These Are the Key Prices of DOGE to Consider in the Short Term

Alexander Salazar
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These Are the Key Prices of DOGE to Consider in the Short Term

The movement in the price is forming a falling wedge, indicating an accumulation that adds to the drop in volatility to predict a new rise. There could be aggressive conditions for the markets that would invalidate previous forecasts, leading the price to around USD 0.0043.

Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, forked Dogecoin (DOGE) from Litecoin (LTC) in December 2013. They created it as a playful cryptocurrency that would have a higher appeal beyond the core audience of Bitcoin.

Over the last few years, billionaire businessman Elon Musk tweeted that DOGE was his favorite currency. He also said he planned to accept it as a payment method for the electric cars his company made.

Dogecoin was among the TOP 10 cryptocurrencies by market capitalization but has dropped several levels until ranking 13th. However, Musk has expressed his support for it at every possible opportunity.

Several Factors Influence the Price of Dogecoin

Over the last six months, DOGE lost about 70% of its value as other global markets declined, fearing aggressive policies by Fed Chairman Jerome Powell.

Following that considerable correction, the DOGE price is at significant levels and is about to reach the accumulation range before 2020. It has also broken through the 79% Fibonacci retracement levels.

At the moment, it is forming a falling wedge, which indicates an accumulation. That adds to the drop in volatility to predict a new rise in the value of Dogecoin.

The Relative Strength Index (RSI) is in a bearish area of 38.47%, unfavorable for the price. However, the trend structure it is forming leads to thinking of confirmation of the anticipated accumulation.

Since Bitcoin (BTC) leads the way in the cryptocurrency market, a rise in its price would confirm a forecast on DOGE for the coming weeks. BTC is above the dynamic support that forms a bullish triangle and has a support level between USD 38,000 and USD 43,000.

BTC is a risky asset, but higher stability by the Fed and peaceful negotiations in Ukraine would provide the conditions to confirm the proposed scenario.

There Is a Bearish Possibility on the Horizon

These projections rely on the information collected so far against new information, but they could change. With good risk management, the worst scenario is that the opposite of the above predictions about this market happens.

Before the Fed holds a new meeting in May, aggressive market conditions would invalidate previous analyses. El Salvador could cancel its BTC bonds due to pressure from the IMF, or the war in Ukraine could escalate. Amid that scenario, the DOGE price would reach around USD 0.0043.

The Dogecoin market is expecting events other than those related to the war. The sights are on the imminent launch of Salvadoran Bitcoin-based bonds, the ruling favoring Bitcoin mining in the European Parliament, and the decision of the Fed.

DOGE is trading at around USD 0.119 and has accumulated a 0.2% loss over the last 24 hours. Its daily trading volume is above USD 363.98 million, and its market capitalization is about USD 15.87 billion, according to CoinGecko.

Emulating the rest of the altcoin market, the value of the meme coin dropped by about 83.6% from its all-time high at USD 0.731.

By Alexander Salazar

Elizabeth Warren Introduces a Bill to Expand the Sanctions against Using Cryptocurrencies in Russia

Alexander Salazar
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Elizabeth Warren Introduces a Bill to Expand the Sanctions against Using Cryptocurrencies in Russia

The law seeks to increase and strengthen the capacities of the government against exchanges that conduct transactions with Russian addresses. The legislation could affect US taxpayers, who will have to report cryptocurrency operations of USD 10,000 or more to FinCEN.

As the world rejects the conflict between Russia and Ukraine, companies like Mastercard, Visa, and PayPal have stopped their services in the Eurasian country. That adds to the sanctions promoted by the US government and the members of the North Atlantic Treaty Organization (NATO).

Besides tightening the sanctions, the United States has made several warnings and blockades to the government of Vladimir Putin. Joe Biden criticized him for attacking Ukraine and announced another USD 800 million in aid, including weapons to shoot down Russian planes and tanks.

Warren Introduces a Bill on Cryptocurrencies to Toughen the Sanctions

Following the foreign policy of Biden, US Senator Elizabeth Warren recently introduced a new bill to expand the sanctions against Russia. It will affect the entities and individuals of the Eurasian nation, particularly on using crypto assets.

