23 March

Bitcoin (BTC) is about halfway through its current bull market, which originated around the March 2020 price low, according to Peter Brandt, a veteran analyst and investor who’s been following commodity markets for more than four decades and serves as CEO of Factor LLC, which he founded in 1980. He’s been given credit for correctly predicting bitcoin’s steep price correction in 2018.

Brandt, a well-known author on interpreting chart patterns, explained the long-term BTC bull market remains intact. Bitcoin is currently moving along its fourth parabolic advance on the weekly log-scale chart. Brandt expects bitcoin to reach $180,000 to $200,000 by Q3 or Q4 based on its long-term trend channel.

Bitcoin is taking the role of store of wealth and medium of exchange. It’s a binary bet. It will be be the best of what people really want it to become, or it will become nothing.”

See Also: ‘Altcoin Season’ Leaves Some Bitcoin Alternatives Frozen

“Per the NYT, Biden’s economic advisers are preparing to recommend spending as much as $3 trillion on an “infrastructure” package that also features some facets of the Green New Deal, and other progressive measures to help “narrow economic inequality.”

After months of debate and preparation, the Biden advisors are expected to present their proposal to the president this week. The plan reportedly recommends carving the administration’s economic agenda into separate legislative parcels, rather than trying to push through another leviathan like the stimulus bill.

Mr. Biden’s broader economic agenda will face a more difficult road in Congress than his relief bill, which was financed entirely by federal borrowing and passed using a special parliamentary tactic with only Democratic votes. Mr. Biden could again attempt to use that same budget reconciliation process to pass a bill on party lines. But moderate Democrats in the Senate have insisted that the president engage Republicans on the next wave of economic legislation, and that the new spending be offset by tax increases.

Republican support will primarily depend on how Democrats choose to pay for it. GOP leaders like Mitch McConnell have already expressed opposition to any tax increases.”

“The Google search value for the term “Bitcoin” more than quadrupled to 100 on Sunday after Erdoğan dismissed central bank governor Naci Agbal, triggering fears of a sharp slide in the lira (TRY).

The lira plunged at least partly on concerns the new top central banker might implement capital controls as a way of tamping down the nation’s high inflation rate. Meanwhile, search values for gold remain flat in Turkey in the wake of the latest financial upheaval.

Banks have lately stopped exchanging the dollar and euro on online banking systems. “Currently USDT/TRY has the second highest trading volume after the BTC/TRY pair on BtcTurk.”

See Also: Crypto Is Banned in Morocco, but Bitcoin Purchases Are Soaring

“Registered Virtual Asset Service Providers (VASPs) must file suspicious transaction reports with the FSC, subject themselves to compliance inspections and verify their customers’ identities beginning Mar. 25.

Crypto firms engaging in custody, trading, sales, exchange and digital wallet services have a six-month grace period to register with the FSC before facing potential sanctions for non-compliance beginning in late September.”

See Also: India May Block IP Addresses of Crypto Exchanges: Report
See Also: People’s Bank of China Official Says Fully Anonymous Digital Yuan ‘Not Feasible’

“Time magazine is embracing the blockchain digital art movement by auctioning three nonfungible tokens, or NFTs, inspired by some of its most iconic covers throughout the decades. The three NFTs will be sold both individually and as a collection on SuperRare.

The collection is based on the theme “Is _ Dead?”, which refers to a series of provocative typological covers inspired by the original April 8, 1966 rendition, “Is God Dead?”

The NFT rendition of “Is God Dead?” is now available on SuperRare, alongside Time’s April 3, 2017 cover, “Is Truth Dead?”, and the forthcoming March 29/April 5 cover, “Is Fiat Dead?”

See Also: William Shatner-backed firm teams up with Mattereum for NFT provenance tracking
See Also: Non-Fungible Tokens and the New Patronage Economy

Xend Finance today launched a platform to enable credit unions and co-ops throughout Africa to provide DeFi services to their members. Xend will provide multiple saving strategies for cooperatives and credit unions and their members, including fixed and flexible savings, and decentralized insurance.

The problem for the citizens of many countries in Africa is that their currency valuations fluctuate wildly, often devaluing greatly compared to other regions.

The platform will enable people to channel their savings into stable currencies, without worry that their money will devalue overnight, and earn higher interest rates through DeFi.”

“Friday, bot trader and LocalCoin Swap CTO Nathan Worsley released two token contracts named “Salmonella” and “Listeria” on the Ethereum blockchain with the intention of luring unsuspecting bot traders into an ambush. Mining pool Ethermine – which only publicly announced its MEV strategy last Wednesday – became entangled in the token trap, netting Worsley a quarter-million dollars.

Worsley’s gambit was a “poisoned” sandwich trade. In a sandwich, a transaction is both front-run and back-run (the bread), which causes price slippage for the transaction in between.

Instead of giving them a juicy payout, the token itself in the trade exploits the sandwich trader by giving them only a fraction of the tokens they thought the swap would yield. After this happens, the ‘sell’ order of the sandwich trader now fails and they are left holding the Salmonella token. Instead of making a bunch of ETH in profit from my bait, they are instead left with a stomach full of Salmonella.

Nothing against Ethermine or the other traders personally, but this is a game of high-stakes poker and they sat down at the table intending to take all of my chips. Maybe next time they will be the ones walking home with all my chips. That’s the game.”

“Cybercriminals in Russia are going to extreme lengths to untraceably cash out cryptocurrency. A darknet ad flagged by the crypto sleuths at Elliptic says vendors will bury vacuum-packed physical cash “5-20 cm under the ground.”

Cashing out crypto on Hydra, the sprawling Russian darknet marketplace, has evolved to include services that offer to hide large volumes of physical cash at a specified location, where the cash can be retrieved by the customer.

It’s an interesting way of cashing out that people are starting to use.”