The latest news stories from the crypto world, including in-depth analysis on leading cryptocurrencies including Bitcoin and Ethereum.
Biden’s Executive Order (EO) Flipped Crypto Green, But Only For A While
The long-awaited Executive Order (EO) that focuses on bringing the US government close to regulating crypto is finally here. President Joe Biden has officially directed the Treasury Department to implement a strategy for policies and regulations on digital currencies, as per a White House fact sheet. The crypto market soared on Wednesday after the order was signed, and gained 140 billion within 24 hours. However, the market dipped shortly after, removing 100 billion from the total cap.
The biggest cryptocurrency by market cap, Bitcoin also flipped green following the leaked updates about the EO and stepped above its resistance level at $40k and stretched gains to $42,612. However, it has sharply nosedived under $40,000 and changed hands roughly at $39,278 at the time of writing. A possible reason for not spiking past $42,000 is the macro environment’s uncertainties due to the Ukraine-Russia conflict.
The technical indicators like stochastic show that Bitcoin might drop further before it can trigger a bullish price recovery. The ascending triangle forming shows a positive short-term outlook, wherein the flagship currency can get closer to $54,000.
Cardano’s and Tron’s Founder are The Talk of Crypto Town; Not for Right Reasons
Charles Hoskinson, the brains behind Cardano’s ecosystem, has been accused of lying about his Ph D. A few days ago, Laura Shin – a former Forbes journalist – released her book “The Cryptopians”, wherein she goes into details about founding Ethereum. When a Twitter user tweeted about misrepresenting Charles, to which Charles replied that her book is a “great work of fiction”. Laura replied with screenshots, showing that he hasn’t been honest regarding some of his claims, including information about his education.
On the other hand, a report published by a Verge journalist, Christopher Harland-Dunaway, has linked Justin Sun to many infractions, including insider trading, tax evasions, and market manipulation. The journalist has claimed that “current employees and official documents” exist that can confirm these allegations against the Tron Founder.
Crypto Pro Regulations Around the World
Following the EO on government oversight of digital currencies (read crypto), the US Treasury Department has announced plans to create an educational unity to educate and inform individuals about cryptocurrencies.
South Korea elects a pro-crypto candidate as the country’s next president. Yoon Suk-yeol, who has long been advocating “overhauling crypto regulations that are far from reality and unreasonable”, success as the president has come at a time when the country is experiencing “regulatory controversies.”
The Minister of Economy for Turkey, Mustafa Elitas, today at face-to-face discussions with Shiba Inu Turkiye to adopt Shiba Inu (SHIB).