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Can Bitcoin Withstand Continued Dollar Strength?

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bitcoin versus dollar


In this episode of NewsBTC’s daily technical analysis videos, we examine yesterday’s perfected TD9 buy setup in Bitcoin and other potentially bullish signals.  We also compare BTC against the dollar using the DXY Dollar Currency Index.

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Blockchain

The Next Dogecoin Is Here and It Has the Utility to Pump and Pump

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Next Dogecoin - Tamadoge (TAMA)


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Dogecoin has inspired a new generation of meme tokens, one of which is Tamadoge (TAMA). The new meme token has garnered massive investor adoption. TAMA, the native token for the Tamadoge gaming ecosystem, is already attracting a great deal of investor demand.

An Introduction to TAMA

TAMA is the ecosystem token for Tamadoge. Launched in 2022, Tamadoge intends to tap into the hype surrounding meme coins.

The platform connects the functionality of blockchain gaming and non-fungible tokens (NFTs) with the sharp gains for which the best meme coins have become known. This way, investors and gamers can both benefit at the same time.

In Tamadoge, players are transported into a virtual world where they can buy NFTs representing digital pets. The objective is to grow and breed the pets, increasing their strength and eventually using them to battle against the pets of other players. As players win battles, they enjoy rewards in the form of TAMA tokens.

TAMA will also serve as Tamadoge’s governance token, allowing community members to stake it and vote on the platform’s future direction.

Starting Strongly

Tamadoge began operating this year. One of the first points of operation was the launch of TAMA’s presale in July, which turned out to be highly successful.

After just eight weeks, TAMA raked in $19 million from its presale. This compared favorably to several established coins, such as Ethereum (ETH), which raised $17 million in its initial coin offering (ICO).

Tamadoge OKX

Now that its presale has concluded, TAMA has begun to receive proper investor exposure. The asset completed its first centralized exchange listing earlier this week, debuting on the OKX exchange. The coin’s price jumped by almost 1,005% in its first 24 hours, going from the listing price of $0.03 to $0.05.

In addition, TAMA’s trading volume has surpassed $10 million already. This shows a significant level of investor demand, making TAMA one of the hottest new cryptocurrencies in the market.

Investors looking to purchase the asset can do so on decentralized exchanges like the OKX DEX and Uniswap. Both platforms accept users worldwide, so TAMA has become a globally accepted coin.

Open OKX Account

Why TAMA Is Set for a Pump

Although TAMA has had an impressive debut, the asset is set for even bigger gains down the line. For one, Tamadoge is gearing up for a full platform launch before the end of the year. This means that gamers could play the game and make TAMA-based transactions.

Tamadoge also intends to launch the Tamaverse – a metaverse iteration where players can mint and create their own digital pet NFTs. With its expansion into the metaverse and NFTs, we believe that this platform could easily become a market leader – and lead to a bull run for TAMA and its investors over time.

Buy TAMA on OKX

Read More:

Tamadoge – Play to Earn Meme Coin

Tamadoge logo
  • Earn TAMA in Battles With Doge Pets
  • Maximum Supply of 2 Bn, Token Burn
  • Now Listed on OKX, Bitmart, Uniswap
  • Upcoming Listings on LBank, MEXC

Tamadoge logo


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Regulation

US Lawmakers Introduce Bill Allowing Crypto Investments in 401(k) Retirement Plans – Regulation Bitcoin News

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US Lawmakers Introduce Bill Allowing Crypto Investments in 401(k) Retirement Plans


Several U.S. lawmakers have introduced the Retirement Savings Modernization Act to provide 401(k) retirement savers access to a wide range of investments, including crypto assets. “With inflation at record highs, a stock market downturn, and a potential recession on the horizon, many Americans are rightfully concerned about their financial future,” said U.S. Senator Pat Toomey.

Retirement Savings Modernization Act Introduced

The U.S. Senate Committee on Banking, Housing, and Urban Affairs announced Thursday that Senators Pat Toomey (R-PA) and Tim Scott (R-SC) and Representative Peter Meijer (R-MI) have introduced a bill called the Retirement Savings Modernization Act.

The bill aims “to bolster Americans’ retirement savings by allowing workers to diversify assets included in defined contribution plans, such as 401(k) plans,” the announcement details. “This legislation will amend the Employee Retirement Income Security Act of 1974 (ERISA) to clarify that private sector retirement plan sponsors may offer plans, including both pensions and 401(k)s, that are prudently diversified across the full range of asset classes.”

