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Peter Davis

An writer at FOMOdrive

  • Sep 07, 2023
  • 2 min read

Bitcoin: Stochastic Warns Bulls — Fairlead Strategies

The co-founder of BitMEX expressed optimism for Bitcoin's future.

User activity on crypto exchanges has dropped to its lowest point since the end of 2022.

Visa is planning to introduce payments using stablecoins built on the Solana blockchain.

Lawyers earned a total of $700 million from the downfall of five bitcoin companies.

Vitalik Buterin discussed when the issue of centralization in Ethereum would be resolved.

At the end of August, Fairlead Strategies noted that the bitcoin rate on the monthly chart had confirmed its exit from the stochastic overbought zone, which could be a sign of disappointment for the bulls. This signal has often indicated the passing of a local peak, as was the case at the end of 2017 and the start of 2021.

Arthur Hayes, co-founder of BitMEX, believes that the positive prospects of Bitcoin will be fully realized in the next 6-12 months. He believes that the bull market for BTC began in the spring, following the Federal Reserve's $25 billion program to stabilize the banking sector.

CCData has reported that user activity on crypto exchanges has hit a low since the end of 2022. Kaiko has observed that the number of bitcoin transactions on centralized exchanges has dropped by over 60% since October 2020.

Court records show that since 2022, lawyers, consultants, and other professionals have earned more than $700 million from the bankruptcy of five large cryptocurrency companies, including the FTX crypto exchange. This figure was calculated by The New York Times.

Visa, a payments giant, has decided to use stablecoins based on the Solana blockchain for payments. This comes after the company tested USDC on the Ethereum network in 2021. Solana was chosen due to its faster and more cost-effective transactions compared to the ETH blockchain.

A document advocating for global collaboration to establish a regulatory system for crypto assets is being prepared by the Financial Stability Board and the International Monetary Fund. This report will be presented at the G20 summit in India this weekend.

Vitalik Buterin, co-founder of Ethereum, has stated that node centralization is one of the major issues of the platform, and that the ideal solution may not be available for another 10-20 years. He believes that the way to make this happen is to reduce the cost and complexity of running nodes.

In the first half of 2023, the Russian Federation saw more than $50 million in damages caused by the biggest cryptocurrency pyramids. Additionally, the amount of Ponzi schemes collecting funds in cryptocurrencies is on the rise.

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