Senator Re-impulses Project to Adopt Bitcoin as Legal Currency in Arizona

Audy Castañeda
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<strong>Senator Re-impulses Project to Adopt Bitcoin as Legal Currency in Arizona</strong>

This is Wendy Rogers, who already tried something similar a year ago. The project was presented in the first session of 2023.

Arizona Senator Wendy Rogers confirmed her conviction on Bitcoin, and insisted on her proposal to adopt the most famous cryptocurrency. The representative promoted a series of suggestions that seek to promote the incorporation of this type of asset in the aforementioned jurisdiction.

It is not the first time that Rogers has moved in this direction. As it was reported almost a year ago, the bill called “SB 1341” intended something similar to what it is now relaunching, but it was truncated along the way.

New Initiative Launched

The initiative in question, ‘SB1235’, aims to cause a change in the Arizona Revised Statutes to place Bitcoin in the plane of legal tender currencies. Something that, for example, can allow citizens to pay debts, public charges, taxes and other fees with that cryptocurrency.

If approved, transactions currently made in US dollars in Arizona could be made legally with Bitcoin. It also means that businesses and other entities based in that location would have the option to use Bitcoin for payment, investment, or however they see fit.

The document mentions only Bitcoin, which it describes as “a peer-to-peer decentralized digital currency in which a record of transactions is maintained on the Bitcoin Blockchain and new units of currency are generated by computationally solving mathematical problems, and that it operates independently of a central bank.”

Two More Cryptocurrency Projects in Arizona

This week, the senator also presented two other legislative projects along the same lines. One of those, identified as ‘SB1239’, proposes to allow the use of cryptocurrencies as a payment mechanism for financial obligations in the state of Arizona.

The proposal, which defines cryptocurrencies as “any form of digital currency in which encryption techniques are used,” mentions Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as examples.

Another proposal, by the same author, seeks that cryptocurrencies can remain exempt from taxing Arizona property taxes. This idea is supported by Senators Sonny Borrelli and Justine Wadsack. The project, identified as SCR1007, mentions stablecoins as “those tokens that are not a representation of the US dollar or a foreign currency.”

The main stumbling block facing these types of ideas is the United States Constitution itself, which currently does not allow a state to create its own legal tender. For those who have a radical perspective on the interpretation of the Constitution, the path presents serious problems. However, hopes rest on those who consider it a “living document” and can welcome an adaptation to modern times.

The abovementioned arises from the initiatives presented in the development of the first session of the Arizona Senate in 2023. Now it remains to be seen if they have a real chance of moving forward or, as has already happened, they die trying.

By Audy Castaneda

Three Reasons Why a Bitcoin Crash Could Be Imminent

Audy Castañeda
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<strong>Three Reasons Why a Bitcoin Crash Could Be Imminent</strong>

DCG’s bankruptcy, massive profit taking, and the return of inflation are the three reasons given.

The Bitcoin price has stabilized at a high level in recent days. The price rose above $23,000 and soon after fell back below this mark. The consolidation could be a first sign of a Bitcoin decline. What are the reasons why a crash is imminent?

The bitcoin price has seen another surge above the $23,000 mark in recent days. However, the price once again fell below this mark. Overall, there is more of a sideways move over the last 2-3 days, and the price seems to have reached resistance at $23,000.

Reason 1 for a Bitcoin Crash: DCG Bankruptcy

In the past few days, cryptocurrency lender Genesis filed for bankruptcy. The company’s difficulties had been known for a long time, and therefore, they ensured that the market did not react particularly strongly to this news. That was a bit surprising, as there was no reaction here, but the market was hit hard by the FTX crash.

The biggest problem is the Digital Currency Group (DCG). This is the parent company of Genesis, and one of the largest companies in the crypto space. Should DCG run into payment difficulties or even go bankrupt, Bitcoin’s fall should not be far away.

Reason 2 for Bitcoin Crash: Massive Profit Taking

In recent days and weeks, there has been a strong liquidation of positions in the Bitcoin forex market. Among other things, this led to the massive increase in the price of Bitcoin, from over $18,000 to over $21,000.

