Pi Network News: 370M Pi Tokens Hit Exchanges as Users Remain Locked Out

Volatility has not cleared in the broader digital currency ecosystem, as showcased by the trend in the price of Bitcoin (BTC). Over the past 24 hours, Bitcoin’s price has displayed a unique twist that might finally change its trajectory.

While both bulls and bears swerve BTC volatility, Gold has shown mainly a bullish divergence. Current market data shows the precious metal has soared to another All-Time High (ATH).

Gold vs Bitcoin: Winner Declared?

Since the inception of Bitcoin, the rivalry between both assets has only grown over the years. However, in the short term, Gold appears to win the battle on several fronts. The asset has maintained a relative growth of 3.23% in the past 24 hours. Gold added over $103 to its price to print another high of $3,326.76.

Bitcoin price has not recorded a similar complementary growth. Over the past 24 hours, the coin has printed just a 0.25% uptick as of writing, with a spot price of $85,147.34. 

With the US-China tariff war and accompanying uncertainty, the debate on which asset can serve as a hedge against inflation has grown. Gold has maintained a steady growth path despite traditional assets fluctuating, reinstating its stance as a viable store of value.

Bitcoin Price Lagging Behind

Since BTC recorded an ATH above $109,114, it has fallen as much as 22.2% per CoinMarketCap data. Despite intense institutional inflow from firms like Strategy and Metaplanet, the market sentiment has not changed.

The challenge faced mostly by the BTC price is the displayed volatility. Over the past 24 hours, the coin has traded within three distinct extremes. These include its opening price of $84,900, a midday low of $83,185, and its current price of $85,332.

Its volatility has attracted backlash from critics like Peter Schiff. As reported earlier, Schiff claims BTC is in a major bear market as the $88,000 resistance point has been a hard line to break. Despite this, key proponents are optimistic that the price of Bitcoin can surmount current drawdowns to print massive rallies ahead.

How High Can BTC Go?

It is unknown how long the current Bitcoin price consolidation will last before it breaks out like Gold. However, the coin’s core proponents are convinced a major breakout is lurking ahead.

Bitwise CIO Matt Hougan once predicted a $1 million target for coin at the cycle’s peak. He argued that the current economic outlook might fuel short-term underperformance for the asset, but he noted a boom ahead.

Ultimately, BTC has maintained support at $83,000 in the short term, providing investors a cushion.

The post Gold Soars To New Highs, Will The Bitcoin Price Follow? appeared first on CoinGape.

The post Singapore Cracks Down on Unlicensed Crypto Firms with Strict New Rules appeared first on Coinpedia Fintech News

Singapore’s financial authority announces that unlicensed crypto firms operating overseas after June 30 will be ceased. 

The Monetary Authority of Singapore (MAS) stated that local crypto providers, which offer digital tokens abroad, will be stopped under its Financial Services and Markets Act of 2022 (FSM Act). 

Singapore enforces strict regulations for unlicensed crypto providers 

MAS stated that any entity providing digital tokens abroad must cease operating or acquire a Digital Token Providers Service (DTSP) license when it comes into force at the end of the month.  

MAS emphasised that no grace period will be provided to the local crypto providers since they will have enough time to obtain a license. Officials affirmed that MAS will enhance its surveillance and will investigate any suspicious activity designed to evade regulations. 

For Individuals- This licensing requirement also applies to individuals working independently in the crypto arena, depending on their role, whether their business is conducted from Singapore.  

The only exceptions are the firms licensed or exempted under existing laws (such as the Securities and Futures Act, the Financial Advisors Act, or the Payment Services Act) are free from this obligation.  

What is the responsibility of Singaporean firms? Innovation and Safeguarding Consumers

The Central Bank of Singapore announced–

“This approach strikes a balance between promoting innovation and safeguarding consumers.” It aims to foster a secure and transparent crypto ecosystem. 

• While officials are overseeing safeguarding, firms will be required to hold at least $185,000 in base capital
• Fresh due diligence is required on customers
• Comply with the FATF travel rule and the technology risk standard in Singapore

What is the outcome for non-compliance? Penalty for violators

Under section 137 of the FSM Act, it is mandatory for all entities operating from Singapore to obtain a license to continue their legalized work. Organizations not complying with this law will be subjected to a fine of up to 250,000 Singaporean dollars ($200,000) and imprisonment of up to three years. 

Conclusion

So far, MAS has issued 33 digital payment token licenses, including Coinbase and Anchorage. This approach will resolve the problems of money laundering and terrorism financing risks. This is the ultimate step by Singapore to ensure AML/ CFT compliance.  

The post Singapore Cracks Down on Unlicensed Crypto Firms with Strict New Rules appeared first on Coinpedia Fintech News
Singapore’s financial authority announces that unlicensed crypto firms operating overseas after June 30 will be ceased.  The Monetary Authority of Singapore (MAS) stated that local crypto providers, which offer digital tokens abroad, will be stopped under its Financial Services and Markets Act of 2022 (FSM Act).  Singapore enforces strict regulations for unlicensed crypto providers  MAS …

Crypto analyst Master Kenobi has provided a bullish outlook for the Dogecoin price, predicting that it could reach a new all-time high (ATH) in 55 days. He revealed what needs to happen for DOGE to achieve this milestone by June, based on his 55-day target.

How The Dogecoin Price Could Reach A New ATH By June

In an X post, Master Kenobi stated that the Dogecoin price will likely reach a new all-time high within approximately 50 to 55 days once it breaks above the trendline he highlighted on his accompanying chart.

The chart showed that the crucial price level DOGE needs to break above, based on this trendline, is $0.15488. The analyst then remarked that a conservative price target for the top meme coin would be $0.90 by June 5-10.

Master Kenobi had made this prediction while alluding to an earlier post in which he indicated that the Dogecoin bottom was almost near. In that post, he stated that the last time DOGE experienced a downturn, there was a 100-day period from the local bottom to the local top. He noted the meme coin is now halfway through a similar timeframe.

In line with this, the crypto analyst expects the Dogecoin price to reach a new all-time high (ATH) during this period, although he admitted that it is unclear whether it will break the psychological $1 level.

Crypto analyst Kevin Capital also suggested that a massive rebound was on the horizon for the DOGE price. In an X post, he stated that everything is going according to plan for Dogecoin. He urged market participants to stay patient, noting that every day that passes is another day closer.

DOGE Traders Remain Undecided At The Moment

In an X post, crypto analyst Trader Tardigrade indicated that DOGE traders are currently undecided on the meme coin’s next move. In an X post, he stated that the Dogecoin price structure has been converging into a triangle pattern, indicating market indecision.

He noted that during this period, buyers hesitate to buy high, while sellers are cautious about selling low, leading to conservative behavior on both sides. The analyst added that this pattern typically occurs between a downtrend and an uptrend.

This market indecision currently explains why DOGE investors continue to accumulate and dump their coins at will with no clear sign of active accumulation or a wave of sell-offs. As CoinGape reported, crypto whales recently dumped 570 million DOGE, as the Dogecoin price continues to trade sideways.

The post Analyst Reveals Dogecoin Price Can Reach New ATH In 55 Days If This Happens appeared first on CoinGape.