Central bank speaks out, BTC searches down and HK fund backs Animoca

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. China crackdown: Week 7 The summer of crackdowns continued this week, making it seven weeks since the initial announcement on May 18 that virtual currencies were a risky investment and financial institutions should not provide services for them. The crackdown appears to be having a desired effect as public interest in the asset class is cooling. This is…

Is Bitcoin overbought or oversold? Use Bollinger Bands to find out!

Trading is neither an exact science nor art. It is a mixture of both. There are scores of publicly available indicators and each claims to be the best. However, none of them are perfect or designed to be used in isolation. One of the more popular indicators widely used by several traders is Bollinger Bands, an indicator that can be used to spot price peaks, lows, and opportunities for shorting during exhausted rallies and buying during sharp pullbacks. Let’s learn three simple methods to use this indicator in trading. What…

3 reasons why Ethereum exchange reserves are falling to new lows

Over the past week, astute crypto market analysts noticed some interesting developments related to the supply of Ether (ETH) as the network’s August 4 London hard fork approaches. Recent data from CryptoQuant, an on-chain analytics firm, indicates that the amount of Ether held in cryptocurrency exchanges’ reserves has hit new daily lows since the start of July. Ethereum all exchange reserves. Source: CryptoQuant To determine if this is a bullish or bearish development for the top altcoin, let’s take a closer look at some of the factors playing a role in…

First Midwest Bank Trust Division increases Grayscale Bitcoin Trust holdings by 283%

Illinois-based financial services company First Midwest Bank’s trust division has reported it held 29,498 shares of Grayscale’s Bitcoin Trust as of the second quarter of 2021.  According to an institutional investment manager holdings report filed by the First Midwest Bank Trust Division to the U.S. Securities and Exchange Commission, the company increased its shares of Grayscale’s Bitcoin (BTC) Trust by more than 283% over that of the first quarter of 2021, from 7,693 shares at the end of March to 29,498 shares in two separate lots on June 30. First…

Why $14K Is Likely The Absolute Floor For Bitcoin

Bitcoin price is at a critical inflection point according to most analysts across the market, either ready to lose support and fall deep into a bear market, or about to climb to new highs – nothing in between. Those on the bearish side of the fence are already calling for lows under $10,000 and others suggesting a deeper decline than Black Thursday. However, one important piece of data suggests that the absolute price floor for BTC, is around $14,000 per coin. Here’s why. Speculating On The Crypto Correction And Potential…

Elizabeth Warren Tells SEC to Discuss Crypto Regulation

Key Takeaways In a newly published letter, Elizabeth Warren has asked the SEC to provide answers on regulatory questions. Depending on the SEC’s answers, the regulator may be granted additional authority to close regulatory gaps. Warren also commented on cryptocurrency in June. Share this article U.S. Senator Elizabeth Warren has published a letter to the SEC, asking the regulatory body to confront the potential risks of cryptocurrency and answer questions about current regulation. Regulations Are Needed, Warren Says In a statement related to her letter, Warren noted: “While demand for…

Bullish on Ethereum’s London hard fork? Here’s an options strategy pro traders use

The Ethereum network will undergo a major upgrade on Aug. 4, as the long-awaited London hard fork is expected to launch at block 12,965,000. The transition is part of a roadmap leading to the Ethereum 2.0 release, which aims to migrate the network to a proof-of-stake consensus mechanism. By no longer depending on the intense energy-consumption mining, the main goal is to drastically increase the network’s capacity by using parallel processing, also known as sharding. The upcoming London upgrade will implement the critical Ethereum Improvement Proposal EIP-1559, making Ether (ETH)…

Santander’s UK arm follows Barclays in banning payments to Binance

Spain-based bank Santander’s U.K. business will no longer be allowing its customers to send payments to Binance, citing warnings from the Financial Conduct Authority. Several replies from Santander’s U.K. Twitter help account today said the bank has “decided to prevent payments” to the world’s biggest crypto exchange in an effort to prevent fraud. The bank reportedly told customers they would still be able to withdraw cash from Binance, but it would be “following the FCA’s warning to consumers” in banning payments. Source: Twitter Many Santander account holders expressed negative feelings…

Balancer launches stable pools for like-kind swaps

Balancer, a popular automated market maker for cryptocurrencies, has launched a new protocol feature designed to lower fees and improve the trading execution for like-kind waps. Stable pools “are designed specifically for assets that trade at a similar price,” wrote Fernando Martinelli, the co-founder and CEO of Balancer Labs. As such, the pools increase capital efficiency for like-kind swaps, thereby offering traders tighter spreads and lower slippage. Liquidity providers, meanwhile, have the opportunity to earn a competitive yield. Martinelli explained that, unlike traditional weighted pools, all tokens inside the Balancer…

Bank of America reportedly establishes crypto research team

A new team at the second-largest bank in the United States will reportedly be devoted entirely to researching cryptocurrencies. According to a Thursday Bloomberg report, Alkesh Shah from Bank of America’s data and innovation strategy group will be leading a team looking into digital assets. He along with Mamta Jain and Andrew Moss of Bank of America Merrill Lynch’s digital innovation group will be reporting to Michael Maras, who reportedly oversees global currencies and commodities research. “Cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems,” said…