The post Federal Reserve Abolition Act: Could This Spark a Cryptocurrency Boom? appeared first on Coinpedia Fintech News On Thursday afternoon, Representative Thomas Massie, representing the 4th District of Kentucky, introduced H.R. 8421, the Federal Reserve Board Abolition Act, which aims to dismantle the Federal Reserve System. Massie blames the FED for the nation’s current inflation woes. If passed, can this proposal also significantly affect the current implications for the future of cryptocurrencies and digital assets? Federal Reserve Policies and the Rise of Cryptocurrencies In his proposed Bill, Rep. Massie has blamed the high inflation rates of today’s America on the Federal Reserve’s monetary policies. “Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” he declared. During the COVID-19 pandemic, the Federal Reserve injected trillions of dollars into the economy, facilitating unprecedented deficit spending by the Treasury Department. According to Massie, these actions devalued the dollar and spurred inflation, prompting many to seek alternative stores of value, notably cryptocurrencies like Bitcoin and Ethereum. Cryptocurrencies and digital assets, which operate independently of centralized financial institutions, have gained traction as hedges against inflation and currency devaluation. Their decentralized nature makes them a strong opponent against failing traditional monetary policies. Legislative Details: Dismantling the Federal Reserve The Federal Reserve Board Abolition Act seeks to abolish and repeal the Federal Reserve Act. The Act mandates the dissolution of the Board of Governors of the Federal Reserve System and each Federal Reserve bank, effective one year from the enactment date. As a result, the bill aims to repeal the 1913 law that established the Federal Reserve System. The bill includes provisions to ensure a smooth transition, such as “managing the employees of the Board and each such bank and providing for the payment of compensation and benefits of any such employee which accrue before the position of such employee is abolished.” The liquidation process is designed to “achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.” Potential Impact on Cryptocurrencies If enacted, the Federal Reserve Board Abolition Act could have profound implications for the cryptocurrency market. By removing the central bank that has traditionally managed monetary policy and influenced economic stability, the financial ecosystem might become more volatile, potentially driving more individuals and institutions to adopt digital currencies as a safer, decentralized alternative. The appeal of cryptocurrencies lies in their resistance to inflationary policies that erode the value of fiat currencies. With the Federal Reserve’s dissolution, digital asset adoption could surge as people seek to protect their wealth from government-driven monetary devaluation.
The post Chainlink Breaks Out of Consolidation: Will the LINK Price Make It to $20 Following the Smart NAV Pilot Program? appeared first on Coinpedia Fintech News Bullish sentiments have flown within the crypto space as the star crypto, Bitcoin, has displayed some strength. Altcoins have also remained elevated since the previous trading day, with memecoins leading the race and now popular tokens receiving some attention. After remaining in extreme bearish consolidation, Chainlink’s (LINK) price has triggered a bullish breakout, with a 20% rise from the bottom. One of the main reasons for the jump is speculated to be the latest update of the platform. Chainlink has completed a pilot program named Smart NAV Pilot that aims to accelerate fund tokenization. It, along with DTCC, has completed tests with JPMorgan, Templeton, BNY Mellon, and other major US banks. With this, the token has regained the attention of the whales, who have started accumulating at a greater pace. As soon as the price dropped from the highs, whale accumulation began to drop. Moreover, the plunge that occurred in the first fortnight of April attracted the whales back to the platform, where they began to accumulate. Currently, the recent price action has elevated the accumulation level to a 6-month high. The data from the santiment shows there are now 564 whales who are holding more than 100K LINK tokens. The levels have risen by over 5% in just 5 weeks, which may be fueled by a huge surge in social dominance. Therefore, if social dominance cools down and FOMO takes over the rally, a fresh bullish swing could follow, elevating the levels beyond the current highs. Will Chainlink (LINK) Price Reach $20 This Month? The LINK price was stuck in a long consolidation phase below $10 for more than 20 months before skyrocketing above $16. Unfortunately, the token faced stiff resistance from bears after reaching new yearly highs above $22. Since then, the price has been trading within a predetermined range of $13 to $16. However, the bulls appear to have run out of steam following the recent upswing, so breaking the crucial resistance at $16.5 may not be as easy as expected. Soon after the breakout, the bulls found a strong base at the newly formed support zone between $13 and $13.7. Although the price has initiated a fresh upswing, it is struggling to reach the key resistance level at $16.5. Besides, the strength of the bulls is swelling, as seen in the bull-bear power. Alongside this, the RSI is trying hard to break the upper trend line, which may pave the way for the token to test the upper threshold. The technical aspects point towards the Chainlink (LINK) price maintaining an ascending trend, which could elevate the levels beyond $18. However, securing the levels above $20 may not be an easy task for the LINK marines.
