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Shiba Inu Global Adoption Continues As Turkey Minister of Economy Discuss Shib

Mark Brennan
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Shiba Inu Global Adoption Continues As Turkey Minister of Economy Discuss Shib

Mustafa Elitaş, AK Party Group Deputy Chairman and Turkey Minister of Economy, Discuss Shiba Inu.



The news is compelling for the Shiba army as a country minister of economy has discussed Shiba Inu according to shib lead developer Shytoshi Kusama.

According to the details Mustafa Elitaş, Minister of Economy, Examined Shiba Inu with Shiba Inu Türkiye, a ship army member from Turkey.

Shiba Inu Türkiye had a face-to-face meeting with Turkey Parliament Officials led by Mustafa Elitaş, where Shiba’s ecosystem was discussed.

The development comes because Trading activity in Turkish Lira pairs with Shiba Inu and Tether was more than five times higher than Bitcoin, amid a sharp devaluation of the lira in 2021 and 2022.

The lira weakened against the dollar for the ninth year in a row in 2021. Since the beginning of 2022, the currency has fallen by 5% and 46.5% in 2021; Lira became the third currency in the world to fall against the Dollar, so aggressively, Only the Cuban peso and the Libyan dinar are worse-performing currencies than Lira.

Inflation in Turkey jumped to a three-year high of 21.31%, according to TradingEconomics in 2021. The Turkey population perceives cryptocurrencies as a measure of capital preservation and a hedge against extreme inflation, however, this creates additional pressure on the local currency.

Sabri Aygun, a crypto investor based in Istanbul, told Coindesk:

“The priority of Turkish citizens is gold and the dollar. They also buy cheap cryptocurrencies like SHIB, VET, XRP because BTC is expensive. Traders in Turkey also use tether as a proxy for dollar exposure. I hold USDT because sending USDT is fast and cheap across different exchanges, also swapping between spot and futures.”

According to CoinGecko, at the time of writing, one Bitcoin cost 574,546.98 Lira, One Tether cost 14.6 Lira, and one Shiba Inu almost 0.00033622 Lira.

Lira’s ongoing depreciation, Shiba Inu’s reputation, and steady developing ecosystem have made the Turkish population heavily invest in SHIB. That is why shib was discussed by the present Turkey Minister of with the shibarmy.

After the meeting, if anything regarding Shib comes from the Turkey government, it will be an unprecedented accomplishment and outlandish boost for Shiba Inu.

489.09 Bitcoin (BTC) Worth $50 in 2010 Have Just Been Moved After Over 11 Years   

Albert Brown
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0
489.09 Bitcoin (BTC) Worth $50 in 2010 Have Just Been Moved After Over 11 Years   

According to fresh data on popular crypto data analytics platform Whale Alert, an idle Bitcoin address containing 489 BTC has just been activated after more than 11 years. 



The last time a transaction occurred at the address was in 2010, which resulted in the user having a total of 489.091 BTC. 

 

At the time, the Bitcoin holdings were worth a paltry sum of $50, as a unit of Bitcoin was trading around $0.1. Fast forward to today, what was considered a paltry amount 11 years ago, has surged into millions of dollars. At press time, the value of the Bitcoin holding was around $20.2 million. It’s a whopping 800X profit on a single bitcoin as today BTC is trading around $40,000.

Social Media Users Give Comments

Several social media users have commented on the recent development.  Many people seem shocked that someone could hold the world’s largest cryptocurrency for over a decade without considering selling a portion of the holding at some point. 

While several users think the address has been hacked after several attempts made by the hackers, others believe that the user could have been in jail all these years. 

“Someone just got out of jail? OR, Quantum computers are cracking dormant [addresses]?.“ a Twitter user with the username @FluentInFinance said. 

Whatever the reason might be, the development still goes to emphasize one of the benefits of holding on to the crypto asset regardless of the circumstance. 

The world’s largest cryptocurrency by market capitalization, Bitcoin (BTC), has always been tipped as an asset class capable of making people immensely rich. 

However, in order for this to happen, the investor would need to exercise patience when holding the cryptocurrency. 

