CryptoNews of the Week by NordFX

CryptoNews of the Week


? Robert Kennedy Jr., a U.S. presidential candidate from the Democratic Party, advocates for the support of the U.S. dollar using hard assets such as gold, silver, platinum, and bitcoin. The politician believes that this move could stabilize the economy, curb inflation, and usher in a new era of financial stability and prosperity in America.
Market strategist Todd "Bubba" Horwitz responded to Robert Kennedy Jr.'s inclusion of bitcoin in the basket of hard assets. According to him, this will enable bitcoin to reach a price of $35,000, and then $40,000, within the next six months. Horwitz highly praised the growing recognition of BTC by regulatory bodies such as the Commodity Futures Trading Commission (CFTC), which will also contribute to the growth of the leading cryptocurrency.

? The implementation of central bank digital currencies (CBDCs) worldwide varies significantly: projects are divided into retail ones, intended for citizen use, and so-called wholesale ones, geared towards interbank transfers and large businesses. Currently, 125 central banks are working on launching national CBDCs, but only three countries, Nigeria, the Bahamas, and Jamaica, have already put their CBDCs into full operation. Meanwhile, Ecuador and Haiti have abandoned this idea due to the high cost of the projects and low demand from the population. Ecuador launched its project as early as 2014 but withdrew it as the number of users did not exceed 3% of the country's population.
Even a number of senators resist the development of a digital dollar in the U.S. In a pre-emptive move, the governors of Texas and Miami banned its circulation within their states in May of this year.

? Bloomberg Senior Analyst Eric Balchunas believes that the approval of applications to launch spot bitcoin exchange-traded funds (ETFs) in the U.S. will open up the bitcoin market to $30 trillion in capital. According to forecasts by analytics firm Fundstrat, the launch of a bitcoin ETF could increase daily demand for bitcoin by $100 million. In this case, even before the halving scheduled for April 2024, the price of BTC could rise by 521% from current levels and reach up to $180,000.

? Craig Steven Wright, an Australian computer scientist and businessman, has claimed since 2016 that he invented bitcoin. He filed a lawsuit against 13 BTC developers and several crypto companies, including Blockstream, Coinbase, and Block, alleging they infringe his copyright to the first cryptocurrency.
However, Wright lost the copyright lawsuit in February. The court deemed his arguments insufficient. Now, a UK court has satisfied an appeal that has granted Wright the right to claim copyright over bitcoin.
Whether Wright truly created bitcoin and hid under the pseudonym Satoshi Nakamoto will be determined by the court during a trial in January 2024. "Copyright protection issues will be resolved during a full court hearing, but only if Dr. Wright demonstrates that he is Satoshi Nakamoto," the court statement said. Meanwhile, Wright's lawyers stated that he is "pleased" with the outcome of the case and acknowledged his high chances of winning.

? Experts at SlowMist reported the discovery of a phishing program in the App Store aimed at stealing user data and cryptocurrencies. It mimics legitimate applications and thereby ends up on the user's device. The victim is then asked to enter their Apple ID password. Once they have this information, the malicious actors add their phone numbers to the trusted list for Apple's two-factor authentication. This allows them to control account permissions and gain full access to its contents. To mask their activity, the hackers create additional Apple IDs and use the victim's resources through the family account access feature.

? Just like on traditional markets, changes in investor sentiment on the crypto market follow certain patterns. Considering the so-called "Wall Street Cheat Sheet," which describes the psychology of market cycles and the corresponding emotions of traders, after passing through the pessimistic phases of "panic," "capitulation," and "depression," bitcoin is moving towards the "hope" stage.
According to analyst CryptoYoddha's chart, the cryptocurrency is currently going through the "disbelief" or "sucker's rally" stage. The next step is the "hope" of price recovery, potentially to $50,000 and above by the end of 2023. The upward movement will correspond to the passage through the stages of "optimism," "belief," "thrill," and finally, "euphoria."

? An analyst known as Trader Tardigrade believes that bitcoin is replicating the same price structure as it did in the period from 2013 to 2018, when it followed the pattern of transitioning from the "previous peak" to the "top-1", which preceded "top-2" and the "retest" (the stage at which bitcoin currently stands). If this model holds true, the next step would be a price "boom" which could lead to bitcoin rising to $400,000 by 2026.