The Massachusetts Senate recently The Digital Asset Sanctions Compliance Enhancement Act of 2022 during a Senate Banking Committee hearing.

Among other purposes, the law aims to increase and strengthen the capacities of the executive branch. In that way, they can act against cryptocurrency exchanges that conduct transactions with Russian addresses.

Warren, a strong opponent of cryptocurrencies, said she was working on a bill to cover all the escape routes Putin could use. Her objective is to prevent the Russian president from being able to evade economic sanctions through cryptocurrencies.

The Treasury Secretary Could Stop Exchanges Conducting Transactions with Russian Wallets

The bill will not only provide President Biden with more power to sanction exchanges. US Treasury Secretary Janet Yellen will also have full authority to curb US-based cryptocurrency exchange and payment operators conducting transactions with Russian wallets.

Among the expanded capabilities of the president, the law would allow him to issue secondary sanctions against Russians that help individuals and entities evade sanctions through cryptocurrencies.

The Law on Cryptocurrencies Could Also Affect US Citizens

US citizens would have to report all their cryptocurrency transactions of USD 10,000 or more they make with offshore entities. The US Treasury Financial Crimes Enforcement Network (FinCEN) would use that information to identify Russian private cryptocurrency wallets.

Warren Says It Is Crucial to Take Those Actions

Elizabeth Warren highlighted the need for taking the actions indicated in the bill. She stated that President Putin and his relatives could move, store and hide their wealth through crypto assets. The official said cryptocurrencies would be a perfect escape route for the Eurasian government to evade the economic sanctions due to its war against Ukraine.

Several countries led by the United States imposed sanctions to prevent Putin and his associates from using the cryptocurrency space. The possibility that Russia might seek crypto assets to circumvent those restrictions has been a conversation topic since they started the invasion of Ukraine.

By Alexander Salazar

How Cryptocurrencies Help Ukraine during Its War with Russia

Alexander Salazar
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How Cryptocurrencies Help Ukraine during Its War with Russia

Funds in cryptocurrencies like Bitcoin have allowed Ukrainians to overcome the crisis they are undergoing due to their war with Russia. There are many aspects of crypto assets that will continue to help, specifically in the case of remittances.

The conflict between Russia and Ukraine has turned the spotlight on crypto assets as a means to conduct transactions during a crisis. Cryptocurrencies have allowed Russians to buy and sell amid the sanctions and the falling prices of the ruble (RUB) and Ukrainians to receive aid.

When the war started, the National Bank of Ukraine announced several measures to restrict digital money transfers. Besides stopping issuing electronic money and replenishing wallets, it suspended the foreign exchange market, limited cash withdrawal, and banned retail banks from issuing foreign currency.

Due to the restrictions, cryptocurrencies play a role not seen before in Ukraine, allowing the government to raise funds to respond to the Russian invasion. Since the onset of the attack, they opened cryptocurrency addresses and wallets to receive those decentralized currencies directly.

Ukrainians Could Use Cryptocurrencies as an Escape Route

Those owning cryptocurrencies could send funds in Bitcoin, Ether, and stablecoins to those addresses. Fundraising with crypto assets during conflicts has become increasingly important worldwide.

In late February, the trading on Ukrainian exchange Kuna reached its highest level since May 2021. That indicates that crypto assets have been the primary escape route for the affected country during the invasion. Cryptocurrencies have allowed Ukraine to overcome the economic crisis its population is currently undergoing.

The President Signs the Cryptocurrency Law to Legalize Bitcoin

In addition, the president of Ukraine, Volodímir Zelensky, enacted the Law on Virtual Assets, giving legal support to Bitcoin and other cryptocurrencies. The Ministry and Committee for Digital Transformation of Ukraine recently disclosed the information through an official statement.

The approval occurred during the donations in Bitcoin, Ether, and other cryptocurrencies that Ukraine is receiving to face the armed attack.

How People Can Use Cryptocurrencies in the Future

An analysis of the market forecasts about cryptocurrency remittances is interesting for those undergoing a crisis. Although they have been an escape route during this conflict, it is not an infallible solution since the crypto market still lacks maturity.

Users must have a sophisticated understanding of how the cryptocurrency market operates to take advantage of it during a war. They will need access to a device that works and an Internet connection, which is challenging given the circumstances of the conflict.

