Month: May 2021

Digital yuan conceived to counter Alipay-like platforms, says former PBoC executive

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China’s digital yuan will utilize smart contracts, and will be built to counter Alipay-like payment platforms designed by the privately owned conglomerates, former People’s Bank of China director Yao Qian said. Speaking at the International Finance Forum in Beijing, Qian argued that simply simulating its physical counterpart would not be enough for the digital yuan to succeed. To fully benefit from being digital, it will move toward the “smart currency” by making use of smart contracts, he added according to local sources. Central banks need to innovate the legal fiat…

Bitcoin ‘of great concern,’ Ireland’s central bank official warns

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Ireland’s central bank director general for financial conduct is the latest official to point out issues of Bitcoin (BTC) and the cryptocurrency industry following a major market sell-off. The growing popularity of cryptocurrencies like Bitcoin is “of great concern,” the Central Bank of Ireland’s Derville Rowland warned, Bloomberg reports Monday. “Crypto assets are quite a speculative, unregulated investment,” and investors should be “really aware they could lose the whole of that investment,” Rowland stated after crypto markets shed nearly $1 trillion in a matter of days in one of the…

5 things to watch in Bitcoin

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Bitcoin (BTC) starts a new week bearish or as a firm “buy” depending on the source — what happens next? After a week of uninspiring price performance, the largest cryptocurrency is still stuck in the lower $30,000 range. With inflation worrying traditional markets and summer months traditionally good for bulls, there may yet be cause for celebration. In Bitcoin, anything can happen, however, and surprises swing both ways. Cointelegraph Markets takes a look at five factors to consider when charting where BTC/USD might head next. Inflation spooks macro mood It’s…

Belt Finance loses millions in latest BSC-based DeFi exploit

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Belt Finance has become the latest Binance Smart Chain-based decentralized finance, or DeFi, protocol to lose millions to an opportunistic hacker. The Rekt Blog, which post mortems DeFi exploits, stated that an attacker exploited a flaw in the way the protocol’s vaults calculates the value of its collateral which helped to “add another notch to the now infamous flash loan exploit season on the BSC,” adding: “Yet another fork of a fork has rolled off the conveyor belt with $6.3M falling straight into the hands of the hacker.” Rekt revealed…

US regulators must collaborate on ‘regulatory perimeter’ for crypto: OCC head

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The Acting Comptroller of the Currency, Michael Hsu, has expressed that regulatory agencies in the United States should establish a “regulatory perimeter” for digital assets and cryptocurrencies. In an interview with Financial Times, Hsu indicated U.S. regulators will look to take a more active role in policing the crypto asset sector with an emphasis on minimizing the associated risks faced by investors and consumers. “It really comes down to coordinating across the agencies,” Hsu said, adding: “Just in talking to some of my peers, there is interest in coordinating a…

Ethereum Resumes Decline, Here’s What Could Trigger More Downsides

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Ethereum failed to continue above $2,500 and started a fresh decline against the US Dollar. ETH price is showing bearish signs and it could continue lower below $2,240. Ethereum is struggling to gain bullish momentum above the $2,400 and $2,500 levels. The price is now trading well below $2,450 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $2,410 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if it breaks the $2,200 support zone…

Chinese traders turn to OTC desks amid regulatory crackdown

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As Beijing attempts to regulate and suppress the cryptocurrency boom, traders have been evading regulatory oversight by using over-the-counter, or OTC trading desks. According to a May 31 report published by Bloomberg, there has been a significant uptick in OTC platform usage since China announced its latest crackdown earlier this month, with China tightening restrictions prohibiting financial institutions and payment companies from providing services related to cryptocurrencies. While exact volume data is hard to ascertain as Chinese OTC transactions are peer-to-peer and use third-party payment platforms, the exchange rate between…

Bitcoin Bears Are Back, Here’s Why BTC Could Test $30K

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Bitcoin price failed to clear the $37,000 resistance against the US Dollar. BTC is declining and it remains at a risk of more losses below $34,000. Bitcoin is facing a lot of hurdles near the $36,000 and $37,000 resistance levels. The price is currently trading well below $37,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline heavily if it settles below the $34,000…

2 Bitcoin price indicators suggest BTC has not bottomed yet

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Traders are using various strategies to determine whether Bitcoin price has bottomed, but on-chain activity and derivatives data hint that the situation remains precarious. Has Bitcoin price bottomed yet? According to @noshitcoins, derivatives and on-chain data signal that further downside could be in store. Traders have been trying to time the much-anticipated trend reversal ever since Bitcoin (BTC) initiated its 48% correction to $30,000 on May 12. The move culminated with $12 billion worth of futures long positions being liquidated, and to date, trader’s confidence remains somewhat dampened. The community…

BTC, MATIC, EOS, XMR, AAVE

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Bitcoin (BTC) is struggling to sustain any price level during the current pullback, indicating a lack of demand at higher levels. Does this mean that the bull trend is over and the institutional investors are abandoning the crypto markets? No! It is the other way around. Glassnode’s weekly newsletter pointed out that the Grayscale Bitcoin Trust (GBTC) premium is rising, suggesting that institutional investors are accumulating at lower levels. GBTC is not alone, another popular vehicle for institutional investors, the Canadian Purpose Bitcoin exchange-traded fund has also witnessed strong capital inflows. According…