? According to another expert, Stockmoney Lizards, bitcoin has just emerged from its third historical cycle, during which it reached an all-time high of $68,900, and has entered its fourth price cycle. The culmination of this cycle could be a new record between $150,000 and $200,000 in Q2 or Q3 of 2025.

? Cody Buffington, the host of the Altcoin Buzz YouTube channel, holds the view that a surge in bitcoin's volatility will occur sooner than everyone anticipates. According to him, the upcoming volatility of the flagship cryptocurrency could rival its growth since January 2023.
Buffington noted that in July, the price of bitcoin oscillated in a narrow range around the $30,000 mark, which served as a kind of test for both bulls and bears. And more often than not, such flat trading occurs before major movements. As proof, he pointed to the Bollinger Bands and a visual display of the indicator, which shows that the bitcoin price chart is in its narrowest state since the start of 2023.

? Ripple recently released a review examining the impact of the cryptocurrency and blockchain industry on business and the financial sector. According to the document, more than 90% of global financial leaders believe that blockchain technology will significantly influence business and finance over the next three years, indicating a substantial increase in their confidence in virtual currencies. 79% of business leaders expressed interest and confidence in using cryptocurrencies in their business. When considering various areas of cryptocurrency application, 44% of financiers chose their use for cross-border payments. Moreover, over 76% of company leaders are interested in institutional DeFi as a strategy for implementing innovations.

? According to a survey of 29 analysts conducted by Finder.com, their median forecast is as follows. Experts expect that by the end of the year, BTC will rise to $38,488, while the potential peak of bitcoin in 2023 could reach $42,000. By the end of 2025, according to the averaged opinion of analysts, the coin's price could reach $100,000, and by the end of 2030 - $280,000.
Naturally, individual forecasts of experts varied. Overall, the majority of survey participants (59%) are optimistic about BTC and believe that now is a good time to enter the market, 34% simply advise holding the existing cryptocurrency, and 7% suggest selling it.

? At present, there is a certain hype around the artificial intelligence industry. Experts from the publication Finbold decided to ask Google Bard, a machine learning system, how much the flagship of the crypto market will cost after the long-awaited halving in 2024.
The AI noted that several factors could influence this, but bitcoin is very likely to reach a new all-time high. This will be facilitated not only by halving, but also by a more global implementation of BTC, as well as interest from institutional investors. Speaking of specific figures, Google Bard noted that after the halving, the coin could on a sharp impulse reach the $100,000 mark. On the other hand, Google Bard highlighted factors that could limit the growth of bitcoin. The AI also did not rule out the possibility that the crypto winter may continue in 2024.

? Sam Altman, founder and CEO of OpenAI, which created the popular AI chatbot ChatGPT, has launched his own cryptocurrency, Worldcoin, based on a blockchain system that uses eye recognition for user authentication and distinguishes between humans and bots. On July 24, the Binance cryptocurrency exchange listed the Worldcoin (WLD) token and preliminary trading began in the newly added spot pairs WLD/BTC and WLD/USDT.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

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CryptoNews of the Week


? Craig Wright, an Australian computer scientist and businessman who claims to be Satoshi Nakamoto, has now expressed his disillusionment. "As the creator of bitcoin, I am both fascinated and disappointed by how far the so-called cryptocurrency industry has deviated from bitcoin's original vision," he wrote. Wright insists that bitcoin was never intended to be an investment or a store of value. Yet, the focus has now shifted towards speculation, quick profits, and "pump and dump" strategies. "It's saddening to see so much attention given to the price, rather than the transformative power of the technology," laments the scientist.

? Adam Back, one of the leading figures in the crypto industry and CEO of Blockstream, has wagered a million satoshi (0.01 BTC) that the price of bitcoin will reach $100,000 before the next halving. The bet was the result of a wager made with a user of platform X (formerly Twitter) under the pseudonym Vikingo. Vikingo believes that the 'digital gold' will not achieve this price level until at least 2025. The head of Blockstream is confident it will happen by March 31, 2024, which is roughly a month before the halving. Blockstream's former Director of Strategy and now CEO of Jan3, Samson Mow, agreed with his former colleague. He also anticipates a new all-time high will be reached before the halving, not after.
At the time of writing, a bet of 1 million satoshi is approximately worth $290. Considering Adam Back's net worth is estimated to be between $100-300 million, the bet amount elicited a number of cheeky comments. Some users even offered to provide the entrepreneur with financial assistance.

