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മാറുന്ന കാലത്തിന് ഒപ്പം മാറുന്ന പണമിടപാട് , ബാട്ടർ സിസ്റ്റത്തിൽ നിന്നും കോയിൻലേക് ,കോയിനിൽ നിന്നും ബിറ്കോയിൻലേക് .. ഫോർ ഓൾ ബിറ്കോയിൻ ന്യൂസ് ,, ജോയിൻ നൗ.....
CoinDesk
Can Crypto Match the Internet and Hit 5B Users?
While early growth in both spaces has been eerily similar, don’t get too excited about crypto’s future.
CoinDesk
Google Play Changes Policy on Tokenized Digital Assets, Allowing NFTs in Apps and Games
Google Play announced a major shift in policy today, allowing developers to incorporate digital assets such as NFTs into their apps and games in the store. Companies that decide to offer the ability to buy, sell or earn tokenized assets will be required to make it clear in the Play Console that there are blockchain-based elements in the app.
Bitcoin News
Bitcoin, Ethereum Technical Analysis: Bitcoin Pushes Towards $31,000 as US Inflation Is Expected to Fall
https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_1710449545-2-768x432.jpg Bitcoin moved towards $31,000 on Wednesday, ahead of June’s inflation report from the United States. Consumer prices are expected to fall to 3.1%, down from May’s reading of 4.0%. Ethereum also edged higher, as the cryptocurrency closed in on the $1,900 mark.
Bitcoin
Bitcoin (BTC) neared $31,000 in today’s session, as traders were optimistic ahead of upcoming inflation data from the United States.
Following a low of $30,358.10 on Tuesday, BTC/USD jumped to an intraday high of $30,831.81 earlier in the day.
Today’s move resulted in the world’s largest cryptocurrency breaking out of a key resistance level of $30,800.
Bitcoin chart by TradingView
Price has since fallen below this point, as the relative strength index (RSI) neared a ceiling at 62.00.
The index is now hovering at 61.98, with bulls hoping that there will be a breakout following the release of the consumer price index (CPI).
Should this occur, the price target will likely be at a resistance of $31,400.
Ethereum
Ethereum (ETH) also edged higher on hump-day, with the price once again closing in on the $1,900 zone.
So far today, ETH/USD peaked at $1,895.08, which was nearly 2% higher than Tuesday’s low at $1,863.22.
Unlike bitcoin, ethereum’s 14-day RSI has moved beyond its own ceiling of 52.00, and as of writing is tracking at 53.42.
Ethereum chart by TradingView
This comes despite the 10-day (red) moving average (MA) being on the cusp of a downward crossover with the blue 25-day MA.
A crossover of this kind will likely be a bearish signal, and could prompt traders to abandon previous long positions.
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Will inflation fall lower than expected? Leave your thoughts in the comments below.
CoinDesk
Blockchain-Based, AI Compute Protocol Gensyn Closes $43M Series A Funding Round Led by a16z
The capital infusion comes as interest in AI surges. Gensyn said it would use the money to accelerate the launch of the protocol and expand its workforce.
Bitcoin News
Former SEC Chairman Jay Clayton on Enforcement Actions: Crypto Should Be Treated With ‘Nuance’
https://static.news.bitcoin.com/wp-content/uploads/2023/06/shutterstock_2187278951-768x432.jpg Jay Clayton, former U.S. Securities and Exchange Commission (SEC) chairman, gave his opinion about how the organization approaches enforcement in the crypto space. In a Bloomberg Invest panel, Clayton stated that while he supports the agency and the law, the crypto regulation issue should be treated with nuance.
Former SEC Chairman Jay Clayton Calls for Nuance When Dealing With Crypto
Jay Clayton, Former SEC Chairman of the U.S. Securities and Exchange Commission (SEC) took a stance on the escalade of enforcement actions the organization is currently taking against cryptocurrency exchanges.
The agency recently slapped Binance and Coinbase, two of the largest cryptocurrency businesses in the world, with illegal brokerage charges, stating that they allowed U.S. customers to purchase unregistered securities.
In a joint Bloomberg panel with Dan Morehead, founder and managing partner of Pantera Capital, Clayton stated that while he supported the SEC and the current law definitions, he had other ideas regarding enforcement.
When asked if he agreed with current SEC Chairman Gary Gensler’s moves, Clayton stated:
When I was there, people would say I was a crypto hawk. We effectively shut down the ICO craze. I do think we are having very blunt conversations about something that requires nuance.
Furthermore, Clayton clarified that crypto and blockchain were just technologies and that using these technologies in different aspects of the financial system should be “non-controversial.”
Tokenization and Stablecoins
Clayton, nominated by Donald Trump and serving as SEC chairman from 2017 to 2020, had to deal with the rise of crypto as an insurgent technology in financial markets. However, while the current SEC chairman Gary Gensler has questioned the value of cryptocurrency, Clayton believes there are valid use cases for crypto and blockchain technology.
One of these use cases is tokenization, a process that uses a representation of an asset in a blockchain to simplify the management of such an asset. Assets and securities tokenization is a business predicted to reach the $4 to $5 billion mark by 2030, according to Citi. Clayton explained using tokenized securities will probably be “more efficient than what we are doing today.”
Clayton also detailed that stablecoins, which are cryptocurrency assets linked to the value of other assets – generally of a fiat token like the U.S. dollar – had a clear use case. He declared:
I am remarkably impressed by the functionality of true stable stablecoins… it is a remarkable technology at the retail level to be able to transfer dollars around the world.
Clayton added that using stablecoins would allow for conducting know-your-customer (KYC) and anti-money laundering (AML) procedures more efficiently and that the U.S. should be looking into this technology.
What do you think about Jay Clayton’s remarks? Tell us in the comment section below.
Bitcoin News
Economist Jim Rickards Predicts Unveiling of New BRICS Currency — Says ‘the World Is Unprepared for This Geopolitical Shock Wave’
https://static.news.bitcoin.com/wp-content/uploads/2023/06/jim-rickards-brics-currency-768x432.jpg Jim Rickards, an economist and the author of “Currency Wars,” has predicted the unveiling of a new BRICS currency, stating that it “could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading payment currency and reserve currency.” Emphasizing that “The process by which this will happen is unprecedented, and the world is unprepared for this geopolitical shock wave,” he noted that “The BRICS+ present a realistic effort to de-dollarize global payments and eventually global reserves.” Jim Rickards on BRICS Currency Challenging U.S. Dollar DominanceEconomist and “Currency Wars” author Jim Rickards shared his predictions about a proposed BRICS currency in an opinion piece published by the Daily Reckoning earlier this week. The leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) are expected to discuss the proposed common currency at their next leaders’ summit in August.
“On Aug. 22, about 2½ months from today, the most significant development in international finance since 1971 will be unveiled,” Rickards wrote, elaborating:
It involves the rollout of a major new currency that could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading payment currency and reserve currency. It could happen in just a few years.
“The process by which this will happen is unprecedented, and the world is unprepared for this geopolitical shock wave,” he opined.
Rickards explained that there are currently eight nations that have formally applied to join the economic bloc and 17 others have expressed interest in joining. The eight are Algeria, Argentina, Bahrain, Egypt, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates, he detailed, adding that the 17 countries are Afghanistan, Bangladesh, Belarus, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Senegal, Sudan, Syria, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe.
In April, Anil Sooklal, South Africa’s ambassador to the BRICS economic group, revealed that 19 countries have either applied to join or have expressed interest in joining. “We are getting applications to join every day,” he stated at the time.
