XRP/USDT May Return to EMAs for BYBIT: XRPUDT.P by SwallowPremium – Technische Analyze – 2023-03-23 ​​21:16:49

Guys ✌️

We’ll keep it short for now. After this push, XRP left a huge void that needed to be filled, which the price tried to fill but was denied. Currently, we see a good opportunity for another attempt to fill in the least gaps it RSI Turn down the upper zone. Watch and take action at your own risk.

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Tom Emmer is introducing a bill to protect Blockchain developers

Republican Congressman Tom Emmer has introduced more crypto-related legislation — this time to help blockchain developers out of unreasonable financial reporting requirements.

The new bill could help correct controversial language in the Biden administration’s late 2021 infrastructure bill that could theoretically designate some participants in the blockchain network as “digital asset brokers.”

Clearing the air of encrypted reports

split Twitter On Thursday, the Emmer bill seeks to provide a “safe haven” for blockchain developers and blockchain service providers who do not directly control private keys to access users’ assets.

The Blockchain Regulatory Security Act states that these parties may not be treated as money transmitters or financial institutions, and are not subject to registration and licensing requirements unless they are directly involved in the custody of crypto assets.

“If you don’t have money for consumers, you are *not* a money sender,” Eimer argued. “The Blockchain Regulatory Certainty Act provides this necessary certainty to miners, validators, wallet software providers, and the entire blockchain system.”

In November 2021, Biden’s infrastructure bill included an article imposing information reporting requirements on digital asset “brokers”. Critics of the bill have questioned that the term “broker” is broad enough to theoretically apply to miners, contractors and even developers – for whom it would be impossible to meet such requirements.

A consortium of crypto-supporting politicians Try to review the bill’s language before it was passed, but to no avail. As such, supporters of Emmer’s new bill believe it will provide some necessary clarity needed to prevent the cryptocurrency industry from fleeing abroad.

“For too long, federal regulators and policymakers have mired the blockchain ecosystem in legal definitions that simply don’t make sense,” Eimer said.

Cryptocurrency regulatory battle

Definitions are a tricky topic for cryptocurrency in the US — especially when determining what digital assets are considered “securities” under federal securities laws.

Securities and Exchange Commission Chairman Gary Gensler has long argued that nearly all cryptocurrencies are securities, with Bitcoin being the only exception as a crypto commodity. Meanwhile, the CFTC believes there is more to come encrypted goods Of that – including ether and tether (USDT).

Agency now Prepare to sue America’s largest crypto exchange to list certain security tokens, which Coinbase’s competitions do not qualify as such.

It is also reportedly targeting the exchange to serve betting, as it already did with rival exchange Kraken last month.

“The reality is that today there is no clear evidence of the SEC’s rules on cryptocurrency, and efforts to engage with the SEC have been met with silence or enforcement.” advertiser Coinbase’s chief legal officer on Wednesday.

Tom Emmer’s post introducing Bill to Protect Blockchain Developers appeared first on CryptoPotato.

Stock dive barred on short-selling report that claims ‘misled investors’

Popular short-selling firm Hindenburg Research is owned by parent company Square Block Inc. In plain sight, accusing the company of fraud, predatory practices, and thriving users in a report released Thursday morning.

“In short, we believe that Block has misled investors about key metrics and has adopted predatory offerings and sub-par compliance practices to promote growth and profitability by facilitating fraud against consumers and the government,” the company wrote in its report.

As a disclaimer on the report, the Hindenburg noted that it took a short position in shares of Block, formerly Square, Inc.

After the report was released early Thursday morning, Block shares were down 17% in premarket trading from their previous close of $72.65. The company trades on the New York Stock Exchange under the symbol SQ. Things took a turn for the worse when the markets opened, with shares dropping below $58, their lowest level since the beginning of the year, before recovering to around $63 at the time of writing. It’s down about 13% today, currently.

Block did not immediately respond to a request for comment DecodeHe has not yet issued a statement on the report.

Misleading user accounts?

