Three Latest Crypto Breaking News

Audy Castañeda
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<strong>Three Latest Crypto Breaking News</strong>

Summary of news from the crypto world, to be aware of the most current information.

The state of Arkansas has passed new legislation focused on protecting Bitcoin and other cryptos’ mining as a fundamental right within the state. This and the other two pieces of news are the latest information to take into account.

Arkansas Governor Passes “Right to Mine Bitcoin” Bill

Sarah Huckabee Sanders, Governor of the state of Arkansas, has signed the “Right to Mine Bitcoin” law. The Governor’s signing of Bill No. 1,799 legalizes the mining of Bitcoin and other cryptocurrencies in the state of Arkansas.

The bill in question, which protects cryptocurrency mining as a fundamental right of citizens and businesses, had been approved earlier this month by the Arkansas House of Representatives and Senate. It was introduced by the nonprofit Satoshi Action Fund, which is also pushing for legal adoption of cryptocurrency mining in other US states, such as Montana.

The legislation recognizes the economic value of data centers, noting that they “create jobs, pay taxes and provide overall economic value to local communities.”

“Data centers, digital currency, and Blockchain technology are legal in all fifty (50) states, and guidance is needed for the future growth of the industry in Arkansas to protect Arkansans from fraudulent business practices,” the document reads.

Russia Bets on Cross-Border Payments in Cryptocurrencies

The Russian government is drawing up a plan to use cryptocurrencies for cross-border payments. Russia wants to experience the potential of cryptocurrencies in international payments, according to the president of the Central Bank of Russia, Elvira Nabiullina. For this, the entity is developing a regulation that will allow it to experimentally test crypto assets in the settlement of external commercial agreements.

Although the Central Bank of Russia does not rule out the possibility of banning cryptocurrencies within the territory, the entity also recognizes that there is great potential in these digital assets, which work within global systems, to overcome the economic blockade imposed by other governments such as that of the US against the country.

In addition to testing cryptocurrencies in international payments, the Russian Federation is also working on the creation of organizations and special zones for cryptocurrency mining, an activity that has grown significantly in 2023, placing Russia as the second country with the highest capacity. energy for Bitcoin mining.

SatoshiLabs Integrates CoinJoin in its Hardware Wallets

The privacy feature for Bitcoin transactions, CoinJoin, is available in Trezor hardware wallets. Czech Republic-based cryptocurrency cold wallet maker SatoshiLabs has integrated the Bitcoin privacy feature CoinJoin into its Trezor Model T.

On Wednesday, the makers of Trezor announced a collaboration with Wasabi Wallet to integrate the new feature. At the moment, CoinJoin is available in the Trezor Model T wallet while awaiting its arrival in the Trezor Model One, the first hardware wallet from this manufacturer planned for the coming weeks.

Activating CoinJoin in Trezor is optional and can be triggered when making a Bitcoin transfer from the wallet, explained Josef Tetek, Trezor Bitcoin analyst.

With this integration, SatoshiLabs claims to have become the first hardware wallet manufacturer to make it easy for its users to use this crypto mixer. Whether or not this is true in the coming weeks remains to be seen.

By Audy Castaneda

Solana (SOL) Price Analysis: Rally Looks far from over

Audy Castañeda
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<strong>Solana (SOL) Price Analysis: Rally Looks far from over</strong>

Solana price is trading in a positive zone above $24 against the US Dollar, similar to Bitcoin. SOL is correcting lower but could find offers near the $23.80 area.

Solana price started a decent rise above the $23.80 resistance against the US Dollar. SOL price is now trading above $24 and the 55 simple moving average (4 hours). A key rising channel is forming with resistance near $26.20 on the 4-hour chart of the SOL/USD pair, according to Coinbase. The pair needs to hold above the support levels of $24.00 and $23.80 to start another rally.

The rise in Solana’s price coincides with the rise in OI volume, suggesting that derivatives volumes are driving the recent uptrend. Such volumes also come along with increased funding rates on perpetual swap contracts, suggesting that leveraged traders are bullish on the token. This is a bearish contrarian signal, as the market often fills the stops on crowded perpetual orders.

Solana (SOL) Price Analysis

SOL price remained in a bullish zone, above the $20.00 and $20.50 support levels. The bulls were active near the $22 zone. A base was formed and the price started a decent rally above the $22.50 level.

