Day: April 17, 2023

Bitcoin on-chain data highlights the steps BTC is taking to exit the bear market

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Glassnode’s latest analysis suggests that Bitcoin has built a strong foundation below the $30,000 level, and the current supply structure shows similarities to early 2016 and early 2019. The report shows that the Long-Term Holder (LTH) supply is just shy of a new all-time high with a total supply balance of 14.161 million BTC. In contrast, short-term holders (STH), who acquired coins after FTX failed, have seen their supply balance of 2.914 million BTC remain relatively constant in 2023. Long-term holders are unfazed despite major downturns By April 12, 155…

Polygon calls on EU lawmakers to address smart contracts in Data Act

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Polygon Labs, the core company behind the development of Ethereum layer-2 scaling solution Polygon, has called on policymakers in the European Union to “clarify the scope and intent” of legislation targeting smart contracts. In an open letter published to members of the European Parliament, the European Council and the European Commission on April 17, Polygon Labs proposed Article 30 under the Data Act be amended to apply to permissioned smart-contract-based-systems owned and operated by an “enterprise,” as opposed to permissionless under the current wording. The platform said hardware wallet developer Ledger…

Economist and Political Scientist Refute Claims of US Dollar’s Demise Despite Trend of De-Dollarization News – Bitcoin News

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This year, there has been a flurry of news reports and opinion editorials discussing an alleged de-dollarization trend amid a wave of disclosures associated with the BRICS bloc. In a recent article, the American political scientist and author Ian Bremmer insisted that claims of the U.S. dollar dying are overblown. In addition to Bremmer’s comments, economist Paul Krugman also asserted in a recent op-ed that the greenback isn’t going away anytime soon and called some of the speculators “‘Weimarists,’ people who are always predicting hyperinflation.” Political Scientist Ian Bremmer Insists…

CME Group to expand Bitcoin and Ether option expiries after record daily volume

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On Apr. 17, derivatives marketplace Chicago Mercantile Exchange (CME) Group, announced it will broaden its range of cryptocurrency options by adding new options to its standard and micro-sized Bitcoin (BTC) and Ether (ETH) contracts. Pending regulatory review, these new contracts will be available from May 22, and expiries will be available every day of the business week from Monday to Friday.  According to the announcement, CME Group’s expanded suite of cryptocurrency options will include new expiry dates for Bitcoin and Ether futures contracts. These options will now expire every day from…

Blockchain Association Seeks Information on De-banking of Crypto Companies

The Blockchain Association, a cryptocurrency advocacy group, has filed additional Freedom of Information Law (FOIL) requests to regulators in the US. The group had initially filed for information from the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency. The new requests were submitted to the Federal Housing Finance Agency and the New York Department of Financial Services, seeking further information on the de-banking of crypto-friendly banks. The organization is interested in learning more about the de-banking…

Bitcoin’s chart has some eerie parallels to gold in the 1970s

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Many investors have dismissed the notion that bitcoin could be a type of digital gold since the cryptocurrency has been trading like a speculative risk asset for much of the past two years. But about 50 years ago, gold did the same thing, Morgan Stanley said in a recent note. If bitcoin’s current moves continue to follow those of gold in the 1970s, the cryptocurrency could be in for some tough times ahead. In 1971, individuals could no longer convert U.S. dollars to a specified amount of gold. Since 2008,…

SEC Lays Its Cards on the Table With Assertion That DeFi Falls Under Securities Rules

“We see this new technology, and we’re not willing to make any adjustments to accommodate it,” SEC Commissioner Hester Peirce said Monday on CoinDesk TV, further detailing her criticism of last week’s move, which she opposed. “If you don’t look exactly like incumbent firms, then we’re just going to be fine with killing you off or driving you offshore or forcing you to turn yourself into a centralized entity.” Original Source AssertionCardsDeFiFallsLaysRulesSECSecuritiesTable CryptoX Portal

All eyes are on stablecoins: Law Decoded, April 10–17

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Last week came in preparation for April 19, when the United States House Financial Services Committee will hold a hearing on stablecoins. The hearing will include information collected by various federal government agencies over the last year. Among the participants are Jake Chervinsky, the chief political officer at the Blockchain Association, and Dante Disparte, the chief strategy officer of Circle.  On the hearing threshold, a new draft bill appeared in the House of Representatives document repository. The draft provides a framework for stablecoins in the United States, putting the Federal…

Price analysis 4/17: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

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Bitcoin and select altcoins are witnessing a pullback, indicating that traders may be booking profits and reducing risk. Pullbacks are a part and parcel of uptrends. They not only help shake out the weaker hands but also offer an opportunity for traders to add to their position or make fresh entries. Currently, Bitcoin (BTC) is witnessing a correction as bulls and the bears battle for control, but is this a buying opportunity or the start of a trend reversal? The Crypto Fear & Greed Index has risen to 69, indicating…