Category Archives: Bitcoin
The Brazilian Stock Exchange will launch Bitcoin and Ethereum futures – Cointelegraph
B3, the Brazilian Stock Exchange, confirmed that within six months it intends to launch its first official product aimed at the cryptocurrency market Bitcoin (BTC) futures trading. The group's chief financial officer, Andr Milanez, made the announcement during a conference call on Monday.
Milanez did not provide many details on how the product will work. It is not yet known if B3 will form a partnership or if it will offer Bitcoin futures trading directly, but the timeline for launching this product was stated to be relatively short. "We plan to launch bitcoin futures in the next three to six months," he said.
Currently, in Brazil, institutional and retail investors can trade 11 ETFs through B3 with exposure to cryptocurrencies, including CRPT11 from Empiricus with Vitreo; the NFTS11of Investo; QBTC11, QETH11 and QDFI11 all from QR Assets and META11, HASH11, BITH11, ETHE11, DEFI11, WEB311 all from Hashdex. In addition, in Brazil, there are more than 25 investment funds approved by the Securities and Exchange Commission (CVM) that offer different types of exposure to the crypto-assets market.
In January Jochen Mielke de Lima, director of information technology at B3, had already said that the Brazilian stock exchange would launch several products with exposure to cryptocurrencies in 2022, including Bitcoin futures and Ethereum (ETH) futures
At the time, the executive highlighted that the Brazilian stock exchange had been looking closely at the cryptocurrency market from a technological point of viewsince 2016.
According to the statement, B3 only needed to settle the question on whether the negotiations would be carried out against the U.S. dollar or against the Brazilian real. Futures contracts need a reference index, so if the team chooses Brazil's native currency, it will be necessary to compose a crypto-assets index in reais something that does not exist now.
The B3 rep also said it is exploring ways to provide data inputs for the countrys central bank digital currency, or CBDC.
In addition to BTC and ETH futures, B3 also intends to offer services to national cryptocurrency exchanges and to be a kind of "centralizer" of custody and settlement operations, according toJochen Mielke de Lima:
Mielke, also stated that the cryptocurrency market is very similar to the regulated stock market, as it involves issuing, trading, settlement and custody. He stated therefore that B3 could help solve common problems between exchanges.
We are identifying points of friction that we can help resolve to face up, such as helping our customers provide the best access to their end customers, he said.
In addition, B3 plans other products based on cryptocurrencies and blockchain to launch in 2022. Among them, there are studies on a platform for asset tokenization, cryptocurrency trading, cryptocurrency custody, among others.
"Trading and access to liquidity centers: this means mitigating the complexities of accessing a fragmented, global and 24x7 market; Digital Asset Custody: providing reliable custody (hence, purpose of blockchain transactions); Over-the-counter facilitation: thIn this way, it wants to provide more security and efficiency in the movement and DVP of digital assets; Capital efficiency gains: thus, it wants to mitigate the pre-funded nature of operations and Crypto as a service: make it easier for clients to explore the crypto market with low friction," highlighted B3.
For 2022, B3 reps said they foresee the official launch of a reinsurance platform. This will work on the Corda blockchain R3, and is a partnership between the exchange and IRB Brazil.
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The Brazilian Stock Exchange will launch Bitcoin and Ethereum futures - Cointelegraph
Terra’s Big Backers, Shanghai Court Declares Bitcoin Property, BTC Obituaries, and Triple Top Hopes Bitcoin.com News Week in Review The Weekly…
With the nightmare nosedive of Terras LUNA and UST, the Shanghai High Peoples Court declaring that bitcoin is virtual property protected by Chinese law, a surge in Bitcoin Obituaries, and some hoping for a rare triple top to appear for BCT, the past week has been full of shock, questions, speculation, and broader market resilience in the crypto community. Without further ado, this is your bite-sized digest of the weeks hottest crypto news.