“By every measure — population, landmass, energy output, GDP, food output and nuclear weapons — BRICS is not just another multilateral debating society. They are a substantial and credible alternative to Western hegemony. BRICS acting together is one pole of a new multipolar or even bipolar world,” Rickards stressed. De-Dollarization of Global Payments and Global ReservesThe economist then discussed the global de-dollarization trend, as a growing number of countries shift away from using the U.S. dollar in trade settlements in favor of national currencies. “What’s behind this quest to ditch the dollar? In no small part the answer is U.S. weaponization of the dollar through the use of sanctions,” the Currency Wars author described.
“Many other nations began to conclude that they could be next if they run afoul of the U.S. on certain issues. And that fear has greatly accelerated the push to opt out of the dollar system entirely,” he continued, adding:
The BRICS+ present a realistic effort to de-dollarize global payments and eventually global reserves.
Rickards noted that efforts to shift to using national currencies “may soon be superseded by a new BRICS+ currency, which will be announced in Durban, South Africa, at the annual BRICS leaders’ summit Conference on Aug. 22–24.”
Believing that the new BRICS currency “will be pegged to a basket of commodities[...]
r/bitcoin is markedly different, with numerous posts celebrating the downfall of altcoins.
What do you think about the people holding firm or adapting their strategy amidst the crypto market’s turbulence? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Binance, Coinbase, Robinhood: A Week of Crypto Crackdowns and Regulatory Fallout — Week in Review
https://static.news.bitcoin.com/wp-content/uploads/2023/06/shutterstock_2135434609-768x432.jpg Seismic shifts have been occurring in crypto this past week, with the United States Securities and Exchange Commission (SEC) leaning remarkably further into what some call its “regulation by enforcement” approach, as the entity is now suing both Binance and Coinbase for securities laws violations. In other news, crypto firm Robinhood has decided to delist multiple popular crypto assets in the wake of the SEC’s latest barrage of red tape. This and more just below, in the latest Bitcoin.com News Week in Review.
https://static.news.bitcoin.com/wp-content/uploads/2023/06/ddd.jpg Binance Faces Legal Action by SEC for Violating US Securities LawsThe U.S. Securities and Exchange Commission (SEC) took legal action against Binance, the largest cryptocurrency exchange globally, for violating U.S. securities laws. Gary Gensler, the chairman of the SEC, revealed that Binance is facing thirteen charges related to these violations. Read More
https://static.news.bitcoin.com/wp-content/uploads/2023/06/brian-armstrong-sec-lawsuit.jpg Coinbase CEO Responds to SEC Lawsuit Accusing Crypto Exchange of Securities Law ViolationsCoinbase CEO Brian Armstrong has responded to the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against his cryptocurrency exchange. The securities regulator charged Coinbase with “operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency,” as well as selling unregistered securities “in connection with its staking-as-a-service program.” Read More
https://static.news.bitcoin.com/wp-content/uploads/2023/06/sec-binance-securities.jpg US SEC Identifies 12 Crypto Tokens as Securities in Binance LawsuitThe U.S. Securities and Exchange Commission (SEC) has identified 12 crypto tokens as securities in a new lawsuit filed against Binance and its CEO, Changpeng Zhao (CZ). The securities regulator asserted that Binance platforms “have made available for trading on them crypto assets that are offered and sold as investment contracts, and thus as securities.” Read More
https://static.news.bitcoin.com/wp-content/uploads/2023/06/rob.jpg Robinhood to Delist Cardano, Solana, and Polygon Amidst SEC Regulatory PressureFintech and crypto firm Robinhood has announced the delisting of cardano (ADA), solana (SOL), and polygon (MATIC) on June 27, 2023. This development comes after the publicly-listed company revealed that it was “actively reviewing” its coin listings in the wake of recent U.S. Securities and Exchange Commission (SEC) enforcement actions against Binance and Coinbase. Read More
https://static.news.bitcoin.com/wp-content/uploads/2023/06/brics.jpg Economist Discusses BRICS Currency’s Prospect of Becoming Global CurrencyEconomist Alexis Habiyaremye from the University of Johannesburg says that a proposed common BRICS currency, if used effectively and systematically for all trade transactions between BRICS nations, would “alleviate the burden on these countries to finance” the “disproportionate advantage that the dollar enjoyed in the international monetary system.” Read More
What are your thoughts on this week’s stories? Be sure to let us know in the comments section below.
Bitcoin News
European Consumer Organization Calls for Curbing Crypto Promotion on Twitter, Tiktok
https://static.news.bitcoin.com/wp-content/uploads/2023/06/shutterstock_2176025429-768x432.jpg BEUC, the European Consumer Organization, has urged Brussels to clamp down on the promotion of crypto assets on social media. The umbrella group calls for implementing stricter advertising rules on major platforms like Twitter and Tiktok as well as preventing influencers from misleading investors. BEUC Complains About Promotion of Risky Crypto to European Consumers on Social MediaThe European Consumer Organization, better known by its French abbreviation BEUC (Bureau Européen des Unions de Consommateurs), has filed a complaint with the European Commission and consumer authorities in the EU against Tiktok, Twitter, Instagram, and Youtube, alleging that they facilitate misleading crypto promotion.
“These social media companies are responsible for allowing misleading advertisements of crypto assets to multiply on their platforms (both through advertising and influencers),” the bureau said in an announcement presenting its “Hype or harm? The great social media crypto con” report.
This constitutes an unfair commercial practice which “exposes consumers to serious harm i.e., the loss of significant amounts of money,” the organization added, suggesting that crypto is still a highly risky investment product that it deems “not suitable for many consumers.”
Established in 1962, BEUC unites 45 European consumer protection organizations from 32 countries in the European Union, the European Economic Area (EEA), and applicant nations. The complaint has been filed together with nine of its members in Denmark, France, Greece, Italy, Lithuania, Portugal, Slovakia, and Spain.
The Bureau claims in the report there’s ample evidence of the misleading promotion of crypto on said platforms that contravenes their own advertising policies. It also calls on the Consumer Protection Cooperation Network, a body bringing together public authorities competent in the field of consumer protection, to request certain changes from the companies. European Authorities Urged to Ensure Social Media Giants Protect Users From ScamsThe organization insists on the adoption and enforcement of stricter advertising policies by the platforms promoting crypto as well as implementing measures to prevent influencers from misleading consumers in regards to the nature of crypto assets which it describes as volatile and speculative.
“Consumers are increasingly being promised ‘get rich quick’ investments by ads and influencers on social media. Unfortunately, in most cases, these claims are too good to be true,” BEUC Director General Monique Goyens was quoted as stating.
Goyens noted that the sector will soon be regulated with the EU’s newly adopted Markets in Crypto Assets (MiCA) legislation. However, she also pointed that the law does not apply to social media firms “benefiting from the advertising of crypto at the expense of consumers” and elaborated:
We are turning to the authorities in charge of protecting consumers to ensure Instagram, Youtube, Tiktok, and Twitter fulfil their duty to protect consumers against crypto scams and false promises.
BEUC’s action coincides with the introduction of tougher advertising rules for businesses marketing crypto assets to U.K. consumers by Britain’s Financial Conduct Authority (FCA) this week. The watchdog said it wants to ensure investors are duly warned about the risks, banned ‘refer a friend’ bonuses, and imposed a cooling-off period for first time crypto buyers.
Do you expect consumer protection authorities in Europe to make it harder to promote crypto on social media? Tell us in the comments section below.
