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BTC Continues To Drop And It Could Dive To New Monthly Lows

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BTC continues to drop and the price is showing bearish signs below the $40,000 level against the US dollar with the coin extending the losses even below that in the near-term as we can see more in our latest Bitcoin news today.

BTC failed to settle above the $40K level and started afresh drop below $38,000. The price is now trading well below the $40,000 and the 100 simple moving average with a major bearish trend line forming with the resistance near the $37,500 on the 4-hour charts of the pair. The pair could also continue lower as long as it is trading below $38,000. Over the past week, BTC’s price started a decent recovery above the $35,000 level against the US dollar with the pair breaking the $38,000 resistance.

btc usd
Source BTCUSD on TradingView.com

However, the price failed to settle above $40,000 and remained below the 100 simple moving average and a new high was formed near the $40,971 and the price went on a fresh decline with a break below the $38,000 support. BTC traded below the 50% fib retracement level from the upwards movement of the $31,296 low to $40,971 high with a major bearish trend line forming with the resistance near $37,500 on the 4-hour charts of the pair. The pair is now testing the 76.4% fib retracement level from the upwards move of $31,296 low to $40,971 high.

If there’s another downside break below the $34,000 and $33,500 support levels with the price likely to drop lower. The next major support is close to the $31,250 level below which the price could possibly test the $30,000 support level in the near term. If BTC remains stable above the $33,500 level and could start a new increase with the initial resistance to the upside being near the $36,500 level. The first major resistance is close to the trend line and the $38,000 with the main resistance now nearing $40,000. the close above $40K is a must to start a steady increase in the near-term with the key barrier possibly settling at $45,000.

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BTCUSD
BTC 24-hour Price Chart, Source: CoinGecko

The 4-hour MACD for the pair is gaining momentum in the bearish zone and the 4-hour RSI for the pair is now well below the 50 level with the first major support level set at $33,500 as BTC continues to drop.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-news/btc-continues-to-drop-and-it-could-dive-to-new-monthly-lows/

Blockchain

All About Solana And Why It’s The Game-Changer Crypto Of The Year

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All About Solana And Why It's The Game-Changer Crypto Of The Year

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While no one can deny the massive influence of Bitcoin on the cryptocurrency and blockchain worlds, and no one can possibly refute the utility of the Ethereum blockchain, there are many other smaller players who are changing the landscape at breakneck speeds. One of these players that have emerged as a key competitor to becoming the top dog of smart contract platforms is Solana.

Solana is a fast, secure, and censorship-resistant blockchain providing the open infrastructure required for global adoption. They aim to solve the problem of high fees and slow transaction speeds when executing smart contracts. But how do they plan to do this? First, let’s talk about Solana’s history.

Solana was founded by Anatoly Yakovenko in 2017 when Yakovenko published a whitepaper draft proposing a new timekeeping and validation technique for distributed systems. For context, Bitcoin and Ethereum’s blockchains utilize the Proof-of-Work (PoW) concept while blockchains like Cardano and Polkadot use the Proof-of-Stake (PoS) method.

As a side note, Ethereum will be moving over to the Proof-of-Stake methodology upon the completion of the Ethereum 2.0 upgrade. Solana, on the other hand, uses a consensus algorithm called Proof-of-History (PoH) combined with the underlying Proof-of-Stake (PoS) consensus of the blockchain.

In simple terms, PoH is a technique to cryptographically verify the passage of time between two events, or keeping time between computers, in essence making time the constant in between nodes that need to validate each other. This is done by implementing a mechanism that has existed in Bitcoin’s source code called nLocktime, which is a cryptographically secure way to keep track of time.

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From Yakovenko’s prior experience at companies such as Qualcomm, Mesosphere, and Dropbox, he knew that use of this technique would simplify network synchronization, which means the network speed would be limited only by network bandwidth. In Solana’s own words, “once nodes can trust time, suddenly ~40 years of distributed systems research becomes applicable to blockchain!” Today, Yakovenka is joined at Solana by his Qualcomm colleague Greg Fitzgerald as well as top talent from global organizations such as Intel, Google, Microsoft, Dropbox, and more.

Okay, so now we know what makes Solana tick, but how does this matter in the grand scheme of things? Well, let’s get into it, on a high level. Before we go further, we’ll need to understand a few key components of the Solana ecosystem.

First, a Solana Cluster: is a set of independently owned computers working together (and sometimes against each other) to verify the output of untrusted, user-submitted programs. Basically, a decentralized network of computers working together, like a massive beehive that is separated by land and sea. These Clusters are used to preserve an immutable record of events. The Clusters do this by producing a record of events called the ledger, which will be preserved for the lifetime of the Cluster.

Next, we need to talk about SOLs. A SOL is the name of Solana’s native token, which can be passed to nodes in a Solana cluster in exchange for running an on-chain program or validating its output. Just like fractional Bitcoins are called satoshis, fractional SOLs are called lamports, named in honor of Leslie Lamport, an American computer scientist best known for his seminal work in distributed systems. A lamport has a value of 0.000000001 SOL. The Solana Foundation has announced that a total of 489 million SOL tokens will be released in circulation. At the moment, about 270 million of these have already entered the market.

Solana, using the unique Proof-of History method, has been gaining amazing traction in the cryptocurrency space because of the incredibly short processing and validation times that are made possible by the blockchain. The Solana team has designed the ecosystem so that transaction costs will be kept low while scalability and speedy processing times always remain a key priority.

