Goldman Sachs analysts divided over whether Bitcoin is an ‘investable asset class’

Wall Street investment bank Goldman Sachs has made another U-turn on its stance toward Bitcoin as it struggles to define the asset’s investment status. The investment bank flip-flopped again in its approach to cryptocurrencies with a report issued earlier this week that claims  they are not a “viable investment”. The report, titled “Digital Assets: Beauty Is Not in the Eye of the Beholder”, concluded Bitcoin is not “a long-term store of value or an investable asset class”. This contradicts their May 21 report titled “Crypto: A New Asset Class?” which…

Grayscale exploring 13 more crypto assets for its trusts

Institutional asset manager Grayscale has announced 13 more crypto assets are currently under consideration for its suite of crypto investment trust products. Revealed on June 18, the prospective assets mainly represent the decentralized finance (DeFi) sector, including 1inch, Bancor, Curve, Kava, Kyber Network, Loopring, Polygon, Ren, Universal Market Access, and 0x. The native tokens of high-speed scalable blockchain networks Solana, Near, and Dfinity have also been added to Grayscale’s list of considered cryptocurrencies. We’re always exploring new assets that can help us grow our family of investment products. Here are…

Mark Cuban calls for stablecoin regulation in wake of Iron Finance ‘bank run’

Billionaire investor and DeFi proponent Mark Cuban has called for stablecoin regulation after losing money on what he dubbed as a “rug pull” on the Iron Finance protocol. According to Iron Finance, the partially collateralized stablecoin project was the subject of a “historical bank run” that resulted in the price of the IRON stablecoin moving off peg. As a consequence, the price of Iron’s native token TITAN crashed by almost 100% over two days from its all-time high of $64.04. Speaking with Bloomberg on June 17, Cuban blamed himself for…

Bitcoin Trims Gains, What Could Trigger Fresh Drop To $35K

Bitcoin price started a fresh decline after it failed to stay above $40,000 against the US Dollar. BTC is moving lower and it could even decline towards $35,000 in the near term. Bitcoin started a fresh decline from well above the $40,000 pivot level. The price is now trading well below $39,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $38,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue lower…

Digital land in Decentraland sells for $913K… to a virtual property developer

A virtual plot of real estate situated within the Ethereum-based open-world game, Decentraland, has sold for more than $913,000 — valuing the intangible property on par with the average price of a real world house in Brooklyn, New York. Virtual real estate is sold in the form of nonfungible tokens (NFTs) dubbed LAND in Decentraland, with the digital plot being sold to virtual real estate-focussed investment firm, Republic Realm. The plot actually represents 259 parcels of digital land, with the transaction settling for 1,295,000 of Decentraland’s native MANA tokens —…

Traders search for bearish signals after Bitcoin futures enter backwardation

An unusual phenomenon called ‘backwardation’ is taking place in Bitcoin (BTC) futures trading, mainly the June contract, which expires on June 25.  The fixed-month contracts usually trade at a slight premium, indicating that sellers request more money to withhold settlement longer. Futures should also trade at a 5% to 15% annualized premium on healthy markets, in line with the stablecoin lending rate. This situation is known as contango and is not exclusive to crypto markets. Whenever this indicator fades or turns negative, this is an alarming red flag. This situation…

Institutions are ‘desperate’ for crypto

As FTX and Alameda Research increasingly enter the public eye, one side effect is that the decabillionaire is himself a growing public figure. Especially after a significant donation to Joe Biden’s campaign for the US presidency, some observers hoped that SBF would come to serve as a kind of professional lobbyist on behalf of the crypto ecosystem.  While he says he’s open to discussing his views, he’s not trying to work the edges or sell anyone a used car: So I’m super happy to serve as a resource for anyone…

Economist says El Salvador ‘on road to death’, salaries paid in e-CNY …

Our Man in Shanghai has refused to let recent regulations slow down the news coming from China. Enterprise blockchain, central bank digital currencies and start up projects continue to make a positive impact in a region hoping to grow economic value through technology. Death march for El Salvador The debate around El Salvador continued this week as media and officials tried to digest the adoption of Bitcoin as a national currency. JPMorgan stated that there was little economic benefit, and John Hopkins University professor Steve Hanke warned that the move…

Bitcoin retests $37K support, gold and stocks drop lower over Fed comments

Bitcoin (BTC) price dropped another notch to $37,365 today after a failed attempt by bulls to retake the $40,000 level. The renewed slump comes as the stock market and commodities also pulled back as a result of Federal Reserve Chair Jerome Powell’s comments related to future interest rate hikes and concerns over rising inflation which led to pdeclines for both Bitcoin and gold.  Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC climbed from $38,200 in the early trading hours on Thursday to a high above $39,500…

Ethereum to Reach $20,000 by 2025? Factors Behind The Bold Call

Ethereum could reach $20,000 by 2025 according to a Finder’s panel. Ethereum has since been gaining momentum, starting out at $1,000 at the beginning of the year and reaching an all time high of $4,196.63, according to Coin Metrics. Before losing steam and dropping down to its current price at $2,400. Clocking an average growth rate of 197.4% in 2021. This massive run has given the coin a lot of popularity. Ethereum currently ranks as the second most popular coin behind Bitcoin. Related Reading | Billionaire Tim Draper: Bitcoin Will Reach…