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മാറുന്ന കാലത്തിന് ഒപ്പം മാറുന്ന പണമിടപാട് , ബാട്ടർ സിസ്റ്റത്തിൽ നിന്നും കോയിൻലേക് ,കോയിനിൽ നിന്നും ബിറ്കോയിൻലേക് .. ഫോർ ഓൾ ബിറ്കോയിൻ ന്യൂസ് ,, ജോയിൻ നൗ.....
CoinDesk
Real-World Asset Platform Ondo Finance Expands Tokenized Treasurys to Polygon
Ondo’s OUSG token, one of the largest on-chain tokenized Treasury products, has accrued $134 million of assets under management on Ethereum.
CoinDesk
Hedge Funds' Long-Term Crypto Interest Remains Robust Even as Proportion Investing Drops: PwC
The percentage of funds with crypto exposure fell to 29% from 37% in the past year, though no traditional hedge funds plan to decrease their exposure in 2023.
Bitcoin News
Temasek Has No Immediate Intentions to Invest in Crypto Exchanges After FTX Loss
https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_2181535989_s-768x432.jpg Singapore’s state-owned investment fund Temasek does not plan to put money into crypto firms amid the current regulatory uncertainty, according to a top executive. The statement comes months after Temasek lost $275 million from its involvement in the failed cryptocurrency exchange FTX.
Temasek to Refrain From Investments in Crypto Companies for Now
The sovereign wealth fund Temasek, owned by the Singapore government, is not currently looking to invest in companies dealing with crypto asserts due to the regulatory uncertainty in the industry, its Chief Investment Officer, Rohit Sipahimalani, said in an interview on Tuesday. Speaking with CNBC, he elaborated:
There’s a lot of regulatory uncertainty in this environment. And I do think that be very difficult for us to make another investment and exchange in the middle of all this regulatory uncertainty.
Sipahimalani’s comments come at a time when the crypto sector finds itself under heightened pressure from regulators around the world and lack of comprehensive regulations in many jurisdictions, in the aftermath of the collapses of several major industry players last year.
Among the high-profile crashes of 2022 was that of FTX, one of the largest trading platforms for digital assets before it filed for bankruptcy protection last fall. Temasek had made a $275 million investment in the crypto exchange but it announced in November it will be writing it down.
“We’ve never been looking to invest in cryptocurrencies. Even the investment in FTX, we’ll be talking about investing in an exchange, which allowed us to get fee-based revenue without thinking [of] balance sheet risk or any trading risks,” Sipahimalani explained. He did not rule out future investments in the crypto space but emphasized:
If you have the right regulatory framework, and we are comfortable with it, and you have the right investment opportunity, there’s no reason for us to not to look at it.
“But as I said, at this point in time, we would not be comfortable investing in exchanges given the way things are right now,” the executive pointed out. His statements follow Temasek posting its worst returns in seven years against the backdrop of macroeconomic and geopolitical challenges, the report notes.
Do you think Temasek will invest in crypto companies again in the future? Share your expectations in the comments section below.
CoinDesk
FTX Bankruptcy Lawyers Ask Court For $323m Recovery From FTX Europe Leadership
Crypto exchange FTX's lawyers have asked the bankruptcy court in Delaware to award recovery of more than $323.5 million from FTX's Europe leadership.
CoinDesk
Stader Labs Debuts Ether Staking Product With 6% Yield
Node operators can begin staking with just 4 ether on Stader compared to the currently required 32 ether.
Bitcoin News
Bank of China Expands Digital Yuan Testing to SIM Cards and NFC Payments
https://static.news.bitcoin.com/wp-content/uploads/2023/07/yuan-768x432.jpg The state-owned financial institution Bank of China has revealed a partnership with China Unicom and China Telecom in order to test SIM cards and near-field communication (NFC) payments tethered to the renminbi. The Bank of China explains that the pilot will be tested by selected users and areas and it currently only supports Android phones.
