Regulation
From the “white hat” saga to Ethereum’s survival at the SEC
THE recent forecast According to analysts at Bernstein, who predict that Bitcoin will reach $200,000 by 2025 – up from their previous prediction of $150,000 – is generating a lot of excitement in the cryptocurrency industry. Their predictions are based on the belief that by then spot Bitcoin ETFs will represent a significant portion (7%) of the total circulating supply.
This forecast is a positive sign for Bitcoin bullish, suggesting that a new bullish cycle is underway after the last halving in April. Bitcoin big man Michael Saylor appears to be on board, with his company, MicroStrategy, purchase another 119,000 BTC for $786 million this week, following the company’s $800 million convertible note offering to institutional investors. This move increases MicroStrategy’s total holdings to over 226,331 tokens, worth just under $15 billion, cementing its position as the largest institutional holder of the cryptocurrency.
While we agree with their views on Bitcoin as an inflation hedge and potential store of value, our internal analysts say that additional catalysts are needed to push Bitcoin to higher levels.
“We are still waiting for signs of mass institutional adoption of Bitcoin as a diversifier due to its risk-reward and low correlation characteristics. We do not expect these inflows to happen as soon as Bernstein says, but the amount of inflows that could go into Bitcoin could drive the price to these levels in the long term,” he says br analyst Valentin Fournier.
Meanwhile, the two major crypto tokens have mostly remained stuck trading in a range: BTC is down 3.2% and ETH is down 3.8% over the past week, while altcoins and the cryptocurrency market wider have suffered a severe blow. Coingecko’s memecoin basket is down 15.3% over the past week, while the Artificial Intelligence basket is down 10.8% over the past 7 days.
Risk appetite on the Fear & Greed Index has cooled even further, from 74 last week, “Greed”, to 63, still “Greed”.
The Fear & Greed Index uses 5-6 measurements to assess current market sentiment and then rates that level of emotion on a scale of 1 to 100 – 1 is extreme fear and 100 is extreme greed.
But what happens next? Our excellent analysts at br She said:
“The streak of ETF outflows continues, but has slowed, with outflows of $100 million yesterday. Meanwhile, Bitcoin is stabilizing above $64,000. Positive news on inflation in the UK, which reached the target of 2%, along with a second interest rate cut in Switzerland and the ECB’s expected rate cuts in September and December suggest that global liquidity levels will increase throughout 2024. We expect this increase in liquidity to boost Bitcoin and Ethereum at higher levels.”
Japanese cryptocurrency exchange Bitflyer has announced the acquisition of FTX Japan, the Japanese branch of the now-bankrupt cryptocurrency exchange, Bitflyer said in a announcement on Thursday.
Bitflyer takes over FTX’s Japanese unit in multi-billion dollar deal
The deal comes in the wake of FTX’s spectacular collapse, which sent the entire cryptocurrency industry into shock.
The saga surrounding CertiK’s security practices and their interaction with Kraken seems to have reached a solution. After the two parts accusations exchanged In a very public spat in recent weeks, both sides confirmed the return of the disputed funds. However, we still don’t know why CertiK did this, and this saga is clearly far from over.
CertiK and Kraken Reach the resolution in the Bug Bounty saga
Blockchain security firm CertiK returns $3 million in disputed funds to Kraken after a public dispute over the ethics of the bug bounty.
India is open for Binance to once again serve customers in the country. First he just has to pay a $2.2 million fine.
Binance Fine paves the way for re-entry into the Indian market
The fine is the first of its kind to be imposed on an offshore cryptocurrency exchange by the FIU.
Argentine President Javier Milei reiterated his strong support Bitcoin and the concept of free currency competition within the country’s economy. A vocal critic of excessive government intervention and monetary policy, Milei sees cryptocurrencies as a potential solution to stabilize Argentina’s economy.
Javier Milei supports Bitcoin, the currency competition in the Argentine economy
In a recent statement, Milei highlighted his administration’s commitment to allowing citizens the freedom to transact with various currencies, including Bitcoin, without hindrance.
The SEC has discontinued its investigation into whether Ether is a security. While this paves the way for the long-awaited approval of Spot Ethereum ETFs in the United States, the battle for cryptocurrency regulation in the United States is far from over.
The SEC Against Ethereum: A Case of Regulatory Overreach (and a Surprise Breakthrough)
The closure of the SEC’s Ethereum 2.0 investigation marks a significant step towards clearer regulations for DeFi.
To learn more about Tiger Brokers’ cryptocurrency adoption, Blockhead spoke with the company’s VP of Engineering and Head of Cryptocurrency, Kelvin Liu.
Why Tiger Brokers chose Hong Kong to embrace cryptocurrencies
Singapore’s Tiger Brokers has made a name for itself among retail stock market investors, but its cryptocurrency venture in Hong Kong is proving to be a new chapter for the exchange.
Bind, the company behind the world’s leading USDT stablecoin, is making waves with the launch of a new digital asset called Alloy by Tether (XAU₮). Tether will create a USD₮ token by depositing Tether Gold (XAU₮) as collateral. aUSD₮ is a digital currency designed to track the value of 1 US dollar. This means that the value of one USD₮ will fluctuate in line with the price of gold.
Stablecoin issuer Tether announces the launch of Alloy, a new digital asset backed by physical gold
This move highlights the growing diversity and innovation in the stablecoin market.
The Australian Securities Exchange (ASX), which handles about 80% of the country’s share trading, has given the green light to VanEck’s product, which launched on Thursday.
Australian Stock Exchange Approves First Spot Bitcoin ETF
The approval of the VanEck ETF by the country’s largest exchange marks a significant shift in Australia’s stance on cryptocurrencies.
Events
Coinfest Asia
ON Blockcasts This week we will take a closer look at the crypto media space and Web3 adoption opportunities in Southeast Asia. Our guest, Steven Suhadi, co-founder of Indonesian crypto network (ICN) e Coinfest Asia, and board member of the Indonesian Blockchain Association, shares his insights on building a successful Web3 media business, exploring current market trends and the potential of Web3 projects in the region. Let’s also delve deeper ICN publications and the next edition of Coinfest.
Get ready to connect with over 6,000 people from over 2,000 companies at the largest Web3 festival in Asia. Get your tickets now with the Blockhead 10% discount code: CA24BLOCKHEAD
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