Bitcoin price falls under $33K, but on-chain data hints at BTC accumulation

As the pressures placed on the market by China’s cryptocurrency crackdown begin to subside and the Bitcoin (BTC) hashrate starts to show signs of recovery, traders are now focused on how the price will be affected by this week’s unlocking of more than $550 million worth of Grayscale’s GBTC shares. Data from Cointelegraph Markets Pro and TradingView shows that the early morning downtrend in BTC on July 12 continued into the afternoon as the price of BTC dropped below the $33,000 support level after bears took control of the market. BTC/USDT…

Read More

Winner spends fortune in crypto on Sotheby’s diamond auction

Art and jewelry brokerage Sotheby’s put a 101.38 carat diamond up for auction, fetching over $10 million in crypto for the rock on July 9.  The diamond “sold for $12.3 million to an anonymous buyer last Friday at Sotheby’s Hong Kong,” MarketWatch reported on Monday. “It’s the most expensive gem ever purchased with cryptocurrency, according to Sotheby’s,” MarketWatch added. News of the crypto-friendly diamond auction surfaced in the latter half of June, with estimates forecasting the diamond to hit prices somewhere in the ballpark of $15 million. Called “The Key…

Read More

Binance woes continue as Clear Junction pulls out

Binance has faced a number of regulatory issues in recent weeks. Payments player Clear Junction has suspended activity with Binance after similar moves from Barclays and Santander.  “Clear Junction can confirm that it will no longer be facilitating payments related to Binance,” Clear Junction said in a statement that was tweeted out by Adam Samson of the Financial Times on Monday. “The decision has been made following the Financial Conduct Authority’s recent announcement that Binance is not permitted to undertake any regulatory activity in the UK.” The Financial Conduct Authority, or FCA,…

Read More

Why The Next Bitcoin Bear Market Will Be The Worst Yet

Bitcoin price continues to sink, and when it isn’t falling its barely able to move sideways, with “up only” the one direction the cryptocurrency won’t go. Whether or not the crypto market is headed toward another bear market or not is debatable for now, but technical analysis suggests that when the peak of this cycle arrives, it could bring with it the worst bear market in the history of cryptocurrency. Analyzing The Secular Bitcoin Bull Run A secular market is defined as “a market that is driven by forces that could…

Read More

Capital International Group purchases 12.2% stake in MicroStrategy

Capital International Group, a $2.3 trillion asset manager headquartered in Los Angeles, has acquired a 12.2% stake in MicroStrategy — making it one of the largest indirect investors in Bitcoin (BTC) on the planet.  According to a disclosure with the United States Securities and Exchange Commission, or SEC, Capital International Group now holds roughly $560 million worth of MSTR stock. Only BlackRock has bigger exposure to the business intelligence firm. MicroStrategy has been loading its strategic reserves with Bitcoin for almost one year after CEO Michael Saylor became convinced that…

Read More

Bitcoin dips below $33K as shorts spike, trader warns of ‘violent’ BTC price squeeze

Bitcoin (BTC) fell back below $33,000 support on July 12 as a familiar cocktail of low volumes and mounting shorts pressured price action.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Shorters fail to spark a Bitcoin rout Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it hit local lows of $32,880 on Bitstamp.  Just like last week, a build-up of short positions on major exchange Bitfinex cost Bitcoin its range low, sending it back into its last zone of support before a $30,000 retest. BTC/USD lost approximately 2.9% on…

Read More

Fidelity to hire more crypto hands amid growing institutional interest

Fidelity Digital, the crypto arm of the global asset management giant Fidelity Investments Inc., will reportedly hire more people for its expanding cryptocurrency business. According to Bloomberg on Monday, the company is planning to increase its staff size by about 70% to handle the growing patronage from big-money crypto investors. The increased workforce, numbering at least 100, will reportedly be deployed to locations in Salt Lake City, Boston, and Dublin. As part of the staff headcount expansion Fidelity Digital president Tom Jessop said the company is looking to offer exposure…

Read More

UAE to experiment and launch an in-house digital currency

The United Arab Emirates becomes the latest country to join the race for experimenting with an in-house digital currency. According to the three-year plan for 2023-2026 that announces the launch of its digital currency, the Central Bank of the UAE, or CBUAE, intends to stand among the top 10 central banks across the world. CBUAE’s strategy involves seven objectives to help drive the country’s digital transformation ambitions, primarily focused on financial services. Gulf News reported that this transformation will be heavily dictated by the latest iterations of artificial intelligence and big…

Read More

Grayscale’s diversified crypto fund becomes SEC-reporting firm

Cryptocurrency asset manager Grayscale Investments continues reinforcing its commitment to digital currency investment products with a new filing with the United States Securities and Exchange Commission, or SEC. The company announced Monday that it has filed a Form 10 registration statement 10 with the SEC on behalf of its Grayscale Digital Large Cap Fund (GDLC) to become an SEC reporting company. Grayscale’s diversified digital currency investment fund will now file its reports and financial statements as 10-Qs and 10-Ks with the SEC, along with current reports on Form 8-K, in…

Read More