Wednesday 28 September 2022
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Fed conference hears stablecoins may boost USD as global reserve currency

A note published by the United States Federal Reserve on a recently held conference found a majority of exports believe a U.S. dollar central bank digital currency (CBDC) would not drastically change the global currency ecosystem. Panelists at the conference also agreed CBDC development outside of the U.S. doesn’t threaten the status of the dollar, but th development of cryptocurrencies could alter the role of the dollar globally, with some saying stablecoins could even boost the U.S. dollar's role as the global dominant reserve currency. The assessments came from expert panelists at a June 16 and 17 conference hosted by the Federal Reserve on the “International Roles of the U.S. dollar” collated into a note and published by The Fed on July 5. The conference was used to gain insight from policymakers, researchers, and market experts to understand “potential factors that may alter the dominance of the U.S. dollar in the future” including new technologies and payment systems. A dis..

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The bottom is in: CNBC’s Jim Cramer says crypto has “no real value”

Given his track record, some in thecrypto community believe the market bottom may now be in after CNBC host Jim Cramer said there was “no real value in crypto” and predicted the market would tumble further. Cramer is known for giving his investment expertise as the host of CNBC’s Mad Money, but has developed a reputation in the crypto community for giving stock and crypto tips that generally end up being wide of the mark, or the complete opposite of his prediction. His predictions, along with his on-again off-again love-hate relationship with crypto have become a popular meme among the community over the past few years. Appearing on a segment of CNBC’s Squawk Box on July 5, Cramer was commenting on the bearish performance of various asset classes in 2022. He stated that the current sector he is currently “most interested in” is crypto as he slammed it as essentially being worthless while predicting more carnage ahead. "Crypto really does seem to be imploding. Went from $3 trillion..

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PennyWise crypto-stealing malware spreads through YouTube

A new strain of crypto-malware is being spread via YouTube, tricking users to download software that’s designed to steal data from 30 crypto wallets and crypto-browser extensions. Cyber intelligence company Cyble in a June 30 blog post said it had been tracking the malware known as “PennyWise” — likely named after the monster in Stephen King's horror novel “It” — since it was first identified in May. “Our investigation indicates that the stealer is an emerging threat,” wrote Cyble in a blog post on June 30. “In its current iteration, this stealer can target over 30 browsers and cryptocurrency applications such as cold crypto wallets, crypto-browser extensions, etc.”Data stolen from the victim's system comes in the form of Chromium and Mozilla browser information, including cryptocurrency extension data and login data. It can also take screenshots and steal sessions of chat applications such as Discord and Telegram. The malware also targets cold crypto-wallets such as Armory,..

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MakerDAO voting on collaborating with a traditional bank

MakerDAO is voting on a proposal that will bring a traditional bank into its ecosystem for the first time, allowing the bank to borrow against its assets using decentralized finance (DeFi). Currently 83% of voters are in favor of the proposal. Voting ends at 12pm ET on July 7. The proposal involves creating a vault with 100 million Dai (DAI) for Huntingdon Valley Bank (HVB) as part of a new collateral type in the Maker Protocol. This will essentially allow the Maker Protocol to begin issuing real-world loans to borrowers through a fully backed traditional institution by meeting the bank’s standards. The move to integrate the bank follows hot on the heels of another decision to become more closely entwined with traditional finance after MakerDAO members voted in favor of spending $500 million DAI investing in treasuries and corporate bonds last week. MakerDAO governs the Maker Protocol, which issues U.S. dollar-pegged DAI stablecoins in exchange for user deposits of Ether (ETH) and nea..

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High-ranking crime fighter to join UK’s FCA as payments and digital assets director

UK regulator the Financial Conduct Authority (FCA) has recruited almost 500 additional staff members this year as part of its new three-year strategy. Among the new hires are six directors, whose appointments were announced July 5. Two of them come from backgrounds in policing. Director of payments and digital assets is newly created position that will oversee the e-money, payment and crypto-asset markets and related policy development. Matthew Long was appointed to that post, moving over from the National Crime Agency, where he is now a director in the National Economic Crime Command. Long has also led the UK Financial Intelligence Unit. He began his career as a detective in the Kent Police and holds a PhD in risk management. Long will start in his new role in October. In September, Karen Baxter will support FCA enforcement and market oversight activities when she joins the FCA as director of strategy, policy, international and intelligence. She was a commander and national coordinato..

