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Cardano, Uniswap, Chainlink Price Analysis: 2 June

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Cardano vs Ethereum competition will only get fierce over the coming months. ADA withstood extreme bearish pressure in the recent past and noted a strong surge. It was among the few alts holding on to its price despite volatility seen in the crypto market.

Cardano [ADA]

Source: ADAUSD on TradingView

After failing to breach resistance at $1.83 on 2 June, ADA was trading at $1.77. Visible Range indicator suggested there was not much trading activity taking place at this level but the price has remained within $1.63 and $1.83 for the second consecutive day. The bullishness in the market may have supported the current price, as the point of control also remained much lower at $1.23.

As ADA consolidated between $1.63 and $1.83, 50 Moving Average was also inching closer to the candlesticks. This could offer additional support in case the price turns around. However, chances of a price swing were scanty at this point as the market lost momentum. The restricted price movement has squeezed the momentum out of the market as Awesome Oscillator remained at zero. This lack of momentum could also confirm further consolidation in ADA market.

Uniswap [UNI]

Source: UNIUSD on TradingView

Decentralized Finance [DeFi] projects were lauded for resisting the changing trends in crypto market. Uniswap’s UNI was among the defi tokens that swiftly bounced back from the loss and was trading at $27.94. The surging price coincided with the signal line as it noted the rise of bullishness in the UNI market.

Even though the asset remained 38% under its all-time high of $44.92, the market was seeing more money entering. Chaikin Money Flow that was in the negative when the price collapsed, now moved on to the positive territory and was showing a sharp rise. Traders were eagerly buying the digital asset at the current value to stabilize the market. This was also highlighted by the Relative Strength Index that took off from the oversold zone and remained close to equilibrium.

ADA may continue to trade in its current range unless there was a shift in volatility.

Chainlink [LINK]

Source: LINKUSD on TradingView

Unlike most other alts undergoing a period of consolidation, Chainlink market suggested a bearish hold on the price. LINK traded at $30.51 as it rejected resistance at $33. The 50 Moving average hovering over its price was an indication of the downward pressure on the value.

The Fibonacci retracement tool was useful in spotting the dominant price levels in the market and currently, $30 looks like a crucial level to hold on to. But the Directional Movement Index suggested LINK may breach support at $30 and head lower.

The +DI has remained under the -DI since the sudden crash on 19 May. Since then, whenever LINK price tried to push higher, it was immediately pulled down. As price was already falling, the dominance of -DI could result in LINK’s price moving to test support at $23.


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Source: https://ambcrypto.com/cardano-uniswap-chainlink-price-analysis-2-june/

Blockchain

SEC chief Gensler now eyeing crypto staking and ‘poker chip’ stablecoins

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In recent weeks, the U.S. Securities and Exchange Commission [SEC] has brought several crypto companies into the regulatory spotlight. Coinbase was warned about its high-interest crypto-product Lend, with the SEC threatening to sue if it launched.

Unsiwap also felt the heat as it was reportedly investigated. Meanwhile, the SEC vs Ripple lawsuit saw the court denying Ripple’s request for documents revealing SEC’s trading policies on digital assets.

Even as these events unfolded, SEC Chair Gary Gensler spoke to Washington Post journalist David Ignatius about cryptocurrency and the SEC’s powers.

Cop on the beat

Gensler first stressed that crypto tokens were a “highly speculative asset class” and defended his dedication to investor and consumer protection. He admitted that the SEC had a broad definition of securities and that it gave the agency a “great deal of authority.”

Encouraging crypto trading platforms to come in for SEC registration, Gensler said,

“Now, not many have, and so I do really fear that we’ll keep bringing these enforcement cases, but there’s going to be a problem. There’s going to be a problem on lending platforms or trading platforms. And frankly, when that happens, I think a lot of people are going to get hurt.”

Gensler also voiced concerns about staking and added,

“We’ll also be the cop on the beat and bringing those enforcement actions, as well.”

