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Why Bitcoin Reserve Bills Fail: VeChain Executive Weighs In

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In an interview with BeInCrypto, Johnny Garcia, Managing Director of Institutional Growth and Capital Markets at VeChain Foundation, addressed the rejection of Bitcoin (BTC) reserve bills. He emphasized that the core issue goes beyond legislative resistance—highlighting the need for greater education for both the public and policymakers. 

His remarks come as five states have already dismissed the legislation. As of now, only 18 states are still considering the possibility of integrating digital assets like Bitcoin into their financial systems.

VeChain’s Executive Weighs In on Bitcoin Reserve Bill Rejections

Garcia pointed out that establishing federal or state Bitcoin reserves could drive innovation by modernizing investment frameworks and enhancing operational capabilities. 

“This would bring all the benefits we in crypto are quite familiar with: transparency, immediate settlement, managing counterparty risks—to name a few,” Garcia told BeInCrypto.

Yet, he acknowledged that skepticism persists. Garcia noted that many are still unconvinced about a Bitcoin reserve’s utility and economic sense. The debate becomes even more complex when considering funding sources

“Not every citizen in a given state will agree with their taxes financing crypto purchases—something they could just do themselves,” he commented.

Thus, Garcia emphasized that states would need to focus on educating their citizens about the purpose and objectives of including Bitcoin in their reserve portfolios. He stressed that while regulatory frameworks are crucial, success hinges on demonstrating real-world value beyond speculation.

“The blockchain/DeFi industry needs to step up and show that it can deliver proven solutions that go beyond speculative investment and offer real-world value,” Garcia remarked 

He added that to truly change the minds of political and governmental stakeholders, especially those who are instinctively skeptical of crypto, the solutions must extend beyond financial considerations. The exec emphasized that blockchain technology needs to demonstrate its ability to address a broader range of problems.

Garcia highlighted VeChain as a prime example of how blockchain can tackle both new and ongoing issues. He drew attention to VeChain’s use of blockchain to verify sustainability efforts. Garcia noted that such applications make it harder for lawmakers to ignore the technology’s real-world value beyond finance.

Cryptocurrency Reserve Bill Rejections Don’t Represent a Unified View on Crypto

Meanwhile, Garcia cautioned against viewing the rejections at the state level as blanket opposition to cryptocurrency. 

“I wouldn’t say this necessarily reflects deeply ingrained opposition to the concept of crypto in the form of reserves, stockpile, or just another alternative investment option,” he shared with BeInCrypto.

According to Bitcoin Laws, a total of 33 Bitcoin reserve bills were introduced in 23 states. However, Montana, Wyoming, North Dakota, Mississippi, and Pennsylvania have rejected the legislation that would have allowed state investments in digital assets, including Bitcoin.

bitcoin reserve
States Pursuing a Strategic Bitcoin Reserve. Source:  Bitcoin Laws

Currently, there are 27 active bills in 18 states. Importantly, Utah, which was once at the forefront of the Bitcoin reserve race, recently dropped out on a technicality. The Utah bill is still progressing but without the ‘Bitcoin Reserve’ provisions, which have been removed.

Garcia offered a more nuanced view of the legislative resistance. According to him, although several states have voted against reserve bills, the opposition often comes by small margins.

He encouraged assessing the specific reasons behind the rejections rather than generalizing. Gracia also welcomed that states are taking the time to consider the issue carefully.

As states navigate their own approaches to cryptocurrency, momentum is growing at the national level. Senator Lummis has reintroduced the BITCOIN Act. This came shortly after former President Trump signed an executive order to create a strategic Bitcoin reserve funded with seized Bitcoins.

Originally introduced in July 2024, Lummis’ BITCOIN Act failed to pass out of Committee in the Senate.

“I am proud to reintroduce landmark legislation that will codify President Trump’s bold vision to establish the United States Strategic Bitcoin Reserve and strengthening our nation’s economic foundation for generations to come,” Lummis wrote on X.