China Taking Digital Yuan Usage to SIM Cards and Contactless Transactions
China’s central bank digital currency (CBDC) called the “e-CNY,” otherwise known as the digital yuan or renminbi continues to see infrastructure growth. On July 10, the Bank of China announced that the country’s CBDC is being tested with SIM cards and NFC payments. Presently, the testing is being rolled out to select users and it will be gradually promoted in “selected pilot areas in the near future.”
The Bank of China reveals it has partnered with China Unicom and China Telecom in order to streamline the digital yuan toward “unlocking new capabilities.” The SIM card hardware wallet is referred to as a “hardware wallet” by the state-owned financial institution. “Digital renminbi users only need to install the SIM card issued by the telecommunications operator on their phones, log in to the Digital Renminbi app, and activate the SIM card hardware wallet,” the Bank of China explains in a press release.
The bank added:
During the usage of the digital renminbi SIM card hardware wallet, the balance is shared with the main wallet, eliminating the need for separate top-ups and making payments more convenient and user-friendly — The digital renminbi SIM card hardware wallet supports offline payments.
The Bank of China emphasized its commitment to capitalizing on the promotion of SIM card hardware wallets and applications of the digital yuan. The bank said it is set to broaden its e-CNY horizons by examining various practical applications across multiple industries including, but not limited to, rail transportation, everyday consumption, academic settings, online shopping, utility payments, business retail, and educational training. In line with the trend of the Internet of Things (IoT), the bank aims to empower SIM cards in order to target a colossal quantity of IoT gadgets.
Prior to the introduction of the digital yuan in Jinan, China, for public transportation fares, the Shanghai Clearing House also extended its support for the digital currency at the end of June. To date, data shows 11 countries have launched Central Bank Digital Currencies (CBDCs), and research indicates that 130 countries, accounting for 98% of the world’s gross domestic product, are considering implementing CBDCs. In China, the pilot test of its CBDC reaches a population of 260 million and encompasses a variety of economic scenarios.
What do you think about the Bank of China testing SIM cards and NFC with the digital yuan? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
First Mover Asia: Bitcoin Holds Steady Over $30K as Inflation Data, Macro Issues Leave Investors Increasingly Unmoved
ALSO: Former CFTC Chair Timothy Massad told CoinDesk TV that regulatory agencies “don’t have to resolve” the stubbornly troublesome issue whether cryptos are commodities or securities.
Bitcoin News
US Inflation Hits Two-Year Low, Boosting Stocks and Precious Metals
https://static.news.bitcoin.com/wp-content/uploads/2023/07/cold-768x432.jpg On Wednesday, July 12, 2023, the U.S. Bureau of Labor Statistics released the Consumer Price Index report for June, showing a 3% increase in inflation, the lowest level since March 2021. The U.S. inflation rate has fallen for 12 consecutive months, with the index rising 0.2% on a monthly basis.
Labor Department’s CPI Data Shows 3% Inflation Rate for June
Inflation in the United States continues to cool, according to the latest Consumer Price Index report from the U.S. Bureau of Labor Statistics released Wednesday. Inflation has fallen consecutively each month since June 2022. The inflation rate in June 2022 was 9.1%, but the latest CPI statistics show it has dropped to 3%.
“The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in June on a seasonally adjusted basis, after increasing 0.1 percent in May,” the CPI report details. “Over the last 12 months, the all items index increased 3.0 percent before seasonal adjustment.”
https://static.news.bitcoin.com/wp-content/uploads/2023/07/cpi.jpg
Stocks performed well after the news Wednesday, with the S&P 500, Dow Jones Industrial Average, Nasdaq Composite, and Russell 2000 all closing in positive territory. The S&P 500 rose 0.74%, the Russell 2000 jumped 1.05%, the Nasdaq increased by 1.15%, and the Dow, while the lowest, still gained 0.25%. The CPI report is credited with boosting Wall Street’s sentiment.
