Category: Cryptocurrency News

Former U.S. President Donald Trump has commented on the growing popularity of cryptocurrencies and the crypto crackdown by the Chinese government. He reiterated his anti-crypto stance: “I don’t want to have other currencies coming out and hurting or demeaning the dollar in any way.” Donald Trump Comments on Crypto and China’s Crackdown Former U.S. President […]

Bitcoin has started October with a bang, exploding towards $50K in hope of a long-awaited ETF approval. The leading crypto added 10% in just a few hours on Friday, as traders cheered for “Uptober” and celebrated the support of some of the loudest regulatory voices. Securities and Exchange Commission (SEC) chairman Gary Gensler renewed his backing for a Bitcoin Futures ETF on Wednesday, and Fed chair Jerome Powell said on Thursday that the central bank has no plans to ban cryptoassets. Meanwhile, Tezos hit all-time highs above $9 on NFT mania, and Algorand, Chainlink, and Enjin made double-digit gains. Compound, however, bucked the trend by dropping 7% after the protocol mistakenly gave out more than $90 million to users. This Week’s Highlights Bitcoin swings higher as Gensler affirms ETF support Visa positions for a multi-chain future Bitcoin swings higher as Gensler affirms ETF support Across the crypto market, prices have been rising in anticipation that a Bitcoin ETF could finally be given the regulatory green light. In remarks for the Financial Times on Thursday, SEC chairman Gary Gensler renewed his support for a Bitcoin ETF backed by future contracts, suggesting that some of the ETF applications set to be considered in the coming month could be approved. The long-awaited ETF will allow investors to get exposure to Bitcoin using a standard brokerage account without having to buy the underlying asset. Analysts have argued that this will lead to a major price upswing, perhaps reflecting the astronomical gains in gold seen since the approval of the first gold-backed ETF. Visa positions for a multi-chain future  As funds flow into different blockchains across the digital asset ecosystem, Visa is looking to get ahead of the curve. The payments giant has outlined its vision for a “Universal Payment Channel” (UPC), that will serve as a “network of blockchain networks” — connecting different digital assets such as stablecoins with future central bank digital currencies. If previous efforts are anything to go by, Visa’s efforts to incorporate crypto could meet with success. In March, the company started allowing users to settle USDC payments directly on Ethereum, and more recently showed its commitment to the ecosystem by purchasing a CryptoPunk NFT. Week ahead The bullish price action over the last few days has pushed the crypto sentiment index right back to neutral after the fear of September. This reflects growing optimism about the macroeconomic storm brewing for Bitcoin, driven by persistent inflation concerns and calls for a trillion dollar coin to be minted as debate over the debt ceiling drags on. In fact, many traders are now anticipating that the possibility of the dysfunctional US government defaulting on their debt could cause a repeat of 2011, with Bitcoin replacing gold as a hedge against the uncertainty.   Image by Estelle_ from Pixabay

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Bitcoin has been moving on a sideways trajectory after a decline from the $49,000 area. The first cryptocurrency by market seems to be displaying conviction, as the bears are unable to retake control of the current price action. Related Reading | Bitcoin Price Blasts Off With 10% Move, But Is This The Start Of More?  At the time of writing, BTC trades north of $48,000, a critical support zone that could support a fresh jump into previous highs. Although in lower timeframes there has been some “crab like” action, higher timeframes still record important gains. Trader Justin Bennet believes the key of the next leg up will be unlock as Bitcoin moves back into the $50,000 to $53,000 area. If the bulls can break above those levels, BTC’s price should re-entered the $60,000 zone for the first time since May 2021. Otherwise, Bitcoin could still see some downside risk towards the middle area of its current levels at $45,000. Failure to sustain that support could see BTC return to the $40,700 area with danger of slipping further into the $36,500, as seen below. Unlike September, October has been historically a green month for BTC. Many traders are betting on this possibility. Therefore, the quick turn in the market sentiment to bullish as BTC climbed its way up from the low $40,000 to its current levels. In addition, trader John Wick believes there are the right ingredients and environment to support a new all-time high, as seen below. Bitcoin At A Crossroads, Why More Gains Could Result In A Fresh ATH? In a separate report by Glassnode Insights, analyst Checkmate recorded that 10.3% of Bitcoin supply returned to an unrealized profit state. This suggest a lot of buyers entered positions as BTC was moving in the $40,000 to $41,000. Related Reading | TA: Bitcoin Turns Green, Why BTC Could Soon Breach $50K Thus, why BTC’s price could have found a “price floor” around those levels. As of now, about 86.6% of BTC’s total supply stands at unrealized profit, as seen in the chart below. This increases the incentives for investors to take either of the two routes depending on Bitcoin price action. More investors could hold on to their profits, if the price continues to rally, or they could realize some of their gains if the price goes the other way. The analyst said: If the market were to continue to trend higher and into a bullish continuation, this fractal would be similar to both the 2013 and 2017 market. In both prior cycles, a NUPL value of 0.5 acted as a ‘support’ level during major corrections as the market’s profitability and conviction to hold was tested, bounced and subsequently rallied higher. In support of the bullish thesis, Glassnode records a $1.75 billion capital inflow per day into the market as buy demand. Related Reading | Why The Bitcoin At $100K Discourse Remains Strong Despite Market Crashes  In addition, the Spent Volume Age Bands, a metric used to measure the total percentage of BTC’s supply exchanging hands, suggest “old hand have strong conviction and are not spending at current prices”.

