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  • Binance CEO: we’re seeing a “tactical retreat” with crypto “not a reversal”

    Binance CEO: we’re seeing a “tactical retreat” with crypto “not a reversal”

    • Richard Teng indicated that the crypto market tends to bounce back after major geopolitical events
    • Teng’s remarks come as Bitcoin dropped below $90,000 earlier this week following the news of US President Donald Trump’s trade tariffs on Canada and Mexico

    What we’re seeing with crypto market prices is a “tactual retreat, not a reversal,” according to Binance’s CEO.

    In a series of posts on X, Richard Teng said crypto markets typically bounce back after major events.

    “History has shown that crypto markets react to macroeconomic shifts much like traditional assets, but they also bounce back with remarkable resilience,” he said, adding “what we are witnessing now is another short-term tactical retreat, far from a structural decline.”

    Bitcoin drops to $87,000 for the first time since November

    Teng’s post comes as Bitcoin dropped below $90,000 earlier this week following the news that US President Donald Trump had confirmed trade tariffs on Canada and Mexico.

    Speaking to CoinJournal, James Toledano, COO at Unity Wallet, said many believed that Bitcoin’s price would continue rising once Trump entered the White House, adding:

    “But the reality is that the price has gone south, likely due to tariff trade wars, fragile peace talks in Eastern Europe, and fears around DeepSeek’s impact on the US tech sector. But this could also just be a momentary lapse of pricing reason.”

    Continuing on X, Teng said: “Price movements often overshadow what’s happening beneath the surface, but the core drivers of crypto’s growth remain firmly intact.”

    Crypto ETF filings on the rise

    According to Teng, the rising number of crypto exchange-traded funds (ETFs) is a good sign for the market.

    He added that market cycles come and go, but the fundamental indicators of crypto’s strength are getting stronger.

    Earlier this month, the Chicago Board Options Exchange (Cboe) filed four separate filings on behalf of issuers to launch spot XRP ETFs.

    Last week, the US Securities and Exchange Commission (SEC) acknowledged 19b-4 filings from Grayscale to list spot Dogecoin and XRP ETFs. More recently, Grayscale filed for a Polkadot ETF, making it the latest crypto ETF application submitted in the past few months.

    In October, Bitwise filed an S-1 form with the SEC for an XRP ETF. Similarly, Canary Capital filed for an XRP ETF last year, reflecting its broader strategy of bringing multiple crypto ETFs to the market.

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  • Bank of America CEO says banks will embrace crypto with clearer regulations

    Bank of America CEO says banks will embrace crypto with clearer regulations

    • The banking sector could embrace crypto payments if clearer rules are in place
    • Crypto would be another form of payment like Visa and Mastercard, said Brian Moynihan
    • A new crypto task force aims to provide a “clear regulatory framework for crypto assets”

    Bank of America’s CEO said the US banking industry will embrace crypto payments if clearer rules are in place from regulators.

    In an interview with CNBC at the World Economic Forum in Davos, Switzerland, Brian Moynihan said that all banks send money digitally nowadays. He added that if rules come in and crypto payments are made “real,” then “the banking system will come in hard on the transactional side of it.”

    “If you go down the street here and you go in and buy lunch, right, if you can pay with Visa, Mastercard, a debit card, Apple Pay, etc., this would just be another form of payment,” the BoA CEO said.

    To date, US banks have been cautious about offering retail crypto services, instead focusing on providing institutional products such as spot Bitcoin exchange-traded funds (ETFs).

    Changes under a Trump administration?

    Moynihan’s comments come as President Donald Trump started another term in the White House earlier this week.

    During his election campaign, Trump indicated a pro-crypto stance and has since appointed several pro-crypto candidates to various government positions.

    Introducing a new crypto task force “dedicated to developing a comprehensive and clear regulatory framework for crypto assets” could give banks the push they need to enter the space.

    Speaking to CoinJournal, Tom Kiddle, co-founder of Palisade, a French-regulated digital asset custodian backed by Ripple, said: “So far, the country has done little to advance a clear crypto regulatory framework. However, Trump’s nomination of pro-crypto Paul Atkins could mark the dawn of a new era for the sector.”

    When asked about crypto such as Bitcoin as an investment option during the interview, Moynihan refrained from answering, stating that topic was “really a separate question.”

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  • Kidnapped WonderFi CEO released after paying $720k ransom

    Kidnapped WonderFi CEO released after paying $720k ransom

    • Dean Skurka is the president and CEO of WonderFi, a Canadian crypto company
    • Skurka was forced into a vehicle in downtown Toronto during rush hour
    • He said that client funds and data remain safe and weren’t impacted by the kidnapping

    The kidnapped CEO of Canadian cryptocurrency company WonderFi has returned safely after electronically transferring CAD$1 million ($720,000) to his captors.