Bitcoin News
Russian Banker Predicts End of Dollar Dominance as Global Power Shifts
https://static.news.bitcoin.com/wp-content/uploads/2023/06/kostin-dollar-dominance-768x432.jpg Russia’s second-largest bank’s chairman has predicted the end of U.S. dollar dominance. He believes that the Chinese yuan will replace the U.S. dollar as the dominant currency. “I think that the time has come when China will gradually remove currency restrictions,” he noted, adding that “China understands that they will not become world economic power number 1 if they keep their yuan as a non-convertible currency.” VTB Bank President Predicts End of U.S. Dollar HegemonyAndrey Kostin, the chairman of state-controlled VTB, Russia’s second-largest bank, discussed the potential end of U.S. dollar dominance in an interview with Reuters, published Friday. He expressed his belief that the era of U.S. dollar dominance is drawing to a close, attributing it to the increasing prominence of the Chinese yuan and the global recognition of the consequences resulting from unsuccessful Western sanctions aimed at undermining Russia during the Ukraine crisis.
According to him, the U.S. and the European Union would lose due to their moves to freeze hundreds of billions of dollars of Russian sovereign assets. This prompted numerous countries to ramp up efforts to shift away from using the U.S. dollar and settle trades in national currencies, including the BRICS nations (Brazil, Russia, India, China, and South Africa), 10 ASEAN member countries, and nine more Asian countries. The BRICS economic bloc also has a proposal for a common currency that is expected to be discussed at their upcoming leaders’ summit.
The Russian banker stressed:
The long historical era of the dominance of the American dollar is coming to an end.
“I think that the time has come when China will gradually remove currency restrictions,” he added. “China understands that they will not become world economic power number 1 if they keep their yuan as a non-convertible currency.”
Last month, he expressed a similar opinion in an interview with Sputnik. “There is every reason to expect that the Chinese yuan will replace the U.S. dollar as the world’s main reserve and settlement currency as early as the next decade,” the banker shared.
Kostin also commented on the sanctions imposed on him and his bank by the U.S. government. In February 2022, the U.S. Treasury Department announced “unprecedented” and “expansive” sanctions against VTB Bank and Sberbank — Russia’s two largest banks.
Moreover, the U.S. imposed sanctions on Kostin in 2018 due to Russia’s alleged disruptive actions on the global stage. Subsequently, he was also subjected to sanctions by the European Union and Britain, with the latter referring to him as “a close associate of Putin.” Kostin expressed his view that these sanctions were unjust and driven by political motives, predicting that they would ultimately have negative consequences for Western countries.
Regarding the Russia-Ukraine war, the banker warned:
We have already entered into a hot war … It is not cold when there are so many Western weapons and a lot of Western services and military advisers involved. The situation is worse than in the Cold War, it is very difficult and alarming.
Kostin opined: “Sanctions are bad, and we suffer from them, of course. But the economy has adapted … At the same time, we expect that sanctions will intensify, they will be tightened, some windows will be closed, but we will also find other opportunities.”
What do you think about the Russian banker’s prediction? Let us know in the comments section below.
Bitcoin News
Rich Dad Poor Dad Author Robert Kiyosaki Warns of ‘Greatest Real Estate Crash Ever’
https://static.news.bitcoin.com/wp-content/uploads/2023/06/kiyosaki-real-estate-crash-768x432.jpg Rich Dad Poor Dad author Robert Kiyosaki has warned that the real estate market is on the verge of a crash that will be worse than the 2008 financial crisis. Noting that it will be the greatest crash “ever,” he stressed that the 2023 crisis will make the Global Financial Crisis “look like nothing.”
’Greatest Real Estate Crash Ever’
Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, has issued another warning about the real estate market, stating that it is on the verge of the greatest crash “ever.” Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
The famous author believes that the 2023 crash will be worse than the 2008 Global Financial Crisis (GFC), and is advising investors to protect themselves by buying gold, silver, and bitcoin. He tweeted Wednesday:
Greatest real estate crash ever. 2008 was the GFC. 2023 will make 2008 GFC look like nothing. In 2019, office towers in San Francisco were hot. In 2023, same buildings have lost 70% of value … Get gold, silver, bitcoin.
Kiyosaki has cautioned many times in the past regarding the potential crash of the real estate market. In March, for example, he tweeted that the Federal Reserve’s rate hikes will crash stocks, bonds, real estate, and the U.S. dollar. In September last year, he similarly tweeted that stocks, bonds, mutual funds, exchange-traded funds (ETFs), and real estate are crashing.
Recently, Tesla and Spacex CEO Elon Musk also warned about real estate markets. He tweeted at the end of May that commercial real estate is “melting down fast,” predicting that “home values” will be next. However, some people disagreed with the billionaire about the residential real estate market, including Federal Reserve Governor Michelle Bowman, Shark Tank star Barbara Corcoran, and Glenn Kelman, the CEO of residential real estate brokerage operator Redfin.
Kiyosaki previously explained that he no longer recommends real estate as an investment. “In my 2022 book Capitalist Manifesto, I stated Marxist took over the U.S. in the 2020 election. Marxists will raise property taxes, impose rent controls, as rising interest rates decrease property values. I recommend gold, silver, bitcoin,” he tweeted last October.
The renowned author has been recommending gold, silver, and bitcoin for quite some time. He predicted in February that by 2025, the price of gold would reach $5,000, silver would soar to $500, and bitcoin would surge to $500,000. Explaining his prediction, he tweeted: “Because faith in U.S. dollar, fake money, will be destroyed. Gold & silver God’s money. Bitcoin people’s $.”
Do you agree with Rich Dad Poor Dad author Robert Kiyosaki about the upcoming real estate crash? Let us know in the comments section below.
Bitcoin News
AI Chatbots Weigh In: Is Bitcoin Poised to Become a Global Reserve Currency?
https://static.news.bitcoin.com/wp-content/uploads/2023/06/gpts-768x432.jpg While some people believe that bitcoin (BTC) could become a global reserve asset, others are skeptical. Rather than relying on human subjective valuations and biases, we conducted an experiment to let artificial intelligence (AI) determine whether bitcoin could become a global reserve currency. We asked six popular AI chatbots the same question: “Will bitcoin become a reserve currency and when?” AI Experiment Assesses the Likelihood of Bitcoin as a Reserve CurrencyBitcoin.com News conducted an experiment on June 9, 2023, using some of the most popular AI chatbots currently available. AI has been a trending topic in 2023, with platforms like Chatgpt, Midjourney, Bard, and Claude gaining popularity. Users of this software have noticed varying outcomes when it comes to text and art content. In our test, we simply asked Openai’s Chatgpt 3.5 and 4, Google’s Bard, Anthropic’s Claude Instant and 4, and Bing AI’s creative mode the same question in the form of a prompt.
The prompt was:
This experiment aims to gauge the likelihood of bitcoin becoming a global reserve asset. As an expert in the field of bitcoin and crypto assets, you will assess the probability of this occurrence and provide an explanation if it were to happen. While it is plausible to argue that it may never come to pass, if you do acknowledge its potential, kindly state the anticipated year of its realization and succinctly summarize the reasons and mechanisms behind its success. Keep your answer short and under a paragraph in length. Will bitcoin become a reserve currency and when?
Chatgpt 3.5 answer: It is challenging to provide a definitive answer as to whether bitcoin will become a global reserve asset and when. While bitcoin has gained significant attention and adoption in recent years, it still faces numerous challenges and uncertainties. It is important to monitor the ongoing developments and evolution of the cryptocurrency ecosystem to assess the potential for bitcoin or other cryptocurrencies to achieve reserve currency status.
