The cryptocurrency industry is a constantly evolving landscape, with new developments and challenges emerging regularly. In recent news, popular decentralized social networking app, Damus, is facing potential removal from the App Store due to its violation of in-app purchase guidelines. The app allows users to send “tips” to content creators through a mechanism other than in-app purchase, causing concern for the future of other apps with Lightning integration and implications for peer-to-peer transactions on Apple’s platform. While the creator of Damus may consider removing the zaps feature to comply with these regulations, U.S. Congressman Warren Davidson and Twitter Founder and former CEO Jack Dorsey have both spoken out in support of the app.
At the same time, the US SEC is seeking to shut down staking services for crypto assets, aside from Bitcoin, which it considers securities. This move is expected to push more staked Ethereum onto Lido, the market leader in liquid staking services for the cryptocurrency, posing a risk of “cartelization” and making it easier to manipulate the market. In response, Ethereum developers have warned that Lido must face economic repercussions in order to prevent its dominance over staking. The recent regulatory attacks on the cryptocurrency industry have also led to ETH prices taking a hit, with the asset having lost over 8% since the SEC sued Binance and Coinbase.
Ethereum’s price is currently experiencing a downtrend and is approaching a significant support level, with technical analysis indicating a bearish influence. Both the demand and accumulation levels on the chart have remained low, and Ethereum needs to move away from the $1,700 support line to avoid further bearish pressure. Additionally, for Ethereum to initiate a recovery, Bitcoin needs to halt its sharp retracement. Technical indicators and low buying strength suggest sell signals for Ethereum, and ETH may experience increased fluctuations in the upcoming trading sessions.
The ever-changing world of cryptocurrency presents challenges for both companies and investors alike. From regulatory issues to technical analysis, it’s important to stay up to date on the latest news and developments in order to make informed decisions. While the future of Damus is uncertain and staking services are facing regulatory pressure, the cryptocurrency industry will likely continue to remain resilient and adapt to changes in the landscape.