The forex market and especially leverage trading seem to be gaining influence again at the moment. There are currently many positions being opened betting on a fall in Bitcoin. If the price of Bitcoin falls again, these could dissolve, accelerating the fall in the price of Bitcoin.

Reason 3: Inflation is Coming Back

Rising inflation has boded badly for bitcoin in recent months, because BTC cannot benefit as the probability of interest rates increases, even though FIAT money devalues.

If a rise in inflation leads to a further rise in interest rates, this could trigger Bitcoin to drop below $20,000 or even below $15,000.

It should be remembered that to determine the causes of the fall, it must be understood that, for investors, these currencies are a high-risk investment. According to global macroeconomic circumstances, consequently, whales or large investors decide whether to buy or sell cryptocurrencies, in this case, Bitcoin.

In case you are interested in investing in Bitcoin, this seems to be a good time. It is only necessary to enter a trusted Exchange, to see the updated price in real time, organized by hours, days, weeks or years. This way you can study their trends and know when to invest. In summary, it is about doing your own research before making important financial decisions.

By Audy Castaneda

Quant (QNT) Adds 8% in the Last 24 Hours, Will It Continue Rising?

Audy Castañeda
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<strong>Quant (QNT) Adds 8% in the Last 24 Hours, Will It Continue Rising?</strong>

Such behavior could be attributed to improving economic conditions and recent improvements in the Quant Network.

Like most cryptocurrencies, Quant (QNT) has seen a considerable price rise in recent weeks. The token has added more than 8.24% in the last 24 hours.

Even the broader cryptocurrency market has recently seen a huge improvement in its prices. The reports revealed that the cryptocurrency market outperformed the traditional stock market.

QNT saw a 14-day gain of 26.8% and a 7-day price rise of 7.58%. These performances could be attributed to improving economic conditions and recent improvements in the Quant Network.

Factors that Could Be Driving Quantitative Price

Quant Network is an interoperability enabling platform launched to connect various Blockchains effectively. The Quant token price often moves in response to changes in the US economy.

As an example, the Consumer Price Index (CPI) for December at 6.5% showed a value in line with market expectations. The CPI is a metric in the United States that measures inflation. A higher CPI means high inflation, while a lower value indicates a reduction. The crypto market had positive sentiments ahead of the CPI release, which boosted the sector, including QNT.

In recent weeks, Quant has shown signs of breaking out of the descending channel. A move above the descending channel often indicates a potential breakout, sending the price higher. This trend could also be one of the factors influencing Quant’s rally.

The data indicates that Quant could have seen a double bottom on the daily time frame, while the cryptocurrency broke out of a channel that pushed price action higher.

Additionally, Quant oscillators and the 7-day moving average are currently showing strong buying. It could be among the factors driving the price of QNT higher. Furthermore, the fear and greed index is neutral.

The latest developments at the Quant Network could also be among the factors driving asset prices higher. The quantum network designs secure bridges for the transfer of goods. Bridges are networks used for the transfer of assets from one network to another. But it is well known that bridges are often susceptible to hacker attacks.

Quantitative Price Predictions, Will It Keep Rising?

QNT is currently trading at $154.91. The coin is above its 50 and 200-day simple moving average (SMA). A golden cross is likely to form in the coming weeks if the 50-day SMA crosses the 200-day SMA.

Quant’s support levels are $137.30, $139.09, and $141.27. It has broken its resistance levels at $145.24, $147.02 and $149.21. The token is currently under bullish pressure. A new resistance will form at the $164.67 level, and the old resistance levels will turn into support. The formation of a long green candle today shows that the bulls have controlled most of the trading activity.

Quant’s Relative Strength Index (RSI) reading is 72.97, which is in the overbought region. That is also a bullish sign. The MACD (moving average convergence/divergence) is now above the signal line and is showing positive readings. Expect the positive trend to continue for a few more weeks. Although the token might see a slight price correction, it will remain bullish in the short term.

It is worth considering that altcoins are relatively volatile and can deviate from a predicted trend. Furthermore, an altcoin that loses half its value must recover 100% to return to its original price. However, they do provide opportunities for traders who love volatile markets to benefit from proper risk management techniques.

