Yield curve control is the next saga in the global monetary policy experiment. What does it mean for the economy and what are the future consequences?
Bitcoin has seen some profits over today’s trading session as September’s monthly candle is coming to an end. Market participants were expecting a tight battle between bullish and bearish forces, but the cryptocurrency has been moving sideways with slight upward pressure. Related Reading: Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins At the time of writing, Bitcoin (BTC) trades at $19,700 with a 2% and 1% profit over the last 24 hours and 7 days. Other cryptocurrencies in the crypto top 10 by market cap are displaying similar price action, but BTC seems to be leading the low timeframe bullish momentum. People Buy Bitcoin To Hedge Against Their Currencies Downside Trend? Data from Material Indicators shows that investors with buying orders from $1,000 to $10,000 bought into Bitcoin’s recent price action while other investors sold their coins. In that sense, a rally into the monthly close seems unlikely. However, Material Indicators also show that ask (sell) liquidity has been decreasing as Bitcoin is rejected from the area of around $20,000. If the price can resume its bullish momentum and can gain more support from larger buyers, bears might be unable to defend $20,000. This might lead BTC to higher levels, and possibly for a reclaim of the levels around $26,000, according to a report from NewsBTC. The cryptocurrency must flip $20,100 into support, analyst from Material Indicators wrote the following about BTC odds as the market heads into the monthly close: There are short term signs of a potential pump, but the crossing of key moving averages suggests the broader trend will continue down. Resist the urge to overtrade or FOMO in. Additional data provided by research firm Messari picked a spike in buying pressure from investors in the Eurozone and the United Kingdom (UK). This pressure is related to a decline in the value of their currencies as the U.S. dollar rallied to a multi-decade high. The New Narrative, Will The Fed Pivot Leading Bitcoin To New Highs? This data from Messari has been put into question by several users. Regardless of its legitimacy, this data speaks about an increasing trend in the sector: more and more market participants are highlighting the impact of central banks in the financial sector and the global economy. According to a report from Charles Gasparino, a reporter for FOX Business, members of the U.S. Federal Reserve (Fed) are aware of the negative consequences of their monetary policy. They have brought a steep downside pressure for equities and risk-on assets, such as Bitcoin. SCOOP (1/2): @federalreserve officials getting increasingly worried about “financial stability” as opposed to inflation as higher rates begin to crush bonds, several big investors tell me. Fed growing worried about possible “Lehman Moment” w a 4% FF rate as Bonds and derivatives — Charles Gasparino (@CGasparino) September 30, 2022 Related Reading: Uniswap Could Slide Below Support Zone – No Demand For UNI This Week? If the pressure inside the Fed becomes too high, the financial institution might pivot its measures, and provide some room for a relief rally across the board. Speaking on this possibility, and on why Bitcoin has been showing strength relative to legacy financial assets, analyst William Clemente said: In theory: People front-running expected CB (Central Banks) pivot by buying BTC -> Perceived BTC “safe haven” flows -> Reflexive response from other market participants? Not my base case but non-zero possibility that my mind is open to.
