Bitcoin (BTC) refused to let $20,000 support die for good on March 11 as the weekend opened to a battle for lost ground. Bitcoin shakes off USDC depeg Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $20,200 at the time of writing. A brief dip below the $20,000 mark overnight was short-lived, and the
India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). Noting that the move “is a positive step in recognizing the sector,” a crypto insider explained that it will strengthen the industry’s efforts to prevent virtual digital assets “from being misused by bad actors.” India
Big round numbers always pique the interest of investors and the $1 trillion total crypto market capitalization is no exception. It’s a level that held for 48 days before collapsing on March 9. After a 16-hour negative 8.6% price movement, the indicator fell to $914 billion, its lowest level since Jan.13. Concerns about the stability
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. DeFi has become a prominent choice for investors after multiple centralized finance (CeFi) collapses throughout 2022. Some key interest areas for investors include “NFTfi,” on-chain derivative platforms, decentralized stablecoins
Authorities in Kazakhstan have busted an illegal crypto trading platform, seizing over $350,000. The exchange allegedly processed almost $34 million in transactions through wallets on Binance, two of which have been blocked during the ongoing investigation. Digital Asset Exchange Making Millions in Turnover Closed Down in Kazakhstan A platform illegally trading cryptocurrencies in Kazakhstan, ABS
Ethereum’s upcoming Shanghai upgrade will allow users to withdraw staked Ether (ETH), increasing the network’s liquidity and competitiveness while also boosting its staking ratio closer to its competitors. The Shanghai upgrade is a hard fork of Ethereum tentatively scheduled to occur in March. It implements five Ethereum Improvement Proposals, the headliner being EIP-4895, which allows
Bitcoin (BTC) struggled to reclaim $20,000 support at the March 10 Wall Street open as fears mounted over Silicon Valley Bank (SVB) contagion. Trader targets $18,000 BTC price Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it nursed fresh losses, reaching $19,569 on Bitstamp. The pair had seen further downside prior to the open
Nigerian President-elect Bola Tinubu has recently released a manifesto that, if implemented, would enable the use of blockchain technology and cryptocurrencies in the nation’s banking and finance sector. The manifesto suggests reviewing existing Nigerian Security Exchange Commission (SEC) regulations on digital assets to make them more business-friendly. The new regulation provides a framework for regulating
Bitcoin fell below the $20,000 level for the first time since January, as markets continued to react to the liquidation of Silvergate Bank. This comes ahead of a pivotal U.S. nonfarm payrolls report, which could decide how aggressive the Federal Reserve acts in its upcoming meeting. Ethereum moved under $1,400 in today’s session. Bitcoin Bitcoin
Amid Coinbase, which trades as COIN, tumbling about 8% on Thursday, Cathie Wood’s investment manager ARK Invest bought the biggest amount of the stock since the start of 2023. On March 9, ARK purchased 301,437 Coinbase shares ($17.5 million) for its ARK Innovation exchange-traded fund, known as ARKK, according to an investor notification seen by
Dogecoin (DOGE) pared some losses versus Bitcoin (BTC) on March 10, a day after the DOGE/BTC pair fell to its lowest level since October 2022. Can the DOGE price see an extended rebound ahead? On the daily chart, the DOGE/BTC pair reached 331 sats, up 4.75% compared to the previous day’s low of 316 sats.
The United States Federal Reserve is set to create a “specialized team of experts” to keep up with developments in the cryptocurrency industry, according to a Fed official, amid concerns from the central bank about “unregulated” stablecoins. Speaking at the Peterson Institute for International Economics in Washington on March 9, Vice Chair for Supervision Michael
Federal Reserve Chairman Jerome Powell has provided an update on the Fed’s central bank digital currency (CBDC) work in a hearing before the House Financial Services Committee. While stating that the Fed is “making progress on technological issues,” Powell stressed that “policy issues are equally important.” Fed Chair Powell on CBDC Progress During a hearing
March started off on a low due to a resurrection of inflationary fears. On March 7, hawkish comments from United States Federal Reserve chairman Jerome Powell amplified the market’s expectation of a 50-basis point hike in the upcoming policy rate meeting on March 22 to March 23. On March 8, the U.S. government’s $1 billion
Our weekly roundup of news from East Asia curates the industry’s most important developments. South Korea invests another $51M in metaverse tech South Korea’s plans for metaverse domination are gathering pace. A March 8 document prepared by the Ministry of Science and Information and Communication Technology (ICT), the National IT Industry Promotion Agency and the
United States crypto miners could eventually be subject to a 30% tax on electricity costs under a budget proposal by President Joe Biden aimed to “reduce mining activity.” A Department of the Treasury supplementary budget explainer paper released Mar. 9 said any firm using resources — whether they be owned or rented — would be
According to Fortune Business Insights, the global blockchain retail market size is expected to surge from the $172.2 million recorded in 2021 to over $2 billion by 2028. Both the demand for the product by end-users as well as the growing use of the technology in supply chain management are expected to sustain the market’s
Bitcoin (BTC) traders saw continued downward pressure after the 5.5% decline in BTC price on March 7. Increased odds of further interest rate increases by the Federal Reserve and regulatory pressure in cryptocurrencies explain some of the movement. Financial markets showed signs of stress as the inverted bond curve reached its highest level since the
XRP’s (XRP) price extended its gains on March 9, rising around 1.5% to $0.40, despite a general downturn in the cryptocurrency market. XRP price four-day winning streak The rally in the XRP/USD pair started on March 5 with the XRP market capitalization gaining over 10% in the past four days. In contrast, the entire crypto market
Bitcoin (BTC) rested at multi-week support at the March 9 Wall Street open as concerns over a deeper BTC price drop increased. Trader: $19,700 “on the table” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $21,800 on Bitstamp. With $22,000 in danger of flipping from support to resistance, popular trader Pentoshi was among