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65,500 Bitcoin and Crypto Advocates Push Back Against FinCEN’s Plan To Track Crypto Transactions

Crypto advocates are coming out in droves to respond to a proposed rule change that would mandate mass surveillance of large cryptocurrency transactions. The proposed rule from the Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury department, would require crypto institutions to report the personal details of anyone who moves $10,000 or […]

The post 65,500 Bitcoin and Crypto Advocates Push Back Against FinCEN’s Plan To Track Crypto Transactions appeared first on The Daily Hodl.

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Crypto advocates are coming out in droves to respond to a proposed rule change that would mandate mass surveillance of large cryptocurrency transactions.

The proposed rule from the Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury department, would require crypto institutions to report the personal details of anyone who moves $10,000 or more in cryptocurrency to a private wallet. It would also require companies to keep detailed records of all transactions sent to a private wallet that are worth $3,000 or more.

FinCEN allowed 15 days for the public to respond to its plan, which is shorter than the 60 days that’s typically allotted. But despite the short window, a whopping 65,617 comments have been submitted as the comment period comes to a close.

Compound general counsel Jake Chervinsky says he believes the agency will have trouble sorting through all the responses before the rule is set to take effect.

“The FinCEN public comments that I’ve seen today… it’s seriously crazy, you guys. There are so many of them. They’re so detailed. They make such good arguments.

There are so many of them. No way FinCEN can legitimately work through all of this before January 20th. No way.”

About 6,800 of the comments can currently be viewed by the public on the Regulations.gov website.

A number of large companies in the crypto space including Square, Coinbase, Kraken and Circle have come out against the proposed regulations.

Square says the mass storage of personal details will ultimately do little to help regulators and could place sensitive information of law-abiding citizens in danger.

“The Bitcoin regulations proposed by FinCEN give few useful powers to regulators, greatly roll back economic freedoms while pointlessly surveilling law-abiding people, and create databases of info about who owns how much bitcoin that are easy to steal and therefore dangerous.”

Crypto advocacy groups including Coin Center, Blockchain Association, Electronic Frontier Foundation and Fight for the Future recently hosted a Reddit ask-me-anything that may have triggered a rise in responses to the proposal.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tharin kaewkanya

Source: https://dailyhodl.com/2021/01/08/65500-bitcoin-and-crypto-advocates-push-back-against-fincens-plan-to-track-crypto-transactions/

Blockchain

Polkadot, Dash, Uniswap Price Analysis: 15 January

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Bitcoin made a comeback on the charts over the past 24-hours, with the cryptocurrency trading close to its $38k-level of resistance. This, in turn, positively affected many of the market’s altcoins like Polkadot and Uniswap, with both alts registering hikes of up to 21 percent while DASH endured yet another price correction.

Polkadot [DOT]

Source: DOT/USD, TradingView

Polkadot was trading at around $13.7 with a market cap of $12.3 billion, making it the fifth-largest crypto in the market. In the past 24-hours, the coin was observed to have surged on the charts after registering a price hike of over 21 percent.

There has been a lot of bullish sentiment on DOT’s charts lately. However, the past two trading sessions, as per the 4-hour chart, indicated that it finally came across a bit of resistance around the $14.5-level. If the coin’s price sees a price correction, then DOT was likely to fall towards its immediate support at $9.4. There was also another strong level of support that DOT has tested in the past around the $7.8-level, however, such a move seemed unlikely.

The technical indicators for DOT both looked very bullish with the RSI well into the overbought zone, but making a move away from it. The MACD indicator also looked promising in the short-term as its MACD line continued to move above the Signal line.

Polkadot was recently in the news after the Plasm Network announced earlier in the week that it had successfully connected to Polkadot’s testnet Rococo V1 locally.

Dash [DASH]

Source: DASH/USD, TradingView

DASH was caught up in a spell of sideways movement. The coin saw its price fall by over 2 percent in the past 24-hours and traded at $128 with a market cap of $1.2 billion, at press time. During the course of the last 24 hours, DASH has traded strictly between the resistance at $137 and its immediate support around $122. However, if it were to once again journey to where its price was on 10 January, then it is likely to once again come in contact with strong resistance around the $150-level.

The EMA ribbons were ensuring that Dash’s price doesn’t slip any further after having settled below the press time trading price. Further, the MACD indicator showed that the price may see yet another correction after having undergone a bearish crossover.

