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CFTC Commissioner Summer Mersigner discusses the inevitability of innovation and clears up the agency’s role in bitcoin regulation.
In light of recent events, many in the Bitcoin community are looking for regulatory clarity now more than ever. Questions such as “who should regulate Bitcoin?” and “will the U.S. allow Bitcoin innovation or pursue a central bank digital currency (CBDC)?” are at the top of the list.
A new report from crypto VC firm RockawayX and startup data provider Dealroom showed strength in the region despite the crypto winter.
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In Washington, D.C., Senator Ted Cruz introduced a new bill to block the development and issuance of central bank digital currency (CBDC) in the United States.
The proposed legislation seeks to prohibit the Federal Reserve from creating its own CBDC or supporting the development of any digital currency. The idea is to preserve the privacy of crypto investors throughout the country.
This is not the first time Senator Cruz has attempted to block CBDCs. He previously introduced similar legislation in 2022 but failed to gain traction in Congress. However, with the increasing interest in CBDCs from central banks worldwide, including the Federal Reserve, Senator Cruz is renewing his efforts to prevent their implementation in the U.S.
Crypto-related developments continue to gain more ground despite the recent market turmoil caused by FTX has broken the investors’ trust. This time, ConsenSys, the firm behind the most used self-custodian cryptocurrency wallet, MetaMask, inked a partnership with Web3 payment channel, MoonPay.
This collaboration enables Nigerian crypto users to buy digital assets more conveniently than before, providing users with direct on-ramps for crypto buying, skipping the need for centralized exchanges as a broker. The service is now available in the MetaMask mobile and portfolio dApp. Users can access local banks for instant transfers while buying crypto and then store the purchased digital assets in the MetaMask wallet.
The new BITC ETF will use an “optimum roll” strategy to focus on long-term returns for investors.
Bitwise Asset Management, Creators of the Bitwise Crypto Industry Innovators ETF and Bitwise Web3 ETF, have introduced a new “Bitwise Bitcoin Strategy Optimum Roll ETF” under the ticker BITC.
According to the press release, the fund “was built to offer investors regulated, professionally managed exposure to bitcoin with a unique design that minimizes pricing inefficiencies that can emerge in bitcoin-linked ETFs focused on front-month or near-month futures contracts.” The ETF aims to address this by utilizing what it describes as an “optimum roll strategy that considers all available contracts and intelligently selects the contracts with the lowest level of contango (or the highest level of backwardation) in an effort to maximize long-term returns.”
Bitcoin price could see a boost amid a widespread financial crisis that has already led to the collapse of several banking giants and put many others at risk, according to Raoul Pal, Real Vision CEO and a former hedge fund manager.
Pal sees the current situation as a potential opportunity for Bitcoin to establish itself as a safe haven asset and gain greater mainstream acceptance.
During a recent interview with Anthony Pompliano on YouTube, Pal shared his optimistic projection that Bitcoin’s value could surge by almost 80% in less than a year. Pal anticipates that the alpha coin’s value will balloon to as much as $ 50,000, partly due to short selling squeezes, where individuals wrongly speculate on Bitcoin’s downfall.
Bitcoin price is trading at more than $ 28,000 per coin and is up nearly 78% year-to-date in 2023. This could only be a mere glimpse of what’s to come, which could ultimately be the biggest rally in crypto in several years – even beating the performance of the 2020 bull run.
Here is what Elliott Wave Principle rules and guidelines could be telling the market about where BTC in its market cycle.
Bitcoin price ebbs and flows between phases of extreme irrational exuberance and fear. During uptrends, the top cryptocurrency goes on record-breaking rallies. In downtrends, up to 80% or more of the upside is then wiped out. But this is simply natural market cycles at play.
Users will once again be able to selectively spend their UTXOs via the Wasabi Wallet interface.
Hungarian-based Wasabi Wallet has released version 2.0.3, which includes an update bringing back Coin Control. The function allows optional insight and control of the wallet’s Smart Coin Selection Algorithm via Coin Control for sending.
Coin control, explained here by Nopara, inventor of Wasabi, has become an industry standard expectation for privacy-conscious Bitcoin users, but, according to the press release, its usage in Wasabi Wallet 1.0 demonstrated that it often caused more harm than good. With version 2.0.3, users can choose between the smart coin selection algorithm and optional coin control. Advanced users can hold down the Alt key to inspect and modify features.
In the wake of Credit Suisse’s crisis, Changpeng Zhao, the CEO of Binance, in a tweet on March 20, questioned the constant failures of banks and the regular, yet costly, need to bail them out using taxpayer’s monies.
