Author: NBTC
Bitcoin price found support near $67,500. BTC started a fresh increase and might soon revisit the $72,500 resistance zone in the near term. Bitcoin retested the $67,500 support zone before it started a fresh increase. The price is trading above $70,000 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $69,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it clears the $71,400 resistance zone. Bitcoin Price Holds Support Bitcoin price saw another decline below the $70,000 zone.…
Jenny Johnson, the President and CEO of Franklin Templeton, expressed concerns that the US risks losing its leadership position in the crypto space to other nations if it maintains a closed approach to regulation. “I do worry that if we’re too closed on this, we will cede leadership to other jurisdictions,” she said. In a conference presentation at Consensus on Thursday, Johnson praised the regulatory efforts of countries like Singapore, Hong Kong, and the United Arab Emirates, stating: “Singapore, Hong Kong, UAE, probably have been in even Europe to some extent, have led more in all taking different approaches in…
This week, the Bitcoin mining industry achieved significant milestones with critical political support. A prominent US senator joined the sector, and Oklahoma passed key legislation favoring its growth. The convergence of these events marks an important step for the industry, reflecting increasing mainstream acceptance. Bitcoin Mining Gains More Political Backing On May 31, Senator Ted Cruz announced the acquisition and operational start of three Bitcoin miners in Iraan, Texas. Marathon Digital CEO Fred Thiel praised Cruz’s initiative, welcoming him to the Bitcoin mining community and highlighting his role in securing the network. “Welcome to the ranks of Bitcoin miners! Thank…
Two financial advisors disclosed investments in spot Bitcoin ETFs on April 9. Signal Advisors, a Michigan-based startup serving independent financial advisors, disclosed ownership of 20,571 BlackRock iShares Bitcoin Trust (IBIT) shares. Wedmont Private Capital, a Philadephia-based Registered Investment Advisor (RIA), disclosed ownership of 3,471 shares of Fidelity Bitcoin ETF (FBTC). Spot Bitcoin ETF shares comprise a small amount of each firm’s investments. Wedmont has over $1.3 billion in assets under management (AUM), while Signal’s AUM stands at roughly $403 million. The companies’ other holdings primarily consist of traditional exchange-traded funds (ETFs), stock investments, and other assets. Advisors begin stacking Bitcoin…
James Seyffart, Bloomberg’s ETF Research Analyst, discussed the integration, challenges, and future prospects of digital asset ETFs with experts and institutions at Consensus 2024. “Despite being 240 years old, we’ve continuously innovated, and digital assets are just part of that journey,” said Caroline Butler, Global Head of Digital Assets at BNY Mellon, emphasizing the importance of disciplined scalability in managing $47 trillion in assets. Institutional adoption emerged as a key theme. “It’s about providing the necessary research for advisors to make informed decisions,” stated Katherine Dowling, Executive Management at Bitwise Asset Management. Dowling noted the ongoing due diligence process and…
Shiba Inu (SHIB) is in a fragile state as many of its key growth metrics are contrasting amid a broader bearish rebound on the market. At the time of writing, the price of Shiba Inu has dropped by 8.42% to $0.00002494. To contradict this bearish slip, there is an apparent boost in trading volume, which has soared by 12.24% to $841,624,957. Per data from Shibburn, a major boost might be coming for Shiba Inu’s deflationary feature as the burn rate is now relatively flat. At 0% growth, the meme coin saw 22,346,657 SHIB incinerated in 24 hours, setting the stage…
After two consecutive months of record-breaking revenue, bitcoin miners experienced a significant downturn in earnings in May, a level not seen since October 2023. In April, miners generated $1.79 billion, whereas May’s figures show a considerably lower revenue of approximately $964.24 million. Sharp Decline in Bitcoin Miner Revenue in May Bitcoin miners generated 46.15% less revenue in May compared to April, according to the theblock.co data. Miners earned $964.24 million from block subsidies and fees in May. Onchain fees were $64.85 million in May, significantly lower than the $281.47 million accrued in April. This marked the lowest earnings since October…
Bitcoin (BTC) climbed back to $70,000 Wednesday, reversing its knee-jerk dip following hotter-than-anticipated U.S. inflation data for March. BTC slipped nearly 4% to $67,500 during early U.S. hours after a government report showed the Consumer Price Index (CPI) rising faster than analyst expectations, prompting investors to temper their expectations for rate cuts this year. The dip echoed through multiple asset classes, but bitcoin gradually erased all its losses, and was up over 1% over the past 24 hours, outperforming U.S. equities and gold, both of which finished with sizable declines for the day. At press time, bitcoin had slipped a…
Key Points: Hong Kong reaffirms commitment to promoting financial innovation, citing key areas like fintech, green finance, and Web3-related DeFi. Officials highlight significant sectors, including virtual assets, with emphasis on stability measures to manage financial risks effectively. Hong Kong’s proactive approach underscores its aim to maintain competitiveness as a leading international financial center while embracing emerging trends. Hong Kong government officials reaffirmed their commitment to fostering financial innovation while simultaneously prioritizing stability and risk management. The statement underscores Hong Kong’s determination to remain a global financial hub by embracing emerging trends and technologies in the financial sector. Hong Kong will…
CBRT announced its interest rate decision for April 2024. CBRT Monetary Policy Committee left interest rates constant in April. The expectation was that the policy rate would be kept constant at 50% in April. What Was the Dollar’s Reaction to the Interest Rate Decision? After the CBRT decision, the dollar is traded at 32.52 TL. CBRT’s statement regarding the latest interest rate decision is as follows: “The Monetary Policy Committee (Board) decided to keep the one-week repo auction interest rate, which is the policy rate, constant at 50 percent. The main trend of monthly inflation in March was higher than…