? The popular analyst known as PlanB, who created the S2F (Stock-to-Flow) bitcoin forecasting model, believes that by the time of the next halving, BTC will be valued at around $55,000. The S2F model's signals indicate the likelihood of the coin moving to this price point.
Opinions gathered by the BeInCrypto editorial team vary from PlanB's prediction. For instance, analysts from Seeking Alpha believe that the cryptocurrency should be priced at about $98,000 for miners to remain profitable after the halving event.

? Mayor of Miami and U.S. presidential candidate, Francis Xavier Suarez, told CoinDesk TV in an interview that his election campaign is accepting donations in the leading cryptocurrency. Supporters of the politician can donate a minimum of 0.00034 BTC or an equivalent of $1.
"Nobody wants the federal government to know how much money you have and where you keep it," Suarez stated. "The biggest mistake made by this administration [under President Biden] is that they don't understand the crypto industry, so they've resorted to a heavy-handed regulatory approach instead of establishing basic rules.".

? Trader, analyst, and founder of the venture company Eight, Michael Van De Poppe, debunked investors' speculations about the first cryptocurrency's price plummeting to the $12,000 mark and reassured those talking about a total capitulation of altcoins.
"The bear market has been ongoing for over two years," he wrote, making it the longest market in cryptocurrency history. However, this is unsurprising against the backdrop of hacks, bankruptcies, and legal disputes in the crypto industry. From the analyst's observations, bearish sentiments are most often found among those who invested in digital assets for the first time in 2021. "For them, the slow loss of money feels extremely painful, and they only anticipate further portfolio value decline," noted the expert.
In his view, we are currently in the second stage of capitulation ? the most boring period of the cycle where it seems like nothing is happening in the markets. "Be patient, take solace in the fact that you're still in the game, accumulate positions. [...] Major companies are entering the fray, and the wisest thing you can do is follow their lead," Van De Poppe advised.

? Founder of the charitable foundation The Bitcoin Foundation, Charles Shrem, believes that the issuance of stablecoins by PayPal (PYUSD) will lead to an increase in the price of bitcoin to at least $250,000 much faster than anticipated. In his view, ETH will surge at an accelerated pace to $18,000 since PYUSD is issued on the Ethereum blockchain. Consequently, the value of this altcoin may rise due to an increased number of network users brought by PayPal clients.
It remains a mystery why Shrem believes PYUSD will positively impact bitcoin's price. A crypto trader known by the pseudonym Smitty thinks that the issuance of stablecoins will, on the contrary, result in a decrease in BTC's value, as it will boost the investment appeal of its competitor, ETH.

? The primary digital asset has been held within a narrow trading range for two months, and network indicators point to accumulation in anticipation of a price breakout. According to the Blockware Intelligence newsletter, the volume of liquid and highly liquid supply is at its lowest level since 2018. Speculative traders swap a decreasing number of coins back and forth, while long-term holders consistently resort to cold storage, Blockware stated.

? Prominent trader, Tone Vays, noted that selling pressure is on the rise and the price of the foremost cryptocurrency could significantly decline. "Bitcoin continues to struggle, but I'd say there's a high probability of the BTC rate dropping to the next moving average. And if daily candles keep closing below the previous ones, I'd advise reducing the position by 50% because I can't pinpoint to what levels bitcoin might drop. It could potentially fall to $25,000. There are enough people in the market who, for some reason, keep selling their coins," the analyst writes.
Tone Vays is convinced: if bitcoin does drop to $25,000, there's a high likelihood of further long-term decline. From an expert's perspective, the primary cryptocurrency "stands on the edge of a cliff, and things are looking grim." "The price needs to rebound immediately, I mean, within this month. We can't afford to decline for another month; otherwise, panic will ensue in the market, and I wouldn't be surprised if BTC trades below $20,000. Moreover, miners might start offloading their reserves, which is highly risky," the specialist warns.
It's worth noting that in late May, Vays predicted a swift rise of the premier cryptocurrency above $30,000. The forecast turned out to be accurate; however, BTC couldn't sustain that level.