There was a clear move above the $23.80 level and the 55 simple moving average (4 hours). The pair even broke above the $25 level. A high was formed near $26.03 before there was a downside correction. The price declined below the $25 support zone.

There was a minor move below the 23.6% Fib retracement level of the ascending wave from the $19.88 low to the $26.03 high. It is now trading above $24 and the 55 simple moving average (4 hours).

On the downside, the initial support is near the $24.30 level. The next major support is near the $23.80 level. A break below the $23.80 support level could trigger a sharp drop. In the indicated case, the price may perhaps decline towards the $23.00 level or the 50% Fibonacci retracement level of the ascending wave from the $19.88 low to the $26.03 high.

Further losses could require a test of $22.20. To the upside, immediate resistance is near the $25.50 level. The next major resistance is near the $26.00 area. There is also a key rising channel forming, with resistance near $26.20 on the SOL/USD 4-hour chart.

Further gains could send the SOL price toward the $27.50 resistance zone, above which the price could accelerate further. The next major resistance is near the $28.80 level.

Overall, the price needs to sustain above the $24.00 and $23.80 support levels to start another rally.

Technical Indicators

4-hour MACD – The MACD is now losing momentum in the bullish zone.

4-Hour RSI (Relative Strength Index) – The RSI is now correcting lower from the 60 level.

Key support levels: $23.80 and $23.00.

Key resistance levels: $25.50, $26.00, and $27,500.

According to the CriptoPredictions portal, the SOL price for today (04.19.2023) is forecast to be in the range of $21,063 – $30,974. Solana’s price is expected to end today at $24,780. During April, the expected maximum price of SOL is $35,216 and the minimum is $21,205.

By Audy Castaneda

Hong Kong Racing to be the Next Crypto Hub

Audy Castañeda
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<strong>Hong Kong Racing to be the Next Crypto Hub</strong>

Hong Kong welcomes crypto companies again, this time with more regulatory clarity.

It’s been almost a year since significant news has been released about the Chinese crypto community, as China’s covid lockdown made it difficult for anyone who doesn’t live in Asia to really understand its market, people, and general sentiment.

Pro-crypto excitement could be felt last week at the “Web3 Festival” held in Hong Kong. The big news was a major policy announcement from the Hong Kong government, indicating its desire to make the island a happy place for crypto companies to come and set up shop, within limits of course.

The crypto melt allowed players from CeFi, DeFI, NFT, Protocols and Gaming to come together and celebrate in that region. The conference was one of the largest ever held in Asia.

There was no shortage of new regulations announced last week, embodying the “One Country, Two Systems” mandate, through which Hong Kong remains a very important part of China, albeit with occasional political exceptions.

In the case of cryptocurrencies, while mainland China still bans cryptocurrencies, Hong Kong appears to have been given the green light to openly court and regulate the sector.

The Sun Sets in the West but Rises in the East

The contrast with the United States could not be more drastic. While Gary Gensler is cracking down on 2017 ICO-era projects like Algorand, Hong Kong officials suit up and take the stage at the Web3 Festival, where they express their commitment to cryptocurrencies and the broader asset space. digital.

As the West grows increasingly hostile towards cryptocurrencies, Hong Kong, following in Singapore’s footsteps, is relying on the new sector to revive its battered economy. Thus, Hong Kong hopes to attract crypto companies to open offices in the city and thus generate new tax revenue, talent and financial activity.

So far, both Huobi and OKX have announced plans to open branches in the city. A representative from Bitget, a rising star in the CEX space, said that they intend to follow suit as well.

Leaving or Staying, here is the Question

Opening up to web3 companies is one way to attract both companies and investors in crypto. Hashkey representatives informally commented that the goal of the policy is to bring web3 businesses into Hong Kong through ZA, a crypto-friendly neobank blessed by the Hong Kong government.

The government wants to make sure the industry is regulated and allowed to thrive, within limits. Above all, the Hong Kong government is always aware of how this will play out in Beijing, which, in the end, will either look the other way, or bring down the hammer.

Hong Kong will have a rough ride ahead of it to fight for crypto tax revenue. Its enemies include not only Singapore but also Dubai, which recently started issuing licenses for cryptocurrency exchanges. For example, Bybit has just opened its global headquarters in Dubai.

Unlike the US, though, Hong Kong is trying to quickly establish the rules of engagement. Without it, there is no crypto industry.

