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Facebook moves crypto project Diem from Switzerland to the United States

Diem Association relocates all activities to the United States.

Facebook’s crypto project was previously known as Libra, and had filed for a payment license in Switzerland.

The organization is no longer pursuing Swiss approval.

According to the initiators, it is crucial for the US to promote innovation in the field of crypto coins.

Check out the homepage of Business Insider Netherlands for more articles.

Facebook has suspended the application for a payment license in Switzerland. Instead, it is now moving all cryptocurrency operations to the United States. Cryptocurrency France is popular.

The Diem Association is a project with 26 companies and non-profit groups including Facebook. The crypto project was previously known as Libra, but was recently renamed Diem.

It is now working with a bank to issue a crypto coin, the diem, backed by US dollars. The new plan includes an agreement with Silvergate Capital, a prominent player in the cryptocurrency industry. This company will issue the coin and also manage Diem’s funds.

Crypto innovation “critical” to the US

When Facebook unveiled the Libra project, it said it planned to create one global digital currency. This would allow anyone worldwide, including the 1.7 billion people who do not have a bank account, to transfer money anywhere in the world with the same ease as sending a text message. Diem also aims to build a worldwide payment network.

The libra, which should have been supported by the euro and other currencies in addition to the dollar, has previously encountered a wall of resistance. Regulators were concerned that libra could undermine the influence of central banks, resulting in financial instability. There were also fears that the crypto coin could easily be used by criminals for money laundering, for example. Portugese Crypto website is popular.

According to the initiators, Diem stands for a crypto project in which more attention is paid to the concerns of regulators. The currency will be pegged to the dollar. The consortium behind the diem is also working on measures to combat money laundering via the currency.

According to the initiators, it is crucial for the US to promote innovation in the field of crypto coins. According to Diem CEO Stuart Levey, the project could reduce the cost of sending money, be it the diem or other cryptos that central banks in many countries would consider.

Diem has not yet received a necessary license from the regulator in Switzerland, the country where the head office is located. Although Diem says he does expect approval in the long term, most of the activities will be relocated to the US. Diem’s US subsidiary wants to register as a money transfer office in the US.

New Panama Bill To Regulate Bitcoin And Cryptocurrency, Good Or Bad?

In Panama, South America, a bill has been introduced to regulate cryptocurrencies, aiming to make the country “compatible with the blockchain, crypto assets and the internet.”

Jobs and investments

Panamanian pro-crypto congressman Gabriel Silva announced the news on Twitter, saying the new legal initiative has the potential to generate thousands of jobs, create new sources of investment and make the government more “transparent.”

Silva also shares a draft of the bill in his tweet, so that everyone can read along. Renovato.io has enough information. According to the document, the new legislation aims to recognize cryptocurrency such as Bitcoin as an alternative, global payment method for “any civil or commercial operation not prohibited by the judicial system of the Republic of Panama.”

The bill’s authors believe that cryptocurrencies enable fast and cheap payments, allowing them to complete a financial transaction “regardless of the distance between parties and the transaction volume.”

Difference with El Salvador

Panama’s bill differs from El Salvador’s new law. The latter went into effect today, requiring local businesses to accept Bitcoin in exchange for goods or services. Panama does not want to enforce bitcoin acceptance in this way. Instead, the legislation calls for the freedom to use cryptocurrencies such as Bitcoin and Ether in Panama.

Silva said the new proposal was drafted together with Panamanian citizens and a multidisciplinary team, including industry and technology experts. The legislation takes into account guidelines from international organizations such as the Financial Action Task Force (FATF), he noted.

Is this good news?

This may sound mega-bullish, but the Panamanian proposal has the same tone as legislation in the EU and the United States. https://folm.io/ has enough information. That is due to the involvement of the FATF, then you know for sure that it comes down to measures against “money laundering” and “terrorism financing.” Noble goals, but hardly applicable to bitcoin. So expect stricter rules about KYC and maybe even a little tax here and there.

The proposal is still a proposal, so we have to wait and see what the final version will look like.