The weekly report from the LBank Exchange provides an overview of the intriguing new listings from this week and the week prior. Users can learn more in this report to comprehend these exceptional opportunities. New Listings on LBank Exchange Project: SIDO Listing date: 26th September Official Website: sidogame.io & sidogames.io About: SIDO P2E platform project avoids paying […]
One of the expectations of the crypto community is adoption, a journey on which USDC has embarked. The more countries adopt crypto and its products, the better the industry thrives in value and utility. That’s why the reports of adoptions always evoke a sense of satisfaction in enthusiasts. Following cryptocurrency adoption reports from different countries year after year, 2020 and 2021 recorded the most global adoption based on transaction volumes. However, from quarter three of 2021 to 2022, the crypto adoption slightly leveled off the challenging market conditions. Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes However, despite the decline, the market has remained resilient, and long-term crypto investors continue to hold on, hoping for better outcomes. The Crypto industry Stakeholders try to explore endless options to enable the mainstream adoption of cryptocurrencies globally. A recent report revealed that TBD, a subsidiary of Block Inc., has formed a collaboration with Circle to work on open-source and open-standard technologies. In addition, the partnership aims to promote the adoption of digital currencies for global transactions and financial applications. Details Of The TBD-Circle Collaboration TBD is an open-source platform that allows developers to create products and services on decentralized technologies. TBD plans to connect traditional payments and decentralized financial systems to promote digital currency through its products. Block Inc. is a multinational tech firm founded by Jack Dorsey and co-founder Jim McKelvey. Block has many subsidiaries, such as Square, Cash App, Afterpay, and lots more. The company’s subsidiaries are majorly payments Platforms. It also owns a digital music streaming company known as Tidal. Block invested 1% of its total asset into Bitcoin in 2020. On September 29, TBD posted a tweet announcing its partnership with Circle to support cross-border remittance and self-custody of USDC stablecoin. The circle is a global financial tech company that helps businesses and developers explore the power of digital currencies for payment and internet commerce worldwide. The collaboration between TBD and Circle would undoubtedly yield benefits for the crypto industry. The Chief operating officer of TBD, Emily Chiu, thinks BTC is a potential reserve currency and might challenge the USD in the future. Chiu also feels the stablecoins would become the bridge between USD and BTC future. TBD to Support USDC Use Cases For Cross-border Remittance In the collaboration, TBD plans to support USDC in use cases. These use cases would enable developers to build on Block’s tbDEX protocol and Web5 decentralized identity platform. Related Reading: ApeCoin Performance Could Attract The Whales – How About The Bulls? The use cases include global real-time and low-cost remittance and self-custody USD-backed stablecoin wallets. The use cases would also enable businesses and consumers to make traditional payments using digital assets. In the current US Feds’ monetary tightening policy and inflation, currencies of many countries have devaluated. As a result, the stablecoins are now remittance and savings alternatives. TBD intends to support remittance in the United States and Mexico, targeting India, and the Philippines, the world’s largest remittance recipients. Mexico receives 95% of the remittances that come from the United States. Featured Image Pixabay, Charts From Tradingview.com
The Bitcoin Policy Institute’s report on CBDCs makes a strong case for why the US should reject a centrally issued version of the dollar. Bitcoinist covered that already. This time, we’ll focus on the reasons why The Bitcoin Policy Institute thinks CBDCs don’t make sense and are not practical for capitalist societies. The main argument […]
One of the most notable features of cryptocurrency is its ability to enable instant cross-border payments, which has attracted a widening number of territories so far. Around 105 countries have tapped the technology, with some currently in the final stages of launching their Central Bank Digital Currency (CBDCs), like China. Others, like Sweden and Israel, […]
Terraform Labs is reportedly accusing South Korean authorities of giving in to public pressure when they issued a warrant of arrest against its founder Do Kwon. Kwon currently faces legal actions following the crash of the cryptocurrency Terra (LUNA) and the stablecoin TerraUSD (UST). A spokesperson for the Singapore-based firm tells The Wall Street Journal […]
Two crypto exchange platforms are being reportedly asked by South Korean authorities to freeze tens of millions of dollars worth of Bitcoin (BTC) tied to Terra (LUNA) founder Do Kwon. According to a new report by Bloomberg, South Korean prosecutors are asking the KuCoin and OKX crypto exchanges to freeze 3,313 BTC linked to a […]
President Tokayev said Kazakhstan will give full legal recognition to digital assets if demand persists while they continue testing security concerns.
