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Democrats Call for Ethics Probe on Trump Over Crypto Projects

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US Representative Gerald Connolly has called for immediate action to address concerns about President Donald Trump’s financial entanglements, particularly in the crypto space. 

In a letter, Connolly asked the House Oversight and Government Reform Committee to investigate potential conflicts of interest tied to Trump’s involvement in crypto ventures, which he argues could undermine presidential ethics and transparency.

Trump’s Meme Coin: A Threat to Transparency and National Security?

Connolly’s letter focuses on Trump’s role in launching World Liberty Financial (WLF), a crypto project inspired by Trump’s vision of financial independence.

According to reports, Justin Sun, the founder of Tron, has made significant investments in WLF. Connoly said Justin Sun is a foreign entrepreneur under investigation by the US SEC for alleged securities fraud related to his own crypto ventures.

Sun’s $30 million investment in WLF tokens reportedly allowed the platform to meet its revenue target, potentially funneling money directly to Trump and his family.

“The expanding scope of President Trump—and by extension The Trump Organization’s—financial entanglements and quid pro quo promises are troubling,” Connolly wrote.

He insists that the Oversight Committee must investigate these ventures under the provisions of the Presidential Ethics Reform Act. While WLF’s tokens do not offer a legitimate financial return, Connolly warns that they present an easy mechanism for individuals and foreign entities to gain favor with the Trump family.

Trump’s other crypto involvements added to the concerns surrounding WLF. Just days before his inauguration, Trump launched a meme coin called “TRUMP.

The TRUMP token has already garnered a fully diluted valuation nearing $40 billion. The “Official Trump” token, launched last week, experienced a rapid surge of over 1,100%, rising from $6 to $75 within a few hours. However, as of writing, it is trading at around $37.93.

Trump price performance
TRUMP Price Performance. Source: BeInCrypto

When asked about TRUMP at a recent conference, the President appeared uncertain about its details. 

“I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful,” Trump said.

Moreover, Congresswoman Maxine Waters said the TRUMP meme coin “represents the worst of crypto.”

“Through his meme coin, Trump has created a way to circumvent national security and anti-corruption laws, allowing interested parties to anonymously transfer money to him and his inner circle,” Waters said in a January 20 statement.

She added that anyone around the world, including individuals who have been sanctioned by the US, can now trade and profit from TRUMP.

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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Is XRP Price Rally Sustainable as Data Suggests Overvaluation?

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XRP has witnessed a notable rally in the past week, climbing by 35%. The altcoin currently trades at $3.10, slightly below its all-time high of $3.41.

However, on-chain data suggests the token may be overvalued at its current price point. This raises concerns about its ability to break above its all-time high (ATH) as profit-taking straightens among traders.

XRP’s Overvalued Status Could Trigger More Selloffs

XRP’s market value to realized value (MVRV) ratio highlights its overvalued status, standing at 409.47% at press time, according to Santiment data.

The MVRV ratio evaluates whether an asset is overvalued or undervalued by comparing its market value to its realized value. A positive ratio indicates the market value exceeds the realized value, suggesting overvaluation. Conversely, a negative ratio means the market value is below the realized value, indicating the asset is undervalued compared to its original purchase price.

XRP MVRV Ratio
XRP MVRV Ratio. Source: Santiment

At 409.47%, XRP’s MVRV ratio shows that its market value is 409% higher than its realized value — the price at which tokens were last moved or acquired. In simpler terms, this means that, on average, investors who purchased XRP are seeing a 409% profit compared to their initial purchase price. This could prompt increased selling pressure.

Notably, XRP’s negative Balance of Power (BoP) confirms that this profit-taking is already underway. At press time, this sits at -0.83.

The BoP measures the relative strength of buying versus selling pressure in the market. When the BoP is negative, it indicates that selling pressure outweighs buying. It suggests that more investors are looking to liquidate their positions than to accumulate, which could lead to downward price movement.

XRP Balance of Power
XRP Balance of Power. Source: TradingView

XRP Price Prediction: Selling Momentum Threatens to Push Price Lower

As selling activity gains momentum, XRP’s price will fall further from its all-time high. According to readings from its Fibonacci Retracement tool, the altcoin’s price could drop to support at $2.45. 

XRP Price Analysis
XRP Price Analysis. Source: TradingView

Conversely, a shift in the market trend toward accumulation would invalidate this bearish projection. In that case, XRP’s price would rally to its all-time high and attempt to break above it.

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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Can Bulls Defend Key Levels?

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Este artículo también está disponible en español.