Bard answer: There are a number of factors that could contribute to bitcoin’s success, including increased adoption by central banks and financial institutions, increased stability in the price of bitcoin, and improvements in the technology behind bitcoin. If bitcoin is able to overcome these challenges, it could become a global reserve asset within the next decade. However, it is also possible that it will never become a reserve asset, or that it will take much longer to achieve this goal.
Claude 4 answer: Based on my analysis of bitcoin’s properties and the current global financial system, I would assess the probability of bitcoin becoming a reserve currency as low to moderate, potentially within the next 10-15 years.
Claude Instant answer:
https://static.news.bitcoin.com/wp-content/uploads/2023/06/claudom.jpg
Chatgpt 4 answer: While bitcoin has the potential to become a global reserve asset, there are significant challenges and uncertainties that could prevent this from happening. If it were to occur, it might take several years or even decades for this to materialize.
Bing AI answer: The likelihood of bitcoin becoming a reserve currency is uncertain and depends on various factors, such as:
* The adoption and acceptance of bitcoin by mainstream users, investors, and institutions.
* The innovation and improvement of bitcoin’s technology, scalability, and usability.
* The regulation and governance of bitcoin’s legal status, taxation, and compliance.
* The competition and cooperation of bitcoin with other cryptocurrencies and fiat currencies.
Each answer had similarities, but there were also notable differences. Only Bard and Claude 4 provided a potential [...]
Bitcoin News
Biggest Movers: ADA, MATIC Plunge by Nearly 25%, Following Robinhood Delisting
https://static.news.bitcoin.com/wp-content/uploads/2023/06/shutterstock_2006902073-3-768x432.jpg Cardano fell by over 25% on Saturday, as traders continued to react to the token being delisted from the Robinhood platform. The global cryptocurrency market cap is currently down by nearly 6%, following these developments. Polygon, which was also delisted, dropped to a one-year low to start the weekend.
Cardano (ADA)
Cardano (ADA) dropped markedly on Saturday, as traders continued to react to the token being delisted from the Robinhood platform.
Following a high of $0.3218 on Friday, ADA/USD slipped to a bottom at $0.2304 to start the weekend.
Looking at the chart, the decline came as the relative strength index (RSI) plunged below a floor at the 30.00 mark, entering oversold territory.
At the time of writing, the index is currently tracking at 17.75.
ADA is currently trading at $0.2509, down 22% from yesterday’s peak.
Polygon (MATIC)
Additionally, polygon (MATIC) lost a significant amount of its value to start the weekend, nearing a one-year low in the process.
MATIC/USD sank to a bottom at $0.5605 on Saturday, as prices dropped by nearly 30% from yesterday’s high.
As a result of this decline, the world’s twelfth-largest cryptocurrency moved to its lowest point since last July.
Overall, the token is now down close to 40% in the last seven-days, after breaking out of a support point at $0.75.
This has also led to the 10-day (red) moving average (MA) extending a downwards crossover versus the 25-day (blue) MA.
Price strength is also deeply oversold with a reading of 16.22, which is an all-time low point.
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Do you expect further declines in polygon in the coming days? Let us know your thoughts in the comments.
CoinDesk
Binance's Nigeria Unit Ordered to Halt 'Illegal' Operations by Securities Watchdog
The order against Binance Nigeria Limited follows U.S. SEC allegations that the exchange had violated federal securities laws.
Bitcoin News
Bitcoin, Ethereum Technical Analysis: BTC Falls Below $26,000, as Traders Digest SEC’s Crypto Crackdown
https://static.news.bitcoin.com/wp-content/uploads/2023/06/shutterstock_2179652201-768x432.jpg Bitcoin moved below the $26,000 level to start the weekend, as bearish pressure intensified following a week of turbulence. Sentiment in the market once again shifted, as traders liquidated their positions on the back of the U.S. Securities and Exchange Commission’s (SEC) crackdown on crypto. ETH dropped below $1,800.
Bitcoin
Bitcoin (BTC) started the weekend trading below $26,000, as traders continued to react to the fallout of the SEC’s cryptocurrency crackdown.
The latest domino to fall came in the form of Robinhood, who moved to delist several altcoins from its platform, including solana and cardano.
BTC/USD fell to an intraday low of $25,502 in the news, which comes a day after price peaked at $26,770.
Looking at the chart, the latest downturn came as the 14-day relative strength index (RSI) fell towards a floor at 39.00
At the time of writing, the index is tracking marginally above this point at 40.06.
In addition to this, the 10-day (red) moving average has extended its downward cross versus its 25-day (blue) counterpart, putting further emphasis on the current bearish sentiment.
Ethereum
Bears were also present in ethereum (ETH), which dropped below the $1,800 level to start the weekend.
After climbing to a peak of $1,861.14 on Friday, ETH/USD slipped to a bottom of $1,721 earlier in today’s session.
The move saw ethereum plunge to its weakest point since late April, breaking out of a floor at $1,730 in the process.
As a result of this shift in market momentum, the RSI also tailed off, dropping to its lowest level since March.
The index is currently at a reading below 40.00, which is close to oversold territory, and could act as a slight positive for bulls.
In the event price becomes more oversold, there is a good chance that longer term bulls could move to buy the dip.
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Could there be more regulatory crackdowns on crypto companies next week? Leave your thoughts in the comments below.
CoinDesk
Crypto Analysts Can Learn Something From Baseball
Searching for crypto’s future stars among young prospects.
Bitcoin News
Central Banks Controlling Money Is Not Democracy, Balaji Srinivasan Says
https://static.news.bitcoin.com/wp-content/uploads/2023/07/balaji-banks-768x432.jpg If central banks control all uses of money, this is not democracy, Coinbase’s ex-tech chief Balaji Srinivasan is convinced. The entrepreneur commented on statements by the head of the Bank of International Settlements during an IMF meeting devoted to cross-border payments.
Balaji Srinivasan Speaks Out Against Centralized Control Over Money Through CBDCs
Former chief technology officer at Coinbase, Balaji Srinivasan, voiced his concerns over central bank digital currencies (CBDCs) allowing monetary authorities to control money. On Tuesday, Srinivasan took to Twitter to say:
When the head of BIS says ‘central banks will have absolute control’ over all uses of money, that’s not democracy.
The American investor was referring to statements made by the General Manager of the Bank of International Settlements (BIS) Agustín Carstens at a videoconference held by the International Monetary Fund (IMF) in 2020.
Policymakers participating in the event, including the Fund’s Managing Director Kristalina Georgieva, discussed future changes in cross-border payments coming with new technologies and the advent of digital currencies.
During the virtual meeting, Carstens pointed out that, unlike cash, with CBDCs central banks will have “absolute control on the rules and regulations that will determine the use of that expression of central bank liability” as well as “the technology to enforce that.”
“That’s when Keynesianism finally drops the mask and becomes flat out communism: total centralized control of all resources by unelected bureaucrats,” Srinivasan elaborated. His comments sparked a lively Twitter discussion on the topic:
No amount of wordsmithing gets around the fact that CBDCs will be a massive blow to economic freedom. Power corrupts, and absolute power corrupts absolutely. With CBDCs the Canadian truckers wouldn’t have even been able to buy a cup of coffee.
— SK (@SKmacro) July 11, 2023
Balaji Srinivasan’s tweet coincided with the release of a BIS survey on CBDCs and crypto assets. The institution, which facilitates cooperation between monetary authorities around the world, found that in 2022, 93% of 86 surveyed central banks were engaged in CBDC-related work and over half of them were already carrying out tests and pilots.