Gold and silver also saw gains on July 12, with gold rising 1.3% and silver increasing 4.13%. The global cryptocurrency market capitalization fell 0.77% over the last day, dropping to $1.18 trillion. Bitcoin lost 0.61% in the past 24 hours, and Ethereum shed 0.25% against the U.S. dollar. Both leading crypto assets remained rangebound and had shown lackluster performance on Wednesday.
“There has been significant progress made on the inflation front, and today’s report confirmed that while most of the country is dealing with hotter temperatures outside, inflation is finally cooling,” George Mateyo, chief investment officer at Key Private Bank told CNBC on Wednesday.
Biden Celebrates Cooling Inflation, But Critics Question the Real Impact on Middle Class
Following the report, U.S. president Joe Biden and the White House were quick to take credit for the falling inflation figures. “Today, we learned annual inflation has fallen 12 straight months to 3% – the lowest in over two years,” Biden tweeted. “I ran for office to grow the economy from the middle out and bottom up, not the top down: that’s exactly what we’re doing. Bidenomics in action.”
https://static.news.bitcoin.com/wp-content/uploads/2023/07/dcx.jpg
Not everyone was impressed with Biden’s tweet on Wednesday. “Everyone spending 5 minutes in a grocery store knows this number is a lie and manipulated,” one user replied to Biden. “Inflation is way over 20%.” Another individual said: “Bidenomics in action is our families not being able to afford food, gas, or other necessities. Bidenomics has broken the back of the middle class.”
What has been your personal experience with inflation over the past year? Do you feel the official figures reflect your day-to-day reality? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Leveraged Yield Protocol Rodeo Finance Initially Loses $1.7 Million in ‘Force-Investment’ Hack
https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_1119263285-768x432.jpg Rodeo Finance, a leveraged yield protocol on Arbitrum, was on July 10 a victim of a “force-investment” hack in which almost $1.7 million was reportedly stolen. According to Rodeo Finance, about $810,000 has been recovered so far and there are plans to freeze the stolen funds.
Protocol in ‘Paused State’
Rodeo Finance, a leveraged yield farming product, recently became the latest decentralized finance (defi) protocol to fall victim to the so-called force-investment hack after criminals stole approximately $1.7 million on July 10. As a consequence, the defi protocol has been placed in paused state “until a remediation plan has been finalized and implemented alongside the advice of multiple security experts.”
Our analysis shows that the @Rodeo_Finance hack (w/ ~$1.53M loss) is a so-called "ForceInvestment" hack: the Investor.earn() routine has a flaw that can be forced to swap $USDC -> $WETH -> $unshETH, but the slippage control cannot take effect as expected due to the flawed… pic.twitter.com/2j0bmQRe2r
— PeckShield Inc. (@peckshield) July 11, 2023
In its July 11 statement, Rodeo Finance acknowledged the attack but claimed to have recovered $810,000. This, according to the protocol, means hackers took $830,000. Meanwhile, in the same statement, Rodeo Finance also explained how the cyber criminals were able to carry out the attack.
“The attack occurred because of one of our oracles meant to be twap for Camelot’s Uniswap v2 pools was sandwiched (a first on Arbitrum) just around it’s price update in order to inflate it’s price. This allowed the hacker to borrow from the lending pool and swap it all to said token, incurring heavy slippage but still going through because of the inflated oracle pricing,” Rodeo Finance said in a tweet.
To cash out their profits, the attacker is said to have “arbitraged” the decentralized exchange’s pool back to the normal price. Rodeo Finance said it was able to recover $810,000 from the yield farm used for the attack.
Concerning the yet-to-be-recovered funds, Rodeo Finance said it is attempting to track and freeze the assets. It added that working with security auditors “to finalize the plan of recovery” is the next planned step.
What are your thoughts on this story? Let us know what you think in the comments section below.
CoinDesk
Digitex Founder Ordered to Pay $16M to Resolve CFTC Action, Banned From Trading
The founder of crypto exchange Digitex, Adam Todd, has been ordered by a federal court to pay almost $16 million to resolve accusations that he ran an illegal platform and sought to manipulate its native token, DGTX, the U.S. Commodity Futures Trading Commission (CFTC) said in a Wednesday statement.
