Day: April 28, 2023

Analysts at odds over Fed, US debt ceiling impact on Bitcoin price

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On April 26, House Republicans scarcely passed their bill to increase the U.S. debt ceiling. This led to analysts already weighing its potential impact on the price of Bitcoin (BTC), ranging from extremely bearish to overly bullish. Ultimately, U.S. dollar liquidity is the key to both of these opposing viewpoint. “Deflationary recession” to produce 2020-like BTC rally? Some analysts, including Jesse Meyers, the COO of investment firm Onramp, believe raising the debt ceiling would prompt the Federal Reserve to print more money, thus boosting capital inflows into “risky” assets like Bitcoin.…

Bank of America Strategist Predicts Gold Could Reach $2,500 per Ounce in 2023  – Bitcoin News

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A Bank of America (BOFA) commodity strategist has postulated that gold, should it continue to flourish in 2023, could pave the way for a climb to $2,500 per ounce. Presently priced at $1,983 per unit, the precious metal remains just shy of the $2,000 threshold. However, if it were to achieve the projected $2,500 target, its value would need to rise by more than 26% against the U.S. dollar. ‘Non-Commercial Purchases Do Not Need to Increase Materially to Justify Gold Hitting $2,500,’ Says BOFA Commodity Strategist In 2023 thus far,…

46% of millennials across major economies own crypto: Bitget research

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A new survey suggests that 46% of millennials across major population countries, such as the United States, China, Japan, Germany, Indonesia and Nigeria, own cryptocurrencies. The study, conducted between July 2022 and January 2023 and published on April 28 by cryptocurrency exchange Bitget, featured approximately 255,000 adult respondents from 26 countries, with around 10,000 respondents per country. The survey revealed that 46% of millennial respondents owned cryptocurrencies, compared with 25% of Gen X, 21% of Gen Z and 8% of baby boomers. The confidence interval for the study is 95%,…

Robinhood Adds ‘Connect’ Feature to Its Native Crypto Wallet

As part of its efforts to drive Web 3.0 adoption, Robinhood also announced some other new features. Robinhood has announced a new feature that permits users of its crypto wallet to access their funds from other decentralized finance (DeFi) apps and protocols. According to the update, users no longer have to open the Robinhood app itself to gain access to the platform’s features. Robinhood confirmed that the immediate plans are to add the new feature to the Solana wallet Phantom and the multi-coin wallet Exodus. At least, for this initial stage.…

Coinbase Firmly Responds to SEC’s Wells Notice Claiming No Violation of Securities Laws

In its response, Coinbase clearly mentioned the exchange has not engaged in any activity that violates federal securities laws. It also slammed the SEC for refusing to engage in a meaningful dialogue on crypto regulations. On Thursday, April 27, crypto exchange Coinbase offered a fiery response to last month’s Wells Notice issued by the US Securities and Exchange Commission (SEC). Coinbase’s chief legal officer Paul Grewal clearly told the federal regulator that any kind of enforcement action against the exchange would lead to major “problematic risks” for the SEC and…

Hong Kong regulator requires banks to open accounts for crypto firms

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The Hong Kong Monetary Authority (HKMA), the city’s central banking institution and regulator, has called on banks to provide their services to cryptocurrency firms. On April 27, HKMA issued a circular related to the access of corporate customers to banking services. In the document, the regulator has required authorized institutions, referred to as AI, to adopt a risk-based approach in Anti-Money Laundering efforts. HKMA also urged the institutions in Hong Kong to pay attention to market developments and take a forward-looking approach to new sectors like the crypto market. Hong…

114 Scams Exposed By Savvy Blockchain Investigators

Scammers are increasingly exploiting the popularity of meme coins for personal gain, leaving cryptocurrency investors vulnerable. A single individual has been identified as the brains behind the release of 114 questionable meme coins in just two months, according to reports. ZachXBT, along with other internet sleuths, discovered that only one person was responsible for 114 meme coin frauds. The wallet address in question is 0x739c58807B99Cb274f6FD96B10194202b3EEfB47, and the same deposit address is used each time funds are taken. Meme Coins Scam Detected After tracing all the coins, he discovered that the fraudsters had…

Coinbase Responds to SEC Wells Notice, Defends Cryptocurrency Lending Products

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On April 27th, Coinbase, a well-known cryptocurrency exchange based in San Francisco, boldly responded to a recent Wells Notice issued by the United States Securities and Exchange Commission (SEC) in March. For those unfamiliar with the term, a Wells Notice is a warning that the SEC is considering taking legal action against a company. It’s a serious matter and not one to be taken lightly. In the wells notice letter, the watchdog regulator urged that Coinbase lending products that allow cryptocurrency users to earn interest on certain digital assets are…

KuCoin confirms an exchange user is behind alleged daily rug pulls

Crypto exchange KuCoin confirmed that the address allegedly responsible for launching thousands of memecoin scams belongs to one of its users. However, the exchange will not freeze the user’s assets without any official notice from law enforcement.  On April 26, a Twitter user identified a wallet address that launched two to five memecoins daily for two years. Another community member pointed out that the wallet addresses were “owned and controlled” by KuCoin. At the moment, blockchain explorer Etherscan has already marked the said address as a fake phishing wallet. .@CoinGurruu…