The bill aims to create a US Strategic Bitcoin Reserve, backed by up to 1 million BTC acquired over five years. Moreover, the holdings would be maintained for at least 20 years.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Hyperliquid (HYPE) Hits 3-Month Lows Despite High Revenue

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Hyperliquid is one of the most profitable platforms in crypto right now, yet its price has been struggling, dropping over 8% in the last 24 hours and more than 24% in the past seven days. Despite its strong fundamentals, bearish momentum has kept HYPE at its lowest levels since December 2024.

However, the network’s rising revenue has outpaced Solana, Ethereum, and Raydium. This suggests underlying strength that could fuel a rebound if market conditions shift. If HYPE breaks resistance at $14.65, it could trigger a rally toward $20 or even $25.87, but failure to reclaim momentum could send it below $12.

Hyperliquid RSI Has Been Neutral Since March 4

Hyperliquid’s RSI (Relative Strength Index) is currently at 32.59, remaining in neutral territory since March 4. Suspicious high-leverage trades are raising money laundering concerns, leading to the ongoing correction.

The RSI is a momentum oscillator that measures the speed and change of price movements on a scale from 0 to 100, with values above 70 indicating overbought conditions and below 30 signaling oversold conditions.

An RSI between 30 and 50 suggests weak momentum, often aligning with a downtrend or consolidation phase.

HYPE RSI.
HYPE RSI. Source: TradingView.

HYPE’s RSI has now stayed below 50 for nine consecutive days, reinforcing the lack of bullish momentum. With the current reading at 32.59, the asset is approaching oversold territory but hasn’t yet reached extreme levels.

This suggests that selling pressure remains dominant, but if RSI turns upward and crosses 50, it could signal the start of a stronger recovery.

Until then, Hyperliquid remains in a weak position, with price action struggling to gain upward traction.

HYPE BBTrend Has Been Negative For One Week

Hyperliquid’s BBTrend is currently at -16.69, remaining negative since March 5 and staying below -10 for the past six days.

BBTrend (Bollinger Band Trend) is an indicator that measures price momentum relative to Bollinger Bands, helping identify bullish or bearish trends.

Values above 10 indicate strong upward momentum, while values below -10 suggest strong downward pressure.

HYPE BBTrend.
HYPE BBTrend. Source: TradingView.

With HYPE BBTrend at -16.69, the bearish trend remains dominant, reinforcing the recent selling pressure.

Staying below -10 for several days suggests that downside momentum has been persistent, limiting any significant recovery attempts.

If the BBTrend starts moving toward 0, it could indicate a weakening downtrend, but for now, Hyperliquid remains in a clearly bearish phase.

Can HYPE Reclaim $20 In March?

Hyperliquid is currently trading at its lowest levels since December 2024, with its EMA lines signaling a strong bearish sentiment.

Short-term EMAs remain well below long-term ones, with large gaps between them indicating strong downside momentum. If the correction continues, HYPE could drop below $12, marking its lowest price in over three months.

HYPE Price Analysis.
HYPE Price Analysis. Source: TradingView.

However, Hyperliquid revenue has surged past $11 million in the last seven days, outperforming major players like Pump, Solana, Ethereum, and Raydium.

If momentum returns, HYPE could test the $14.65 resistance, with a potential rally toward $17 if broken. A stronger uptrend could push the price above $20, potentially testing $21 and even $25.87 in the coming days.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Bitcoin Price Recovery Possible Above $85K—Will Bulls Step In?

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Bitcoin price started a recovery wave above the $80,000 zone. BTC is now rising and might aim for a move above the $84,000 and $85,000 levels.

  • Bitcoin started a decent recovery wave above the $80,000 zone.
  • The price is trading above $82,000 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $82,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it clears the $84,000 and $85,000 levels.

Bitcoin Price Eyes Breakout

Bitcoin price remained strong above the $78,000 level. BTC formed a base and recently started a recovery wave above the $80,000 resistance level.