CoinDesk
Circle Cuts Workforce, Ends Certain 'Non-Core' Activities; Will Continue Hiring Globally
Stablecoin issuer Circle has cut its workforce slightly to maintain a “strong balance sheet,” the company said Wednesday.
Bitcoin News
Top Stablecoins See Steady Decline Over Past Month as Dollar-Pegged Token Economy Shrinks
https://static.news.bitcoin.com/wp-content/uploads/2023/07/ddola-768x432.jpg The top stablecoins have continued to see redemptions over the past 30 days as the dollar-pegged crypto economy currently hovers at $127.32 billion on July 12. The stablecoin BUSD’s supply has dropped below the 4 billion mark as the token’s number of coins in circulation has fallen 16.7% over the last month.
Dollar-Pegged Cryptos Feel the Pinch as Supplies Shrink Steadily
During the past ten days, the stablecoin economy shrank by $890 million after dropping from $128.21 billion to today’s $127.32 billion. Statistics show that the net value of the top dollar-pegged market capitalizations shrunk a great deal since the start of 2023.
On March 26, 2023, the stablecoin economy was worth $135.08 billion, which means $7.76 billion has been removed from the dollar-pegged token economy over the past 108 days.
30-day statistics paint a similar story as four out of the top five stablecoins saw redemptions shrink their supplies. Tether (USDT) saw a slight drop of 0.3%, while usd coin’s (USDC) supply was reduced by 3.9%.
Makerdao’s DAI saw a 5.6% reduction last month and BUSD’s supply dropped by 16.7%. Trueusd’s (TUSD) supply is still up 41.7% for the month but it has dropped under the 3 billion range to 2.88 billion tokens. Over the past 24 hours, the stablecoin economy recorded $26.42 billion in global trade volume.
With BUSD’s supply dropping 16.7%, the supply is now under the 4 billion range with an approximate supply of 3,997,265,401 at the time of writing. Current data shows that Binance holds 3,623,828,575 BUSD in six different wallets.
Furthermore, out of the 2.88 billion TUSD tokens circulating today, 2.45 billion TUSD is also held by Binance. This means 90.65% of the BUSD tokens today are held by the world’s largest exchange and 85.06% of the TUSD supply is controlled by Binance.
With major stablecoins like BUSD and DAI seeing significant supply reductions recently, how long do you think this downward trend will continue? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
Silk Road–Linked Bitcoin Worth $300M Moved by U.S. Government: On-Chain Data
A wallet tagged as belonging to the U.S. government has moved over $300 million worth of bitcoin (BTC) in three separate transactions.
CoinDesk
What Is Ethereum’s ‘Data Availability' Problem, and Why Does It Matter?
Separate “data availability” layers could reduce congestion on the Ethereum network by making it easier for ancillary “rollup” networks to verify that transactional details exist and are available to download if needed — without actually downloading them. The concept might offer an alternative to Ethereum’s own proposed "danksharding" solution, seen as years away.
CoinDesk
Zero-Knowledge Rollup ZKM Sets Out to Make Ethereum 'Universal Settlement Layer'
With funding from the foundation that oversees development of the Metis layer-2 Ethereum protocol, ZKM is developing a hybrid approach that combines Optmistic and Zero-Knowledge rollups into one.
Bitcoin News
Binance US Reacts to Bitcoin Cash FUD, Assures Users Their Funds Are Safe
https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_2121188492-768x431.jpg Binance’s U.S. platform has rejected rumors regarding its bitcoin cash (BCH) reserves, reassuring customers that their funds are safe. On Sunday, the exchange restored BCH withdrawals after a brief suspension attributed to a technical issue with the automated system managing deposit flows.
