- Ted Budd reintroduces crypto crime bill
- Ted bill comes in wake of capitol invasion
Towards putting an end to terrorist use of cryptocurrencies, Ted Budd, a US legislator, has reintroduced his Financial Technology Protection Act.
The US legislator back in February 2018 and January 2019 introduced the bill as the house passed it both times only for it to stall at the senate.
Budd’s most recent bill is titled “To establish an Independent Financial Technology Task Force to Combat Terrorism and Illicit Financing, to provide rewards for information leading to convictions related to terrorist use of digital currencies, to establish a Fintech Leadership in Innovation and Financial Intelligence Program to encourage the development of tools and programs to combat terrorist and illicit use of digital currencies, and for other purposes.”
The bill has been endorsed by other US legislators like Byron Donalds, Darren Soto, among others.
Crypto crime bill in wake of capitol invasion
Chainalysis, in a recent research, linked 500 million BTC payments to members of the alt-right group said to be part of the capitol riot.
Budd’s office released a statement after the incident stating that his bill would stop criminals and terrorists from using new technologies to wreak havoc on Americans.
However, in another Chainalysis report, terrorist financing and illegal crypto use only mark one percent of crypto activities, but it remains a problem in the US.
US legislators in support of crypto
Several US legislators are in support of crypto and have continued to argue in favor of the currency.
Budd, Lynch, Davidson, and Soto, who are members of the Congressional Blockchain Caucus, last December, sent a letter to the SEC asking for more clarification on companies that can and can’t transact in cryptocurrencies.
However, as much as pro-crypto lawmakers continue to propose laws in favor of cryptocurrencies, many don’t make it far.
Dogecoin becomes the most popular cryptocurrency
TL;DR Breakdown Doge now more popular than altcoin About Doge crypto Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter […]
- Doge now more popular than altcoin
- About Doge crypto
Meme cryptocurrency, Dogecoin, now ranks as the most popular digital asset even ahead of Bitcoin, the number one cryptocurrency by market capitalization. According to data from crypto tracker ICO Analytics, Dogecoin became the most popular cryptocurrency after it was mentioned last month on Twitter more than any other cryptocurrency.
ICO Analytics notes that Dogecoin commanded 10.4 percent of all crypto-related mentions on the social media platform in February, with Bitcoin recording 10.1 percent of all crypto-related mentions. Dogecoin was mentioned ten times more than Uniswap—an Ethereum-based decentralized exchange that has 17,000 active users.
About Dogecoin cryptocurrency
Dogecoin came into existence in 2013 as a joke featuring a Shiba Inu dog as a mascot. The coin is now valued at over $6.5 billion, with many celebrities, tech experts, and investors having a stake in the meme coin. One of the coin’s biggest fan is the world’s richest man, Elon Musk, the CEO of electric car makers Tesla. The CEO never stopped tweeting about the crypto, even stating that the coin would go to the moon in one such tweet.
While Musk continued talking about the altcoin on Twitter, the crypto continued to gain popularity on TikTok, another social media sparking a Dogecoin’ Challenge’, which trended for several days. The coins’ popularity has led the altcoin price to surge. The crypto went from less than $0.002 in January 2020 to an all-time high of $0.083 last month a 4050% increase.
However, the crypto has also faced a series of criticism, with one single address holding more than 27 percent of the coins’ total supply. It is believed that the coin price is usually artificially pumped. Elon Musk detests the coin for this reason. The monopoly of investors also has slowed down active development for the coin and is one reason investors are afraid of taking on the coin, according to Elon Musk.
Bitcoin Primed for New All-Time Highs as Retail Interest Returns
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This Bitcoin Metric Shows Just How Far Away The Top Could Be
Bitcoin price is still more than 10% away from the highs set last month, and bulls have been struggling to regain the powerful momentum they had on the way up. However, while price action is feigning signs of being exhausted, blockchain data shows that growth in actual Bitcoin adoption is still on a steady, parabolic incline and is nowhere close to peak levels historically.
According to a top cryptocurrency market researcher, this suggests the current uptrend has nowhere near concluded, and a new record in a key metric will be reached before it is all said and done.
Blockchain Data Shows When Retail Arrived, User Adoption In Action
As Bitcoin price action soars, the cryptocurrency making headlines and becoming the subject of water cooler talk and online chatter once again, has also lured new users to the technology en masse.
Technically, Bitcoin’s current uptrend has been the most powerful in its history, but fundamentally, as healthy as things are, it hasn’t reached the user growth rates seen at the last major peak.
On-chain data shows user growth hasn't peaked yet, compared to last cycle | Source: glassnode
According to data shared from glassnode by crypto analyst and Bitcoin researcher Willy Woo, the 365-day net growth moving average of Bitcoin “entities” or users, hasn’t reached the same highs as 2017.
Until user adoption catches up with the former peak set back then, Woo says the top is still a far ways off.
Bitcoin Adoption Rate Suggests Trend Is “Just Warming Up”
Woo not only expects the current cycle to reach that previous growth rate, but exceed it. Which is why he claims the current “bull market is just warming up.”
Retail, as Woo points out as arriving in January, suggests the second-phase of the crypto market uptrend has begun according to Dow Theory. The public participation phase can last for some time, but eventually things get over extended and correct.
How far does the leading cryptocurrency go from here? | Source: BTCUSD on TradingView.com
Before that happens, however, the leading cryptocurrency by market cap is expected to reach prices of $100,000 or more per coin. If price discovery has already taken each coin to a price of more than $50,000 each and the trend is just “warming up” as Woo claims, how far do things actually go?
RELATED READING | FRACTAL FROM LAST BULL RUN SAYS BITCOIN WILL HIT $100K BY MAY
No one knows for sure, but Woo’s user adoption metric could be a key tool in timing when to exit any positions in the cryptocurrency, or to consider the trend as changed and to start turning strategies toward shorting bounces instead of buying the dip.
Featured image from Deposit Photos, Charts from TradingView.com
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