? The Arkham Intelligence platform has offered a $46,000 reward for credible information leading to the perpetrator behind the FTX exchange hack. It's worth noting that on November 11, 2022, FTX suffered a theft of crypto assets amounting to approximately $400 million. On the same day, the exchange filed for bankruptcy. To claim the reward, individuals are required not only to identify the hacker but also to provide indisputable evidence of the individual's guilt. Submissions for this bounty must be made by August 17.
Miguel Morel, CEO of Arkham, has expressed that the platform will persistently support such investigations in the future to deter potential offenders.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

CryptoNews of the Week


? The digital gold market has reached a stage of extreme apathy and exhaustion, with volatility indicators at the beginning of the week hitting record low levels. This conclusion was drawn by Glassnode analysts. To support their statement, the experts pointed to the Bollinger Bands spread narrowing to 2.9%. Lower values were observed only twice in history: 1) in September 2016, when quotes were at $604 ahead of the bull market's onset, and 2) in January 2023, when the price traded between $52 and was at $16,800.
Such low volatility reflects a situation where the acquisition cost of most coins moving on the blockchain is very close to the spot price. For this reason, realized gains and losses are relatively small. "This suggests that all investors wanting to lock in profits or losses at this price range have done so. The market needs to take steps to incentivize new spending and break the investors' apathy," the specialists explained.

? Michael Van De Poppe, a trader, analyst, and founder of Eight Venture Company, posits that we're currently in the second phase of capitulation. This phase is often perceived as the most uneventful period in the cycle, making it feel as though the markets are stagnant. "Stay patient and find solace in the fact that you're still engaged in the market. Continue to accumulate positions," Van De Poppe suggests. He emphasizes that as major corporations make their moves, the smartest strategy is to follow their lead. He believes that for bitcoin to experience substantial growth, it needs to break the $29,700 barrier. Once this is achieved, its next significant milestone will be reaching $40,000.

? Kevin Kelly, the co-founder and head of research at Delphi Digital, has identified signs of an early bull rally. According to Kelly, a typical crypto cycle begins when bitcoin reaches an all-time high (ATH), followed by an 80% drop. Roughly two years later, it rebounds to its previous ATH and continues to ascend to a new peak. This pattern typically spans about four years.
Kelly believes this trend isn't arbitrary and aligns with a "broader business cycle." He observed that bitcoin's price peak often coincides with the ISM manufacturing index, which is currently in the final phase of a downtrend. This situation reminds Kelly of the market dynamics between 2015 and 2017.
He pointed out that the last two bitcoin halvings occurred approximately 18 months after the asset hit its lowest point and seven months before it broke its historical high. The next halving is anticipated in April 2024. Following that, Kelly estimates that about six months later, bitcoin might reach a new ATH. However, he cautioned that there's no certainty this scenario will play out as described. He also speculated on the possibility of a "false bottom" emerging.

? An analyst known as Ignas has also conducted a cyclical analysis and predicts a bitcoin bull market in 2024. He bases his projection on a recurrent sequence observed in the primary cryptocurrency over the years: 1. A descent of 80% from its all-time high (ATH), bottoming out a year later (4th quarter of 2022). 2. A two-year period to recover and reach its preceding peak (4th quarter of 2024). 3. An additional year of price appreciation leading to a new ATH (Q4 2025).
Ignas notes that in 2022, the cryptocurrency sector grappled with macroeconomic hurdles. However, current indications suggest an improving landscape. The anticipated bitcoin halving in April 2024 might align with a worldwide uptick in liquidity, potentially fuelling the expected bull run. Furthermore, emerging applications for bitcoin and the initiation of spot bitcoin ETFs, once greenlit by the SEC, are likely to have a consequential impact on its price.

? Based on a survey conducted by the popular blogger and analyst known as PlanB, 60% of respondents believe that a bull market will commence following the halving. PlanB himself estimates that by the time of this event, BTC will be valued at around $55,000. Indications for the coin's potential rise to this level are suggested by the Bitcoin forecasting model S2F, which was developed by him.

? Since November 2022, the Russian rouble has depreciated by approximately 65% (from 50 to 100 roubles per $1). This devaluation has allowed miners in Russia to earn substantially more since mining costs have remained constant. This has sparked a significant surge, despite international sanctions. Representatives from the company BitCluster have shared that orders for large batches of equipment (of 10, 20, or even 30 MW) are coming in almost daily. "The market simply can't construct new data centres fast enough to meet the demand. Major clients find themselves waiting for months," shared sources at BitCluster.
A significant portion of the demand comes from Chinese miners who are migrating from the US to Russia. However, there remain inherent risks in conducting this business in Russia due to the near absence of regulatory oversight.

