Day: June 3, 2022

5 reasons why Bitcoin could be a better long-term investment than gold

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The emergence of forty-year high inflation readings and the increasingly dire-looking global economy has prompted many financial analysts to recommend investing in gold to protect against volatility and a possible decline in the value of the United States dollar.  For years, crypto traders have referred to Bitcoin (BTC) as “digital gold,” but is it actually a better investment than gold? Let’s take a look at some of the conventional arguments investors cite when praising gold as an investment and why Bitcoin might be an even better long-term option. Value retention…

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Brazilian central banker describes how CBDC system can halt bank runs

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In a paper recently published by the Bank for International Settlements (BIS), Fabio Araujo, an economist at the Central Bank of Brazil (CBB) who is also responsible for the country’s central bank digital currency work, revealed that the monetary authority will have greater control over the population’s money once its CBDC is rolled out. Through the so-called Real Digital, the central bank will be able to halt bank runs and impose other restrictions on citizens’ access to money.  Real Digital, the digital version of Brazil’s national currency, has been debated…

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Bitcoin’s move to $32.4K was a fakeout — Here’s the price level most BTC traders are waiting for

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The end of the first week in June brought more pain to global financial markets as the tech-heavy Nasdaq composite closed the day on June 3 down 2.3%, while the S&P 500 shed 1.4% of its value.  The cryptocurrency market hasn’t faired any better and data from Cointelegraph Markets Pro and TradingView shows that an early morning attempt to push Bitcoin (BTC) above $30,000 was hit with a wave of selling that dropped it to a daily low of $29,286. BTC/USDT 1-day chart. Source: TradingView Here’s a look at what…

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Fed governor explains who needs crypto regulation and why demand for it is growing

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Regulation is needed to open the crypto ecosystem to a larger public, United States Federal Reserve Board Governor Christopher Waller told an audience at the SNB-CIF Conference on Cryptoassets and Financial Innovation in Zurich, Switzerland. Financial intermediaries can help manage risk for new crypto users, but cannot eliminate it, Waller said, and new and fast-growing financial products need public confidence to survive. The banking official used historical examples to show the relationship between technical innovation, regulation and the amassing of fortunes. “New technology — and a lack of clear rules…

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Solana Falls by 12% After Network Outage, Bitcoin Falls as Feds Reduce Balance Sheet, Ethereum Tops NFT Sales With $27 Billion Sales.

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Solana’s decline after announcing its network outage Solana, after being plunged with network issues, nosedived by 12%. The network, which was once hailed as one of the fastest blockchains and a challenger to Ethereum, was down on June 1 due to network challenges. This is the second time in the month’s space that this will happen to the blockchain network. The chain was forced offline for about four and a half hours due to a cold wallet transaction bug called “Durable Nonce Transactions.” Since the outage was announced, SOL which traded as…

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Maker founder proposes endgame, Singapore explores DeFi and more

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The past week in the decentralized finance (DeFi) ecosystem saw many new developments, including the rebirth of the Terra 2.0 blockchain. Meanwhile, Binance’s incubation platform Binance Labs launched a $500 million fund to support and promote Web3 adoption. Singapore’s central bank partnered with JP Morgan to explore DeFi applications in wholesale funding markets by establishing tokenized bonds. KuCoin launched its very decentralized wallet with DeFi and nonfungible token support. The top-100 DeFi tokens showed signs of a breakout from a month-long bearish trend, with most of the tokens showing overall…

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Total crypto market cap risks a dip below $1 trillion if these 3 metrics don’t improve

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The total crypto market capitalization has ranged from $1.19 trillion to $1.36 trillion for the past 23 days, which is a relatively tight 13% range. During the same time, Bitcoin’s (BTC) 3.5% and Ether’s (ETH) 1.6% gains for the week are far from encouraging. To date, the total crypto market is down 43% in just two months, so investors are unlikely to celebrate even if the descending triangle formation breaks to the upside. Total crypto market cap, USD billion. Source: TradingView Regulation worries continue to weigh investor sentiment, a prime…

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Quantitative Tightening and its Implications for Crypto

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The United States has initiated a move called quantitative tightening (QT), which may put an end to a decade of unprecedented growth in the crypto market. The initiative will see the Fed shrinking its balance sheet monthly for the next three months by $47.5 billion. This implies that by September this year the balance sheet may shrink by nearly $95 billion and by the end of 2023, be reduced to $7.6 trillion. Economic analysts, financial investments and crypto analysts have conflicting opinions, with some observers holding the belief that this…

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Stocks surge, altcoins give back their gains and dollar strength may push Bitcoin lower

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Between May 23 and 27, the equities markets had an impressive run, with the tech-heavy NASDAQ (NASDAQ: QQQ) ETF up over 7% and the S&P 500 (NYSE: SPY) up over 6.50%. However, this week’ whipsaws in price action occurred throughout the week and while the J trade session is not yet over, the weekly candlesticks suggest a close near last week’s open.  QQQ weekly chart (NYSE). Source: TradingView Currently, all major indexes face significant technical resistance levels above their present traded levels. Throw in thegrowing economic uncertainty and fears of…

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