Crypto
New UK PM Liz Truss once said this on cryptocurrency. What to expect?
Mary Elizabeth Truss (Liz Truss) turns into the third feminine to function the Prime Minister of the UK. She can be appointed as PM by Queen Elizabeth II on September 6. With that, the reign of former PM Boris Johnson has ended as we speak. Expectations over reforms equivalent to tax cuts, power crises, and different long-term points for financial progress have heightened with Truss taking the cost of UK. Notably, the cryptocurrency market additionally believes that Truss’ new function may drive digital property and usher in coverage modifications that do not constrain their potential.
In 2018, method earlier than being a United Kingdom PM, Truss made constructive remarks on cryptocurrencies in her tweets.
She tweeted on January 30, 2018, “we should always welcome cryptocurrencies in a method that does not constrain their potential.” To drive the potential of cryptocurrencies, Truss had instructed liberating free enterprise areas by eradicating rules that prohibit prosperity.
The chief of the Conservative Celebration has been serving because the Secretary of State for Overseas, Commonwealth, and Growth Affairs since 2021 and Minister for Ladies and Equalities since 2019. She has taken Cupboard roles below Prime Ministers David Cameron, Theresa Might, and Boris Johnson.
She gained the election after beating rival Rishi Sunak, the previous Chancellor of the Exchequer.
What does Liz Truss appointment as UK PM means for cryptocurrencies?
Dileep Seinberg, Founder & CEO, MuffinPay, Invoice Fee & Utility Crypto stated, “Liz Truss, the newly elected Prime Minister of the UK, gave her thumbs as much as the cryptocurrencies in 2018, however we should always watch for her newest stance because it’s been 4 years. Moreover, she is liable for serving the expectations of her fellow residents and representing a nation at world boards. There’s much more to go, and we’re hopeful that one thing constructive will emerge within the days to return.”
Nonetheless, Seinberg additionally added, “her election to signify the UK will possible enhance the federal government’s agenda for digital property. She could be on the forefront & rising as the brand new voice of crypto-led discussions on the world degree, and the UK, a outstanding G-20 Nation, might lead within the course.”
Additional, Seinberg stated, “Truss has been an anti-regulatory persona on the core of crypto property. If she walks the talks as per what she stated earlier, the UK might emerge because the crypto or Web3.0 capital of the world. If Truss had a imaginative and prescient, she would take it as a mission.”
“A pleasant and complete method could be on the platter within the coming days,” he stated.
Crypto market updates
On Monday, the worldwide cryptocurrency market is buying and selling on a constructive observe presently in each valuations and quantity phrases. Bitcoin and Ethereum, the giants of the market, have been additionally within the inexperienced.
On the time of writing, the worldwide market cap is round $982.95 billion up by 0.75% during the last day. In the meantime, the entire crypto market quantity climbed 18.70% to $53.27 billion during the last 24 hours, as per CoinMarketCap. Bitcoin is close to $19,900 and superior practically 1% in 24 hours. Whereas Ethereum surged over 3% and is acting at a little bit over $1,600.
The cryptocurrency market is a singular platform for investments with nice potential. Each personal and public sectors are warming up in direction of cryptocurrencies as they speed up a revolution in monetary companies. They’ve been gaining momentum when it comes to buying and selling, investments, shopping for and promoting items, and lending amongst others.
Nonetheless, regulatory norms together with an absence of readability when it comes to knowledge and administration — are among the drawbacks. Cryptocurrencies are extremely dangerous in comparison with different regulated market-related devices, and delicate pushed.
At current, as per CoinMarketCap knowledge, there are 20,865 cryptocurrencies with 525 exchanges.
Disclaimer: The views and suggestions made above are these of particular person analysts or broking firms, and never of Mint.
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Crypto
Bitcoin Remains Above $65k—What’s Next For The Cryptocurrency?
Bitcoin prices have maintained their strength over the last 24 hours, retaining the vast majority of the gains that materialized during the cryptocurrency’s latest rally.
The world’s largest digital currency by total market capitalization was trading above $65,000 at the time of this writing, according to CoinMarketCap data.
The digital asset held that value after rallying more than 8% in under 24 hours, reaching its highest since approximately April 24 and then extending those gains, additional CoinMarketCap figures show.
Focusing in on bitcoin’s short-term outlook, several market observers highlighted key fundamental developments that could impact the digital asset’s price, in addition to singling out price levels that could provide key support or resistance.
Brett Sifling, an investment advisor for Gerber Kawasaki Wealth & Investment Management, offered some input on this situation.
“Bitcoin remains range bound since the end of February, as the halving event wasn’t enough to push it to new highs,” he stated via emailed comments.
“I don’t see any other major catalysts on the horizon, other than increased institutional adoption. There is also the potential for the Fed to lower rates later this year, which could bring increased optimism for risk-on assets like Bitcoin,” said Sifling, referring to the federal funds rate, which is controlled by Federal Reserve policymakers.
The decisions of the Federal Open Market Committee have generated quite a bit of visibility over the last few years, as these government officials pushed the fed funds rate, which has an impact on broader borrowing costs, to its highest level since 2008.
This, in turn, has provided a significant headwind for economic activity, but inflation data has remained stubbornly high at many points in spite of high borrowing costs.
Yesterday, headline inflation figures that fell short of economist estimates were cited as a catalyst that helped bitcoin prices rally. This development was credited with helping provide investors with greater hopes that the Fed will cut rates soon.
Technical Analysis
As for the key price levels that technical traders should monitor going forward, Sifling offered some guidance.
“The recent all-time highs in March of around ~$74,000 is a key level to watch, as well as the lows of this recent range at ~$56,500,” he stated.
Grant Tungate, head of business development for Blockforce Capital, also shed some light on this matter.
“I don’t want to make any predictions but I’ll provide some commentary on levels I believe are important,” he said via email.
“Key levels are the new 30d high ~$67.3k, then the all time high ~$74k. On the downside the 30d low ~$57k is an important zone,” Tungate added, pinpointing figures similar to those identified by Sifling.
Armando Aguilar, an independent cryptocurrency analyst, also offered some input on this subject.
“The next critical support level for BTC holds in the high $62k range, if BTC struggles to maintain these levels it could retest low $61k range,” he stated.
“The resistance levels for BTC are in the mid $66k which if breached, we could see the blue chip cryptocurrency cruise to mid/high $68k,” Aguilar added.
“The ATH does provide a key resistance level which would require BTC inflows to pick up as it was the case for the first 2 months since launch. Don’t immediately see levels passing ATH as most custodians have reached maximum distribution capacity thus seeing low inflows into BTC,” he concluded.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.
Crypto
Portland police alert public to court scam involving cryptocurrency – Newport Dispatch
PORTLAND — The Portland Police Department is warning residents about a scam where callers, posing as officials from the Cumberland County Sheriff’s Office, claim that the victims are in contempt of court for failing to appear as witnesses in a trial.
The scammers then demand payment of a substantial fine to avoid further charges, including arrest.
Victims are being instructed to make payments through Coinstar machines using Dogecoin or other cryptocurrencies.
The phone number used for the scam calls, when searched on Google, appears to be associated with the Cumberland County Courthouse.
Authorities urge anyone who receives such calls not to engage with the scammer.
Instead, they should contact the courthouse directly at 207-822-4200 to verify the legitimacy of the call.
Officials have clarified that the courthouse will never request payments over the phone.
Crypto
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