? The author of the best-selling financial book "Rich Dad Poor Dad," Robert Kiyosaki, dubbed gold and silver as "God's money," while designating bitcoin as the "dollar of the people." "I have an affinity for bitcoin primarily because we both oppose the same entities - the US Federal Government, its Treasury, the Federal Reserve, and Wall Street. I hold no trust in them. If you trust them, then keep your savings in dollars; you'll essentially have an IOU," he expressed.
He further opined, "Bitcoin seems to be on a trajectory towards $100,000. The downside: if there's a crash in the stock and bond markets, we might see gold and silver prices soaring astronomically. Even grimmer, a collapse of the global economy could see bitcoin valued at a million, with gold potentially costing $75,000 and silver around $60,000. The magnitude of the national debt is alarming, putting everyone in a precarious position," Kiyosaki commented. He concluded with, "I sincerely hope I'm mistaken.".

? Goldman Sachs strategists anticipate that the US Federal Reserve (Fed) will cut its key interest rate in the second quarter of 2024. Such a move is expected to provide a boost to BTC's price. The motivation behind this rate cut could be the inflation reaching its target rate of 2.0%. However, Goldman Sachs acknowledges that the Fed's actions remain unpredictable, and the rate might linger at its peak level for an extended period.
For context: According to the CME FedWatch Tool, 68% of market participants expect that by May 2024, the rate will be reduced by at least 25 basis points.

? American political commentator Jon Stewart accused Wall Street, the global financial hub, of corruption and compared its operations to the schemes of Sam Bankman-Fried, the head of the now-bankrupt cryptocurrency exchange FTX. "His objective was to sow discord in certain parts of the financial system, namely the cryptocurrency sector. When I look at the intricate workings of Wall Street, it doesn't seem much different from what Bankman-Fried was up to," Stewart stated.

? Well-known trader and analyst, Dave_the_Wave, who has a reputation for accurate predictions, has cautioned that bitcoin might undergo a major correction by the end of 2023. He suggests that bitcoin could drop to the lower end of its Logarithmic Growth Curve (LGC), marking an approximate decline of 38% from its high this year. However, Dave_the_Wave also points out a silver lining: as bitcoin experiences heightened price stabilization from a macroeconomic standpoint, it's gradually shedding its volatility and evolving into a more stable investment asset.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

CryptoNews of the Week


? The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have introduced regulations for the taxation of cryptocurrencies. Officials anticipate that the new rules will "close the tax gap and ensure that everyone is playing by the same set of rules." According to the proposed guidelines, crypto brokers will be treated in the same manner as traditional brokers, such as stockbrokers.
Under the new regulations, the category of "brokers" includes cryptocurrency platforms, payment systems, and certain crypto wallets. The IRS and the Treasury Department emphasized that decentralized exchanges also fall under these rules. These entities are required to conduct customer identification and, starting in 2025, provide tax reporting. The U.S. Treasury expects that the cryptocurrency industry will generate $28 billion in tax revenue over the next 10 years.

? The analyst known as A Chain of Blocks believes that the BRICS nations' intention to move away from the U.S. dollar should draw attention to Ripple (XRP), the fifth-largest cryptocurrency by market capitalization. According to him, the majority of the member countries view XRP as a viable global payment option capable of facilitating transactions between member states.
At the most recent summit of the group, Russian President Vladimir Putin declared that BRICS countries would not use the U.S. dollar for transactions among themselves. However, India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, expressed during the same summit that the U.S. dollar would continue to dominate international trade. Puri noted that talk of de-dollarization is premature at this stage. His statement is corroborated by statistical data. Despite calls from BRICS authorities to use national currencies, the dollar's share of international transactions processed through the SWIFT system reached a record 46.5% in July.

? The crypto exchange HashKey Group has submitted an application to the Hong Kong Securities and Futures Commission for the issuance of cryptocurrency derivatives. If the regulator gives the green light, the exchange's clients will be able to trade futures on bitcoin and Ethereum.
To mitigate financial risks, novice traders will be restricted from executing certain trades. All clients will receive a warning if they invest more than 30% of their capital in cryptocurrencies, and their transaction limits will be reduced. Additionally, account balances can only be replenished using bank cards, creating challenges for residents of countries that have banned cryptocurrency trading.