By Audy Castaneda

Gala (GALA) Games Connects with Coinbase Wallet, Axie Infinity (AXS) Sees Increase in User Activity, While Orbeon Protocol (ORBN) Boasts 987% Growth

Audy Castañeda
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<strong>Gala (GALA) Games Connects with Coinbase Wallet, Axie Infinity (AXS) Sees Increase in User Activity, While Orbeon Protocol (ORBN) Boasts 987% Growth</strong>

Current trends focus on the growing popularity of Gala (GALA), Axie Infinity (AXS) and Orbeon Protocol (ORBN).

Some cryptocurrencies recently gained momentum and aroused the interest of investors. Among them, current trends focus on the growing popularity of Gala (GALA), Axie Infinity (AXS) and Orbeon Protocol (ORBN). So, let’s learn more about each of these tokens.

Gala (GALA) Links to Coinbase Wallet and Offers a Token Price of $0.046

The Gala (GALA) ecosystem is accessible through the Coinbase platform, which is the largest crypto exchange in the US. Gala (GALA) released its game, Spider Tanks, which is an esports fighting game of player (PvP) versus Web 3.0 player game. The Spider Tanks by Gala (GALA) was made available on the Coinbase wallet last month between December 17-22. The Coinbase wallet offered Gala (GALA) players lucrative rewards for winning.

Additionally, Gala (GALA) players can create their own tanks and use them to fight against other players. Although the Gala (GALA) gaming ecosystem is attractive, it has not affected the token’s advantage much. Gala (GALA) is currently down 7.20%, and is trending at a live price of $0.046.

Axie Infinity (AXS) Sees User Activity Picked Up, but Price is 2.15% Lower

With the start of 2023, the Axie Infinity (AXS) community saw a resurgence in user activity across the platform. Users have shown interest in the NFT gaming and trading vertical of the Axie Infinity (AXS) ecosystem. In addition, there was also a steady increase in the sales volume of the project. Last week saw a 214% increase in Axie Infinity (AXS) token sales.

Axie Infinity (AXS) tracked a higher number of active wallets. The most recent price data for Axie Infinity (AXS), though, shows a price drop of 5.10% in the last 24 hours. The price fluctuations have caused investors to be very careful when investing in the Axie Infinity (AXS) project.

Overall, the project has shown good progress and may become a decent investment option. The live price of Axie Infinity (AXS) is $8.81.

Orbeon Protocol (ORBN) Makes Unstoppable Presale Gains

The Orbeon Protocol (ORBN) project has been in the headlines for days due to its immense growth during the pre-sale phases. Recent reports suggest that Orbeon Protocol (ORBN) has made price gains of 1400% year-to-date following a sold-out third stage of presale, culminating in an all-new fourth stage.

The project aims to build a decentralized platform where companies can raise funds in a short time. The native ORBN token offers benefits such as staking, governance rights, and early access to funding rounds, and its live pre-sale price is $0.06. Analysts are forecasting that this price may rise as high as $0.24 by the time ORBN hits exchanges, which is an increase of more than 6000% from the initial price of $0.004.

By Audy Castaneda

Crypto Assets are Not Financial Products: Australian Executives

Audy Castañeda
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Crypto Assets are Not Financial Products: Australian Executives

There is controversy over crypto regulation in Australia.

Crypto regulation has been receiving increasing interest in different jurisdictions recently. While some countries maintain rigid control over digital assets, some have outright banned their use.

Currently, crypto regulation in Australia is undergoing heated discussions. Some of the country’s top government officials want to classify cryptocurrencies as financial products, while some cryptocurrency executives refute it.

The Minister Considers that the Regulation of Cryptocurrencies as Financial Products is an Argument, Why?

An Australian media, The Sydney Morning Herald (SMH), reported on the country’s stance on crypto regulation. According to SMH, Stephen Jones, Australia’s deputy treasurer and minister for financial services, spoke on the matter on January 22, 2023.

In his speech, Minister Jones mentioned that the government plans to implement some laws regarding crypto regulations this year. Furthermore, he revealed that the government intends to embark on a token mapping exercise that highlights all crypto assets to regulate.

