Bitcoin surges to a 5-month high above $57,000, outperforming wider crypto sector

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Bitcoin surged to a five-month high on Monday, climbing back above $57,000 to outperform the broader cryptocurrency sector.

The digital currency claimed an intraday high of $57,776 before paring gains to trade up 3.48% at $57,331 as of 12:50 p.m. ET Monday. The largest cryptocurrency by market capitalization hit a record high of $65,000 in April.

Tim Frost, the CEO of the digital-wealth-management platform Yield App, couldn't point to one particular reason behind the rally. Catalysts could include the Securities and Exchange Commission's recent approval of an exchange-traded fund made up of stocks with bitcoin exposure, growing institutional adoption of the digital asset, and the daily settlement hitting $31 billion worth of transactions for the first time last week, he said.

But bitcoin could be headed for another short-term dip.

Continue reading at businessinsider.com

Robinhood warns crypto, payment for order flow regulation poses risk to business model

Robinhood has sounded the alarm to investors about potential risks to its business model related to increased regulatory scrutiny of cryptocurrencies and payment for order flow (PFOF), a payment arrangement with market makers which allows trading platforms to offer low-commission or commission-free trading.

According to Robinhood, payment for order flow and transaction rebates from cryptocurrency trading accounted for 79% of the company's total revenue in the second quarter, with PFOF making up 38% and cryptocurrencies making up 41%.

"Regulation of the cryptocurrency industry continues to evolve and is subject to change. Moreover, securities and commodities laws and regulations and other bodies of laws can apply to certain cryptocurrency businesses,"  the platform said in an amended S-1 filing on Friday.

Continue reading at foxbusiness.com

Walmart seeks crypto product lead to drive digital currency strategy

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North American retail giant Walmart is looking for an experienced crypto expert who can develop and drive an ambitious digital currency strategy and product roadmap. 

In the listing for the role, Walmart indicates it is looking for someone who has a track record in leading and scaling businesses, with at least 10 years of experience in product/program management and technology-based product commercialization. The ideal candidate would have expertise in cryptocurrencies and blockchain-related technologies and in-depth knowledge of the crypto ecosystem and its core actors.

Walmart has hinted at the focus of its future digital currency strategy by noting that it already enables a “broad set of payment options for its customers” — although not yet in cryptocurrency. Back in 2019, Walmart had already filed a patent for a blockchain-based U.S. dollar-backed digital currency that was, at the time, similar to Facebook’s early proposals for what was then known as Libra.

Continue reading at fxstreet.com

Bitcoin Fans Are Suddenly a Political Force

A clash over tax rules for digital currencies like bitcoin turned into a political coming-of-age moment for the cryptocurrency industry, galvanizing a usually fractious coalition of investors, exchanges, financiers and social-media influencers.

In public, Ashton Kutcher, Elon Musk and Square Inc. Chief Executive Jack Dorsey brought the Twitter heat over a provision in the $1 trillion infrastructure bill seeking to expand and strengthen tax enforcement of crypto transactions. That helped prompt tens of thousands of followers to call members of Congress.

Behind the scenes, lobbyists, trade-group officials and executives at crypto companies hopped on Google Meet every few hours to coordinate Congressional outreach and tracked legislative contacts in a shared spreadsheet.

Continue reading at wsj.com

Corporate Cryptocurrency Adoption Could Transform Payments

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It is well-known by now that cryptocurrencies are here to stay. They have become an asset class with a market cap of over $1.7 trillion to their nameThe market even topped the $2 trillion mark back in April.

Yet, despite the growing adoption, the gap between crypto and fiat worlds is still some ways off from completely closing. There are two main issues holding back cryptocurrency adoption.

The first is that while crypto and blockchain applications are prevalent, it isn’t straightforward for companies in the fiat world to integrate cryptocurrencies into their service offering.

A good example is Revolut. While they have the resources to introduce crypto-related services, they are still in the process of rolling out crypto-derived services after several years’ worth of effort. They only introduced a crypto withdrawal facility earlier this year. 

Similarly, crypto projects have a hard time accepting payments in fiat. There are practically no solutions that make conducting local/cross-border payments possible for such projects.

Continue reading at beincrypto.com

Bitcoin holds above US$45k as US vote on crypto tax nears

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Bitcoin managed to hold above its key US$45,000 price level on Tuesday as a key vote on crypto regulation neared in the US Senate, raising hopes of a further bull run.

In late morning trading in London, Bitcoin was up 2% in the last 24 hours at US$45,791, giving it a market cap of just over US$860bn.

