19 May

The 14-week RSI has now dropped to 53.00, a level that has consistently acted as solid support and marked an end of corrective pullbacks during the 2016-2017 bull run. Bitcoin saw at least four significant corrections during the 2016-2017 bull run that ended with the weekly RSI near 53.00.

From a technical point of view, the price is finding some support from the 200-day exponential moving average, plus other momentum indicators such as the RSI, which shows that the price is somewhat oversold.

The bull market looks intact, with the cryptocurrency still up 365% year on year and evidence of long-term investors buying the dip. Coupled with the weekly RSI hovering at historically strong support, that suggests the cryptocurrency may soon resume its uptrend.”

See Also: ‘Long Bitcoin’ Is World’s Most ‘Crowded’ Trade: Bank of America Survey
See Also: Ethereum Network Revenue Set to Smash Monthly Record of $722 Million

The offering matches bitcoin, ether and litecoin against the euro, U.S. dollar and Japanese yen, initially for Saxo Markets’ clients in Singapore and Australia. Rollout to other key markets will follow in the coming weeks.

The cryptocurrency traded will be in the form of derivatives rather than the actual coins. The new offering is designed to complement the company’s existing range of crypto trackers and ETNs.”

Michael Hsu, the new acting comptroller, said in prepared remarks that he requested a review of all of the federal bank regulator’s pending matters, interpretative letters and guidance, including issues around digital assets and cryptocurrencies.

At the OCC, the focus has been on encouraging responsible innovation,” Hsu said. “For instance, we created an Office of Innovation, updated the framework for chartering national banks and trust companies, and interpreted crypto custody services as part of the business of banking. I have asked staff to review these actions.

Hsu said that he intends to keep an open mind but is “committed” to ensuring banks remain safe for consumers.

My broader concern is that these initiatives were not done in full coordination with all stakeholders. Nor do they appear to have been part of a broader strategy related to the regulatory perimeter. I believe addressing both of these tasks should be a priority.

While Hsu sounded cautious about some of these actions, he noted that fintech firms are not going away.

Recognizing the OCC’s unique authority to grant charters, we must find a way to consider how fintechs and payments platforms fit into the banking system, and we must do it in coordination with the FDIC, Federal Reserve and the states.”

See Also: China Reiterates Crypto Bans From 2013 and 2017
See Also: US Congressman Reintroduces Bill With Tax Protections for Investors With Forked Crypto Assets

“Big Four accounting firm Ernst & Young is continuing to invest heavily in blockchain. On Monday, EY revealed its second-generation of Smart Contract & Token Review tools through its EY Blockchain Analyzer product suite, including a testing studio allowing simulated smart contract execution for complex decentralized finance applications.

It offers a blend of compliance testing with traditional code review, and it supports customized smart contract tests and simulation of mainnet transactions.

EY also revealed that Italian beer company Peroni is using its Ethereum-based supply chain solution, EY OpsChain Traceability.”

See Also: Common Protocol Raises $3.2M to Streamline DeFi Governance

“Wood said the launch of the parachains would proceed following a full external audit on the new version of Polkadot and Kusama executing ‘at least one successful auction involving crowdloans and hosting at least one functional parachain‘ in the wild.

After Kusama’s first auctions complete successfully, one would expect Polkadot’s auctions to happen soon after.”

See Also: Banking App Current Picks Polkadot for Its DeFi Debut

With shares in the Nasdaq-listed cryptocurrency exchange continuing to underperform, Coinbase is seeking a $1.25 billion cash injection from institutional investors.

The offering will be in the form of convertible senior notes due 2026, available only for institutional investors that manage a minimum of $100 million in securities issued by other companies. A senior convertible note is a debt security that entitles its holder to a stream of interest payments.

COIN’s underperformance continues despite the exchange’s exceptional first-quarter results, which were released one week prior to the company’s direct listing on Nasdaq in mid-April. The analysis rests on the expectation that even with impressive quarter-one earnings, competitors and potential future public listings by other crypto firms will likely drive down its future revenues.”

“The petrodollar is the system of exchange that governs U.S. dollars being paid to oil-exporting countries for oil. Both analysts argued that the petrodollar is fundamentally backed by the U.S. military, which is estimated to consume—much like Bitcoin—more energy than many of the world’s countries.

In fact, in 2017, it was estimated that the U.S. military used up to one million barrels of oil per day, which would, in turn, make the U.S. Defense Department the world’s 55th largest emitter of carbon dioxide if it was a country. Thus, according to Gladstein and McGinniss, environmentalists ought to criticize Musk and Tesla for accepting the U.S. dollar, not for having invested $1.5 billion into BTC.

I think it’s rich that people are attacking Elon for taking Bitcoin as payments when they should be a lot more critical of him taking the dollar for payments.”

“The animated comedy series, dubbed “Krapopolis,” will be launched alongside a dedicated marketplace that will host the sale of tokenized digital goods including nonfungible tokens depicting the characters and artwork featured throughout the show. The show also hopes to reward its most devoted fans with tokens that unlock “exclusive social experiences.”

Not to go too far into it today, but as an advertiser-focused, artist-first and animation-obsessed company, Fox is going to take advertisers into the world of blockchain-powered tokens, including NFTs.”