Crypto

In the wake of yet another iteration of China’s enduring crackdown on cryptocurrency, a particularly influential narrative on Crypto Twitter suggests that by banning Bitcoin (BTC), China has definitively put itself on the dark side of the struggle, while the collective West must now resolutely throw its weight on the opposite side by embracing crypto. Granted, this framework for thinking about the relationship between political power and decentralized finance is appealing for crypto allies. Yet the news coming out of the United States gives few reasons to believe that policymakers there see the situation this way. It appears that U.S. elites are bent on preserving the incumbent financial order and restricting the growth of the digital asset space, if with a less heavy-handed toolset than t...

The fallout from China’s ongoing crackdown on the crypto sector has led to uncertainty finding its way back into the market again. At the time of writing, Bitcoin (BTC) traders continue to encounter pushback at the $43,000 level and many altcoins that had accumulated gains in the morning session are also dipping into the red.  Data from Cointelegraph Markets Pro and TradingView shows that an early morning attempt by bulls to push the price of BTC above $44,000 was met by firm resistance but the current back and forth appears to be nothing more than consolidation. BTC/USDT 4-hour chart. Source: TradingView Here’s a look at what crypto traders and analysts are saying about the recent price moves for Bitcoin and what to be on the lookout for as the market closes out the month of Septembe...

Google, the leading indicator used to track the popularity of Bitcoin (BTC) and other cryptocurrencies, celebrated its 23rd anniversary on Monday. Founded by Larry Page and Sergey Brin when both were students at Stanford University, the search engine has spent the majority of its 23 years of existence being one of the primary entry points to the internet. Following the inception of cryptocurrencies, Google has been the primary method to search for new coins, track market trends and learn how to buy crypto. Since internet search statistics are an excellent way to track user behavior, Google Trends has become a reliable source for understanding user interest in a near real-time fashion. Traders use the tool, which analyzes the popularity of search queries in a specific period, to identify em...

Rob Kaplan, the president and chief executive officer of the Federal Reserve Bank of Dallas will step down from his position after more than six years. In a Sept. 27 announcement, the Dallas Fed said Kaplan, its 13th president and CEO, would be retiring beginning Oct. 8. The 64-year-old cited recent attention to his “financial disclosure risks” in his decision to step down, likely referring to news outlets reporting that he had traded stocks in companies including Apple, Alibaba, Amazon, Facebook, Google and Tesla in 2020 while casting his vote on U.S. monetary policy. The Dallas Fed president has denied any allegations of impropriety, saying he “adhered to all Federal Reserve ethical standards and policies.” He added his “securities investing activities and disclosures met Bank compliance...

The relationship between crypto and mainstream media (MSM) is complex, and it’s probably fair to say that some in the crypto community haven’t been overjoyed with the treatment they’ve received over the years.  MSM has largely ignored Bitcoin (BTC) and other cryptocurrencies outside of occasional reports of hacks, ransomware attacks and other illicit activities. “They’ve done a fairly poor job of coverage for the last decade and it’s almost always negative coverage,” Samson Mow, chief strategy officer at Blockstream and CEO at Pixelmatic, told Cointelegraph. “You’d be hard-pressed to find a positive piece of news about Bitcoin.” But recently, the media has found much to report upon. For instance, The Economist ran its second crypto cover piece in as many months, while on Sept. 14, a m...

Ethereum (ETH) developer Virgil Griffith has pleaded guilty to a federal charge that he conspired with North Korea to violate United States sanctions law.  On Monday, Griffith pleaded guilty in New York for conspiring to violate the International Emergency Economic Powers Act, which forbids U.S. citizens from exporting technology and intellectual property to communist countries. As part of the plea deal, Griffith could face up to six-and-a-half years in prison. Formal sentencing is expected to commence in January 2022. Virgil, who served as senior researcher for the Ethereum Foundation, was arrested in November 2019 after attending a conference in the North Korean capital of Pyongyang earlier in the year. Prosecutors allege that the developer gave a presentation on how to launder mone...

Last week’s drop in Bitcoin (BTC) that saw BTC price falling from $47,358 to $43,178 has sparked fears of an extended selloff. Independent market analyst Nunya Bizniz highlighted a bearish fractal on Bitcoin’s weekly charts concerning its 21-week exponential moving average (EMA). In detail, the cryptocurrency has closed below the said support zone 18 times to date but retained its previous bullish bias only four times out of all—as shown by the dotted vertical lines in the chart below. BTC/USD daily price chart featuring its 21-week EMA. Source: Nunya Bizniz, TradingView.com In the remaining cases, a close below the 21-week EMA led Bitcoin prices extremely lower, barring a fake bearish breakout in August 2015 that soon resulted in a “tremendous bull run,...

Bitcoin bulls continued to battle with bears near the $43,000 support level on Sept. 27 as China’s crackdown on all things cryptocurrency put a halt to last week’s positive price movements and has stifled growth into the day. According to Eric Krown, a cryptocurrency trader and host of Krown’s Crypto Cave, what comes next for Bitcoin (BTC) really “depends on what timeframe you are talking about,” but he is currently focused on the more medium- to long-term outlook. In the latest episode of “The Market Report” with Cointelegraph, the cryptocurrency trader indicated that for right now, “We are probably going to range around this low-$40,000 region” and suggested that he would “be looking at this potential reversal point right here” if BTC manages to hold on to $42,000. If BTC fails to h...

Cryptocurrency brokerage firm Genesis Global Capital has announced the completion of a first-of-a-kind trade that will pave the way for new institutional crypto futures products. Genesis has executed the first-ever over-the-counter (OTC) block trade of a Basis Trade at Index Close (BTIC) transaction using Bitcoin futures contracts issued b Chicago Mercantile Exchange (CME). The trade was made in collaboration with derivatives market maker Akuna Capital according to a Sept. 26 announcement. This is the first time a BTIC has been used for cryptocurrencies as it is more commonly used in equities markets. This form of trading allows investors to buy and sell futures contracts with prices based on the end-of-day close of the index. CME Group Global Head of Equity Index and Alternative Investmen...

Bitcoin (BTC) is at the start of another week with China’s latest “ban” behind it — but its next “FUD” story is already brewing. The United States’ infrastructure bill is back on the table, with this week likely to see a definitive vote on what could shake up cryptocurrency businesses. At the same time, fundamentals and on-chain metrics alike continue to be more bullish than ever, and traders are betting on — at worst — a moderate price dip to a floor no lower than $36,000. What are the odds? Cointelegraph takes a look at five things that could move the markets in the coming week. D-Day for infrastructure bill The macro narrative switches from China to the United States this week as lawmakers decide the fate of the so-called “infrastructure bill.” H.R.3684, fresh from Senate appr...

The uncertainties sparked by China’s blanket ban on crypto trading have taken a downturn as homegrown crypto exchanges such as Huobi take proactive measures to protect and return existing investments residing on the mainland.  Speaking to Cointelegraph in this regard, Du Jun, co-founder of Huobi Group, said that the crypto exchange wants to ensure the safety of the users’ assets as part of its social responsibility: “Customers will be able to transfer their assets to other exchanges or wallets over the next few months. Specific measures and operating rules will be outlined in future announcements.” Citing a possibility of a communication gap with Chinese investors amid the ban, the crypto exchange is also working on other ways to protect customer assets until the users can move them t...