Bitcoin has been unable to break above or below its current rage, and price action remains undecided. During yesterday’s trading session, the cryptocurrency saw upside volatility, but gains were surrounded once more today as macroeconomic forces took over BTC. Related Reading: MEV Crypto Bot Gains $1M But Loses Same To Hack Same Day At the time of writing, Bitcoin (BTC) trades at $19,200 with sideways movement in the last 24 hours and 4% profits in the last 7 days. While large cryptocurrencies have been able to preserve some of their gains from the past week, most are following the general sentiment in the market. U.S. Economy Report Tumbles Bitcoin Price As Bitcoin was moving into its upcoming resistance level at around $20,500, the U.S. published its recent economic report on the job sector. The initial jobless claims for September’s last job came in at 193,000, the lowest level since April 2022, according to a report from CNBC. This represents a 16,000 decline from the previous week when the jobless claims stood at 215,000. This data indicates that the U.S. economy has continued to see a spike in its job force, with fewer people reporting unemployment. The Jobless continuing claims also saw a decline of 29,000 for a total of 1.3 million. This data has relevance as the U.S. Federal Reserve (Fed) is set at stopping inflation from rising, as measured by the U.S. Consumer Price Index (CPI). The latter metric is currently at a multi-decade high which forced the financial institution to hike their interest rates. However, the Fed’s monetary policy seems to be having no impact on U.S. economic growth. The report stated: The strong labor numbers come amid Fed efforts to cool the economy and bring down inflation, which is running near its highest levels since the early 1980s. Central bank officials specifically have pointed to the tight labor market and its upward pressure on salaries as a target of the policy tightening. Bitcoin Far From Seeing A Price Bottom? As a result of this data, the legacy financial markets and Bitcoin traded to the downside. Market participants must be pricing in further interest rate hikes and more aggressive measures from the Fed as it attempts to cool down inflation. As the data went public, President of the Cleveland Federal Reserve Lorretta Mester spoke about doing “what we must do to get back to price stability”. Other members of the financial institution are likely to adopt a similar stand. This will translate into more pain for Bitcoin and risk-on assets. Commenting on the data, an analyst for Material Indicators said the following, while sharing the chart below showing the crypto market’s reaction to the jobless report: FireCharts shows how BTC traders responded to the economic news. Strong economic report means FED tightening hasn’t had much if any impact yet. Translation: More aggressive rate hikes through Q4 and into 2023. Macro Analysis: THE BOTTOM is not in. Related Reading: Solana Price Fails To Break $34 Again, What Could This Mean? As NewsBTC reported yesterday, Bitcoin must stay above $18,700 to $18,600 to sustain any potential bullish momentum. If bulls can defend these levels, the cryptocurrency could see a relief that will push its price north of $20,000 ahead of more economic announcements from the Fed.
Hacks and exploits are increasingly taking more root in the crypto space. With the acceptance of digital assets globally, crimes also grow. The criminals use more technological approaches to aid their exploitation and hacks on protocols and platforms. A slight and negligible loophole is enough to result in these exploits. MEV bot, an Ethereum arbitrage trading bot, amassed a whopping $1 million as a jackpot prize. However, the joy of its gains was short-lived as events turned out negatively for it some hours later. Before adequately reflecting on the tremendous value, a hack wiped the gains. Related Reading: QUANT Basks In Green As QNT Coin Surges 35% On 7-Day Rally MEV Bot’s Crypto Gains Came Through Arbitrage Trading Opportunity Robert Miller, an employee of Flashbots, a research firm, took to Twitter to report the attack. He noted that the Maximal Extractable Value (MEV) bot with the prefix 0xbadc0de earned Ether through arbitrage trades. He said the bot gained up to 800 ETH worth about 1 million in the works. The bot leveraged a considerable arbitrage opportunity from trader sales from Miller’s explanation. The transaction involved about $1.8 million in cUSDC via Uniswap v2, a decentralized exchange (DEX). The trading yielded just $500 assets in return. Upon detecting the advantage, the bot immediately utilized its availability to obtain a huge earning. But the bot’s gain could not stay much longer when a hacker discovered a vulnerability in its lousy code. The bad actor used the lapse to trick it into authorizing a transaction. The hacker wiped the bot’s balance, about 1,101 ETH. PeckShield, a blockchain security company, revealed that the bug is traceable to the bot’s callback routine. This served as the loophole for the exploit through which the hacker approved an arbitrary address for spending. Similar Vulnerability Attack Vulnerability attacks on the crypto space are skyrocketing. For example, an Ethereum vanity address generator, Profanity, recorded a vulnerability exploit on September 18. The attack ended with a loss of $3.3 million worth of funds from different wallets. 1Inch Network, a DEX aggregator, investigated the exploit. The DEX discovered some ambiguity in the creation of the compromised wallets. It warned the wallet users to move their funds due to the risk associated with their use. Related Reading: Bitcoin Notches Highest Trading Volume In Over 3 Months, Binance Data Shows There was another exploit on a vanity wallet address just a week after that of Profanity. The attack resulted in the loss of some Ether valued at approximately $1 million. The hackers moved their proceeds to Tornado cash, the crypto mixer which was recently sanctioned. Featured image from Pixabay, Chart: TradingView.com