Bitcoin Outstanding Performance

In 2010, Bitcoin was far from being considered a disruptive asset. Many people never thought the cryptocurrency could become popular to the extent that world leaders would converge on several occasions to discuss its effect on the existing financial systems. 

Bitcoin has since been on a major rally since 2010, surging above $69,000 in November last year, thus leaving many people wishing that they had got in while the cryptocurrency was selling at a discount. 

 

Ripple CEO Brad Garlinghouse Applauds President Biden’s Cryptocurrency Executive Order

Albert Brown
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0
Ripple CEO Brad Garlinghouse Applauds President Biden’s Cryptocurrency Executive Order

Ripple CEO Brad Garlinghouse Praises President Biden’s Crypto Executive Order.



The release of the long-awaited Biden administration executive order on cryptocurrencies has become a major topic of discussion in the industry. 

Several industry players have given their views about the recently-published executive order on the nascent asset class, especially the impact the order will have on digital currencies. 

One industry expert who has joined others to weigh in on the Biden’s cryptocurrency order is Brad Garlinghouse, the CEO and founder of Ripple. 

 

Commenting on the development today on microblogging platform Twitter, Garlinghouse noted that he was inspired that the executive order acknowledged the need for an evolving government approach toward the nascent industry. 

Garlinghouse said the executive order goes to confirm that cryptocurrency is here to stay, a statement that is in contrast to what many digital currency critics like Peter Schiff have been saying for years.  

The Ripple CEO added that the Biden’s administration’s recently published executive order further backs the unending calls made by cryptocurrency enthusiasts for the need to provide regulatory clarity for the industry. 

“If the US wants to maintain its status as a responsible tech leader, it needs to provide a clear regulatory framework for an industry that’s exploding in growth (40M Americans and counting),” Garlinghouse added. 

 

Recall that Garlinghouse, his colleagues, and the blockchain company have been victims of a lack of regulatory clarity for the United States’ cryptocurrency sector.  

In December 2020, the trio were charged by the Securities and Exchange Commission (SEC) for conducting an unregistered securities offering that saw the company raise $1.3 billion. 

While many thought the case could be over in months, the lawsuit has dragged on for over a year with both the defendant and plaintiff saying they were not in the wrong. 

It is expected to use the lack of regulatory clarity by the SEC in its defense in its next court sitting, described as the Fair Notice Defense. 

Reacting to the actions of the SEC since the lawsuit started, Garlinghouse said the damage done by the Securities and Exchange Commission’s “siloed” regulation can be resolved through the partnership of relevant federal agencies in establishing cryptocurrency laws, adding that: 

“If we are to catch up with the rest of the world, we need prompt and decisive action ASAP.” 

No Downtime in Over Four Years, 5 Reasons Cardano Should Be Considered A Good Buy

Mark Brennan
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No Downtime in Over Four Years, 5 Reasons Cardano Should Be Considered A Good Buy

While there are over 10,000 digital currencies currently in existence in the world today, not too many cryptocurrencies have a promising future like Cardano. 


 

Developers of the popular cryptocurrency project have been working behind the scenes to ensure the network has an unmatched level of security, efficient transactions, fast and low-cost transactions, among other things.  

ADA Unfavorable Price Movement

The current value of Cardano (ADA) may not be reflecting the volume of work being put toward the growth of the project. 

It is not shocking that several investors may not seem happy with the performance of ADA as the cryptocurrency, instead growing significantly after the Alonzo hardfork, has fallen drastically. 

ADA was trading around $1.3 on January 1, 2022. Unfortunately, the coin has suffered major setbacks that have rocked the crypto space, which has seen ADA lose a total of 35.5% on year-to-date (YTD), thus putting the cryptocurrency in the as the ninth-largest cryptocurrency in the global digital currency rankings. 

5 Reasons Cardano is Expected to Surge 

Regardless of the unfavorable price movements of ADA, the cryptocurrency is expected to have a sensational performance this year due to the consistent development being carried out on the blockchain.  

Dan Gambardello, CEO of Crypto Capital Ventures (CCV), called Cardano a sleeping giant that is waiting to explode. Similarly, a group of fintech panelists predicted that ADA prices will reach $58.04 by 2030. 

