The worldโs largest digital asset is rangebound, but so far this year, bitcoin is beating the returns most digital asset funds are posting. Original
First Mover Asia: First $30K, Then $40K, but Bitcoin Needs Volatility First
Month: August 2023
โThereโs No Playbookโ as Public Company Launches Base Blockchain
And I think we kind of see the progression over the last decade as working through the first three phases of what we consider our master plan, which was like, build the protocols Bitcoin Ethereum, build the exchange so people get money into those protocols, build the consumer interface, and so people can start using those protocols. But we’ve kind of gotten stuck on phase four, like we don’t have millions and billions. That’s just not where we are as an industry. And so what’s in it for Coinbase is…
Beware Of Crypto Firms Falsely Claiming To Have Submitted License Applications
In recent developments, Hong Kong regulators have issued cautionary warnings to crypto investors, asking them to be careful of potential investment risks. According to the cityโs chief regulatory agency, some cryptocurrency trading platforms have been making erroneous claims about meeting the regulatory requirements for digital assets.ย Investors Beware Of False Claims From Crypto Firms The Securities and Futures Commission (SFC), the chief regulatory body of Hong Kong, released the alert on August 7. In the statement, the commission noted that some unlicensed exchanges in the city were engaging in โimproper…
Hacked protocol Steadefi offers $33k bounty to hacker
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Steadefi, a decentralized finance (DeFi) protocol, has offered the hackers a $33,400 bounty if they return 90% of the stolen funds by August 10. A vulnerability exploited on Aug. 7 led to the siphoning of at least $334,000 from the platform. The protocolโs security framework has been severely undermined, exposing all assets to heightened risks. Steadefiโs Total Value Locked (TVL), a crucial gauge of staked assets, has suffered a significant drop post-attack, eroding user confidence in…
BlackRock insiders say Bitcoin ETF is likely 6 months away: Novogratz
The United Statesโ first spot Bitcoin (BTC) exchange-traded fund (ETF) could be approved sometime before February 2024, according to Galaxy Digital CEO Mike Novogratz โ citing sources at BlackRock and Invesco.ย โIt’s a big, big deal. It’s a big deal because both our contacts, from the Invesco side and from the BlackRock side, get you to think that this is a question of when, not if โ that the outside window is probably six months,โ Novogratz told shareholders during Galaxyโs Aug. 8 Q2 earnings call, which reported a $46 million…
Circle CEO reveals massive USDC adoption outside US
Circleโs CEO, Jeremy Allaire, unveiled that approximately 70% of USDC adoption occurs outside the United States.ย Despite the perception that USDC primarily caters to the US market, emerging economies and developing regions emerge as strongholds for this stablecoin. Allaire stated that an estimated 70% of USDC adoption is non-US, and some of the fastest-growing areas are emerging and developing markets. Despite the hype that weโre all about the US, we estimate that 70% of USDC adoption is non-US, and some of the fastest growing areas are emerging and developing markets.…
ARK Investโs CEO Says SEC Could Approve Multiple Spot Bitcoin ETFs Simultaneously
ARK Invest CEO Cathie Wood has sparked speculation with her recent prediction that the United States Securities and Exchange Commission (SEC) may potentially grant approval for multiple Spot Bitcoin exchange-traded funds (ETFs) simultaneously. Deviation From The Norm For Spot Bitcoin ETFs In a recent interview with Bloomberg on August 7, Cathie Wood shared her insight that the SEC might opt for a groundbreaking strategy by approving more than one Bitcoin ETF at the same time. Woodโs assertion, โI think the SEC, if itโs going to approve a Bitcoin ETF, will…
US Fed steps up oversight of banks’ involvement with crypto firms
The United States Federal Reserve is broadening the scope of its supervision program which oversees U.S. banks that engage with the cryptocurrency and blockchain industry. An Aug. 8 announcement by the Federal Reserve Board established the Novel Activities Supervision Program which aims to limit certain crypto-related activities and facilitate a more fair playing field for banks involved with servicing the digital asset industry. The program is an additional measure to the Boardโs Jan. 27 policy statement that aims to ensure all Fed-supervised banks are subject to the same crypto-related limitations.…
BTC Bulls Are Back? On-chain Indicators Point to Short-Term Rally
BTC recorded its highest daily active address count on 2 August. The recent increase in network activity, surge in loss-making transactions, and growing negative sentiment are all indicators of a short-term price rally for Bitcoin. The number of daily active addresses that trade Bitcoin [BTC] has surged in August, reaching a three-month high of 1.07 million on 2 August, data from Santiment showed. Still growing, the number of addresses that have completed BTC transactions today was 1.03 million.ย ๐ #Bitcoinโs address activity has surged to its highest level in 3.5…
Crypto Analyst Says Bitcoin Could Reach $180,000 Next Cycle If This Happens
Since the Bitcoin bull market began, one discussion that has never left the crypto community is when the next bull rally will commence and if it would follow the previously established trend around the halving events. To this end, a crypto analyst, Lark Davis, has taken to X (formerly Twitter) to share his forecast around the next bull market. What Could Happen If History Repeats Itself All of the previous Bitcoin bull markets have always begun after the BTC halving event which cuts block rewards in half. However, this time…