Cryptocurrency

Ali reported in a tweet that as nears $29,000, roughly 51% of all accounts on the Binance crypto exchange with an open BTC futures position are going short.Bitcoin momentarily surged to $30,000 on Oct. 16 after a false report about a spot Bitcoin ETF being approved. Despite the profit-taking that occurred shortly after the news was confirmed to be fake, some observers believe that the frenzied bullish price action will keep bears distant for some time.However surprising is the fact that most Bitcoin traders — nearly 51% of the biggest crypto exchange by volume, Binance — are placing bearish bets on BTC prices by going short.In an earlier post, Ali observed that Bitcoin long-term holders are exhibiting “fear” amid concerns of a large BTC price fall. This might be a reason for the inclination of traders.This, however, has a silver lining. Most Bitcoin rallies in recent months were fueled by a short squeeze, a rally triggered by the unwinding of short positions.BTC was up 0.72% in the last 24 hours to $28,598 at the time of writing. The $28,000 milestone, according to Glassnode cofounder “,” is significant.First and foremost, the crypto market is dependent on Bitcoin’s ability to breach and constantly hold a value above $28,000.Second, this price point is crucial in the greater scheme of things, as price thresholds are not just numbers; they signify investor sentiment and market dynamics.Meanwhile, Bitcoin’s market share of the overall cryptocurrency market, or BTC dominance, is increasing. According to data, BTC dominance is currently at 51.1%, slowly approaching previous highs.This article was originally published on U.Today More

The forecast is based on the assumption that major U.S. financial institutions, which have already applied for the spot Bitcoin ETFs, could receive approvals by March 2024. If these institutions allocate just 1% of their assets under management (AUM) to Bitcoin ETFs, it would result in approximately $155 billion flowing into the Bitcoin market. This could potentially drive Bitcoin’s price between $50,000 and $73,000.Historical data reveals that during previous bull markets, Bitcoin’s market cap expanded 3-5 times more than its realized capitalization. This indicates significant growth potential for the leading cryptocurrency. Institutions initially added bitcoin to their balance sheets, with the next wave possibly coming from financial institutions offering bitcoin access via spot ETFs. Notably, GBTC, managed by the Digital Currency Group, is currently the world’s largest cryptocurrency fund.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Google filed the motion on Oct. 17 in a California District Court, saying it’s necessary to use public data to train itsAI chatbots such as Bard. It argued the claims are based upon false premises that it is “stealing” the information that is publicly shared on the internet.Continue Reading on Cointelegraph More

In a vote conducted with members of the U.S. House of Representatives on Oct. 17, no candidate for Speaker won a majority of votes needed to secure the position. Ohio Representative Jim Jordan, the Republican Party’s nominee for Speaker, obtained 200 votes — short of the 217 needed to win. Continue Reading on Cointelegraph More

The BIS wrote that the newly released rules “reinforce” those put in place back in October 2022, with the goal of restricting China’s ability to “both purchase and manufacture certain high-end chips critical for military advantage.”Continue Reading on Cointelegraph More

The South Korean National Assembly Political Affairs Committee conducted an audit of the FSS on Oct. 17, at which FSS head Lee Bok-hyeon responded to criticism that South Koreans were losing money on crypto “burger coins,” Korean slang for foreign-issued cryptocurrencies that are traded in South Korea. Continue Reading on Cointelegraph More

To name just a few, the AML Directive 5, MiCa and the Transfer of Funds Regulation have reshaped the European financial framework. These laws mandate a rigorous monitoring system. However, the depth and breadth of these regulations are unparalleled in their scope. One cannot help but wonder if such comprehensive oversight is truly sustainable in the long run Banks, crypto asset managers, and even sports clubs now face complex due diligence processes, requiring them to verify customer identities, assets, and transaction patterns. With the Financial Action Task Force (FATF) Travel Rule and equivalents of the Foreign Corrupt Practices Act in play, data collection, sharing, and monitoring become increasingly invasive. This begs the question: to what extent should the quest for security compromise the sanctity of personal data?Continue Reading on Cointelegraph More

In contrast, Ethereum experienced a downturn after briefly reaching a high of $1,628.16. Misinformation regarding the approval of Blackrock (NYSE:BLK)’s spot Bitcoin ETF led to a drop in the cryptocurrency’s value, landing at a low of $1,570.89 today. Following its failure to surpass an RSI ceiling of 49.00, Ethereum now appears to be targeting a lower level at $1,540, bringing an end to its four-day winning streak.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More