Over the last couple of weeks, buzz has been growing about the CLARITY Act, a proposed new framework for US crypto regulation. The bill’s first markup is scheduled for tomorrow morning.
But what is the significance of this new crypto bill, and which industry players support it?
New Act Brings CLARITY To Crypto Regulation
Since the GENIUS Act cleared a key cloture vote, US crypto policy has been an especially important topic. In late May, GOP Congressman French Hill proposed the Digital Asset Market Clarity (CLARITY) Act, a new framework for Web3 regulation.
The bill’s first markup will happen tomorrow morning at 10 AM EST.
NEW: @FinancialCmte has officially scheduled a markup of the crypto market structure bill — the CLARITY Act — for Tuesday, June 10 at 10:00 AM EST alongside a handful of other bills.
The proposed act assigns the CFTC as the primary regulator for digital commodities (on‑chain tokens), including exchanges, brokers, and spot markets. It preserves the SEC’s authority over investment contract assets—securities under the Securities Act.
Overall, it creates precise definitions and compliance pathways to reduce inconsistent enforcement.
In addition to consumer protection measures, it attempts to provide thorough rules for defining tokens as securities or commodities, a thorny issue for regulators.
Without getting into excessive detail, the bill aims to remove ambiguity from several such situations.
Although it was proposed by a Republican, the CLARITY Act has strong bipartisan support, reflecting the desire to create a solid framework for crypto regulation.
However, the initial language focused specifically on assets, their classification, and firms that custody them. The proposed bill also exempts “DeFi activities” (like developers, transaction relayers) from conventional registration.
It also explicitly protects peer-to-peer transactions and individual self-custody of assets.
New and Upcoming Amendments
To correct some of the oversight, The Blockchain Regulatory Certainty Act (BRCA) was recently introduced as an amendment to the bill. Presently, the crypto industry’s political lobbying groups are attempting to help it along.
In addition to an initial show of support, eight leading trade associations have made further statements earlier today:
Crypto Groups Support the CLARITY Act. Source: Eleanor Terrett
Specifically, this amendment would ensure that the CLARITY Act doesn’t apply heavy-handed regulations where it isn’t appropriate.
However, some regulators may also disagree with this overall ethos. After all, what are laws like this for? Former CFTC Chair Tim Massad, who recently warned of crypto corruption, also testified about some potential pitfalls in the CLARITY Act:
“The CLARITY Act seems to start with the technology and ask, what do we need to do to make it easier for people to invest in this technology? But the strength of our securities and derivatives laws lies in the fact that we have traditionally focused on regulatory goals, and provided…the flexibility to achieve those goals,” Massad claimed.
It’s not yet clear how much this will impact the final bill, but the GENIUS Act underwent substantial amendments from its first version. Between tomorrow’s markup and the voting process, this bill could change dramatically in the next few weeks.
Pi Network (PI) is down 14% over the past 30 days, with its market cap falling below $5 billion and the token trading under $1 since May 14.
Technical indicators continue to show bearish momentum, with PI struggling to break through key resistance levels. The Ichimoku Cloud, BBTrend, and EMA lines all point to ongoing weakness and a lack of bullish confirmation. Unless momentum shifts soon, PI may face further downside before any meaningful recovery can take shape.
The BBTrend (Bollinger Band Trend) measures the strength and direction of price movements relative to Bollinger Bands.
Positive values suggest bullish momentum as the price pushes the upper band, while negative values indicate bearish conditions with prices staying near the lower band.
PI’s current BBTrend at -2.21 reflects a mildly bearish stance—less extreme than earlier, but still lacking upward pressure. The indicator must cross into positive territory and hold for sentiment to shift.
PI Breakout Could Trigger 37% Rally
PI price remains in a bearish technical setup, with its EMA lines showing short-term averages below the long-term ones.
If bearish pressure builds, PI could retest key support levels, and a breakdown would mark the first time the asset falls below a major historical threshold—intensifying downside risk.
After numerous Congressional debates and revisions, the GENIUS Act is now on the verge of becoming law. The bill, which aims to regulate the stablecoin industry across the United States, is widely expected to be signed.
