Day: February 16, 2023

Bitcoin single-day price surge linked to billions in USDC inflow

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The Bitcoin (BTC) price rose to a new six-month high of $24,800 on February 16, registering a double-digit surge of 15%.  The prolific single-day Bitcoin price surge took many by surprise, given February has been historically bearish for the top cryptocurrency. BTC price rose by $1,820 in a single day, making it the biggest green day for the top cryptocurrency in six months. One-Day Bitcoin price chart. Source: Tradingview Many people attributed the BTC price surge to a number of factors, including a rise in dollar value and declining inflation.…

How the SEC Is Letting Crypto Down – Op-Ed Bitcoin News

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When Gary Gensler (ex-Goldman Sachs investment banker) was announced as the new head of the Securities and Exchange Commission (SEC) in February 2021, the crypto industry saw a glimpse of hope. After all, the man in charge of regulating the industry was a “crypto native,” having taught a course on the subject at MIT. However, two years later, it’s clear that Gary has been a big letdown for the industry as the SEC failed to identify major frauds and protect investors. The following opinion editorial was written by Joseph Collement,…

Co-Founder of Privacy-Focused Gnosis Chain Proposes Plan to Reduce Ethereum Dependency for GNO Token

Köppelmann cited bridge risks as a key factor in his proposal. “Currently, the bridge has the right to mint unlimited GNO tokens on Gnosis,” he wrote. “Of course, it is only supposed to mint GNO tokens on Gnosis if an equivalent amount has been locked on Ethereum (and that should be limited), but bridges are unfortunately still a potential source of hacks and bugs and thus are a risk.” Source

Bitcoin Primed to Rally to $56K as Nasdaq Breaks Out of Bull Flag, Chart Analyst Says

Bitcoin (BTC) has rallied nearly 50% in the first seven weeks of the year, reaching a six-month high of $24,900, with outside forces like the sentiment in traditional markets largely supportive. Recently, the crypto market and Wall Street’s tech-heavy Nasdaq index have grown resilient to the Federal Reserve’s (Fed) angst and the resulting uptick in Treasury yields. Bitcoin’s 90-day correlation coefficient with Nasdaq has increased to 0.75, indicating the two assets are moving in tandem. Source

55% of Americans Believe They Will Lose It All if a Recession Hits the United States – Economics Bitcoin News

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According to a recent study by Clever, a real estate data company, nearly three out of four Americans worry there will be a recession this year, and 69% of the research participants say the U.S. is already in a recession. What’s worse, 55% of the study’s respondents said they would lose everything if a recession in the United States came to fruition. Survey Shows Americans Have a Gloomy Economic Outlook After the Federal Reserve’s recent rate hike and the inflation data from the U.S. Department of Labor that followed, investors…

Binance banking problems highlight a divide between crypto firms and banks

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Binance, the world’s leading crypto exchange by trading volume, will temporarily suspend bank transfers in U.S. dollars. The exchange stated in a tweet on Feb. 6 that no other trading methods would be affected. The announcement came with no explanation. However, exchange CEO Changpeng Zhao noted in a tweet that only 0.01% of the exchange’s total users will be affected by the suspension while assuring that they are looking to resolve the issue soon. Recently, Binance encountered related financial issues in the U.S. On Jan. 21, its SWIFT transfer partner,…