Terras founder Do Kwon revealed a plan on Wednesday, but after some brief healing, Terras native tokens LUNA and UST continued to plummet. Now people are beginning to wonder who backed this popular crypto project, and which crypto firms had a lot of exposure to the failing assets.
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The Shanghai High Peoples Court has declared bitcoin to be a virtual asset protected by Chinese law. The court notes that the cryptocurrency has economic value.
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While bitcoins price has dropped to levels not seen since January 2022, a number of detractors think bitcoin is on its death bed. Data stemming from the Bitcoin Obituaries list shows the leading crypto has died seven times in 2022, outpacing the first three years of obituaries by year written by bitcoin haters. The last obituary written about bitcoin, opined by the financial journalist, John Plender, claims the leading crypto asset follows the greater fools scenario.
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While crypto markets look extremely bearish these days, a few crypto advocates have theorized the bear market will be less harsh this time around. Furthermore, theres also the rare scenario that bitcoins price could reverse and see a triple top even though its commonly said in the finance world there is no such thing as a triple top.
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What are your thoughts on this weeks top stories? Let us know what you think in the comments section below.
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Bitcoin: The Return To Reality – Seeking Alpha
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Bitcoin (BTC-USD) has been bleeding for months due to tight liquidity conditions and targeted selling of high beta technology stocks. Low interest rates since the global financial crisis in 2008 have led markets to reach extreme valuations. Now, the decade-long bubble has popped, and assets are moving back to reality.
For most of Bitcoin's existence, it has benefited from low interest rates. With rates now rising, Bitcoin's price is suffering from the resulting uncertainty. In the near term, Bitcoin's Wave 3 Elliott extension is signaling a crash to $21k. In the long term, Bitcoin's Price Cycle outlook implies an 80% crash to $14k.
Bitcoin All-Time Chart (TradingView 5-11-22)
At BitFreedom Research, we believe the activities of the past 2.5 years will be remembered as the second dot-com bubble. The bubble popped in November 2021 when Bitcoin reached $68,990. Going forward, persistent sell pressure should kill any elements of the cryptocurrency market that do not provide tangible value.
While the underlying internet technologies that powered the turn of the millennium dot-com bubble were solid, an overabundance of investments into the space caused an eventual crash. This same process has afflicted the cryptocurrency market, and the crash is occurring right now:
LUNA, First Collapse Of The Crypto Crash (TradingView 5-11-22)
By following the same rules that dictated the dot-com crash, we can infer there will emerge oligopolistic winners that grow to dominate each Web 3 sector. According to our own analysis, the following cryptocurrencies are the most likely to survive and thrive long into the future:
If we believe these projects will succeed, then it follows that there will a be a point of maximum opportunity (a bottom) at some point during the present bear market. To find potential bottoms, we are using Elliott Wave theory combined with Bitcoin's Price Cycle theory.
Bitcoin Elliott Waves (TradingView)
Looking at Bitcoin's daily chart, the asset is currently moving in Wave 3 (the most powerful wave) of its long-term corrective phase. Wave 3 typically extends 1.618 the length of Wave 1. When charted, this Fibonacci extension implies Bitcoin will crash to $21k.
With Bitcoin in Wave 3, this implies a deeper move into Wave 5. To analyze how low a final Wave 5 can push Bitcoin, we are studying data from the asset's previous 2 price cycles.
After each parabolic run-up, Bitcoin has decreased from peak to trough by 80% approximately 1 year later. According to this movement, Bitcoin should reach $14k between October-November 2022.
Bitcoin Price Cycle Analysis (TradingView)
A major difference between the current crypto bubble and the previous dot-com bubble, is that the speed of the internet should make crypto's drawdown and recovery occur much faster. Due to this, we expect the entire cryptocurrency crash and bear market to conclude near the end of 2022. In accordance with how bubbles typically pop, a dip below Bitcoin's baseline growth trend (identifiable through the 200-week simple moving average) can take Bitcoin as low as $14k.