According to representatives from Digital Chamber, a D.C.-based advocacy group for the blockchain industry, the bill approval will likely come before the end of June. Such a move would increase institutional adoption and strengthen the US dollar’s dominance globally.
When Will the GENIUS Act Pass?
Poised for passage, the GENIUS Act is a landmark bill that would federally regulate the US stablecoin industry.
Despite recent disagreements between Republican and Democratic Senators, the bill passed a key procedural vote. Kristopher Klaich, Policy Director at The Digital Chamber, strongly believes in its impending approval.
“I feel pretty strongly that there won’t be more hiccups… I think the industry has been such a strong player in politics for the last couple of years and supporting campaigns… there’s a high cost for members that may be the stick in the mud,” he told BeInCrypto.
According to Taylor Barr, the advocacy group’s Government Affairs and PAC Manager, 53 amendments have been made.
“Majority leader Thune is committed to having what he’s calling a fully open amendment process, which means every single amendment has the full right to go through a debate vote and to have full closure on each amendment. So at the end of the day, that could be a three-week-long process,” Barr told BeInCrypto.
However, Barr clarified that a fully open process with 53 individual debates is unlikely. He expects these amendments to be divided into three or four groups, resulting in a more efficient and abbreviated open amendment process, given that many are duplicative.
If Barr’s estimations are correct, the bill will pass before the end of this month. When it does, the significance will be substantial for the greater crypto industry.
Understanding Stablecoin Impact
Stablecoins are arguably the most globally adopted digital asset. Unlike traditional cryptocurrencies like Bitcoin or altcoins, they provide worldwide access to a stable medium of exchange.
According to a January report by crypto exchange CEX.io, the total stablecoin transaction volume reached 27.6 trillion in 2024, exceeding Visa’s total payment volume and Mastercard’s by 7.7%.
Tether and Circle dominate the market at $151 billion and $59 billion, respectively. Together, they have an 89% market share, according to rwa.xyz.
Tether and Circle dominate stablecoin market share. Source: rwa.xyz.
Their heavyweight presence in global economies makes a bill like the GENIUS Act all the more significant. This is especially true in the context of a debilitated US dollar.
The Dollar’s Waning Influence
The US dollar started the year exceptionally weakly. Two days ago, the US Dollar Index (DXY)—a key measure heavily influenced by the euro—fell nearly 9% to just under 99. The results marked its weakest calendar year opening since at least the mid-1980s.
This situation and broader de-dollarization efforts by major US debt holders like China and Japan intensify concerns about the dollar’s future.
US Dollar Index Continues to Decline. Source: Yahoo Finance
Data from Ark Invest illustrates this shift. In 2011, these three nations held 23% of the $10.1 trillion in outstanding US Treasury debt.
By November 2024, despite the total outstanding US Treasury debt rising to $36 trillion, their combined holdings had dropped significantly to approximately 6%.
This substantial decrease in holdings by key foreign creditors highlights growing worries about the dollar’s long-term stability and the United States’ ability to refinance its massive debt.
“Dollars are the world reserve currency. Demand for dollars has waned at the sovereign level. Over recent years, the largest purchasers of treasuries are cutting their holdings of treasuries. That is not a good situation for the United States as they try to refinance,” Klaich said.
Klaich added that legislation like the GENIUS Act is crucial:
“In my mind, there’s very little more important than the stablecoin bill being passed from an macroeconomic perspective… If demand for dollars diminishes at the sovereign level, structurally speaking, if that is or can be replaced by demand at a retail individual level, that is a huge boon to the US government.”
The data behind Klaich’s statements seems to back his analysis.
What Role Will Stablecoins Play in Future US Debt Demand?
The stablecoin market is poised for significant growth. According to an April report from Citigroup, the total stablecoin supply could reach $1.6 trillion by 2030. This growth could create a demand for US debt comparable to the historical levels supported by sovereign nations.
Stablecoin issuers could be one of the largest holders of US treasuries by 2030. Source: Citigroup.
The GENIUS Act could facilitate this transition.
“Hopefully, when it passes, demand for stablecoins will explode because there are many companies and banks that are planning to introduce stablecoins that will provide the rails for them to operate at a consumer and business level. So the efficiencies companies and individuals realize will help push that,” Klaich explained.