Bitcoin price struggled to clear the $107,200 resistance zone. BTC is correcting gains and might revisit the $100,000 support zone.

  • Bitcoin started a downside correction from the $107,200 zone.
  • The price is trading below $104,500 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance at $103,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it stays above the $100,500 support zone.

Bitcoin Price Dips Again

Bitcoin price started a decent upward move above the $103,500 zone. BTC was able to climb above the $104,500 and $105,000 levels.

The bulls even pushed the price above the $106,000 level. However, the bears were active near the $107,200 zone. A high was formed at $107,200 and the price is now correcting gains. There was a move below the $105,000 level.

There was a move below the 50% Fib retracement level of the upward move from the $100,114 swing low to the $107,200 high. Bitcoin price is now trading below $104,500 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $103,000 level. The first key resistance is near the $103,500 level. There is also a key bearish trend line forming with resistance at $103,650 on the hourly chart of the BTC/USD pair. A clear move above the $103,650 resistance might send the price higher. The next key resistance could be $104,500.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $104,500 resistance might send the price further higher. In the stated case, the price could rise and test the $107,200 resistance level and a new all-time high. Any more gains might send the price toward the $112,500 level.

More Losses In BTC?

If Bitcoin fails to rise above the $104,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $101,750 level or the 76.4% Fib retracement level of the upward move from the $100,114 swing low to the $107,200 high. The first major support is near the $100,500 level.

The next support is now near the $100,000 zone. Any more losses might send the price toward the $88,500 support 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 – $101,650, followed by $100,500.

Major Resistance Levels – $103,650 and $104,500.



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Will Bitcoin Hit $700,000? BlackRock Weighs In

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Larry Fink, CEO of BlackRock, discussed the potential for Bitcoin (BTC) to reach values of $500,000, $600,000, or even $700,000 per coin. 

He explained how institutional adoption could significantly impact Bitcoin’s price, suggesting that it could propel the cryptocurrency to such high levels if investors allocated even a small portion of their portfolios to Bitcoin.

BlackRock CEO’s Bitcoin Prediction

In an interview with Bloomberg at the World Economic Forum in Davos, Fink discussed one of the most bullish cases for Bitcoin. He noted a recent conversation with a sovereign wealth fund where the topic of Bitcoin allocation was raised.

 “I was with a sovereign wealth fund during this week and that was the conversation: ‘Should we have a 2% allocation, should we have a 5% allocation? If everyone adopted that conversation, it would be $500,000, $600,000, $700,000 per Bitcoin,” said Fink.

However, Fink quickly clarified that he was not directly promoting Bitcoin.

“I’m not promoting it by the way. That is not my promotion,” he added.

Fink’s optimistic view on Bitcoin aligns with comments made by Coinbase CEO Brian Armstrong. He recently predicted that Bitcoin could eventually reach multi-million dollar prices. 

The BlackRock CEO elaborated on crypto’s role in the global economy, describing it as a “currency of fear.” He explained that Bitcoin serves as an alternative for those concerned about the debasement of their local currency or their country’s political and economic instability. 

“An internationally based instrument called Bitcoin that will overcome those local fears,” he remarked.

BlackRock’s Bitcoin Strategy

Notably, BlackRock has been actively increasing its exposure to the largest cryptocurrency. In 2024, the firm became the first to receive approval from the US Securities and Exchange Commission (SEC) for a Bitcoin exchange-traded fund (ETF)

As part of its ETF strategy, BlackRock has been accumulating Bitcoin and is now one of the largest cryptocurrency holders. According to the latest data, BlackRock’s Bitcoin holdings stand at an impressive 569,343.23770 BTC. These holdings are valued at over $60 billion at current prices.

BLACKROCK BITCOIN
Blackrock’s Bitcoin holdings. Source: IShares

In fact, according to intelligence platform Arkham Intelligence, BlackRock made its largest Bitcoin purchase of the year, acquiring $600 million worth of Bitcoin.

That’s not all. BlackRock’s iShares Bitcoin Trust ETF (IBIT) is the largest Bitcoin ETF in the US market. According to data from SoSo Value, it controls 2.89% of the total Bitcoin market capitalization.

Furthermore, on January 22, the IBIT ETF saw inflows of $344.28 million. Meanwhile, other Bitcoin ETFs experienced either no inflows or negative flows. 

IBIT ETF performance
Bitcoin ETF performance. Source: SoSo Value

In addition to its US offerings, BlackRock launched the iShares Bitcoin ETF in Canada on January 13, trading under the ticker “IBIT” on Cboe Canada, expanding its Bitcoin investment strategy internationally.

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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