Hindenburg alleges that former Block employees told their investigators that the company “overestimated” the number of its users by as much as 75% and that it deliberately relied on a “Wild West approach to compliance” to lure bad actors who create accounts in the bulk of identity scams and other fraud.

The company also accuses Block of blacklisting individual accounts found to have committed fraud, but not of users who opened dozens of other accounts that they allegedly used for criminal activity.

Hindenburg writes that it tested how easy it was for a user to open accounts in someone else’s name by naming two accounts “Donald Trump” and “Elon Musk.” The company even included a picture of the debit card I ordered with the name “Donald J. Trump.”

When it filed its 2022 annual report last month, Block reported that the Cash App had 51 million active users — up 16% from 2021.

Compliance issues

The report claims that when the covid-19 pandemic threatened its revenue from sales services, Block “suppressed internal concerns and ignored users’ pleas for help as criminal activity and fraud ran rampant on the platform.”

In its 2019 annual report, Block (at the time called Square) reported $4.7 billion in total net revenue. Of that, 65% came from transaction fees, 22% from subscriptions and software work, 2% from hardware like the Square Terminal, and the rest from Bitcoin, according to an SEC filing.

Block makes money in Bitcoin when you buy it and then sell it to users through their Cash app.

The following year, as the pandemic led to widespread lockdowns, Block saw transaction, subscription, and hardware revenue decline in the second quarter. But in the second half of 2020, things started to turn around. Transaction fees have rebounded as retailers process “non-card” transactions, which command higher fees. And the Cash App helped grow the subscription category to $1.5 billion in revenue – up 49% from the previous year.

By the end of 2022, subscription revenue had grown to $4.5 billion, roughly equal to the company’s entire net revenue in the year before the onset of the pandemic.

The Hindenburg report claims that the Block’s Cash app grew so large because it was used to fraudulently claim COVID relief payments and that the company ignored requests from federal and state law enforcement agencies.

In an apparent effort to maintain its growth engine, the Cash App has ignored internal employee concerns, along with warnings from the Secret Service, the US Department of Labor OIG, FinCEN, and government regulators, all of which specifically highlight the problem of multiple COVID relief payments. You go to the same account as clear evidence of fraud,” Hindenburg wrote in his report.

Harsh words for the insiders

With Block’s stock price up more than 600% during the pandemic, Hindenburg notes that Block founders Jack Dorsey and James McKelvey have sold more than $1 billion in shares.

The report is particularly critical of Dorsey, saying he has “declared himself to care deeply about the demographics he exploits”.

In 2020, Dorsey commented on how pervasive the Cash App is in hip hop music.

“We have a very regular customer for Cash App. Proof of that — I’ve talked about this on the call, maybe on stage before, but the number of hip-hop songs that have the phrase Cash App or even the name Cash App in it is pretty staggering. He said at the time, I think it’s more than 1,000 or 2,000 at the moment.

Pop culture references to the Cash App have become so widespread that researchers have written academic papers on how it affects financial inclusion in black American communities. A 2022 paper concluded, “While the Cash App gives participants the flexibility to schedule transactions from anywhere, it introduces hidden fees and social media gaming strategies that pose unwanted financial risks (such as participating in the lottery).”

It mentions a few cryptocurrencies

Notably, the 17,000-word report only mentions Bitcoin twice, saying that in 2018 the company began allowing users to make BTC transactions with their cash app accounts. The main focus of the Hindenburg report is how Block has managed its business during the pandemic.

If he had focused more on cryptocurrency, this would not have been the first time Hindenburg criticized the crypto industry.

At the end of 2021, when the global cryptocurrency market cap reached a record $3 trillion, Hindenburg announced a $1 million reward for “information leading to previously undisclosed details about backing the stablecoin cryptocurrency Tether.”

At the time, Tether revealed in a report that only 10% of the reserves backing the stablecoin, which is pegged 1:1 to the US dollar, were held in cash and bank deposits. Almost half of the backing of tether was held as commercial paper, which is a form of short-term unsecured debt issued by companies.