? Tom Lee, co-founder and chief researcher at Fundstrat Global Advisors, predicts that due to the halving event, the bitcoin price will reach $100,000 per coin. In his view, halvings serve as catalysts for bitcoin price growth, as they reduce the supply of new coins and increase scarcity. Lee also considers factors such as rising demand for bitcoin from institutional investors, corporations, and retail buyers, as well as advancements in technological development and innovations within the bitcoin network. However, he acknowledges that bitcoin could experience significant price volatility on its path to reaching the targeted level.

? In contrast to Tom Lee, Nassim Taleb, a renowned writer, philosopher, and former trader, has a bearish outlook on bitcoin. He argues that bitcoin lacks intrinsic value and is purely a speculative asset, prone to extreme volatility and manipulation. He also criticizes bitcoin for not being an efficient medium of exchange, citing high transaction fees, slow transaction speeds, and low throughput. According to Taleb, bitcoin cannot compete with traditional currencies or other cryptocurrencies that possess superior technical attributes. He predicts that by the end of 2023, the price of bitcoin will drop to $0 per coin.

? British billionaire Jeremy Grantham, founder and chief strategist of GMO, one of the largest investment firms in the world, also has a bearish outlook on Ethereum and the cryptocurrency market overall. He believes that Ethereum is part of a global cryptocurrency bubble that will eventually burst. The billionaire compares cryptocurrencies to historical examples of bubbles, such as the Tulip Mania in the Netherlands in the 17th century, the South Sea Company in England in the 18th century, and the dot-com boom in the United States in the late 20th century. In his opinion, cryptocurrencies lack real value and are fueled by irrational enthusiasm and investor greed. Jeremy Grantham predicts that by the end of 2023, the price of Ethereum will drop to $100 per coin.

? Vitalik Buterin, co-founder and chief developer of Ethereum, has a contrasting view, believing that ETH could rise to $10,000 per coin. He bases his forecast on the idea that the leading altcoin will continue to develop and improve through new technological updates, the implementation of sharding, enhanced security and privacy, as well as the expansion of the DApps and smart contracts ecosystem. Buterin also believes that Ethereum will attract the attention of institutional investors who will use it as a means to diversify their portfolios and hedge against inflation.

? The Israeli government is shifting towards a more lenient approach to cryptocurrency regulation. To that end, a special research group has been created to study the regulation of DAOs (Decentralized Autonomous Organizations), which is also conducting public consultations on this matter until September 2023.
Currently, cryptocurrency in Israel is recognized as a financial asset, and any capital gains are taxed at a rate of 25%. If transactions involving cryptocurrency are classified as commercial, the tax rate could be much higher?up to 53%. Lawmakers appear to have recognized the severity of such regulations and are moving towards a more moderate approach: a bill exempting foreign residents from capital gains tax on the sale of cryptocurrency has already passed a preliminary reading in the Knesset, Israel's parliament.
As for mining, profits from this activity are subject to regular income tax (17%). Israeli mining company Kafkamining noted in its blog that conducting such a business in the country is entirely feasible.

? In August, PayPal launched its own stablecoin, PYPL, in partnership with Paxos on the Ethereum blockchain. This raised valid concerns about its demand for transactions due to Ethereum's high fees. Recently, analytics firm Nansen confirmed that PayPal's stablecoin has not yet gained traction among cryptocurrency users. Nansen speculated that the payment giant is likely targeting a different demographic altogether.

? According to Santiment data, only 5.8% of the total bitcoin volume is currently held on exchanges. This marks a historic low for the asset, a level not seen since December 17, 2017.
Analysts believe that several factors have influenced this trend, including a long-term holding strategy. Additionally, faith in bitcoin's potential as a reliable store of value is growing, while confidence in the safety of funds on cryptocurrency exchanges is diminishing. This shift is prompting individuals to opt for self-custody of their assets. Regulatory pressures on leading cryptocurrency exchange Binance, particularly issues with the SEC, have acted as a catalyst for this process. Due to regulatory scrutiny worldwide, bitcoin whales withdrew 5,000 BTC from the trading platform in just one minute.

