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Fenton calls the US Dollar “a melting ice cube” while accepting donations in Bitcoin.
Continue reading U.S. Senatorial Candidate Bruce Fenton Publicly Supports Bitcoin at DailyCoin.com.
Fenton calls the US Dollar “a melting ice cube” while accepting donations in Bitcoin.
Bitcoin struggles to trade above $30K, and market participants await a long-awaited rally to new highs with every passing day. Considering that we haven’t seen this yet, are there any positives to keep crypto enthusiasts’ spirits high or is everything a negative?
Cryptocurrency market crash overviewThe crypto markets have largely been sideways during the last week. Among the four sectors with the largest market capitalization, DeFi, Smart Contract Platforms, and Currencies saw muted returns while the sectors with lower market capitalization placed opposite directions. In its second consecutive winning week, Web3 ended the past week with a return of 6.02%.
Source: Messari.io
Market sentiment is negative at the moment, and the Crypto Fear and Greed Index shows extreme fear as the flagship crypto asset’s price is at its lows.
Source: Alternative.me
However, above and beyond the current sentiment, the crypto industry is still far from dead, and sentiment can change very quickly.
Investments are still flooding into the market. Thus, earlier this month, Binance launched a $500 million fund that will invest in Web3 projects, and Solana committed up to $100 million toward NFT and DeFi projects. Institutional investors continue to pour money into Bitcoin, with Andreessen Horowitz (a16z) raising a record-breaking $4.5 billion for a new crypto fund.
Responsible Financial Innovation act to boost the industryThere is a new piece of legislation being pushed through Congress that aims to regulate crypto in the United States. The bill, dubbed the Responsible Financial Innovation Act, still has a long way to go, but some of its highlights are as follows:
The potential oversight of cryptocurrency by the Commodity Futures Trading Commission (CFTC) is viewed as a positive sign for the industry since the CFTC is seen as a friendlier regulator by the crypto community than the Securities and Exchange Commission (SEC) whose chair, Gary Gensler, has taken a more aggressive stance toward cryptocurrency. It is also expected to catalyze retail adoption, since its key points aim to protect the average consumer.
The CFTC already regulates futures contracts for Bitcoin and Ethereum. With the new proposal, the agency would be given wider authority by being allowed to monitor the spot crypto market, which would include a broader range of digital currencies.
Bitcoin liquidity has improved this yearIn an indication of a maturing market, liquidity conditions, measured by the bid-ask spread, have improved relative to last year, in spite of recent extreme price movements. A bid ask spread is the cost of trading and represents the difference between the highest and lowest offer for a trading pair. The chart below shows the bid-ask spreads for BTC/USD on major exchanges. With tighter spreads typically indicating greater liquidity, Gemini’s spread has decreased by almost 3 bps, Itbit’s by 1 bps, and Bitfinex and Kraken’s by around 0.5 bps.
Source: Kaiko.com
Exchange outflows are at a peakAnalyzing current investors’ behavior, we can see that they purchase Bitcoin on exchanges and then move it to either their custodians or their cold wallets in order to hold it.
Source: CryptoQuant
We see that outflows are peaking in the chart above, which implies that investors are increasingly sending BTC outside for storage. It includes both moves out of exchanges by retail buyers, as well as custodial services provided to institutional buyers.
Exchanges’ outflows increasing is generally regarded as a bullish sign. When we observe this increase in activity, it is a powerful bullish signal since investors are actively stockpiling Bitcoin at a time when its price is low.
Analyst: ‘two sides to the coin’It might seem obvious that extreme fear has taken control of the crypto market, but there are “two sides to the coin,” according to Swam Markets co-founder Timo Lehes.
Lehes wrote in a brief note on Tuesday that cryptocurrencies have gone through a cycle over the past two years. Specifically, cryptoasset values have “soared” and are now “coming back in for a hard landing.”
Despite recent weakness, the cryptocurrency market as a whole continues to develop behind the scenes. Projects are proceeding while business leaders continue to secure new capital, although it might be difficult to justify higher price levels to investors.
Lehes writes:
“We’re seeing a big shake out underway. What will be left is the really viable businesses and projects. Beyond this, the issue now is how crypto keeps moving forward despite the outsize losses. The sector can learn from lessons of the past, particularly from the 2008 Great Financial Crisis. As they say, history doesn’t repeat itself, but it often rhymes.“
ConclusionThe price of Bitcoin is currently hovering at low levels, but there are things happening in the deep waters of the industry, including massive investment outflows, favorable crypto regulations being drafted, and investors buying up the flagship crypto in anticipation of its upcoming price explosion. Furthermore, technical indicators suggest that a price rally and therefore an improvement in sentiment could soon follow.
The post Will Bitcoin recover? US Senate crypto bill one of several catalysts to support BTC price appeared first on Invezz.
Members of the US Senate are proposing a bill to classify digital assets as commodities like wheat, oil, or steel. ...
Everyone’s favourite crypto doggy is back, and might be the new currency in California.
