Global CRYPTO News

2023-07-25 13:50:00 ​Mark Yusko is confident that Bitcoin will easily reach the price of $ 300,000

Mark Yusko, founder and CEO of cryptocurrency hedge fund Morgan Creek Digital, remains confident that the price of Bitcoin (BTC) will hit six figures.

In an interview with Wolf of All Streets, Yusko said that if bitcoin is perceived as the digital equivalent of gold, it could potentially reach the same market capitalization as the precious metal. As a result, in the future, it will be 887% of current levels at a BTC price of $300,000.

"$300,000 is so easy for me that it's not even worth arguing about. Because bitcoin is better than gold as a store of value, unit of account, more portable…

If I had a bar of gold and I wanted to break it in half and send you half, but I'm not strong enough to do it.

Secondly, I couldn't shove it into the computer to send it to you. But if I want to send some bitcoins, it only takes a couple of buttons."

At the same time, the expert added that the market capitalization of gold at $ 12 trillion, approximately half consists of jewelry that is not used as a monetary base. Accordingly, bitcoin will have to reach only $ 6 trillion in order to displace gold in leadership among the savings assets. Open / Comment

2023-07-24 13:50:00 ​SEC Accepts Seven Applications for Spot Bitcoin ETF

The US Securities and Exchange Commission (SEC) has officially accepted several applications from companies seeking to register Bitcoin spot EFT.
The first SEC officially accepted the application from the race favorite Blackrock, then from the Valkyrie company. Later, the regulator confirmed applications from Bitwise, VanEck, WisdomTree, Fidelity and Invesco. The confirmation has already appeared in the Federal Register.

The SEC has previously rejected dozens of bitcoin spot EFT applications, stating that these proposals do not meet anti-fraud standards and do nothing to protect investors. But the Nasdaq stock exchange said they would solve these problems with the help of Coinbase, the largest US cryptocurrency exchange.

Brokerage Bernstein recently published a report saying that the likelihood of a spot Bitcoin ETF being approved by the regulator is quite high. However, according to brokers, the SEC may refuse, citing the unreliability of the product.

Former SEC Chairman Jay Clayton says regulators will find it “hard to resist” approving a bitcoin spot ETF. He believes that first the SEC will have to make sure that the product is able to prove its effectiveness in the market. Open / Comment

2023-07-23 12:30:00 ​Michael Saylor: Bitcoin is hope for Argentina

The co-founder of MicroStrategy said that the economy of this Latin American country can only recover thanks to cryptocurrencies, in particular bitcoin.
“Bitcoin is the hope for Argentina,” Michael Saylor tweeted.

And he posted a picture that shows the official exchange rate of the dollar to the local peso and the unofficial one, which is twice as high as the official one.

Sailor has regularly stated that traditional money in its current form is already dying. He cited the recent failures of American banks as an example, and also mentioned the devaluation of the national currency in Argentina.

Earlier, the Central Bank of the Argentine Republic (BCRA) announced that it was seeking to mitigate the financial risks that digital asset transactions could create.

Now in Argentina there is a demand for bitcoin and other cryptocurrencies - investors are trying to protect themselves from inflation and make a profit. Against this background, in the fourth quarter of last year, the volume of P2P transfers doubled and reached a new record. Argentina is the leader in the penetration of cryptocurrencies in Latin America.

The National Commission on Values ​​of Argentina (CNV) recently approved the Bitcoin Futures Index as part of a strategic innovation program. The index will be the first such product in Latin America. Open / Comment

2023-07-22 15:30:01 ​Ripple wants to be licensed in the UK

Ripple is aiming to get into the registry of UK cryptocurrency companies.

Sandy Yang, Ripple's European managing director, told DL News that she "very recently" applied to register as a cryptocurrency asset firm with the UK Financial Conduct Authority and to be licensed as a payment institution in Ireland.

Ripple rises in price after a US judge ruled on July 13 that sales of the XRP cryptocurrency are not investment contracts, which increased the value of the token by about 60%.

Investors took this decision as a sign that the cryptocurrency may not fall under the traditional rules for trading stocks and bonds.

Yang said the decision was "a huge win" and "positive for [the company's] growth in the US."

She added: "We didn't turn our backs and say, 'Let's stop hiring in the UK.' Our strategy and growth plans are unchanged and working.

“We are in the process of applying to register our crypto assets in the UK and license payments in Ireland. All of this is a massive investment with the goal of further exponential growth in this region.”

Ripple has increased its UK and European workforce by around 75% over the past 18 months and now has more than 100 employees in its offices in London, Dublin and Reykjavik.