? According to an analysis published on TradingView by TradingShot, bitcoin could reach the Fibonacci correction level of 0.86 at $50,000 by the end of 2023. The TradingShot analysis focuses on historical readings of the MACD (Moving Average Convergence Divergence) indicator. Additionally, the analysts point to a support level established based on the last bear cycle's lowest peak. This level has shown resilience, consistently closing all monthly candles above it, with the exception of the sudden crash triggered by the coronavirus pandemic in March 2020.

? Despite BTC trading in a consolidated phase, demand for the leading cryptocurrency appears to be increasing. Over the past 12 months, Google Trends has shown a surge in searches for the keyword "buy bitcoin." Activity from bitcoin whales also corroborates this sustained interest in the primary cryptocurrency; transactions exceeding $100,000 are averaging around 57,400 transactions per week.


Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market

CryptoNews of the Week


? Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, addressed the United States Senate, stating that the vast majority of cryptocurrencies fall under the jurisdiction of his agency. Consequently, all market participants, including exchanges, brokers, dealers, and clearing agencies, must mandatorily register with the SEC.
Gensler drew parallels between the current crypto industry and the tumultuous years at the beginning of the 20th century when securities market legislation was still in development. During that era, the agency implemented a series of stringent enforcement actions to regulate the industry, and many cases ended up in court. Similar measures are needed today. They are not only intended to deter entrepreneurs but also to safeguard investors, as perceived by the head of the SEC.

? Starting from November 1, 2023, Sarah Breeden will assume the position of Deputy Governor at the Bank of England. According to her current statements, cryptocurrencies do not currently pose a significant risk to the country's financial stability. However, they could become problematic if closely integrated into the financial world, such as in the case of using stablecoins for payments.
In her perspective, "cryptocurrencies are assets without intrinsic value. Their price can potentially drop to zero, so investors should be prepared for the possibility of losing all their money. Nevertheless, blockchain technology can be valuable for the financial system." The official has pointed out that recent events have underscored the risks within the cryptocurrency sector. Consequently, the cryptocurrency market's downturn has adversely affected two major American banks, Silvergate and Signature, and has also led to the collapse of the stablecoin UST, along with the bankruptcy of several crypto-lending institutions. Given the global nature of the cryptocurrency market, collaborative efforts among regulatory authorities are crucial for devising comprehensive oversight measures for crypto assets, as highlighted by Breeden.

? On Monday, September 11, the BTC price dropped below $25,000 despite the weakening dollar and rising stock indices. This drop occurred amidst rumours that the controversial exchange FTX plans to sell digital assets as part of a bankruptcy procedure. On Tuesday, investors started buying again at the lower price points, causing the coin's value to rise above $26,500.
According to several analysts, there is no fundamental justification for these fluctuations in the price of bitcoin. Essentially, due to low liquidity and a declining market capitalization, the asset is shifting between different groups of players. In reality, investors are looking ahead to September 20 when the next Federal Reserve (FRS) meeting is scheduled.

? We have previously reported on the case of James Howells, a programmer who accidentally discarded a hard drive containing cryptocurrency during an office cleanup in August 2013. Consequently, the hard drive, which held 7500 BTC, ended up in a landfill in Newport, United Kingdom.
Over the course of ten years, Howells has been petitioning local authorities for permission to search for his lost wealth. Recently, his legal representatives sent an open letter to the municipality, requesting access to the landfill site by September 18th. In the event of refusal, the unsuccessful crypto investor intends to initiate a legal lawsuit against the city council, seeking compensation for the value of the lost bitcoins, which currently stands at approximately $250 million. Howells also plans to challenge the authorities' decision to deny him access to the landfill.
Howells stated, "I've tried everything I could over the past decade, but they have been unwilling to cooperate, so I am left with no choice but to pursue legal action. They have even refused to engage in serious discussions about the matter. Regardless of the type of asset, whether it's bitcoin, gold, or diamonds, not addressing this issue is simply imprudent.".

? Analysts from the cryptocurrency platform Matrixport have issued a warning that if Ethereum (ETH) were to fall to $1,500, it could pave the way for a further drop to $1,000. This lower level is considered justified based on their revenue forecasts for the Ethereum blockchain ecosystem. Matrixport highlights that ETH is not a "super-hard currency" capable of resisting inflation, as last week, the number of newly issued coins exceeded the amount burned by 4,000, deviating from the deflationary model that the blockchain transitioned to when switching from Proof of Work (PoW) to Proof of Stake (PoS) consensus algorithm.

