Author: Sollcrypto
There is a prevailing belief that when the U.S. dollar weakens compared to other major global currencies, as indicated by the Dollar Strength Index (DXY), it has a positive impact on Bitcoin. Conversely, when the dollar strengthens, Bitcoin tends to experience a decline. For example, during January 2017, the DXY index fell from 103.0 to a low of 92.6 in August 2017, while Bitcoin witnessed a significant rally from $1,000 to $4,930 within the same timeframe. However, the question remains: Is there sufficient evidence to support the notion of a bull run similar to the one observed in 2016-2017, as…
“Brazilian Lawmakers Summon Heads of Major Crypto Exchanges for Parliament Inquiry into Pyramid Schemes” Brazilian lawmakers have called upon the leaders of prominent cryptocurrency exchanges, including Binance, Bitso, and OKX, to testify before parliament. The summons is part of an investigation conducted by a special parliamentary commission focused on cryptocurrency-based financial pyramid schemes (known as the CPI). The commission has approved a list of 38 individuals who will be questioned by MPs, which includes alleged pyramid organizers, witnesses, and experts in the crypto field. Lawmakers seek to enhance their understanding of cryptocurrencies and the functioning of crypto-related pyramid schemes, and…
Bitcoin Cash (BCH) has maintained its position near the $300 level following a significant upward trend in recent weeks. The BCH/USD pair is currently trading around $291, experiencing a slight decline amidst the overall subdued trading sentiment in the broader cryptocurrency market. Although BCH is currently trading approximately 10% lower compared to the peak it reached last Friday, exceeding one-year highs at around $330, it has still shown remarkable growth of over 200% compared to its earlier monthly lows of around $90. The surge in BCH’s price during June was attributed to the news that it will be one of…
According to a recent tweet by on-chain analytics platform Glassnode, Bitcoin miners have reached an unprecedented milestone in their revenue generation. The platform reported that there is currently an “extremely high exchange interaction” taking place, as Bitcoin miners have sent a record-breaking $128 million to cryptocurrency exchanges over the past week. This remarkable figure accounts for a staggering 315% of their daily revenue, as noted by the analytics platform. Throughout the 2021 bull run, there were notable instances of spikes in miner revenue being sent to exchanges as miners sought to capitalize on their profits. Additionally, during late 2022, there…
In a bid to reverse a bankruptcy court’s decision to permanently redact the names of FTX users, several prominent media outlets have lodged an appeal. The New York Times, Dow Jones & Company, Bloomberg, and the Financial Times recently submitted a filing to the US Bankruptcy Court for the District of Delaware, contending that the public holds a “presumptive right” to access bankruptcy filings, and withholding the names infringes upon that right. Back in December 2022, these media organizations had initially requested the unsealing of FTX creditor names. However, Bankruptcy Court Judge John Dorsey ruled in favor of keeping the…
In a significant legal development, the US Supreme Court has ruled in favor of Coinbase, granting its request to halt customer lawsuits and pursue appeals for the cases to be moved into private arbitration. The decision, backed by five out of nine Justices, overturns a lower court’s ruling regarding a user’s lawsuit after falling victim to a scam that resulted in the theft of funds from their Coinbase account. Justice Brett Kavanaugh, speaking on behalf of the court, stated that the district court must stay its pre-trial and trial proceedings while the interlocutory appeal is ongoing. Coinbase aims to enforce…
Certainly! Here’s a longer rewrite of the provided information: Julia Leung Fung-yee, the Chief Executive Officer of Hong Kong’s Securities and Futures Commission (SFC), recently delivered a comprehensive address shedding light on the crucial role of crypto trading within the dynamic virtual asset ecosystem. Leung’s remarks came in the wake of the collapse of FTX, a prominent cryptocurrency exchange, in November, serving as a catalyst for Hong Kong’s intensified focus on Web3 regulation. During her speech, Leung eloquently expounded on the significance of Hong Kong’s proactive stance towards embracing Web3 regulation, underscored by the need to safeguard investors and address…
According to a report by Bloomberg, Sam Bankman-Fried, the co-founder of FTX, has been denied access to documents from Silicon Valley law firm Fenwick & West LLP as part of his defense strategy in an ongoing federal fraud case. Bankman-Fried sought these documents to support his claim that he relied on legal advice while engaging in the activities for which he is currently facing prosecution. Bankman-Fried’s legal team approached the judge overseeing the case, requesting that the prosecution either provide the documents obtained from Fenwick & West or allow them to be obtained through a subpoena. However, U.S. District Judge…
Welcome to Finance Redefined, your comprehensive source for the latest developments in decentralized finance (DeFi). In this weekly newsletter, we aim to provide you with crucial insights into the world of DeFi, highlighting the most significant events from the past week. Over the past week, the DeFi space has witnessed noteworthy advancements in the realm of artificial intelligence (AI), security updates on the Polygon network, and an ongoing lawsuit supported by prominent figures within the crypto community. Etherscan, a widely-used blockchain explorer, introduced an innovative AI-powered code reader. This powerful tool enables users to retrieve and interpret the source code…
Bitcoin has experienced a significant surge in price today, reaching an impressive year-to-date high at $31,431. This remarkable upward movement can be attributed to the heightened enthusiasm among investors, fueled by the recent news of BlackRock and Fidelity Investments applying for spot BTC ETFs. The prospect of these esteemed financial institutions venturing into the world of Bitcoin has sparked dreams of a new bull market, instilling a sense of optimism within the crypto community. Despite the regulatory scrutiny faced by major cryptocurrency exchanges such as Binance and Coinbase, including actions taken by the SEC, the institutional interest in Bitcoin has…