Breaking: Federal Reserve Withdraws Guidance Restricting Banks from Crypto Activities

Monicah W

Federal Reserve Withdraws Guidance Restricting Banks from Crypto Activities

The United States Federal Reserve Board has revised its crypto regulation guidance to banks regarding allowances for engaging in digital currencies and dollar token or stablecoin activities. The Fed said it has rescinded the provisions of its 2022 Supervisory Letter, which mandated advance notices for banks that wanted to engage in crypto activities. This move comes amid the changing crypto regulatory landscape in the United States.

Federal Reserve and New Approach to Crypto

According to the Press Release shared by the Fed, it has now chosen to do things differently instead of this stringent oversight. Moving forward, the banking regulator said it will only resort to regulating banks’ crypto activities usually.

In addition to this, the Fed also confirmed it is backtracking on a 2023 guidance designed for stablecoins. 

“The Board is also rescinding its 2023 supervisory letter regarding the supervisory nonobjection process for state member bank engagement in dollar token activities,” the press release noted.

As CoinGape reported earlier, the OCC also revised its position and cleared banks to engage in crypto activities. To complement the current shift, the apex bank also confirmed that it will work with relevant agencies to determine whether more guidance will be forthcoming. 

The ultimate goal is to foster crypto-based innovation to an appropriate level.

Crypto Regulation Taking a Comprehensive Twist

Since President Donald Trump’s inauguration, the Federal Reserve and other agencies have shifted their approach to crypto. The Securities and Exchange Commission (SEC) has dropped some crypto lawsuits to fulfill the President’s campaign promises.

One of the high-profile cases the SEC closed is the Ripple lawsuit. After more than four years of legal battle, the regulator rescinded its appeal on the case, a gesture matched by the payments firm. 

Other top crypto exchanges, such as Coinbase Global, Uniswap, and Kraken, have also seen their cases closed. With Paul Atkins now sworn in as Chairman of the commission, he has proclaimed that Bitcoin will be his priority.

Operation Chokepoint 2.0 Out the Window

Over the past year, conversations around Operation Chokepoint 2.0 have filled the crypto ecosystem. Firms operating in the industry have complained of direct efforts to hinder crypto innovation. 

Coinbase is filing an active FOIA lawsuit with the FDIC to uncover ways the agency has tried to choke firms. Both the President and Crypto Czar David Sacks have promised to end the industry chokepoint and chart a new course for the US digital assets ecosystem.

The latest move by the Federal Reserve, the OCC, the SEC, and the FDIC confirms that the Operation Chokepoint agenda is over.

The post Breaking: Federal Reserve Withdraws Guidance Restricting Banks from Crypto Activities appeared first on CoinGape.

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PancakeSwap (CAKE) Leads Market Gains as Trading Volume Soars 88%

CAKE, the native token of decentralized exchange (DEX) PancakeSwap, is today’s top gainer, defying broader market trends.

The token has recorded a modest 3% gain over the past 24 hours, outperforming leading assets like Bitcoin (BTC) and Ethereum (ETH), which are both down by roughly 1% each during the same period. Technical indicators suggest that the rally could continue as it is backed by significant demand from market participants.

CAKE Climbs as Trading Volume Soars 88%

Amid the lull of the broader market over the past week, CAKE has managed to record gains. Currently trading at $2.48, the token has climbed by 9% since May 31.

This bullish trend continues today, evidenced by the trading volume surge accompanying CAKE’s price growth. The token’s trading volume is up 88% over the past day, pointing to heightened investor interest and growing demand for the DeFi asset.

When an asset’s trading volume rises alongside its price, it signals strong buying interest and confirms the strength of the upward price move. This combination suggests growing investor confidence in CAKE and hints that the upward trend may continue in the near term.

Moreover, readings from the altcoin’s BBTrend indicator support this bullish outlook. Observed on a one-day chart, the indicator is currently at 12.76, posting only green histogram bars since May 9. 

CAKE BBTrend.
CAKE BBTrend. Source: TradingView

The BBTrend measures the strength and direction of a trend based on the expansion and contraction of Bollinger Bands. When it returns red bars (negative values), the asset’s price consistently closes near the lower Bollinger Band, reflecting sustained selling pressure and hinting at the potential for further downside.

Conversely, as with CAKE, when BBTrend values are positive, it typically signals a strong uptrend. At 12.76, the momentum indicator confirms increasing bullish pressure among CAKE holders, suggesting that the current rally may have further room to run.

Bullish Indicators Emerge for CAKE, But Will $2.81 Hold?

CAKE’s rising Relative Strength Index (RSI) lends credence to this bullish outlook. As of this writing, the indicator is at 54.75 and in an upward trend. 

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

CAKE’s current RSI setup shows a steady rise in token accumulation, a pattern that could drive further price growth. 

If current sentiment and volume levels persist, CAKE could extend its gains to $2.81 in the near term.