? Analyst Benjamin Cowen has set an even lower target. He stated that Ethereum is on the brink of "extreme swings," which could result in its price dropping to a range of $800 to $400 by the end of the year. This potential decline is linked to the possible reduction in the profitability of blockchain platforms built on Ethereum's smart contract technology.
According to Cowen, both the Ethereum bulls and bears "have suffered setbacks and failed to execute their strategies." This will likely lead to both sides realizing losses by the end of 2023.

? The Twitter account of Ethereum creator Vitalik Buterin was compromised as a result of a SIM card swap attack. Buterin had not enabled two-factor authentication, allowing the attacker to change the login password for his account by entering a code sent via SMS. Subsequently, the criminal posted a message on Buterin's behalf, falsely claiming a free NFT giveaway, and stole digital assets worth $691,000 from individuals who followed the provided link and linked their crypto wallets.

? David Marcus, co-founder of PayPal and CEO of Lightspark, a company specializing in integrating BTC payments using the Lightning Network, has made an unexpected statement. It turns out he himself doesn't believe that bitcoin will become a popular method of payment for purchases. Marcus explained that the currencies transmitted over the network will still remain fiat currencies that people are familiar with and use today. As for bitcoin, he likened it to a small data packet on the internet that is used to transfer values such as dollars, yen, or euros.

? Trader, analyst, and founder of the venture company Eight, Michael Van De Poppe, is predicting the last correction in the price of the leading cryptocurrency before an upcoming bull rally. In his view, if the bears manage to breach the exponential moving average line, which is positioned at $24,689, the worst-case scenario would see the coin drop to $23,000.
The specialist believes that this upcoming correction provides the final opportunity to buy bitcoins at a lower price. Institutional demand for digital assets is growing, so in the long term, the cryptocurrency's price will rise due to buying pressure.
However, it's worth noting that on August 17th, the BTC price broke below the ascending trendline that began in December 2022 and stayed below it. This suggests a high risk of a prolonged bearish trend.

? Dan Gambardello, the founder of Crypto Capital Venture, predicts that the next bull cycle could be the most impressive in the cryptocurrency market. The analyst has singled out ETH and XRP as cryptocurrencies to watch in the upcoming bull rally. His attention to these two altcoins is driven by Ripple's victory over the SEC in court and the approval of ETH ETF applications submitted by reputable fund managers.
At the same time, Gambardello has cautioned that the cryptocurrency market follows cycles, and it appears to be in an accumulation phase at the moment. Consequently, the analyst has warned that there is a possibility that the price of bitcoin could drop to $21,000 in the coming weeks. He attributes this potential drop to market manipulation by large players who may be suppressing prices and accumulating coins in anticipation of the next bull run.

? Prominent analyst known as CrypNuevo has analysed the current dynamics of bitcoin. According to this specialist, in the near future, the flagship cryptocurrency could reach the $27,000 mark. However, as the analyst emphasized, this is likely to be a false move. Furthermore, a subsequent drop is expected, potentially down to the $24,000 level.

? Mike McGlone, Senior Macroeconomic Strategist at Bloomberg Intelligence, has cautioned investors that the near future could be challenging for the crypto sphere. In his view, digital assets gained popularity during an era of zero interest rates. However, monetary policy is currently undergoing changes, which could pose problems for the industry. This is evident in the decline in Bitcoin's price, despite positive news about the impending approval of spot ETFs in the United States.
"Cryptocurrencies flourished during an unprecedented period of zero interest rates, but this policy is rapidly changing, with consequences for prices. In Q3, bitcoin dropped by 15%, despite the potential approval of spot ETFs. Cryptocurrency, traded around the clock and without weekends, could become one of the most accurate indicators of an impending reset in the global economy. It has been overly inflated with liquidity, and now we're witnessing a liquidity unwind," believes the analyst.
McGlone pointed out that by November, according to futures, the yield on US government bonds is expected to reach 5.45%. This is significant, especially when considering that from 2011 to 2021, this figure was only 0.6% annually, precisely when bitcoin and other digital assets experienced substantial growth. Therefore, the liquidity outflow from cryptocurrencies is not surprising.
(Recall that back in June, Mike McGlone had already warned about the potential decline in bitcoin's price and turned out to be correct)


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