Day: August 14, 2023

Former SEC Chair, Jay Clayton comments on the transition of the crypto market from early speculative stage to a more institutionalized state in his CNBC interview. He highlights the evolving regulatory landscape of cryptocurrencies, retail access to Bitcoin, and the need for guidelines balancing innovation and investor protection.

“Kraken Ventures plans to raise $100 million in its second funding round, targeting early-stage founders in the blockchain and cryptocurrency sector. Despite crypto market instability, the firm believes smaller, more hands-on fund operations yield better results and intends to distribute this capital across numerous projects.”

“Hedera Hashgraph’s digital token HBAR sees a value surge following its decentralized applications (dApps) Dropp’s listing by the US Federal Reserve’s payment service, FedNow. Dropp offers an affordable micropayments platform and infrastructure for the trending non-fungible token market, positioning Hedera’s applications on the brink of a significant shift in the blockchain technology landscape.”

“Cryptocurrencies are experiencing mild bullishness. Bitcoin and Ethereum still await clarity on US regulations and expected Bitcoin ETF approvals. Meme coin sector exhibits volatility, new entrants like spurdo and FOOM seeing substantial growth. Yet, caution is demanded due to potential risks.”

“The rise in the U.S. dollar index (DXY) might be an obstacle on Bitcoin’s recovery path. The DXY’s upward trend has likely influenced risky assets negatively, with equities markets seeing a corrective phase. While experts predict Bitcoin consolidation within a specific range, trends in the Ethereum market currently favour the bears.”

The bankrupt crypto lender, Voyager Digital, recently moved 1,500 Ether (ETH) and 250 billion Shiba Inu (SHIB) tokens to Coinbase, sparking speculation about potential liquidation. This aligns with Voyager’s ongoing trend of trimming its SHIB holdings, leading to concerns about its financial challenges and the potential impact on the wider crypto market.

“Cryptocurrency market sees minor gains led by altcoins HBAR, with Hedera integration into the US Federal Reserve’s payment service, FedNow, signaling promising trajectory, and RNDR token. Interest also looms over ApeCoin’s potential rally. Crypto presales emerge as a promising, yet high-risk, investment avenue.”

Bernstein predicts that SEC approval of a Bitcoin ETF application could stimulate enormous expansion for crypto markets, impacting the stablecoin market and prompting fresh capital inflows. This potential approval could legitimize cryptocurrency and increase investment in crypto infrastructure and tokenization of traditional assets.

“The price of Bitcoin (BTC) has reached a four-day high nearing $29,600, hinting at changes in volatility. However, a critical resistance zone needs to be flipped for continuation. The U.S. dollar index receding and strict action from Chinese authorities add layers of complexity and uncertainty in the global cryptocurrency landscape, blurring the line between risk and opportunity.”

“In the ever-dynamic world of cryptocurrency, U.S. mining company TeraWulf reported an increase in its Bitcoin yield due to expanded mining capacity. Meanwhile, Hut8 reported a BTC decrease linked to operational challenges. These contrasting examples demonstrate the potential risks and rewards involved in large-scale mining operations, pointing to the importance of resources, strategy, and execution in the volatile crypto landscape.”

Coinbase is expanding its reach to Canada with new features like a month-long free use of Coinbase One and zero trading fees. Partnering with Peoples Trust Company, Coinbase now facilitates Interac e-Transfers for Canadians, making cryptocurrencies more accessible and driving up sales through meaningful interactions with customers. These significant moves align with Coinbase’s global growth ambitions and the trend of high cryptocurrency awareness in Canada.

XRP20, a ‘Version 2’ blockchain coin, raised $2.74 million in its high-energy presale with buyers staking 22.7% of supply. The coin offers a bountiful Annual percentage yield (APY) of 109%, while its auditing by 0xGuard provides added security. Despite a minor gas fee issue, XRP20’s decentralized approach contrasts Ripple’s control over XRP’s release, attracting investors with community-centric visions. With its price set 30x lower than XRP’s all-time low, it stirs high anticipation in the crypto space.

“Major tremors are rocking the DEX markets with ZKSync DEX stablecoin USD+ undergoing tumultuous highs and lows, sparking extraordinary price fluctuations. Amid the turbulence, the Wall Street Memes token ($WSM) has garnered interest, amassing +$23.7m in its presale funding.”

“Crypto exchange platform Coinbase expands its services in Canada, in partnership with the Peoples Trust Company. However, other crypto exchanges faced difficulties in the Canadian market due to a tightening regulatory environment set by the Canadian Securities Administrators.”