Day: April 12, 2023

US inflation falling, bitcoin remains in range around $30k

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Hours after the United States bureau of labor statistics (BLS) released the latest consumer price index (CPI) data for March 2023, bitcoin (BTC) prices remain subdued and tethered around the $30,000 mark. Inflation dropping in the United States According to the BLS, the CPI reading for March stood at 0.1%, down from 0.4% recorded in February but lower than what economists forecasted at 0.2%. Meanwhile, year-to-date inflation stood at 4.98%, down by 1% from February, when it was 6.04%. Still, this was below the 5.3% level economists had predicted. Notably, the general inflation trend in…

Chainalysis and Calgary police launch cryptocurrency investigation center

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A joint task force featuring investigators from the Calgary police department and analysis from blockchain data firm Chainalysis, dubbed the Western Canada Cryptocurrency Investigations Centre, was officially launched on April 12.  In a blog post announcing the partnership, Chainalysis co-founder and chief strategy officer Jonathan Levin remarked that “this demonstration of public-private partnership to solve novel issues in financial services is a model that the rest of the world can learn from.” Together with @CalgaryPolice, today we’re launching the Western Canada Cryptocurrency Investigations Centre, a partnership that will enable law…

Blockchain Association files brief in Tornado Cash case

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Crypto advocacy groups Blockchain Association and DeFi Education Fund filed a brief in United States District Court in Austin in the case brought by six individuals against the United States Treasury Department over the sanctioning of Tornado Cash. The amicus (friend of the court) brief supports the plaintiff’s motion for a partial summary judgment. The six plaintiffs in the case filed suit against the Treasury Department and associated parties in September after the Treasury’s Office of Foreign Assets Control (OFAC) placed addresses allegedly connected with the Tornado Cash cryptocurrency mixer…

Price analysis 4/12: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Today’s CPI report highlighted a slight decline in inflation, a development which could put a strong price floor beneath Bitcoin and select altcoins. The March consumer price index climbed marginally by 0.1%, below economists’ expectation of a 0.2% increase and February’s advance of 0.4%. Although inflation is showing signs of slowing, the year-on-year CPI increased by 5%, well above the Federal Reserve’s 2% target.  The FedWatch Tool shows a 67% probability of a 25 basis point rate hike in the Fed’s May meeting but by the end of the year,…

Warren Buffett Likens Bitcoin to Gambling and Chain Letters in Recent Interview – Bitcoin News

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Finance mogul Warren Buffett, one of the most successful investors in history, discussed bitcoin during an interview on CNBC’s Squawk Box on April 12. As he has done in previous interviews, the business magnate likened bitcoin to a gambling scheme and chain letters he received as a child. Buffett Shares His Two Cents on Bitcoin, Warns Against Making a Living ‘Trying to Bet Against the House’ It is well known that Warren Buffett does not like bitcoin, and he once said that he wouldn’t buy all the bitcoin (BTC) in…

T. Rowe Price, WisdomTree join Avalanche subnet for forex testing

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Financial market firms T. Rowe Price Associates, WisdomTree, Wellington Management, and Cumberland have joined an Avalanche (AVAX) subnet to test the idea of blockchain-based foreign exchange, according to an announcement from the Avalanche team. The new subnet is called “Spruce,” and is part of Avalanche’s Evergreen Subnet ecosystem. Following last week’s Avalanche Evergreen announcement, today marks the launch of the Spruce Subnet! Institutional partners including @TRowePrice, @WisdomTreeFunds, @Wellington_Mgmt & @CumberlandSays will use Spruce to test public blockchain applications. https://t.co/1KLzxcUCSB pic.twitter.com/xvaUmKO3BV — Avalanche (@Avax) April 12, 2023 According to the announcement,…

When levees break, liquidity flows — Analyzing Ethereum Shapella and liquidity staking derivatives

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The Ethereum network’s planned Shanghai hard fork is nearly here. Planned for April 12, this is the first major upgrade since The Merge in September 2022. The “Shapella” upgrade (a combination of the two major proposals Shanghai and Capella), includes EIP-4895 which enables validators to withdraw staked ETH from the Beacon chain (Consensus layer) to the EVM (execution layer). The execution layer is the fun and friendly Ethereum users have come to know and love.  Why is this a big deal? With just over 18 million ETH currently staked (valued…