“It allows anybody in the world to access US dollars. What that affords the US from an economic warfare standpoint is significant,” Klaich added.
With persistent inflation risks, the Federal Reserve is unlikely to buy back significant amounts of US treasuries. Therefore, encouraging stablecoin use allows this market to effectively replace currently ineffective financial mechanisms.
Amendments to the Bill
If the GENIUS Act is implemented correctly, the stablecoin industry could become a valuable financial tool for the US government to ensure long-term support for the US dollar.
The bill underwent a difficult revision process. According to Barr, the process was tedious and politically challenging.
“If you look at all of the progress we’ve made, we’ve worked on this for three Congresses now. We’ve worked on this [through] multiple different leaderships– minority, majority split. So we’re so close. We’ve done all this progress so we can see the finish line. We’re going to get there,” he said.
However, multiple revisions were a prerequisite for its passage to ensure the bill responsibly addressed consumer protection, national security, and market integrity issues.
Klaich noted that these critical concerns were addressed fairly in the legislative process. He emphasized that recent versions of the bill effectively integrated these revisions.
“None of those issues are existential, and they’ve been negotiated into the latest version of the bill that’s being considered right now. I think the changes that have been made are reasonable and acceptable,” he said.
The future will reveal if the bill passes and achieves its desired effect in helping the US overcome its complicated economic reality.
Over the past weeks, meme coins centered around US politics have consistently trended on decentralized exchanges. Recurring topics include the Trump/Musk split and the latest anti-ICE protests in Los Angeles.
A few prominent examples include Grand Theft America, Kill (the) Bill, Rent Only Goes Up, The America Party, and more. Although speculative, these community-led tokens show more of a decentralized character than coins like TRUMP.
President Trump’s eponymous meme coin kicked off this trend in January, and it’s been growing to new levels ever since. Over the last few days, a cadre of political meme coins has consistently trended on DEXs.
Over the last 24 hours, several key examples of political meme coins have trended. Grand Theft America, for example, a riff on the Los Angeles ICE protests and GTA video game series, racked up $600,000 in the last few hours.
A Meme Related to the Latest US Political and Social Unrest, Which Went Viral to Drive a Meme Coin
And yet, this wave of political meme coins is more decentralized than assets like TRUMP. Vitalik Buterin cautioned against political figures launching their own tokens, and House Democrats attempted to ban such assets.
However, this current crop only gestures at events in the zeitgeist or famous quotes, not seeming to endorse any movement or figure.
In a way, this contradicts Arthur Hayes’ proposal that meme coins can become an effective method of political advertising. It’s difficult to find any clear message out of these trendy tokens.
If public spectacles capture the community’s imagination, it can lead to potentially lucrative opportunities. As far as the content goes, these tokens’ political message remains surface-level.
As of now, the US political and social unrest is on live display over social media, and the meme coin community is taking full advantage of it.
Developers are powering the advancements behind blockchain, but their struggles are often overlooked. Sophisticated tools can make or break Web3’s progress, yet few focus on the infrastructure that helps teams build securely and at scale. Bogdan Habić, CTO and co-founder of Tenderly, knows this better than most.
From humble beginnings at a hackathon to leading one of Ethereum’s most trusted platforms, Habić has seen the sector’s unglamorous backbone up close. BeInCrypto caught up with him at ETH Belgrade 2025 to discuss misunderstood challenges of scaling, the reality of developer bottlenecks, and why tooling, not transaction capacity, remains blockchain’s true growth engine. In this candid interview, Habić exposes what many get wrong about Ethereum’s evolution, how developer experience underpins adoption, and the role of transparency and community in shaping tomorrow’s blockchain landscape.
The Foundation and Future of Developer Tools in Blockchain
The answer’s probably a lot less sexy than people would like. Tooling is inevitable in any engineering field. We started Tenderly by building the kinds of tools we needed ourselves, coming from Web2. We weren’t the smartest or most visionary; we were just the first to do it, and we did a good enough job for the Ethereum community to embrace us.
If it’s not easy for developers to build, then what’s the point of scaling? Right now, we have infrastructure but not enough usable applications. Without making devs’ lives easier, we may as well just keep wrapping GPTs forever.
