“Upside momentum is improving, which could keep crypto buyers active into the weekend. Some analysts expect a short-squeeze to push bitcoin above the 50-day moving average around $34,000 given oversold conditions on the charts.
For the first time in many weeks we are seeing bullish signs here and expect Bitcoin to head towards the upper end of the $30,000-$40,000 range. On the options front we have seen a good amount of covering between the $35,000-$40000 strikes for the weekly maturity.
Overall, risk sentiment is improving in traditional and crypto markets as concerns about tighter monetary stimulus wane. On Thursday, the European Central Bank (ECB) pledged to keep interest rates lower for longer and adjusted its policy stance to allow for a slight overshoot of the 2% inflation target. The ECB announcement along with a broad decline in global government bond yields contributed to higher stock prices over the past week.”
“Securities and Exchange Commissioner Hester Peirce has voiced concerns over the United States lagging behind global jurisdictions in adopting cryptocurrency exchange-traded funds (ETFs). The SEC commissioner also mentioned her concern that U.S. regulators could be overstepping their remit by forcing the local crypto industry to play by a separate set of rules than everyone else.
We’re not a merit regulator, so we shouldn’t be in the business of deciding whether something is good or bad.”
“The CEO expressed confidence that Binance is set to face heavy regulations in the future, noting that the company ‘is in the mindset of shifting from a tech startup to a financial service.’
Despite seeing a meager success in communicating with global regulators so far, Binance doesn’t preclude a possibility that Binance US would go public one day as the exchange is seeking ways to go for an initial public offering (IPO), CZ declared.
Binance US is looking at the IPO route. Most regulators are familiar with a certain pattern, or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen.
Launched in 2019, Binance US operates a separate entity from Binance, licensing technology and receiving branding support from the global exchange. Brian Brooks, the former acting comptroller of the United States Office of the Comptroller of the Currency, became the CEO of Binance US earlier this year to help the exchange compete with Coinbase exchange and expand across the United States.”
“The study conducted by global analytics and advice firm Gallup revealed that the number of investors in the U.S. holding BTC has jumped from 2% in 2018, to 6% as of June 2021. The research defines “investors” as adults with $10,000 or more invested in stocks, bonds, or mutual funds.
It also reported that Bitcoin ownership among investors surveyed aged under 50 has more than trebled over the past three years to 13% from 3% in 2018. Unsurprisingly, it revealed ownership was much lower at just 3% for the over 50s group of investors, though this has also increased three-fold from 1% in 2018.
A similar survey that polled institutional investors in May and June revealed that more than 80% of hedge fund executives and wealth managers surveyed that are already holding crypto assets intend to increase their holdings.”
“ChainMaker, an enterprise blockchain developed with support from the Beijing city government, said it is preparing to be interoperable with the distributed file storage protocol InterPlanetary File System.
ChainMaker is poised to become Beijing’s government blockchain, uniting data currently siloed across ministries and government departments. A 27-member group that includes state-owned enterprises, banks and universities has pledged to integrate the blockchain across their operations.”