The increase means Bitcoin has broken above its 200-day moving average for the first time since April, which was then followed by a strong bull run for the digital currency, leading many analysts to predict a similar trend will emerge this time.

Continue reading at proactiveinvestors.co.uk

A Bitcoin-Tracking Financial Instrument on TASE UP in the Tel Aviv Stock Exchange

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Digital Currency Investment House, Silver Castle, and The Tel Aviv Stock Exchange Ltd (TASE: TASE) announced today the first-ever issuance of Bitcoin linked and backed bonds on TASE UP. This new channel of investment in Bitcoin creates a pathway for institutional and qualified investors into the digital currency realm and further diversification of their investment portfolio.

The series of bonds issued will have term of three years and will not bear interest. The capital raised in the issuance will be used solely in the purchase of Bitcoin and the monies will be fully exposed to the exchange rate of the Bitcoin. The trading of the bonds will be subject to the rules of TASE UP. The redemption of the Bitcoin will be paid for in Shekels, based on the exchange rate of the Bitcoin on redemption date, less commissions. Weekly early redemption will become available at the end of three months, based on a formula that weights the exchange rate of the Bitcoin on early redemption, less commissions.

The new instrument enables exposure to Bitcoin with significantly reduced operational risks and product holding costs. Until now, Bitcoin could be obtained by way of direct purchase and holding, bitcoin delivery agreements, and Israeli or foreign hedge funds. Starting today, institutional and qualified investors can also purchase Israeli Bitcoin bonds on TASE UP.

Continue reading at prnewswire.com

Bitcoin Should be Part of Your Retirement Plan, Says Scaramucci

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Former White House Chief of Communications, Anthony Scaramucci, continues to tout cryptocurrencies as an integral part of people’s financial future.

Anthony Scaramucci has been a proponent of digital currencies for a while now, specifically bitcoin (BTC). In a recent interview with 401K Specialist magazine, he doubled down on his push for Americans to invest sooner rather than later in the world’s most popular digital currency.

While Scaramucci does warn that investing in such a volatile currency should be done in “bite-size, digestible chunks,” he firmly believes that bitcoin should be part of people’s retirement plans. Even if it is just a small amount. In fact, the volatility of digital currencies is exactly why he believes in investing in bitcoin. The co-founder of SkyBridge Capital said that:

“People can trade within their 401k without tax consequences. If we’re right about bitcoin and I was your financial advisor, I would tell you that over the next 100 years, this is the technology that people are going to use for a large swath of commerce on the planet.”

Continue reading at finance.yahoo.com

Bitcoin Vs. Ethereum: A Technical Performance Comparison

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The entire crypto market saw a crash last week and both of these cryptocurrencies took a hit. Below is a comparison of the charts over the past month.

Bitcoin Daily Chart Analysis:

  • Bitcoin was unable to break out of the ascending triangle pattern. It saw a large dump after it was unable to cross above the $60,000 level.
  • Bitcoin is trading below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment has been bearish.
  • Each of these moving averages may hold as an area of resistance on the chart.

Continue reading at benzinga.com

Banks say they are ready to integrate cryptocurrency into their financial products

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US banks may soon give their customers to buy cryptocurrencies – Gecko

The New York Digital Investment Group (NYDIG) is a financial service dedicated to financial services Bitcoin. It has partnered with global banking technology solutions group Fidelity National Information Service (FIS) to provide and provide guidance to US banks seeking to offer exchange services.

When asked by the American channel CNBC on Wednesday, Patrick Sell, director of banking solutions for NYDIG, said that many small banks had already signed up for the program, but also that the firm was in contact with large institutions . Actually, according to him, big banks prefer JP Morgan Or Bank of America, previously reluctant to bitcoin, may change its mind if the adoption of cryptocurrency trading proves successful for small banks.

More and more US banks’ increasing interest in access to crypto-assets can be explained by the success of exchange platforms Robin Hood Or Coinbase, the latter recently went public with flying colors. The amount of money deposited in the accounts of these platforms is staggering. Some 9.5 million Americans have traded cryptocurrency on the Robinhood platform since the beginning of the year and Coinbase deployed in Q20 2021 has revenue of $ 765 million. According to NYDIG President Yan Zhao, banks want a piece of the pie: “It’s not just banks that think their customers want bitcoin, they say: We have to do it, because we see the numbers.” They see deposits known in the world’s Coinbases, Galaxies and Krakens“.

Continue reading at sproutwired.com