Challenges and Realities Behind Ethereum dApp Development
There’s a massive gap between what users see and what builders deal with. Web3-native users, especially, often don’t understand how complex it is to bring something to life.
You click a button on a dApp, and that action might involve zero-knowledge proofs, advanced cryptography, and other insanely complex things. Products like Polymarket or Pum.fun work because they hide that complexity really well. That’s the key to mass adoption: not making users care how things work, just that they work.
Scaling Ethereum: Opportunities and Complications for Builders
First, I don’t love the term “Ethereum 2.0”, it makes it sound like there’ll be a big switch, a dramatic upgrade. But Ethereum is evolving, not rebooting.
What is real is the increase in throughput. More rollups, more chains, more experimentation. But here’s the twist: most of those additional transactions won’t come from users; they’ll come from rollups themselves. Rollups are becoming users of Ethereum, too.
It opens up cheaper and more flexible ways to experiment. But it also confirms that rollups, app chains, and all of them are inevitable. It doesn’t make sense for everyone to write to the same ledger forever.
Security, Transparency, and Tenderly’s Role in Safer Blockchain Development
A few years back, when something got hacked, people used Tenderly to analyze what went wrong. We used to joke that we had the biggest marketing budget in crypto because our dashboards were in every postmortem.
The Bybit/Safe incident earlier this year was a perfect example. That wasn’t a result of incompetence – those are great teams. But it shows how high the stakes are when everything is open and on-chain.
Our goal is to bring more transparency and clarity into the dev lifecycle. Writing safe code is hard, but that code still has to be written. And if a tool like Tenderly helps someone avoid a mistake that could cost millions, we’ve done our job.
A good example is our recent integration with Ledger. When someone uses their touchscreen wallet, our security engine scans every transaction in real time.
That helps prevent users from accidentally signing malicious contracts. But behind that simple experience is a deep technical collaboration between our teams.
That’s how we see our role: not just a product, but a partner in building safer, better experiences. And most users won’t even notice it. That’s exactly the point.
Importance of Community Events like ETH Belgrade for Innovation
Massively important. We’d go to hackathons, build experimental features at the event, and test them live. If enough people came to ask about them, we’d ship them into the product.
You’re surrounded by your users, and it’s the fastest feedback loop possible.
Web3 is incredibly open. Whether you’re in a unicorn onesie or a suit, if you’re building something useful, there’s space for you. That inclusive, creative energy is what keeps this ecosystem alive.
Global and Local Impacts: What to Watch in Blockchain
Depends on where you’re from.
If you’re in a country like Serbia, blockchain can give you access to tools that traditional finance doesn’t, like trading stocks, getting loans, or protecting savings from inflation by moving into stablecoins.
If you’re in a more developed country, you should still pay attention. This tech will eventually reshape the systems you’re already participating in. Being early gives you an edge, no matter where you are.
Final Thoughts
Developer tools aren’t flashy. They won’t trend. But they’re the foundation. Everyone’s obsessed with scaling, but if it’s still hard to build, what are we scaling for?
The long-debated bipartisan GENIUS Act—set to establish the United States’ first comprehensive federal framework for stablecoin regulation—may pass the Senate as soon as Wednesday, June 11.
This timeline comes after Senate Majority Whip John Thune filed cloture today on Amendment #2307. This is a key bipartisan substitute to the original bill (S.1582), and on the bill itself.
Next Steps for the GENIUS Act
Cloture, a procedural tool used to limit debate and force a final vote, allows 30 hours of focused Senate debate. Barring procedural delays, the chamber is expected to hold final votes on both the amendment and the underlying legislation by midweek.
Senate insiders familiar with the matter told BeInCrypto that Wednesday is the likely window for final passage, assuming no objections derail the schedule.
The cloture filings from Thune mark the final stage in the Senate’s effort to advance the GENIUS Act. Under Senate rules, the 30-hour clock for debate began ticking immediately after cloture was invoked.
So, this sets up a vote window by Wednesday. The bill requires 60 votes to overcome the filibuster and move to a final vote.
NEW: @LeaderJohnThune has filed cloture on both the bipartisan amendment to GENIUS Act and the full bill. Votes on cloture will occur this week. Again, these votes will need 60 votes to move to final passage. https://t.co/uxFBV84Lel
This follows significant bipartisan cooperation led by Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Chris Van Hollen.