    On Wednesday, at around 6 p.m. during rush hour, Dean Skurka, the president and CEO of WonderFi, was forced into a vehicle in the area of University Avenue and Richmond Street W. in downtown Toronto, reports CBC.

    Skurka was ordered to pay the ransom demand of CAD$1 million. He was later released in Centennial Park in Etobicoke, according to a source close to the investigation. Speaking about the kidnapping, Skurka said:

    “The safety and security of all of WonderFi’s employees are paramount. Client funds and data remain safe, and were not impacted by this incident.”

    According to Jameson Lopp, co-founder and chief security officer of Casa, a security firm focused on protecting crypto users, Skurka’s kidnapping is the 171st case where violence has been used to target crypto holders.

    Lopp said:

    “As the [Bitcoin] price goes up, more awareness of the space permeates throughout society and as a result, more criminally minded people decide they want to try to figure out what the ROI of executing a physical attack against a known crypto holder is.”

    The kidnapping comes at a time when Bitcoin is going through a price rise.

    Yesterday, Bitcoin achieved a new all-time high of $76,677 on major crypto exchanges. The new price came amid the US Federal Reserve announcing a 25 basis points interest rate cut.

    Earlier in the week, Bitcoin broke a new all-time high of $75,317 as voting results signalled a Donald Trump win for the White House.

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  • JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ despite JPMorgan’s involvement in Bitcoin ETFs

    JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ despite JPMorgan’s involvement in Bitcoin ETFs

    • Jamie Dimon, JPMorgan CEO, called Bitcoin a “Ponzi scheme.”
    • Dimon’s criticism comes despite JPMorgan’s involvement in Bitcoin ETFs.
    • Bitcoin’s recent price volatility highlights ongoing debates in the cryptocurrency market.

    JPMorgan Chase CEO Jamie Dimon has once again voiced his scepticism towards Bitcoin (BTC), dubbing it a ‘Ponzi scheme’ during an interview on Bloomberg TV.

    During his interview, Dimon reiterated his long-standing criticism of Bitcoin, stating that it lacks utility and legitimacy as a form of money. He described Bitcoin and similar cryptocurrencies as “simply not functional as currencies,” emphasising his belief that they are essentially Ponzi schemes disguised as technological innovation.

    However, this is not the first time that the CEO is criticizing Bitocin. His scepticism towards Bitcoin is well-documented. He previously called Bitcoin a “fraud” and expressed concerns about its potential to facilitate illegal activities such as money laundering, fraud, and tax evasion due to its anonymity and lack of regulation.

    JPMorgan’s involvement in Bitcoin ETFs

    It’s notable that despite Dimon’s vocal criticism of Bitcoin, JPMorgan has been actively involved in the cryptocurrency space.

    The banking giant has served as an Authorized Participant for BlackRock’s spot Bitcoin exchange-traded fund (ETF) and has participated in several blockchain-based projects over the years.

    Furthermore, despite Dimon’s scepticism towards Bitcoin, the CEO acknowledged the potential value of certain aspects of blockchain technology, particularly those facilitating smart contracts although  he maintained his stance that cryptocurrencies like Bitcoin lack inherent value as currencies, echoing his previous sentiments on the matter.

    This juxtaposition highlights the nuanced approach within the banking giant towards cryptocurrency investments, even as its CEO expresses scepticism.

    Bitcoin (BTC) price market reaction

    Bitcoin’s market performance has been subject to fluctuations in recent times. At the time of writing, Bitcoin price was $64,741.28, after experiencing a 4.92% increase in the last day, but it was still down 8.41% over the past seven days.

    Despite these fluctuations, Bitcoin’s market capitalization has recently surpassed $1.2 trillion, reflecting its continued growth and acceptance as an asset class.

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  • Galaxy Digital CEO predicts Bitcoin ETF approval by January 10 as Everlodge tokenizes real estate

    Galaxy Digital CEO predicts Bitcoin ETF approval by January 10 as Everlodge tokenizes real estate

    • Galaxy Digital CEO predicts Bitcoin ETF approval by Jan 10, citing market dynamics and SEC urgency.
    • Everlodge disrupts real estate with blockchain and fractional ownership.
    • Everlodge’s ELDG token features discounts, rewards, and staking; the Beta presale stage attracts investor attention.

    Galaxy Digital CEO Michael Novogratz’s recent insights into the highly anticipated Bitcoin ETF approval set the stage for a dynamic landscape for Bitcoin (BTC) and the entire crypto market.