Cryptocurrencies cannot just fill in the gaps left by more traditional forms of international money transfers. However, many aspects will continue to help over time, specifically in the case of remittances.

Many users have taken advantage of the low transaction costs of cryptocurrencies and their higher efficiency for sending money. Besides, those assets provide a means to transfer money internationally when traditional financial networks are unavailable.

Even though cryptocurrencies are still in their infancy, they have proven to be a helpful escape route during crises. Many people are against them, but they have more benefits than cons.

By Alexander Salazar

Argentine Senate Approved IMF Loan Agreement, Including Anti-Cryptocurrency Clause

Jenson Nunez
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Argentine Senate Approved IMF Loan Agreement, Including Anti-Cryptocurrency Clause

The Argentine Congress approved a loan agreement from the International Monetary Fund that counts on a provision that intends to discourage the relevance of crypto assets in the nations.

The Senate of the Argentine Republic approved a loan agreement to refinance the debt of USD 45 billion with the International Monetary Fund, which directly connects to an agreement that includes a provision that discourages the use of digital assets in the nation.

This event has particular importance in the country because Argentina is one of the Latin American nations with the highest crypto adoption among its citizens.

The loan agreement, which also received approval from the Chamber of Deputies on March 11, will help re-build a debt program of the previous government for USD 57 billion that the country obtained in 2018.

Discouraging Crypto-Assets

The crypto clause got included in a 34-page letter of intent signed by Argentina and the IMF, which the IMF’s board must now approve.

One of the fragments in the letter says the nation is taking crucial steps to discourage using digital assets to prevent money laundering and disintermediation.

The letter also highlights that as long as commercial banks keep their liquidity untouched and well-capitalized, strong banking regulations will continue, especially after pandemic-related regulatory leniency gets solved.

Argentina also intends to continue its payment digitization process bringing more efficiency and costs of payment systems and cash management.

According to El País, the Argentine Congress approved the agreement with the IMF with a considerable predominance. The negative vote was from 13 pro-government senators. But this agreement is also fundamental: it sets a completion over the rupture between President Alberto Fernández and his vice president, Cristina Kirchner, who stood against this decision to pay the previous debt with more debt.

Argentina and its Relationship with Crypto Assets

The Latin American nation, which posted 52.3% year-on-year inflation in February, has become one of the area’s top South American crypto hubs.

On the other hand, other procedures that affect the crypto ecosystem in the country got revealed. According to national media reports, Argentina’s Financial Information Unit (UIF) intends to include companies in the digital asset industry in the list of entities subject to anti-money laundering reporting requirements.

Earlier, in February, the Argentine Secretary of Energy raised the cost of energy for Bitcoin miners. In addition, the Minister of Economy said that more taxes should get applied to operations with cryptocurrencies.

The Argentine Secretary of Energy has suspended energy subsidies for cryptocurrency miners, raising the cost of energy to almost four times what miners paid before.

The measure harmed customers of the energy market in the province of Tierra del Fuego, in the southern side of the country, one of the most prominent mining areas in the nation due to its specific climatic features, including the cold environment.

By: Jenson Nuñez

Three users Issued a Complaint against Coinbase for the Sale of 79 Cryptos that Could Get Considered Securities

Jenson Nunez
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Three users Issued a Complaint against Coinbase for the Sale of 79 Cryptos that Could Get Considered Securities

 Coinbase currently deals with a new legal complaint executed by three users who ask for a refund of at least USD 5 million.

American exchange Coinbase is dealing with a new legal struggle. This time, the complaint comes from users who believe the company is making sales of digital assets that can get considered securities.

Three users issued a legal complaint in the Southern District Court of New York to fight against the entity for at least 79 crypto tokens listed on the network. According to the accusers, these items can be securities and, therefore, the sales would be illegal according to the demand.

The users, Christopher Underwood, Louis Oberlander, and Henry Rodriguez, issued the class action lawsuit. They stated that anyone who received these assets should receive a reimbursement due to business losses of at least USD$5 million.

The list counts on at least 79 tokens and includes some popular items such as Polkadot (DOT), Dogecoin (DOGE), Cardano (ADA), and Shiba Inu.