The Hagerty amendment (#2307) serves as a negotiated substitute, integrating several compromise provisions aimed at increasing support across both parties.
Key Amendments and Negotiations
Amendment #2307 reshaped the bill substantially to meet demands from both the banking sector and digital asset firms:
State vs. Federal Oversight: The amendment allows stablecoin issuers under $10 billion in market cap to opt into a state-based regulatory regime. Issuers above that threshold would fall under a federal supervisory framework.
Reserve and Transparency Requirements: Issuers must maintain 1:1 backing with US dollars or highly liquid short-term assets such as Treasury bills. Monthly attestations and public disclosures are mandated to ensure solvency and consumer protection.
Ban on Interest-Yielding Stablecoins: In response to lobbying from the banking sector, the bill includes a ban on yield-generating stablecoins that might compete with traditional deposits. This was among the most debated provisions.
Restrictions on Foreign Stablecoins: The amendment limits the circulation of foreign-issued stablecoins in the US market without equivalent regulatory oversight, citing national security concerns.
Executive Restrictions: A clause restricts executive branch members, including the president, from issuing or endorsing a national stablecoin, reinforcing Congressional authority over monetary innovation.
The GENIUS Act is going to propel America’s payment system into the 21st century. Let’s get it done! pic.twitter.com/mIGpocZmUs
— Senator Bill Hagerty (@SenatorHagerty) June 4, 2025
What Happens After the Vote?
If the cloture vote clears the 60-vote threshold—likely, given prior bipartisan momentum—the Senate will proceed to a final vote on the Hagerty substitute and then on the GENIUS Act in full.
Once passed, the bill heads to the House, where a parallel effort—the STABLE Act—is gaining traction. Lawmakers will need to reconcile both versions in conference before sending a unified bill to the President’s desk.
Sources close to the House Financial Services Committee suggest alignment on most key principles.
However, details like custody rules and state preemption may still spark negotiations.
Hedera (HBAR) has been under pressure, down more than 17% over the last 30 days and trading below $0.20 since May 23. While some momentum indicators show early signs of recovery, HBAR continues to face resistance at key technical levels.
Its BBTrend remains in negative territory, and the RSI has failed to break above 60 despite climbing from oversold conditions. A potential golden cross in its EMA lines could trigger a bullish breakout, but the move needs stronger follow-through to overcome nearby resistance.
HBAR’s Persistent Negative BBTrend Could Delay Bullish Breakout
As reflected by its BBTrend indicator, Hedera has shown persistent bearish momentum over the past two weeks. Since May 26, the BBTrend has remained in negative territory, reaching a low of -12.54 on June 2.
As of now, the indicator sits at -0.195, suggesting a potential easing of the downtrend, though the overall sentiment remains weak.
BBTrend, short for Bollinger Band Trend, measures the direction and strength of price movements based on the position of the price relative to Bollinger Bands.
A positive BBTrend suggests bullish momentum, while a negative reading indicates sustained selling pressure or sideways movement within the lower part of the Bollinger Band range.
With HBAR’s BBTrend still slightly negative at -0.195, it signals caution—although the extreme bearishness seen earlier in June has moderated, the asset hasn’t firmly transitioned into a bullish phase.
HBAR Recovers From Oversold Levels
Hedera is showing signs of recovering momentum, with its Relative Strength Index (RSI) currently at 57.17—up sharply from 27.62 on June 5.
However, despite this upward shift, HBAR’s RSI has struggled to break above the 60 threshold over the past three days, signaling that bullish momentum remains limited and faces resistance just as it begins to build.
The RSI is a widely used momentum oscillator that ranges from 0 to 100. Values above 70 indicate overbought conditions, while those below 30 point to an oversold market. Readings around 50 suggest a neutral stance.
With HBAR’s RSI currently testing the 50–60 zone, the asset is in a transition phase—neither strongly bullish nor bearish.
Hedera price is approaching an important moment, as its Exponential Moving Averages (EMAs) hint at a potential golden cross formation. This bullish signal occurs when a short-term EMA crosses above a long-term EMA.
If this crossover materializes, it could trigger upward momentum and drive HBAR to test the resistance at $0.175.
