Exchange to Launch “First Trade” NFTs

In the same interview, the Coinbase co-founder calls DeFi as the “bleeding edge” of the blockchain world.

Ehrsam founded Coinbase with Brian Armstrong in 2012

Furthermore, the Coinbase co-founder believes China could beat the United States in terms of crypto adoption adding that the U.S. and other countries can still close the gap with China, following their recent clampdown on cryptocurrency trading and mining.

He also stated that cryptocurrency is the next big thing and has the potential to create as many more jobs as the internet has done.

Ehrsam founded Coinbase with Brian Armstrong in 2012 and left the company in 2017 to found his own crypto investment firm Paradigm.

#Coinbase #Fred Ehrsam

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/coinbase-co-founder-talks-defi-nfts-and-crypto-regulation

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Dogecoin Price On Discount, Will The Bulls Jump In To Make Profit?

dogeslash

The post Dogecoin Price On Discount, Will The Bulls Jump In To Make Profit? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The Bitcoin price nowadays is undergoing a phase of extreme uncertainty as the surge appears to be a fake breakout. And hence it has badly impacted the other crypto assets as well, which may include Dogecoin price too. DOGE price which maintains a stagnant trend in the past couple of months had showcased a slight …

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The Bitcoin price nowadays is undergoing a phase of extreme uncertainty as the surge appears to be a fake breakout. And hence it has badly impacted the other crypto assets as well, which may include Dogecoin price too. DOGE price which maintains a stagnant trend in the past couple of months had showcased a slight uptrend, yet failed again.

The recent price movement suggests the continued downtrend as the dogecoin bulls did not showcase their power after the false breakout. And hence the price is struggling to surge above $0.3 levels. The depleting volume also points out towards the lessened activity on the platform as many may have snubbed DOGE after recently speculated manipulation.

Also Read: Hoskinson Disses Dogecoin! Questions its Relevance

dogechart

Now, considering the present scenario, two possible price movements can be overseen. One, the bulls remain passive and allow the price to tank to the lower levels. In such case, the price may fail to rebound above $0.3. And the revisit the next support levels around $0.22 to $0.21. And after this plunge, the price may take quite a long time to regain the lost positions above $0.3. However, reaching towards ATH levels may appear a milestone which may not occur in near future. 

On the other hand, if the bulls get accelerated, which is mandatory at the press time, the price may successfully clear $0.3 support levels. And later move upwards to attain the next target around $0.38 to $0.4. However, the ATH or $1 target still remains off the beaten track.

Collectively, the dogecoin price appears to trade within a decisive phase as the bulls need to get aggregated. Else a major slump for the DOGE price is on the way which may take a long time to retrace.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinpedia.org/price-analysis/dogecoin-price-on-discount-will-bulls-invest/

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