By Audy Castaneda

The Risks of AI Advancement: A Comparison to the Movie “Don’t Look Up”

Audy Castañeda
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<strong>The Risks of AI Advancement: A Comparison to the Movie “Don’t Look Up”</strong>

Parallels between Don’t Look Up and the potential risks of AGI are discussed. The role of education, awareness, and collaboration in addressing AGI challenges is highlighted. The importance of regulatory frameworks and international cooperation is argued.

Drawing on various sources of information, the potential profiles of Artificial General Intelligence (AGI) are explored by making comparisons with the movie “Don’t Look Up”. Just as the film highlights society’s apathy towards impending catastrophe, it takes a brief look at how similar attitudes could threaten our future, as AGI unfolds.

Chilling parallels are highlighted and the importance of raising awareness, fostering ethical debates, and taking steps to ensure the responsible development of AGI is discussed.

A Sinister Omen

“Don’t Look Up” features a chilling scenario in which experts scramble to warn the world of impending disaster, while society remains apathetic. Said cinematographic metaphor reflects the current discourse on Artificial General Intelligence (IAG). With AGI’s risks going largely unnoticed, many people wonder why society is not taking the issue more seriously.

A primary concern in both situations is a lack of awareness and urgency. In the film, the approaching comet threatens humanity, but the world remains unfazed. Similarly, AGI’s advances could have disastrous consequences, even though the public remains largely uninformed and disconnected.

One obstacle to change is that the film satirizes society’s tendency to ignore existential threats. The dangers of AGI parallel this problem. Despite the advances, most people are unaware of the potential risks of AGI, illustrating a broader cultural complacency. The media’s role in this complacency is also significant, with sensational stories often overshadowing the more complex nuances of AGI’s implications.

A misunderstanding of the intricacies of AGI, coupled with a fascination with the potential benefits of AI, creates a skewed perception that downplays the potential dangers. Furthermore, the portrayal of AI in the entertainment industry can desensitize the public to the more sobering implications of the AGI breakthrough. As AI technology evolves, reaching the AGI Singularity, where machines surpass human intelligence, becomes increasingly likely.

Like the comet in “Don’t Look Up,” AGI risks have global implications, including the misuse of AGI in surveillance or autonomous weapons, which could have dire consequences for personal privacy and global stability. . AGI’s race for superiority could lead to hasty and ill-conceived implementations with disastrous consequences, which is why it is essential to promote cooperation and dialogue between the countries, crucial to prevent a destabilizing arms race.

Addressing the Warning Signs

The parallels between “Don’t Look Up” and the potential pitfalls of AGI should serve as a wake-up call. While the film satirizes societal apathy, the reality of AGI’s risks demands our attention.

As we move into this uncharted territory, it is critical to prioritize raising awareness, fostering ethical discussions, and adopting a collaborative approach. Only then can the dangers of AGI’s advancement be addressed and shape a future that benefits humanity and minimizes potential harm. By learning from this cautionary tale, humans can work together to ensure that AGI development moves forward with the care, consideration, and foresight it requires.

By Audy Castaneda

Bitcoin Decongests with an 80% Decrease in Transactions on Hold

Marina Meza
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Bitcoin Decongests with an 80% Decrease in Transactions on Hold

Since February, there has been a continuation of network congestion. However, it was over 72 hours that the decrease occurred. The network’s mempool is now at its lowest level of waiting transactions following a series of weeks of Bitcoin congestion due to the arrival of Ordinals Network Determinants. This is based on Mempool data. space, in three days, the temporary reduction in the use of Bitcoin’s memory has decreased by 80%.

At the beginning of the last week, the use of the memory pool was equivalent to 400 MB, this value declined to 80 MB, equivalent to just over 20 blocks or 12,000 waiting transactions. In fact, at the peak of network congestion, more than 70,000 waiting transactions accumulated 1,000 MB of temporary Bitcoin memory, as reported by CryptoNews. This is a 92% reduction from its highest level of any year.

Behind all this Bitcoin transactional movement are Ordinals NFTs, which burst onto the scene earlier this year and their growing popularity literally flooded the network with large transactions. In fact, last week Bitcoin was already registering over a million Ordinals registrations in just 4 months.

Images, video, audio, or text (among other content formats) registered with this method in the Bitcoin blockchain, are recorded in a part of a transaction known as a token, where the Bitcoin blockchain is stored and signature information, too.