A strong breakout above that level may open the path toward $0.193, and if the uptrend gains traction, HBAR could surge to as high as $0.209, reclaiming the $0.20 zone for the first time since May 23.
However, the bullish scenario hinges on sustained upward momentum. HBAR may retreat to test the immediate support at $0.160 if the rally fails to develop.
A breakdown below that level could drag the price to $0.155, placing it at risk of deeper short-term losses.
SUI has recently seen a 12% rise in the past 24 hours, bringing back some investor confidence. However, this price increase could prove disastrous for traders, as it may trigger significant liquidations if the altcoin reaches a key price level.
The recent rally is a double-edged sword with potential consequences for short traders.
SUI Traders Face Losses
According to liquidation data, SUI faces a potential $96 million worth of liquidations if its price hits $3.48. This would primarily impact short traders, who have positioned themselves for a price decline.
Should SUI rise towards this critical level, short contracts would be liquidated, forcing traders to cover their positions and further propelling the price increase.
This potential liquidation event highlights the volatility of SUI and the risks involved for traders who are betting against it. With a surge in price, short traders might be forced to exit their positions, inadvertently fueling the uptrend.
As a result, this scenario could exacerbate the price rally, putting both short and long traders at the mercy of unpredictable price movements.
Despite the recent 12% rise, the Chaikin Money Flow (CMF) indicates a decline, signaling a lack of investment inflows. The CMF is currently showing negative momentum, suggesting that investors are not fully backing SUI’s price rise.
The recent gains appear to be driven more by short covering rather than a broad-based surge in buying interest.
Should the outflows continue, SUI’s price could face additional pressure. The lack of strong buying support, coupled with the decline in CMF, suggests that the recent rally may not be sustainable.
If these outflows persist, they could lead to a price reversal, diminishing the optimism generated by the recent gains.
At the time of writing, SUI is trading at $3.27, having risen by 12% in the last 24 hours. The price is currently facing resistance at $3.33, which has proven to be a significant barrier in the past.
Given the ongoing outflows, it seems unlikely that SUI will break through this resistance level in the near term.
If SUI fails to breach the $3.33 resistance, it could retrace to lower levels, such as $3.13 or $2.91, wiping out the recent gains. This would mark a continuation of the consolidation phase, as the lack of strong buying pressure prevents further upward movement.
However, the Parabolic SAR indicator is approaching a key level, with a potential flip below the candlesticks that could signal the start of an uptrend.
If SUI successfully breaks through $3.33, the price could rise to $3.48. A breach of this level would invalidate the bearish outlook, triggering a wave of liquidations on short positions and further boosting the price.
Coinbase, the largest US-based exchange, is taking steps to rebuild user trust amid one of the platform’s most contentious issues, account freezing.
Users decry unnecessary account freezing and unsuccessful recovery efforts despite submitting all required KYC (Know Your Customer) documentation.
Did Coinbase Finally Fix Its Account Freezing Issue?
Coinbase CEO Brian Armstrong announced a significant breakthrough in one of the platform’s most contentious issues: unnecessary account freezes.
According to Armstrong, the company has reduced account restrictions by 82%. This move could reshape how both retail users and businesses perceive the exchange.
Account freezing has been a major issue at Coinbase for longer than is acceptable. I could list a bunch of the underlying reasons why it got so bad in the first place, but what’s more important is that we’ve made it a priority to fix, and we have been making good progress. Shout… https://t.co/Emrq6KQhpD
The Coinbase exchange executive credited the achievement to Dor Levi, the platform’s new hire tasked with overhauling the restrictions system.
Based on comments on X (Twitter), account freezes have long been a pain point among Coinbase users. Some cite the need for lengthy and opaque verification processes.
Complaints have ranged from weeks-long lockouts to repeated KYC requests, even after prior submissions.
“My account has been frozen for weeks despite submitting all required KYC documentation… This is causing real financial harm for many once loyal users,” wrote Hunter, senior ecosystem development/investment lead at Tron.
Dor Levi, who joined Coinbase nine weeks ago, outlined his team’s reforms in detail. He explained that improvements in machine learning (ML) models, enhanced infrastructure, and the addition of in-app self-service tools have allowed Coinbase to slash the frequency of freezes without compromising compliance.
