Month: June 2023

Bitcoin Evaporating From Exchanges Into HODLer Wallets As BTC Approaches Halving Date: Glassnode

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Bitcoin (BTC) is flying out of crypto exchanges and into the wallets of long-term investors as the king crypto’s halving quickly approaches, reports analytics firm Glassnode. Glassnode says that a steady rate of BTC outflows from exchanges indicates a significant Bitcoin accumulation wave by HODLers, or entities with little history of selling. “The undercurrent of BTC supply continues to flow out of exchanges, miners and whale wallets, and towards HODLer entities of all sizes at a healthy rate.” According to the firm, similar accumulation phases preceded other Bitcoin bull market…

Price analysis 6/19: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC

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The strength in the S&P 500 and weakness in the U.S. Dollar Index could limit the short-term downside in Bitcoin and select altcoins. The S&P 500 Index (SPX) has gained for five consecutive weeks, the first such instance since November 2021. In comparison, Bitcoin (BTC) is trading well below its local high of $31,000, made on April 14. This shows a clear divergence between the performance of the two asset classes. Some analysts expect Bitcoin’s range-bound action to continue for some more time. Cryptocurrency traders will be looking for some…

UK government moves forward on financial markets bill for potential regulation of crypto

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Lawmakers in the upper house of the Parliament of the United Kingdom are moving forward with legislation that could help support the adoption of crypto in the country. In a meeting of the U.K. Parliament’s House of Lords on June 19, many members advocated for the passage of the Financial Services and Markets Bill — legislation aimed at strengthening the country’s financial services industry. The bill went through a third reading in the House of Lords, one of the final stages in passage before considering any additional amendments and being…

Crypto lender Delio to resume withdrawals after counterparty contagion

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According to a recent report by local news outlet Decenter, South Korean crypto lending platform Delio will resume withdrawals, albeit with no fixed schedule, after pausing them on June 14. In a meeting with investors on June 17, CEO Jung Sang-ho explained, “[Delio] will secure as much capital as possible to compensate” and that “users’ withdrawals would come in phases.” No details regarding the specific repayment period, method and amount of damage were disclosed, however.  Delio is one of South Korea’s largest crypto lending firms and claims to hold an…

Crypto investment products experience outflows for 9th consecutive week

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On June 19, European cryptocurrency investment firm CoinShares published its “Digital Asset Fund Flows Report,” revealing that cryptocurrency investment products experienced outflows totaling $5.1 million last week. The outflows contributed to the continuation of a nine-week streak of outflows, resulting in a cumulative total of $423 million. Weekly crypto asset flows. Source: CoinShares The report noted that despite this downward trend, there was a glimmer of hope toward the end of the week, as news emerged that BlackRock, one of the world’s largest asset managers, had submitted an application for…

USDT issuer freezes Ethereum address with over $4.1m

Tether Holdings Limited, the Hong Kong-based company and the issuer of USDT, the world’s largest stablecoin by circulating supply, has frozen an account holding over $4.1 million of the token on Ethereum, on-chain data on June 19 reveals. Tether freezes $4.1 million of USDT on Ethereum Tether froze $4.11 million of USDT on June 19 without explaining, records captured by WhaleAlert on the same day reveal. On Etherscan, an analytics platform for tracking ethereum (ETH) and Ethereum-based tokens, records show that the USDT issuer had marked the wallet as frozen. At the same…

Fed rate pause triggers traders’ pivot to stocks — Will Bitcoin catch up?

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After a momentary retest of the $25,000 support on June 15, Bitcoin gained 6.5% as bulls successfully defended the $26,300 level. Despite this, the general sentiment remains slightly bearish as the cryptocurrency has declined by 12.7% in two months. The dismissal of Binance.US’s temporary restraining order by Judge Amy Berman Jackson of the United States district court is somewhat related to investors’ sentiment improving. On June 16, the exchange reportedly reached an agreement with the U.S. Securities and Exchange Commission (SEC), avoiding the freeze of its assets. On a longer timeframe, the…

IMF envisions ‘new class’ of cross-border payment platform with single ledger

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The International Monetary Fund (IMF) has presented the outlines of a “new class” of cross-border payment system that provides but does not require a single ledger to record central bank digital currency (CBDC) transactions, programmability and improved information management.  IMF officials chose a roundtable on CBDC policy to reveal their new platform concept on June 19. At the event, held in conjunction with the central bank of Morocco, IMF director of the monetary and capital markets department Tobias Adrian said the new type of platform could benefit individual and institutional…

Analyst Suggests Replacing FAANG with MATANA in Hierarchy of Stocks

Ray Wang, Constellation Research Principal Analyst, believes that due to market changes FAANG should be replaced with MATANA in stock ranking. In the ever-evolving tech world, the dominance of FAANG – Facebook Inc, now Meta Platforms Inc (NASDAQ: META), Apple Inc (NASDAQ: AAPL), Amazon.com Inc (NASDAQ: AMZN), Netflix Inc (NASDAQ: NFLX), and Google alongside its parent company Alphabet Inc (NASDAQ: GOOGL) – has been unquestionable. However, as the sector evolves, some experts suggest that it is necessary to rethink the hierarchy and put a new lineup at the top even before earlier…