Connect with us

Market

Buterin Wants Devconnect in Argentina After the LIBRA Scandal

Published

on



Ethereum founder Vitalik Buterin suggested hosting Devconnect in Argentina after the LIBRA fallout. He tagged President Javier Milei, who enthusiastically responded to the proposal.

Buterin strongly warned against political meme coins very recently, calling them a “vehicle for unlimited political bribery.” It is unclear how he feels about Milei or LIBRA, but he remains optimistic about Argentina’s crypto scene.

Vitalik Buterin Reflects on LIBRA

Vitalik Buterin, co-founder of Ethereum, is interested in Argentina’s crypto community. Has has spoken positively about the nation’s space for years, claiming it’s a key example of crypto’s real use.

For its users, crypto is not just a gambling mechanism for the first world but a real tool for economic freedom. After the recent LIBRA debacle, Buterin spoke out about this community again:

“The energy and determination to build on Argentina’s current momentum and use crypto and other new technologies to build a prosperous 21st century society is real. The recent news should be taken not as a reason to give up, but rather as an example of why education is so important,” Buterin said.

Buterin claimed that he was still optimistic about the Argentinian crypto community despite LIBRA’s fallout. He proposed that the next Devconnect, a gathering of independent Ethereum developers, be hosted in the country. He also tagged Javier Milei, the President facing legal fallout from the LIBRA scandal, who quickly responded.

Milei didn’t mention LIBRA in his post, merely thanking Buterin for his compliments about Argentinians’ talent. He claimed that “it would be an honor for Argentina to host Devconnect” and said it would be a great opportunity for the country.

“Argentina’s Ethereum community is full of amazing builders, who have already contributed some of the most important software in the Ethereum ecosystem. I continue to be very optimistic about Argentina and Latam’s contributions and role in the space,” Buterin said.

However, it would be a real overstatement to suggest that Buterin approves of Milei or the LIBRA release. Last month, he strongly criticized TRUMP and other political meme coins, calling them “vehicles for unlimited political bribery.”

Considering that leaked texts from Hayden Davis strongly suggest similar acts of bribery, Buterin’s previous assessment of political meme coins was likely correct.

Still, Milei’s cooperation would be very useful in setting up an event like Devconnect in Argentina. Based on this brief interaction, it’s difficult to determine Buterin’s exact feelings towards Milei or the general situation.

Regardless, however, Buterin hasn’t let the LIBRA fallout color his optimism for the broader Argentinian crypto community.

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.



Source link

Market

Crypto Derivatives Get a Boost from US CFTC

Published

on



The US Commodities Futures Trading Commission (CFTC) scrapped a key directive that had previously signaled increased scrutiny for digital asset derivatives.

This decision indicates a friendlier regulatory climate for digital assets in the US, given the Trump administration’s pro-crypto stance.

CFTC Loosens Oversight for Crypto Derivatives

The CFTC withdrew Staff Advisory No. 23-07 and No. 18-14 by its Division of Clearing and Risk (DCR).

The former, issued in May 2023, focused on the risks of clearing digital assets. Meanwhile, the latter targeted virtual currency derivatives listings.

Upon establishment, both directives hinted at the singling out of crypto products for tougher oversight.

However, both have now been deemed unnecessary, effective immediately, amid the commodities’ regulator’s push toward regulatory consistency.

The decision indicates a shift to treating digital asset derivatives like those on Ethereum (ETH) as traditional finance (TradFi) products.

“As stated in today’s withdrawal letter, DCR determined to withdraw the advisory to ensure that it does not suggest that its regulatory treatment of digital asset derivatives will vary from its treatment of other products,” the CFTC explained.

This move will eliminate the perceived distinctions between digital asset derivatives and TradFi instruments.

It also paves the way for enhanced market participation, which will facilitate broader involvement from financial institutions in the digital asset derivatives market. This could lead to increased liquidity and market maturity.