While this may seem far from happening based on the current price of Cardano, a closer look at the consistent development being conducted on the network, one would note that this feat can be achieved in the short term. 

Total Value Locked (TVL) 

Recall that after the Alonzo upgrade, smart contract functionality was enabled on Cardano, a move that prompted the launch of decentralized exchanges (DEXs) on the blockchain. After the launch of a handful of DEXs, Cardano enthusiasts have shown significant interest in the network leading to an increase in the total value locked (TVL). At press time, the TVL on Cardano is currently sitting around $173.92 million, with the volume expected to surge when more DEX go live on the blockchain.   

Growing Number of dApps Under Development 

Despite the support of smart contract functionality, there are only a handful of decentralized applications on Cardano. However, the number of dApps is set to improve in the coming months as over 60 decentralized applications, which include more than 20 DEXs are currently under development and will soon be launched very soon.  When these applications finally launch, the TVL, as well as the price, will surge massively in the coming days.  

Unmatched Scalability 

Over the years, the Cardano team has developed a network to handle a total of 250 transactions per second (TPS). Unsatisfied by the numbers, the team is planning to expand its TPS capability to reach a whopping 1,000,000, which will be ushered in by the Hydra upgrade that is slated to be launched later this year. 

Increased Adoption of ADA 

With traders setting their sights on the imminent growth of Cardano, both retail and institutional traders have embarked on an accumulation spree of ADA. Several reports have emerged showing widespread adoption of traders, especially during slight corrections. The adoption spree suggests that investors are still confident that ADA prices will rally in the coming weeks. 

No Downtime in Over 4 Years

Rival networks such as Ethereum and Solana have been on the receiving end of major network congestion that has resulted in the blockchains experiencing downtime. The unfortunate development has never seemed to be the case for Cardano, which has continued to function at full capacity for more than 1,500 days despite the number of activities being conducted on the network.

Disclaimer: This article is for informational purposes only, please do your own research before investing in crypto or any financial instrument, read full disclaimer here:

Study Finds How High Binance Coin (BNB) Can Reach By 2030

Mark Brennan
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Study Finds How High Binance Coin (BNB) Can Reach By 2030

Finder.com finds out how much high BNB can go by 2030.



Binance Coin’s (BNB) price has been climbing for a few days; at press time, BNB is trading at $395.00 with a market cap of approximately $66.5 billion. However, according to the latest report from Finder.com, this is far from the end.

At the beginning of this year, Finder.com surveyed 33 experts in their report about the development of BNB prices over the next few years. The answers from FinTech specialists were then summarized. The platform concluded that a BNB price of $2,488 could be expected for 2030. That would be a price increase of over 500 percent compared to today’s value.

For the current year, the study finds that the BNB price will remain under $527 till the end of 2022. However, by 2025, they expect the price to increase by over 150 percent compared to today’s value, as BNB could climb to $975.

bnb to reach 2488 dollar by 2030
image source finder.com

Balthazar CEO John Stefanidis was particularly bullish about BNB in the survey. He thinks a BNB value of $3,000 by 2030 is entirely possible. Because of Binance coin’s superior technology and compliance with global regulation, BNB is primed for long-term success. He emphasizes that great UX, a strong venture team, and an excellent brand are the triumph points for BNB.

The director of Rouge Ventures and Rouge International, Desmond Marshall, says that Binance Coin can catch up with Ethereum, but BNB is affordable for many investors. In his eyes, the success of the Binance coin depends mainly on how the regulations are to be implemented. In addition, Finder founder Schebsta sees the community’s trust in BNB as a decisive influencing variable for future development.

Despite these bullish numbers, about a fifth of respondents believes Polkadot (DOT) will be the top-performing altcoin in 2022, followed by Terra (LUNA) and then Cardano (ADA).

 

President Biden’s Administration Finally Publishes Cryptocurrency Executive Order: Main Points

Mark Brennan
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0
President Biden’s Administration Finally Publishes Cryptocurrency Executive Order: Main Points

President Biden’s Administration Finally Publishes Cryptocurrency Order.



Following the rapid growth of digital currencies over the last five years from a valuation of $14 billion to over $2 trillion in the last five years, president Joe Biden’s administration has released the first of its kind executive order for the nascent asset class. 