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bitcoin [BTC] Loss of control of $28K as rates continue to rise, unhindered

  • The Federal Open Market Committee raised interest rates by 0.25, which sent the price of Bitcoin lower
  • Chain analysts and bitcoin extremists maintain a bullish stance

Bitcoins [BTC] The price fell below the $28,000 threshold after the release of the Federal Open Market Committee (FOMC) interest rate decision. The Federal Open Market Committee (FOMC) is the country’s Federal Reserve department responsible for assessing price stability and economic conditions and setting monetary policy.

is reading Bitcoins [BTC] predict the price 2023-2024

March 22nd results However, it was expected, as the Federal Reserve Committee raised interest rates by 25 basis points (BPS). Prior to the decision, committee chair Jerome Powell projected a potential of 50 basis points per second, according to bloomberg.

Decision factors in banks that…

However, this was before SVB, Silvergate and Credit Suisse collapsed. However, the tightening conditions did not prevent Bitcoin from maintaining an ascending streak for a large number of days.

Regardless, the FOMC acknowledged that while inflation remained high, recent bank failures could lead to tougher macroeconomic variables. Even though the Fed said the banking system is safe and sound, Powell Granted The committee was not sure of the widespread impact of institutional failures.

Statement text:

“Recent developments are likely to lead to tighter credit conditions for households and businesses and affect economic activity, employment and inflation. The extent of these effects is uncertain.”

The politicians’ settlement is the second significant outside decision affecting Bitcoin in recent times. About a week ago, the CPI fell 6% from 6.4% in February. But the difference between last week’s event and this is BTC’s mixed response since the CPI laid the foundation For the currency to breach $26,000.

Meanwhile, many analysts were enthusiastic about Bitcoin’s performance ahead of the announcement. For example, Bloomberg’s macro-market analysis predicted a better performance in the second quarter of the year for Bitcoin.

No matter what, BTC bulls keep the mandate

Cathy Wood, CEO of ARK Invest and a firm believer in the Bitcoin movement, doubled down on her opinion that BTC was safe haven in the current economy.

She tweeted:

“The Fed voted unanimously to raise interest rates. Some of the data you might want to rely on: bank credit swaps, bank deposit flows, bitcoin (flight to safety?), yield curves, commodity prices, home prices, and consumer sentiment.”

However, the stock-to-flow creator, Plan B, appears unconcerned with BTC’s response to these macroeconomic factors. Instead, he made notable notes on the series.

realistic or not, here The market cap of BTC in terms of ETH

According to his latest tweet, Bitcoin is now above the price achieved for two years. This data indicates that many investors in recent years are now reaping profits in addition to those who have mostly accumulated in 2021.

Additionally, he replied to the comments below the tweet, like Expect an adoption rate of 25 to 50% after the halving in 2024. As mentioned earlier, the event could drive BTC to a new ATH.

Solana [SOL] It drops to $21 but the bulls can come back

Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and is the opinion of the author only.

  • The higher time frame market structure was bullish.
  • Volatility from the previous day means that some gains today may fill some of the imbalances.

Solana saw high volatility on the price charts around March 14th but has been quieter in recent days. It formed a lower date range. Bitcoin’s inability to clear the $28,000 mark means that sentiment could start to turn bearish again in the near term.

Realistic or not, this is the market cap of SOL in terms of BTC

The structure of both BTC and SOL remains strongly bullish, and lower time frame traders may move higher in the next 24 hours. BTC moving above $28.8K or below $26.6K could determine the direction of the next move.

Traders with a shorter time frame can keep an eye on this range

Source: SOL/USDT on TradingView

The hourly chart showed Solana trading in a range between $21.05 and $23.3 over the past five days. A look at higher time frame charts such as the 4 hour chart showed that the bias was bullish after recovering from $16.

In the south, the $21, $20, and $20.5 areas are expected to act as support. A move below $21 would make the lower time frame bearish. A weak reaction from the $20.5 area would be an early sign of buyers weakness.

