Connect with us

News

Joe Biden’s $6 Trillion Budget Might Prompt Rich Americans to Resort to Bitcoin

Published

on

Jun 02, 2021 at 09:09 // News

Is the new budget a salvation for the US or a menace?

Capitol Hill is at the moment heated over the historic $6 trillion budget for 2022 that new US President Joe Biden proposed. Although this would be the highest federal spending since World War II, it could drag more people into the crypto world.

The largest budget in American history since World War II is about to emerge

Speaking in Cleveland, Ohio, the president said he believed “this is our moment to rebuild the economy”. According to President Joe Biden, the proposed budget which attracts a $6 trillion price tag is hoped to bring jobs back to the American people and reduce the currently high unemployment rate to just under 4.1% next year. Additionally, it is expected to improve infrastructure and contain the current health emergency. Joe Biden hopes to create a “socialist economy”, with the poor Americans climbing the ladder to middle-class status.

Joe_Biden_presidential_portrait.jpg

While most Republicans and a section of Democrats in Congress are especially opposed to the budget, saying it is crazily impactful to the American economy, this is more likely to go through the approvals of congress. 

Many economists worry that there would be huge taxation on the American people to raise enough money for the government to redistribute wealth and support the poor. Others perceive a hike in the American national debt which is predicted to clock 89 trillion dollars by 2029. Other opponents of the new budget also cite extravagant spending by the Biden administration. 

Why this matters to just everyone is because the US is the largest economy in the world and consumer spending of the American people is the highest. The US is the top import country of the world, while the US dollar is undisputedly the king of currencies. Most countries have also pegged their wealth to US dollars. There are more reasons for worries elsewhere in the world based on the decisions America makes.

The Biden budget and its impacts on the crypto economy

Although some American citizens clapped their hands at Biden’s decision, it seems like the $6 trillion budget will become counterproductive and the Americans and the entire world will pay the price.

Biden’s idea is that more money needs to shift from the hands of the wealthy Americans and companies through high taxation, printing more money or acquiring loans. With the current national debt of the US standing at $28 trillion, literally, America does not have any money to spend whatsoever.

The_Biden_budget_and_its_impacts_on_the_crypto_economy.jpg

What will happen to the American rich and companies is simple: leaving the US territory or staying in America to die. This supports the initial statement by Chris Larsen, Ripple CEO, to relocate from the United States due to strict regulations from the Securities and Exchange Commission (SEC).

Due to the decentralized nature of cryptocurrencies, it is easier for Americans to invest their wealth into crypto elsewhere. Many crypto billionaires are looking at the developing world, especially Africa for future crypto investments. It also makes sense that Akon’s Akoin project skews towards the African continent, according to CoinIdol, a world blockchain news outlet.

With the proposed $6 trillion federal budget, the American economy is expected to exhibit complex behaviours including the high national debt, inflation, company shutdowns, among others, which will ultimately pose threats to the global economy. The Biden budget, therefore, sounds like an appeal for re-election, not an economic recovery. It could drive the global economy into another economic recession, hence, prompting many to join the decentralized digital currency ecosystem.

Source: https://coinidol.com/rich-americans-resort-bitcoin/

Blockchain

EGLD Technical Analysis: Breakout of Price Beyond $240.83 Seen, Bullish Day Ahead

EGLD Technical Analysis: Breakout of Price Beyond $240.83 Seen, Bullish Day Ahead

