Bipartisan Consensus Remains the Priority

Senate Agriculture Committee Chair John Boozman confirmed that the committee has intentionally slowed the legislative process to allow more time for cross-party negotiations. According to Boozman, while meaningful progress has already been made and discussions have been constructive, additional work is needed to finalize unresolved provisions and ensure the bill has sufficient political support.

As a result, the committee now plans to mark up the legislation during the final week of January. The bill had initially been scheduled for markup this week, aligning with a parallel review by the Senate Banking Committee.

Defining Regulatory Authority Over Crypto Markets

The delayed legislation is considered a cornerstone for US crypto regulation, as it seeks to clarify how oversight responsibilities will be divided between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). While the Senate Banking Committee oversees the SEC, the Agriculture Committee is responsible for the CFTC, making coordination between the two essential.

Unlike the House-passed CLARITY Act, which cleared the House of Representatives in July, the Senate version of the market structure bill is being advanced separately due to procedural requirements. Despite these differences, both efforts aim to bring regulatory clarity to an industry that has long operated under overlapping and often ambiguous rules.

Ethics Provisions and Stablecoin Yield Restrictions

Several contentious issues remain under negotiation. One major area of debate involves stablecoin yields. Bank lobbyists and some lawmakers are advocating for a complete ban on yield offerings, not only by stablecoin issuers but also by third-party platforms such as crypto exchanges. This push follows the GENIUS Act, which already restricted issuers from offering yield-bearing stablecoins.

Ethics provisions are another focal point. A group of Democratic senators is pressing for strict conflict-of-interest safeguards, including measures that would prevent public officials—President Donald Trump included—from financially benefiting from ties to crypto-related businesses.

Meanwhile, crypto advocacy groups are urging lawmakers to exclude software developers and non-custodial platforms from being classified as financial intermediaries, arguing that such entities should not be subject to traditional financial compliance rules.

Legislative Timeline Remains Uncertain on Crypto

According to investment bank TD Cowen, the approaching midterm elections could further complicate the bill’s passage by weakening political momentum. The firm suggests that approval may not occur before 2027, with full implementation potentially extending into 2029.

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What Caused the ACT Crash?

The ACT crash may be linked to leverage trading changes on Binance. The exchange announced margin adjustments for ACTUSDT and five other altcoins, but since other tokens listed in the update didn’t suffer similar declines, market observers speculated on alternative causes.

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Some traders believe that the new ACTUSDT perpetual contract margin change may have triggered a liquidation event for a market maker, forcing them to sell other tokens. Arkham data suggests that Wintermute, a major market maker, sold a significant amount of ACT on April 1.

Binance’s Statement!

Binance later confirmed that the ACT crash resulted from spot market sales by four accounts. Three VIP users sold around 514 million USDT worth of ACT, while a non-VIP user liquidated 540,000 USDT worth of ACT.

These sales caused ACT’s price to plummet rapidly, dragging other low-market-cap tokens down with it. Binance stated that its investigation is ongoing.

ACT’s Market Value and History

ACT was a key player in last year’s Solana-based AI memecoin boom, combining viral meme culture with AI hype.

At its peak, ACT reached a market capitalization of $890 million, becoming one of the few AI memecoins listed by Binance. However, its value has since plummeted over 85% to around $95 million.

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ACT Coin Plunges by 65%

One of the biggest losses of the day was seen in ACT, which dropped 65% from $0.19 to $0.0681. Binance released a statement explaining:

• Three VIP users sold $514,000 USDT worth of ACT on Binance’s spot market.
• A non-VIP user transferred a large amount of ACT into their account and sold $540,000 USDT worth of it.

This sudden price drop led to the liquidation of futures positions and caused declines in other low market cap tokens. Binance stated that no single account was identified as making a significant profit from the incident so far.

COMP Coin Listed on Upbit

One of South Korea’s largest crypto exchanges, Upbit, officially listed COMP today. The listing significantly increased its trading volume and investor interest.

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VanEck BNB ETF Registered in Delaware

VanEck completed the official registration process for a BNB Exchange-Traded Fund (ETF) in Delaware. This move may increase institutional investor interest in BNB and positively impact its price.

MASK Coin Drops 53%

MASK saw a sharp 53% decline, falling from $2.53 to $1.35. This major drop is part of the broader sell-off seen among low-cap altcoins.

Other Trending Coins and Developments

• SUI
• DEXE
• PEPE: Leading among meme coins in trading volume.
• EOS
• WAL
• FARTCOIN

These market fluctuations highlight the importance of careful investment strategies. Stay tuned for more updates and in-depth analysis!