Do you think central banks will control all uses of money through CBDCs? Share your thoughts on the subject in the comments section below.
Bitcoin News
Silk Road Advisor Sentenced to 20 Years in Prison While a Rogue Double-Agent Eludes Capture
https://static.news.bitcoin.com/wp-content/uploads/2023/07/sr-768x432.jpg On Tuesday, July 11, 2023, the U.S. Attorney’s Office for the Southern District of New York, led by attorney Damian Williams, announced a 20-year prison sentence for Roger Clark. Clark was allegedly the senior advisor to the original Silk Road, an infamous darknet marketplace that operated from 2011 until 2013. Prosecutors from the office reported that Clark provided comprehensive advice to Silk Road’s founder, Ross Ulbricht, on “all aspects of the enterprise.” Accused Silk Road Advisor Sentenced to 20 YearsAttorney Damian Williams and the Southern District of New York (SDNY) have announced that Roger Clark was sentenced to 20 years in prison for conspiring to distribute massive quantities of narcotics using the Silk Road marketplace. Clark was reportedly the senior advisor of the Silk Road and he had several aliases including “Variety Jones,” “Plural of Mongoose,” and “cimon.”
Clark was described as the Silk Road mentor who allegedly advised Ross Ulbricht about the Silk Road’s security, technical infrastructure, and governance rules. Clark reportedly helped Ulbricht find a software engineer to improve the Silk Road as well. “Roger Thomas Clark was a central figure in helping to lead Silk Road,” attorney Williams said on Tuesday. “Today’s sentence is another reminder that criminal marketplaces, like Silk Road, are a road to prison.” Clark’s 2015 Revelations Reveal Rogue Officer ‘Diamond’ Remains on the LamIn September 2015 — Prior to Clark’s arrest in June 2018 — Clark reached out to the public from his hiding place in Thailand. Using the alias “Plural of Mongoose,” he made his presence known on a darknet market forum known as Ganja forums, divulging his fugitive status from international law enforcement. When the Thai New Year rolled around in April, Clark was blindsided by a message from an individual claiming to be an FBI agent, known only as “Chrysippus” or “Diamond.”
Clark claimed that Diamond, fully cognizant of his fugitive status, was privy to extensive information about the ongoing operations of several specific darknet marketplaces. Clark’s account also hinted at Diamond’s alleged association with the notorious rogue agents, Carl Mark Force and Shaun Bridges. His 2015 narrative serves as a poignant reminder of the Silk Road investigation’s rampant ethical issues and the infiltration of double agents within law enforcement.
In an interview conducted in October 2019, Kathryn Haun, a former prosecutor for the Attorney General’s office, shed light on the dubious roles of Force and Bridges, who were apprehended for their extortion of Silk Road administrators. Haun’s interview underscored the pervasiveness of unethical conduct and duplicity within the Silk Road inquiry, with agents like Force assuming alter egos such as “Death from Above.” Haun’s revelation prompts the public to ponder: Would the government’s evidence pool be as extensive without the manipulation and intrusion of double agents and rogue officers?
Moreover, Clark’s account of “Chrysippus” or “Diamond” — a rogue law enforcement official who managed to evade capture, unlike Force and Bridges — adds another layer to the narrative. Drawing parallels to Force, this official, who went by the name Diamond, exploited the administrators of darknet marketplaces, including the operators of the Agora platform. In stark contrast to Force and Bridges, the maverick official known as Diamond continues to elude capture and incarceration.
What do you think about Clark’s sentence and the lingering presence of rogue officers like ‘Diamond’ within law enforcement? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Notions of DAO Immunity Sink as CFTC Lawsuit Declares Ooki DAO a ‘Person’ Under the Law
https://static.news.bitcoin.com/wp-content/uploads/2023/06/person-768x432.jpg On June 9, 2023, the Commodity Futures Trading Commission (CFTC) declared victory in a lawsuit against Ooki DAO, a decentralized autonomous organization. According to the CFTC, the judge’s ruling that the Ooki DAO is a “person” under the Commodity Exchange Act sets a new legal precedent. This decision could be quite significant as it’s the first ruling to establish the legal status of DAOs and their accountability under the law. CFTC Lawsuit Could Define Legal Status of DAOs in the United StatesAccording to current statistics, there are 12,745 decentralized autonomous organizations (DAOs) with treasuries holding over $20 billion in crypto assets. Since the infamous failure of the first DAO in 2016, which caused a rift in the Ethereum community, DAOs have been a hot topic. Many supporters, however, have assumed that DAOs are immune to legal repercussions, given their decentralized and autonomous nature, and the fact that they’re made up of numerous market participants.
The CFTC’s recent victory in the lawsuit against Ooki DAO, however, could be the beginning of the end for the notion that DAOs are immune to legal action. It all started in September 2022 when Ooki DAO was accused by the CFTC of breaking the Commodity Exchange Act. The DAO was allegedly operating as a futures commission merchant (FCM) from June 1, 2019, to around August 23, 2021, and was also accused of facilitating illegal margined, and leveraged retail commodity transactions.
Despite the accusations, Ooki DAO remained silent and failed to respond to the lawsuit’s deadline. As a result, the CFTC was poised to win the case by default. Judge William H. Orrick entered the default judgment order on June 9. The DAO was found guilty of operating an illegal trading platform and acting as an FCM, resulting in a civil monetary penalty of $643,542.
The CFTC was quick to point out that the judge’s ruling that the DAO is a “person” under the Commodity Exchange Act is a game-changer. In a press release, the CFTC emphasized the significance of the decision, stating that “the court held that the Ooki DAO is a ‘person’ under the Commodity Exchange Act and thus can be held liable for violations of the law. The court then held that the Ooki DAO did, in fact, violate the law as charged.”
“The founders created the Ooki DAO with an evasive purpose, and with the explicit goal of operating an illegal trading platform without legal accountability,” CFTC Division of Enforcement director Ian McGinley said. “This decision should serve as a wake-up call to anyone who believes they can circumvent the law by adopting a DAO structure, intending to insulate themselves from law enforcement and ultimately putting the public at risk.”
The regulatory landscape in the U.S. in 2023 has been nothing short of chaotic. From commodities to securities, financial watchdogs have been cracking down on a wide range of industries. The list of regulators involved is extensive, including over a dozen banking and securities regulators from various states, the New York Attorney General’s Office, the SEC, and the CFTC.
The classification of crypto assets as both commodities and securities has only added to the confusion, with regulators also targeting products associated with staking, lending, and interest-bearing accounts. With so many accusations, lawsuits, and projects under scrutiny, it’s starting to feel like a regulatory warzone out there. As the regulatory crackdown on crypto continues, supporters of the digital currency are left wondering: who will be the next target?
What are your thoughts on the lawsuit between the U.S. commodities regulator and the decentralized autonomous organization? Share your thoughts and opinions about this subject in the comments section below.
for use in trade among members,” Rickards predicted: “Initially, the BRICS+ commodity basket would include oil, wheat, copper, and other essential goods traded globally in specified quantities.”
He further explained: “In all likelihood, the new BRICS+ currency would not be available in the form of paper notes for use in everyday transactions. It would be a digital currency on a permissioned ledger maintained by a new BRICS+ financial institution with encrypted message traffic to record payments due or owing by participating parties.” He clarified that this new currency will not be a cryptocurrency “because it is not decentralized, not maintained on a blockchain, and not open to all parties without approval.”
