Виктория Ляпота posted: "По словам аналитика JPMorgan, историческое сокращение доли заемных средств на рынке криптовалют может подойти к концу, что может сигнализировать о закрытии худшего медвежьего рынка.В заметке, опубликованной в среду, стратег JPMorgan Николаос Панигирцоглу " CryptoHamster.org
По словам аналитика JPMorgan, историческое сокращение доли заемных средств на рынке криптовалют может подойти к концу, что может сигнализировать о закрытии худшего медвежьего рынка. В заметке, опубликованной в среду, стратег JPMorgan Николаос Панигирцоглу подчеркнул растущую готовность фирм спасать компании и хорошие темпы венчурного финансирования в мае и июне как основу для своего оптимизма. Он сказал, […]
junioramigo posted: " By Tracy Cabrera Newly-designated national security adviser Clarita Carlos. (Photo credits: The Manila Times) MANILA -- Stressing that the Marcos administration will prioritize food, energy, and health to promote national interest over all other co" Maharlika TV
By Tracy Cabrera Newly-designated national security adviser Clarita Carlos. (Photo credits: The Manila Times) MANILA -- Stressing that the Marcos administration will prioritize food, energy, and health to promote national interest over all other concerns, newly appointed national security adviser Clarita Carlos disclosed that President Ferdinand 'Bongbong' Marcos Jr. has expressed his desire to look […]
admin posted: "The United States Commodity Futures Trading Commission, or CFTC, has taken enforcement action against a South African national in what the regulatory body called its "largest fraudulent scheme involving Bitcoin."In a Thursday announcement, the CFTC said i" Crypto Timeless
The United States Commodity Futures Trading Commission, or CFTC, has taken enforcement action against a South African national in what the regulatory body called its "largest fraudulent scheme involving Bitcoin."
In a Thursday announcement, the CFTC said it had filed a civil enforcement action in federal court for fraud and registration violations against Cornelius Johannes Steynberg. The South African national allegedly created and operated a global foreign currency commodity pool totaling more than $1.7 billion, only allowing the participants to pay using Bitcoin (BTC).
The CFTC alleged that Steynberg used the South Africa-based firm Mirror Trading International Proprietary Limited to solicit BTC from the public using social media and various websites. From May 2018 to March 2021, the regulatory body claimed that he accepted at least 29,421 BTC — valued at more than $1.7 billion at the time, but roughly $564 million at the time of publication — including from individuals in the United States.
"The defendants misappropriated, either directly or indirectly, all of the Bitcoin they accepted from the pool participants," said the CFTC. "The CFTC seeks full restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of the Commodity Exchange Act and CFTC Regulations."
ENFORCEMENT NEWS: CFTC Charges South African Pool Operator and CEO with $1.7 Billion Fraud Involving Bitcoin. https://t.co/cvNlksPznw
The case against Steynberg is the latest in a series of enforcement actions the CFTC has taken against individuals allegedly using cryptocurrencies for illicit purposes or digital asset firms for violations of the Commodity Exchange Act. In June, the CFTC filed a lawsuit against Gemini, claiming the crypto exchange made false or misleading statements to the regulatory body in 2017. A federal court also ordered the founders of crypto derivatives exchange BitMEX to pay $30 million in penalties as part of the conclusion of a suit filed by the CFTC in October 2020.
admin posted: "The crypto sector is caught in a deep correction and recent reporting shows that a majority of altcoins are more than 70% down from their 2021 highs. Solana is among that list and investors are on the fence about whether the token has strong enough fundam" Crypto Timeless
The crypto sector is caught in a deep correction and recent reporting shows that a majority of altcoins are more than 70% down from their 2021 highs. Solana is among that list and investors are on the fence about whether the token has strong enough fundamentals to warrant buying SOL at its current value.
Data from Cointelegraph Markets Pro and TradingView shows SOL is down 87.5% from its all-time high and given the current state of the market, most price breakouts fail to notch a daily higher high.
SOL/USDT 1-day chart. Source: TradingView
Despite, the dismal outlook, there are a few potential positives that could make Solana a project to watch once the wider market enters a consolidation phase.
Solana Mobile
SOL price received a quick boost late last week after a June 23 announcement that the project would release a Solana mobile stack which enables native Android Web3 apps on Solana.
To go along with the new operating interface for smartphones, Solana also revealed that it will be releasing its own "Saga" Android phone through Solana Mobile in an effort to lead the way on Web3-enabled devices.
Web3 and the Metaverse are two of the topics that arose out of the 2021 bull market and point to the future of where blockchain technology is headed. This move by Solana shows that despite the short-term struggles, it continues to develop for the future and looks to play a part in the wider adoption of blockchain and cryptocurrency.
The low fee nature of the Solana blockchain makes it an ideal candidate for nonfungible token (NFT) projects and gaming dApps, and the release of a tech stack for mobile phones is the next step in creating wider access to these technologies.
If the developers can manage to solve the issues that continue to cause Solana network outages, the token has a chance of being a top contender once the wider market turns bullish again.
It feels to me like $SOL is going thru a similar trough of disillusionment as $ETH did back in 2018. In bear markets prices aren't just reflexive—sentiment is too. @solana has a vibrant developer ecosystem and its downtime issues are solvable. This will be obvious in retrospect.
Short-term pain is expected, but fundamentals improve
While it's nice to look ahead at what the distant future may hold, the reality is that the short-term outlook for Solana and the wider crypto ecosystem is rather unappealing.
Insight into the lower price points to keep an eye on was offered by crypto trader and pseudonymous Twitter user Crypto Tony, who posted the following chart warning traders to not fall for the first retest of a major support level.
SOL/USDT 1-week chart. Source: Twitter
Crypto Tony said,
"First demand zone tested hence this reaction, but you really want to call a bottom already after the first test…"
Based on the chart provided, the notable lower levels of support for Solana are located at $13.50 and $3.50.
Market analyst and pseudonymous Twitter user Crypto Patel also predicts further downside in the near term for SOL due to a strong amount of resistance found at the 200-day exponential moving average.
SOL/USDT 4-hour chart. Source: Twtter
Crypto Patel said,
"After breakout and retest of $40 zone, Supports converts into Resistance [...] Facing resistance at 200EMA. Anytime can give downside movement. Sell: $38.5, SL: $43.2, TP: $27."
A more optimistic outlook for Solana was offered by pseudonymous Twitter user Trader McGavin, who posted the following chart highlighting the important levels of resistance at $60, $74 and $95.
SOL/USDT 1-day chart. Source: Twitter
The analyst said,
"Double bottomed after breaking down from the wedge and rebounding higher. One of the first to bounce off the bottom and may be headed to $48."
The importance of maintaining the current price levels was also touched on by crypto trader and pseudonymous Twitter user Altcoin Sherpa, who posted the following chart noting the bullish signal provided by the medium-term EMAs.
SOL/USDT 4-hour chart. Source: Twitter
Altcoin Sherpa said,
"$SOL: Still a do or die area in low time frames; this is the first time we've seen some of the medium EMAs flip bullish since March. Longing mid $30s is my current plan as a scalp since I missed the short higher."
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