Coming to stablecoins, Gensler used his familiar crypto-Wild West comparison and likened stablecoins to poker chips at the casino. He also explained that though the SEC had “robust authorities,” there were some gaps. He hinted the agency might work with the U.S. Congress to regulate stablecoins.

Notes on Evergrande

With liabilities worth around $300 billion, the crisis of Evergrande, China’s second largest property developer, has shocked the world market – and the crypto sector. Soon the Hong Kong-based, dollar-pegged stablecoin Tether [USDT] came under scrutiny. The company had to confirm that it did not hold commercial papers, debts, or securities issued by Evergrande.

Ignatius also asked Gensler whether Evergrande could affect the American market. Gensler just confirmed that Evergrande was not registered and did not trade on American capital markets.

However, he added,

“…it is possible, from time to time, that we too in America will react to other economies’ and nations’ shocks. And particularly China’s economy is so large relative to Europe’s or our own.”

In essence, the interview came with a familiar promise for crypto innovators and traders. Referring to warning signs and flashing lights signaling a spill in aisle three, Gensler said he would rather “get ahead of it.”

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Source: https://ambcrypto.com/sec-chief-gensler-now-eyeing-crypto-staking-and-poker-chip-stablecoins

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Robinhood to Launch Crypto Wallet in 2022

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/robinhood-to-launch-crypto-wallet-in-2022/?utm_source=main_feed&utm_medium=rss

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Blockchain

Denied: Ripple’s request for documents on SEC’s ‘trading policies governing digital assets’

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In what seems like an apparent win for the United States Securities and Exchange Commission [SEC], Ripple‘s request for documents detailing the watchdogs’ “trading policies governing digital assets” has been denied by Judge Sarah Netburn.

As per the ruling provided by attorney James K. Filan, the US magistrate judge declined to grant the defendants access to documents that would prove whether SEC employees were carrying out transactions in Bitcoin, Ether, or XRP, as it was more likely to “cause confusion” than provide any relevant findings.

The regulator had previously been ordered by the court to present its crypto trading policies, leading to the revelation that none existed at the time that it began investigating Ripple. The crypto firm in turn contended that when its representatives had met with the SEC counsel last month, the latter had stated that since formal investigation against Ripple began in 2019, SEC employees were barred from trading in XRP.

Although, any formal documentary evidence backing up this claim is yet to be produced by the regulator despite being compelled by the court, according to Ripple’s claims. Additionally, Judge Netburn’s analysis in the denied motion summarized the firm’s request as,

“Defendants argue that individual trading decisions will, at a minimum, expose the lack of
clarity regarding XRP’s status and whether the SEC believed XRP to be a security. Such
evidence arguably would undermine the SEC’s allegations that the Individual Defendants acted recklessly and would bolster the Defendants’ fair notice defense.”

However, Netburn does not believe such an argument to be pertinent to the case, as the motion added that,

“Defendants have not shown that such individual trading decisions bear on the issues in this case. Although the SEC’s policies (or absence of policies) may provide relevant evidence related to fair notice or recklessness, how an Ethics Counsel viewed a trading decision is more likely to cause confusion or create collateral litigation disputes.”

In addition to this, Netburn also noted that SEC employees’ financial conduct disclosures are protected under the Privacy Act, and Ripple is yet to provide proof that suspending these statutory protections would make a material difference to the case.

In his tweet regarding the recent decision, Attorney, James K. Filan, also noted that,

“The Court directed the SEC to provide Defendants any documentation supporting SEC counsel’s statement during the August 25, 2021 meet and confer that, after the formal order of investigation was issued as to Ripple on March 9, 2019, SEC employees could no longer trade XRP.”

While the SEC’s individual trading records might be out of bounds for Ripple now, this recent motion reaffirmed that the watchdog still has to provide documentation that would prove its claims that agency employees were barred from trading XRP in 2019. Even as this fight has been won by the SEC, the war between the two is far from being over.

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Source: https://ambcrypto.com/denied-ripples-request-for-documents-on-secs-trading-policies-governing-digital-assets

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