Rate this post Elrond is described as a part of the technology ecosystem for the new internet, including, fintech, decentralized finance, and even the Internet of Things. Elrond platform is capable of performing 15,000 transactions per second, with a latency of six seconds. Let us look at the technical analysis of EGLD. Past Performance On September 16, 2021, EGLD started trading at $241.89. As of September 22, 2021, the closing price of EGLD was $230.51. Thus, in the past week, the EGLD price has decreased by roughly 4.90%. And, in the last 24 hours, EGLD has traded between $202.34-$241.99. https://www.tradingview.com/x/iqVxlFYS/ EGLD Technical Analysis The EGLD price is in a regression trend, which is trading in an upward direction. The price takes support from the support line of the trend and bounces back to the mid-range level. Currently, the price is trading near the mid-range and its long-term resistance level. As per the Elrond market behavior, we can expect it to give a breakout from this range.  Let us see what the indicators are indicating: Currently, EGLD is trading at $240.83. The price has increased from the opening price. Thus, we can witness some bullish momentum in the EGLD token. However, on the chart, we can see that the price is trading in an upward direction. A breakout can be on the horizon. On the daily chart, the MACD and Signal lines are in the positive zone. Moreover, by forming a bearish crossover by the MACD line over the Signal line. Thus, the overall market momentum is bearish, and we can expect the EGLD price to fall. However, both the lines are close to the zero lines and may change signs soon. Thus, there may be a trend reversal on the horizon. The RSI indicator is at 57%. It is currently resisting itself to move upward. Thus, the buying pressure can be seen mounting slowly. Hence, we can expect the price to rise again after a few hours. Day-Ahead and Tomorrow The EGLD price has fallen below the Fibonacci pivot point of $250. As some of the oscillators have shown bullish signals, we can expect the price to rise above the Fibonacci pivot level of $249.35 soon. A breakout from this level will highlight the next resistance at $273. The price has tested and fallen below the 23.6% FIB retracement level of $249.37. If the price falls below the 23.6% FIB extension level after some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. Furthermore, the price can retest the support level at $202.87.

The post EGLD Technical Analysis: Breakout of Price Beyond $240.83 Seen, Bullish Day Ahead appeared first on Cryptoknowmics-Crypto News and Media Platform.

Published

on

Elrond is described as a part of the technology ecosystem for the new internet, including, fintech, decentralized finance, and even the Internet of Things. Elrond platform is capable of performing 15,000 transactions per second, with a latency of six seconds. Let us look at the technical analysis of EGLD.

Past Performance

On September 16, 2021, EGLD started trading at $241.89. As of September 22, 2021, the closing price of EGLD was $230.51. Thus, in the past week, the EGLD price has decreased by roughly 4.90%. And, in the last 24 hours, EGLD has traded between $202.34-$241.99.

TradingView Chart

EGLD Technical Analysis

The EGLD price is in a regression trend, which is trading in an upward direction. The price takes support from the support line of the trend and bounces back to the mid-range level. Currently, the price is trading near the mid-range and its long-term resistance level. As per the Elrond market behavior, we can expect it to give a breakout from this range.  Let us see what the indicators are indicating:

Currently, EGLD is trading at $240.83. The price has increased from the opening price. Thus, we can witness some bullish momentum in the EGLD token. However, on the chart, we can see that the price is trading in an upward direction. A breakout can be on the horizon.

On the daily chart, the MACD and Signal lines are in the positive zone. Moreover, by forming a bearish crossover by the MACD line over the Signal line. Thus, the overall market momentum is bearish, and we can expect the EGLD price to fall.

However, both the lines are close to the zero lines and may change signs soon. Thus, there may be a trend reversal on the horizon.

The RSI indicator is at 57%. It is currently resisting itself to move upward. Thus, the buying pressure can be seen mounting slowly. Hence, we can expect the price to rise again after a few hours.

Day-Ahead and Tomorrow

The EGLD price has fallen below the Fibonacci pivot point of $250. As some of the oscillators have shown bullish signals, we can expect the price to rise above the Fibonacci pivot level of $249.35 soon. A breakout from this level will highlight the next resistance at $273.

The price has tested and fallen below the 23.6% FIB retracement level of $249.37. If the price falls below the 23.6% FIB extension level after some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. Furthermore, the price can retest the support level at $202.87.

PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://www.cryptoknowmics.com/news/egld-technical-analysis-breakout-of-price-beyond-240-83-seen-bullish-day-ahead/

Continue Reading

Blockchain

Bitcoin, Ether, or XRP – The crypto of choice for terror funding is…

Published

on

It has been a tense time for Coinbase. The crypto-exchange recently felt the regulatory squeeze when the United States SEC reportedly threatened to sue if Coinbase launched its high-interest crypto product – Lend.

These developments, however, haven’t stopped the exchange from highlighting its efforts towards compliance. A recently-released Twitter thread is a case in point.

The crypto-exchange yesterday shared statistics about cryptocurrencies’ link to global terrorism, and what it is doing to combat the threat.

Coinbase investigates

Cryptocurrency’s “links” to terrorism are a major reason behind the FUD among international policymakers and regulators.

