Month: July 2023

Bitcoin rally will lead to “speculative blow-off top” in 2024, Mark Yusko predicts.

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BlackRock’s application for a Bitcoin ETF has sparked the beginning of a new crypto bull market, which will go parabolic at some point closer to the halving scheduled for April 2024, according to Mark Yusko, the CIO and Founder of Morgan Creek Capital.  “Based on Metcalfe’s law model, fair value for Bitcoin is around $55K. So I think we drift upwards toward that level”, said Yusko in a recent interview with Cointelegraph. “ After that, Yusko predicts, speculators will come into the market en masse pushing the Bitcoin price beyond…

Coinbase CEO will meet with US lawmakers to discuss crypto legislation: Report

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Brian Armstrong, the CEO of United States-based cryptocurrency exchange Coinbase, is reportedly planning to meet with members of Congress to discuss digital asset legislation and related issues. According to a July 17 Bloomberg report, Armstrong has a scheduled meeting with the New Democrat Coalition, a group of roughly 100 Democrats in the House of Representatives focused on advancing “innovative, inclusive, and forward-looking policies.” The Coinbase CEO will reportedly speak with the lawmakers on digital asset legislation as well as how the technology could potentially impact national security, privacy and the…

Deadlines for U.S. Spot Bitcoin ETF Approvals, Including BlackRock’s, Come Into Sight

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South Korea Embraces Blockchain: New Digital Asset Act, K-Culture Tokenization, and More

According to the Polymesh report titled “Regulatory Developments in Digital Assets”, South Korea has made a significant move in the crypto industry by passing the “Digital Asset Basic Act” (DABA). This Act introduces 17 legislative proposals aimed at balancing blockchain development with investor protection. The Act, which is expected to be implemented into law in June 2024, includes measures such as capital reserve requirements for exchanges and the establishment of a separate market for digital securities. Shinhan Bank, the nation’s oldest bank, has also become an equity investor in the…

Breaking Down the Latest Crypto Bill From the U.S. Senate

Regardless of its chances of becoming law, this bill should likely generate some discussion. If you have any thoughts the various provisions – whether you think something needs clarity, is unnecessary, will help the industry immensely, etc. – reply to this email and you may see your comment in next week’s edition of the newsletter. Source

Federal Register Listing to Start Clock Ticking on U.S. Approval Process for Spot-Bitcoin ETF

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While the regulator published documents seeking public consultations last week, the clock on the review process formally starts only when filings are published in the register, which occurred Tuesday. The register is the daily gazette of the U.S. government and contains executive orders, federal agency regulations, proposed agency rules and other documents that, by law, have to published. Original

Ripple (XRP) Court Ruling Unlikely to Impact Celsius Wind-Up, Crypto Lender’s Counsel Says

The XRP ruling could impact creditor repayments for holdings of Celsius’ token CEL, given U.S. bankruptcy rules which apply a mandatory downgrade to customer claims relating to securities. The estate has previously judged the token’s worth at $0.20, but it could also fall to zero, Koenig said, while some creditors have argued it should be valued at $0.81, its apparent price at the time of bankruptcy in July 2022. Source