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Peter Davis

An writer at FOMOdrive

  • Sep 27, 2023
  • 3 min read

Bitcoin will not suffer from the “golden cross” in the US dollar

Last week, the volume of Bitcoin spot trading dropped to the same level as it was in 2018.

Cryptocurrency is accumulated by hodlers.

Crypto funds' assets under management are projected to grow by a factor of 13.

China's second court has acknowledged Bitcoin as a legitimate form of digital currency.

Last week, CryptoQuant reported that Bitcoin spot trading volume had dropped to levels not seen since 2018. This represents a decrease of more than 40 times since March, likely due to investors' fear of a potential Federal Reserve rate hike and the possibility of an impending recession.

An increasing amount of hodlers view cryptocurrencies as long-term investments, rather than making transactions with them. Data from Bitfinex shows that Bitcoin is currently experiencing the least amount of volatility in its history.

It may be overstated to worry about the effects of a stronger US dollar and the "golden cross" in the dollar index on Bitcoin, particularly in the long run. Cointelegraph has reported that the two assets are not very related.

Bernstein predicts that in the next five years, the amount of assets under management of cryptocurrency funds may rise to $650 million as the market moves from its current "makeshift" stage to a regulated environment. At present, this figure is only around $50 billion, which is 5% of the crypto market capitalization.

The US Securities and Exchange Commission (SEC) has objected to the sale of Celsius assets on Coinbase, the largest US crypto exchange, due to the ongoing litigation between the two.

According to a report, 98% of creditors affected by the bankruptcy of Celsius have backed the cryptolending platform's reorganization plan, which would involve them receiving a portion of their assets back and a stake in the new company.

The Financial Conduct Authority (FCA) of the UK has issued a stern "final warning" to crypto companies for not adhering to the new digital asset advertising regulations in the country. The deadline for compliance with these regulations has been extended to January 8, 2024.

Starting on October 16, Chase Bank, the second largest bank in the UK by assets, will no longer be processing payments to crypto companies due to a rise in fraudulent activities associated with digital assets.

HSBC, one of the world's largest financial corporations based in Hong Kong, has announced that its clients can now pay off their loans using five different digital assets: Bitcoin (BTC), Ethereum (ETH), XRP, SHIB and Dogecoin (DOGE).

A Chainalysis report has revealed that Saudi Arabia has seen the highest growth in crypto transactions in the region from July 2022 to June 2023.

Casey Rodarmore, an ordinals creator, proposed an alternative to the BRC-20 standard: fungible Runes tokens. This new standard would not leave as much "trash" on the Bitcoin network as BRC-20 did.

The Shanghai Second Intermediate People's Court officially declared cryptocurrency to be a "unique and irreproducible" digital asset, thus confirming its value in the eyes of the law.

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