Some of these NFTs can take up an entire block of transactions, typically storing between 2,000 and 3,000 bitcoin transactions. Because of their size, transactions containing NFTs also tend to pay more commissions to miners, who typically favor higher-paying transactions. As a result, regular transactions (those that pay a fee of 2 or 3 sats/vB) are relegated to bitcoin memory for a variable period of time. 

Decrease in the Number of Bitcoin Ordinals Registrations

The reduction in the size of mempool seems to be related to the decrease in the number of ordered lists in Bitcoin. According to data from Dune, over the past week, the number of registrations has dropped sharply, from an average of 30,000 per day to 8,000 today.

During peak activity in early April, between 40,000 and 75,000 NFTs are recorded daily. This coincides with the peak of network congestion. 

The Consequences for Bitcoin Users and Miners

The decrease in mempool size positively affects network users, who after several weeks see a reduction in commission rates for transactions that are validated in the first block.  According to Mempool.space commission rate for transactions decreased. The commission rate for transactions decreased to levels seen throughout last year.

This decline in commission payments has not been seen since before the emergence of Ordinals and has effects on the reward Bitcoin miners receive as well. In fact, according to Braiins data, commissions per block decreased from 0.2 BTC on April 15 to 0.12 BTC on April 17. 

The correction in the price of bitcoin that the market experienced between April 16 and 17 also influenced a decrease in the earnings of miners, who received USD 30 million on April 16 and only USD 23.9 million a day later.

By Marina Meza

Could Coinbase Leave the United States?

Marina Meza
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<strong>Could Coinbase Leave the United States?</strong>

Will Coinbase move? According to its CEO, Brian Armstrong, anything is possible.

The CEO and co-founder of cryptocurrency exchange Coinbase, Brian Amstrong, has warned that the company will consider moving its headquarters outside the United States if there is no greater regulatory clarity in the cryptocurrency sector.

He expressed that “Right now we’re not seeing that regulatory clarity that we need.”

Remarkably, Brian Armstrong made the comment during his participation at the Fintech Week Conference in London. We applaud the swift action the UK is taking on crypto regulation. In the meantime, the U.S. is carrying out a strong crackdown on the crypto industry, with recent legal actions against Bittrex and Coinbase.

In late March, the U.S. Securities and Exchange Commission (SEC) notified Coinbase that the regulator planned to take legal action against the exchange.

As a reminder, at the end of March, the U.S. Securities and Exchange Commission (SEC) notified Coinbase that the regulator intends to take legal action against the exchange.

In an interesting note, former head of the SEC’s Office of Internet Oversight, John Reed Stark, shared that in light of the SEC’s recent charges against Bittrex, he believes that “Coinbase is next.”

Coinbase Considers Moving out of the U.S.

In fact, Armstrong gave his opinion when asked at the conference by former U.K. Chancellor of the Exchequer George Gideon Oliver Osborne whether San Francisco-based Coinbase would consider moving to Britain.

“Anything is on the table, including relocation to another country or whatever it takes.”

Actually, Brian Armstrong, expressed, “I think the U.S. has the potential to be a major market for cryptocurrencies. But, right now, we’re not seeing the regulatory clarity we need.”

Compare the U.K. to the U.S.

Now, Brian Armstrong, compared the regulatory situation in the US with that of the UK.

He indicated that “There is no such unfortunate situation in the UK where the CFTC and SEC are fighting turf. In fact, conflicting statements are made almost every few weeks by CFTC and SEC officials.”

What will be its new domicile?

As a result, Armstrong added that he is “looking for other markets to invest in beyond the United States. And that he was probably going to invest more in the UK, given its drive to position itself as a crypto hub.”

Indeed, he had confirmed as much on the blog. Where he indicated that he sees the UK and Europe as two potential markets to establish a presence, precisely because of progressive regulatory efforts in both jurisdictions.

“I never doubted the importance of the UK and Europe to Coinbase. We may be a U.S.-listed company. However, we know that to be successful in our mission to increase economic freedom, we need to be active globally.”

In his closing statement, Brian Armstrong emphasized: “I think in a couple of years, if we don’t see regulatory clarity emerging in the United States, we might have to look at investing more in other parts of the world.”

Brian Armstrong pointed out that “How is a company going to function in this environment? We simply want to have clear rules.

By Marina Meza

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