CAKE Price Analysis.
CAKE Price Analysis. Source: TradingView

On the other hand, if demand falls, CAKE could fall below the support floor at $2.41 and drop toward $2.25.

The post PancakeSwap (CAKE) Leads Market Gains as Trading Volume Soars 88% appeared first on BeInCrypto.

XRP Whales Bag Over 90 Million Coins, Something Big Incoming?

XRP Whales Bag Over 90 Million Coins, Something Big Incoming?

XRP whales have shown no signs of slowing down their accumulation spree as they continue to load up coins. Over the last 72 hours, whales have bought over 90 million XRP as the ecosystem braces for an announcement that could send prices on a rally.

XRP Whales Accumulate 90 Million Coins Valued At Nearly $250 Million

Onchain analyst Ali Martinez has identified significant whale activity in XRP’s ecosystem in the build-up to the White House Crypto Summit. In the last three days, XRP whales have purchased over 90 million XRP in a massive accumulation spree.

The total value of the XRP whales’ purchase stands at nearly $250 million, reversing a mass whale dump at the end of February. The recent whale accumulation follows a raft of positive metrics for XRP as investors ready themselves for a rally-inducing bull run.

Apart from the recent purchases, XRP whales have transferred over $5 billion worth of coins between addresses during the week. Furthermore, XRP’s active addresses have surged to 462,000 from lows of 74,589 as the plot thickens.

On the flip side, there are fears that the accumulation may be a classic “pump and dump” ahead of the White House Crypto Summit.

Is Something Big Incoming?

While on-chain indicators are largely positive for XRP, recent fundamentals are pointing to incoming positives for the ecosystem. The inclusion of the coin in the Crypto Strategic Reserve signals regulatory acceptance for the project in Washington.

For now, a potential big announcement will be the dismissal of its long-running case against the US SEC. There have been speculations that a Ripple SEC lawsuit could be next after the Commission agreed to dismiss the Kraken lawsuit

Furthermore, there are whispers that Ripple co-founder Brad Garlinghouse may be tapped for a government appointment. The community is hinging their theories on Garlinghouse’s attendance at Friday’s White House Crypto Summit.

XRP whales and the rest of the community expect the policy discussions at the summit to be largely bullish for the embattled project. At the moment, the crypto is exchanging hands at $2.60, rising by 5% over 24 hours, buoyed by growing optimism.

The post XRP Whales Bag Over 90 Million Coins, Something Big Incoming? appeared first on CoinGape.

Pudgy Penguins Nears a 3-Month High as CBOE Moves to List PENGU ETF

PENGU has seen a sharp uptick in price, rising by 34% in the last 24 hours, reaching a multi-week high and nearing its May highs.

This surge is driven by a major development for Pudgy Penguins, sparking a bullish reaction from both holders and whales. The growing momentum is setting the stage for further growth.

Pudgy Penguins Whales Are Accumulating

Whales are actively accumulating PENGU to capitalize on its recent price rise. In just the last 24 hours, over 200 million PENGU, worth more than $2.4 million, were purchased by investors holding over $1 million worth of tokens. This significant accumulation is likely to help sustain the recent price rally.

With whales betting on further price growth, the buying pressure is expected to continue. As large holders accumulate PENGU, their actions help drive the market sentiment in a bullish direction, attracting smaller investors to follow suit.

This dynamic could play a crucial role in maintaining the meme coin’s upward momentum.

PENGU Whale Holdings.
PENGU Whale Holdings. Source: Nansen

The overall macro momentum for PENGU shows strong bullish signals, with key technical indicators supporting the positive outlook.

The Relative Strength Index (RSI) is currently in the bullish zone, above the neutral mark, indicating a strong upward trend for the token. This is the highest level for the RSI in recent weeks, further confirming the altcoin’s bullish behavior.

The filing of the Canary PENGU ETF with the SEC has been a surprise for the community, adding significant weight to PENGU’s bullish outlook. The first-ever PENGU ETF and it could act as an additional catalyst for price movement. 

PENGU RSI
PENGU RSI. Source: TradingView

PENGU Price Aims Upwards

The PENGU price has risen nearly 30% in the past 24 hours, and the token is currently trading near $0.0134. The token is facing resistance around the $0.014 level.

This area previously acted as support before the sharp sell-off, and now it’s being tested from below, indicating potential resistance.

Suppose PENGU manages to break above the $0.01350 resistance with strong volume. In that case, the next key level to watch is around $0.01370–$0.01375, which is the next visible support-turned-resistance zone from earlier price consolidation.

A successful move through that range could open the path back toward $0.01400, where prior supply clusters exist.

Conversely, failure to sustain $0.01350 could result in a retest of the demand zone.

If sellers regain control and break below $0.01335, PENGU risks dropping further to the next demand area near $0.0129, where the previous bounce began.

This would signal ongoing bearish pressure and lack of bullish commitment.

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