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2024-04-20 16:33:48 Is The Bull Market Over Before The Bitcoin Halving? Glassnode Report

Firstly, Bitcoin’s short-term holder MVRV ratio is now re-approaching 1.0, meaning its unrealized profit and loss have reached a break-even point. This level can serve as support after a bull market dip, but also major resistance during bear markets when most Bitcoin holders are underwater.

“Little undercuts are good,” said Check. “In 2023 we had several of these retests. If we assume this is a resilient uptrend, we should expect the short-term holder cost basis to hold, somewhere in that $58,000 to $59,000 region. “

Similarly, short-term holder SOPR has also recently dipped beneath 1.0, meaning that short-term holders are now beginning to realize more losses than profits. Should SOPR fall significantly under this level without resurfacing, it may be a sign of a sustained bear market to come.

As of this week, short-term holders realized losses have spiked substantially – a sign that new buyers were panic selling at a loss amid news of rising conflict between Iran and Israel. “This is essentially what you do want to see, as a contrarian,” Check added. “As a contrarian, you kind of want to see people doing the wrong thing at the wrong time.” Open / Comment

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2024-04-18 16:33:55 Citadel-Backed Hidden Road Partners Targets $120M in Series B

Hidden Road Partners, Citadel Securities-backed prime brokerage, plans to raise $120 million in its Series B funding round, aiming for a market valuation of $1 billion.

According to a Bloomberg report, sources familiar with the matter, who requested anonymity due to the information sensitivity, stated that the Citadel Securities-backed prime brokerage firm is seeking to expand its offerings in the cryptocurrency and foreign exchange markets.

The round is currently projected to raise about $120 million, according to two of the people. A Hidden Road representative declined Bloomberg’s request for comment. Hidden Road was established in 2018 by Marc Asch, a former employee at Steven Cohen’s hedge fund firms SAC Capital and Point72 Asset Management. This firm quickly positioned itself in the financial market by securing $50 million during its Series A funding round.

The Series A was led by Castle Island Ventures. Notable investors in this round included Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, Coinbase Ventures, among others.Hidden Road offers prime-brokerage services across multiple markets, such as foreign exchange, precious metals, and digital assets. Open / Comment

2024-04-16 16:34:38 Reserve Bank of Fiji Says Crypto Not Recognised as Legal Tender

The central bank of the Pacific island country of Fiji has released a note to the public cautioning that cryptocurrencies and virtual assets such as Bitcoin, Ethereum, and Tether are not recognised as legal tender in the country. In an announcement, the Reserve Bank of Fiji said it is illegal for any individuals to purchase or invest in cryptocurrencies using funds held in Fiji

The bank reminded the public that as per the RBF Act (1983) legal tender in Fiji is currency notes and coins issued or deemed to have been issued by the Reserve Bank of Fiji. The Fijian dollar has been the currency of Fiji since 1969 and was also the currency between 1867 and 1873.

None of the Pacific Island countries officially utilize private cryptocurrencies or stablecoins, but Fiji, Palau, Solomon Islands, and Vanuatu, have been exploring the concept of central bank digital currencies (CBDCs). The vast majority of Fijians rely on cash for most of their daily transactions.

The Reserve Bank of Fiji Governor Ariff Ali has acknowledged that there are businesses promoting cryptocurrency investment schemes in Fiji through various platforms including social media. Open / Comment

2024-04-14 16:32:52 Beauty and Fashion Brands Use Web3 Technology To Better Engage With Consumers

Before the emergence of Web3, brands primarily relied on Web2 channels, such as social media, to connect with consumers. In fact, recent statistics show that 77 percent of businesses use social media to reach customers. Consumer engagement strategies are evolving, however. With the maturation of new technologies like blockchain and artificial intelligence, forward-thinking brands have started incorporating these elements to better engage with consumers.

Jana Bobosikova, Co-Founder of community commerce company KIKI World, told Cryptonews that while the internet provides a platform for brands to be seen, new technologies can ensure that online products are not just passively consumed.

“KIKI is on a mission to empower passionate consumers,” said Bobosikova. “We founded the company with a simple vision that customers and communities should be rewarded and able to participate in the success of what they champion.”

To ensure this, Bobosikova explained that KIKI uses blockchain infrastructure to connect its community with products that may interest them. Open / Comment

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2024-04-12 16:33:48 British Columbia Province to Regulate Electricity Supply for Crypto Miners

Josie Osborne, Minister of Energy, Mines and Low Carbon Innovation, said Thursday that the province is working to address high energy consumption by crypto miners in the region. This creates very few jobs or economic opportunities, she added.

Per the ministry’s statement, the legislative amendment would allow the government to prohibit or limit electricity usage for crypto miners. This is because the “unchecked growth” of the sector could make it expensive to supply electricity to homes and businesses.

In December 2022, the province has called for a suspension of new electricity connections for cryptocurrency mining for 18 months. That said, around 21 projects were temporarily suspended, which had requested total of 11,700 gigawatt hours of power per year.

According to a local report, minister Osborne noted that the province is working with British Colombia Hydro, the provincial power utility, to ensure there is enough electricity for the province’s future. Open / Comment

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2024-04-10 16:15:08 Crypto Industry Needs ‘Light’ Regulatory Framework to Combat Risks: US Sen. Thom Tillis

The US Republican Senator Thom Tillis has called for a new regulatory framework for the crypto industry, which would “create the most hospitable environment for digital assets to thrive.”

During the Senate Banking Committee meeting on Tuesday, Tillis stressed “light” regulation to help curb illicit crypto financing. His remarks came after Deputy Treasury Secretary Adewale Adeyemo addressed the urgency of regulating cryptos due to national security risks.

“One thing I’d tell people in the crypto or digital assets space that say ‘Nothing to see here, everything is fine’ – they’re wrong,” Sen. Tillis noted. Senator Tillis added that the crypto regulation would “vastly” differ if there is a change of administration after November elections.

Banking Committee chair Sherrod Brown released a document supporting the Treasury’s enforcement goals before Adeyemo’s testimony. According to Brown’s statement, he called for the right “tools” to crack down on illicit finance with digital assets. Open / Comment