    As Bitcoin continues to make waves, Everlodge, a unique property marketplace, enters the fray with an innovative approach to fractional vacation home ownership. This article delves into Novogratz’s predictions, the significance of January 10th, and why the Everlodge presale is capturing attention as a promising investment opportunity.

    Bitcoin ETF approval anticipation 

    Michael Novogratz, the CEO of Galaxy Digital, has sparked excitement in the cryptocurrency community with his bold prediction regarding the approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). In a recent CNBC interview, Novogratz pointed out Bitcoin’s remarkable 150% surge over the past year, attributing this bullish trend to the Federal Reserve’s dovish stance.

    The anticipation revolves around the critical date of January 10th, a potential deadline with legal implications. Novogratz confidently stated, “We’re gonna get this ETF before Jan. 10.” He underscored the urgency tied to SEC Chair Gary Gensler and potential legal repercussions involving Grayscale, adding a layer of significance to this anticipated milestone.

    Everlodge: revolutionizing fractional vacation home ownership

    Transitioning from the dynamic Bitcoin landscape, Everlodge emerges as a disruptive force in the real estate market.

    Everlodge positions itself as a property marketplace that allows users to fractionally invest in hotels, vacation homes, and luxury villas, leveraging blockchain technology. What sets Everlodge apart is its integration of fractional vacation home ownership, timeshare, and NFT technology, creating a unique amalgamation of traditional and cutting-edge approaches. It digitizes and fractionalizes real estate, allowing users to invest in smaller amounts while enjoying the potential for value appreciation.

    Everlodge is currently in the presale stage of its native token, EDLG, which has become a focal point for investors seeking diverse investment opportunities. The EDLG presale, currently in its Beta stage, offers a unique chance to get involved in the world’s first property marketplace for fractional vacation home ownership.

    The ELDG token offers holders discounts on property purchases, rewards in the form of free nightly stays, and staking opportunities for fixed monthly interest. The Everlodge ecosystem, comprising a marketplace, launchpad, rewards club, and lending platform, adds layers of utility to the token.

    Conclusion

    Novogratz’s optimism extends to the regulatory front. While acknowledging hurdles posed by certain politicians and corporate leaders, including Elizabeth Warren and the Biden White House, he sees potential progress through a bipartisan group.

    The convergence of Galaxy Digital’s Bitcoin ETF predictions and Everlodge’s groundbreaking approach to property ownership sets the stage for a dynamic period in the financial and real estate markets. Investors and enthusiasts alike are navigating this landscape with cautious optimism, looking towards January 10th and beyond.

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  • China’s state TV crypto broadcast “big deal”, Binance CEO says

    China’s state TV crypto broadcast “big deal”, Binance CEO says

    • Binance CEO Changpeng Zhao says China’s state TV crypto broadcast is “a big deal.” 
    • He notes that previous coverage has historically been bullish for crypto.
    • His comments come as Bitcoin price struggled to stay above $26k on Wednesday.

    Binance CEO Changpeng Zhao, popularly known as CZ, says China broadcasting a crypto segment on state broadcaster China Central Television is “a big deal” and that such broadcasts have previously coincided with a subsequent uptick in crypto prices.

    According to CZ, the broadcast has “Chinese speaking communities buzzing,” given how such coverage of Bitcoin have ended with crypto price rallying.

    “It’s a big deal. The Chinese speaking communities are buzzing,” he tweeted on Wednesday. “Historically, coverages like these led to bull runs.”

    He however, noted that his comments do not mean that the “past predicts the future.” The Binance CEO, who is one of the biggest crypto proponents in the world, added a disclaimer that his remarks did not constitute financial advice.

    Bitcoin features in Chinese TV broadcast

    The referenced broadcast shows a Bitcoin ATM in the increasingly crypto-friendly Hong Kong. The crypto teller machine also shows a bitcoin logo and a “Buy Bitcoins” inscription. The TV segment also featured commentary on NFTs.

    But it should be remembered that China banned bitcoin (again) in 2021.

    As highlighted here on Tuesday, Bitcoin price rose briefly to touch the $27,500 resistance area as Hong Kong announced retail investors would from 1 June be able to buy and trade bitcoin and Ethereum on regulated exchanges.

    Experts hailed Hong Kong’s Securities and Futures Commission (SFC)’s announcement as a potential game changer for crypto adoption. The framework comes as Hong Kong looks to position itself as a leading crypto and blockchain hub, while at the same time offering guidelines and rules that target greater protection for consumers.