The order signed by president Biden today directed various federal agencies to coordinate their approach toward the sector for effective communication. 

Despite the directive, the bill did not specifically recommend guidelines for each agency to provide new regulations for the cryptocurrency industry. 

According to a statement issued by Janet Yellen, Secretary of the Treasury Department yesterday, the newly released executive order mandates the department to publish a report on the future of money, especially on the shortcomings of the existing financial systems. 

The focus of the executive order centers on financial stability, consumer protection, curbing the illicit use of cryptocurrencies, and global financial inclusion, among others. 

President Biden signed an Executive Order outlining the first-ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology:

  • Protect U.S. Consumers, Investors, and Businesses.
  • Protect U.S. and Global Financial Stability and Mitigate Systemic Risk.
  • Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets.
  • Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System.
  • Promote Equitable Access to Safe and Affordable Financial Services.
  • Support Technological Advances and Ensure Responsible Development and Use of Digital Assets.
  • Explore a U.S. Central Bank Digital Currency (CBDC) by placing urgency on research and development of a potential United States CBDC, should issuance be deemed in the national interest. The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans’ interests.
  • 16% of adult Americans invested in crypto. It creates an opportunity to reinforce American leadership in the global financial system and technological frontier, also has substantial implications for consumer protection, financial stability, national security, and climate risk.

It is worth noting that the long-anticipated order also did not state-specific rules that crypto-related companies, including trading platforms, should abide by. 

Recall that Russia was slammed with multiple sanctions, including the country’s financial institutions’ removal from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) following its invasion of Ukraine. 

The entire cryptocurrency community had anticipated that the Biden administration’s executive order on cryptocurrencies would be very strict on the industry. 

Many speculated that the Biden administration could impose stricter regulations on the nascent asset class following rumors that Russia could adopt digital currencies to evade financial sanctions. 

However, in contrast to rising fears, Yellen eased the tension by first disclosing how the Treasury Department plans to comply with the executive order. 

Moments after the post was published on the treasury website, it was immediately taken down. Interestingly, her statement did not stop cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Cardano (ADA) from rallying. 

Evaluating Shiba Inu Doggy DAO Phase 1 Performance 

Mark Brennan
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0
Evaluating Shiba Inu Doggy DAO Phase 1 Performance 

In recent times, popular dog-themed cryptocurrency project Shiba Inu (SHIB), which originally launched as a memecoin, has proven to be a utility token. 


An Overview of Shiba Inu’s Growth 

Shiba Inu has been able to achieve this feat by releasing significant upgrades and features that have made many consider to rank it among the most valuable cryptocurrencies in the market. 

Some of the notable feats Shiba Inu has rolled out include a decentralized exchange named ShibaSwap, a non-fungible token (NFT) dubbed Shiboshi, and a metaverse project. 

The project is also developing other initiatives like a play-to-earn (P2E) game and a burning portal that will ultimately reduce the total supply of SHIBs. 

Evaluating the Doggy DAO

One of the most significant features Shiba Inu released this year is the first phase of its decentralized autonomous organization dubbed the Doggy DAO 1. 

The initiative, which launched in mid-February this year, ultimately gave the decision-making process of Shiba Inu to the entire SHIB community members as opposed to just selected team members. 

Through the Doggy decentralized autonomous organization, the Shiba Inu community can pool resources together and coordinate around common goals. 

It is worth noting that since Doggy DAO was launched less than a month ago, the initiative has gained traction, with several users flocking to the platform to decide the future of ShibaSwap. 

With the launch of Doggy DAO 1, the SHIBArmy, a title given to enthusiasts of Shiba Inu, will be able to decide the projects that will form its WOOF pools. 

In other words, the community will determine the cryptocurrency and trading pairs that will be listed on the ShibaSwap WOOF Pools and how the $BONE rewards will be allocated among these pairs. 

“This is a crucial first step, orienting our Decentralized Exchange to grow, while promoting all the benefits to the #ShibArmy from such pairs,” Shiba Inu said. 

Doggy DAO Phase 1: Voting for Trading Pairs

However, before participating in Doggy DAO-related activities, users will be required to stake some amounts of the $BONE cryptocurrency, in order to earn the $tBONE tokens, a digital currency considered as the voting power in the Shiba Inu ecosystem. 

