Kategorie: Bitcoin News

Key takeaways

• Bitcoin has been trading below the $30k level in recent days, but favourable inflation data could push it higher.

• Chancer’s stage two presale is now close to the $1.2 million mark. 

The cryptocurrency market has been choppy over the past few weeks, with prices of most coins stuck within certain regions.

BTC has been trading below the $30k level for the past few days, with market experts still believing it could drop lower in the near term. 

Bitcoin stays below $30k

Bitcoin, the world’s number one cryptocurrency by market cap, began the week in a positive manner. BTC has added more than 1.5% to its value so far today but continues to trade below the $30k psychological level.

At press time, the price of Bitcoin stands at $29,424. Bitcoin could be heading towards the $30k level over the new few hours or days if the inflation data in the United States comes out favourably. 

The inflation data could determine if the US Federal Reserve continues its rate hikes or will stop them. Halting rate hikes could be a bullish sign for Bitcoin and the broader cryptocurrency market. 

What is Chancer?

The recent bearish trend in the market has not affected Chancer’s ongoing presale event. Chancer is a web3 project that seeks to decentralise the betting ecosystem. 

It is a Web3 peer-to-peer (P2P) custom betting platform allowing users to live stream betting events. Chancer will operate as a completely decentralised online gaming platform.

Chancer is building a platform that will offer improved services compared to what they are getting from the traditional sports and casino betting platforms. With Chancer, users can bet on any event, even ones they make up themselves. 

The funds raised from the funding rounds will be used to build the decentralised P2P betting platform. According to their whitepaper, Chancer users will have access to a wide range of features, including betting markets in real-time and based on user interests, social media connections, and expertise. 

Users will also be able to set up their custom P2P betting markets, allowing others to bet on selected events and games. 

Chancer’s second presale generates nearly $1.2 million

Chancer’s presale event will occur in stages, and the second stage is currently underway. The team has raised nearly $1.2 million of the $2 million required in the second stage. 

Chancer will use the funds from the presale to develop its products. The team will conduct 12 presale events, with a target of $15 million. 

Currently, CHANCER, the native token of the ecosystem, is going for $0.011 per token, with the price set to increase to $0.012 in the next presale round.

The native token has numerous utilities within the ecosystem. Token holders can create markets and also invest in markets launched by other users.

By holding the token, users can create, participate in, and profit from their very own predictive markets. 

You can purchase the CHANCER tokens by connecting your Web3 wallet to the Chancer website. Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow are some supported wallets. 

Visit the Chancer website to get more information about the presale. 

Should you buy CHANCER tokens now?

Investing in a project during its presale or private sale is usually one of the best decisions investors make. This is because the tokens are not available to the general public yet. 

With Chancer, it could be an excellent idea to invest in the project now. Chancer is a promising project and could gain massive adoption over the coming months and years.

If the adoption level rises, CHANCER’s price could skyrocket, and early investors could benefit. Early investors in projects such as Ethereum, Solana, Dogecoin, and Shiba Inu, recorded thousands of percentages in ROI. 

If CHANCER gains the necessary adoption combined with a Bull Run, its price could soar higher in the medium to long term. 

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• SEC has to rule on ARK’s application for a Bitcoin ETF by August 13th.
• Cathie Wood expects the financial regulator to extend that deadline.
• A summary of what else she said in an interview with Bloomberg today.

The U.S. SEC will likely delay ruling on application for a Spot Bitcoin ETF that Ark Invest registered on May 15^th, says Cathie Wood.

Highlights from Wood’s interview with Bloomberg

Current deadline for the financial regulator to announce its decision on the said filing is August 13^th. But the famed investor anticipates that the Securities and Exchange Commission will extend that deadline.

Speaking with Bloomberg this morning, the Founder and Chief Executive of Ark Invest also alluded to the possibility that the U.S. SEC may approve a bunch of Bitcoin ETFs at once.

I think SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once. Most of these will be same, and it’ll come down to marketing and communicating the message.

Other than her investment management firm, eight others, including BlackRock Inc, have so far filed for such an exchange-traded fund.

