Month: July 2023

How France Is Leading Europe’s Crypto Change

With Paris recently hosting the sixth annual EthCC, the first since the introduction of MiCA, this year’s iteration also feels especially significant in line with the recent surge in President Macron’s efforts to make France fertile ground for Web3 enterprise. Having already inspired Circle, Binance and Crypto.com to make Paris their base in Europe, France can point to three interrelated trends working in tandem to solidify the country’s position as a leading hub of Web3 development. In short, collaborative regulators, a massive talent pool and healthy capital flows are underpinning…

Bitcoin traders eye Fed’s Powell as FOMC hikes rates to 22-year highs

boss

Bitcoin shifted toward $30,000 on July 26 as the Federal Reserve delivered a fresh interest rate hike. BTC/USD 1-hour chart. Source: TradingView Bitcoin tames volatility ahead of Powell press conference Data from Cointelegraph Markets Pro and TradingView showed Bitcoin’s (BTC) price performance strengthening after the Federal Open Market Committee (FOMC) took rates 0.25% higher. While still fairly quiet, the largest cryptocurrency was still yet to react to a press conference from Fed Chair Jerome Powell due at 2.30 pm Eastern Time. This is traditionally the main cue for risk asset volatility, with…

FOMC Hikes Benchmark Interest Rate by 25 Basis Points to 5.25%-5.50%

Following a fast 20% rally beginning in mid-June mostly thanks to excitement surrounding BlackRock’s filing for a spot Bitcoin ETF, the price of BTC has stalled during July – at least in part due to the realization that the Fed would indeed begin lifting interest rates again. After trading as high as $31,800 earlier this month, the crypto dipped to a one-month low below $29,000 on Monday. Source

Chinese, Indian investment professionals show strong support for CBDC in new survey

boss

The CFA Institute, the professional association that provides Chartered Financial Analyst credentialing, surveyed its members on their perceptions of central bank digital currency (CBDC), saying it wanted to examine the demand-side outlook on the financial technology.  The survey found a wide array of opinions that depended on the location and even the age of the respondents. The response was generally unenthusiastic. Although 47% of respondents said they had a moderate understanding of CBDCs and 42% said they believed that central banks should launch digital versions of fiat currencies (with 24%…

Compound (COMP) Bulls Strengthen Market Control With 13% Rally

COMP, THE native token of Compound Finance, has seen its market price rise significantly on Wednesday, emerging as the top gainer of the day. According to data from CoinMarketCap, COMP is up by 13.24% in the last 24 hours as the bulls increase their control of the market. Initially, COMP began the week with a bearish trend, declining by 16% to trade at $59.14 on Tuesday. However, after touching this price level, the token began showing signs of recovery moving its market price to $62.34 at the close of Tuesday’s…

Twitter Is Dead. Long Live Crypto Twitter?

Threads – While Mastodon may be too technically wonky for many, Threads seems flawed in the other direction: too accessible, and too limited. Perhaps above all, the requirement of associating a Threads account with an Instagram account makes pseudonymity more difficult, a huge negative for crypto users. By many accounts, the quality of Threads content is also very low, and seems likely to stay that way for structural reasons. Source CryptoDeadLiveLongTwitter CryptoX Portal

Singaporean Judge Declares Crypto Is Personal Property In ByBit Case

boss

In a recent development, a judge of the Singapore High Court has declared that cryptocurrencies are personal properties. The court likened crypto to fiat money, and since fiat passes as personal property, crypto should pass as one, too, the court reasoned.  Genesis Of The Case Judge Philip Jeyaretnam made this declaration in a case that had earlier been brought by crypto exchange Bybit against a former employee named Ho Kai Xin. Bybit alleged that Ho had transferred around $4.2 million USDT from the crypto platform’s account to her accounts.  In…

Canada proposes new capital rules for crypto holdings

boss

Canada’s financial watchdog is proposing changes to its capital and liquidity approach to crypto assets, according to an announcement on July 26. According to the Office of the Superintendent of Financial Institutions (OSFI), the proposed rules will simplify institutions’ approach to perceived crypto risks, defining four categories of crypto assets and their capital treatment. OSFI is opening public consultations on two draft guidelines until Sept. 20. One of the guidelines affects federally regulated deposit-taking institutions, such as banks and credit unions, while another guideline addresses the regulatory capital treatment of…

Uniswap falling, Borroe to rival Bitcoin’s growth

boss

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Crypto constantly evolves, with various tokens and projects competing for recognition and market influence.  Among the decentralized exchange (DEX) protocols, Uniswap (UNI) has garnered significant acclaim in decentralized finance (defi). Nevertheless, recent price fluctuations and market instability have left investors speculating about the potential of a new player, Borroe. Supporters claim Borroe (ROE) can transform the crypto landscape, even surpassing the potential of Bitcoin (BTC) potential. Uniswap is volatile Uniswap allows users to trade various tokens…

Bitcoin Mining Is an Oligopoly, and Proof-of-Stake Isn’t Any Better

boss

Today PoW and PoS blockchains have conflicting interests between miners/validators and network users. Users would benefit from faster and cheaper transactions, but in general, this will increase costs to miners and validators, reducing their profits. A version of this conflict came up during Bitcoin’s Blocksize War, where some argued to increase the amount of data in a mined Bitcoin block, theoretically making transactions faster and cheaper. The corresponding cost for miners would be higher with bigger blocks, but fees would be lower. Who won out? Original