Month: June 2023

Bitcoin price will get ‘another test’ of 200-week trend line — analyst

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Bitcoin (BTC) fell to multi-day lows at the June 5 Wall Street open as action heated up on exchanges. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Van de Poppe: Trend line failure could mean “bottom isn’t in yet” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD wicking to $26,640 on Bitstamp. Down nearly 3% versus the weekend’s highs, the pair looked weak as key support lines inched closer. Among these was the 200-week moving average (MA), now at $26,400, which had weathered repeated tests to stay as support…

Bitcoin Retail Demand Will Continue to Remain Strong before Halving

JPMorgan analysts believe that retail investors resolve to accumulate Bitcoins will only go stronger as we approach close to the next halving in mid-2024. After a strong start to the year 2023, Bitcoin (BTC) has been facing some selling pressure over the last few weeks. Over the last 24 hours, the BTC price has tanked by 2% slipping under $27,000. However, banking giant JPMorgan is confident that Bitcoin will continue to see retail demand until the next halving event of mid-2024. In a research report published last Thursday, JPMorgan strategists…

Privacy Concerns Dominate CBDC Discussion at Consensus 2023

The crypto sector is “generally negative and worried when it comes to CBDCs, especially around privacy,” said Arry Yu, co-chair of the U.S. Blockchain Coalition, one of the participants in the roundtable discussions who chose to speak on the record. (The session, which drew 135 participants, was conducted under the Chatham House rule.) Source

Introducing CoinDesk’s First-Ever ‘Consensus @ Consensus’ Report

At least, that is a recurrent theme throughout CoinDesk’s first-ever Consensus @ Consensus report, out today. Based primarily on intimate group discussions that took place at Consensus 2023, it covers a wide range of pressing issues challenging the digital assets industry. These include the newly urgent subject of regulation, the competing demands of privacy and law enforcement, the difficulty of bringing self-custody to the mainstream, the future of crypto media, and more. The discussion groups, which convened largely offstage in Austin, Texas, from April 26-28, 2023, represented a cross-section of…

New Stablecoin Issuer Raft Is Eschewing Fiat for Its Financial Backing

While the biggest stablecoins, Tether’s USDT and Circle Internet Financial’s USDC, are backed by conventional assets like U.S. Treasurys, those backed instead by crypto assets have had mixed success. MakerDAO’s DAI, which is collateralized by a combination of Ethereum-based tokens, stablecoins and real-world assets such as U.S. government bonds, has accumulated about $4.6 billion of market capitalization. Meanwhile, Do Kwon’s UST – which was backed by his LUNA token – collapsed spectacularly a year ago. Source

Met Museum Agrees to Return $550K in FTX Donations, Highlights Ethical Concerns

The Metropolitan Museum of Art in New York City cited ethical concerns surrounding the cryptocurrency exchange’s operations while has announcion its decision to return $550,000 in donations received from FTX. The Metropolitan Museum of Art (Met Museum), renowned as one of the United States’ most esteemed cultural institutions, has made the decision to return a substantial donation of $550,000 that was generously contributed by the cryptocurrency exchange FTX. Court filings to the United States Bankruptcy Court on Friday disclosed that the Met has chosen to return the donations it had…

Ripple Eyes IPO as XRP Lawsuit Draws to End

XRP’s lawyer thinks the outcome could be determined by September based on recent events. In light of this, Ripple is allegedly meeting with investors to discuss their interest in an IPO. As its legal battle related to XRP with the Securities and Exchange Commission (SEC) draws to a close, there are rumors that Ripple may conduct an IPO. Wall Street expert Linda Jones hinted at the possibility by outlining the advantages of a potential initial public offering. Linda used information from Linqto to determine the potential stock value of Ripple,…

Hong Kong’s regulatory lead sets it up to be major crypto hub

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Hong Kong — officially the Hong Kong Special Administrative Region of the People’s Republic of China — is a city of over seven million residents on the eastern Pearl River Delta in South China. The city is known for being pro-innovation and technology, and over the past year, it has introduced legislation to promote and adopt cryptocurrencies. Hong Kong is a major world economy, serving as a center for investment and trade in the region. The city is a cosmopolitan metropolis with Western and Asian influences, and is a well-established…