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Core Scientific sold $167M worth of Bitcoin holdings in June

United States-based cryptocurrency mining firm Core Scientific sold more than 7,000 Bitcoin in June to pay for servers, increase its data capacity, and settle debts. In a Tuesday announcement, Core Scientific said it had sold roughly $167 million worth of Bitcoin (BTC) in June at an average price of $23,000 — 7,202 BTC. The sale left the firm with ​​1,959 BTC — roughly 21% of its holdings — and $132 million in cash as of June 30, a more than 75% drop when compared with its reported 8,058 BTC holdings as of May 31. According to the firm, it used proceeds from the crypto sale to pay for ASIC servers, schedule debt repayments, and invest in additional data center capacity. The company reported it had produced 1,106 BTC in June, with self-mining accounting for 57% of its data center capacity and crypto mining operations as of June 30 — more than 180,000 servers. “Our industry is enduring tremendous stress as capital markets have weakened, interest rates are rising and the economy deals wi..

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Bitcoin price swings 7.5% during intraday trading as US recession concerns mount

The cryptocurrency market along with the tech-heavy Nasdaq saw a bit of positive price action on July 5 amid a backdrop of rising recession concerns in the United States. Data from Cointelegraph Markets Pro and TradingView shows that an early morning onslaught by bears managed to drop Bitcoin (BTC) to a daily low of $19,309 before reinforcements arrived to bid the price back above support at $20,400 during the afternoon. BTC/USDT 1-day chart. Source: TradingViewHere’s what several analysts are saying comes next for the top cryptocurrency and what support and resistance levels to keep an eye on moving forward. Looking for a continuation to $23KA bullish take on the recent Bitcoin price action was offered by independent analyst Michael van de Poppe, who posted the following chart as a follow-up to a previous Tweet that suggested Bitcoin needed to crack the resistance zone at $19,700 to continue higher: BTC/USD 15-minute chart. Source: TwitterThe analyst said: “This one did crack the r..

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Bitcoin exchange outflows surge as ‘not your keys, not your crypto’ comes back into fashion

Bear markets in cryptocurrency are known to be painful, but the month of June was especially trying for the crypto faithful as a confluence of factors resulted in the price of Bitcoin (BTC) falling 37.9%, its worst monthly performance since 2011. Bitcoin monthly performance. Source: Glassnode.As a result of the continued widespread weakness, a majority of the so-called Bitcoin “tourists” have now exited the space, leaving only the most dedicated holders remaining, according to blockchain analytics firm Glassnode. Despite Bitcoin's ongoing struggles and the fact that crypto traders are currently experiencing the worst bear market in the sector's history, several metrics suggest that the outlook isn’t as dire as some are predicting and that the hodler base of the crypto market remains strong. Dedicated hodlers increase in numberA significant purge of active Bitcoin wallets is a common occurrence during major sell-off events as well as in early bear markets, according to Glass..

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Italian government will provide $46 million in subsidies for blockchain projects

The Ministry of Economic Development of Italy has announced that certain blockchain projects will qualify to apply for up to $46 million in government subsidies starting from September. In a Tuesday announcement, the Ministry said companies and public or private research firms will be able to apply for funding from the government for the development of projects related to artificial intelligence, the Internet of Things and blockchain technology. The fund will have an initial budget of 45 million euros — roughly $46 million at the time of publication — for expenses and costs from 500 thousand (worth $512,150) to 2 million euros ($2,048,600) as part of the Italian government’s goals for investments in technology, research and innovation. “We support companies' investments in cutting-edge technologies with the aim of encouraging the modernization of production systems through management models that are increasingly interconnected, efficient, secure and fast,” said Minister of Economi..

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US Commerce Dept. asks digital asset industry for input on competitiveness framework

Among the numerous reports and other written material mandated in United States President Joe Biden’s March 9 executive order “Ensuring Responsible Development of Digital Assets” is a framework for enhancing United States economic competitiveness in digital asset technologies, due from the Commerce Department on September 5. In preparation for that document, the Commerce Department requested public comments through Tuesday, providing 17 questions to encourage discussion. As of midday on Tuesday, eight comments had been received by the Commerce Department. They ranged from a few paragraphs to pages of detailed analysis. Mastercard’s 16-page response was the longest. Mastercard said in its response that the United States was in a particularly strong position as both a financial services and technological innovation hub. It urges several steps be taken to preserve those advantages. Lack of regulatory clarity is a significant obstacle business and innovation, Mastercard wrote, adding: “Ma..

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