    Bitcoin has not had a major reaction to the latest China related news, and was struggling to remain above $26k as at 1:50 pm ET on Wednesday. According to data from CoinGecko, BTC was perched at $26,300, down 3.2% in the past 24 hours. 

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  • BRC-20 tokens have flaws and issues, Mintlayer CEO says

    BRC-20 tokens have flaws and issues, Mintlayer CEO says

    • Bitcoin BRC-20 tokens have skyrocketed over the past few days, with their combined market value rising to over $923 million as of 8 May, 2023.
    • Mintlayer CEO Enrico Rubboli has highlighted some of the flaws and issues plaguing the BRC-20 token standard.
    • Apart from not aligning with the “axioms of the core Bitcoin community,” flaws and issues mean users are likely to be rug pulled.

    Crypto news this week indeed has the skyrocketing transactions of BRC-20 tokens as one of the reasons the Bitcoin network experienced massive congestion amid rising fees. 

    As CoinJournal highlighted on Monday morning, the crypto market was down as Binance halted BTC withdrawals amid the network congestion. Some of the trending BRC-20 tokens include ordi, pepe, meme, piza and domo. 

    Enrico Rubboli, the CEO of Bitcoin sidechain Mintlayer, says that while BRC-20 tokens continue to create a frenzy, there are flaws and other issues that plague the tokens and offshoot decentralised applications that try to connect with smart contracts.

    What are BRC-20 tokens?

    BRC-20, or “Bitcoin Request for Comment,” is a token standard for Ordinals. The tokens allow for the issuance and transfer of fungible tokens on Bitcoin and hit the market soon after the mainnet launch of the Ordinals Protocol.

    With BRC-20 tokens, one can etch digital art references into small Bitcoin transactions. The tokens are a creation of a pseudonymous crypto developer known as Domo.

    According to market data for the token category, the combined value of all 11,705 BRC-20 tokens was $923 million as of Monday, 8 May 2023.

    BRC-20 tokens plagued by speed and transaction costs issues

    Among the insights Rubboli shared with CoinJournal on Monday is that while people pour BTC into minting BRC-20 tokens, there’s a need to realise that the technology behind these assets is “heavily flawed.” He also notes that BRC-20 tokens aren’t “in line with the axioms of the core Bitcoin community.”

    Rubboli said that some of the issues currently plaguing the tokens and offshoot dApps within the ecosystem include speed, transaction costs and security.

    On the issue of speed, he explains that transactions have to wait for Bitcoin block confirmation before settlement, which when combined with network congestion, has resulted in users waiting hours for transactions to clear.

    Mintlayer CEO says BRC-20 tokens are potential rug pulls

    According to Rubboli, the use of token bridges and wrapped BTC could expose users to exploits, with DeFi bridges seeing more than $1.4 billion lost to hackers that targeted crypto bridges in 2022. Rubboli believes the entire concept for BRC-20 was designed to confuse and mislead potential investors, with the creators leeching off the popular ERC-20 token standard.

    Saying this could be an opportunity for scams, he added:

    “The entire ecosystem was set up to be confusing and misleading. BRC-20 was chosen not because it was the 20th proposed standard, but to leech off the popularity of Ethereum’s ERC-20 token. The developers of the standard and the tools are not affiliated with Bitcoin, they are anonymous, and their software has not been thoroughly tested in this application.”

    Besides, the hundreds of BRC-20 tokens might not just be totally worthless, but also minted specifically to rug pull later investors. BRC-20 token standard creator Domo has previously warned of the shortcomings of the software, including minting balances to intermediary wallets.

    Regulatory issues also arise, with the minting of BRC-20 tokens likely to lead to regulatory concerns around commingling of user-generated tokens with BTC.

    “If users mint unregulated securities, it could expose the Bitcoin blockchain to further regulatory scrutiny, which in turn exposes every BRC-20 to regulation due to 1 bad actor. A layer 2 solution fixes this problem as tokens are not commingled with Bitcoin,” he opined.

    A layer 2 solution is a protocol that runs on top of a layer 1 blockchain, for instance Bitcoin or Ethereum. The key features that these protocols bring to the L1 include improved scalability and privacy among others. 

    In blockchain, common layer 2 solutions include state channels, sidechains, and zero knowledge roll-ups.

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  • Galaxy Digital CEO says BTC and ETH are best investments

    Galaxy Digital CEO says BTC and ETH are best investments

    • Mike Novogratz is bullish on crypto, particularly the top two coins Bitcoin and Ethereum.
    • The Galaxy Digital CEO says BTC and ETH been best risk-adjusted investments over the last few years.
    • He also suggested during the company’s earnings call that the US risks losing its place as finanial and innovation leader.