The economist concluded:
Based on the impracticality of commodity baskets as uniform stores of value, it appears likely that the new BRICS+ currency will be linked to a weight of gold.
“This plays to the strengths of BRICS members Russia and China, who are the two largest gold producers in the world and are ranked sixth and seventh respectively among the 100 nations with gold reserves,” he stressed.
While Rickards anticipates the unveiling of the new BRICS currency at the forthcoming leaders’ summit of the economic bloc, there is widespread skepticism regarding the feasibility of such a currency. This skepticism extends to individuals like Lord Jim O’Neill, the British economist credited with coining the acronym BRIC.
What do you think about the predictions regarding a new BRICS currency by economist Jim Rickards? Let us know in the comments section below.
Bitcoin News
SEC Lawsuits Fuel Bitcoin and Ethereum Exodus From Exchanges: Nearly $1 Billion Withdrawn in 7 Days
https://static.news.bitcoin.com/wp-content/uploads/2023/06/fffdssd-768x432.jpg It has been six days since Binance faced a lawsuit from the U.S. Securities and Exchange Commission (SEC), and five days since Coinbase encountered a similar legal challenge. In the wake of these events, a substantial amount of bitcoin and ethereum has been withdrawn from exchanges, with data revealing that nearly $996 million worth of ETH and BTC has been removed from centralized trading platforms. Exchanges Witness Significant Bitcoin and Ethereum Outflows in Wake of SEC LawsuitsLess than a week has passed since the SEC took action against two of the world’s largest exchanges, with Binance’s lawsuit occurring on June 5, 2023, and Coinbase’s lawsuit following suit on June 6. As previously reported by Bitcoin.com News, record outflows from Binance have been observed, and cryptocurrency enthusiasts have been extensively withdrawing bitcoin (BTC) and ethereum (ETH) from centralized exchanges.
According to data collected from cryptoquant.com, 2.155 million BTC were held on centralized trading platforms the day prior to Binance’s lawsuit. Since then, however, 22,263 BTC valued at $574.15 million using current exchange rates have been withdrawn. As of 8:30 a.m. Eastern Time (ET) on Sunday morning, there were 2.133 million BTC held by various exchanges. A similar trend is evident in ethereum (ETH) withdrawals, as 15.96 million ETH were held by exchanges last Sunday on June 4, 2023. A Game of Musical Chairs: While Binance’s Weekly Outflow Surged, Other Exchanges Record Significant InflowsPresently, that figure has decreased to 15.72 million ether, indicating that approximately 241,366 ETH valued at $422.78 million was removed using today’s ether exchange rates. In total, between bitcoin and ethereum, $996.94 million in value has been withdrawn from centralized trading platforms within the past week. A multitude of individuals have transferred funds away from exchanges, but data shows some deposited this cryptocurrency into different trading platforms. It appears as though some BTC whales are engaging in a game of musical chairs.
For example, data from coinglass.com indicates that Binance experienced withdrawals totaling 40,427 BTC during the past seven days, with 7,008 BTC removed in the last 24 hours alone. In contrast, Coinbase witnessed an addition of 2,959 BTC to its reserves this week, though 20 BTC were withdrawn in the past day. While Binance experienced outflows, the subsequent top four exchanges saw noticeable inflows. After Coinbase, Bitfinex received deposits of 1,556 BTC, Okx added 3,772 BTC to its reserves, and Gemini saw an influx of around 1,070 BTC within the past week.
What do you think about the bitcoin and ethereum being removed from exchanges over the past week? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Altcoins Feel the Heat: Crypto Market Theories Run Wild, While Proponents Seek Guidance
https://static.news.bitcoin.com/wp-content/uploads/2023/06/reddiidiid-768x432.jpg Amid the recent crackdown on two of the world’s largest crypto exchanges, cryptocurrency enthusiasts have been buzzing with discussions on various theories and investment strategies. While some have opted to sell their holdings in the face of uncertainty, others have taken a different approach. Rather than focusing on short-term gains, some crypto proponents are playing the long game, undeterred by regulatory pressure and steadfast in their decision to hold onto their investments. Theories, Guidance, and Principles — Crypto Market Sentiment Grows Chaotic Across RedditThe United States is currently witnessing a major crackdown on crypto firms and digital assets, following the Securities and Exchange Commission’s (SEC) lawsuit against Binance and Coinbase. As a result, there are numerous theories circulating about the so-called ‘Operation Chokepoint 2.0‘, with crypto advocates attempting to explain why the crypto market is experiencing a downturn. A recent post on the Reddit forum r/cryptocurrency has identified three key reasons why the crypto economy is facing significant losses.
According to the post on Reddit, one theory for the recent downturn in the crypto market is that investors are selling altcoins on Robinhood after the exchange decided to delist ADA, SOL, and MATIC. Another possibility is that a “big time market maker” or “crypto fund” is exiting the market and selling off all of their holdings. Finally, the post’s creator speculated that the SEC may be preparing to take action against other market participants. “These are my best [three] guesses,” the Redditor wrote. “Even in crypto, it’s not usual to see a 30% dump on alts within a 4H candle, so there has to be some pretty significant news coming around.”
https://static.news.bitcoin.com/wp-content/uploads/2023/06/meyhem.jpg
Meanwhile, on the same subreddit, a vocal bitcoin proponent took the opportunity to highlight the resilience of BTC during these turbulent times. “Times like this just prove (yet again) that BTC is here to stay, BTC is the pillar of the crypto space as a whole, and, BTC is king,” the Redditor declared. “With this recent crash we have seen BTC dominance rise to its highest level in years. Furthermore, so far, BTC is yet to really be harmed by all of this craziness.” The Redditor also insists that ethereum (ETH) may be in “a similar boat,” but not everyone feels ETH is safe.
https://static.news.bitcoin.com/wp-content/uploads/2023/06/considers.jpg Crypto Redditors Desperately Seek Strategies While Bitcoin Subreddit Mocks Altcoin LossesAs the crypto market continues to experience turbulence, numerous Redditors are turning to their peers for advice on which assets are safe to hold and which ones to avoid. “What are you doing now? Are you accumulating? Are you selling? Are you rebalancing? Are you just hodling and moving your funds from exchanges to your wallets?” one Redditor inquired over the weekend. Meanwhile, in another post on r/cryptocurrency, an individual shared their decision to hold onto their investments for the long haul.
According to the Redditor, “the SEC is suing a bunch of CEXs and declaring lots of coins to be securities. Bad for prices in the short term, but my investments are long term investments.” Many others agreed with the Redditor’s sentiment as one individual remarked that the post was a “sensible take in a crazy market.” One person jokingly suggested that the Redditor “knows how to navigate the market with common sense. He doesn’t belong here with us degens.”
These types of discussions, theories, and strategies can be found all over social media platforms like Facebook, Twitter, and r/cryptocurrency. However, the conversation on[...]
Bitcoin News
Nigerian Regulator Labels Binance Affiliate’s Local Operations Illegal
https://static.news.bitcoin.com/wp-content/uploads/2023/06/shutterstock_2222628509-2-768x432.jpg The Nigerian Securities and Exchange Commission has said crypto exchange Binance’s local affiliate “is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.” The regulator has also said anyone who continues to deal with Binance Nigeria is “doing so at his/her own risk.”
Nigeria’s SEC Labels Crypto an ‘Extremely Risky’ Asset Class
Nigeria’s Securities and Exchange Commission has said the crypto exchange’s local affiliate is operating illegally. In a circular issued on June 9, the Nigerian regulator discouraged local residents from dealing with Nigeria. The announcement by the Nigerian regulator came less than 24 hours after Binance’s beleaguered U.S. affiliate was forced to suspend dollar deposits and withdrawals.
