Reserve Bank of Australia Launches 3-Year Program for Wholesale CBDC
The Reserve Bank of Australia (RBA) has launched a 3-year program focused on wholesale CBDC over retail CBDC. Speaking at the Intersekt Fintech Conference in Melbourne, RBA Deputy Governor Brad Jones noted that retail CBDC does not offer much innovation to the public, but wholesale CBDC provides several benefits to commercial and central banks. These benefits include reducing counterparty and operational risks, increasing transparency and auditability, improving liquidity and transaction capabilities, and reducing intermediation and compliance costs. The launch of the public phase of Project Acacia and exploring cross-border applications are among the most urgent priorities. 134 countries around the world are exploring central bank digital currencies.
House Republicans Demand SEC Clarify Gensler’s Crypto Airdrop Stance
Two Republican lawmakers are demanding that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler answer questions about the classification of crypto airdrops by the end of the month. Representative Tom Emmer and House Financial Services Committee Chairman Patrick McHenry said they were concerned that the SEC had made allegations about airdrops in several lawsuits over the past two years. In 2022 and 2023, the SEC filed lawsuits against firms such as Hydrogen Technology Corporation and Justin Sun, calling the airdrops an “unregistered securities offering.” Emmer and McHenry said that this approach could prevent the technology from reaching its full potential and deprive Americans of the benefits of blockchain technology. They also asked Gensler to answer five questions about how airdrops meet the Howey test and how they differ from other rewards, such as credit card points.
Circle launches USDC on Sui, marking its 15th network integration
Circle plans to launch USDC on the Sui blockchain next week, marking USDC’s 15th network integration. The move also includes partnerships with MoviePass and expansion into Brazil and Mexico. Sui, which launches in 2023 and uses technology from Facebook’s Libra project, will benefit from cross- and on-chain functionality through this integration. Circle will use the Cross-Chain Transfer Protocol (CCTP) to facilitate seamless USDC transfers between blockchains. Additionally, Circle is extending USDC to Ethereum Layer 2 Soneium.
Pro-Ripple Lawyer Will Continue SEC Fight Over $15 Billion XRP Investor Losses
Massachusetts Republican Senate candidate John Deaton claims that XRP holders have lost $15 billion due to “willful misconduct” by the SEC and is determined to fight for investor compensation. Deaton, who represents more than 75,000 XRP holders in the SEC’s lawsuit against Ripple Labs, says the SEC’s aggressive actions have caused significant financial harm to individual investors. Deaton, who has criticized the handling of the case and called for the impeachment of the officials, finds the agency’s recent statements inadequate. Deaton, who is running for the US Senate, emphasizes the importance of regulatory transparency and plans to introduce legislation in the future that would clarify the distinction between commodities and securities in the crypto space to protect retail investors from excessive regulation.
Bitwise CIO Compares Ethereum to Microsoft
Bitwise Chief Investment Officer Matt Hougan likens Ethereum to Microsoft, claiming that its fundamental role in the blockchain ecosystem is being underestimated in the current stagnant market situation. Despite facing challenges such as regulatory scrutiny, competition from new blockchains, and declining Layer-1 revenues, Ethereum continues to be the leading platform for important blockchain applications such as DeFi and stablecoins. Hougan emphasizes that more than 60% of DeFi assets and more than half of stablecoins are on Ethereum, with major institutions such as BlackRock and Nike choosing Ethereum for their blockchain initiatives. Stating that these challenges are not existential and that the Ethereum ecosystem offers significant growth potential, Hougan is optimistic about Ethereum’s long-term outlook, likening it to Microsoft’s enduring dominance in the tech world.
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BITCOIN (BTC)
BTC is priced at $60,244 with a 0.12% gain as of the morning hours. There is a strong resistance zone at around 64,500 on the top and a support zone at 52,555 on the bottom. Green areas indicate buying demands; especially the 60,900 – 59,300 resistance zone and the 57,500 – 57,400 support zone are noteworthy. The price has fallen from the resistance in the 60,900 – 59,300 range and is trading at 58,464.97. The chart shows that the current price of BTC has fallen from the resistance level but has found support at 57,500 – 57,400 levels, and for the upward movement to continue, the resistance at 59,000 – 60,000 must be broken.
ETHEREUM (ETH)
ETH is priced at $2324.50 as of the morning hours, down 0.78%. Resistance areas at 2853.03 and 2466.47 show that the price is having difficulty breaking these levels. Support areas are at 2168.07 and 2373.44, and the price has not fallen below these levels. Price movements on the chart fluctuate between support and resistance levels with high volatility.
RIPPLE (XRP)
XRP is priced at $0.5787 with a 0.89% loss in value as of the morning hours. On the 4-hour chart, the price failed to break the 0.5900 resistance level and was rejected from this level. The 0.5900 – 0.6100 resistance zone has shown its effect. In the current situation, there is a possibility that the price may pull back towards the 0.5150 support level. If the 0.5150 level is broken, the price may continue to fall to the 0.5150 – 0.5350 support zone.
AVALANCHE (AVAX)
AVAX is priced at $23.68 as of the morning hours, down 0.38%. On the 4-hour chart, the price has pulled back, failing to break the 24.69 resistance level. The resistance zone between 24.00 – 25.00 has been pressuring the price. In the current outlook, the price is expected to fall to the 22.82 support level. If this level is broken, a deeper drop to the 21.88 USDT level and then to the 20.00 – 21.00 USDT support zone can be seen.
SOLANA (SOL)
SOL is priced at $130.96 as of the morning hours, down 0.45%. On the 4-hour chart, the price is trying to hold just above the 130.00 support level. The price, which has retreated due to selling pressure from the 145.00 – 149.00 resistance area, is likely to retest the 131.00 support. If this support level is broken, the price may continue to fall towards the lower price area of 125.00 – 135.00.
OUNCE GOLD
The ounce of gold is priced at $2568.60, down 0.04% as of the morning hours. On the 4-hour chart, the price is trading just below the 2,588.19 resistance level. It has reached the resistance area between 2,580.00 – 2,588.19. The price is expected to encounter resistance at this level and pull back. In case of a pullback, the decline will continue towards the 2,530.00 and then 2,475 support levels.
OUNCE SILVER
Silver is priced at $30.49 as of the morning hours, down 0.65%. On the 4-hour chart, the price is trading just below the 31,057 resistance level and has reached the resistance area between 30,300 – 31,057. It is likely to encounter resistance at this level and pullback. In a possible pullback, the price is expected to fall to 30,300 first and then to the 28,700 support levels. If the downtrend line is broken upwards, the rise will likely continue.