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The post What Are Today’s Trending Coins in the Crypto Market? appeared first on Coin Engineer.

Bitcoin Intraday Key Levels

The BTC/USDT pair has gained 1.54% in the last 24 hours and is currently trading at $99,168. Bitcoin (BTC) has rebounded from the previously mentioned $97,362 support level and continues to rise. If the uptrend persists, the next resistance level is at $99,304. Support levels are located at $97,362 and $94,703, respectively.

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Ethereum (ETH): The ETH/USDT pair has increased by 1.11% in the last 24 hours and is now trading at $3,652. For ETH, the resistance levels are at $3,653 first, followed by $3,750. Support levels are found at $3,535 and $3,440.

Arbitrum (ARB): The ARB/USDT pair has surged by 6.26% in the last 24 hours and is currently trading at $0.95. Resistance levels for ARB are at $0.95, with the next at $1.01. Support zones are identified at $0.88, with a deeper drop potentially testing $0.845.

Sei (SEI): The SEI/USDT pair has risen 0.51% in the last 24 hours, trading at $0.46. For SEI, resistance levels are at $0.48 and $0.51, while support zones are located at $0.448 and $0.41, respectively.

Lido DAO (LDO): The LDO/USDT pair has gained 0.76% in the last 24 hours and is trading at $2.05. Resistance levels for LDO are $2.09, followed by $2.17, while support zones are at $2 and $1.94 for deeper pullbacks.

Trending Coins

In the last 24 hours, trending coins in the crypto market include PHNIX (PHNIX), Vector Smart Gas (VSG), and ai16z (AI16Z). The top gainers are Osmosis (OSMO) and Freysa AI (FAI), while the biggest losers are Sonic (S), ACT I The AI Prophecy (ACT), and AI Rig Complex (ARC).

Bitcoin Liquidation Map

Analyzing Bitcoin’s 12-hour liquidation map, a notable liquidation zone is seen at $100,758 with $77.80 million, while on the downside, $98,168 holds a liquidation level of $51.84 million.

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The post The Latest on Bitcoin and Cryptocurrencies: 6 January appeared first on Coin Engineer.

The Story of ACT Coin

The $ACT project was launched with the goal of creating a community that promotes AI research, education, and collaboration. One of the project’s founders, AmplifiedAmp (Amp), initially promised the community a decentralized ecosystem. However, over time, Amp’s profit-driven actions eroded trust within the community. Amp’s large-scale sale of $ACT tokens became a pivotal moment for the project, prompting the community to stand on its own.

Amp’s departure strengthened the community’s resilience and offered an opportunity to rebuild the project even stronger. Ultimately, the community raised over $1 million for the ACT I fund to support the project financially and ideologically. With Amp’s exit, $ACT transformed into a fully community-owned and community-driven initiative. This shift allowed the project to break free from centralized control and highlighted the power of collaboration within the community.

ACT Coin has grown beyond being just a token. It now represents a symbol of education, innovation, and community involvement in the AI field. The collective vision of the community is to create a positive impact in the tech world and spread AI knowledge.

The Mission of ACT Coin

ACT Coin’s primary mission is to democratize AI knowledge and ensure it is accessible to everyone. To achieve this goal, the $ACT community engages in various initiatives and projects:

• Education and Awareness: Provides content that simplifies understanding the potential and risks of AI.
• Decentralized Community: Operates entirely on a decentralized structure where community members make decisions collectively.
• AI Project Support: Supports AI development initiatives, fosters innovation, and enhances learning opportunities.

Where to Buy ACT Coin?

Following its listing announcement on Binance, ACT experienced a significant price surge. At the time of writing, its price is approximately $0.4352, with a 24-hour trading volume of $334.16M.

You can trade ACT Coin on exchanges such as Binance, OKX, Bitget, KuCoin, and Gate.io.

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Key Listing Details:

– ACT Deposit Start: Users can begin depositing ACT Coin into their OKX accounts starting November 14, 2024, at 10:00 UTC.

– ACT/USDT Trading Pair: Trading for ACT/USDT will go live on OKX at 13:00 UTC on November 14, 2024.

– ACT Withdrawal Start: ACT token withdrawals will be available starting November 15, 2024, at 13:00 UTC.

What is ACT (Act I: The AI Prophecy)?

ACT (Act I: The AI Prophecy) is a project that aims to explore the relationship between users and artificial intelligence (AI) systems. The main goal of the project is to analyze multiple AI interactions and user behaviors. With a total supply of 1 billion tokens, ACT offers a promising opportunity, particularly for investors interested in AI technologies.

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