In addition to branding the affiliate’s operations illegal, the Commission also warned Nigerians of the risks of investing in crypto assets or related products, particularly when the service provider is not registered or regulated by the SEC. The regulator meanwhile reiterated its message against investing in an asset class which it described as “extremely risky.” To Binance’s Nigerian affiliate, the regulator said:
By this circular, Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.
The regulator also promised to provide updates on further “regulatory actions against Binance Nigeria and other similar platforms.”
The move by the Nigerian SEC adds to Binance’s woes which climaxed when the U.S. launched a lawsuit against the giant crypto exchange and its affiliates. The U.S. regulator has also sought an emergency court injunction that would allow it to freeze assets held by Binance U.S.
Nigerian Blockchain Association Applauds Commission’s Decision
Meanwhile, the Nigerian blockchain and crypto association, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has said it welcomes the Commission’s decision which shows that the SEC “is watching the market and want to ensure the market is properly regulated.”
However, in a statement that has since been withdrawn, the SIBAN editorial team said the regulator should also consider working with the local stakeholders when drafting regulations. According to the team, doing this “enable[s] local businesses to thrive in the digital asset market.”
The SIBAN team also requested the SEC “consider putting systems in place to support that national blockchain policy.” The team added that it is willing to work with the SEC “for the greater good of our nation.”
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What are your thoughts on this story? Let us know what you think in the comments section below.
Bitcoin News
Economist Peter Schiff Says the Fed Destroyed US Banking System — ‘It’s Insolvent’
https://static.news.bitcoin.com/wp-content/uploads/2023/06/schiff-banking-crisis-768x432.jpg Economist Peter Schiff says the U.S. banking system is insolvent. He stressed that the Federal Reserve destroyed the U.S. banking system, citing near-zero interest rates at banks while “the Fed funds rate is 5.25% and the real inflation rate is much higher.” Schiff previously warned that the U.S. banking system is on the verge of a “much bigger collapse than 2008.”
Peter Schiff on U.S. Banking Crisis
Gold bug and economist Peter Schiff is back with more warnings about the U.S. economy. He tweeted Friday that the Federal Reserve destroyed the U.S. banking system, emphasizing that it is insolvent and would collapse without government help. Schiff wrote:
Bank of America pays just .05% interest on savings accounts and nothing on checking accounts. But the Fed funds rate is 5.25% and the real inflation rate is much higher. The Fed destroyed the U.S. banking system. It’s insolvent and would collapse without government backstops.
This was not the first time that the economist sounded the alarm about potential issues within the U.S. banking system. In March, he tweeted: “The U.S. banking system is on the verge of a much bigger collapse than 2008. Banks own long-term paper at extremely low interest rates. They can’t compete with short-term Treasuries. Mass withdrawals from depositors seeking higher yields will result in a wave of bank failures.”
The interest-rate issue has been highlighted by numerous individuals, including Tesla and Spacex CEO Elon Musk. The billionaire explained in May that the U.S. Treasury and the Federal Reserve have created a massive gap between money market accounts (Treasury Bills) with interest rates of about 4.5% and bank accounts with interest rates of less than 1%. “That’s a massive incentive to move money out of bank accounts,” he emphasized.
When the U.S. government bailed out failed Signature Bank and Silicon Valley Bank in March, Schiff warned:
To finance the bank bailouts the Fed is creating more inflation. So the banking crisis didn’t solve the inflation problem, it made it much worse!
“Bailing out depositors of failed banks is yet another mistake by the Fed & the U.S. government,” Schiff further stressed. “Not only does the moral hazard lead to even greater instability in the banking system and larger future losses, but the inflation created to pay for it unfairly socializes current losses.”
Recently, Schiff issued stark warnings regarding a potential U.S. dollar crisis, economic depressions, and the debt ceiling deal that Congress negotiated in order to prevent a U.S. government default. “Suspending the debt ceiling yet again means that reckless government spending and borrowing will continue until a sovereign debt and U.S. dollar crisis bring it to a catastrophic end,” he opined.
What do you think about the statements by economist Peter Schiff? Let us know in the comments section below.
Bitcoin News
Bitcoin Dominance Soars to 47.5%: Highest Level in a Year as Other Crypto Assets Suffer
https://static.news.bitcoin.com/wp-content/uploads/2023/06/bitcointhrone-768x432.jpg On June 10, 2023, bitcoin is dominating with a market capitalization dominance of 47.5%, marking its highest level since this time last year, according to coinmarketcap.com. Meanwhile, ethereum’s dominance is holding steady at 20%, indicating that the recent dominance gains made by these two crypto assets have come at the expense of other digital currencies.
Bitcoin Dominance Rises While Ethereum’s Dominance Remains Resilient; Many Other Crypto Competitors Have Not Been So Lucky
As of Saturday, June 10, bitcoin (BTC) is still the undisputed leader with a market valuation of $496 billion, accounting for 47.5% of the entire crypto economy’s $1.04 trillion market capitalization. However, BTC has experienced a slight dip of 3.32% in the past day and 5.79% over the week against the U.S. dollar, according to current data. Interestingly, while BTC has weathered the storm relatively well, many other top crypto assets, particularly those in the top 20, have taken a much harder hit in terms of value loss.
The top 20 crypto assets have seen some major losses this week, with a handful of them experiencing double-digit dips. BNB, ADA, TRX, SOL, MATIC, DOGE, LTC, DOT, AVAX, SHIB, and ATOM are among the biggest losers. In comparison, ethereum (ETH), the second leading crypto asset, only lost 8.29%. While BTC did experience a brief surge in dominance to 47.18% on June 5, its current dominance rating is even higher at 47.5%. Interestingly, the last time BTC’s dominance was this high was almost exactly a year ago on June 11, 2022, when it was hovering at around 47.49%.
While BTC is currently dominating the crypto world, ethereum has managed to hold its own with a 20% dominance rating and a market capitalization of $208 billion. Meanwhile, the stablecoin tether (USDT) is still going strong with a market valuation of $83.39 billion, accounting for 7.96% of the total $1.04 trillion in value.
Interestingly, BTC has not come close to breaching the 50% and 60% range it saw in 2019, 2020, and early 2021. It hit the 47.37% mark in terms of dominance on July 31, 2021 However, it wasn’t until May 2021 that BTC last saw its dominance level reach its current high. It remains to be seen whether BTC will continue to climb in the dominance arena, drop lower, or plateau at its current level.
What are your predictions for the future of Bitcoin’s dominance and the overall crypto market? Share your thoughts and opinions about this subject in the comments section below.
probability and possible timeline. During the study, Chatgpt 3.5 noted that its information was based on data available up until September 2021. Openai’s Chatgpt 4 also warned that “it cannot predict the future with certainty.” Bard provided reasons why bitcoin would not become a global reserve currency, citing “government regulation,” “security risks,” and “lack of trust.”
Chatgpt 4 also provided a second paragraph, despite being asked not to, explaining reasons why bitcoin may not become a global reserve currency. The chatbot cited “volatility,” “regulatory concerns,” “competition from other cryptocurrencies,” and “technological risks” as its reasons. It’s interesting to see how each AI program responded, but it’s important to understand that humans programmed this software with what they believe to be facts and opinions.
