Nudge seeks to unleash a new DeFi primitive called Re: allocation Value.
As Bitcoin adoption continues to gain momentum globally among countries and traditional financial (TradFi) institutions, Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has emerged as a stealth holder of the largest cryptocurrency on the market. Unexpected Bitcoin Whale? According to a recent analysis by K33 Research analyst Vetle Lunde, NBIM, which manages the […]
Growth in its DeFi ecosystem and the upcoming Binance Launchpool addition have put wind in Toncoin’s sails.
The charter allows Fireblocks to offer cold-storage custody to US clients.
Ledger, a major hardware wallet company, has partnered with Revolut to enable crypto trading on its self-custodial wallets in certain EEA countries.
Restaking yields are still mostly speculative, according to Mike Silagadze speaking at the Blockchain Futurist Conference.
On-chain data platform Token Terminal has set the stage for a potential seismic shift in the crypto ecosystem. It predicts that $10 trillion asset management giant and exchange-traded fund (ETF) issuer BlackRock is preparing to unveil its blockchain platform. BlackRock’s Crypto Masterplan Recent research by Token Terminal delves into BlackRock’s strategic entry into the crypto […]
The loan saved Argo from bankruptcy during the crypto winter of 2022.
The current AI oversupply has prolonged the cost recovery on major AI investments, which could force large corporations to shift investment focus.
Amid the buzz surrounding political tokens and the heated race for the White House between former President Donald Trump and Vice President Kamala Harris, a token known as Restore the Republic (RTR) emerged. According to Fortune, this crypto, which exploited rumors surrounding the Trump family, defrauded investors and led to the loss of significant amounts […]
It could be followed with deployments on Optimism and Base.
The newly minted stablecoins could help push Bitcoin’s price above the $65,000 resistance, which is the short-term whale holder's realized price.
Representatives from Coinbase, Kraken, Ripple and Circle reportedly attended a video call with US policymakers to discuss their approach to crypto regulation.
The scam starts with a small payment of USDT to the user.
Coinbase currently holds approximately $270 million in customer assets.
Lookonchain shared that Plus Token had begun moving nearly $2 billion in ETH but it turns out most of it had already been sold in 2021.
Donald Trump still has a slight lead on the betting platform, but Harris is closing in.
In his latest essay “Spirited Away,” Arthur Hayes, the former CEO of BitMEX, dives into the complexities of the global financial markets, with a focus on the impending unwinding of the dollar-yen carry trade and its impact on the crypto market. Hayes begins by discussing the potential actions of the US Vice President Kamala Harris in response to an impending financial crisis, influenced by her need to secure electoral victory. He predicts, “Harris will instruct Yellen to use the monetary tools available to her to avert a financial crisis,” suggesting an immediate response to stabilize the markets expected “no later than the opening of Asian trading next Monday, August 12th.” Related Reading: Bitwise CIO Believes The Crypto Crash Sets The Stage For Bitcoin To Thrive – Key Reasons Why The analysis revolves around the ‘yen carry trade,’ where Japan Inc. borrows yen at low rates to invest in higher-yielding foreign assets. This trade has been massively profitable due to the Bank of Japan’s (BOJ) policies that keep yen liabilities low and asset returns high, facilitated by a weak yen. However, Hayes points out the vulnerabilities of this strategy: “If the BOJ ceases its bond purchases, the unwinding could lead to significant yen appreciation and a corresponding decline in global equity markets.” Hayes outlines the potential dire consequences of a sudden strengthening of the yen, predicting drastic impacts on global stock markets. He quantifies these impacts, stating, “If the dollar-yen reached 100, a 38% move, the Nasdaq would drop to ~12,600 and the Nikkei to ~25,365,” indicating severe repercussions for global financial stability. According to the former BitMEX CEO, the full unwind of the dollar-yen carry trade is a question of when, not if. “The question is when the Fed and Treasury will print money to blunt its effects on Pax Americana,” he adds and describes a scenario where the US equity markets could crash into this upcoming Friday. “Then some sort of action over the weekend is probable,” according to Hayes. He further theorizes on a more long-term scenario: “If the yen starts to weaken again, the crisis is over in the immediate term. The unwind will continue, albeit at a slower pace. I believe the markets will throw another tantrum between September and November as the dollar-yen pair resumes its death march toward 100. There will definitely be a response this