Continue reading Will Dogecoin Become an Official Payment Method in California? at DailyCoin.com.
Bank of England’s deputy governor worried about the risk of crypto assets. US senator bashed the crypto world. The crypto ...
Politicians bash the crypto world. DeFi and stablecoins pose a risk to consumers. The crypto world continues to develop its ...
Tyler Winklevoss raises new dust on Twitter after he says the Senate endorsed a $2.5 trillion ad for Bitcoin (BTC). ...
US Senator Hagerty spoke to CFPB Director Chopra about cryptocurrency. Hagerty said to Chopra not to use the power to ...
The US Senate Finance Committee has issued an open letter to the digital asset community and other interested parties, seeking their input on the taxation of digital assets. The letter, dated July 11, 2023, was signed by Chair Ron Wyden and Ranking Member Mike Crapo. (Read More)
The 2024 United States elections will be held on Nov. 5, as digital asset policy becomes a growing concern among pro-crypto voters.
The new bill is a refinement of Rep. Patrick McHenrys 2023 bill, which has bipartisan support.
The US House Oversight Committee has announced its investigating cases of debanking of crypto companies. Uniswap, Coinbase, Kraken, a16z and Blockchain Association are among crypto companies and entities to receive a letter asking for information on the alleged debanking. The Senate Banking Committee is also set to hold a hearing on debanking in early February. […]
The post US House oversight committee is probing crypto debanking appeared first on CoinJournal.
Republican Wyoming Senator Cynthia Lummis has been picked to chair the crypto subcommittee Lummis, a crypto advocate, filed the Bitcoin Act of 2024 bill last month Other Republican members of the crypto subcommittee include Senators Bernie Moreno from Ohio, Dave McCormick from Pennsylvania, Thom Tillis from North Carolina and Bill Hagerty from Tennessee The US […]
The post Rep. Senator Cynthia Lummis selected to chair crypto subcommittee appeared first on CoinJournal.
Tennesse U.S. senator Bill Hagerty has warned about the consequences of the recent actions of the Securities and Exchange Commission (SEC) against cryptocurrency platforms in the country and the objectives that might be behind these. Hagerty stated that the true motivation behind the lawsuits against Coinbase and Binance is to remove the possible competitors of [...]
The post US Senator Bill Hagerty Warns SEC Actions ‘Pave the Way’ for a CBDC appeared first on Crypto Breaking News.
Two US lawmakers have asked the Department of Justice to look into whether Binance made false representations to lawmakers earlier in March about its business dealings and ties to its local unit, Bloomberg reported on Thursday. Senators Elizabeth Warren and Chris Van Hollen made the request in a letter sent to the US Attorney General Merrick Garland, according to the outlet.
Lawmakers Doubt Binance’s Response
In March, Warren, Hollen and another US Senator Roger Marshall questioned Binance about its regulatory compliance and finances as well as the independence of its US arm. In response, Patrick Hillmann, Binance’s Chief Strategy Officer, said the crypto exchange prioritized local regulatory compliance as it grew. He added that “Binance.com and Binance.US are separate entities—contrary to suggestions in public reporting.”
However, the senators in their letter said Binance and its US branch seemingly “undermined this important investigation” by providing inaccurate information to Congress, Bloomberg reported, quoting the letter.
SEC Moves against Binance
The report about the senator’s letter emerged days after the US securities watchdog charged Binance to court for allegedly operating illegal trading platforms, offering unregistered crypto asset securities and commingling customers’ funds. The regulator also claimed that Binance’s global entity and its US affiliates ‘were intimately involved’ in running Binance.US, the trading platforms for US investors.
In addition, the Securities and Exchange Commission (SEC) accused Binance of tweaking its controls to enable high-value US customers to trade on Binance.com, contrary to the exchange’s public claim that US clients were barred from using the global trading platform.
Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate, BAM Trading Services Inc., which, together with Binance, operates https://t.co/swcxioZKVP; and their founder, Changpeng Zhao, with a variety of securities law violations.https://t.co/H1wgGgR5irpic.twitter.com/IWTb7Et86H
— U.S. Securities and Exchange Commission (@SECGov) June 5, 2023Responding to the lawsuit, Binance accused SEC of rushing 'to claim jurisdictional ground from other regulators' rather than seek to serve the interest of investors. The crypto exchange said allegations that its users' assets in the US are at risk are "simply wrong.”
Our response to the SEC's complaint.https://t.co/mgXxGTKr67
— Binance (@binance) June 5, 2023In recent months, the SEC has intensified its regulatory crackdown on digital asset exchanges. On Tuesday, it sued Coinbase, the country’s largest cryptocurrency trading platform, on allegations that it operates an illegal exchange and offers unregistered securities and crypto staking programme. The charges came a day after the financial watchdog's action against Binance.
Ex-CFTC chair joins Circle; Marqeta shuts Aussie office; read today's news nuggets.
This article was written by Solomon Oladipupo at www.financemagnates.com.World Crypto Global opens the door to digital freedom for everyone.
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