Day: September 12, 2023

$22,600 Or $31,200? Odds Split For Next 90 Days

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Bitcoin (BTC), the leading cryptocurrency, has defied expectations of a steep decline to sub-$20,000 levels and has rebounded to the $26,000 mark, registering a 3.5% gain over the past 24 hours.  This resurgence in Bitcoin’s price coincides with the predictions made by Chartered Financial Analyst Timothy Peterson, whose recent social media post outlined the probabilities of Bitcoin dropping to $22,600 or rallying to $31,200 within the next 90 days. Bitcoin Price Analysis, 8% Chance Of Drop To $22,600 Peterson’s analysis indicates an 8% likelihood of Bitcoin experiencing a downward movement…

Israel, Hong Kong complete retail CBDC test emphasizing privacy, inclusivity

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The Bank for International Settlements and the central banks of Hong Kong and Israel released the results of Project Sela on Sept. 12. The project was a public-private partnership that used private intermediaries to create a retail central bank digital currency (rCBDC) combining the desirable characteristics of cash and the advantages of digitalization. The project leveraged the central banks’ diverse experience to incorporate a number of predefined policy, security, technology and legal features. The private participants were fintechs FIS and M10 Networks, which provided core products, Clifford Chance for legal…

Sam Bankman-Fried’s temporary release request denied as trial date looms

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Former FTX boss Sam Bankman-Fried is likely remain behind bars until his Oct. 3 trial commences after a United States District Court judge denied his request for temporary release. On Sept. 12,  District Judge Lewis Kaplan denied Bankman-Fried’s claim that his trial preparation was hindered due to poor internet access in prison finding it wasn’t a sufficient ground to grant his release. “The defendant had not made any detailed showing as to specific material that he claims he has been unable to access personally and the reasons why any such…

SEC’s Gensler avoids Bitcoin ETF question in latest Senate hearing

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Gary Gensler, the Chairman of the SEC, stood before the Senate Banking Committee on Sept. 12, answering questions on topics ranging from artificial intelligence to the enforcement actions against the cryptocurrency industry. In his prepared statement, Gensler stands firm on his stance that the U.S. Securities and Exchange Commission should monitor the crypto market while avoiding a direct answer to a question about spot ETF approvals for crypto. Ongoing Bitcoin ETF race When asked what the SEC needs to see in a spot ETF filing by Senator Hagerty, Gensler simply…

Tron’s Justin Sun Mulls Over Making A Move On FTX’s Crypto Stash, Here’s Why

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In a completely unexpected move, Justin Sun, Founder of Tron and Advisor to Huobi Global has expressed his interest in acquiring FTX’s considerable crypto assets worth billions of dollars.  Justin Sun Considers Making A Bid For FTX Crypto Assets Justin Sun, Creator of Tron, one of the world’s largest blockchain ecosystems, has hinted at the possibility of acquiring the assets of insolvent crypto exchange FTX. This statement comes a year after the crypto billionaire was contemplating a majority takeover of Huobi Global.  According to data from Messari, a provider of…

Bitcoin derivatives data suggests BTC price holds the current range

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Bitcoin (BTC) experienced a 5% increase after testing the $25,000 support level on Sept. 11. However, this breakout rally doesn’t necessarily indicate a victory for bulls. To put today’s price action in perspective, BTC has witnessed a 15% decline since July. In contrast, the S&P 500 index and gold have maintained relatively stable positions during this period.  This underperformance demonstrates that Bitcoin has struggled to gain momentum, despite significant catalysts such as Microstrategy’s plan to acquire an additional $750 million worth of BTC and the multiple requests for Bitcoin spot…

Banana Gun’s redemption plan after BANANA token crash

The launch of the BANANA token faced a catastrophic glitch, causing a drastic price drop shortly after its debut. Amidst accusations and chaos, the team is working on a recovery plan. BANANA token, a much-anticipated token of Banana Gun, a Telegram bot, was launched on Sept. 11 and immediately grabbed the attention of many cryptocurrency fans. Yet, even though experts checked the system carefully twice, a small error in the smart contract slipped by, causing trouble just a few hours after it started. The bug was discovered by ChatGPT, opening…

21co introduces wrapped tokens of XRP, Bitcoin, other tokens

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21co, the parent company of 21Shares, has expanded its product offerings by launching eight wrapped tokens. 21co, the parent organization of 21Shares, a provider of crypto exchange-traded products (ETPs), has made its foray into the world of wrapped tokens. With the launch of eight different wrapped tokens, including those for Bitcoin (BTC), BNB, XRP, and Cardano (ADA), the company seems to aim to position itself as an enabler for cross-chain compatibility. Wrapped tokens are essentially digital assets that mirror the value of crypto from other blockchains. By doing so, these…