According to the venerable Ryan Lee, chief analyst at Bitget Research, Bitcoin’s fate hangs precariously in the balance. Should it fail to close the week above the hallowed threshold of $85,000, we may very well witness a descent into the abyss of $76,000. Oh, the horror! 😱
As of press time, ADA was chillin’ at $0.7130, a modest 0.33% uptick in the last 24 hours, says CoinMarketCap. Not too shabby, ADA, not too shabby.
Behold, the proposed framework! Cryptocurrency moguls, exchanges, and the guardians of digital treasure (read: custodians) must now seek the holy grail that is the Australian Financial Services License (AFSL). And fear not, for these new rules are as tailor-made for digital assets as a suit for a kangaroo—addressing liquidity, fraud, and cybersecurity risks with the precision of a koala in a eucalyptus tree. Stablecoin issuers, in particular, will be wrapped in the warm embrace of stringent safeguards, ensuring that customer assets are as safe as a wombat in its burrow.
But despite these wild fluctuations, Bitcoin’s long-term holders (LTHs, if you’re into the crypto lingo) are refusing to let go. According to CryptoQuant, they’ve firmly planted their feet, creating a delightful stillness in the storm.
Now, let’s break this down for the non-nerds: the RSI is like that friend who tells you when you’ve had too much to drink (or in this case, when Bitcoin is overbought or oversold). Meanwhile, the MACD is the cool kid who tracks the trends and tells you when to jump in or bail out. Svenson, our crypto oracle, says the weekly MACD is showing that the bears are getting a bit tired—like me after a long Netflix binge—and Bitcoin is holding its ground on the RSI. He’s predicting a bit more of this sideways shimmy before we see Bitcoin soaring to the moon again. 🚀
Algorithmic stablecoins, you see, are these clever critters that use fancy code to keep their prices steady, as opposed to those trusty old fiat stablecoins that just hitch their wagon to the value of a good, solid currency. Ain’t nobody got time for that, right?