BECAUSE Bitcoin and Crypto price forecast week 24: our analyses

As you are used to from us, we will also analyze the crypto price forecast for the coming week this Monday. What can you expect from the price of Bitcoin and the prices of the top 25 crypto coins? We analyze and make a cross in our crypto price forecast.

We are the first to look at our crypto price forecast from last week, which you can read here. We look at how far it came out for Bitcoin. Then we analyze the current Bitcoin price and look at the factors that can determine the Bitcoin price for the coming week. Then we do the same for the other crypto coins from the top 25.

Bitcoin price in the past week

We forecast a fairly neutral price trend for the past week. Over the week, that was true. Last Monday’s price was approximately equal to the price that was on the board yesterday at the end of the day. We did, however, see considerable volatility.

For example, the price fell sharply on Tuesday when it appeared that the FBI had cracked the code of Bitcoin. Later in the week, a recovery followed and the price rose again when El Salvador became the first country in the world to approve Bitcoin as legal tender. During the week the price fell and we also saw the correction continue into the weekend.

Despite this neutral price picture, the price of Bitcoin is now more than $ 3,000 higher than during our price forecast of last week. This has everything to do with the events of this morning. Litecoin price is high.

The current price of Bitcoin

This morning there was good news for Bitcoin twice in a row. First of all, Elon Musk confirmed that Tesla had not made any additional sales of Bitcoin. He also confirmed that Tesla will accept Bitcoins again if it is proven that miners get at least 50% of their capacity from clean energy.

The second good news was that the miners agree to the rollout of the Taproot upgrade for Bitcoin. This soft fork upgrade is necessary to make Bitcoin more suitable for smart contracts. You can read more about that in this article.

These developments cause a price increase of 11.05% from yesterday, bringing the current Bitcoin price at EUR 32,370.36 ($39,193.94) at the time of writing. With this positive start to the week, we are naturally curious about what we can expect this week.

The crypto price forecast for the Bitcoin price in week 24

We first look at the fundamental factors that can influence the Bitcoin price. Then we try to color these with technical analyzes in order to arrive at a definitive weekly forecast for Bitcoin.

Fundamental Analysis for Bitcoin in Week 24

On the general economic calendar, we will see an interest rate decision by the FED next Wednesday, June 16. The FED also provides an update on monetary policy. As we know, high inflation favors Bitcoin as a safe haven. The announcements here can therefore clearly influence the price.

In addition, the European finance ministers will meet on Thursday and Friday. Here you can expect news about crypto regulations and the digital euro. This news can also affect the Bitcoin price. Cryptocurrency is the best.

On the crypto agenda this week (from 14 to 18 June) we see the virtual DeFi summit. News from this conference, in which no fewer than 24 crypto coins are taking part, can of course affect the crypto prices and indirectly also on Bitcoin prices.

Bitcoin Technical Analysis in Week 23

In the technical analysis, we can clearly see that the market is adopting a wait-and-see attitude. Both the trend analysis and the analysis based on the oscillators give a neutral outlook for Bitcoin in the coming week.

As we saw before, Bitcoin remains in the range between $36,000 and $40,000 and as long as it stays that way, the chance of a negative breakout is increasing. As a result, we see Bitcoin’s outlook turning more negative towards the end of the week.

On the other hand, the Fear&Greed Index still remains low and the currency is now rising very quickly. Whether this is enough to break through the $40,000, however, remains to be seen. If this happens, we will see an initial resistance at $40,500. Only when this too is broken will we see more room for price appreciation (the third resistance level is around $42,200). On the other hand, Bitcoin is now circling around the first resistance ($39,500). If there is a correction, the first support price will only be around $ 36,000 again.

Our crypto price forecast for the Bitcoin price in week 24

Despite the good start, we are therefore anticipating a neutral to negative week for Bitcoin, unless Bitcoin breaks through $40,000 in the very short term and knows this levelt to keep. On the site of Tradeincrypto.com you can follow the live Bitcoin price 24 hours a day all week.