Polygon MATIC’s Challenges and Shiba Inu’s Adoption: BlockDAG’s Epic Marketing Journey from Shibuya to Piccadilly Circus BlockDAG has rapidly become a highlight of the cryptocurrency market with a remarkable presale that generated $26.9 million, as it gears up for its twelfth batch. Its strategic showcase at London’s Piccadilly Circus has not only heightened its profile but also positioned it as a top contender with a potential 30,000x return on investment. While Shiba Inu sees strong adoption and the price of Polygon (MATIC) faces persistent resistance, BlockDAG’s successful capital and interest accrual showcase its innovative capabilities and bright prospects in the crypto arena. Challenges Facing Polygon (MATIC) Price In the face of a market rebound, Polygon (MATIC) struggles to break through key resistance levels, facing continuous heavy sell-offs. Recently, Polygon experienced a significant price drop, which perpetuates a bearish trend across the crypto market. Technical analyses, including the Cross EMA 50/200-day indicator, display a Death Cross, casting a gloomy outlook for MATIC’s price. Furthermore, the MACD indicates neutral trends, reflecting a lack of buyer enthusiasm and ongoing uncertainty regarding future price movements. Shiba Inu Adoption Amid Market Fluctuations Despite facing general market volatility and difficulty in overcoming resistance barriers, Shiba Inu continues to attract new adopters. Metrics like the New Adoption Rate demonstrate a steady flow of newcomers interested in Shiba Inu, pointing to robust market participation. The increase in smaller Shiba Inu wallets suggests a growing confidence among individual investors. The Address Birth-Death Ratio, showing more new users than inactive ones, reaffirms the active expansion and engagement within the Shiba Inu community, highlighting its enduring charm and potential stability in the cryptocurrency market. BlockDAG Charms Piccadilly Circus with 30,000X ROI BlockDAG’s recent promotion at Piccadilly Circus, celebrating its CoinMarketCap listing, has significantly boosted its market presence, solidifying its stature as a formidable player in the crypto world. The platform has dazzled investors with its innovative attributes and substantial presale achievements, amassing $26.9 million and distributing over 8.9 billion coins. Currently priced at $0.007 in its eleventh batch, the price is anticipated to climb to $0.0075 in the next. BlockDAG combines traditional financial utility with blockchain advancements, drawing significant attention from influencers and the broader community, who predict a rise to $10 by 2025, thus highlighting its tremendous growth potential. This enthusiasm is further amplified by the prospects of a $2 million giveaway, creating a strong fear of missing out (FOMO) among potential investors. To facilitate growing interest, BlockDAG has introduced ten new payment methods, accommodating major cryptocurrencies like BTC, USDT (Tron Network), Doge, SHIB, Solana, XRP, Polygon (MATIC), Kaspa, Fantom, and Cardano, making it easier for crypto enthusiasts to invest. Last But Not Least As Polygon (MATIC) navigates bearish trends and Shiba Inu demonstrates resilience through robust adoption, BlockDAG establishes a new benchmark for investment potential in the crypto sector. With its progressive approach and the inclusion of multiple payment methods, BlockDAG continues to lead the way, offering a compelling 30,000x potential for investors looking for substantial returns in the competitive cryptocurrency landscape. Join BlockDAG Presale Now: Website: https://blockdag.network Presale: https://purchase.blockdag.network Telegram: https://t.me/blockDAGnetworkOfficial Discord: https://discord.gg/Q7BxghMVyu Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here. The post BlockDAG’s Piccadilly Display Overshadows Shiba & Polygon appeared first on The Merkle News.
The popular meme coin $PEPE hit a new all-time high yesterday, pushing all addresses into profit territory before experiencing a minor 3% decline today.
