As the US banking system faces mounting challenges, Bitcoin emerges as a potential safe haven, witnessing a remarkable 40% price surge during a period of banking turmoil. While some tout Bitcoin's potential to reach $1 million per coin, skepticism looms large.
Advocates view Bitcoin as a stable alternative amid financial instability. Its finite supply and decentralized nature make it immune to the health of traditional financial institutions. Recent events, such as the failures of major banks like Silicon Valley Bank in March 2023, coincide with Bitcoin's significant price uptick, reinforcing its role as an uncorrelated asset class.
Source: FDIC
Reports from the Federal Deposit Insurance Corporation (FDIC) paint a grim picture of the US banking sector, with over $500 billion in unrealized losses on bank-held securities and an increase in the number of banks on the "Problem Bank List." These indicators raise alarms about the sector's overall health.
Source: FDIC
While the prospect of Bitcoin reaching $1 million is tantalizing, experts caution against such lofty ambitions. A dramatic surge may coincide with a full-scale economic crisis, potentially undermining Bitcoin's long-term viability. Additionally, Bitcoin's historical correlation with traditional assets fluctuates, challenging its ability to remain detached during market downturns.
The recent expansion of the M2 money supply, reflecting the total money in circulation, correlates with Bitcoin price increases historically. However, the impact of M2 expansion on Bitcoin amid banking instability remains uncertain.
Bitcoin's trajectory hinges on the severity of banking and economic woes. While it could appreciate in value amidst banking troubles, a broader economic downturn may also affect its performance. As uncertainties persist, Bitcoin's role as a financial hedge remains subject to market dynamics and regulatory developments.
A Philippine lawmaker has proposed that the central bank buy 2,000 bitcoins each year for five years, creating a national reserve of 10,000 coins. The plan aims to strengthen the country’s finances and provide a long-term store of value alongside traditional reserves like gold and foreign currency.
WeatherlyJapan plans to tax crypto profits at a flat 20% instead of rates as high as 55%. The regulator also aims to allow crypto ETFs and approve the country’s first yen-backed stablecoin.
AnaisArthur Hayes, the BitMEX co-founder pardoned by Donald Trump, has invested in a stem cell firm with clinics in Mexico and Bangkok. He is also backing crypto treasury firms while warning that the market may already be overheating.
WeatherlyA Pennsylvania lawmaker has put forward a bill to stop politicians and their families from owning or trading crypto while in office. The plan follows claims that Donald Trump has used his role to profit from tokens like his own memecoin.
WeatherlyBitcoin has retraced below $117,000 after reaching an all-time high last week, signaling a pause in upward momentum and growing caution among investors.
XingChiDutch cryptocurrency company Amdax is preparing to launch one of Europe’s most ambitious Bitcoin strategies yet: creating a dedicated Bitcoin treasury firm, seeking a listing on Amsterdam’s Euronext, and ultimately aiming to acquire 1% of the total Bitcoin supply.
XingChiThe SEC has delayed decisions on several crypto ETFs, including Bitcoin, Ethereum, Solana, XRP, Litecoin, and Dogecoin, pushing most deadlines into October. Regulators are working on new listing standards that could allow faster approvals of altcoin ETFs once rules are finalised.
WeatherlyTaiwan’s WiseLink led a $10 million funding round for Nasdaq-listed Top Win International, helping the company buy Bitcoin and expand into digital assets. The deal makes WiseLink the first public Taiwanese firm to back a Bitcoin treasury strategy and aims to combine crypto holdings with cross-border business operations.
WeatherlyCitigroup plans to offer custody services for assets backing stablecoins and cryptocurrency ETFs, aiming to meet new US rules. The bank is also developing stablecoin payment solutions for faster cross-border transactions.
WeatherlyMetaplanet bought 518 more bitcoins for about $61.4 million, bringing its total holdings to 18,113 BTC. The company uses creative financing methods to keep buying and aims to hold 210,000 BTC by 2027.
WeatherlyChina is softening its stance on NFTs, with reports suggesting a notable shift in its approach after a year of stringent regulations on blockchain projects.
JixuA 20-year-old individual from Florida has been sentenced to 30 months in prison for his involvement in a cryptocurrency SIM swap scam that resulted in the theft of nearly $1 million.
JasperActive AXS addresses were at a three-month high last week, and token prices surged more than 15 per cent.
AlexHello Kitty is celebrating its 50th anniversary with a global extravaganza, featuring augmented reality experiences, TikTok, ROBLOX, and ZEPETO integration, and a nationwide tour. The festivities kick off on November 1, 2023, with events spanning the entire year under the theme of "Friend the Future." Fans worldwide can enjoy interactive AR encounters and themed content. New costumes, emojis, and international events are part of this exciting celebration.
JoyAlibaba unveils Tongyi Qianwen 2.0 amidst US-China AI supremacy race and evolving regulations.
Hui XinGary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), extended well-wishes to Bitcoin's white paper on its anniversary. While making a playful reference to Satoshi Nakamoto's Halloween costume, Gensler also delivered a strong message to crypto companies, stressing the critical need for adherence to securities laws.
JixuRussian lawmakers are considering a ban on private citizens participating in cryptocurrency mining, with a focus on legalizing mining for registered businesses. This move comes as the Industrial Mining Association is established to influence the industry's trajectory and improve taxation for industrial miners. The integration of cryptocurrencies into the Russian economy may take some time but is expected to increase in state transactions and trade activities.
JixuA42x Ltd. has embarked on an exciting joint venture with Sharp Corporation, harnessing the authentication and authorisation infrastructure of 'Myna Wallet' to pioneer a cutting-edge user identification system. This exciting partnership leverages Sharp Corporation's AI technology to enable user identity verification (authentication) and authorisation, granting access to specific actions based on user-owned NFTs and other data.
JoyCrypto whales recently moved nearly 4.5 trillion Shiba Inu tokens, equating to just under $36 million. In the Ethereum space, another sizable transfer saw 150,000 tokens shifted to the Kraken exchange, worth around $270 million. The motives behind these moves remain unknown.
YouQuanDeFi project Onyx Protocol has encountered a breach resulting in the loss of approximately $2.1 million worth of ETH to attackers employing a flash loan scam.
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