Binance US Restores BCH Withdrawals Amid More FUD
The American subsidiary of the world’s largest cryptocurrency exchange, Binance US, addressed what it described as FUD (fear, uncertainty, and doubt) about users’ bitcoin cash holdings. “Binance US maintains 1:1 reserves, which means for every BCH you hold on our platform, we maintain a BCH in reserve,” the company said.
In statement posted Tuesday on Twitter, the exchange explained a pause in BCH withdrawals last week citing a technical issue in its deposit sweeping system.
“Under normal conditions, our systems based on predetermined thresholds automatically sweep funds from our customers’ individual deposit wallets into our platform’s hot wallets and ultimately to our cold wallets where assets are securely stored. Going into this past weekend, however, the sweeps from our customers’ BCH deposit addresses were not happening automatically,” the platform detailed.
This led to a temporary halt of BCH withdrawals until Binance’s tech team implemented a fix to resume normal deposit, hot, and cold wallet flows. “BCH withdrawals on all networks have now been fully operational since late Sunday night,” the exchange said.
The company emphasized that “in an environment where FUD spreads like a virus, we want to reiterate that Binance US was established to serve U.S. consumers and structured to adhere to U.S. regulations” and stated:
Rest assured that your assets remain safe and secure, and no amount of FUD will ever change that.
has been dealing with increased regulatory pressure around the world, including probes and lawsuits in the United States where it was accused of breaking securities laws and diverting customer funds. As a result, the market share of its U.S. subsidiary declined significantly. Last week, Binance’s founder Changpeng Zhao also called recent news of executive departures at the exchange FUD.
Do you think Binance US will be able to restore its market positions in the United States? Share your thoughts on the subject in the comments section below.
CoinDesk
Dapper Labs Lays Off 51 as NFT Market Stays Chilly
Dapper Labs made prior cuts in February and November.
CoinDesk
BNB Chain to Tackle Blockchain Exploit Risks in Major July Hard Fork
The upgrade will push security measures immediately on the occasion of a blockchain exploit to safeguard user assets.
Bitcoin News
Western Sanctions on Russia Demolish Global Trade System, Cause Inflation Surge, Says Russian Banker
https://static.news.bitcoin.com/wp-content/uploads/2023/07/sanctions-on-russia-768x432.jpg Russia’s second-largest bank’s chairman says by imposing sanctions on Russia, the West has “demolished the global trade system and caused an inflation surge.” Pointing to the U.S. banking crisis as an example, he stressed: “This is virtually the largest financial and banking crisis since 2008, and it is already spreading to Europe.”
’Sanctions Against Russia Are a Double-Edged Sword’
Andrey Kostin, the chairman of state-controlled VTB, Russia’s second-largest bank, talked about the U.S. banking crisis and the effects of Western sanctions on Russia in a meeting with Russian President Vladimir Putin on Tuesday. Kostin told Putin:
We are actively creating a new payments and settlements infrastructure involving rubles and currencies of friendly states.
“We have the necessary expertise and infrastructure for this because we are present in major Asian countries, such as China and India, and we are present in the CIS [Commonwealth of Independent States] countries. We are therefore working actively in this sphere,” the VTB Bank chairman detailed.
Regarding the effects of U.S. sanctions on Russia, Kostin said, “We have probably become somewhat immune.” He described: “Sanctions against Russia are a double-edged sword. In effect, by using sanctions against Russia, the West has demolished the global trade system and caused an inflation surge.” The VTB executive continued:
Look at what is now happening in the United States. This is virtually the largest financial and banking crisis since 2008, and it is already spreading to Europe.
“Western attempts to resolve this problem by standard methods devalued bank assets, and we can see the result of this,” he opined.
The VTB president further informed Putin: “Our banking sector is feeling quite safe. I do not think that there will be any problems, although we incurred certain losses last year when our property was simply taken away from us.”
Kostin additionally revealed: “We now have to learn to work in a new way. I believe that it is possible to considerably reshape the financial system in several years.”