From a conceptual perspective, Bitcoin is currently in the Fear/Capitulation zone of the 'Stages in a bubble' diagram. Since Bitcoin's previous bull run was so long and unhinged, toxic aspects of the market now must die before everything can heal.
Stages In A Bubble (Hofstra University)
The following bad actors represent Greed, Delusion, and New Paradigm practices that are typical of asset bubble tops. We expect each of these enterprises to collapse in the coming months:
Going forward, each of these enterprises should die as Bitcoin returns to its baseline growth rate (the 200-week moving average).
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Bitcoin: The Return To Reality - Seeking Alpha
Bitcoin to the sky: Emirates to accept BTC payments and launch NFT collectibles – Cointelegraph
Emirates, the largest airline in the United Arab Emirates (UAE), announced that it has plans to implement Bitcoin (BTC) payments and launch nonfungible tokens (NFTs) to be traded through the company's websites.
In a media gathering held at the Arabian Travel Market, the chief operating officer of Emirates, Adel Ahmed Al-Redha reportedly stated that the Dubai-based airline will be onboarding new employees who will be focused on blockchain-related projects such as the crypto payments, blockchain tracking, metaverse and NFTs.
According to Al-Redha, the airline is looking into using blockchain to keep aircraft records. Additionally, the airline executive also noted that it may use the metaverse to transform its processes such as operations, training, website sales and other airline-related experiences into the digital world. The airlines chief operating officer believes that this will make the processes "more interactive."
Apart from these, Al-Redha also mentioned that the airline industry is slowly making a comeback as there are more and more travelers coming in. To expand its reach, the firm is embracing new technologies such as a Bitcoin payment service and NFT collectibles to be traded.
Related: Venezuelan international airport to accept Bitcoin payments: Report
Airports and airlines around the globe have been looking into ways to integrate blockchain-based technologies and crypto payments. In February 2021, Air France partnered with several organizations to create a blockchain-based system that verifies COVID-19 test results.
In March 2021, the Latvian airline airBaltic has added Dogecoin (DOGE) and Ether (ETH) into its payment options. The airline has been accepting BTC since 2014 and allows the use of other currencies like USD Coin (USDC), Binance USD (BUSD) and Gemini Dollar (GUSD).
Back in October 2021, Salvadoran President Nayib Bukele announced that the airline Volaris El Salvador will accept BTC payments. The announcement followed El Salvador's push for BTC adoption when it declared BTC as legal tender.
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Bitcoin to the sky: Emirates to accept BTC payments and launch NFT collectibles - Cointelegraph
USA finance and payments live updates: Bitcoin drops, $400 monthly check car owners, Child Tax Credit 2022, S. – AS USA
Biden promises action on inflation concerns
President Biden is facing huge kickback in the polls as a result of high inflation, hurting his party politically ahead of this year's midterm elections.Biden has tasked the Federal Reservewith handling inflationand it is being criticisedfor moving too late to raise interest rates in an attempt to cool the economy.
Is Biden likely to blame the Fed for the poor inflation response? Unlikely - it was he who nominated Chairman Jerome Powell to a second term, the Senate confirmed him on Thursday, and it could seem politically weak to attempt to shift the blame.
Instead, Biden is focusing on measures that can cool the economic growth without tipping the country back into recession.
A White House statement on inflation reads: "Inflation is too high and is putting a strain on working families. The Presidents top economic priority is tackling inflation and reducing costs for American families so we can sustain this historic economic recovery in a way that benefits all Americans."
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USA finance and payments live updates: Bitcoin drops, $400 monthly check car owners, Child Tax Credit 2022, S. - AS USA
This Analyst Believes Bitcoin and Ethereum Will Outperform Stocks: Here’s Why – Benzinga – Benzinga
Bloomberg senior commodity strategist Mike McGlone has recently opined that Bitcoin BTC/USD and Ethereum ETH/USD will lead to the mostcrypto gains after the recent price dip.
In an interview, McGlone said that the Federal Reserves interest rate hikes are more detrimental to the U.S. stock market long-term than proven digital assets like BTC and ETH.