The post Solana Slayer? NFTFN Poised to Steal the Spotlight in the Next Crypto Boom appeared first on Coinpedia Fintech News While established players like Solana dominate the blockchain landscape, a new contender is emerging: NFTFN. This revolutionary web3 fintech platform is making waves with its ongoing presale and its potential to disrupt the NFT market, potentially stealing the spotlight in the next crypto boom. NFTFN: A Rising Star Threatens the Status Quo Investors are searching for the next generation of leading blockchains, and NFTFN is a strong contender. Its presale has generated significant buzz, attracting a passionate community with its innovative approach to NFTs. Tackling NFT Market Challenges Head-On NFTFN is a web3 fintech company addressing major pain points in the NFT market. Their flagship product, SuperNova (SNV), is a DEX offering a unique range of assets, including NFT perpetual (perps), crypto perps, and even ordinal perps. Democratizing the NFT Craze for All The presale has been a magnet for smaller investors who were previously priced out of the blue-chip NFT market. With SNV’s ingenious NFT floor price index, users can gain exposure to top collections for a mere $10. Industry Heavyweights Back a Rising Star NFTFN isn’t going it alone. They’ve secured the backing of influential figures like Polygon founder Sandeep Nailwal and established partnerships with industry leaders such as OpenSea and Binance Smart Chain. Positioned for a Breakout Following a successful first presale round, the second stage is now underway. Investors are eager to grab a share of the 25 million tokens available. Early adopters are already seeing rewards, with stage 1 investors enjoying a 20% paper profit. Potential for Massive Gains With a well-planned tokenomics model and events like the Bitcoin Halving acting as catalysts, NFTFN has the potential to deliver a staggering 50x return on investment for presale participants. Don’t Miss the Next Big Opportunity The NFTFN presale has already surpassed a remarkable $600,000, with over 20 million tokens finding new homes. This enthusiastic response is a testament to the immense potential of SuperNova (SNV). Join the Early Investor Club Stage 1: The initial stage offered a limited pool of 10 million tokens at an incredible price of $0.025 each. It sold out rapidly, highlighting the enormous investor demand. Stage 2: The second stage is nearing completion, with 25 million tokens available at a slightly increased yet undervalued price of $0.030 each. This limited-time opportunity allows investors to secure NFTFN tokens at a competitive rate before prices rise in subsequent stages. By participating in the presale, investors are aligning themselves with a rapidly growing NFT market expected to reach a staggering $230 billion by 2030. Discover the Most Exclusive Presale Opportunity of 2024 Now: Visit the NFTFN Token Presale NFTFN Official Website Join Official Telegram Group Follow Official X Account Media Contact Name – AbhishekEmail – abhishek@nftfn.xyzCompany – NFTFNCity – KingstownCountry – St. Vincent and the Grenadines
The post Senate Passes Crypto Custody Bill, But Biden’s Veto Threatens – What Will Happen in 10 Days? appeared first on Coinpedia Fintech News The Senate finally passed the H.J. Res 109 Bill earlier today, with a resolution aimed at overturning the SEC’s Staff Accounting Bulletin (SAB) No. 121. Despite rare bipartisan support for passing the Bill, President Biden still has the potential to veto it. Senate Approval and Legislative Background The H. J. Res. 109 is a resolution seeking to quash the SEC’s SAB 121, which restricts financial institutions from acting as custodians for digital assets like Bitcoin. Receiving a 60 to 38 vote in the Senate, the H.J. Res. 109 was passed by the House with enormous bipartisan support.  Under the Congressional Review Act, H.J. Res. 109 aims to remove the SEC’s unwanted barriers so that regulated financial firms can offer cryptocurrency custody services. White House Opposition However, the White House has clearly stated its opposition to the legislation. A recent statement from the administration threatened the Bill with the potential use of the President’s veto power if it reaches Biden’s desk. The main contention of the White House is that overturning SAB 121 would “disrupt the SEC’s work to protect investors in crypto-asset markets and to safeguard the broader financial system.” As expected, the major opposition came from Senator Elizabeth Warren, who urged the Senate to reject the resolution. Her main argument is that digital assets represent a fundamentally different asset class and the unique risks associated with cryptocurrencies, including the potential for hacking, evidenced by incidents such as Binance and FTX fraud. Arguments from Proponents of the Resolution In return, the proponents of H.J.Res. 109 counterargue that overturning SAB 121 is essential for consumer protection in the United States. The main perspective is that a few institutions hold the majority of Bitcoins. This stems from the current custody practices, which have given rise to centralization risks. Senator Cynthia Lummis is the major proponent of this Bill. Criticizing SAB 121, the Bitcoin advocate stated, “SAB 121 is a rule under the Administrative Procedure Act, disguised as accounting guidance. The SEC staff published it without the approval of the majority of the commission.” If SAB 121 is overturned, it would allow more regulated institutions to hold Bitcoin on behalf of customers. Critics of SAB 121 believe financial institutions are well-equipped to handle digital asset custody, given their existing compliance frameworks and security protocols. Future Uncertainty I believe Biden now has 10 days to either veto, sign or do nothing. Doing nothing would mean it goes into law just without the signature. But he has said he intends to veto. It will be interesting to see if @realDonaldTrump’s vocal support of #crypto in the last week will… https://t.co/HCPNCOllO7— Eleanor Terrett (@EleanorTerrett) May 16, 2024 Fox Business journalist Eleanor Terrett noted on X, “I believe Biden now has 10 days to either veto, sign or do nothing. Doing nothing would mean it goes into law just without the signature.” However, President Biden already mentioned last week that he plans to cast a veto on H.J. Res 109. Now that Sen Elizabeth Warren has also decided to overturn the Bill, it is likely Biden will stick to his words, given that he would likely side with Sen Warren and SEC’s Gary Gensler. If the veto is cast, the resolution’s progress will be halted, maintaining the current restrictions on financial institutions’ custody of digital assets. However, a “pocket veto” could occur if Congress adjourns during the 10 days.
Chime, provider of a banking app, is announcing MyPay, a new offering that will aim to transform how everyday people access their pay in America.
Digital Assets: Institutional crypto platform Anchorage Digital has recently announced support for native DYDX staking services.