    Galaxy Digital CEO Mike Novogratz says crypto is in “a good moment” highlighting the fact that Bitcoin and Ethereum have been the best risk-adjusted investments in the world over the past few years.

    The billionaire investor said this while commenting on the crypto market outlook during Galaxy Digital’s earnings call. He said:

    “I look right now and say, “What’s the good?” Bitcoin is trading over $27,000, Ethereum over $1,700. On a risk-adjusted basis, that’s volatility adjusted, Sharpe ratio adjusted, Bitcoin and Ethereum have been the two best-performing assets in the world this year. They’ve been the two best-performing assets in the world over the last two years. So, whatever Jamie Dimon wants to say, whatever the Biden administration wants to say, they’re just wrong, and the world knows that.”

    Novogratz explains what’s driving crypto

    Bitcoin has tested resistance near $29,000 in 2023, with its current price of $28,650 about 84% higher year-to-date. Ethereum has also traded above $1,800 as investors eye the $2,000 level. According to latest market data, the price of Ethereum is about 61% higher YTD.

    In Novogratz’ opinion, recent price action has the top coins poised for greater gains over the next several months. As highlighted in the earnings call transcript, the Galaxy Digital CEO believes all “the selling that needed done as crypto prices fell was done.

    Retail has also been behind much of the recent price appreciation, the billionaire investor added.

    “What’s promising, and what has driven crypto broadly this year, is two things. One, all the selling that needed to get done got done, right? There was so much bad news, if you had to sell, panic selling and just the nervousness of “Oh my God! This thing could go to zero,” and people were in sheer panic, you had seller’s exhaustion. But, you’ve had Asia reopen. China has—you know, post the Xi protests around COVID Zero, China took the regulatory boot of the necks of their tech companies, and that includes crypto, so you’re seeing, with Chinese traveling, you’re seeing more activity from Asia.”

    Bitcoin could be “substantially” higher in a few months

    Novogratz also believes the current wave of adoption across the Middle-East, Hong Kong and Europe is good for the crypto industry, even as the US risks losing its place as a financial market leader. 

    According to him, the Biden administration’s attack on crypto, as evidenced by the series of enforcement actions and charges among other things, is shortsighted.

    As for his outlook for Bitcoin and the broader crypto market, the Galaxy Digital chief noted:

    “The market feels strong, and when I look at it technically on charts, we’ve had big weekly closes. I’m surprised to hear myself say this, given where my mindset was in late December, but it would not surprise if we were substantially higher three months, six months, nine months from now.”

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  • Bitcoin struggles but Okcoin CEO thinks 3 catalysts will make it bullish

    Bitcoin struggles but Okcoin CEO thinks 3 catalysts will make it bullish

    • Bitcoin has steadied above $16,000

    • Okcoin CEO expects Bitcoin’s bear market to be driven by key developments

    • The cryptocurrency could come under pressure after falling below moving averages

    No Santa Claus rally for Bitcoin (BTC/USD) lovers? This is the clearest sign as the BTC price crashed below the moving averages. Despite bulls successfully defending $16,000, Bitcoin is far away from a bullish market. However, the CEO of the crypto exchange Okcoin is throwing insights on what to look at for a bullish Bitcoin movement.

    Hong Fang opines that the need for strong monetary systems would drive Bitcoin and crypto. According to the Okcoin CEO, the failures and shortcomings of the existing centralised currency systems could spur bullish markets. Already, a few countries are testing their monetary systems with Bitcoin and crypto. The notable ones in this pack are El Salvador and the Central African Republic. Will more countries join? Fang thinks so.

    The second event is the Bitcoin halving event in 2024. Fang wonders whether it is coincidental that past halving events have been associated with bullish crypto markets. In this regard, he expects the next cycle to be associated with a bullish market for Bitcoin. 

    Then there is the final and third bullish trigger – use cases. The CEO says a lot of projects continue to be created in crypto in a bear market. He expects the projects being created right now to be the next trigger of the bull cycle. 

    From Okcoin CEO’s thoughts, it is clear that he refers to the BTC’s long-term focus. However, a technical outlook paints a different picture of the short term. 

    BTC price outlook and analysis

    BTC/USD Chart by TradingView

    A technical outlook shows Bitcoin struggling after a slight descent. The moving averages are providing resistance to the BTC price. The RSI remains below the midpoint.

    Is BTC set to touch lower prices?

    Bitcoin lacks a directional movement. $16,000 is the price to watch, although the cryptocurrency has stabilised at this level. On the bullish side, $19,000 is the price ceiling. A recovery above could welcome further gains.

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