During the outage, many Crypto Twitter users called for the need for a decentralized social network built on blockchain.

Cryptoasset prices struggled to the end of September, failing to make gains for the majority of the month, or even hold ground in some cases. However, major cryptoassets rebounded over the weekend on the back of positive comments from the SEC’s Gary Gensler. Bitcoin had a strong week, despite falling to below $42,000 at the end of September. October’s arrival saw the cryptoasset jump in price over the weekend. It is now trading just below $48,000. Ether likewise saw a start of October rally, having traded down to $2,800 at the end of last month. ETH jumped over the weekend, trading upwards and now around $3,350. SEC head calls for cryptoasset consumer protection…but then reiterates support for ETFs linked to crypto Gary Gensler has said that investors in crypto products deserve the same protections and safeguards against fraud and manipulation as bank depositors or purchasers of insurance policies. The SEC boss acknowledged that the size of the crypto space now meant that it was time for investors to be covered in the same way as if they were investing in a more traditional asset such as a mutual fund. His comments were specifically regarding investors wanting returns from their assets on an annual basis. However, despite heeding warnings, he did once again reiterate his support for exchange-traded funds (ETFs) on futures linked to the top cryptocurrency by market value, leading to speculation that the US might approve the vehicle. Gensler singled out bitcoin ETFs in particular, which invest in futures contracts that trade on the Chicago Mercantile Exchange, having made similar comments in August also. Whatever the outcome, bitcoin bounced on the news of his comments, leading to renewed optimism. Crypto is not “the second coming of the messiah” – Musk Elon Musk has again put forward his views on crypto, telling US regulators to “do nothing”. His comments referred to his belief that possible government action could “slow down [crypto and bitcoin’s] advancement”. An advocate of “letting it fly”, he hopes cryptoassets will eventually help reduce the errors and latency in legacy monetary systems. Unlike previous comments, his views did not seem to impact price action dramatically, but considering regulation is such a hot topic at the moment, don’t be surprised if we see more and more comments weighing in on the space as it continues to capture public interest. First crypto investment fund approved in Switzerland Switzerland has broken new ground following the Swiss financial regulator issuing approvals for a domestic cryptoasset investment fund and a domestic digital asset custody service last week. Just days after China’s central bank commented that bitcoin and other financial blockchains were a threat to economic stability, FINMA formally approved the first investment fund of its kind in Switzerland, in order to “facilitate serious innovation…in a consistently technology-neutral way”. The new Crypto Market Index Fund will be open to “qualified investors”, enabling investment into cryptoassets with a “sufficiently large trading volume”. Considering Switzerland has one of the largest banking sectors in the world and accounts for an estimated 25% of global cross border asset management, the chance for investors to gain additional exposure to cryptoassets could be exciting for the space. This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results. All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information. Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.   Image by Sergei Tokmakov Terms.Law from Pixabay

The extreme spectrums of the two party are not nearly enough pro crypto, especially pro DeFi. I don't want to make it seem like republicans aren't a threat. The establishment certainly is, but some of the really conservative people are more likely to go along with Patriot act type things that could block our ability…
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