Hawkish Fed comments push Bitcoin price and stocks lower again

Bitcoin (BTC) and the wider financial markets faced a new wave of selling on June 18 following comments from James Bullard, the president of the United States Federal Reserve Bank of St. Louis, indicating that he expects the first interest rate increase to happen in late 2022.  Bullard’s comments were even more hawkish than Wednesday’s comments from Fed Chair Jerome Powell, who indicated that the rate hikes would come in 2023. Powell’s comments triggered a sell-off across financial markets as the U.S. dollar gained strength. U.S. dollar currency index. 4-hour…

Crypto company CEO says the recent crypto boom brought increased adoption

Cryptocurrency has gone through a number of bull and bear cycles since the industry’s inception in 2009. While 2017 saw the crypto industry boom around initial coin offerings and a rising Bitcoin (BTC) price, 2020 and 2021 have seen the crypto space expand around decentralized finance (DeFi) and nonfungible tokens (NFTs). This time however, retail and institutional interest in crypto have ushered in greater adoption than ever before, according to one crypto company CEO.  “Cryptocurrencies have been growing steadily in popularity over the years, but 2017 left a bitter taste…

Report pictures a crypto-consumer portrait

Bitcoin’s status as legal tender in El Salvador has recently sparked a new round of discussion concernin Bitcoin (BTC) and its role in the world economy. Despite ambiguous reactions from institutions such as JPMorgan and the World Bank, some feel that Bitcoin’s status as a means of payment is now more explicit than ever. Meanwhile, the perception of Bitcoin among retail users is contrasted sharply by institutional uncertainty. A recent study by CryptoRefills, a company which sells vouchers and gift cards in exchange for cryptocurrency, seems to suggest that many…

Pro basketball league in Canada will offer players Bitcoin salaries

The Canadian Elite Basketball League will be allowing players from its seven teams to accept a portion of their salaries in Bitcoin starting next week.  According to a Thursday announcement, the Canadian Elite Basketball League, or CEBL, has partnered with Toronto-based cryptocurrency exchange Bitbuy to convert part of basketball players’ existing salaries from Canadian dollars to Bitcoin (BTC) on request. The league said it will arrange for the funds to be delivered to the players’ personal crypto wallets. More than 70 players on the active roster from the Edmonton Stingers,…

Goldman Sachs to offer Bitcoin futures trading in partnership with Galaxy Digital

Goldman Sachs has debuted a Bitcoin (BTC) futures trading product for its client in collaboration with crypto investment giant Galaxy Digital. According to CNBC, the move marks the first time the Wall Street bank has partnered with a digital asset-based liquidity provider. Galaxy Digital co-president Damien Vanderwilt said the company offered a gateway to the crypto space allowing a tightly regulated entity like Goldman to offer crypto-related investment products. Goldman will reportedly be offering CME Group Bitcoin futures for its clients, marking another expansion of its recently established crypto trading…

Bitcoin’s correlation with gold and stocks is growing

Bitcoin (BTC) is an uncorrelated asset, or so the narrative used to go. For much of Bitcoin’s lifetime, it existed as something of value to a very small group of people. Now, awareness and demand are accelerating rapidly. So, what does this mean for the status of BTC as a supposedly uncorrelated asset?  That Bitcoin was an uncorrelated asset isn’t just conjecture — the numbers back it up. According to data compiled by VanEck in early 2021, there was almost no discernible pattern between the movements of Bitcoin and other…

Over 3,000 ATMs in Beijing can now convert digital yuan into cash

China continues apace with the adoption of its central bank digital currency (CBDC) as major banks launch a significant batch of digital yuan-powered ATMs. The digital yuan — a CBDC controlled by The People’s Bank of China — is now available for deposit and withdrawals at over 3,000 ATMs across Beijing, state-run Xinhua news agency reported Friday. According to the report, the Beijing branch of the Industrial and Commercial Bank of China has become the first bank to fully enable the digital yuan exchange in the Chinese capital city by…

Bitcoin pinned below $38K as investors stash record $756 billion with Fed

Bitcoin (BTC) suffered as investors moved a record amount of cash in Federal Reserve’s overnight facility after the central bank started paying interest on the money. The U.S. central bank received $756 billion via its reverse repurchase program from nearly 70 market participants on Thursday. The stash is about $172B higher than the one deposited last week and roughly $235B more than on Wednesday, wherein only 53 investors tapped the facility. A reverse repo facility takes in cash majorly from money-market funds and government-sponsored banks. Until Wednesday, the service offered eligible…

Russian oligarch Deripaska blasts Bank of Russia for ignoring Bitcoin

Russian industrial tycoon Oleg Deripaska is the latest figure to criticize the Bank of Russia’s stance on cryptocurrency regulation in the country. Deripaska took to his official Telegram channel on Thursday to blast the Russian central bank for pressuring the crypto industry to avoid getting involved into cryptocurrencies like Bitcoin (BTC). The Russian oligarch pointed out that even small countries like El Salvador have moved into Bitcoin by recognizing it as legal tender: “Even poor El Salvador, known for being close to oft-mentioned Honduras, has realized the need for digital…