BTC Trunk

2023-10-19 16:03:01 Bitcoin, Ethereum Technical Analysis: BTC Bulls Secure Gains, Following a Recent Multi-Month High

Bitcoin

Bitcoin bulls consolidated recent gains on Wednesday, as traders appeared to be capturing profits following recent highs. BTC/USD edged to a low of $28,172.91 earlier in today’s session, which comes a day after a high of $28,889.01.

Today’s price consolidation comes after the world’s largest cryptocurrency rose to as high as $30,000 earlier in the week. Looking at the chart, the decline comes as the 14-day relative strength index (RSI) maintains its position marginally above a floor at the 62.00 level.

As of writing, the index is tracking at a reading of 62.28, after a failed breakout from a resistance of 65.00 on Monday. Price may continue to consolidate until either the aforementioned floor or ceiling is broken.

Ethereum

Ethereum (ETH) made slight gains on hump-day, as it continued to hover around the $1,580 mark. Following a low of $1,554.40 on Tuesday, ETH/USD climbed to an intraday peak of $1,584.73 during the day.

Earlier gains have since eased, with ethereum now trading at $1,577.40, with short-term bulls still targeting the $1,600 zone. This may be difficult to achieve as momentum appears to be bearish, with the 10-day (red) moving average continuing to trend downwards.

Whilst at a reading of 45.75, a ceiling awaits ETH’s price strength at the 49.00 zone, and should it move beyond this, there will likely be an influx of bulls. Open / Comment

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2023-10-16 19:36:03 New Documentary Exposes the Turbulent Downfall of FTX and Sam Bankman-Fried

Bloomberg is gearing up to unveil one of the first documentaries delving into Sam Bankman-Fried (SBF) and FTX’s saga. This Bloomberg Originals production casts a spotlight on the “dramatic downfall of his cryptocurrency enterprise.”

A trailer, just over two minutes, has also made its debut on October 13. This unveiling coincides with SBF navigating the treacherous waters of his New York trial, where he confronts testimonies from former allies like Caroline Ellison and Gary Wang.

These former associates have painted a damning picture, alleging SBF directed them into fraudulent activities and greenlit Alameda’s mingling with FTX’s client funds. Amidst this media frenzy, acclaimed “Big Short” author Michael Lewis is on a promotional spree for his latest offering, “Going Infinite: The Rise and Fall of a New Tycoon.”

Lewis’s tome, despite its completion, hasn’t been spared from criticism. Especially contentious was his claim on “60 Minutes” that FTX “actually had a great real business.”

Such assertions starkly clash with the recent testimonies of Ellison and Wang. Nonetheless, with all these biopics coming, audiences are in for a whirlwind tale encompassing vast fortunes, hedonistic indulgences, polyamorous relationships, and layers of deceit. Open / Comment

2023-10-11 19:52:02 Binance CEO Changpeng Zhao Shares Thoughts on Bitcoin Halving

Changpeng Zhao, founder and CEO of Binance, one of the largest cryptocurrency exchanges, has recently shared his thoughts about the events leading to the Bitcoin halving, when the reward given to Bitcoin miners for mining new blocks gets cut in half.

CZ details that one year after the halving, bitcoin prices will reach new all-time highs (ATH), and people will still look for a reason for this development.

For Zhao, the halving is a significant event for the cryptocurrency market. Zhao reported that he already added a Bitcoin halving countdown to Binance’s homepage.

Zhao is not the only one who believes that the halving will spur an increase in bitcoin prices due to the reduction of the bitcoin available on the market and other factors. Open / Comment

2023-10-08 20:18:01 Tesla CEO Elon Musk Predicts ‘Comprehensive Overhaul’ of SEC With 100% Probability

Tesla and Spacex CEO Elon Musk has called for a thorough overhaul of regulatory bodies, including the U.S. Securities and Exchange Commission (SEC).

In response to X user Mario Nawfal, who shared the news of Musk being sued by the SEC, the Tesla CEO wrote:

A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain. Can’t wait for this to happen.

Moreover, another X user asked Musk: “Will it ever happen?” The billionaire replied: “I estimate the probability at 100%”

On Thursday, the SEC announced that it had filed a subpoena enforcement action against Musk. The regulator is seeking a court order to compel the Tesla boss to attend an investigative testimony concerning his purchase of Twitter.

Musk has frequently voiced his disapproval of the SEC. During a December 2013 interview with “60 Minutes,” he clarified that he adhered to the settlement agreement with the SEC out of respect for the justice system. He stressed at the time: “I do not respect the SEC. I do not respect them.” Open / Comment

2023-10-05 19:43:00 Crypto Tycoon SBF in the Dock: Jury Selection Extended; Hearing Reveals Financial Carnage

A day earlier, on Tuesday, Sam Bankman-Fried (SBF) appeared in the courtroom sporting a considerably shorter haircut and accompanied by his legal counsel. Various media outlets reported on the jury selection and voir dire, including an extensive X thread from Matthew Russell Lee’s Inner City Press publication. Judge Kaplan and the court aim to select a total of 12 jurors and approximately six alternates, hoping to complete the process on Wednesday.