Apart from Proof of History, Solana also lists 7 other core competencies that sets them apart, namely,

  • Tower BFT (Byzantine Fault Tolerance)
  • Turbine
  • Gulf Stream
  • Sealevel
  • Pipelining
  • Cloudbreak
  • Archivers

In order to not let this article become too technical and wordy, we’re not going to go into all of them for now, but will perhaps touch on them in later articles. For now, understanding Proof-of-History will suffice to tell of Solana’s uniqueness.

Now what about the business continuity of Solana as a project. In terms of financials, Solana has raised $20 million in a Series A round led by Multicoin Capital. More fundraising efforts are in the works as well. Solana has also attracted amazing projects such as the decentralized exchange, Serum, launched by FTX, the renowned cryptocurrency exchange. Other awesome projects that capitalize on Solana’s blockchain are such as Raydium, ROPE, and Audius.

With all the unique offerings and promising partnerships developing for Solana, it would be safe to say that Solana is nothing short of a game-changer in the cryptocurrency space. It is definitely something to keep an eye out for.


*Nothing in this article should be construed as financial advice and buy or sell calls.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/all-about-solana-and-why-its-the-game-changer-crypto-of-the-year/

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The SEC Left Out Cryptocurrency Out Of Its Agenda: Report

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The SEC left out cryptocurrencies out of its agenda but not as explicitly as expected so let’s read more in our latest cryptocurrency news today.

The SEC didn’t explicitly identify crypto as a target for the new regulation but there are a few opportunities for crypto regulation. SEX chair Gary Gensler said that the crypto regulation is here to protect investors. The Securities and Exchange Commission is not too preoccupied with crypto right now and the agency released a new agenda for the spring and summer and crypto is not on it despite the recent statements that consumers will benefit from the regulation of exchanges and that the agency will be ready to enforce crypto cases.

The agency is crafting the new rules for special purpose acquisition companies or SPACs and now the SEC’s agenda is broken into three stages: Prerule, proposed rule, and final rule. If we dig a little deeper, you could see areas for the SEC to discuss more crypto. Lawyer Gabriel Shapiro said in a reference to proposed rulemaking for trading platforms:

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“I could imagine the gamification thing touching on digital assets (Robinhood effect).”

What’s more to it, SEC Commissioner Hester Peirce proposed a safer harbor for all crypto projects that could appear a pre-rule process on exempt offerings because under the proposal, projects with tokens that could be considered securities and tradeable investment contracts will be given a time-limited exemption from filing with the agency.

Gary Gensler Calls, crypto, regulation, rules, users,
Gery Gensler

During the appearance before the House Financial Services Committee, Gensler commented on crypto regulation and how to protect the investors. He also suggested that it will need to be headed up by Congress as crypto is not fowl. The SEC left out cryptocurrency from its agenda and it doesn’t consider BTC and other cryptocurrencies to be securities:

“Right now, there’s not a market regulator around these crypto exchanges and thus there’s really no protection around fraud or manipulation.”

This doesn’t suggest that the SEC is not monitoring the sector as it warned that BTC futures are a highly speculative investment and levied over $1.7 billion in penalties against crypto companies. Most of the crypto-related allegations by the SEC were related to fraud and over two-thirds dealt with unregistered securities offerings like the Telegram TON token.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/regulation/the-sec-left-out-cryptocurrency-out-of-its-agenda-report/

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Block.One Settled For $27.5M In EOS Class-Action Lawsuit

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Block.one settled for $27.5 million in an EOS class-action lawsuit as the company got fed up with the lawsuit over its EOS sale so let’s read more in our latest EOS news today.

Crypto assets Opportunity Fund (CAOF) and Block.one settled for $27.5 million and put an end to their legal battle to avoid distraction and the company agreed to pay in settlement to its EOS investors but the amount each claimant will get is not decided. Block. one is the crypto company behind EOSIO blockchain agreed to pay the class-action lawsuit over its $4 billion ICO for EOS and when the judge settles things up, Block. one has to pay out money to claimants that invested in the ICO. The company said:

“Block.one believes this lawsuit was without merit and filled with numerous inaccuracies. However, accepting this settlement allows us to focus more time and energy on running our business and delivering new products.”

EOS Soared 46%, block.one, exchange, price

The settlement submitted for approval by the court and it concludes a class-action lawsuit filed on April 3, 2020, by William Zhang and Chase Williams so the investors filed the case on behalf of anyone who bought EOS between 2017 and 2019 with the settlement extending the date to May 2020. In May 2020, Crypto Assets Opportunity Fund and investor Johnny Hong filed a similar lawsuit and the court joined up the lawsuit back in August 2020 and appointed CAOF as lead plaintiff. CAOF alleged that Block.one misled the investors by selling unregistered securities and artificially inflated the price of EOS but Block.one denies these allegations.

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After one year in court, CAOF and Block.one decided to settle and avoid costs and further distractions, and risks of further litigation. They informed the Court that a settlement was reached as per the court records published on June 11. In 2019, Block.one settled a lawsuit over its ICO with the SEC for $24 million. Even though they put a price tag on the settlement, Block.one and CAOF still disagree on the extent of liability and damages with the amount of money that will be recoverable. The court has to handle potential appeals before it delivers a verdict on how much each claimant is entitled to with the court saying that these investors who claim less than $10 will get nothing.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/eos-news/block-one-settled-for-27-5m-in-eos-class-action-lawsuit/

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