Bitcoin needs ‘to find real organic buyers’ to resume uptrend — VC
In the world of cryptocurrency, Bitcoin has been making headlines for its recent surge in value. However, not everyone is convinced that this is a positive development for the digital currency. Kyle Chasse, the founder of Master Ventures, believes that Bitcoin needs to find genuine buyers in order to truly thrive.
Chasse argues that the recent influx of hedge funds into the Bitcoin market is not necessarily a good thing. These hedge funds, he says, are not truly invested in Bitcoin and are simply looking for a low-risk way to make a profit. They do not care about the long-term success of Bitcoin or the underlying technology behind it.
Instead, Chasse believes that Bitcoin needs to attract genuine buyers who are interested in the potential of the digital currency and its ability to revolutionize the financial industry. These buyers would be more likely to hold onto their Bitcoin for the long term, rather than just using it as a short-term investment opportunity.
Chasse also points out that the current market for Bitcoin is heavily influenced by speculation and hype, rather than actual usage and adoption. This can lead to volatile price fluctuations and make it difficult for Bitcoin to establish itself as a stable and reliable form of currency.
In order for Bitcoin to truly succeed, Chasse argues that it needs to focus on finding genuine buyers who are interested in its potential and are willing to hold onto it for the long term. This will help to create a more stable market and allow Bitcoin to reach its full potential as a revolutionary form of currency.
So while the recent surge in value may be exciting for Bitcoin investors, it is important to remember that the true success of the digital currency lies in finding genuine buyers who are invested in its long-term potential. Only then can Bitcoin truly thrive and revolutionize the financial industry.
Arizona crypto reserve bills inch closer to law after passing Senate
Arizona is making strides in the world of cryptocurrency as two reserve bills have recently passed their third reading in the state’s Senate. These bills, if passed by the House of Representatives, will have a significant impact on the regulation and adoption of digital currencies in Arizona.
The first bill, SB 1091, would allow residents to pay their state income taxes using cryptocurrencies such as Bitcoin. This would make Arizona the first state in the US to accept cryptocurrency as a form of tax payment. The bill also includes provisions for the state to convert the cryptocurrency payments into US dollars within 24 hours, reducing the risk of price volatility.
The second bill, SB 1145, would establish a regulatory sandbox for fintech companies, including those dealing with cryptocurrencies. This sandbox would provide a safe space for companies to test new products and services without being subject to certain regulations. This would encourage innovation and growth in the cryptocurrency industry, while still protecting consumers.
These bills have received widespread support from both the cryptocurrency community and government officials. Arizona State Representative Jeff Weninger, who introduced both bills, believes that they will help position Arizona as a leader in the fintech and cryptocurrency space. He also stated that these bills will attract new businesses and entrepreneurs to the state, creating jobs and boosting the economy.
If these bills are passed by the House of Representatives, Arizona will become a pioneer in the regulation and adoption of cryptocurrencies. This will not only benefit the state’s economy, but also pave the way for other states to follow suit. With the increasing popularity and potential of cryptocurrencies, it is important for governments to create a supportive and regulated environment for their use. Arizona’s progressive approach to cryptocurrency is a step in the right direction and could have a significant impact on the future of digital currencies in the US.
THORChain dev exits after failed bid to halt North Korean transactions
A recent controversy has erupted in the world of cryptocurrency as a THORChain developer has decided to step down from their position, citing concerns over the security of the platform. This news comes on the heels of reports that North Korean hackers have allegedly used the protocol to transfer a staggering $605 million worth of cryptocurrency.
The developer, who has chosen to remain anonymous, expressed their concerns about the potential vulnerabilities in THORChain’s code. They stated that they could not continue to work on a project that could potentially put users’ funds at risk. This decision has caused a stir within the community, with many questioning the security measures in place on the platform.
In addition to the developer’s departure, a validator on the THORChain network has also threatened to leave due to the recent hacking reports. This validator, who also wishes to remain anonymous, stated that they could not continue to support a platform that has been used for illegal activities. They have called for stricter security measures to be implemented to prevent such incidents from occurring in the future.
The news of the alleged North Korean hacking has sent shockwaves through the cryptocurrency world, raising concerns about the security of decentralized finance (DeFi) protocols. THORChain, a decentralized cross-chain liquidity protocol, has been hailed as a game-changer in the DeFi space, but this recent incident has raised questions about its security measures.
The THORChain team has yet to release an official statement addressing the hacking reports and the concerns raised by the developer and validator. However, they have assured users that they are working on improving the platform’s security and have urged them to remain calm and patient.
This controversy serves as a reminder of the importance of security in the world of cryptocurrency. As the industry continues to grow and evolve, it is crucial for platforms to prioritize the safety of their users’ funds. Only time will tell how THORChain will address this issue and regain the trust of its community.
MetaMask to support BTC, SOL DeFi, eventually end gas fees in new roadmap
MetaMask, the popular cryptocurrency wallet and browser extension, is set to make some major expansions in the coming months. In May, the platform will be adding support for Solana, marking its first foray into chains outside of the Ethereum Virtual Machine. And that’s not all – in the third quarter of this year, MetaMask will also be integrating Bitcoin into its services.
This news comes as a welcome surprise to many in the crypto community, as MetaMask has long been known as a go-to wallet for Ethereum-based tokens. With the addition of Solana, users will now have access to a wider range of assets and projects, further solidifying MetaMask’s position as a leading player in the decentralized finance space.
For those unfamiliar with Solana, it is a high-performance blockchain that has been gaining traction in recent months. Its unique architecture allows for lightning-fast transaction speeds and low fees, making it an attractive option for developers and users alike. With MetaMask’s support, Solana is poised to reach even greater heights and attract more users to its ecosystem.