Banks are often portrayed as safe, yet they are not immune to failure. This happens when they can no longer meet their obligations, cracking whenever there are bank runs, as was recently observed with Silicon Valley Bank (SVB).
Those who hold bitcoin recognize the importance of taking control of their own freedom. A second passport might be the next step.
This is an opinion editorial by Jessica Hodlr, the COO of Plan B Passport.
The rise of Bitcoin and the demand for second passports may seem like two unrelated phenomena, however, there is one common link that ties them together: the desire for control.
Bitcoin and second passports have gained popularity in recent years due to a growing distrust in government and an emerging “prepper mentality” among many individuals. Both offer a way to take control back and to protect oneself from the uncertainties of the world.
Tal Broda, who joined Paradigm a year ago from Citadel Securities, said he would pursue opportunities closer to his prior experience.
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Bitcoin rallied tremendously last week coming off the back of the devastating new of the Silicon Valley Bank collapse, among others. This saw the digital asset rise to a nine-month high above $ 28,000 before correcting back downward. In its latest report, Matrixport reveals the investor demographic that drove the price rally.
In a new report, Head of Research at Matrixport Markus Thielen, reveals that US investors are actually behind the wild rally Bitcoin saw since the start of the year. The researcher notes that while the digital asset is up around 66% on a year-to-date basis, the vast majority of these gains occurred during US hours.
In its legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple Labs yesterday filed a Letter of Supplemental Authority to further bolster its fair notice defense. As legal experts had already suspected, Bitcoinist reported, the letter refers to Judge Michael Wiles’ ruling in the Voyager bankruptcy case. In it, Judge Wiles rejected the SEC’s claim in surprisingly strong terms.
As Ripple’s legal team noted in its letter to Judge Torres, her colleague from the same circuit, Judge Wiles, issued a decision on March 11, 2023, further supporting Ripple’s fair notice defense.
A forthcoming New York Times article is expected to introduce “fractional reserve indirect carbon accounting” and target bitcoin mining.
This is an opinion editorial by Pierre Rochard, the vice president of research at Riot Platforms.
Bitcoin mining has zero carbon emissions and policies to reduce carbon emissions should be focused on real carbon emitters like airplanes and coal power plants. Focusing on zero-emission consumers like electric vehicles and Bitcoin mining is unscientific.
An unknown Ethereum address has transferred almost 25 trillion Shiba Inu tokens worth over $ 250 million from a top crypto exchange to a self-custody wallet, according to on-chain data reported by crypto analytics firm Santiment.
The SHIB tokens were moved from an Ethereum address categorized by Etherscan as belonging to US crypto exchange Crypto.com to a new wallet.
The transfer was made in six different transactions and the whale has been amassing ETH rapidly since March 1st, possessing 992 ETH alongside its now 25 trillion SHIB.
The Federal Reserve balance sheet increased by $ 300 billion in one week, leading to debate about whether these actions qualify as quantitative easing.
The article below is an excerpt from a recent edition of Bitcoin Magazine PRO, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.
Data shows the Bitcoin average transaction count has risen to the highest level since April 2021, indicating that the asset’s price could be bullish.
As per the latest weekly report from Glassnode, the transaction count is currently significantly above the average for the year. The relevant indicator here is the “transaction count,” which, as its name already suggests, measures daily transfers on the Bitcoin blockchain.
When the value of this metric is high, it means many transactions are taking place on the BTC network right now. Such a trend suggests traders are active in the market currently.
Hong Kong, an administrative region of China, has gradually expanded its crypto industry. The city aims to create a robust crypto environment to position it as a prominent hub for crypto and Web3 interactions.
The city’s outstanding performance has attracted several crypto firms to expand their business into the region. The Financial Secretary of Hong Kong reports that over 80 virtual assets companies seek to establish their businesses in the city.
Real Bedford F.C., a professional soccer team integrated with Bitcoin, gives fans of Bitcoin a team to root for.
This is an opinion editorial by Marek Feder, the editor in chief of Investro and a Bitcoin journalist who recently paid a visit to Bedford, England, with a group of Bitcoin and soccer fans from Slovakia.
Being a soccer fan as well as a Bitcoin enthusiast, I knew it was only a matter of time before I paid my visit to Bedford, England — home of a soccer team owned by “What Bitcoin Did” host Peter McCormack. And once I heard that a group of like-minded people were traveling from Slovakia, my homeland, to Bedford, to watch a game between Real Bedford F.C and Holmer Green F.C., I decided to join.
The Financial Services and Markets Authority will have to be notified of major ad campaigns, as a survey reveals crypto investors are often trying to get rich quick.
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