Also Read:Bitcoin Advocate Jack Dorsey Believes BTC Price Will Again Rise: Here's Why
Overall, the volatility of these nascent crypto assets, most notably Bitcoin, has declined versus the stock market. Thats what happened with Amazon when it first came out. Its volatility in 2009 was the same as with Bitcoin right now, he said.
Investors are looking forward to the future do you want to miss out on this revolution?, McGlone questioned and said, Thats what I see happening. There are a few selling offers in the stock market and bids below in things like Bitcoin and Ethereum.
McGlone believes that despite BTC recently dipping below the $30,000 level, its not the only asset class in decline.
Also Read:Bitcoin Bloodbath Getting Worse: Crypto Experts Say Mid-$20,000 Range May Be Next
Its going down with the ebbing tide with all risk assets. What happened to the S&P 500 this week? It finally got below 4,000 for a while, he said.
At the time of writing, Bitcoin was trading at $30,074, down almost 13% down in the last seven days.
Ethereum was trading at $2,078.29, losing over18% in the last seven days.
For the first time in about two years, both Bitcoin and the S&P 500 came back to the 100-week moving averages. The asset that went up the most over the past five-ten years will return as the Fed hammers the punch bowl Its more likely to come out ahead, McGlone added.
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This Analyst Believes Bitcoin and Ethereum Will Outperform Stocks: Here's Why - Benzinga - Benzinga
Bitcoin mining in Norway gets the green light as the proposed ban rejected – Cointelegraph
Theres Nor-way they can ban Bitcoin (BTC) mining in Norway now. Thats according to a majority vote passed by the Norwegian parliament on Tuesday.
The proposal to ban Bitcoin mining in Norway was first suggested in March this year by the Red Party (Norways communist party). In this week's vote, the proposal was overturned as only Norways left-leaning parties, including the Socialist Left Party, the Red Party and the Green Party would support a ban on cryptocurrency mining.
Jaran Mellerud, an analyst at Arcane Research and a Cointelegraph confidant, shed light on the developments: The vote these parties lost was against banning large-scale Bitcoin mining overall.
Contrary to the political parties' efforts, Bitcoin mining companies in Norway have thrived in recent years. Norway now contributes as much as 1% to the global Bitcoin hash rate, taking advantage of 100% renewable energy in the Land of the Midnight Sun.
Norwegian Mellerud added that Bitcoin-hostile political parties in Norway have been trying to force bitcoin miners out of the country by implementing a higher power tax rate specifically for miners or even attempting to ban mining.
Cointelegraph previously reported that Norway is a green oasis for Bitcoin mining, boasting abundant hydropower and low energy prices, particularly in the north.
In mid-northern and northern Norway, the cost per kilowatt-hour is 0.12 Norwegian Krone ($0.012), a highly competitive rate internationally, or extremely cheap, Mellerud told Cointelegraph.
Related:Water great idea! Bitcoin mining heats this swimming pool
The article from Norwegian news E24 reported that ordinary households, companies and the public sector pay an electricity tax of 15.41 re ($0.015) per kilowatt-hour. However, in some cases, the mining industry has a reduced electricity tax."
Mellerud concluded that an increase in the power tax specifically for miners is now much less likely. Meanwhile, Bitcoin is slowly entrenching into the Norwegian financial landscape asretail interest in cryptocurrencies swellsand TradFi companies have dipped their toes into BTC investments in the country.
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Bitcoin mining in Norway gets the green light as the proposed ban rejected - Cointelegraph
Trust in Decentralized Finance Rattled After $100 Billion Left the Defi Economy Defi Bitcoin News – Bitcoin News
The effect of Terras demise continues to shine a light on the fragility surrounding the decentralized finance (defi) ecosystem. Things have changed a great deal following Terras aftermath, as the total value locked (TVL) in defi has plummeted from $231 billion to todays $112.29 billion, losing 51.38% in 42 days.