“I am very excited to see the momentum… The UK is starting to deliver on its promises and is trying to become an investment hub for the crypto space.”

Ripple CEO Brad Garlinghouse has previously threatened to move the business outside of the US if the SEC lawsuit is not resolved in the company's favor.

In 2020, he suggested that the firm move to the UK.

“We made significant investments long before the SEC filed the lawsuit, because we are looking at demand, we are looking at opportunities, and APAC is a very strong market, EMEA is obviously a very strong market. Our growth around the world will continue.” Open / Comment

2023-07-21 17:00:08 ​Former Alameda chief knew about multi-billion dollar deficit long before FTX collapsed

In March 2022, former Alameda Research CEO Caroline Ellison reported in a memo about a $10 billion deficit in FTX that collapsed in November. This is stated in court documents.

In August of that year, company executives calculated that the bitcoin exchange owed more than $8 billion to customers, which it “could not repay.”

According to the case file, the new management of FTX is currently trying to recover "millions of dollars" in cash and withdraw more than $1 billion from allegedly fraudulent transactions.

Earlier, Ellison and the CTO of the exchange, Gary Wang, pleaded guilty to charges related to the collapse of FTX and agreed to cooperate with the investigation. The ex-head of Alameda Research spoke about manipulating the price of the FTT utility token.

Allison also admitted to knowingly defrauding creditors. According to her, she "knew it was wrong." The head of Alameda, along with former head of FTX Sam Bankman-Freed, hid agreements from investors and forged financial statements.

At the same hearing, FTX co-founder and exchange CTO Gary Wang said he was "sent" to make changes to the platform's code that gave Alameda special privileges.

In November 2022, the new CEO of the exchange, John Ray, said that the company had absolutely no control over the movement of funds and reliable financial information.

Recall that in March 2023 it became known that Bankman-Fried received $ 2.2 billion from FTX and Alameda Research

The US Attorney's Office charged Bankman-Fried with 13 criminal offenses. He pleaded not guilty to any of the counts. Open / Comment

2023-07-21 15:15:08 ​ US presidential candidate Patrick Riley: "XRP will overtake BTC in terms of capitalization"

The US presidential candidate from the Republican Party suggested that when the XRP cryptocurrency trades at $11, the coin will overthrow bitcoin from the first place in the cryptocurrency rating.
Patrick Riley tweeted that Bitcoin has been dominating the market for too long. And the question is not whether this will happen, but when, the politician argues. The candidate invited subscribers to guess when this "seismic shift" would occur.

One of the commentators wrote: such events have never happened before, so it is very difficult to make even an approximate forecast - when this will happen and whether it will happen at all. Bitcoin proponents were quick to write that no altcoin would surpass Bitcoin in terms of market capitalization.

Riley reminded all those who disagreed that in 2017, XRP was able to bypass the ether. The politician made it clear that after the partial victory of Ripple in a lawsuit with the US Securities and Exchange Commission (SEC), nothing prevents XRP from “moving bitcoin”.

Another commenter argued that even if XRP can rise to $11, BTC will not stand still and will make a huge jump. In response, Riley wrote that by that time, few people will follow bitcoin. During the discussion, some XRP supporters supported Riley, joking that when XRP overtakes BTC, skeptics will find comfort in Salvadoran President Nayib Bukele, who strongly supports the first cryptocurrency. Open / Comment

2023-07-14 15:30:00 ​Growth in the US slowed down. Bitcoin reacted to growth

The news is being updated
The growth of consumer prices in the US in annual terms in June slowed down from 4% to 3%, which was below the forecast of 3.1%. Bitcoin jumped to the $31,000 mark, increasing the daily growth rate to 1%.

On a monthly basis, prices rose 0.2% twice as fast as in May, but were better than economists' expectations (0.3%).

Growth in core inflation, which does not take into account food and energy prices, amounted to 4.8% in annual terms and 0.2% in monthly terms. The previous figure is 5.3% and 0.4% respectively.

Analysts had forecast figures at the level of 5% y/y and 0.3% m/m. Open / Comment

2023-07-13 12:30:00 ​Approval of Bitcoin ETF in the US will open the market access to $ 30 trillion

This is the approximate amount of assets controlled by US investment companies that have applied to launch funds.
Approval of applications for the launch of Bitcoin spot exchange-traded funds (ETFs) in the United States will give the Bitcoin market access to $30 trillion in capital, Bloomberg Senior Analyst Eric Balciunas said in an interview with Cointelegraph.