At the time of writing, the bulls still had some hope. They defended the $21 mark. The RSI kept moving below neutral 50 showing bearish momentum behind SOL. Meanwhile, the CMF in the first half was flat at -0.12 showing a large outflow of capital from the market.

What is the value of 1, 10 or 100 sols today?

Solana’s bullish case would be a pump towards the medium or high term at $22.2 and $23.3 respectively. Buyers from the $21 area can take profits at these levels.

A dip below $21 would shift the sentiment in favor of the bears, and a dip below $20 would be a strong sign of seller dominance.

The futures market has shown that sentiment is bearish

Solana Drops To $21 But Can The Bulls Come Back?

Source: Coinalyze

Open interest took a hit as Solana fell from $22.7 to $21.

The decline in OI was nearly $23 million according to Coinalyze data. The conclusion was that the majority of the market was not yet active in shorting the asset.

However, the increase in OI after retesting the support level was not noticeable, which was another sign of some hesitation and fear on the part of the buyers.

The CVD spot price also showed strong selling pressure in recent days, and the accumulated volume was constantly declining.

Therefore, lower time frame traders who are bullish in SOL around $21 area should also prepare to develop a bearish scenario.

throne [TRX] Drowning, longs for liquidation, credit goes to ‘Your Excellency’

  • The original Tron token has seen a huge drop in quick succession.
  • Liquidation is at a yearly high as the protocol’s founders look for a way out.

Led by “Your Excellency” Justin Sun, throne [TRX] It has struggled to become a highly ranked cryptocurrency by its price. Moreso, the cryptocurrency hasn’t been able to significantly extricate itself from the jitters lately, despite its high market capitalization.

with you 1,10,100 TRX equals today?

However, the native cryptocurrency of the blockchain-based decentralized operating system has lost 7.43% over the past 24 hours. This reduction occurred because US SEC investigation by its founder.

Hands was forced to surrender

After the controversy, Tron’s Total Value Locked (TVL) lost its green momentum for seven days as it fell by 4.33%. TVL measures investor interest in a particular blockchain or protocol. According to DeFiLlama, Tron TVL Projection to $5.12 billion.

Although it was the same value as the Binance smart chain, the decline meant that the Tron blockchain soon began to suffer from a lack of liquidity.

Source: DeFi Llama

But this was to be expected as the “unregistered security” label caused panic among investors who were initially willing to make smart contract deposits.

Also, TVL wasn’t the only casualty feeling the effects of the SEC designation. According to Coinglass, long-term traders also followed suit.

Information from the crypto derivatives platform showed that TRX’s total filter It was up to $2.09 million. Interestingly, $1.96 million of this happened within 12 hours as the development took traders by surprise.

This survey has not been recorded for a long time. Close examination of the data showed that long liquidations through March 22 amounted to $1.22 million.

However, TRX’s short rally appears to have brought the number down at press time. Unfortunately the shorts who were late to the party were given the doom stick.

throne [TRX] qualifiers

Source: Coinglass

Is your wallet green? check Tron Profit Calculator

Is partnership the way out?

But Adam Cochran, an angel investor and shareholder in… synthetic [SNX]He tweeted that he was not surprised by the development.

Cochran also suggested that the Tron founder may have known about the SEC case before it became public. Hence the reasons for dumping TRX and Bit torrent [BTT] Signboard.

Finally Justin Sun answered the matter. His response indicated that he was not satisfied with the SEC’s decision and made his complaint public.

According to him, the complaint is unfounded. He supported his position, citing TRX and BTT as legal tender in Dominica as support.

However, Sun, who also heads the Huobi Global team, said he is open to talks with the regulator. He identified early cryptocurrency regulations as a reason for frequent misunderstandings. nobody pointed out,

“We are keen to work with and work with governments and regulators globally that are dedicated to developing and working with transparent guidelines to regulate the cryptocurrency industry given the important role it can play.”