The total value locked in defi today is just above the $100 billion mark at $112.29 billion. While the TVL has been sliding since almost reaching an all-time high on April 3, last weeks Terra chaos removed most of the TVL held in decentralized finance protocols.
In addition to commanding a $231 billion TVL 42 days ago on April 3, the Terra blockchain held $30.45 billion or 13.15% of the $231 billion aggregate at that time. Terra held the second-largest TVL in defi and today, Terra is in the 14th position with only $500.38 million.
Out of Sundays $112.29 billion, Ethereum dominates the TVL in defi with 63.63% of the aggregate in defi or $71.09 billion. The second-largest TVL in defi is tethered to Binance Smart Chain (BSC) with 7.71% of the $112.29 billion or $8.62 billion held on BSC.
Another significant change this week that occurred was the downfall of Curves defi dominance, as Makerdao is now the largest defi protocol in terms of TVL size. Makerdao dominates by 9.40% with its $10.56 billion TVL and Curve now holds $8.76 billion.
Curves current TVL is a lot different than it was on April 3, when it was $21.17 billion roughly 42 days ago. The top 28 defi protocols today have seen significant TVL reductions during the past seven days. While Makerdao leads it is still down 13.73% this week and Curve is down 49.18% this past week as well. Lido has shed 46.37% and the defi application Aave has lost 21.94% this week.
After being the third-largest defi application in terms of TVL a week ago, Anchor has dropped to the 58th position after losing 97.76% this week. Stats show that Anchor has $309.78 million total value locked in the lending protocol today.
17 defi protocols have at least $1 billion or more as far as TVL size is concerned. Theres still $419 billion in smart contract protocol tokens today with ethereum leading the pack. Terra now holds the 18th position in terms of smart contract platform token market capitalizations.
While Terras issues rippled across the entire crypto-economy, the carnage affected decentralized finance the most. Not only was trust shaken to the core, but well over $100 billion was removed from defi in less than a weeks time.
Its likely going to take some time before trust is regained, and the $100 billion lost is added back to the defi ecosystem. Out of all the defi chains, Ethereum benefited the most as dominance has increased a great deal since last week. Although, Ethereum still felt the impact, as the chain lost 31.53% during the past seven days.
What do you think about the state of defi today? What do you think about the trust thats been lost and the $100 billion wiped away from the defi space? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Trust in Decentralized Finance Rattled After $100 Billion Left the Defi Economy Defi Bitcoin News - Bitcoin News
Luna Foundation Guard further bolsters stablecoin reserve by raising $1.5 billion in bitcoin – CNBC
People walk through the North American Bitcoin Conference held at the James L Knight Center on January 18, 2022 in Miami, Florida.
Joe Raedle | Getty Images
The Luna Foundation Guard has acquired $1.5 billion in bitcoin to bolster the reserves of its most popular stablecoin, known as U.S. Terra.
Stablecoins are cryptocurrencies that aim to peg their market value to a more stable asset. This latest transaction by the Luna Foundation Guard brings it closer to its goal of accumulating $10 billion of bitcoin to back the U.S. Terra stablecoin or UST.
Do Kwon, cofounder and CEO of Terraform Labs, the group that launched the Terra blockchain, said he expects to reach the $10 billion goal by the end of the third quarter.
The reserve now holds about $3.5 billion in bitcoin, which puts the UST Forex Reserve in the top 10 bitcoin holders in the world. It also holds north of $100 million in avalanche, another cryptocurrency.
In its latest bitcoin acquisition this week, the Luna Foundation Guard closed a $1 billion OTC swap with crypto prime broker Genesis for $1 billion worth of UST. It also bought $500 million of bitcoin from crypto hedge fund Three Arrows Capital.
U.S. Terra also joined the top 10 cryptocurrencies by market cap, according to CoinGecko.
"For the first time, you're starting to see a pegged currency that is attempting to observe the bitcoin standard," Kwon said. "It's making a strong directional bet that keeping a lot of those foreign reserves in the form of a digital native currency is going to be a winning recipe."