The VTB Bank chief added that the bank no longer issues loans in Western currencies, emphasizing that “it is impossible to take out such loans.” He concluded:
We are expanding the ruble market, and we are starting to work with the yuan and other currencies. This process is going on, and I think, it is picking up pace. Today, rubles account for over 50 percent of payments and settlements with friendly countries.
In June, Kostin predicted the end of the U.S. dollar dominance as global power shifted. He expects the Chinese yuan to displace the U.S. dollar as the world’s reserve currency.
What do you think about the statements by the Russian banker about Western sanctions? Let us know in the comments section below.
CoinDesk
Binance Labs Invests $15M in Web3 Gaming Startup Xterio
The capital will help Xterio add more games and artificial intelligence integrations to its platform.
Bitcoin News
Economist Predicts End of US Dollar Dominance as More Countries De-Dollarize
https://static.news.bitcoin.com/wp-content/uploads/2023/07/sp-dedollarization-768x432.jpg The chief economist at S&P Global has predicted that the U.S. dollar “will no longer be the dominant world currency.” Highlighting the diminishing influence of the USD, he pointed out that an increasing number of countries are de-dollarizing, noting that the Chinese yuan is growing in popularity as a trading currency.
Economist Expects US Dollar to Lose ‘Dominant World Currency’ Status
S&P Global’s chief economist, Paul Gruenwald, shared his prediction about the end of the U.S. dollar’s dominance at a conference hosted by the ratings firm in London on Tuesday.
The U.S. dollar “doesn’t have quite the pull it used to … There’s a fragmentation around the edges,” the economist stated, elaborating:
We’ve got other things happening outside of the dollar world.
The implementation of aggressive U.S. sanctions, including the freezing of Russia’s reserves worth around $300 billion last year, has prompted numerous countries to de-dollarize and increase the use of national currencies in trade settlements.
The S&P Global economist highlighted a trend of countries moving away from the U.S. dollar, exemplified by the rising utilization of the Chinese yuan in international trade. Moreover, he pointed out that development banks based in China offer cheap financing options, including the Asia Infrastructure Investment Bank and the New Development Bank (also known as the BRICS Bank).
While noting that the U.S. dollar “will continue to be a leading world currency,” the economist stressed:
It will no longer be the dominant world currency.
Meanwhile, the BRICS economic bloc is working on a common currency that many believe will erode the dominance of the U.S. dollar. Rich Dad Poor Dad author Robert Kiyosaki said on Tuesday that the U.S. dollar “will die” citing the BRICS nations’ alleged plan to launch a gold-backed currency. A study by asset management firm Invesco found that central banks are reducing their U.S. dollar holdings while planning to increase their Chinese yuan exposure. Renowned investor Jim Rogers has cautioned that the U.S. dollar’s value will erode further.
Do you agree with the S&P Global economist that the U.S. dollar will no longer be the dominant world currency? Let us know in the comments section below.
Bitcoin News
US Government Transfers $300 Million Worth of Seized Silk Road Bitcoins
https://static.news.bitcoin.com/wp-content/uploads/2023/07/sikk-768x432.jpg On July 12, 2023, onchain data shows the U.S. government transferred 9,800 bitcoins (BTC), worth just over $300 million. These bitcoins originally came from James Zhong’s Silk Road hack. In March, the Department of Justice also moved a similar amount of bitcoins associated with Silk Road.
Silk Road Bitcoin Stash Controlled by the Feds Moves, Funds Reportedly Sent to Coinbase
About 9,800 BTC from Silk Road was moved in two transactions on Wednesday, reportedly sent to wallets controlled by Coinbase. At the time of writing, the funds held by the U.S. government are worth $302 million, based on the day’s BTC exchange rates.
The bitcoins came from James Zhong, the convicted Silk Road hacker. At the time of his arrest, federal authorities seized about 51,351.89785803 bitcoins on three separate occasions, along with a collection of precious metals and $661,900 in cash.
