“Timmer explained that while Bitcoin has fallen back to 2020 levels, its price-to-network ratio has reeled all the way back to 2013 and 2017 levels, which he said may indicate it is undervalued. The macro analyst also shared a graph making use of Glassnode’s dormancy flow indicator, which he said suggests ‘how technically oversold Bitcoin is.’
The price-to-network ratio is a crypto-riff on a popular metric used by traditional stock market investors called the price-to-earnings (P/E) ratio, which is used to determine whether a stock is over or undervalued.
Morgan Creek Digital co-founder Anthony Pompliano gave a similar view to Fox Business Monday, explaining that Bitcoin’s “value and price are diverging” and that “weak hands are selling to strong hands:”
What we’re watching right now is the transfer from weak, short-term oriented people with weak hands into the long-term oriented strong hands.”
“The Euro Coin (EUROC) will be fully backed by euro-denominated reserves held in the custody of financial institutions that fall “within the U.S. regulatory perimeter,” the company announced Thursday. One such institution will be San Diego-based Silvergate Bank, the company said.
Euro Coin is a regulated, euro-backed stablecoin issued under the same full-reserve model and built on the same pillars of trust, transparency, and security that have made USDC one of the world’s most trusted digital currencies.
Euro Coin will launch on the Ethereum blockchain on June 30 as an ERC-20 standard token. Once trading on exchanges kicks off, people and businesses will be able to trade for Euro Coin and withdraw EUROC from exchanges and put it in Ethereum-compatible wallets.
It is unclear how a euro-backed stablecoin issued under U.S. standards might be perceived by EU leaders, and how Circle is anticipating the EU’s pending [MiCA] legislation. EUROC joins a short list of euro-backed stablecoins including EURt, issued by Tether, and EURS, from Malta-based Stasis.”
“The Tesla CEO spoke Thursday at an all-hands meeting for the social network company. Musk said it “makes sense” to integrate digital payments into Twitter (TWTR).
Money is fundamentally digital at this point and has been for a while. It would make sense to integrate payments into Twitter so it’s easy to send money back and forth.
Twitter has already tiptoed into cryptocurrency, incorporating bitcoin (BTC) tipping in 2021 under then-CEO Jack Dorsey, and adding ether (ETH) functionality early this year.”
“Russia’s Gazpromneft and U.S.-sanctioned bitcoin (BTC) mining hosting firm BitRiver plan to develop crypto mining facilities at oil fields, according to memorandum signed at the St. Petersburg International Economic Forum on Thursday. The oil-producing subsidiary of state-owned natural gas giant Gazprom will provide energy to data centers set up by BitRiver.
On April 20, BitRiver was added to the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) list of specially designated nationals, because the company helps Russia “monetize its natural resources.” The company has called the measures unfair and anti-competitive and has announced plans to sue the U.S. government.”
“Several U.S. states including Texas and Alabama are investigating Celsius Network’s decision to halt customer withdrawals.
I am very concerned that clients – including many retail investors – may need to immediately access their assets yet are unable to withdraw from their accounts. The inability to access their investment may result in significant financial consequences.
This is not Celsius’ first brush with Texas’ state securities regulators, who began looking into the platform’s crypto interest accounts – which advertised returns of up to 17% – last September.”
“We exercised our best business judgment recently with a large client that failed to meet its obligations on an overcollateralized margin loan. We fully accelerated the loan and fully liquidated or hedged all the associated collateral.
Prince’s tweet followed a Financial Times report that Three Arrows was liquidated by BlockFi and other top-tier crypto lending firms after it failed to top up its loan collateral.“