TL;DR Breakdown Glassnode has noted in its report that Bitcoin has strong support under $30,000 due to strong investor holdings. The firm still sees slight problems with the digital asset in the coming months. Description Bitcoin’s supply distribution reveals a robust foundation of investor holdings below the $30,000 level, indicating substantial price support at its current range, according to the on-chain analytics platform Glassnode. In a recently published report, Glassnode highlighted the coin’s profit/loss ratio, which currently stands at 75:25. This means that only a quarter of all Bitcoins were … Read more Bitcoin’s supply distribution reveals a robust foundation of investor holdings below the $30,000 level, indicating substantial price support at its current range, according to the on-chain analytics platform Glassnode. In a recently published report, Glassnode highlighted the coin’s profit/loss ratio, which currently stands at 75:25. This means that only a quarter of all Bitcoins were acquired at prices higher than the current level of approximately $30,000. Glassnode says investor holdings will support Bitcoin under $30,000 Notably, the majority of long-term holders comprise this cohort, comprising either battle-hardened…

TL;DR Breakdown Grayscale’s CEO, Michael Sonnenshein, views recent Bitcoin ETF filings, including BlackRock’s, as validation for Bitcoin. Seven major firms have applied for a Bitcoin spot ETF in the U.S in the last month. Grayscale aims to convert its Bitcoin Trust (GBTC) to a spot Bitcoin ETF for simpler and more protective trading. Description Grayscale Investments CEO, Michael Sonnenshein, has recently voiced his opinion that the slew of recent Bitcoin spot exchange-traded fund (ETF) filings by leading financial institutions, including BlackRock, serves as a defining moment of affirmation for Bitcoin. An echo of validation from industry giants Sonnenshein, during an interview with CNBC on July 12, dismantled the idea … Read more Grayscale Investments CEO, Michael Sonnenshein, has recently voiced his opinion that the slew of recent Bitcoin spot exchange-traded fund (ETF) filings by leading financial institutions, including BlackRock, serves as a defining moment of affirmation for Bitcoin. An echo of validation from industry giants Sonnenshein, during an interview with CNBC on July 12, dismantled the idea that BlackRock’s involvement in the Bitcoin ETF arena somehow detracts from Bitcoin’s cutting-edge…

TL;DR Breakdown The EBA has urged stablecoins issuers to adhere to the guidelines concerning risk management and consumer protection. ESMA sets draft rules for digital asset service providers. Description In anticipation of forthcoming regulations in the coming year, the European Union’s banking watchdog has called upon stablecoin issuers to voluntarily adhere to specific “guiding principles” concerning risk management and consumer protection. The European Banking Authority (EBA) unveiled its initial set of measures on July 12, which are open for public comment. These measures aim … Read more In anticipation of forthcoming regulations in the coming year, the European Union’s banking watchdog has called upon stablecoin issuers to voluntarily adhere to specific “guiding principles” concerning risk management and consumer protection. The European Banking Authority (EBA) unveiled its initial set of measures on July 12, which are open for public comment. These measures aim to provide clarity on the requirements outlined in the Markets in Crypto-Assets regulation (MiCA), scheduled to take effect on June 30, 2024. They include provisions such as a perpetual right of redemption and guidelines for handling complaints. EBA…

TL;DR Breakdown Cboe Global Markets has revised its Bitcoin ETF filing to incorporate its surveillance sharing agreement with Coinbase. Coinbase agreement boosts investor sentiment amid a legal battle with the SEC. Description Cboe Global Markets, a prominent exchange operator, has made revisions to five spot Bitcoin (BTC) Exchange-Traded Fund (ETF) applications by incorporating a surveillance-sharing agreement (SSA) with Coinbase. The Cboe ETF amendments were submitted to the United States Securities and Exchange Commission (SEC) on July 11. The ETFs in question are proposed by Invesco, VanEck, WisdomTree, … Read more Cboe Global Markets, a prominent exchange operator, has made revisions to five spot Bitcoin (BTC) Exchange-Traded Fund (ETF) applications by incorporating a surveillance-sharing agreement (SSA) with Coinbase. The Cboe ETF amendments were submitted to the United States Securities and Exchange Commission (SEC) on July 11. The ETFs in question are proposed by Invesco, VanEck, WisdomTree, Fidelity, and a joint fund by ARK Invest and 21Shares. Cboe confirms surveillance sharing agreement with Coinbase Cboe confirmed that it has reached an agreement with Coinbase to establish the surveillance-sharing agreements. The settlement between…

TL;DR Breakdown U.S. inflation rates have dropped to 3% in June, a stark contrast to other advanced economies struggling with high inflation. Major U.S. stock indices have reached 15-month highs, and the dollar’s value is decreasing. Despite the fall in headline inflation, core inflation remains high, suggesting the Federal Reserve may need to raise interest rates further. Description U.S. inflation, a persistent worry over the past year, has been noticeably tamed, with rates dwindling to 3% in June, presenting a stark contrast to other advanced economies grappling with high inflation figures. The latest reports have triggered a dip in the dollar while also showcasing the Federal Reserve’s effective management of price pressures. A … Read more U.S. inflation, a persistent worry over the past year, has been noticeably tamed, with rates dwindling to 3% in June, presenting a stark contrast to other advanced economies grappling with high inflation figures. The latest reports have triggered a dip in the dollar while also showcasing the Federal Reserve’s effective management of price pressures. A contrast to global trends As June’s numbers roll in,…