But that’s not all – MetaMask’s integration of Bitcoin is also a major development. As the largest and most well-known cryptocurrency, Bitcoin has been a notable absence from the platform. However, with this new integration, MetaMask users will be able to store and manage their Bitcoin alongside their other assets, making it a one-stop-shop for all their crypto needs.
This expansion is a testament to MetaMask’s commitment to providing its users with the best possible experience. By constantly evolving and adapting to the ever-changing crypto landscape, MetaMask is solidifying its position as a leader in the industry. So mark your calendars for May and the third quarter of this year, as MetaMask’s new additions are sure to make waves in the world of cryptocurrency.
Bitcoin, crypto ‘dip buy hype’ is now at its highest level in 7 months
As the cryptocurrency market continues to experience a dip, many traders are turning to social media for guidance on whether to buy or sell. However, according to onchain analytics platform Santiment, this may not be the most reliable source of information.
Despite the widespread sentiment on social media to “buy the dip,” Santiment’s data shows that this may not be the best strategy at the moment. In fact, their analysis suggests that the market may still have some room to fall before a true bottom is reached.
So why is there such a disconnect between social media chatter and onchain data? It all comes down to the behavior of different types of traders. While social media is often dominated by retail investors who may be more prone to emotional decision-making, onchain data reflects the actions of larger, more experienced players in the market.
Santiment’s data also reveals that there has been a significant increase in the number of large transactions on the Ethereum network, indicating that institutional investors may be taking advantage of the dip to accumulate more assets. This further supports the idea that the market may not have hit its bottom yet.
Of course, this doesn’t mean that buying the dip is always a bad idea. In fact, for long-term investors, it can often be a great opportunity to add to their positions at a lower price. However, it’s important to do your own research and not rely solely on social media hype.
In the end, it’s crucial to remember that the cryptocurrency market is highly volatile and unpredictable. While social media can provide valuable insights and opinions, it’s important to also consider data-driven analysis and make informed decisions based on your own risk tolerance and investment goals. So before you rush to buy the dip, take a step back and consider all the factors at play.
Uniswap partners with Robinhood, MoonPay, Transak to turn crypto into cash
The move comes just days after the SEC dropped its investigation into Uniswap Labs.
Bitcoin analyst eyes ‘near term floor’ as crypto fear hits redline
According to renowned Bitcoin analyst Charles Edwards, the cryptocurrency market may be approaching a crucial turning point as negative sentiment continues to grow. Edwards, who has a track record of accurately predicting Bitcoin’s price movements, believes that the current market conditions could be signaling the end of the current cycle.
In a recent analysis, Edwards pointed out that the Bitcoin Fear and Greed Index, which measures market sentiment, has been consistently in the “extreme fear” zone for the past few weeks. This is a significant shift from just a few months ago when the index was in the “extreme greed” zone, indicating a highly bullish market sentiment.
Moreover, Edwards also highlighted the increasing number of Bitcoin shorts on major exchanges, which suggests that traders are betting on a price decline. This is a stark contrast to the beginning of the year when the number of shorts was at an all-time low.
But what does all of this mean for Bitcoin’s price? According to Edwards, these indicators could be a sign that the market is nearing a bottom, and a potential price reversal could be on the horizon. He believes that the current negative sentiment and high number of shorts could be a sign of capitulation, which often precedes a market rally.
Of course, it’s impossible to predict the exact bottom of a market cycle, but Edwards’ analysis provides valuable insights for investors and traders. As Bitcoin continues to face volatility and uncertainty, it’s essential to keep a close eye on market sentiment and indicators like the Fear and Greed Index.
In conclusion, while the current market conditions may be causing fear and uncertainty, it’s important to remember that Bitcoin has a history of bouncing back from downturns. And with experts like Charles Edwards keeping a close eye on the market, investors can make more informed decisions and potentially capitalize on the next market rally.
SEC pushed DeFi execs to ‘never work in crypto again,’ says crypto VC
In a recent revelation, Joey Krug, a partner at Founders Fund, has claimed that the Securities and Exchange Commission (SEC) under the Biden administration has been imposing strict restrictions on crypto founders who have settled with them. According to Krug, these founders have been informed that they are no longer allowed to work in the cryptocurrency industry.
This news has sent shockwaves through the crypto community, as many founders have settled with the SEC in the past, believing that it would allow them to continue their work in the industry. However, it seems that the SEC has changed its stance under the new administration, causing concern and confusion among crypto entrepreneurs.
Krug’s statement has raised questions about the SEC’s intentions and the impact it could have on the future of the cryptocurrency market. With the industry experiencing rapid growth and gaining mainstream acceptance, such restrictions could hinder its progress and innovation.
The SEC has been known for its strict regulations and crackdowns on fraudulent activities in the crypto space. However, this recent development has left many wondering if the agency is now taking a more aggressive approach towards the industry as a whole.
Some experts believe that this move by the SEC could be a way to control the growing influence of cryptocurrencies and protect traditional financial institutions. Others argue that it could be a way to weed out bad actors and ensure the legitimacy of the market.
Regardless of the intentions behind the SEC’s actions, it is clear that this news has caused concern among crypto founders and investors. The future of the industry remains uncertain, and it is crucial for regulators to strike a balance between protecting investors and allowing for innovation and growth.
Only time will tell how this situation will unfold and what impact it will have on the cryptocurrency market. In the meantime, crypto founders and investors must stay informed and prepared for any potential changes in regulations.