Nevertheless, the advisory warned derivatives clearing organizations (DCOs) to prepare for risk assessments specific to digital products’ unique characteristics.

Therefore, while it reflects the CFTC’s commitment to promoting innovation, it also suggests the intention to maintain strong financial oversight.

Meanwhile, this decision comes only weeks after the Office of the Comptroller of the Currency (OCC) allowed US banks to offer crypto and stablecoin services without prior approval.

However, the OCC had articulated that despite lifting the approval requirement, banks must maintain strong risk management controls akin to those required for traditional banking operations.

“The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones,” said Rodney E. Hood, the acting Comptroller of the Currency.  

Therefore, the CFTC’s move to eliminate regulatory bias for crypto derivatives marks a major divide in US policy. On the one hand, the CFTC seeks to scrap the distinction between crypto derivatives and TradFi instruments.

On the other hand, the FDIC (Federal Deposit Insurance Corporation) and OCC want banks to maintain risk management controls similar to those required for traditional banking operations despite providing crypto and stablecoin services.

Notwithstanding, these efforts mirror a growing trend among US financial regulators to lower barriers and foster responsible innovation in the crypto industry.

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.



Source link

Continue Reading

Market

XRP Falls 12% in a Week as Network Activity Declines

Published

on


XRP is under heavy selling pressure, down more than 5% in the last 24 hours and over 12% in the past seven days. The recent downturn has been accompanied by increasingly bearish technical indicators, including a sharp spike in trend strength and a collapse in on-chain activity.

With price momentum weakening and user engagement dropping, concerns are mounting over XRP’s ability to hold key support levels. Unless sentiment shifts quickly, the path of least resistance appears to remain to the downside.

DMI Chart Shows The Current Downtrend Is Very Strong

XRP’s Directional Movement Index (DMI) is currently flashing strong bearish signals, with the Average Directional Index (ADX) surging to 47.14 from 25.43 just a day ago.

The ADX measures the strength of a trend, regardless of its direction, and values above 25 generally indicate that a trend is gaining momentum.

A reading above 40—like XRP’s current level—suggests a very strong trend is in play. Given that XRP is currently in a downtrend, this rising ADX points to intensifying bearish momentum and a market leaning heavily toward further declines.

XRP DMI.
XRP DMI. Source: TradingView.

Digging deeper into the DMI components, the +DI, which tracks upward price pressure, has dropped sharply from 20.13 to 5.76. Meanwhile, the -DI, which tracks downward price pressure, has surged from 8.97 to 33.77.

This stark divergence reinforces the bearish trend, indicating that sellers are aggressively taking control while buyer strength fades.

With ADX confirming the strength of this move and directional indicators tilting heavily to the downside, XRP’s price could remain under pressure in the short term unless a significant reversal in sentiment occurs.

XRP Active Addresses Are Heavily Down

XRP’s 7-day active addresses have seen a sharp decline over the past week, following a recent surge to new all-time highs. On March 19, the metric peaked at 1.22 million, signaling strong network activity and user engagement.

However, since then, it has plummeted to just 331,000—a drop of over 70%. This sudden fall suggests that interest in transacting on the XRP has cooled off significantly in a short span of time.

7-Day XRP Active Addresses.
7-Day XRP Active Addresses. Source: Santiment.

Tracking active addresses is a key way to gauge on-chain activity and overall network health. A rising number of active addresses typically reflects growing user participation, increased demand, and potential investor interest—factors that can support price strength.

Conversely, a sharp decline like the one XRP is currently experiencing can point to weakening momentum and fading interest, which could put additional pressure on price.

Unless user activity begins to rebound, this drop in network engagement may continue to weigh on XRP’s short-term outlook.

XRP Could Drop Below $2 Soon

XRP’s Exponential Moving Average (EMA) lines are currently signaling a strong downtrend, with the short-term EMAs positioned below the longer-term ones—a classic bearish alignment.