TL;DR Breakdown Google has announced new rules that allow blockchain and NFT apps on Android. Developers need to be clear about any in-app NFTs or tokenized digital assets. Google prohibits glamorizing potential earnings from NFTs or blockchain activities. The guidelines ensure adherence to Google’s existing Real-Money Gambling, Games, and Contests policy. Description Bridging the gap between technology and transparency, Google is set to integrate blockchain and non-fungible tokens (NFTs) into its Android platform. Having announced a policy shift earlier this year to facilitate clearer NFT guidelines, Google has now disclosed a comprehensive set of rules regulating these innovative digital experiences. Google’s embrace of blockchain technology Underlining the … Read more Bridging the gap between technology and transparency, Google is set to integrate blockchain and non-fungible tokens (NFTs) into its Android platform. Having announced a policy shift earlier this year to facilitate clearer NFT guidelines, Google has now disclosed a comprehensive set of rules regulating these innovative digital experiences. Google’s embrace of blockchain technology Underlining the perpetual growth and expansion of digital economies, Google’s policy update marks a significant shift in…

TL;DR Breakdown The U.S. government, linked to the Silk Road seizure, transferred over $300 million in Bitcoin, causing a brief dip in Bitcoin’s price. These funds likely come from the largest-ever U.S. government crypto seizure in November 2021, totaling $3.36 billion from the Silk Road marketplace. The U.S. government has been gradually selling its seized Bitcoin, with significant transactions impacting Bitcoin’s price, highlighting the interconnectedness of the crypto market. Description Two wallets linked to the U.S. government, associated with the infamous Silk Road seizure, have caught the attention of crypto watchers as they shuffled around over $300 million in Bitcoin across three transactions on Wednesday. Notably, Bitcoin’s price fell to $30,480 following the transactions. According to on-chain data, the government-controlled wallets conducted transactions involving a … Read more Two wallets linked to the U.S. government, associated with the infamous Silk Road seizure, have caught the attention of crypto watchers as they shuffled around over $300 million in Bitcoin across three transactions on Wednesday. Notably, Bitcoin’s price fell to $30,480 following the transactions. According to on-chain data, the government-controlled wallets conducted…

TL;DR Breakdown The U.S. Senate Finance Committee is collaborating with the cryptocurrency industry to address tax-related issues around digital assets. The committee publicly released questions concerning digital asset loans, wash sales, staking and mining among other topics, with the aim to collect responses until September 8, 2023. This initiative aligns with the IRS’s plans to release crypto tax rules and establish an operational plan to deal with cryptocurrencies. Description The U.S. Senate Committee on Finance is tapping into the cryptocurrency industry’s expertise, hoping to address the complex tax challenges and potential opportunities digital assets present. This development reveals a shift in legislative approach, opting for industry collaboration to untangle the intricate issues related to digital assets and taxation. Seeking industry knowledge The Chairman of … Read more The U.S. Senate Committee on Finance is tapping into the cryptocurrency industry’s expertise, hoping to address the complex tax challenges and potential opportunities digital assets present. This development reveals a shift in legislative approach, opting for industry collaboration to untangle the intricate issues related to digital assets and taxation. Seeking industry knowledge The…

TL;DR Breakdown Binance announces delisting of XRPUP and XRPDOWN leveraged tokens due to SEC legal action against Binance and Ripple Labs. Users are urged to redeem tokens before the delisting date, receiving USDT stablecoin in exchange. Binance’s proactive measures aim to mitigate the impact of changes in trading options for users. Description Binance, one of the leading cryptocurrency exchanges, has made an announcement regarding the delisting of leveraged tokens XRPUP and XRPDOWN on July 25. This decision comes in the wake of legal action taken by the United States Securities and Exchange Commission (SEC) against both Binance and Ripple Labs, alleging the sale of unregistered securities. To … Read more Binance, one of the leading cryptocurrency exchanges, has made an announcement regarding the delisting of leveraged tokens XRPUP and XRPDOWN on July 25. This decision comes in the wake of legal action taken by the United States Securities and Exchange Commission (SEC) against both Binance and Ripple Labs, alleging the sale of unregistered securities. To ensure a smooth transition, Binance urges users to redeem their tokens using the wallet function…

TL;DR Breakdown RBI Deputy Governor expresses concerns over stablecoins, citing potential risks to policy sovereignty and dollarization. Sankar suggests CBDCs as stable solutions for each country, enabling interaction and transactions between different CBDCs. He highlights the need to address inefficiencies in the global payment system, particularly in cross-border remittances, and urges banks to reevaluate their remittance structures. Description Deputy Governor of the Reserve Bank of India (RBI), T Rabi Sankar, has expressed concerns about stablecoins, warning that they pose an existential threat to policy sovereignty. Speaking at an event organized by the Indian Banks’ Association, Sankar emphasized that stablecoins, while beneficial to certain economies, can potentially replace the local currency and transfer profits … Read more Deputy Governor of the Reserve Bank of India (RBI), T Rabi Sankar, has expressed concerns about stablecoins, warning that they pose an existential threat to policy sovereignty. Speaking at an event organized by the Indian Banks’ Association, Sankar emphasized that stablecoins, while beneficial to certain economies, can potentially replace the local currency and transfer profits from the government to private issuers. Implications for policy…