time around, as the US presidential election will be weeks or days away.” How To Trade Crypto In This Environment Hayes describes the situation as complex due to two conflicting liquidity forces. “Trading this in a crypto fashion is difficult. Two opposing forces influence my crypto positioning,” he states. First, there is the “Liquidity Positive Force”. This force emerges from the US Treasury’s potential actions, which could inject significant dollar liquidity into the market. Hayes notes, “After a quarter of net restrictive policy, the US Treasury will net inject dollar liquidity because it will issue Treasury bills and possibly deplete the Treasury General Account.” This influx of liquidity could buoy markets, including cryptocurrencies, by providing more capital for investment. Related Reading: Why The 4-Year Crypto Cycle Is A Thing Of The Past: Top-Analyst Conversely, the strengthening of the yen (“Liquidity Negative Force”), driven by the unwinding of the carry trade, would necessitate a global sell-off of financial assets as higher yen costs make debt servicing more expensive. This force could lead to a withdrawal of liquidity from markets, exerting downward pressure on asset prices, including cryptocurrencies. Hayes proposes that the interplay of these forces will dictate the behavior of Bitcoin and other cryptocurrencies. He categorizes potential outcomes into two scenarios: Convex-Bitcoin Scenario: In this scenario, Bitcoin could rise in value regardless of whether the dollar-yen pair strengthens or weakens, indicating that the market expects a bailout if the yen strengthens and that the liquidity provided by the US Treasury is sufficient to counteract the negative impacts. Correlated-Bitcoin Scenario: Here, Bitcoin’s price movements would align closely with traditional financial markets. A strengthening yen would lead to a fall in Bitcoin prices, and a weakening yen would result in a rise, mirroring the liquidity shifts in traditional finance. “If the setup is convex-Bitcoin, I will aggressively add positions as we have reached the local bottom. If the setup is correlated-Bitcoin, then I will sit on the sidelines and wait for the eventual market capitulation. The mega assumption is that the BOJ will not reverse course, cut deposit rates back to 0%, and resume unlimited JGB purchases. If the BOJ sticks by the plan it laid out at its last meeting, the carry trade unwind will continue,” Hayes concludes. At press time, BTC traded at $57,200. Featured image from YouTube, chart from TradingView.com
Bitstamp entered a partnership to support Stripe’s crypto on-ramp solution in Europe a few months after Robinhood announced Bitstamp’s acquisition for $200 million.
Bitcoin could see more downward pressure if the top tech stocks in the US continue to shed value.
Former President Donald Trump made waves at the recent 2024 Bitcoin Conference in Nashville when he pledged to “make crypto great again” – including firing the Securities and Exchange Commission (SEC) Chair on his first day back in the White House. Trump’s promise to oust the crypto-skeptic Gary Gensler resonated with many in the crypto industry who […]
Long at odds with the Biden administration, the crypto industry has launched a major political offensive to influence the Democratic Party. According to a Bloomberg report, a network of pro-crypto super Political Action Committees (PACs) has raised over $170 million to back crypto-friendly candidates in congressional primaries, focusing on supporting Democrats. Crypto Industry’s Political Offensive […]
Part of the problem is the airdrop model for token distributions, which has grown in popularity in recent years.
The cryptocurrency industry recently experienced a substantial reduction in its overall market capitalization as prices plummeted sharply over the weekend. This downturn was particularly notable as Bitcoin, the leading cryptocurrency by market value, fell below the $60,000 mark on Saturday, August 3. Ethereum, the second-largest cryptocurrency, also faced significant losses, dipping below $3,000 and reaching […]
The last time Bitcoin whales moved this many coins from exchanges was when the BTC price was around $220 in 2015.
Memecoins underperform the wider crypto market after double-digit weekly losses surpass the sell-off in BTC and ETH.
Memecoins underperform the wider crypto market after double-digit weekly losses surpass the sell-off in BTC and ETH.
The valuation assumes continued aggressive Bitcoin buying by MicroStrategy.
Coinbase’s layer-2 blockchain hosts approximately 80% of Uniswap’s monthly active traders.
This past weekend, the much-anticipated 2024 Bitcoin Conference took place in Nashville, Tennessee, and it turned out to be a huge success for former President Donald Trump’s aspirations for possible re-election in the upcoming November elections. According to recent reports, Trump’s campaign raised a substantial $25 million in a single night at a private fundraising […]