FTX will demand the return of $460 million from the SBF-backed hedge fund

  • FTX is looking to recover $460 million from its shareholders.
  • Alameda Research will invest $400 million in Modulo Capital in 2022.

On March 22, FTX ownership filed to enter into a settlement to recover $460 million in assets for the stakeholders.

The asset is a redemption from Bahamas-based hedge fund Modulo Capital, which received $475 million in seed capital from FTX trading firm Alameda Research sister company in 2022. This hedge fund was founded last year and is run by two acquaintances of the former CEO of FTX Sam Bankman-Stekt “SBF”, Xiaoyun “Lily” Zhang and Ducan Rhenigans-Yoo.

According to the filing, the $460 million in recovered assets represents more than 99% of Modulo’s remaining assets and includes $404 million in cash. Modulo will also waive all claims to $56 million in assets held in FTX.com and FTX.US accounts. Alameda will also lose all claims relating to its Modulo shares due to the settlement.

The deal has yet to be approved by US Bankruptcy Judge John Dorsey, who has set a hearing for April 12.

Alameda Research has reportedly invested around $400 million in Modulo Capital 2022, making it one of the largest FTX investments under SBF leadership.

The investment is sponsored by the SBF

FTX further alleged that the Alameda Research investment was made under the supervision of the SBF. Last June, Alameda Research and Modulo Capital entered into a limited partnership agreement under which the former transferred funds to the latter in return for ownership of 20% of Modulo’s A shares.

The report stated:

“The terms of the agreement provide for the return of nearly all of the value transferred by Alameda debtors to the Modulo entities while avoiding the time and expense of pursuing claims through litigation.”

Payments made to entities prior to filing for bankruptcy may be eligible to be returned and redistributed to creditors in bankruptcy proceedings. While most unsecured creditors have a repayment period of 90 days, “insiders”, including general partners, have a period of one year instead.

FTX said in its latest offering to creditors last week that claims against it exceed $11 billion, compared to just $4.7 billion in assets. On the other hand, its total deficit is about $7 billion. While this $460 million settlement would be a huge win for creditors, it still represents less than 7% of the current deficit.

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What is Wells’ message and what does it mean?

As the cryptocurrency industry continues to search for regulatory clarity from regulators in Washington, D.C., regulators are nonetheless taking targeted action against a variety of players in the space.

In particular, the US Securities and Exchange Commission has been busier than ever investigating and imposing fines on crypto companies that claim to be selling unregistered securities.

On March 22, 2023, the cryptocurrency exchange was launched in the United States currency base Receive Wells’ notice, which is a precursor to the SEC’s charges against the publicly traded company.

Wells notices are named after John A. Wells, who chaired the SEC’s advisory committee in 1972. The agency issues them to warn the company. In the case of Coinbase, the Securities and Exchange Commission (SEC) plans to file an enforcement action against them for alleged violations of securities laws.

Other agencies that may issue well notices include the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC). The National Association of Securities Dealers (NASD), a self-regulatory body for the industry, issues Wells notices.

According to the Securities and Exchange Commission, S Wells notices It is not a formal allegation or finding of wrongdoing, but it comes at the end of an investigation and as a preliminary step before the SEC initiates a civil enforcement action or action against the recipient. They are usually sent by agency employees, who do not have the authority to initiate legal action, and the regulator can proceed with prosecution without issuing Wells’ notice.

The recipient has up to 30 days to respond to Wells’ notice. The company’s legal counsel could request to see the evidence the SEC has collected on their claims through the Wells File and try to convince the SEC to drop the lawsuit.

The company or person may also initiate conciliation talks with the agency at the discretion of the authority.

Wells’ letters are not made public by regulators, and not all companies that receive them disclose that fact.

If the SEC decides to proceed with prosecution, the agency will file a formal complaint and may issue a press release notifying the public of the action.

Coinbase is just the latest cryptocurrency business to take Wells’ notice. Last month, the stablecoin publisher Paxos I stopped minting Binance stablecoins in USD after receiving one.