Senator Toomey opined, “With inflation at record highs, a stock market downturn, and a potential recession on the horizon, many Americans are rightfully concerned about their financial future,” elaborating:

By providing 401(k) savers with access to the same asset classes as pension plans, my legislation will open the door to a more secure retirement for millions of Americans.

While pension plans and 401(k) plans are covered by the same law, the former have incorporated asset classes outside of the public markets since 1982. Meanwhile, the latter “almost never incorporate exposure to alternative assets due to fiduciaries’ anticipated litigation risk,” the announcement explains. The bill lists “digital assets” as a “covered investment.”

Senator Scott described: “Inflation has eroded and devalued the savings many Americans spent their lives accumulating. This bill would modernize retirement plans to ensure they can provide diverse investments with higher returns. American workers and their families deserve to go about their lives with peace of mind, knowing their hard-earned money will be secure when they choose to retire.”

Until the 1970s, most Americans working in the private sector relied on pension plans for retirement. Today, the vast majority of private sector workers rely on 401(k) plans. “However, pension plans have consistently outperformed 401(k) plans because they diversify across the full range of asset classes, putting one of every five dollars in alternative asset classes like private equity,” the lawmakers noted.

Representative Meijer stressed:

Americans deserve flexibility with their retirement options, especially in times of fiscal uncertainty.

The U.S. Department of Labor (DOL) issued a notice in March warning about crypto investments in 401(k) plans. “The department has serious concerns about the prudence of a fiduciary’s decision to expose a 401(k) plan’s participants to direct investments in cryptocurrencies, or other products whose value is tied to cryptocurrencies,” the DOL wrote. “These investments present significant risks and challenges to participants’ retirement accounts, including significant risks of fraud, theft, and loss.”

Despite the warning by the Labor Department, Fidelity, a major 401(k) plan administrator, announced in April that it will allow bitcoin as an investment option in its new 401(k) products. The financial giant’s decision caused concerns for the Labor Department. Senator Elizabeth Warren (D-MA) is also worried, demanding answers from Fidelity regarding its decision to allow bitcoin in 401(k) plans.

In May, a U.S. senator introduced a bill prohibiting the Labor Department from interfering with investments in retirement accounts. In June, U.S. Treasury Secretary Janet Yellen said that crypto is “very risky,” emphasizing that it is unsuitable for most retirement savers.

Do you think all retirement savers should be able to invest in anything including cryptocurrencies? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Why Bitcoin, Ethereum May Not Be The Best Plays For The Next Bull Market

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bitcoin, ethereum, altcoins


Since the launch of bitcoin, there have been massive gains recorded by those that got in early and held on long enough. The same was the case with Ethereum, whose market cap grew to the hundreds of billions. However, the growth that these digital assets have already seen over the years, it has put a hamper on how much they can still grow over the coming years. This is why investors are looking elsewhere for larger gains.

Bitcoin, Ethereum Gains Are Lower

Over the last bull market, it became apparent that bitcoin and Ethereum will no longer be able to give the kind of returns that early investors had gotten. During the previous cycle low, bitcoin had dropped to as low as $6,000 but had reached $69,000 during its peak. This was a 10x growth for the digital asset.

The case was similar to Ethereum, the second-largest cryptocurrency by market cap, although it had fared much better compared to bitcoin. It had grown from its cycle low of around $100 to $4,800 at its peak. This was about a 500x growth for the digital asset.

BTC grows 10x | Source: BTCUSD on TradingView.com

However, their already massive growth has been putting investors off of them, not because they are not good investments but because the potential to explode exponentially has been greatly reduced. An example is that from bitcoin’s current price, even if it were to reach $100,000 per coin, it would still be a less than 10x growth.

The same with Ethereum, although the digital asset does carry more potential for larger growth compared to bitcoin due to it being much younger. If ETH were to grow to $10,000 per token, it would barely be a 10x growth.

Altcoins Take The Cake

Altcoins had barreled ahead of market leaders such as bitcoin and Ethereum when it came to gains in the last bull market. Where these large digital assets were doing below 500x, smaller altcoins such as Dogecoin and Shiba Inu had recorded ROI in the thousands.

Mainly, meme coins were notorious for such returns, but altcoins from other spheres had seen the same kind of growth too. FTM is a token that had traded as low as $0.2 and peaked above $3.4 during the bull market. DOGE’s price had made an impressive run-up from $0.004 to $0.7 at the height of its rally.

However, these are only, but a small example of the many ways altcoin had been great investments during the bull market. With the next bull market expected to happen in 2024, it is no surprise when investors are turning to smaller cap tokens in hopes of catching the next DOGE or SHIB.

Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.
Featured image from Medium, chart from TradingView.com

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