As stated in the official post, the Doggy DAO Phase 1 platform will contain a list of top liquidity/trading pairs from ShibaSwap, with users expected to vote on any of the pairs they are interested in. 

Each week, a set of 48 trading pairs from ShibaSwap are selected for Shiba Inu holders to choose from. The first week for the Doggy DAO pair for the week of February 18 to February 25, recorded a total number of 2,303. 

The second voting exercise for the pair voting week of March 13 to March 26 is still ongoing. A total of 48 trading pairs have been listed for the Shiba Inu community to choose from. 

Selected Trading Pairs on Doggy DAO  

The 48 listed trading pairs for the ongoing voting week include: 

  1. Saitama / WETH 
  2. SUSHI / WETH 
  3. Million (MM) / SHIB 
  4. Starlink (STARL) / WETH 
  5. Tiger King Coin (TKING) / WETH 
  6. Dogelon Mars (ELON) / WETH 
  7. Uniswap (UNI) / WETH 
  8. Ryoshi Token (RYOSHI) / WETH 
  9. The Truth (UFO) / WETH 
  10. Chainlink (LINK) / WETH 
  11. WETH / The Graph (GRT) 
  12. Vectorspace AI (VXV) / WETH 
  13. Polypup Finance (COLLAR) / WETH 
  14. Synthetix Network Token (SNX) / WETH 
  15. xFund (XFUND) / WETH 
  16. Falcon Nine (F9) / WETH 
  17. Shibaverse (VERSE) / WETH 
  18. WETH / vEmpire DDAO (VEMP) 
  19. Voxel X Network (VXL) / WETH 
  20. Civilization (CIV) / WETH 
  21. Unit Protocol (DUCK) / WETH 
  22. WETH / Meme (MEME) 
  23. Moonbet (MBET) / WETH 
  24. Decentraland (MANA)/ WETH 
  25. SHIB / USDT 
  26. Zigcoin (ZIG) / WETH 
  27. Kishu Inu (KISHU) / WETH 
  28. WETH / Perlin (PERL) 
  29. xShib / WETH 
  30. PushinP / WETH 
  31. Piccolo Inu (PINU) / WETH 
  32. SHIB / USDC 
  33. Float Bank (BANK) / WETH 
  34. Polygon (MATIC) / WETH 
  35. KleeKai (KLEE)/ WETH 
  36. WETH / Luffy (LUFFY) 
  37. Sphynx Network (SPH) / USDT 
  38. Mando X (MANDOX) / WETH 
  39. Schrodinger (KITTY DINGER) / WETH 
  40. LEASH/XFUND 
  41. GLOBALTRUSTFUND Token (GTF)/ SHIB 
  42. LINK / SHIB 
  43. SHIB/ CAGE (C4G3) 
  44. SHIB / Pawthereum (PAWTH) 
  45. LEASH / SHIB 
  46. MATIC / SHIB 
  47. ELON / SHIB 
  48. SAITAMA / SHIB. 

Current Ranking of Pairs  

Current Ranking of Pairs  

The voting for the new week started on March 7, 2022 and it is scheduled to end on March 12, 2022. At the time of writing this line, the current winning trading pair is LEASH/SHIB. 

The trading pair has amassed a total votes of 3.3 million $tBONE, representing  26.89% of the total votes, while the second trading pair in the current ranking is SHIB/USDC, and it has so far attracted a total of 1.6 million $tBONE votes. 

Interestingly, Voxel X Network, which ended in the fourth position during the last voting exercise, has shown resilience in the current trading pair ranking. 

At the time of writing this line, VXL has amassed a total votes of 1.5 million $tBONE, which puts it directly in the third position. 

There is a huge possibility that the VXL/WETH pair could overtake SHIB/USDC to become the second most voted trading pair since the margin between the duo is relatively small. 

It is worth noting that the higher the trading pair ranking, the higher its $BONE reward APY would be. 

While community members will be allowed to vote on pairs, Shiba Inu noted that the “guardians 6/9 wallets” would have the final decision over the pairs’ reward allocation, approval, and onboarding into ShibaSwap.  