“Account freezes should be rare, limited to situations that warrant them, primarily when we’re legally obligated… or protecting users…We’ve made significant investments in our ML models, infrastructure, and teams…Most restriction types will soon be resolved via self-service flows—much more efficient than before,” Levi emphasized.
New Leadership and ML Tools Drive Progress, But Legacy Issues Linger
Notwithstanding, despite viewing the progress as potentially transformative, industry insiders met the update with cautious optimism.
“Love it Brian. This has been a huge issue in the perception of Coinbase. I personally stopped using Coinbase because of the hoops needed to unlock my account,” said Mondoggg, cofounder of Resonance Lab.
Influencer Alex Becker agrees, alluding that the feature could draw users to Coinbase, potentially positioning it as a “business bank account.”
The business info required is more than my high risk processor and banks need.
Still, the damage to Coinbase’s reputation among retail investors remains significant, indicating that Coinbase still has a long way to go before rebuilding credibility for this sector of clients.
With the 82% reduction now achieved and more updates promised, the question becomes whether Coinbase can fully reclaim its reputation beyond just being a crypto exchange, but potentially as a functional, secure platform for businesses to store and move capital with confidence.
“Damage is kinda done with retail,” crypto YouTuber Wendy O commented.
Wendy also noted that her broad social audience across platforms has sour sentiment about the platform. Additional comments also indicate pending or unresolved cases.
“My account is restricted because I can’t produce an ownership statement of my MetaMask wallet that I use to deposit stablecoins into Coinbase,” BitPay co-founder Tony Gallippi wrote.
While Coinbase appears to be taking aggressive steps toward resolving its long-standing restriction problem, the road to restoring user trust is far from over.
Virtuals Protocol (VIRTUAL) has recently seen a notable 11% rise in the past 24 hours, bouncing from the support of $1.63 to trade at $1.84.
Despite this upward momentum, the altcoin continues to face challenges from both investor sentiment and market conditions. These factors may impact its potential for sustained growth in the near future.
Virtuals Protocol Loses Investor Interest
After a spike earlier this week, the number of new addresses for Virtuals Protocol has dipped significantly. Currently, new addresses are at a month-and-a-half low, indicating a decline in investor interest.
This suggests that new investors are losing interest in Virtuals Protocol, which could potentially signal a loss of traction for the asset among crypto enthusiasts.
The decrease in new addresses highlights a broader trend that may hinder VIRTUAL’s ability to build sustained momentum. The lack of fresh interest may lead to further consolidation or even price declines.
From a macro perspective, Virtuals Protocol is facing some technical challenges. The Average Directional Index (ADX) is showing a sharp decline, which could indicate weakening momentum.
The ADX remains above the threshold of 25.0, signaling some strength in the current trend.
However, it is at risk of slipping below this level. If this occurs, it could signal that the recent price uptrend is losing its strength. The declining ADX, coupled with lower levels of new address activity, suggests that Virtuals Protocol may soon experience a shift in its price trend.
Currently, Virtuals Protocol is trading at $1.84 after a notable 11.4% rise over the past 24 hours. The price is currently facing resistance at $1.93, which could present a challenge for further upward movement.
While the recent bounce off $1.63 is promising, overcoming the $1.93 resistance remains a crucial test for the altcoin’s near-term price action.
If the factors mentioned earlier continue to impact the market negatively, VIRTUAL may struggle to breach the $1.93 resistance. This could lead to a period of consolidation, with the price likely to remain above the $1.63 support level.
However, if selling pressure intensifies, the price may fall below this support, potentially reaching $1.50 or even lower.
On the other hand, if broader market conditions turn bullish, Virtuals Protocol could push past the $1.93 resistance. Successfully flipping this level into a support floor would be critical for the altcoin to target $2.00.
Beyond that, $2.45 would become the next key resistance, signaling a reversal in the bearish thesis and opening the door for further gains.
NEW: @FinancialCmte has officially scheduled a markup of the crypto market structure bill — the CLARITY Act — for Tuesday, June 10 at 10:00 AM EST alongside a handful of other bills.
pic.twitter.com/qx6br4hJN9