No Registration with the SEC

The complainants state that the accused company should have complied with the Securities and Exchange Commission (SEC) registration policy and presented the company as a national stock exchange. However, this action would require crucial regulatory and reporting obligations that usually apply to stock exchanges.

Additionally, the SEC experienced some delays in regulating digital currencies, and the US government is still far from bringing any semblance of a regulatory framework. The lawsuit also highlights SEC Chairman Gary Gensler’s thoughts on Coinbase’s registration.

SEC Chairman Gary Gensler argued that Coinbase does not have any registration with the SEC, even though they house many items that may be securities. Gensler had said before that a regulatory framework for US entities focused on exchanges and crypto operations is necessary.

Gensler’s needs got exposed by both the SEC and the CFTC since both agencies joined efforts to address all these cases. There is a possibility that digital assets would get linked to illicit activities.

Another SEC official who has also emphasized the need for regulations is Hester Peirce, better known as Crypto Mom. At the end of last year, she stressed that it was essential for the regulatory body to establish clear regulations related to cryptocurrencies.

On the other hand, in June, Commissioner Dan Bercovitz highlighted that commercial operations in the Decentralized Finance (Defi) sector could be illegal within the US based on the legal frameworks currently in force.

Various media outlets highlighted that it is unlikely that the lawsuit would evolve and go beyond this initial presentation since similar cases haven’t presented such an evolution. Last year, at least five legal complaints against crypto entities got voluntarily dissolved in a federal court in New York.

Coinbase Keeps Including Tokens

Coinbase keeps listing various tokens, which is a far cry from its stance a few years ago when only a few could get traded.

One of the latest tokens to get listed is the recently released ApeCoin for non-fungible token collectors. Coinbase included APEs under the experimental asset label, a specific panel intended for illiquid assets that the company suggested users be cautious when trying to handle.

By: Jenson Nuñez

According to Willy Woo, Bitcoin Price will no Longer Count on 4-Year Cycles

Jenson Nunez
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According to Willy Woo, Bitcoin Price will no Longer Count on 4-Year Cycles

Four-year cycles got correlated with Bitcoin halvings. At least three relatively short bull and bear markets have already happened.

The fluctuations in the price of bitcoin experienced in recent weeks could highlight that the 4-year cycles are reaching an endpoint. This information comes from the cryptocurrency market analyst, Willy Woo.

On Twitter, the specialist clarified that when bitcoin is trading above USD 41,300, it is likely that the first signs of the last cycle stage would be appearing, recalling that at least three relatively short bull and bear markets have already happened.

These four-year cycles are periods of fluctuation in BTC price that get marked by halvings (an event in which Bitcoin mining rewards get halved).

For some years, the price history has run in parallel with bullish periods followed by low stages, which has encouraged the existence of such cycles for those who closely follow bitcoin’s behavior in the market.

If users look at the behavior of bitcoin since 2010, users can note the different bullish peaks that prices have had and how they got automatically followed by bearish periods.

However, this status might be reaching an endpoint. Willy Woo highlighted that if the last cycle received verification, four-year cycles’ existence wouldn’t be possible.

Willy Woo spoke about the end of the cycles almost five months after he had already hinted at that possibility. In October 2021, he stated that price action could get predicted based on halvings but that now there will be an uncertain stage of supply and demand, which represents an obstacle to projecting the prices of the first digital asset.

Willy Woo Withdraws from Bitcoin Forecasts

Woo said that he suspended his market analysis newsletter that used to add some bitcoin price forecasts and predictions a few weeks ago. He assumed that the crypto active is already a currency whose price does not need deep followings.

Woo ended his bulletin by leaving some advice of a bearish forecast for the price of BTC, as the digital currency has kept a close correlation with the traditional market.

According to Woo, the immaturity of the Bitcoin market makes forecasting the price a difficult task, which is why he also stopped sending his newsletter. However, he pointed to new projects for this year.

However, Woo Highlighted he would be revealing new projects this year to keep his contribution to retail bitcoin investors and his nearly one million Twitter followers alive. The analyst’s Twitter is a social network that he used to share valuable thoughts from his newsletters regarding digital assets and their behavior in the market.

By: Jenson Nuñez

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