Wood is significantly invested in Grayscale Bitcoin Trust

A Bitcoin ETF has been the front and centre of all crypto-related debates in recent months.

In fact, the possibility of one that may make it more convenient to gain exposure to BTC has largely contributed to the 80% year-to-date rally in Bitcoin. Wood also said on Monday:

We’ve been putting out our Bitcoin monthly for the last year. We’re now starting a Bitcoin brainstorming session. We’re trying to get the word out there that our research is deep.

Note that the third largest holding in her Ark Next Generation Internet ETF at writing is Grayscale Bitcoin Trust. Wood refrained from commenting, though, on what she plans on doing with her investment in GBTC if a Spot Bitcoin ETF gets a nod from the financial regulator.

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• Bitcoin price fell to $28,800 across major exchanges as Ethereum hit lows near $1,800.
• Equities also showed signs of uncertainty with mixed trading recorded.
• Crypto investment products saw outflows totaling $107 million, the primary focus being BTC.

Bitcoin traded near the $28,800 early afternoon on Monday as caution dictated overall sentiment across the market.

Stocks were mixed in midday trading on Monday as earnings season starts to wind down and investors brace for an inflation reading crucial to the Federal Reserve decision making.

While the S&P 500 and Dow Jones Industrial Average held slightly positive ground at 0.5% and 0.9% respectively, the tech-heavy Nasdaq Composite and Rusell 2000 were down 0.1% and 0.2% respectively.

BTC hovers at key level amid huge outflows

On Monday, digital assets manager CoinShares released the latest weekly report on digital asset investment products flows. According to an analysis by the firm, total outflows for last week was $107 million.

Bitcoin saw total weekly outflows of $111 million. Although outflows into short bitcoin products reportedly stopped for the first time in 14 weeks, those from the flagship cryptocurrency were the largest since March.

Meanwhile, Ethereum recorded outflows of $6 million, while Solana outpaced the top altcoin with $9.5 million in inflows. There were also inflows of $0.5 million for XRP and $0.46 million for Litecoin. Uniswap had $0.8 million in outflows and Cardano with $0.3 million.

James Butterfill, Head of Research at CoinShares noted in the report that the outflows have come amid increased profit taking deals in recent weeks. Also notable was the decline in weekly trading volumes for digital asset investment products and on-exchange volumes – which stood at 36% and 62% year-to-date respectively.

The post Bitcoin revisits $28.8k as crypto sees huge outflows appeared first on CoinJournal.

• Miami Mayor Francis Suarez, a Republican, announced his candidacy for the 2024 presidential election in June.
• Miami has currently been trending for all the right reasons from Lionel Messi mania to the mayor accepting BTC donations.
• The mayor has also said that he would ban a central bank digital currency (CBDC).

Bitcoin-friendly Miami Mayor Francis Suarez has said that he will accept Bitcoin (BTC) donations for his presidential campaign.

Speaking on a popular media TV outlet, Suarez said:

“Officially, my campaign is accepting bitcoin,” Suarez explained. “This is a process of developing technologies that will create democratising opportunities for wealth creation and will not be manipulated by a human being’s ulterior motives, political goals, and so on.”

According to Suarez, supporters can now donate as little as 0.00034BTC, or the equivalent of $1, at his campaign website.

Suarez’s view on CBDCs

Suarez, who is known to advocate for Bitcoin, has said that he would ban a central bank digital currency (CBDC).  He said that people do not want the federal government to know where they have their money and how much money they have.

Suarez launched the MiamiCoin (MIA) in 2021, which he hoped would be used to pay a recurring Bitcoin stimulus (similar to dividends) to Miami citizens.

The mayor has criticized the current US administration led by Joe Biden. Castigating the government, Suarez said:

“The biggest mistake that this administration has made is they don’t understand crypto so they have gone to a regulated-by-enforcement mechanism as opposed to set the ground rules. You have to be able to classify certain digital products, you have to be able to have certain guidelines and rules that are clear with respect to the custody of assets.”

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