Valuing and monetizing tokenized assets requires tremendous skill and expertise. Thus, rendering asset management as a tool to raise growth capital and liquidity inaccessible to many. The global tokenization market sized at $1.92 billion in 2021 is expected to grow to $2.32 billion in 2022 at a compound annual growth rate (CAGR) of 21.09%. Tokenization increases liquidity, lowers costs, and enhances risk management. AI and web3 valuation, tokenization, and monetization can all sound like overhyped buzzwords. But when put together and packaged neatly into a service, they help organizations of all sizes and shapes realize the value of their tangible and intangible assets. This paves the way for unlocking new revenue streams, driving greater user adoption, and raising growth capital. At its core, Valuation, Tokenization, and Monetization as a Service (VTMaaS) is the ability to take something of value — like a company or asset — and break it down into small pieces that can be traded on a blockchain. This makes it easier for people to invest in things they might not have been able to before and opens up new opportunities for monetizing assets. With state-of-the-art AI and blockchain-enabled valuation and portfolio management engines, companies like Ovenue are striving to transform the asset management industry by empowering enterprises of all sizes to unlock the value of off-chain assets through their technology that are backed by AI and Web3. Ovenue builds and licenses AI and Web3 technologies for asset valuation, tokenization, and monetization. Asset owners or businesses can turn their real-world assets into asset-backed digital products (such as asset-backed tokens, a type of non-fungible tokens) that can be licensed, sold, and collateralized using Ovenue’s end-to-end software and platform, powered by artificial intelligence and blockchain technologies. These software products can be used by small and medium-sized enterprises or financial institutions for asset management, digital transformation, and financing. Identifying and Evaluating Assets for Tokenization The first step in the tokenization process is to identify which assets are best suited for tokenization. Once potential assets have been identified, they must be valued and evaluated in terms of their risk/return profile, liquidity needs, and other factors. After conducting a thorough analysis of the asset, a report is generated that outlines the feasibility of tokenizing the asset in question. In some cases, asset owners and businesses can choose their off-chain tangible and intangible assets they intend to onboard on to a platform like Ovenue. Intellectual property, commodities, natural resources, and real estate are a few examples of real-world assets that can be tokenized. The process of asset valuation is one that requires reliable valuation software, predictive analysis, and asset management expertise to generate a fair market value for real-world assets. Expert skill and knowledge of market conditions are required to meticulously calculate the value of an off-chain asset. Ovenue is adept at this. The valuation process structured by the team at Ovenue combined with predictive and historical metrics adds precision and trust to asset valuation and tokenization thanks to AI and Distributed Ledger Technology’s (DLT) immutability. The legitimacy and enforceability of smart contracts render a new class of highly valuable and transparent assets. Tokenization and Monetization of Assets The tokenization of an asset is the process of converting it into a digital token that can be traded on a blockchain. This makes it possible to transfer ownership in the asset and make it more liquid. Once an asset has been tokenized, it can be traded on secondary markets or used as collateral for loans. The assets, however, need to be isolated due to their inherent risks. This is particularly true in the case of intangible assets. To isolate the risk associated with the process, Ovenue offers asset owners the option to separate their assets into a Special Purpose Vehicle (SPV) to legalize the asset ownership. Asset-Backed Tokens (ABTs) are also key to creating new asset-backed products like asset sales, TradFi, and DeFi debts. This simplifies the financing and monetizing efforts as they cannot be replicated or subdivided. ABTs require a market where they can be traded or transacted to further financing efforts. Asset owners should be equipped to securely exchange digital money, leading to new growth opportunities and financial freedom. After valuation and tokenization, ABTs are listed to be sold, collateralized for future financing, licensed for royalty, or inventorized on the platform. Summary The AI and blockchain-enabled platform and finance protocols that Ovenue has developed significantly simplify raising growth capital. Asset tokenization brings highly valued assets into the platform and offers a new marketplace where investors can attain financial freedom by buying and selling their holdings. It also ushers in a higher return on investments.
China has become a hotbed of illicit crypto trade lately. The country has earned quite a reputation in the international community when it comes to scams and illegal activities involving cryptocurrencies. Recently, there have been a number of nefarious activities originating from the country or involving Chinese nationals. For instance, in June 2021, more than 200 […]
The Lazarus Group are North Korean hackers who are now sending unsolicited and fake crypto jobs targeted toward Apple’s macOS operating system. The hacker group has deployed malware which conducts the attack. This latest variant of the campaign is being scrutinised by the cybersecurity company SentinelOne. The cybersecurity company found out that the hacker group […]