And yet, a report by Coinbase’s Special Investigations Team found that “illicit activity” made up less than 1% of all activities in the crypto-space in 2020. This was an observation arrived at after looking at the BTC, ETH, LTC, BCH, and XRP blockchains or ledgers.

About terrorism, the report stated,

“Further breaking down illicit activity, we find that transactions associated with terrorist financing (TF) in 2020 made up less than 0.05% of all illicit volume. As such, terror funding in cryptocurrencies remains extremely low in overall terms.”

It’s worth noting, however, that the report identified the Palestinian militant group Hamas as having raised the most funds among terrorist organizations.

Do terrorists have any preferences?

According to the said report, Hamas has collected more than $750,000 in Bitcoin since 2018. After Hamas, the Saudi-led jihadi activist movement has raised more than $250,000 in Bitcoin and altcoins. In third place, came an Al Qaeda-related exchange service.

Source: Coinbase Blog

Bitcoin was the most prominent crypto in terrorism financing, but the report also identified the growing popularity of altcoins such as XRP and Ether.

Bitcoin’s popularity could be due to its status as the biggest crypto and the coin’s relative stability. Meanwhile, XRP’s use case is similar to the cross-border hawala remittance practice common in Middle Eastern and South Asian cultures.

In order to stop terror funding campaigns, Coinbase claimed it would “blocklist” crypto-addresses related to such institutions, use its analytics, and work with agencies like the FBI.

Analyzing Hamas

Put simply, the Palestinian organization aims to destroy Israel. It has two main components – A military force and a social welfare arm.

In 2020, Chainalysis reported how the organization’s Izz ad-Din al-Qassam Brigades (AQB) launched multiple campaigns to raise Bitcoin donations. Their tactics included instructional videos for both basic and experienced tech users, as well as unique payment addresses for every donor.

While crypto-terror funding is a small part of the vast DeFi sector, traders can expect to see more exchanges and companies keeping a watch on organizations classified as terror groups.

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/bitcoin-ether-or-xrp-the-crypto-of-choice-for-terror-funding-is

Continue Reading

Blockchain

British Bitcoin Miner Argo Reveals IPO Pricing for Nasdaq

Argo IPO Nasdaq

Rate this post British Bitcoin miner Argo Blockchain Plc is gearing up to list its IPO on the Nasdaq Global Select Market at the price of $15 per share. Bitcoin Mining Firm Argo Blockchain Reveals  IPO Pricing for Nasdaq Argo Blockchain, a crypto mining firm registered on the London Stock Exchange, announced the pricing for its initial public offering (IPO) in the US on Wednesday. The firm stated that its 7,500,000 American Depositary Shares (“ADSs”) will be sold for the price of $15.00 per ADS.  The IPO, which will trade under the ticker ARBK from September 23, will be available to investors through the RobinHood IPO access portal. According to a September 22 release, the IPO sale is being managed by banking heavyweights Barclays and Jeffries. The institutions are acting as the offering’s main book-running managers, while Canaccord Genuity and Stifel GMP are acting as co-lead managers. Compass Point, D.A. Davidson & Co., Ladenburg Thalmann, Roth Capital Partners, finnCap Ltd, and Tennyson Securities are serving as the IPO’s co-managers. As a crypto mining business, Argo made £5.6 million in July and £6.8 million in August. It also claims to hold 1,659 Bitcoin and Bitcoin equivalents worth £56,898,756 million as of August 31. Upcoming Projects and Controversies Like many crypto mining businesses, Argo is expanding its operations in North America.  Earlier this month, the company entered into a financial arrangement with Galaxy Digital to develop a 200 watt Bitcoin mining facility in Texas. The resulting complex will provide an additional boost to Argo’s existing facilities which have a total of 21,000 mining rigs that can generate over 1,075 petahash per second. That said, the deal has been criticized by industry experts who believe Argo had overpaid up to 10 times while purchasing the property for the Texas plant. Meanwhile, Argo’s CEO Peter Wall justified the expenses on social media. “We feel like it was a fantastic bargain for the project in Texas since it wasn’t simply a land acquisition, it was a project acquisition,” he stated.