This is the approximate amount of assets controlled by US investment companies that have submitted applications for the launch of such products to the Securities and Exchange Commission (SEC). Among them are BlackRock, Fidelity, Invesco, Bitwise, ARK Invest, WisdomTree, 21Shares, VanEck and Valkyrie.

According to Balciunas, older investors and financial advisors often invest with ETFs. Exchange-traded bitcoin funds will provide access to cryptocurrency without the need to purchase it directly.

The analyst believes that the involvement of BlackRock, the world's largest asset management company, is enough to increase the chances of such products being approved from 1% to 50%.

Cryptocurrency trading volumes rose in June for the first time in three months. The optimism of crypto traders is connected precisely with the filing of an application by BlackRock to open a bitcoin exchange-traded fund (ETF). The total volume of spot and derivatives trading on centralized exchanges increased by 14% to $2.71 trillion. Open / Comment

2023-07-12 17:48:31 ​Bitcoin ETF Approval and Halving Will Push Bitcoin Price to $100,000

Having survived the harsh crypto winter of 2022, Bitcoin (BTC) has come out of hibernation and is performing well. At the moment, the leading cryptocurrency is preparing for a significant breakthrough, which consists in breaking the resistance level at $ 32,000.

The renewed momentum is fueled by growing hype around the possible launch of a spot Bitcoin ETF in the United States, which could make BTC a major asset among institutional investors.

Financial analyst and managing director of Midas Touch Consulting Florian Grummes believes that the potential approval of the Bitcoin ETF could be one of two key factors that will play the role of a powerful catalyst for the price of BTC and raise it to $100,000 by the end of 2024.

On June 15, BlackRock, one of the largest investment companies in the world, filed an application with the US Securities and Exchange Commission (SEC) to launch a spot bitcoin ETF. Several other well-known financial companies from the world of traditional finance followed suit, including Invesco, Valkyrie, Fidelity Investments and WisdomTree.

The SEC considered the content of these documents insufficient, citing a lack of details about the proposed product. BlackRock corrected these deficiencies and resubmitted the application.

Grummes himself believes BlackRock will eventually get approved, but no one knows how long it will take. If agreed, “we can definitely expect a lot of both institutional and retail purchases in this market,” the expert added.

Moreover, Grummes believes that the expectation and hype around the Bitcoin ETF alone is already capable of pushing the price of BTC to $49,000.

Grummes explained that the nearly $50,000 mark represents the corrective level seen in the previous bear market.

The second factor that can lead to a new bull run for bitcoin, Grummes considers halving, which should take place in the network of the flagship cryptocurrency tentatively in April 2024.

It is especially worth noting his words that before the halving and the possible appearance of an ETF, Bitcoin should again fall to $ 25,000-30,000.

"Halving will change everything, and along with the potential launch of Bitcoin ETF, the market is definitely in for drastic changes, and then there is a good chance that we will see a figure of $ 100,000 next year,” the financial expert added.

However, to reach this milestone, Bitcoin must first break through the $69,000 resistance level, which is the all-time high for the cryptocurrency. Open / Comment

2023-07-09 12:30:00 ​Changpeng Zhao: “When they take bribes in cash, bribes are to blame, and when they take crypts, then crypts”

The head of Binance again criticized regulators in the US and Europe for harassing his cryptocurrency exchange, saying that the problem with bribes is in the bribes themselves, and not in the currency through which they are made.
“When bribes are given in cash, the problem is the bribes; when bribes are made in crypto, the problem is in crypto,” Changpeng Zhao tweeted.

Last week, the Binance administration filed a petition in the US District Court as part of the proceedings with the US Securities and Exchange Commission (SEC), insisting that it violated securities laws. However, the district judge did not consider the claim of Binance, but immediately rejected the petition. The judge explained this decision by the absence of the need to repeat the obligations of both parties to comply with the rules of ethics, because this does not affect the case.

Recently, EU authorities have begun to suspect that Binance's subsidiaries in Ireland and Malta may be carrying out illegal activities. In particular, investigators fear that Binance could fake its accounts and transactions, as well as mix income from different countries so as not to raise questions from regulatory and tax authorities. The exchange is also suspected of money laundering and tax evasion.

This Tuesday, the Australian Securities and Investments Commission (ASIC) raided Binance's offices as part of an ongoing investigation into the cryptocurrency exchange's activities in the country. Binance, in turn, said that it is "cooperating with local authorities" and "focused on compliance with local regulatory standards in order to serve users in Australia in full compliance with them." Open / Comment