The measure, according to Shiba Inu, would prevent scams by overviewing the process of autonomy.  

Conclusion 

Shiba Inu Doggy decentralized autonomous organization would ultimately give the SHIBArmy the voting rights over the entire roadmap of the Shiba Inu ecosystem, the trading pairs of ShibaSwap, as well as the allocation of the $BONE rewards among these pairs. 

The Shiba Inu DAO will be launching in phases, with the first beta version making its debut mid-last month. 

Each phase of the Doggy DAO will be intended for different purposes. For now, the first phase requires the community to vote on trading pairs that will determine the allocation of $BONE rewards among them. 

Shiba Inu disclosed that the subsequent phases will see the community make generic proposals, which can be considered among all relevant stakeholders. 

If the proposals are heavily supported by the community, they could be added to the SHIB roadmap. 

Fox Journalist: SEC Commissioner Reportedly Thinks SEC Will Not Win the Lawsuit Against Ripple

Albert Brown
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0
Fox Journalist: SEC Commissioner Reportedly Thinks SEC Will Not Win the Lawsuit Against Ripple

Fox Journalist says what was said to her privately by SEC commissioner that SEC Will Not Win the Lawsuit Against Ripple.


 

The global cryptocurrency community is eagerly anticipating the outcome of the lawsuit slammed by the Securities and Exchange Commission (SEC) on Ripple (XRP). 

Several details have been made public over the last couple of days, indicating that the case will end in a settlement in Ripple’s favor. 

The SEC Will Not Get Its Desired Outcome

Interestingly, the above comment has recently been backed by Eleanor Terrett, a FoxBusiness journalist. 

In a recent post made by Terrett on popular microblogging platform Twitter, she revealed that a close source to the SEC informed her that the Securities regulators were not expressing optimism that they would win the case against Ripple. 

A source familiar with the development told Terrett that Hester Peirce, the SEC commissioner popularly referred to as “Crypto Mom,” has disclosed privately that the SEC may not get the outcome it seeks, which mainly hovers around setting a perfect example out of Ripple. 

“Turns out even the staff at the SECGov aren’t confident they will win the case against Ripple. A source close to the SEC tells me HesterPeirce has expressed privately that she thinks the SEC will not get the outcome it’s looking for,” Terrett noted. 

Ripple CEO’s Comment 

Meanwhile, Ripple CEO Brad Garlinghouse recently commented in a Fox Business interview that SEC chairman Gary Gensler disclosed to an audience that he thinks the SEC will lose a some of its cases against the digital currency business. 

While it is not clear whether Ripple’s lawsuit is inclusive, there is a strong indication that Gensler was referring to its lengthy legal battle with the blockchain company.  

Ripple Could Use Lack of Regulatory Clarity as Defense

It is worth noting that Peirce has been outspoken about cryptocurrencies, calling for regulation of the nascent asset class on different occasions. However, all her pleas have been ignored.

Following recent developments in the case, the lawsuit seems to be going in favor of blockchain companies, as expressed by the general public and legal experts, including attorney Jeremy Hogan. 

The lawsuit, which has continued to hurt Ripple investors, is expected to come to an end by November 18, 2022, recent court filings indicate. 

For years, several cryptocurrency experts have spoken about the lack of regulatory clarity in the nascent asset class, with many people suggesting that certain issues with the SEC could have been avoided if there was clear regulation for digital currencies. 

There is a possibility that Ripple could use the lack of regulatory clarity by the SEC for the upcoming Fair Notice Defense. 

Bitcoin Surges Above $41K After Positive Comments from U.S. Secretary of Treasury on Upcoming Crypto Executive Order

Mark Brennan
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0
Bitcoin Surges Above $41K After Positive Comments from U.S. Secretary of Treasury on Upcoming Crypto Executive Order

Bitcoin Surges Above $41K After Positive Comments from US Secretary of Treasury, Janet Yellen.



Bitcoin (BTC) alongside other cryptocurrencies surged tremendously in the late hours of yesterday following positive comments about the upcoming executive order bill on cryptocurrencies from Janet Yellen, U.S. Treasury Secretary. 

