Monat: August 2023

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Bitcoin could go higher but ‘not before it goes lower’: Wolfe Research

  • Rob Ginsberg says Bitcoin could go further down in the near-term.
  • The Wolfe Research analyst explained why in a research note today.
  • Bitcoin (BTC) has already lost more than 11% in about a month.

Bitcoin has already lost more than 11% in about a month but a Wolfe Research analyst says a further price decline is still likely.

Bitcoin could see more weakness ahead

Rob Ginsberg is convinced that the world’s largest cryptocurrency that has pulled back sharply from its year-to-date high in recent weeks will eventually break out to the upside.

In the near-term, though, he expects Bitcoin to see more weakness. According to the analyst’s research note on Thursday:

Could it finally breakout and expand higher? Certainly, but likely not before it goes lower, as has been the trend.

Note that the BTC has aggressively rallied following a period of tight consolidation over the past two years. Christopher Jaszczynski – another crypto analyst also dubbed Bitcoin on knife’s edge today (read more).

Headwinds that could weigh on Bitcoin

A day earlier, the U.S. Federal Reserve released minutes of its July meeting that showed most members saw a possibility of further rate hikes ahead – a potential headwind for Bitcoin.

Wolfe Research analyst Rob Ginsberg noted the U.S. dollar regaining strength as a mounting challenge for the cryptocurrency as well.

These near-term headwinds are likely to force price lower and keep volume muted across the space. If history is any indication, however, when price does expand, expect it to be abrupt.

He said the $31,000 level was one to watch as it coincides with a key resistance. Bitcoin has rejected from that level multiple times this year.

The post Bitcoin could go higher but ‘not before it goes lower’: Wolfe Research appeared first on CoinJournal.

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Judge grants SEC request to file appeal in Ripple case

  • Judge Analisa Torres has allowed SEC to file an appeal against July 13 ruling on XRP.
  • SEC to file by August 18 and Ripple to respond by September 1.

The latest Ripple news is that Judge Analisa Torres, who ruled in July that public sales of XRP did not constitute an investment contract and thus not a security, has allowed a request by the US Securities and Exchange Commission (SEC) to file an appeal against the ruling.

On August 9, the SEC filed a letter seeking to file an interlocutory appeal against Ripple Labs over the XRP ruling – even as the regulator looks to battle Ripple’s assertions regarding the rest of the case.

Judge sets timeline

Per Judge Torres’ decision today, the SEC can now proceed to the US Court of Appeals for the Second Circuit. The regulator should have the appeal in place by August 18, while Ripple will have until September 1 to file its opposition. The timeline also includes September 8 as the deadline for SEC to file a reply.

The judge’s decision to grant SEC’s request came a day after Ripple opposed the regulator’s intended interlocutory appeal.

Ripple Labs chief legal officer Stuart Alderoty noted that there is “no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal.”

John E. Deaton of Crypto Law. US says it could take 3-6 months for Judge Torres to deliver a ruling on the filing.

SEC sued Ripple and two of its executives – CEO Brad Garlinghouse and executive Chairman Chris Larsen – in December 2020. The securities regulator alleged that XRP was a security and that Ripple had violated securities laws by selling an unregistered security.

SEC Chair Gary Gensler has come under heavy criticism for his approach to crypto regulation, with both Binance and Coinbase also sued.

The post Judge grants SEC request to file appeal in Ripple case appeared first on CoinJournal.

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Bitcoin on “knife’s edge” as price falls below $28k

  • Bitcoin price fell to lows of $27,740 across major exchanges on Thursday, the lowest since June.
  • Stocks have also slipped after the latest Fed meeting.
  • Meanwhile, real yields have jumped to recent highs.

Bitcoin has traded to below $28,000 again, with Thursday’s dip seeing the flagship cryptocurrency’s value hit lows of $27,744 across major exchanges.

The broader crypto market was also shedding gains as top altcoins declined to pull the total crypto market cap down over 3% to $1.15 trillion.

Analyst says Bitcoin on “knife’s edge”

At the time of writing, BTC was trading near $27,915, roughly 3.7% down in the past 24 hours. Bitcoin has lost 5% of its value in the past week and the move to its lowest levels since June has bulls looking at a potential flip even lower.

Christopher Jaszczynski, a crypto trader and analyst going by MMCrypto on X (formerly Twitter), shared the chart below showing Bitcoin price performance. It shows BTC back at a key trendline that has acted as support since early this year. He says the benchmark cryptocurrency is trending at a “knife’s edge.”

BTC down as real yields rise

Bitcoin’s slip to below $28k comes as the stock market also witnessed jittery reaction after Wednesday’s Federal Reserve commentary. Market observers say the Fed is likely to see further interest rate hikes as necessary and that has investors on edge.

On Thursday, equities saw lackluster movement as Treasury yields climbed to recent highs.

The US 10-year Treasury yield was 6.6 points up to 4.324% while yield on the US 30-year Treasury lifted 6.1 basis points to 4.42%, tracking highs seen in 2009.

With higher interest rates a negative trigger for risk asset investments such as Bitcoin, fresh bearish moves are likely. Market analyst TXMC shared the below observation as real yields ripped.

The post Bitcoin on “knife’s edge” as price falls below $28k appeared first on CoinJournal.

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Republic launches its self-custodial multi-chain wallet for tokenized assets

  • Republic Wallet is targeted to a global community of over 3 million Republic investors.
  • Users will access tokenized assets across multiple blockchains, including Ethereum and Avalanche.
  • The global tokenization market is expected to reach $24 trillion by 2027.

Digital finance firm Republic has officially unveiled its self-custodial multi-chain digital wallet, opening crypto adoption to a global community of over three million customers.

More people looking to access digital assets can now tap into features of the Republic Wallet to buy, store and trade, the firm said in a press release shared with CoinJournal on Thursday.

Other than support for third-party wallets, Republic Wallet’s offers multi-chain capability with initial support for leading blockchains such as Ethereum, Avalanche, and Algorand. The wallet also plans to add Bitcoin and Polygon among others.

The wallet’s security has been tested and audited by Quantstamp. Meanwhile, integration of multi-party computation is aimed at providing an extra layer of protection for users.

Bringing benefits of tokenization to the global community

Also key to the launch is the wallet’s potential to bring the benefits of tokenization to the global community, catering to retail investors interested in tokenized securities and real-world assets among other offerings.

Andrew Durgee, the head of Republic Crypto, commented:

“For millions of global retail investors, investing in private assets like startups, real estate, and fine art is opaque, highly illiquid, and mostly inaccessible. Tokenization solves all of these problems. It’s why we built Republic Wallet, a multisig, multi-chain digital wallet designed for a future where most private assets are tokenized.”

Over 5,000 holders of Republic’s digital security (Republic Note), will be the first to use the new wallet to receive, transfer and manage crypto assets. Availability will expand to more users, who will also earn passive income by staking rewards.  Investors will also be able to trade private assets directly from their wallet.

Republic believes the wallet will play a key role in democratizing private investing worldwide, bringing tokenization and Web3 to millions of people. The company wants to be part of the ecosystem that drives growth in a market forecast to reach $24 trillion by 2027.

The post Republic launches its self-custodial multi-chain wallet for tokenized assets appeared first on CoinJournal.