The post British Bitcoin Miner Argo Reveals IPO Pricing for Nasdaq appeared first on Cryptoknowmics-Crypto News and Media Platform.

Published

on

British Bitcoin miner Argo Blockchain Plc is gearing up to list its IPO on the Nasdaq Global Select Market at the price of $15 per share.

Bitcoin Mining Firm Argo Blockchain Reveals  IPO Pricing for Nasdaq

Argo Blockchain, a crypto mining firm registered on the London Stock Exchange, announced the pricing for its initial public offering (IPO) in the US on Wednesday.

The firm stated that its 7,500,000 American Depositary Shares (“ADSs”) will be sold for the price of $15.00 per ADS. 

The IPO, which will trade under the ticker ARBK from September 23, will be available to investors through the RobinHood IPO access portal.

According to a September 22 release, the IPO sale is being managed by banking heavyweights Barclays and Jeffries. The institutions are acting as the offering’s main book-running managers, while Canaccord Genuity and Stifel GMP are acting as co-lead managers. Compass Point, D.A. Davidson & Co., Ladenburg Thalmann, Roth Capital Partners, finnCap Ltd, and Tennyson Securities are serving as the IPO’s co-managers.

As a crypto mining business, Argo made £5.6 million in July and £6.8 million in August. It also claims to hold 1,659 Bitcoin and Bitcoin equivalents worth £56,898,756 million as of August 31.

Upcoming Projects and Controversies

Like many crypto mining businesses, Argo is expanding its operations in North America. 

Earlier this month, the company entered into a financial arrangement with Galaxy Digital to develop a 200 watt Bitcoin mining facility in Texas. The resulting complex will provide an additional boost to Argo’s existing facilities which have a total of 21,000 mining rigs that can generate over 1,075 petahash per second.

That said, the deal has been criticized by industry experts who believe Argo had overpaid up to 10 times while purchasing the property for the Texas plant. Meanwhile, Argo’s CEO Peter Wall justified the expenses on social media.

“We feel like it was a fantastic bargain for the project in Texas since it wasn’t simply a land acquisition, it was a project acquisition,” he stated.

PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://www.cryptoknowmics.com/news/british-bitcoin-miner-argo-reveals-ipo-pricing-for-nasdaq/

Continue Reading
Blockchain5 days ago

Over 40 days after Ethereum’s EIP-1559, here’s where it stands

Blockchain4 days ago

Matic Price to hit $1.75 in the next leg up! Launch on Bitfinex to be the Catalyst?

Blockchain4 days ago

After Targeting BlockFi, State Regulators Now Set Their Eyes On Celsius

Uncategorized4 days ago

What is The Old Gym in NBA 2K22 Next Gen?

Uncategorized4 days ago

NBA 2K22 Limitless Spot-Up and Chef Badges Explained

Uncategorized5 days ago

NFTs Are the Building Blocks of the Metaverse — Here’s How It’s Being Built

Blockchain5 days ago

Ripple’s Legal Team Says They Have No Plans To Settle With SEC Over Lawsuit On XRP Sales

Uncategorized5 days ago

Shiba Inu (SHIB) Rises to Range High

Blockchain5 days ago

EY Taps Polygon Network to Improve Enterprise Clients’ Experience 

Uncategorized4 days ago

Best Dribble Pull-Up in NBA 2K22: Which to Use

Blockchain4 days ago

Flux Pools autoriza o pagamento de ativos paralelos em mais de 300K Flux!

News5 days ago

XRP Lawsuit: Here’s Why Experts Think Ripple Could Win the Case Against SEC

Blockchain4 days ago

All you need to know about MATIC before investing

Blockchain5 days ago

Shiba Inu’s days in the sun may be over; here’s why

Blockchain5 days ago

EOS: Why there’s a question mark attached to its long-term trajectory

Blockchain4 days ago

Smart Contracts Running on Bitcoin? Internet Computer Founder Explains How It’s Possible

Uncategorized2 days ago

PetPals, One Of The First Play-To-Earn NFT Web-Based Games Is Out Now

Uncategorized4 days ago

What is Phuture?

Uncategorized5 days ago

U.S. Homeland Security Signs $1.36M Contract with Coinbase

Blockchain5 days ago

TVL up by >990% in a year, but SushiSwap might be its worst enemy

Trending