Bitcoin, which has been trading below $40,000 since last week, rallied over 8% at the time, with the world’s largest cryptocurrency surpassing $41,000 once again. 

Before the statement from the Treasury, Secretary Bitcoin was trading around $38,138 by this time yesterday. Still, the asset class made a quick comeback to surge above $41,500 moments when the statement was released. 

Other Cryptocurrencies Also Surge

Interestingly, Bitcoin is not the only digital currency that has enjoyed a significant boost. Evidently, all cryptocurrencies in the top 10 spot in the global crypto rankings are also favored by Yellen’s statement. 

According to data on Coingecko, Ethereum (ETH) has been up to over 7% in the last 24 hours and is currently trading around $2,717. 

Similarly, Binance Coin (BNB) is up 4.4%, Ripple (XRP), Terra (LUNA), Solana (SOL), Cardano (ADA), and Avalanche (AVAX) have surged 3%, 18.3%, 5.6%, 4.3%, and 8.9%, respectively. 

Yellen’s Statement on Cryptocurrency Executive Bill

Earlier today, the United States Treasury Secretary gave insights on what the cryptocurrency community should expect from president Joe Biden’s cryptocurrency executive order, which is scheduled to be published today. 

Traders expect the Biden administration could impose stricter regulations on cryptocurrencies as part of efforts to stop Russia from evading the multiple sanctions slammed on the country for its ongoing invasion of Ukraine. 

However, positive comments from the U.S. Treasury Secretary seem to indicate that the bill would likely favor the nascent asset class. 

According to a statement dated March 9 but published on March 8, 2022, Yellen noted that the Treasury department’s work would complement its current and existing efforts following the executive order. 

Yellen stated that the Treasury Department would collaborate with interagency colleagues to produce a report on the future of existing payment systems and money. 

Notably, the department will continue its work with the Financial Stability Oversight Council, which hovers explicitly around evaluating the potential risk of cryptocurrencies to U.S. financial stability while assessing whether the necessary protections are in place. 

“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy.  This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses,” Yellen said. 

It is worth noting that the statement has been deleted at the time of writing, as there seems to be a mistake in the date of the publication.

Matt Corallo writes: “Looks like Yellen’s comments on tomorrow’s Executive Order were accidentally posted a day early (now removed).”

 

 

Shiba Inu Becomes Top 10 Purchased Token By Biggest 1000 ETH Whales After Bouncing 6% From Major Support

Zabi
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0
Shiba Inu Becomes Top 10 Purchased Token By Biggest 1000 ETH Whales After Bouncing 6% From Major Support

Shiba Inu Enters Top 10 Purchased Tokens By Biggest 1000 ETH Whales.



Shiba Inu (SHIB) token is back on the “Top 10 Purchased Tokens” list as the crypto traders are hoping for a near-term trend change, i.e., from Bearish to Bullish.

As reported by The Crypto Basic, Shiba Inu’s price was hovering around at critical support level, i.e., $0.00002347 yesterday.

SHIB bounced back from that critical support level and pierced the first resistance at $0.00002367 in the 4-hour chart. The closing of a 4-hour candle above this resistance level confirms that the near-term trend will reverse. SHIB price is now trying to break another critical resistance located at $0.00002403.

shib price bouncing
image source: https://twitter.com/army_shiba

If Bulls successfully conquer this level, we may see the price reach its next price target of $0.00002755 in no time. However, the $0.00002755 level is supposed to be the “tough nut to crack” for the bulls as it was strong support that turned into resistance.

But in case the bulls managed to conquer the $0.00002755, this will be taken as a “Bullish Trigger” for many of the retail traders and technicians. We might observe some volatility in the price of SHIB. If we summarize our technical analysis, we see the Big Bullish Rally coming into the picture in the coming weeks.

For this reason, the biggest Ethereum wallets, which seem to be bullish on Shib, became active and started to accumulate Shiba Inu tokens aggressively, which led SHIB to become the top 10 purchased tokens and top most used smart contracts by 1000 biggest ETH whale wallets over the last 24 hours, as per recent data provided by WhaleStats.

On average, each top whale present in the 1000K list purchases 117M Shiba inu coins worth $2735.

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