Uniswap [UNI]

Source: UNI/USD, TradingView

Uniswap, at press time, occupied the 21st spot on CoinMarketCap’s list with a market cap of $1.8 billion. At press time, UNI was being traded at $6.7 after having seen a surge of 7 percent in 24 hours. The coin met a bit of resistance around the $7.1-level and can count on the supports at $5.9 and $5 if the price sees a correction.

Interestingly, the Bollinger Bands for the coin had widened significantly and indicated that the price was likely to encounter increased volatility in the short-term. The RSI indicator continued to remain within the realm of the overbought zone, but was making its way out of it.

Source: https://ambcrypto.com/polkadot-dash-uniswap-price-analysis-15-january

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Blockchain

Neutrino to integrate Chainlink Proof of Reserve oracle

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Neutrino protocol is the latest project to announce an integration with the Chainlink network, an update that comes on the back of a long line of developments in the latter’s ecosystem. This integration will help Neutrino transfer its stablecoin Neutrino Dollar [USDN], along with other tokens, between the two blockchains.

Chainlink’s Proof of Reserve oracle network was developed to provide end-to-end transparency of the DeFi ecosystem. It provides smart contracts with the data needed to calculate the true collateralization of on-chain asset backed by off-chain reserves. Thus, with integration with Neutrino protocol, Chainlink will provide regular, on-demand verification of the reserves backing USDN across multiple blockchains issuing USDN.

USDN was running mostly on the Waves platform and was ported to the Ethereum blockchain last year. This helped to make the USDN accessible on Ethereum, enabling Ethereum users to stake rewards by just holding the stablecoin in their Ethereum wallets. Due to porting on Ethereum, the issuance of USDN on the Ethereum blockchain is accompanied by locking an equal amount on the Waves blockchain.

According to the announcement, this made it necessary “to introduce an external off-chain service (oracle) that monitors the locked balance on the Waves gateway account and verifies that there is exactly the same amount of USDN tokens issued on Ethereum.” The PoR oracle’s main goal will be to prove that the reserves and minted token balances are equivalent across two or more blockchains having different APIs.

Additionally, QuiverX Capital, Ltd., also announced the integration of Chainlink’s PoR oracle. A customized PoR solution for the platform will help in retrieving data regarding the quarterly business revenue of SMEs listed on the QuiverX platform, while delivering it on-chain.

Chainlink and its oracles have been noting a strong rise in adoption over the past year. Many projects have been teaming up with Chainlink to create a more transparent and helpful ecosystem for its users and Paxos was a recent addition to it. It announced teaming up with Chainlink to make its asset-backed token available across the decentralized finance [DeFi] market.

Source: https://ambcrypto.com/neutrino-to-integrate-chainlink-proof-of-reserve-oracle

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Blockchain

Bitcoin Price Analysis: 15 January

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Disclaimer: The findings of the following article are the sole opinions of the writer and should not be taken as investment advice

Bitcoin‘s price, at press time, was in a bullish pattern, with most expecting it to break out and retest its ATH at $42,000. However, BTC’s recent correction suggests that it might be a while before the price does so. In addition to the overall bullish pattern, a new bullish pattern was forming at the time of writing, one pointing to a small surge in the short-term for the cryptocurrency.

Bitcoin 1-hour chart

The 1-hour chart showed a bigger parallel channel, with the price heading for another breakout. While the breakout seemed to be on its way, the price formed another descending channel. Looking at its previous trend, the pattern can be considered to be a bullish flag, implying that a breakout might be coming soon.

Source: BTCUSD on TradingView

Rationale

In addition to the aforementioned patterns, the RSI indicator showed a trickle towards the neutral zone, projecting a bounce similar to the one seen a few hours ago. The same can be seen with the OBV, with the indicator bouncing off the horizontal line, as seen in the above chart. This indicated that the buying pressure was preventing the price from heading lower.

According to the bullish flag pattern, the theoretical breakout from the top of the pattern will be 7-8%. Considering Bitcoin’s path towards the lower trendline, one can expect a total surge of 12%. Hence, a long position should do the trick as the price heads towards the lower trendline of the bullish flag. Adding bullish bias to this was the SuperTrend indicator, with the same flashing a buy signal.

Conclusion

Here, it is worth noting that a breakdown below the SuperTrend’s buy signal at $37,555 would threaten the bullish scenario pointed above. However, if the price closes below the $36,425-level, then a reversal can be expected. In such a case, BTC can head back to the middle line of the descending channel.

Bitcoin can rebound off the support levels at $33,400 and $32,765, levels present just below the middle line.

Source: https://ambcrypto.com/bitcoin-price-analysis-15-january

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