"The jury's still out on the effectiveness on the subject, but I think it is symbolic in the sense now that we live in a time where there's excess money printing across the board and when monetary policies highly politicized that there are citizens that are self-organizing to try to bring systems back to a sounder paradigm of money," Kwon added.
On Thursday, the price of bitcoin declined 9.1%. Luna, the governance token of the Terra blockchain, slid 7.3%. The moves occurred alongside a broad and sharp decline for stocks.
The last time the Luna Foundation Guard bought $1 billion in bitcoin, bitcoin topped $48,000 for the first time since Dec. 31 and luna hit an all-time high.
"The corporate buying of bitcoin can greatly influence the value of the currency and the space itself," said Joel Kruger, market strategist for LMAX Group. "With more demand from institutions comes added liquidity and longer-term interest, while validating the asset class at the same time."
In addition to padding its reserves, the parties in this latest deal are on a mission to bridge a gap between traditional finance and crypto native platforms and protocols.
"There's traditionally been this gulf between where crypto native market participants are participating and Terra is on the far end of that, it's designed by crypto-native people for crypto-native people," said Josh Lim, head of derivatives at Genesis Global Trading.
"There's another corner of the market that's mostly institutional," he added. "They're still waiting on things like buying bitcoin, inserting it in cold storage, or doing CME futures on bitcoin. They're very disjointed parts of the market and Genesis is trying to bridge that gap and allow more institutional capital to come into the competitive world."
Genesis has one of the largest wholesale lending businesses in crypto. By participating in this transaction with the Luna Foundation Guard, the company is building its reserves in luna and UST and using them to interact with their borrowing counterparties, who may be looking to get access to the crypto ecosystem in a risk-neutral way.
It also enables Genesis to distribute some of the Terra assets to counterparties that may have difficulty accepting those assets on an exchange.
"Because we're more of an institutional counterparty that they're familiar with trading with more on the spot, OTC side of things we're able to source this in large size and then parcel it out to people," Lim said.
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Luna Foundation Guard further bolsters stablecoin reserve by raising $1.5 billion in bitcoin - CNBC
Warren Buffett wouldn’t buy ‘all of the bitcoin in the world’ for $25: ‘It doesn’t produce anything’ – CNBC
It doesn't look like legendary investor Warren Buffett will be adding bitcoin to his portfolio any time soon.
Asked Saturday at the annual Berkshire Hathaway shareholders meeting if he had changed his famously negative views on bitcoin or crypto, the 91-year-old investor didn't mince his words.
Buffett began his answer by saying that if all the attendees in the room owned "all the farmland in the United States" or "all the apartments in the country" and they offered him a 1% stake for $25 billion, he would write them a check on the spot. But he wouldn't do the same for bitcoin and its over-$700 billion market cap.
"If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn't take it," Buffett said. "Because what would I do with it? I'll have to sell it back to you one way or another. It isn't going to do anything."
He described his views on farmland and rental properties versus bitcoin as "the difference between productive assets and something that depends on the next guy paying you more than the last guy got."
"The apartments are going to produce rent and the farms are going to produce food," he said. "If I've got all the bitcoin, I'm back wherever [anonymous bitcoin founder Satoshi] was."
He attributed the allure of bitcoin to a type of "magic" that draws investors.
"Whether it goes up or down in the next year or five years or 10 years, I don't know. But one thing I'm sure of is that it doesn't multiply, it doesn't produce anything," he said. "It's got a magic to it, and people have attached magic to lots of things."
Buffett has long been against cryptocurrencies. He told CNBC in 2018 that "they will come to a bad ending" and said that Berkshire Hathaway will "never have a position in them."
"I get into enough trouble with the things I think I know something about," he said at the time. "Why in the world should I take a long or short position in something I don't know about?"
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Warren Buffett wouldn't buy 'all of the bitcoin in the world' for $25: 'It doesn't produce anything' - CNBC