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Ahead of the August 12 deadline, U.S. President Donald Trump has moved to extend the pause of his tariffs on goods from China. This extension of China’s tariff deadline has sparked bullish sentiments, leading to a spike in the BTC price. Trump Extends China’s Deadline, BTC Price Jumps According to a CNBC report, the U.S.
The post Trump Extends China Tariffs Pause by 90 Days, BTC Price Bounces appeared first on CoinGape.
Amidst increasing debate over stablecoin regulation in the United States, Coinbase CEO Brian Armstrong is calling for key reforms to the proposed GENIUS Act. Reportedly, he argues that the current legislation unfairly restricts stablecoin issuers from paying interest to users and stifle innovation in the crypto space. As Congress is currently navigating the complex landscape of stablecoin regulation, Armstrong’s statements underscore the growing tensions in the crypto space.
In the latest development within the stablecoin space, Brian Armstrong, the Chief Executive Officer of Coinbase, a prominent crypto exchange, is urging for regulatory revisions. Highlighting the current unfair legislation, he demands Senate discussion on the GENIUS Act. In addition, he is also proposing revisions for the House’s STABLE Act.
In a recent X post, the Coinbase CEO wrote, “Congress has a real opportunity this week to advance stablecoin and market structure legislation.” According to him, the current provisions of both the GENIUS Act and the STABLE Act prohibit stablecoin issuers from paying interest to users.
This development comes on the heels of Coinbase’s amicus brief filing to end IRS crypto surveillance.
Notably, Brian Armstrong is pushing for swift passage of stablecoin legislation in the U.S., with a potential window of opportunity before the August break. He called on lawmakers in both the House and Senate to take action and enact legislation that balances consumer protection with innovation in the digital asset sector. He posited,
We strongly support the Senate starting debate on the GENIUS Act — and we need 60 votes to get there. We also welcome House efforts to build on FIT21’s momentum. Both chambers need to act now if we hope to pass comprehensive legislation into law before August.
The post Coinbase CEO Urges GENIUS Reforms As Congress Debates Stablecoin Regulation appeared first on CoinGape.
Last week, the PI token attempted a bullish breakout, breaking above a descending parallel channel that had capped its price for several weeks.
However, the rally was short-lived. PI failed to hold onto its gains and quickly retraced, signaling what now appears to be a textbook dead cat bounce.
A dead cat bounce is a temporary, short-lived recovery in the price of an asset in a prolonged downtrend. It tricks traders into thinking a reversal is underway, only for the price to resume falling to new lows quickly.
PI’s breakout looked like the start of a recovery following several weeks of decline. However, the failure to sustain the rally and the drop that followed confirms it was a dead cat bounce, with bearish momentum now threatening to push PI toward its all-time low.
Readings from the PI/USD one-day chart show its Balance of Power (BoP) at -0.84, indicating that sell-side pressure remains significant.
The BoP indicator measures the strength of buyers versus sellers in the market, helping to identify momentum shifts. When its value is positive, buyers dominate the market over sellers and drive newer price gains.
Conversely, negative BoP readings signal that sellers dominate the market, with little to no buyer resistance. This confirms the sustained downward pressure and weakening investor confidence.
The negative BoP readings for PI reinforce the bearish outlook, suggesting that selling activity could continue unless new demand resurfaces.
Furthermore, PI’s Moving Average Convergence Divergence (MACD) indicator confirms the bearish bias against the altcoin. At press time, PI’s MACD line (blue) rests below the signal line (orange).
The MACD indicator identifies trends and momentum in its price movement. It helps traders spot potential buy or sell signals through crossovers between the MACD and signal lines.
As with PI, when the MACD line rests below the signal line, it indicates bullish momentum, suggesting waning buying activity. Traders see this setup as a sell signal. Hence, it could exacerbate the downward pressure on PI’s price.
If the downward pressure persists, PI could slide even further, deepening losses for holders who bought into last week’s breakout. In this scenario, the altcoin’s value could revisit its all-time low of $0.40.
Conversely, if market sentiment shifts and buying activity spikes, PI Network’s price could rally to $0.66.
The post Why PI’s Breakout Wasn’t What It Seemed: Network Nears All-Time Low appeared first on BeInCrypto.
Cardano Founder Charles Hoskinson made a cryptic tweet suggesting the launch of the Midnight project airdrop initiative. This followed the recent release of its airdrop rate for XRP, BTC, and other eligible token holders. Cardano Founder’s Tweet Fuels Airdrop Speculation In a cryptic post on X, Charles Hoskinson hinted at a potential new stage in
The post Cardano Founder Teases Major Midnight Airdrop Update appeared first on CoinGape.