“Bitcoin (BTC) and Wall Street’s benchmark equity index, the S&P 500, are on the verge of hitting an easy-to-track bullish technical signal – the golden cross. Bitcoin will likely see its first golden cross since September 2021 in the next week or two. Meanwhile, the S&P 500’s averages appear on track to produce the golden cross on Thursday.
In the past, bitcoin’s big rallies have started with a golden cross, but not all golden crosses have led to a big rally. Bitcoin has seen eight golden crosses to date, of which three, confirmed in February 2012, October 2015 and May 2020, were on point, presaging at least a yearlong bull market that saw prices rally between 100% and 350%. The S&P 500’s past data paint a similar picture. The index has seen 52 golden crosses since 1930. In that time, stocks rose in the following year 71% of the time.
The golden cross appears unreliable as a standalone bullish indicator and should be read in conjunction with other factors, mainly the Federal Reserve’s policy, which is becoming less hawkish with each passing month.”
See Also: Crypto Market’s Post-Fed Rally Continues as DeFi, Smart Contract Platform Sectors Star
“The idea of lifting the cryptocurrency ban has started floating in China as a former central bank official has called on the country to review its stringent crypto restrictions. Huang Yiping, a former member of the Monetary Policy Committee at the People’s Bank of China (PBoC), believes that the Chinese government should think again about whether the ban on cryptocurrency trading is sustainable in the long run.
The former official argued that a permanent ban on crypto could result in many missed opportunities for the formal financial system, including those related to blockchain and tokenization. Crypto-related technologies are “very valuable” to regulated financial systems, he stated, adding:
Banning cryptocurrencies may be practical in the short term, but whether it is sustainable in the long run deserves an in-depth analysis.
He added that allowing private institutions to issue stablecoins based on the digital yuan remains a “very sensitive” question, but the pros and cons are worth considering.”
See Also: Community mocks Charlie Munger for his obsession with China’s Bitcoin ban
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“The =nil; Foundation, the playfully-named blockchain infrastructure startup, introduced a toolkit Thursday that it said will radically decrease the time it will take for developers to build platforms that use zero-knowledge cryptography.
The new project from =nil; called zkLLVM, is intended to act as a compiler for developers building zero-knowledge circuits – fancy algorithms that enable someone to guarantee something is true without walking through the steps to prove it. Komarov says =nil; created zkLLVM to dramatically slice workloads for ZK developers by making it possible for them to easily turn code written in familiar programming languages – like C++ and Rust – into fully working zero-knowledge circuits.
We built a compiler from mainstream languages that are already known to everybody.
The =nil; Foundation says its technology will be particularly useful for the myriad companies racing to build so-called zkEVMs, a kind of Ethereum scaling solution that uses ZK technology to slice the blockchain’s fees and wait times.”
See Also: OP Token Surges 25% as Optimism Foundation Proposes ‘Bedrock’ Upgrade to Mainnet
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“E-commerce giant Amazon’s (AMZN) cloud service, Amazon Web Services (AWS), is hiring staff to help increase its clientele in the Web3 space. A listing posted a week ago on its LinkedIn site is seeking a “Senior GTM Specialist, Web3” to work in its “Web3 Go-To-Market (GTM) team that is responsible for growing adoption of Web3 workloads on AWS.”
Citing anonymous sources, Blockworks earlier this week reported that Amazon is preparing a non-fungible token (NFT) marketplace. Tech giants in China like Ant Group and Tencent have already launched their own NFT marketplaces.
AWS is the biggest cloud infrastructure provider in the world with 34% of the global market as of Q3 2022.”
See Also: EBay Hiring Multiple Web3 Roles Following NFT Marketplace Acquisition
See Also: OpenSea Releases Suite of New Tools for Creator NFT Drops
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“U.S. Sen. Tim Scott (R-S.C.), the top Republican on the Senate Banking Committee, wants to start work on a bipartisan regulatory framework for cryptocurrency. Scott hasn’t addressed his views on crypto, so the industry has been eager to hear from him. He’s now moved into the position once occupied by former Sen. Pat Toomey, one of the industry’s most staunch champions in Congress.
U.S. lawmakers are expected to get to work on the first significant pieces of crypto legislation this year. Senate Banking Committee Chairman Sen. Sherrod Brown (D-Ohio) paved the way for crypto legislation in November, sending a letter to U.S. Treasury Secretary Janet Yellen revealing his willingness to work towards a wide-ranging regulatory framework.
This committee has widely been seen as a bottleneck for regulatory efforts, which have made more progress in other corners of Capitol Hill, such as the House Financial Services Committee and Senate Agriculture Committee. If Scott and Brown find common ground, the panel could become a key venue for what Congress produces on crypto regulation.”
“The documents from 2021 probes of Tether by the New York Attorney General and the federal Commodity Futures Trading Commission reveal the previously unknown ownership structure of the secretive issuer of the world’s largest stablecoin.
Tether began from separate companies led by ex-plastic surgeon Giancarlo Devasini and former child actor Brock Pierce. Devasini, who helped develop crypto exchange Bitfinex and is now its chief financial officer, owned about 43% of Tether in 2018. Two other executives of both Bitfinex and Tether, CEO Jean-Louis van Der Velde and Chief Counsel Stuart Hoegner, each owned roughly 15% of Tether in 2018.
The fourth major owner as of 2018 was a businessman with British and Thai citizenship known as Christopher Harborne in the U.K. and Chakrit Sakunkrit in Thailand. He controlled about 13% of Tether. Together, the four men owned approximately 86% of Tether through their own holdings and another related company.
In a tweet following the publication of the WSJ’s article, Paolo Aordino, the chief technology officer of Bitfinex and Tether, called the piece ‘a clown article,’ adding, ‘People understand that Tether is standing for freedom and inclusion.'”
See Also: Silvergate Stock Tanks on Report of DOJ Probe Tied to FTX, Alameda Dealings
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