Day: June 20, 2023

4 things that can spark the next Bitcoin bull cycle

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Bitcoin (BTC) has dropped nearly 15% from its yearly high of around $31,000, with the recent regulatory crackdowns on Coinbase and Binance crypto exchanges and the Federal Reserve’s hawkish forward guidance accelerating its selloff. Still, Bitcoin is up 60% year-to-date (YTD), holding above a technical support level of $25,000. Moreover, a new bull cycle can begin for a few reasons. Bitcoin halving The next Bitcoin halving, a pre-programmed event that slashes the cryptocurrency’s supply rate by half every four years, is in April 2024. The previous three Bitcoin halvings (2012,…

Deutsche Bank reportedly applies for digital asset custody license from BaFin

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Germany’s largest banking institution, Deutsche Bank, has reportedly applied for a digital asset custody license to the country’s financial regulator, the Federal Financial Supervisory Authority, or BaFin, in a bid to expand its revenue streams, Bloomberg reported. This comes after a similar shift from the bank’s investment arm, DWS Group, and aims to expand on digital asset custody services, including cryptocurrencies. DWS Group had previously indicated an interest in investing in two German crypto firms. Companies negotiating with DWS Group included Deutsche Digital Assets, a crypto exchange-traded products provider, and market maker…

Tokenization Might Be a $5T Opportunity: Bernstein

The benefits of tokenization are simple, the process brings operational efficiencies and improved liquidity and accessibility, Bernstein said in a research report on Tuesday. Tokenization is the process by which real-world assets are converted into blockchain-based tokens. Bernstein estimates that the size of the tokenization opportunity could be as much as $5 trillion over the next five years, led by stablecoins and central bank digital currencies (CBDC), private market funds, securities and real estate. Currency tokenization, via stablecoins and central bank digital currencies, will see application in on-chain deposits and…

UK Government Set to Pass FSMB Crypto and Stablecoins Regulations into Law

Initially, the bill covered only stablecoins. However, it was amended to include all cryptos and regulated activity. The bill (FSMB) that proposes the regulation of stablecoin and crypto regulation in the UK has been approved by the second chamber of the Houses of Parliament, the House of Lords. The UK government is moving forward on the Financial Services and Markets Bill (FSMB), which could support crypto adoption in the country. The bill proposes stablecoin and crypto regulation. In a meeting of the UK parliament’s House of Lords, many members advocated passing…

IMF’s CBDC push gets feedback from the crypto community: ‘No one wants this’

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As the International Monetary Fund (IMF) continues its effort to advance the technologies behind central bank digital currencies (CBDCs), some members of the crypto community have reacted strongly against the IMF’s efforts to further the initiative.  In a CBDC policy roundtable on June 19, the IMF’s director of the monetary and capital markets department, Tobias Adrian, presented a new platform concept for cross-border payments. This includes a blueprint for a payment system that uses one ledger to record CBDC transactions. According to Adrian, the “XC platform” will have a single ledger…

IMF’s CBDC push gets feedback from the crypto community: ‘No one wants this’

As the International Monetary Fund (IMF) continues its effort to advance the technologies behind central bank digital currencies (CBDCs), some members of the crypto community have reacted strongly against the IMF’s efforts to further the initiative.  In a CBDC policy roundtable on June 19, the IMF’s director of the monetary and capital markets department, Tobias Adrian, presented a new platform concept for cross-border payments. This includes a blueprint for a payment system that uses one ledger to record CBDC transactions. According to Adrian, the “XC platform” will have a single ledger…

Unified Ledger for CBDCs, Tokenized Assets Could Enhance Global Financial System, BIS’ Hyun Song Shin Says

“I think the actual choice of technology will really have to be decided for that particular use case,” Shin said at a Monday press briefing on the report. “It could be decentralized, like in a permissioned blockchain, but it doesn’t have to be. It could be a centralized system as well where there is a rigorous set of controls on data confidentiality, cyber resilience, and so on.” Source

BTC Is Becoming Illiquid at 147K a Month in Signal Long-Term Investors Are Accumulating

Glassnode’s illiquid supply change metric, which measures the number of coins held by illiquid wallets on a specific date compared with the same day the previous month, rose to 147,351.58 BTC ($3.9 billion) on Monday, the most since Dec. 19. The total held by illiquid entities has jumped to a record high 15,207,843 BTC, with the tally increasing by 215,000 BTC in the past four weeks alone. Source

Vimeo Launches New AI Features to Simplify Video Editing and Scripting

According to Vimeo CEO Anjali Sud, the new AI features are part of Vimeo’s vision to empower anyone to create professional-quality videos with minimal effort and resources. Leading video platform for professionals and businesses, Vimeo, has announced the launch of three new AI-powered features. These new features aim to make video creation significantly easier and faster. Introducing Vimeo’s Smart Scripts, Smart Prompts, and Smart Cuts Vimeo’s three new AI tools are an AI script generator, a built-in teleprompter, and a text-based video editing tool. On its part, the AI script…