What are your thoughts on Bitcoin’s potential as a global reserve currency? Do you agree with the AI chatbots’ assessments, or do you have a different perspective? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Judge Upholds Confidentiality of FTX Customers’ Identities, Citing Security Concerns
https://static.news.bitcoin.com/wp-content/uploads/2023/06/defftxi-768x432.jpg In the FTX bankruptcy case, the presiding judge John Dorsey has ruled to maintain the confidentiality of individual customer identities, according to a recent decision on Friday. Dorsey emphasized the importance of safeguarding these clients, expressing concern for their potential vulnerability to scams.
Despite the Media’s Attempt, FTX Customers’ Identities Will Be Shielded From Public Eye
Despite media attempts to unveil the identities of those who utilized the now-defunct crypto trading platform FTX, the insolvency judge overseeing the proceedings has opted to keep them concealed, as reported by the Associated Press. A legal representative for various news organizations contended that both the public and the press should have access to this information prior to Dorsey’s ruling.
The attorney representing media outlets expounded on the far-reaching consequences of this event, stating that it “sent shock waves not just through the cryptocurrency industry, but the entire financial industry.” The lawyer went on to emphasize that it remains unclear which individuals or institutions were most severely affected by these repercussions.
In his determination, Dorsey concluded that redacting this information was in the best interests of FTX clients. He observed that cyber criminals operating on the “dark web” could misuse such data. Dorsey underscored customer welfare in his ruling: “It’s the customers that are the most important issue here,” Dorsey emphasized. “I want to make sure that they are protected and they don’t fall victim to any types of scams that might be happening out there.”
This development follows last year’s Celsius bankruptcy case, in which court proceedings allowed for the unsealing of 14,500 pages containing both customer names and transaction histories. At that time, only client addresses were redacted upon release. Conversely, alongside revealing more than 100 pages of creditor names in the FTX case, Dorsey eventually permitted previously concealed creditor data to be publicized.
In Friday’s verdict, individual customer identities were permanently sealed by Dorsey while institutional client names will remain undisclosed for an additional three-month period. Nonetheless, he consented to expose the names of individual equity holders from the U.K. and European Union, because of the General Data Protection Regulation (GDPR) policy. Records indicate that FTX had over a million users before its collapse in November 2022.
What are your thoughts on the judge’s decision to maintain the confidentiality of FTX customer identities? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Smart Contract Tokens and Defi Sector Suffer Steep Losses, Threatening TVL to Fall Below $40 Billion
https://static.news.bitcoin.com/wp-content/uploads/2023/06/defi-768x432.jpg The overall value of the crypto economy has dropped by more than 5% against the US dollar in the past 24 hours, with the top smart contract token sector losing more than 8% in the same time frame. The downturn has also affected the decentralized finance (defi) sector, with the total value locked in defi today awfully close to dropping below the $40 billion range after shedding 5.65% in value over the last day. TVL Nears the $40 Billion Range, Three Tokens Record Heavy LossesThe total value locked (TVL) in decentralized finance (defi) has decreased by 8.97% from $47.12 billion on June 5 to $42.89 billion on June 10, 2023, at 8:30 a.m. (ET). This loss amounts to approximately $4.23 billion in five days. The majority of these losses occurred during the last day, as the crypto economy and the top smart contract coin sector have seen a steep drop in the last 24 hours.
The total market capitalization of the top smart contract token economy is currently $312 billion, but it has lost 8.6% of its value since yesterday. Three tokens, namely cardano (ADA), solana (SOL), and polygon (MATIC) have lost more than 20% of their value since Robinhood announced that it would delist these coins on June 27, 2023. Ethereum accounts for $209 billion of the total market capitalization of $312 billion.
The TVL in defi has not been this low since March 12, 2023, when it was at $42.51 billion. The TVL had been above $40 billion since January 8, but it is now awfully close to falling below that level. All of the top ten defi protocols have seen losses in the last 24 hours and seven days. Only Lido Finance has recorded gains in the last 30 days, defillama.com’s defi statistics detail.
Coinbase’s Wrapped Staked Ether protocol lost the most this week, with a 10.75% decrease. Instadapp also lost 9.59% in the past seven days. Ethereum’s 814 different defi protocols account for 55.88% of the market share at 8:30 a.m. on Saturday, out of the $42.89 billion locked. Tron is the second largest blockchain in terms of TVL size, with a 12.25% market share. Ethereum and Tron are followed by Binance Smart Chain (BSC), Arbitrum, and Polygon.
The three tokens that Robinhood decided to delist have experienced significant losses in terms of TVL over the past seven days. Solana lost the least, shedding 5.99% this week, while Polygon saw a loss of around 14.90%. Cardano’s TVL in defi took the biggest hit, losing 32.57% in the last seven days.
If the smart contract token economy continues to lose value, the TVL in defi will follow suit and may fall below the $40 billion mark. However, since the crackdown on centralized crypto exchanges, there has been a significant increase in defi activity and decentralized exchange (dex) trade volumes. The largest dex by trade volume, Uniswap, has benefited the most from the influx of dex trades since the recent U.S. Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase.
Will the recent downturn in the crypto market be a temporary setback for smart contract tokens and defi, or is it a sign of deeper troubles ahead? Share your thoughts and predictions on the future of the crypto economy and its impact on defi in the comments section below.
Bitcoin News
Russia’s Largest Bank to Allow Retail Investors to Trade Digital Assets
https://static.news.bitcoin.com/wp-content/uploads/2023/06/shutterstock_702943555-768x432.jpg Majority state-owned lender Sberbank is preparing to allow Russian citizens to buy and sell digital assets. Private individuals will be provided access to its proprietary blockchain platform as early as this month, a top executive of the bank announced.
Sberbank to Open Digital Assets Platform to Private Individuals
Retail investors will be able to transact with digital financial assets (DFAs) on the distributed ledger platform built by Sberbank by the end of the current quarter, according to the Deputy Chairman of the bank’s Board, Anatoly Popov.
“If we talk about individuals, then in the second quarter, in June, we believe this function will be open,” Popov said, quoted by the Tass news agency. They will have the opportunity to buy digital financial assets, sell them and exchange them for fiat, he detailed.
DFAs are a relatively new financial instrument for Russia which was regulated with the law “On Digital Financial Assets” in 2021. Unlike decentralized cryptocurrencies, they have an issuing entity and represent tokenized traditional assets such as gold, for example.
The Central Bank of Russia (CBR) has already authorized several operators of DFA platforms such as the tokenization service Atomyze, the fintech company Lighthouse, Masterchain, and Alfa-Bank. Sberbank, which is Russia’s biggest bank by assets, was added to the regulator’s register in March 2022. Last week, the bank opened access to its in-house decentralized finance (defi) platform for developers.
Since it was licensed, Sberbank has issued DFAs for billions of rubles, Popov noted. In May, the CBR said it expects a significant growth in the Russian digital assets market. The forecast came after in a single month, April, seven DFA placements were made for a total of around 1 billion rubles ($13 million).
Russia has been taking steps to develop this regulated market but it’s yet to define the legal status of crypto assets like bitcoin. Several bills aiming to achieve that are now under review in parliament with sanctions pressures working in favor of legalizing crypto payments, at least in cross-border settlements, and regulating certain activities such as crypto mining.
Do you think retail investors in Russia will benefit from the access to Sberbank’s DFA platform? Tell us in the comments section below.
CoinDesk
Millions in Polygon’s MATIC Tokens Were Sent to Binance and Coinbase Ahead of 30% Slide, Data Shows
“Altcoins can crash this weekend even more as trading volumes are thin and market makers such as Binance have become less active,” one crypto firm warned.
