Fed conference hears stablecoins may boost USD as global reserve currency

A note published by the United States Federal Reserve on a recently held conference found a majority of exports believe a U.S. dollar central bank digital currency (CBDC) would not drastically change the global currency ecosystem. Panelists at the conference also agreed CBDC development outside of the U.S. doesn’t threaten the status of the dollar, but th development of cryptocurrencies could alter the role of the dollar globally, with some saying stablecoins could even boost the U.S. dollar’s role as the global dominant reserve currency. The assessments came from expert…

CNBC’s Jim Cramer says crypto has “no real value”

Given his track record, some in the crypto community believe the market bottom may now be in after CNBC host Jim Cramer said there was “no real value in crypto” and predicted the market would tumble further. Cramer is known for giving his investment expertise as the host of CNBC’s Mad Money, but has developed a reputation in the crypto community for giving stock and crypto tips that generally end up being wide of the mark, or the complete opposite of his prediction. His predictions, along with his on-again off-again…

MakerDAO voting on collaborating with a traditional bank

MakerDAO is voting on a proposal that will bring a traditional bank into its ecosystem for the first time, allowing the bank to borrow against its assets using decentralized finance (DeFi). Currently 83% of voters are in favor of the proposal. Voting ends at 12pm ET on July 7. The proposal involves creating a vault with 100 million Dai (DAI) for Huntingdon Valley Bank (HVB) as part of a new collateral type in the Maker Protocol. This will essentially allow the Maker Protocol to begin issuing real-world loans to borrowers…

Institutional Investors Remain Bearish As Short Bitcoin Sees Record Inflows

Bearish sentiment toward Bitcoin among institutional investors has been gaining ground in recent months. This was propelled even further by the crash that rocked the digital asset back in mid-June. Since then, bitcoin has struggled to keep its head above the $20,000 level, and as it continues to fail, bearish sentiment has grown rampant. This is evident in the short bitcoin inflows that were recorded for last week. Record Numbers For Short Bitcoin The latest CoinShares report has shown that institutional investors are only investing in bitcoin for the short…

High-ranking crime fighter to join UK’s FCA as payments and digital assets director

UK regulator the Financial Conduct Authority (FCA) has recruited almost 500 additional staff members this year as part of its new three-year strategy. Among the new hires are six directors, whose appointments were announced July 5. Two of them come from backgrounds in policing. Director of payments and digital assets is newly created position that will oversee the e-money, payment and crypto-asset markets and related policy development. Matthew Long was appointed to that post, moving over from the National Crime Agency, where he is now a director in the National…

Core Scientific sold $167M worth of Bitcoin holdings in June

United States-based cryptocurrency mining firm Core Scientific sold more than 7,000 Bitcoin in June to pay for servers, increase its data capacity, and settle debts. In a Tuesday announcement, Core Scientific said it had sold roughly $167 million worth of Bitcoin (BTC) in June at an average price of $23,000 — 7,202 BTC. The sale left the firm with ​​1,959 BTC — roughly 21% of its holdings — and $132 million in cash as of June 30, a more than 75% drop when compared with its reported 8,058 BTC holdings…

Bitcoin price swings 7.5% during intraday trading as US recession concerns mount

The cryptocurrency market along with the tech-heavy Nasdaq saw a bit of positive price action on July 5 amid a backdrop of rising recession concerns in the United States.  Data from Cointelegraph Markets Pro and TradingView shows that an early morning onslaught by bears managed to drop Bitcoin (BTC) to a daily low of $19,309 before reinforcements arrived to bid the price back above support at $20,400 during the afternoon. BTC/USDT 1-day chart. Source: TradingView Here’s what several analysts are saying comes next for the top cryptocurrency and what support…

Bitcoin exchange outflows surge as ‘not your keys, not your crypto’ comes back into fashion

Bear markets in cryptocurrency are known to be painful, but the month of June was especially trying for the crypto faithful as a confluence of factors resulted in the price of Bitcoin (BTC) falling 37.9%, its worst monthly performance since 2011. Bitcoin monthly performance. Source: Glassnode. As a result of the continued widespread weakness, a majority of the so-called Bitcoin “tourists” have now exited the space, leaving only the most dedicated holders remaining, according to blockchain analytics firm Glassnode. Despite Bitcoin’s ongoing struggles and the fact that crypto traders are…

Bitcoin Taker Buy/Sell Ratio Short-Term Bull Signal Goes Off

On-chain data shows the Bitcoin taker buy/sell ratio has recently crossed above ‘1,’ a sign that the crypto could experience short-term bullish momentum. Bitcoin Taker Buy/Sell Ratio Surges Up Above A Value Of 1 As explained by an analyst in a CryptoQuant post, the current BTC taker buy/sell ratio trend may suggest the crypto might see sideways movement or a bullish reversal in the short-term. The “taker buy/sell ratio” is an indicator that tells us about the ratio between the long and short volumes in the Bitcoin futures market. When…

Bitcoin Reserve Risk Falls To 2015 Levels, What Happened That Year?

Bitcoin has returned to the $20,000 area after experiencing rejection. The cryptocurrency has been displaying some strength during today’s trading session despite a spike in the U.S. dollar which signals danger for risk-on assets. Related Reading | Cardano Releases New Update On Testnet, How Will The Price Respond? At the time of writing, BTC’s price trades at $20,300 with a 2.2% profit in the last 24 hours. Data from Material Indicators (MI) records an increase in buying pressure from Bitcoin whales with bid orders of over $1 million (brown in the…