European Regulators Considering Inclusion of Cryptos in 12 Trillion Euro Investment Market
ESMA, the European Union’s security watchdog, has announced that it is actively exploring the possibility of integrating cryptocurrencies into the vast €12 trillion investment product market. To gather insight, ESMA reached out to industry experts for their views on whether Undertakings for Collective Investment in Transferable Securities (UCITS) could include various asset classes, including crypto assets, commodities, structured loans, emission allowances and unlisted shares. UCITS are investment funds designed to facilitate and protect investment transactions and include mutual funds, exchange-traded funds and money market funds.
Vitalik Buterin Proposes New Ethereum Update to Make Smart Wallets Easier
Ethereum co-founder Vitalik Buterin has launched a new ‘Ethereum Improvement Proposal (EIP-7702)’ that aims to resolve divides around account abstraction in future updates. This strategy simplifies the development process by using existing contract codes and prevents the use of new transaction codes unlike before.
Ripple and XRPL Labs Join Digital Asset Recovery Protocol DeRec Alliance
Ripple and XRP Labs have become members of the DeRec Alliance, which was established to create an open source and industry-standard methodology to simplify the recovery of digital assets. The founding members of the DeRec Alliance are Hedera blockchain network developer Swirld Labs, the Algorand Foundation, Ripple, and XRPL Labs. DeRec is known as the abbreviation for Decentralized Recovery.
Record Revenue from Mining Company Marathon Holdings
Marathon Digital Holdings announced a record net income of $337.2 million in the first quarter of 2024. The firm’s quarterly net income, published in its May 9 earnings report, represents year-over-year growth of 184%, from $118.7 million in the first quarter of 2023. Marathon had $1.6 billion in unrestricted cash, cash equivalents and Bitcoin as of March 31.
Uniswap Fee Increase Was Beneficial for Developers
Uniswap recently increased its swap fee from 0.15% to 0.25%. This increase helped strengthen Uniswap Labs’ coffers. At the same time, since the wage increase, developers have earned over $145,000 per day.
Tether criticized Deutsche Bank
Tether has criticized Deutsche Bank for a new report suggesting that stablecoins have just been issued. Deutsche analysts published a research report on stablecoins on May 7. In this report, Deutsche Bank cited the collapse of Terraform Labs’ algorithmic stablecoin TerraUSD in 2022 and the deletion of $ 40 billion from the market as a danger. However, Tether reacted harshly to the report and argued that the report was far from clarity and solid evidence.
VanEck’s MarketVector Launches Meme Coin Index
MEMECOIN Index is introduced by MarketVector, a well-known division of VanEck. The index has demonstrated a very successful performance, increasing by 137% since the beginning of 2024 and by 195% in the last year. The index is a tool for institutional and individual investors, limiting individual cryptocurrency weightings to 30% in order to hedge against the influence of a single asset and maintain diversification. The index ensures its suitability and sensitivity to the evolution of the memecoin market through monthly index reviews.
Solana-Based AgriDex Raises $5 Million
AgriDex is a platform that tokenizes agricultural products for trading purposes and represents each transaction. Each transaction is represented by issuing an NFT, which permanently records product information, pricing and payment information. CEO Duckworth emphasizes AgriDex’s potential to reduce costs and increase profitability for investors, farmers and governments, stating that they aim to benefit from Solana’s fast transaction completion, high transaction speed and low fees. AgriDex, which initially planned to tokenize agricultural products such as sugar, grain and cocoa, is considering including more products on the platform with new partners and investments in the future. In the preliminary investment round, the company raised $5 million.
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BITCOIN (BTC)
BTC is priced at $62,780 with a 0.46% loss of value as of the morning hours. After rising to the $65,500 region, the $60,600 level was tested again with a retreat. The rise continues with a successful reaction from this region. The first target is $66,700, which is the middle part of the horizontal band. If there is a break above this level, there may be a rise up to $73,000. If $60,600 is broken, there may be a retreat to $56,000.
ETHEREUM (ETH)
ETH is priced at $3032 with a 0.13% loss in value as of the morning hours. The rise continues after receiving support at $2950. $3060 has worked as resistance for now. If this region is broken, there may be an increase up to 3135 dollars. If the retreat deepens, $2920 appears as the first support.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.5168 with a 0.79% loss in value. There is a horizontal channel between $0.46 and $0.57. There was a wick movement to the $0.48 level, but it could not be permanent. $0.50 is a critical level, and if it closes below this level, there may be a drop to $0.48. $0.50 worked as support. Areas that may be resistance include $0.55 and $0.58.
AVALANCHE (AVAX)
AVAX is priced at $35.50 with a 1.23% gain in value as of the morning hours. There is a horizontal line between $40 and $31. If a breakout of $39 occurs and persistence is achieved, a rise to $45 can be seen. There was a pullback to $34. It seems to have received support from this level. With the reaction from here, an increase up to $ 39 can be seen.
SOLANA (SOL)
SOL is priced at $152.60 with a 0.01% gain in value as of the morning hours. When we examine the chart, we see that the falling trend line is an important resistance. This resistance zone corresponds to the $155 level. In case of an upward break, the $165 level can be tested. In case of a withdrawal, the $145 level appears as support.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $14,233 with a 0.02% loss in value. When we examine the twelve-hour chart, we see that there is horizontal movement between the $ 13 and $ 15,600 levels. These two levels can be followed as main support and resistance zones. If upward movements persist above the $14,500 level, the $15 level can be tested. In case of withdrawals, the $14 level can be followed as support.
PNG
As of the morning hours, PNG is priced at 0.57396 dollars with an 8.75% gain in value. When we examine the daily chart, we see that the falling trend line has been broken upwards. If this movement continues, the $0.60 region appears as a short-term resistance area. If the resistance zone is crossed, the $0.65 zone can be followed. In case of withdrawals, the $0.55 region appears as support.
IMX
IMX is priced at $2.2290 with a 3.19% gain in value as of the morning hours. When we examine the four-hour chart, we see that the $2.30 area is an important resistance zone. If this resistance zone is broken upwards, a move towards the $2.40 region may be possible. In case of withdrawals, the $2.18 region can be followed as support.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2357 dollars with a 0.46% gain in value. When we examine the four-hour chart, we see that there is no persistence above the $ 2400 level and at the same time, the short-term rising trend line has been broken downwards. If this withdrawal movement continued, the $ 2300 level and then the $ 2280 level could be followed as support, and these levels were reached. He worked as support. In upward movements, the 2380 and 2400 dollar regions appear as resistance. $2307 is working as support for now. If this level is lost, there may be a decline to 2260 dollars. $2360 appears as the first intermediate resistance zone.
OUNCE OF SILVER
As of the morning hours, silver is priced at $28.44 with a 0.37% gain in value. When we examine the four-hour chart, we see that there is a strong movement with an upward break of the $ 27.65 level, which we follow as the resistance zone. If this movement continues, the $29 region appears as an important resistance. In case of short-term withdrawals, the $28 level can be followed as support.