Furthermore, Minister Jones mentioned the collapse of the FTX crypto exchange and its consequences, highlighting the need for crypto regulation. Therefore, the government has set its sights on some unregulated crypto assets, especially those that act as securities or financial products.

Jones noted that the goal is not to establish a different regulatory regime for crypto assets, as they are classified as financial products. Therefore, for him, if crypto assets operate as financial products, they should be considered as such.

The minister argued that various tokens have served as speculative assets and investments. The SMH report shows that other parties support the regulation of crypto assets as securities in the country. These include the Australian Securities and Investments Commission (ASIC) and the Commonwealth Bank, one of Australia’s leading banks.

Crypto Executives Refute Broad-Focused Regulation for Digital Assets

Australian crypto executives and some market participants have opposed the regulation of crypto assets as securities.

Blockchain Australia, a crypto industry group, refuted the approach while speaking to the Federal Treasury last year. The group noted that treating crypto assets as financial products will have a negative impact on investments and innovations in the sector. Furthermore, the move will cause a massive loss of jobs related to the cryptocurrency industry.

Fred Schebesta, an Australian crypto entrepreneur, reacted to the government’s plan for token mapping in September 2022. Schebesta, co-founder of Finder, an Australian comparison website, noted that this process could have positive results. However, he reported that accelerating the process could harm the country’s economy.

According to Schebesta, the Australian crypto industry is still underdeveloped and will need more support to grow. Therefore, there is the need to learn from other major marketsm and copy their regulatory approaches.

Furthermore, crypto market participants oppose the use of a broad approach for crypto assets. According to Michael Bacina, a digital asset lawyer and partner at Piper Alderman, such a broad classification will send many cryptocurrency-related companies abroad, and thus create more risks at home.

By Audy Castaneda

Can BNB Price Reach $1000 in 2023?

Audy Castañeda
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0
<strong>Can BNB Price Reach $1000 in 2023?</strong>

In the last 2-3 weeks the price has risen from $245 to over $300. Things picked up pretty quickly after the new year.

The BNB price has seen substantial increases in recent days. After some concerns about the long-term viability of Binance, the fog lifted and the price spiked again along with the crypto rally. But will the price of BNB reach $1,000 in the coming months?

The BNB price has risen significantly in recent weeks. In the last 2-3 weeks the price has risen from $245 to over $300. Things picked up pretty quickly after the new year.

The first massive increase happened on January 3, pushing the BNB rate to almost $260. The price then increased to $281 before leveling off slightly. It had been up and down with this stabilization before it finally broke through the $300 barrier.

BNB is in an uptrend as the price has risen above $300. The reason for the massive increase was first and foremost the general crypto market, which saw a massive increase. This cryptocurrency market has been able to grow alongside the bitcoin boom in recent weeks.

The Bitcoin boom was caused by a number of factors. The increase was due, among other things, to the drop in inflation in the United States. As a result, it seems unlikely that key US interest rates will rise further.

BNB Price Prediction for 2023

The price of a BNB room could easily rise above $1000 in the next few years. However, there is no need to be too optimistic, because the price of BNB does not have to rise as fast as it has in the last few weeks.

Many people are still skeptical of the Binance platform and some questions about financial transparency remain unanswered. As a result, it is unlikely that the BNB price will continue to rise at such a rapid rate in the coming months. Thus, a $1,000 increase in BNB prices in 2024 and 2025, rather than 2023, is expected.

Three Reasons to Invest in BNB Coin

Utility: Binance users can use BNB to pay trading fees on the exchange, which can lead to significant savings over time. Additionally, Binance uses a portion of its profits to buy back and “burn” BNB, which helps increase scarcity and supports the value of the token.

Diversification: Investing in BNB can also serve as a way to diversify anyone’s cryptocurrency portfolio. Holding BNB can provide exposure to the broader cryptocurrency market and reduce overall portfolio risk.

Growing ecosystem: Binance has been expanding its ecosystem to include a range of services. This diversification into services and products helps ensure that Binance will be a key player in the cryptocurrency market for years to come.

It is important to note that investing in any cryptocurrency is risky, and can lead to significant losses. Before making any financial decisions, it is essential to do thorough research and understand the risks involved.

By Audy Castaneda

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