The bulls pushed the price above the $82,000 resistance level. The price surpassed the 23.6% Fib retracement level of the downward wave from the $91,060 swing high to the $76,820 low. However, the bears are now active near the $84,000 resistance zone.

Bitcoin price is now trading above $82,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $82,000 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $84,000 level and the 50% Fib retracement level of the downward wave from the $91,060 swing high to the $76,820 low. The first key resistance is near the $85,000 level. The next key resistance could be $85,650.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $85,650 resistance might send the price further higher. In the stated case, the price could rise and test the $86,500 resistance level. Any more gains might send the price toward the $88,000 level or even $96,200.

Another Drop In BTC?

If Bitcoin fails to rise above the $84,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,000 level and the trend line. The first major support is near the $81,200 level.

The next support is now near the $80,000 zone. Any more losses might send the price toward the $78,000 support in the near term. The main support sits at $76,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $82,000, followed by $81,200.

Major Resistance Levels – $84,000 and $85,000.



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Ondo Finance (ONDO) Bulls Push for a Breakout Above $1

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Ondo Finance (ONDO) is up nearly 7% in the last 24 hours, attempting to reclaim a $3 billion market cap after a sharp 38% correction over the past 30 days. The recent price recovery suggests a potential trend shift, but key resistance levels must be broken for confirmation.

Indicators like the DMI and CMF show that selling pressure is fading while buying interest is increasing. If ONDO breaks past $0.90, it could rally toward $1.08 and even $1.20. However, failure to sustain momentum could lead to another drop below $0.70.

ONDO DMI Shows The Downtred Could Revert Soon

ONDO’s ADX is currently at 33.8, down from 40.5 yesterday. This indicates that while the downtrend remains strong, its intensity is starting to weaken.

The ADX (Average Directional Index) measures trend strength on a scale from 0 to 100, with values above 25 signaling a strong trend and values below 20 suggesting a weak or non-trending market.

Since Ondo Finance ADX is still well above 25, the bearish trend remains dominant, but the decline suggests that momentum could be slowing.

ONDO DMI.
ONDO DMI. Source: TradingView.

Meanwhile, the +DI has climbed to 21.9 from 11.18, while the -DI has dropped from 34.3 to 24.11, showing that selling pressure is fading while buying pressure is increasing.

However, since -DI remains slightly above +DI, the downtrend is still in place. If +DI continues rising and crosses above -DI, it could confirm a shift in momentum, potentially signaling a trend reversal.

Until then, Ondo Finance remains in a downtrend, but bulls are gaining ground.

Ondo Finance CMF Surged In The Last Three Days

ONDO’s Chaikin Money Flow (CMF) is currently at 0.07, recovering from a negative low of -0.32 just three days ago.

The CMF measures buying and selling pressure by analyzing both price and volume, with values above 0 indicating accumulation (buying pressure) and values below 0 signaling distribution (selling pressure).

A CMF above 0.05 suggests growing bullish momentum, while prolonged negative readings often align with downtrends.

ONDO CMF.
ONDO CMF. Source: TradingView.

Ondo Finance CMF turned positive yesterday after spending two consecutive days in negative territory, signaling that buying pressure is increasing.

With CMF now at 0.07, capital inflows are returning, which could support further price recovery. However, since the value is still relatively low, sustained buying volume is needed to confirm a strong uptrend.

If CMF continues rising, it could indicate stronger accumulation, potentially leading to a breakout, establishing ONDO among the top Real-World Assets coins in the market.

Will ONDO Reclaim $1 Soon?

ONDO is currently recovering after dipping below $0.79 for the first time in months, following a broader correction across major RWA coins in the last 30 days.

The recent bounce suggests buyers are stepping in, but the trend remains uncertain, with key resistance levels ahead.

ONDO Price Analysis.
ONDO Price Analysis. Source: TradingView.

If it breaks above $0.90, it could continue rising toward $0.99, and a further breakout could send it to $1.08 or even $1.20.

However, if the uptrend fails and selling pressure returns, ONDO price could drop to $0.73, with the risk of falling below $0.70 for the first time since November 2024.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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