Lee’s coverage of Tuesday’s hearing revealed that several prospective jurors mentioned losing money in cryptocurrencies. One potential juror claimed their company invested in FTX and Alameda Research, experiencing financial losses. Another person stated their fiancé lost money investing in crypto assets, while a third individual worked for Signature Bank, which financed FTX transactions, according to Inner City Press.

One possible juror expressed concern that the case involved the death penalty and stated they could not participate if the punishment was so severe. Judge Kaplan reassured the juror that the death penalty would not be applicable in this legal matter. Over 70 prospective jurors were questioned by the judge and attorneys, leaving an estimated 50 candidates remaining to finalize the selection of 12 jurors and six alternates. Open / Comment

2023-10-02 20:14:02 Vaneck Pledges 10% of Ethereum ETF Profits to Fuel ETH Core Development

On September 29, 2023, the asset management firm Vaneck unveiled an initiative to earmark 10% of its profits from its ethereum (ETH) exchange-traded fund (ETF) towards protocol development for at least ten years. This financial infusion will be given to the Protocol Guild, a consortium of over 150 core Ethereum developers, fueling their quest to further refine and grow the Ethereum protocol.

The Protocol Guild encompasses over 150 Ethereum core developers, with an onchain registry bearing testimony to its membership. This guild is steered by the vision to “boost the incentives around stewarding the core protocol.” Vaneck accentuates that core developers have played pivotal roles in propelling crucial updates such as The Merge and Shanghai.

The firm underscored that should traditional finance (tradfi) reap benefits from the endeavors of Ethereum development, it’s only fitting that Tradefi reciprocates by giving back.

Vaneck’s Ethereum-centric ETF, brandishing the ticker “EFUT,” operates as a cash-settled futures fund, capitalizing on futures traded over the Chicago Mercantile Exchange (CME). Yet, it has lodged a filing for a physically-settled ether ETF, in tandem with its spot bitcoin ETF submission. Not to be outdone, Ark Invest and 21shares have also cast their bid into the ring, aiming to launch a physically settled ETH exchange-traded fund with regulatory approval. Open / Comment

2023-09-29 20:50:10 US Spy Agency Plans to Launch Generative AI Tool to Amplify Intelligence Gathering

Reports indicate that the U.S. Central Intelligence Agency is poised to unveil a generative artificial intelligence (AI) tool, akin to Openai’s Chatgpt, to significantly enhance investigative efforts. Randy Nixon, the head of the CIA’s Open-Source Enterprise division, explained that this innovation will empower users to effortlessly trace back to the original sources of the information they are amassing.

This tool, will remain off-limits to U.S. bureaucrats and the general populace, with Nixon emphasizing its stringent adherence to privacy laws.

“We’ve gone from newspapers and radio, to newspapers and television, to newspapers and cable television, to basic internet, to big data, and it just keeps going,” Nixon told Bloomberg on Thursday. “We have to find the needles in the needle field.”

Nixon added:

The scale of how much we collect and what we collect on has grown astronomically over the last 80-plus years, so much so that this could be daunting and at times unusable for our consumers.

In the span of the past eight months, generative AI has soared to prominence, with dominant players raising billions of dollars to propel this technology forward. It has seamlessly integrated into various sectors of society, including the realms of finance and the burgeoning cryptocurrency ecosystem. Yet, the ascent of this technology has bureaucrats and regulators on edge, prompting plans to institute regulations. Open / Comment

2023-09-26 20:54:01 Marathon CEO Fred Thiel Warns About Fed Losing Its Weapons to Fight Inflation During Upcoming Period of Fiscal Dominance

Fred Thiel, CEO of Marathon Digital Holdings, a Nasdaq-listed Bitcoin mining company, has warned about the future of the U.S. economy and the consequences of the Federal Reserve’s current monetary policy. Thiel noted the possibility of an upcoming period of fiscal dominance, in which the Federal Reserve would have fewer weapons to fight inflation.

Fred Thiel, CEO of Marathon Digital Holdings, a publicly listed Bitcoin mining company, discussed challenges the Federal Reserve might face in its battle to tame inflation. Thiel stated that the U.S. economy might be close to entering a period of fiscal dominance, which would affect the efficiency of the methods that the Fed has to battle inflation and take it to a self-imposed goal of 2% yearly.

According to Thiel, this fiscal dominance period, which occurs when the increasing debt and deficit levels become sufficiently high that monetary policy ceases to be an effective tool for controlling inflation, would result in the Fed having “few tools” to battle this phenomenon that still has not been contained.

Thiel bases his remarks on the levels of interest payments as part of government revenues and the levels of outstanding Treasuries by maturity dates, which “need to be refinanced in addition to issuance of additional debt to cover interest payments and deficit spending.”

Thiel is not the only one who has recently alerted about the possible effects of the high spending and rampant money printing in the U.S. economy, that might lead to a difficult fiscal situation in the upcoming years. Open / Comment