Day: November 23, 2022

Bitcoin may need $1B more on-chain losses before new BTC price bottom

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Bitcoin (BTC) hodlers may need to triple their on-chain losses for BTC price to put in a macro low. According to market research firm Baro Virtual, the 2022 bear market is not yet harsh enough to match historical downtrends. Bitcoin losses “only” total $671 million With analysts predicting a return to $14,000 or lower for BTC/USD, the question of where Bitcoin will bottom is one of the hottest topics in the space this month. For Baro Virtual, which analyzed data from on-chain analytics platform Whalemap, it may be a matter…

US Sen. Elizabeth Warren says crypto will ruin economy —community responds

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The downfall of former crypto exchange FTX has had the entire industry in disarray since the situation began to unravel days before it declared bankruptcy on Nov. 11. A new op-ed from United States Senator Elizabeth Warren revealed a negative stance towards the industry with regard to the fallout. Warren wrote that the crypto industry is on a “well-worn path of financial innovation,” which starts with exciting rewards but ends in “crippling losses.” She compared it to subprime mortgages of 2008, penny stocks and credit-default swaps. The Senator said what…

Central banks can use Bitcoin to fight off sanctions: Harvard research

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A research paper published at Harvard university highlighted how central banks can use Bitcoin (BTC) to hedge against financial sanctions from fiat reserve issuers.  A working paper, titled “Hedging Sanctions Risk: Cryptocurrency in Central Bank Reserves,” released by Matthew Ferranti, a Ph.D. candidate at the university’s economics department, explored the potential of Bitcoin as an alternative hedging asset for central banks to fight off potential sanctions. Ferranti argued that there’s merit for central banks to hold a small amount of Bitcoin even in normal circumstances. However, when there’s a risk…

Bitcoin (BTC) Reclaims $16,500 But Not In Safe Zone; Here Is Why

BTC’s price shows strength as price bounces off from a weekly low of $15,500 to trend higher, giving bulls some relief.  BTC’s price continues to look strong as bearish sentiment for the market lingers, with things looking uncertain for most traders and investors.  BTC’s price bounces from a low of $15,500 on the daily timeframe as the price moves in a range below the 50 Exponential Moving Average (EMA) With many looking for a major dump in Bitcoin (BTC) price, the price of Bitcoin (BTC) bounced from $15,500 as price…

Austrian Crypto Exchange Bitpanda Secures Trading License From Germany’s BaFin – Exchanges Bitcoin News

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Crypto exchange and custody platform Bitpanda announced on Nov. 22 that it had received a crypto trading license from Germany’s Federal Financial Supervisory Authority. According to Bitpanda, securing a license means it has become the “first European retail investment platform to meet BAFIN’s strict regulatory requirements.” New License Strengthens Bitpanda’s Position Austrian crypto exchange platform Bitpanda has secured “a crypto custody and proprietary trading licence for crypto assets from the German Federal Financial Supervisory Authority (BAFIN).” According to Bitpanda, securing the license means the crypto exchange has become the “first…

Singapore Bank DBS Completes Fixed Income Trade on JPMorgan’s Blockchain Network Onyx

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New York AG pushes prohibition of crypto purchases via retirement funds

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The turmoil surrounding crypto exchange FTX and Sam Bankman-Fried (SBF) reaffirmed regulators’ belief about the need for stricter oversight across the crypto ecosystem. Seeking investor protection against a similar fallout, New York Attorney General (NYAG) Letitia James recommended prohibiting crypto investments in defined contribution plans and individual retirement accounts (IRAs). In a letter addressed to the members of the U.S. Congress, James requested legislation that would bar U.S. citizens from purchasing cryptocurrencies and digital assets using their funds in IRAs and defined contribution plans such as 401(k) and 457 plans. However,…

Blockchain In-Depth Tutorial for Beginners | Blockchain Explained | All About Blockchain|Simplilearn

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io In this Blockchain In-depth Tutorial, you will learn everything related to blockchain and its related concepts like, bitcoin, mining, smart contracts, proof-of-Work, hashing, encryption, areas where blockchain is used with proper demonstrations. How to become a blockchain developer, what are the requirements for it, also what salary is offered to them and what companies want to hire them. At the end of this video I assure you that all your concepts related to Blockchain will be cleared. What is Blockchain? What is…

New York governor signs PoW mining moratorium into law

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New York governor Kathy Hochul signed the proof-of-work (PoW) mining moratorium into law on Nov. 22, making it the first state in America to ban any PoW crypto mining activity for two years. The PoW mining moratorium will not only prohibit new mining operations but also refuse the renewal of licenses to those who are already operating in the state. Any new PoW mining operation in the state could only operate if it uses 100% renewable energy. The PoW mining bill was first passed by the state assembly in April…

FTX collapse triggers second thoughts on Busan City’s crypto exchange plans

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The FTX crash appears to have affected not only companies and investors but also entire cities that previously became partners of the troubled cryptocurrency exchange. South Korea’s second-largest city, Busan, is reportedly reconsidering its plans to build a local crypto exchange as a consequence of the FTX collapse, the local news agency Yonhap reported on Nov. 23. The government and financial authorities of Busan have become increasingly concerned about the concept of a public-private digital exchange amid the FTX contagion. “In view of various conditions, it is unreasonable for the…