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Circle Shifts Headquarters to US Before Upcoming IPO

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Circle Internet Financial Ltd., the issuer of the USDC stablecoin, is making a strategic move to re-domicile its legal base. The company plans to move its legal headquarters from the Republic of Ireland to the United States (US).

This decision comes ahead of its highly anticipated initial public offering (IPO). Many see this move as a significant shift for the company as it navigates the regulatory environment and seeks to bolster market confidence.

Moving to the US Might Pose Challenges for Circle

A Bloomberg report recently shared a confirmation from a Circle spokesperson. They confirmed the filing of necessary court paperwork for the move on Tuesday. However, they did not share the reasons for the decision.

BeInCrypto previously reported that Circle had already filed for the IPO to the US Securities and Exchange Commission (SEC) in January. Yet, the company did not disclose the number of shares it plans to dilute or the price range of its shares.

On the other hand, moving to the US may pose challenges for Circle, including stricter taxes and a complex regulatory scene. Indeed, the regulation of cryptocurrencies and stablecoins in the US has been uncertain.

Read more: Top 5 Crypto Companies That Might Go Public (IPO) in 2024

Notably, Ripple Labs, the company behind the XRP cryptocurrency, has faced significant legal challenges with the SEC. This challenge caused Ripple to halt its IPO plans in the US and consider alternatives abroad.

Therefore, Circle’s move suggests a strategic bet on regulatory clarity in the US. Depending on upcoming regulatory decisions, this could either boost or hinder its growth.

Despite potential obstacles, Circle’s CEO, Jeremy Allaire, remains optimistic about the future of stablecoins and their regulatory environment. At the Milken Institute Global Conference 2024, Allaire emphasized the importance of regulatory clarity, scalable technology, and user-friendly applications to widen USDC adoption and integration.

“I’ve always said you need regulatory clarity. You need the technology to become much more scalable and useable. And then, you need the people, the mainstream applications that people are going to be interacting with this, whether you are a business accepting a payment or an end user, you need those to connect up to that. All those three have been happening. We’re getting regulatory clarity on payment stablecoins all around the world and almost every jurisdiction we have a payment stablecoin act that’s at the proverbial one yard line here in the US,” Allaire said.

Allaire’s confidence is further evidenced by Circle’s collaborations with traditional finance giants such as BlackRock. Last month, Circle announced a new exchange feature for BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) investors. They can now exchange their tokenized real-world assets for USDC.

According to CoinGecko data, USDC is the second-largest stablecoin in terms of market capitalization. As of May 15, USDC has a market capitalization of $32.86 billion.

This represents nearly 21% of the stablecoin market share. It trails behind Tether’s USDT, which has a market capitalization of $110.86 billion and a 70.75% market share.

Read more: A Guide to the Best Stablecoins in 2024

Stablecoins Market Shares.
Stablecoins Market Shares. Source: CoinGecko

In 2022, USDC and USDT were in close competition. In July 2022, USDC held over 40% of the market share, compared to USDT’s roughly 50%.

However, 2023 brought challenges for Circle, particularly due to banking issues in the US. Part of USDC’s reserves were held with Silicon Valley Bank, which faced financial troubles. This caused USDC to temporarily lose its peg, raising concerns among users and investors.

As Circle prepares for its IPO and re-domiciles to the US, its actions reflect a strategic pivot to align with US financial regulations and market dynamics. With its strong industry partnerships and commitment to regulatory clarity, this move also positions Circle to strengthen its place in the stablecoin market.

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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FET Bearish Descent Targets Key $0.966 Level, More Dips Ahead?

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Artificial Superintelligence Alliance (FET) is experiencing a prolonged bearish trend, pushing its price closer to the critical $0.966 support level. This sustained downward pressure has raised concerns among investors, as the cryptocurrency continues to extend its bearish momentum. 

The $0.966 resistance mark now serves as a significant point of interest, determining whether FET can reverse its current trajectory or continue its descent. Market participants are closely monitoring these developments, analyzing technical indicators and market sentiment to gauge the potential for a rebound or further decline.

This article aims to analyze the extended bearish trend affecting the digital asset and its impact on the cryptocurrency’s price as it approaches the $0.966 resistance level.

FET’s price was trading at around $1.30 and was down by 3.10% with a market capitalization of over $3 billion and a trading volume of over $99 million as of the time of writing. There has been a 24-hour decrease of 3.28% and 29.79% in FET’s market capitalization and trading volume respectively.

FET Price Under Bearish Pressure

Currently, FET on the 4-hour chart is actively bearish trading below the 100-day Simple Moving Average (SMA) and the bearish trend line, dropping toward the crucial $0.966 resistance mark.

FET

The 4-hour Composite Trend Oscillator also confirms more bearishness for FET as both the signal line and the SMA of the indicator continue to trend inside the oversold zone.

On the 1-day chart, it can be observed that FET is very bearish trading below the 100-day SMA and the trend line. Following a rejection at $1.862, the price of FET has been on an extended bearish move heading toward the $0.966 support level.

FET

Lastly, the 1-day composite trend oscillator signals that FET may extend its bearish trend toward the $0.966 support level as the signal line and the SMA are still trending in the oversold zone.

Will FET’s Price Breakthrough Or Face A Rejection

Conclusively, it can be noted that as the price of FET continues to move toward the $0.966 resistance mark, it may break through its bearishness or face rejection and begin to rise.

Therefore, exploring the possible outcomes of the coin, it was discovered that if FET’s price reaches the $0.966 support level and breaks below, it may continue to decline to test the $0.459 level and potentially move on to challenge other lower levels if it breaches the $0.459 level.

However, if the crypto asset faces rejection at the $0.966 support level, it will begin to ascend toward the $1.862 resistance level. When this level is breached, it may continue to climb to test the $2.564 resistance level and may move on to test other higher levels if it breaches the $2.564 level.

FET



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Bitcoin Price Takes a Step Back: Analyzing The Recent Correction

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Bitcoin price failed to continue higher above the $63,650 resistance zone. BTC is now correcting gains and might revisit the $60,850 support.

  • Bitcoin started a downside correction from the $63,650 resistance zone.
  • The price is trading below $62,500 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might struggle to start a fresh increase above the $62,250 resistance zone.

Bitcoin Price Dips Again

Bitcoin price struggled to extend gains above the $63,650 and $63,800 resistance levels. A high was formed at $63,798 and the price started a downside correction.

The price declined below the $63,000 level. The bears were able to push it below the $62,500 level and the 100 hourly Simple moving average. There was also a move below the 50% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high.

Bitcoin price is now trading below $62,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.

The bulls are now trying to protect the $61,400 zone and the 61.8% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high. If there is another increase, the price could face resistance near the $61,850 level and the trend line.

The first key resistance is near the $62,250 level. The next key resistance could be $62,500. A clear move above the $62,500 resistance might start a steady increase and send the price higher.

Bitcoin Price
Source: BTCUSD on TradingView.com

In the stated case, the price could rise and test the $63,250 resistance. Any more gains might send BTC toward the $63,650 resistance in the near term.

More Losses In BTC?

If Bitcoin fails to climb above the $62,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,400 level.

The first major support is $60,850. The next support is now forming near $60,500. Any more losses might send the price toward the $60,000 support zone in the near term.

Technical indicators:

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

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

Major Support Levels – $61,400, followed by $60,850.

Major Resistance Levels – $62,250, and $62,500.



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Exploring Upward Momentum and Bullish Prospects

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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