🔔🔔🔔🔔🔔🔔🔔🔔
8999.90799037 #BTC sent by #US_DEPARTMENT_OF_JUSTICE (Seizure – James Zhong Via Silk Road Exploit)
🔔🔔🔔🔔🔔🔔🔔🔔
https://s.w.org/images/core/emoji/14.0.0/72x72/2139.png ️ https://t.co/r4wif5icol
— OXTObserver (@OXTObserver) July 12, 2023
Last March, the government sold 9,861 bitcoins for just over $200 million. The onchain activity four months prior was also detected by onchain observers and blockchain parsers. It’s speculated that all the BTC transferred from Zhong’s stash has been sold on Coinbase.
The selling through Coinbase is unusual as the U.S. government typically auctions off BTC with assistance from the U.S. Marshals. For example, bitcoins seized from Ross Ulbricht in the Silk Road case were auctioned, with investors like Tim Draper purchasing some of the coins. Only recently has the government started moving cryptocurrency to spot exchanges.
What do you think about the feds sending a large stash of bitcoin on Wednesday? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
Want a Spot Market Bitcoin ETF? Then Deal With the Consequences
CoinDesk
Elon Musk's New ChatGPT Competitor Boosts AI-Related Crypto Tokens
Tokens such as AGIX and FET saw modest bump after Musk announced new Artificial Intelligence (AI) company "xAI" to take on ChatGPT.
CoinDesk
Even as Inflation Risk Fades, Bitcoin Remains Stuck Below $31K
Wednesday's CPI report showed sizable decelerations in both overall and core U.S. inflation, which one might've thought would drive BTC's price higher.
Bitcoin News
Biggest Movers: BCH 6% Higher, as US Inflation Falls by More Than Expected
https://static.news.bitcoin.com/wp-content/uploads/2023/07/shutterstock_1233365821-768x432.jpg Bitcoin cash rose by nearly 6% on Wednesday, following the release of the latest consumer price index (CPI) in the United States. Inflation fell by 1.0% from May, coming in at 3.0% last month. Polkadot also rose, extending its winning run for a third straight day.
Bitcoin Cash (BCH)
Bitcoin cash (BCH) rose by as much as 6% earlier in today’s session. BCH/USD surged to a peak of $289.49 earlier in the day, which comes following Tuesday’s bottom at $271.44.
This rise in price has pushed the cryptocurrency towards a ceiling at $300.00, and closer to a recent 15-month high at $329.71.
From the chart, the move occurred after a marginal breakout of a ceiling at 68.00 on the relative strength index (RSI).
At the time of writing, the index is tracking at 70.56, with the next visible point of resistance at 73.00.
Should this point be hit, there is a strong chance that BCH will be trading at or over $300.00.
Polkadot (DOT)
Polkadot (DOT) rose for a third consecutive day during Wednesday’s session, as price neared a one-week high.
After falling to a low at $5.13 on Tuesday, DOT/USD jumped to an intraday high of $5.30 earlier today.
This is the strongest level the token has hit since last Thursday, when it peaked at $5.37, marginally below a ceiling at $5.40.
Since today’s peak, earlier gains have somewhat slipped, as a result of the RSI colliding with a ceiling at 55.00.
Currently, price strength is at a reading of 54.55, with DOT now trading $0.05 lower than its previous high.
In the event this ceiling is broken, the next target for polkadot bulls will likely be $5.50.
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Will the Federal Reserve hike rates despite today’s inflation report? Let us know your thoughts in the comments.
CoinDesk
Digital Toy Company Cryptoys Integrating Kid-Friendly AI Chatbot Into NFTs
The company’s ChatGuardian is designed to be as “safe as possible” and will allow kids to play and interact with their Cryptoys NFT, while allowing parents to filter and control the conversations.
CoinDesk
Coinbase Adds Messaging Function to Crypto Wallet
The new messaging feature will let any two Ethereum addresses talk to each other.
CoinDesk
The Jackson Pollock Studio Splatters Beyond the Physical, Releases Digital Art Collection
Beyond the Edge, inspired by the famed artists’ former workspace, features digitized Pollock works that come with a physical counterpart.