A few days ago, another cryptocurrency exchange in the United States A legendary sea monster settled a $30 million lawsuit with the Securities and Exchange Commission over its share bonus program, which regulators dubbed Unregistered Securities; The exchange stopped the program after the fines were paid.

There was no public disclosure of Wells’ announcement prior to the settlement, but Kraken previously reached a $362 million settlement with OFAC over alleged violations of US sanctions against Iran.

While many in the industry have rejected what they call SEC regulation through enforcement tactics, others like Massachusetts Senator Elizabeth Warren He praised the agency’s crackdown, saying, “The cryptocurrency industry is afraid of the powerful SEC.”

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TRX, HT, and BTT Crash After SEC Charges Justin Sun with Securities Fraud

On March 22, the US Securities and Exchange Commission (SEC) sued Tron founder Justin Sun for selling and distributing unregistered securities through TRX and BTT tokens, in violation of Section 5 of the securities law.

According to the SEC press release, Justin Sun, the Tron Foundation, the BitTorrent Foundation, and BitTorrent (now known as Rainberry) are accused of fraud and market manipulation for creating a massive “trading laundering” scheme that manipulated TRX trading volume.

The SEC also sued actress and singer Lindsay Lohan, influencer and boxer Jake Paul, influencer Michelle Mason, and rappers and singers Soulja Boy, Lil Yachty, Ne-Yo, and Akon for illegally promoting TRX and BTT without disclosing that they had They got paid for them. do it.

Most of these celebrities, with the exception of Cortez Way and Mahone, agreed to pay more than $400,000 in damages, interest, and penalties to settle the SEC charges.

Sun tried to artificially inflate TRX trading volume

According to the SEC lawsuit, from April 2018 to February 2019, Justin Sun attempted to artificially inflate TRX trading volume through laundered trading schemes, causing employees of the Tron Foundation to engage in more than 600,000 illegal transactions using accounts it controlled. Tron and BitTorrent – Foundations. .

In addition, the SEC stated that Sun sold many of its TRX tokens on the secondary market, “generating $31 million in proceeds from offerings and sales of illegal, unregistered (TRX) tokens.”

Gary Gensler, Chairman of the Board of Directors of the Saudi Electricity Company, said that Sun influenced investors to buy TRX and BTT through misleading advertising campaigns involving the participation of public figures who were not disclosed at the time of marketing the financial products, despite being paid for their cooperation.

“Sun and his company are alleged to have not only targeted US investors with their unregistered offers and sales and made millions in illegal returns at the expense of investors, but also orchestrated laundry deals on an unregistered trading platform to create the misleading appearance of active trading in TRX.

Sun induced additional investors to buy TRX and BTT by staging an advertising campaign in which he and the famous promoters hid the fact that the celebrities were being paid for their tweets.”

Grewal, director of enforcement at the SEC, added that although we are neutral “in terms of the technology out there, we are anything but neutral in terms of investor protection.”

As such, they will not allow Sun to get away with using the “old playbook to mislead and harm investors by first offering securities without complying with registration and disclosure requirements and then manipulating the market for those very securities.”

Symbols associated with Tron Drop Sharply

After the SEC’s announcement, several Justin Sun-related tokens, such as TRX, HT, JST, and SUN, fell sharply, showing investors’ dissatisfaction with the regulator’s statements.

TRX was among the coins most affected by the SEC action, dropping more than 15% in less than two hours, from $0.06720 to $0.056. Huobi Token (HT) dropped 10% from $3,952 to $3,553.

TRX-USDT 4-hour candles. Image: Tradingview

It is worth noting that a drop in the price of these tokens may accompany Bitcoin, which a few hours ago lost the $28,800 area and went to test $26,460 after Jerome Powell, Chairman of the Federal Reserve, announced an interest rate hike.

Sun replied

Tro’s founder was quick to respond to the allegations, claiming that they are “meritless” and just part of an attempt by US regulators to blow up the cryptocurrency industry.

The TRX, HT, and BTT crash came to light after the SEC accused Justin Sun of securities fraud first on CryptoPotato.