This setup indicates that recent price momentum is weaker than the longer-term average, often seen during sustained corrections. If this downtrend continues, XRP could retest the support level at $1.90.

A break below that could open the door to a deeper drop toward $1.77 in April.

XRP Price Analysis.
XRP Price Analysis. Source: TradingView.

However, if market sentiment shifts and XRP price manages to reverse course, the first key level to watch is the resistance at $2.22.

A successful breakout above this point could trigger renewed bullish momentum, potentially driving the price up to $2.47.

If that level also gets breached, XRP could push further to test the $2.59 mark.

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.



Source link

Continue Reading

Market

ONDO Whales Retreat as Price Risks Dropping Below $0.70

Published

on


ONDO is facing notable downside pressure. It has been down over 5% in the last 24 hours and corrected more than 19% over the past 30 days. With its market cap now sitting around $2.5 billion, the coin is way below competitors like Chainlink and Mantra in terms of market cap.

Recent technical indicators and whale behavior suggest that the current weakness may not be over, despite a slight recovery in momentum.

ONDO RSI Is Recovering From Oversold Levels

ONDO’s Relative Strength Index (RSI) is currently sitting at 34 after rebounding slightly from an earlier dip to 27.5. Just two days ago, the RSI was at 54.39, indicating how quickly momentum has shifted.

The RSI is a momentum oscillator that measures the speed and magnitude of recent price changes. It ranges from 0 to 100.

Readings below 30 are typically considered oversold, suggesting the asset may be undervalued and due for a bounce, while readings above 70 are viewed as overbought, indicating potential for a pullback.

ONDO RSI.
ONDO RSI. Source: TradingView.

With ONDO’s RSI now at 34, it has technically exited oversold territory but remains near the lower end of the scale. This suggests that while the sharpest selling pressure may have eased, the market is still fragile ,and sentiment remains cautious.

If the RSI continues to recover and climbs above 40 or 50, it could signal a shift toward more bullish momentum.

However, if selling resumes and RSI falls back below 30, it would indicate renewed downside risk and potential for further price declines.

Whales Recently Stopped Their Accumulation

The number of ONDO whales—addresses holding between 1 million and 10 million ONDO—fluctuated in late March, initially increasing from 188 to 195 between March 22 and March 26 before declining to 191 in recent days.

This whale activity pattern is significant as these large holders often influence market sentiment and price movements, with their accumulation or distribution phases potentially foreshadowing broader market trends.

Tracking whale addresses provides valuable insights into how influential investors are positioning themselves, which can help predict potential price action.

Addresses holding between 1 million and 10 million ONDO.
Addresses holding between 1 million and 10 million ONDO. Source: Santiment.

The failure of Whale addresses to maintain the breakout above 195 and the subsequent return to 191 could signal bearish sentiment among larger investors.

This retreat might indicate that whales are taking profits or reducing exposure, which could create downward price pressure on ONDO in the short term.

When large holders begin to reduce their positions after a period of accumulation, it often precedes price corrections, suggesting that ONDO may experience resistance in maintaining upward momentum until whale confidence returns and accumulation resumes.

Will ONDO Fall Below $0.70 For The First Time Since November?

ONDO’s Exponential Moving Average (EMA) lines are currently aligned in a bearish formation, suggesting the ongoing downtrend may persist. If this weakness continues, ONDO could drop to test the key support level at $0.73.

A break below that would be significant, potentially sending the price under $0.70 for the first time since November 2024.

The token has been struggling to keep pace with other Real World Asset (RWA) coins like Mantra, and this underperformance adds further pressure to ONDO’s short-term outlook.

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

However, if sentiment shifts and ONDO manages to reverse its trend, the first key level to watch is the resistance at $0.82.

A breakout above this level could trigger a broader recovery, with price targets at $0.90 and $0.95.

If the RWA sector as a whole regains momentum, ONDO could even rise above the $1 mark and aim for the next major resistance at $1.23.

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.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io