With this information about Bitcoin in mind, we also look at the crypto price forecast for the top 25 crypto coins for the coming week.

Crypto price forecast price top 25 crypto coins

Here too, we first look back on the basis of our expectations from last week and the current situation.

The price of the top 25 crypto coins in the past week

We forecast a cautiously positive week for Altcoins. This turned out to be too optimistic. Apart from the stable coins, only Binance USD (BUSD) recorded a positive week. When we look at the weekly charts, we see that the recovery that Bitcoin saw after the start of the week is lagging.

The current prices of the top 25 crypto coins

We are currently seeing the prices of top 25 cryptocurrencies, just like Bitcoin, rise sharply since this morning. Theta Network (THETA) profits the most with a price increase of 13.57% in 24 hours. However, in the live crypto price overview on Tradeincrypto.com, we only see green numbers with more double-digit increases.

The crypto price forecast for the prices of the top 25 crypto coins in the coming week

As we did for Bitcoin, we also look at the fundamental analysis and the technical trend analyzes and oscillators for the top 25 crypto coins to be able to prepare a crypto price forecast.

Fundamental factors prices top 25 crypto coins week 24

Of course, the fundamental factors that will play a role in the Bitcoin price can also play a role in the price development of the other cryptocurrencies, if only through correlation.

In addition, we see that Ethereum (ETH) will implement the Goerli testnet on June 16 (to be precise at block 4979794).

The technical analysis of crypto prices to be expected in week 24

The technical analysis of the top 25 crypto coins is mainly negative to very negative based on the trend analyses. The oscillators are slightly more positive with mostly neutral signals. Exceptions are Solana (SOL) and the Theta Token, which receive a positive signal in both analyses.

Our price forecast for the prices of the top 25 crypto coins in week 24

All in all, we therefore also expect a declining price trend for the top 25 crypto coins. Exceptions can be Solana (SOL), Theta Token (THETA) and Ethereum (ETH), but this will also depend on the fundamentals and correlation with the Bitcoin.

For Cardano (ADA), our cryptocurrency of the week, we are currently seeing a price increase of 5.78% with technical analysis offering a sell recommendation, but turning more positive later in the week.

Want to stay informed of the latest price developments?

You can always follow the developments yourself with our previews on the crypto market and Bitcoin. Of course you can also follow the live prices 24 hours a day if you want to stay informed in real time.

Cardano (ADA) price rises after first listing on Japanese exchange!

Cardano (ADA) has finally received approval to be listed on a Japanese cryptocurrency exchange. It concerns the Bitpoint exchange, Sebastien Guillemot, co-founder and CTO of dcSpark, reported on August 3 via Twitter.


Guillemot emphasizes that Japanese regulators have strict rules about which cryptocurrencies can be listed in the country. So far, only a small number of crypto have been listed on Japanese exchanges.

These include bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), ripple (XRP), litecoin (LTC), basic attention token (BAT), stellar lumens (XLM), nem (XEM), tezos ( ZTX), and polka dot (DOT). This now includes ADA.

Guillemot likens the news to a listing on Coinbase. An announcement of a new crypto listing on Coinbase is often accompanied by a significant price increase. It is also known in the industry as the “Coinbase effect”. Ripple XRP is well known in crypto.’

ADA price is rising

Whether the ADA price is shooting up like a rocket is questionable, but the price is already rising considerably. This morning, ADA dipped down to $1.26, but at the time of writing is already at $1.35. That is an increase of 7% and may continue for a while. ADA is currently the only price in the top 10 largest crypto that colors green. Shiba is well known in crypto.

Guillemot is also a manager at Emurgo, one of the founding entities of the Cardano network. He recently reported that he has been working on Cardano in Japan for three years now:

Cardax, the first DEX on Cardano and a Dutch project, recently raised no less than $1.5 million in a financing round. Peter Brandt, a well-known analyst, recently warned that the ADA share price could fall by 90%. Fortunately, the price seems to be heading in the other direction for the time being.