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Recent Bitcoin price volatility, including a drop below $50,000, has raised doubts about the viability of a proposed federal Bitcoin strategic reserve, advocated by politicians like Donald Trump and Robert F. Kennedy Jr. Experts, including Cerus Markets CEO Michael Brescia, argue that Bitcoin's high-risk nature makes it unsuitable for national reserves, which aim to ensure economic stability. While supporters claim Bitcoin's scarcity offers a better hedge against inflation than traditional assets like gold and silver, critics emphasize that these traditional assets provide greater stability and have historically strengthened the U.S. economy. Currently, Bitcoin's price has fallen 27% from its March 2024 peak of $74,000, contrasting with 20% and 22% increases in gold and silver futures, respectively. Although interest in a Bitcoin reserve is growing, including a bill from Senator Cynthia Lummis, the proposal faces significant opposition and is unlikely to succeed. Brescia concludes that Bitcoin's current volatility and sizeâonly about one-fifteenth that of goldârender it impractical for national reserves at this time. #MarketDownturn #BinanceTurns7 #BTCâ
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FalconX reports a clear trend of institutional investors buying the dip in cryptocurrency following a market downturn that wiped out approximately $230 billion. Interest in Bitcoin remains high, with institutions purchasing nearly three times more Bitcoin than Ethereum. David Lawant, head of research at FalconX, noted that various investor typesâincluding proprietary trading desks (57% of buy-side flows), hedge funds (63%), venture funds (61%), and retail aggregators (72%)âhave acted as net buyers during this correction. The sell-off, triggered by broader market declines due to disappointing U.S. jobs data, led many crypto investors to liquidate positions. Despite this, Bitcoin has rebounded about 13% from its lows to approximately $56,400. Lawant emphasized that institutional investors see the current dip as an opportunity to strengthen their positions, maintaining a positive long-term outlook for the cryptocurrency market. The trend of institutions buying the dip indicates renewed confidence in cryptocurrencies, particularly Bitcoin, as they leverage lower prices to enhance their market presence. #BTCMarketPanic #BTCâ #bitcoinâïž
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Bitcoin has fallen below $55,000, reaching a three-week low due to rising macroeconomic uncertainties and geopolitical tensions. Key factors include the upcoming U.S. election, interest rate fluctuations, and escalating conflicts in the Middle East. Over the weekend, Bitcoin dropped approximately 10%, falling under $60,000 for the first time since July 13. Total liquidations reached $620 million, with long positions accounting for 90% of this total, according to CoinGlass data. Rich Rosenblum, co-founder of GSR, noted that while signs suggest a potential second phase of the bull market, a macro or geopolitical collapseâsimilar to March 2020âcould heavily impact crypto assets. He indicated that such a downturn might present a strong buying opportunity as increased monetary stimulus typically follows economic distress, making assets like Bitcoin more attractive. Political dynamics are shifting, with Vice President Kamala Harris gaining ground against former President Donald Trump, following President Bidenâs exit from the race. This uncertainty, combined with tensions in the Middle East, where Israel is preparing for potential attacks from Iran and Hezbollah, adds to market volatility. Ryan McMillin, chief investment officer at Merkle Tree Capital, pointed out that cryptocurrencies often sell off during weekends. However, he believes the worst may be over, positioning Bitcoin at the lower end of its five-month range as a potential buying opportunity. In summary, while the crypto market faces significant challenges, the interaction of macroeconomic conditions and geopolitical developments may create future investment opportunities. #BTC_MarketPanic_Dip #US_Job_Market_Slowdown #BTCâ #Bitcoinâ #bitcoinâïž
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Bybit has announced its withdrawal from the French market effective August 13, limiting user transactions to fund withdrawals only. This decision follows increasing regulatory pressures as the European Union implements its Markets in Crypto-Assets (MiCA) regulation, which aims to establish a comprehensive framework for cryptocurrency providers. The French financial commission, AMF, previously warned that Bybit was operating without proper registration as a digital asset service provider (DASP), labeling the exchange as illegal under French law. Bybit's compliance issues in France have been ongoing, and the platform has faced scrutiny since being blacklisted in 2022 for non-compliance. Bybitâs exit from France is part of a broader trend, as the exchange has also withdrawn from markets in Canada and the U.K. due to tightening regulations. Currently, Bybit is not planning to serve several major markets, including the U.S., U.K., and China, while simultaneously expanding its operations in more compliant jurisdictions like the Netherlands. The introduction of MiCA in the EU, which includes stringent regulations for stablecoins and oversight measures for cryptocurrency service providers, reflects an evolving regulatory landscape. While these changes are aimed at enhancing consumer protections and combating financial crime, they present challenges for exchanges like Bybit that seek to operate across multiple jurisdictions. Despite these setbacks, Bybit remains a significant player in the crypto exchange market, ranking as the second-largest by trading volume, with over $5.5 billion traded recently. This position underscores the exchange's adaptability and continued relevance in the global crypto landscape, even as it navigates regulatory hurdles in key markets. #Bybit #Market_Update #Bitcoinâ #BTCâ
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The Bank of International Settlements (BIS) and the Bank of England have unveiled a new initiative called Pyxtrial, designed to enhance the monitoring of stablecoins by providing near real-time data on their liabilities and the assets backing them. This project aims to address significant regulatory challenges faced by financial authorities in verifying the reserves claimed by stablecoin issuers. Pyxtrial incorporates features that enable regulators to directly access data from issuers' systems, facilitating the verification of on-chain liabilities. This capability is essential in the wake of past controversies surrounding stablecoin reserves, particularly following the collapse of the FTX exchange in 2022. Many issuers have resorted to self-regulation, publishing "proof of reserves" to mitigate concerns about their backing. Tether Ltd., the issuer of the largest stablecoin, regularly provides attestations regarding its reserves, although it acknowledges potential discrepancies in real-time data related to circulating tokens. The modular and customizable design of Pyxtrial allows for adaptation to various regulatory environments worldwide, suggesting its potential applicability beyond stablecoins to other tokenized products backed by real-world assets. As a proof of concept, Pyxtrial has demonstrated its ability to support regulators in tracking liabilities and assets effectively, overcoming the limitations of traditional data collection methods. While the initiative has shown promise, further testing and refinement are necessary before full deployment. Successful implementation will require skilled personnel to support system users and ensure effective interaction with both on-chain and off-chain data. #Ftxâ #usdoller #stableBTC #BTCâ
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