The over-the-counter (OTC) institutional cryptocurrency market saw a dramatic increase in spot transaction volume in the first half of 2024. A recent report by Finery Markets reveals a 95% year-over-year growth, highlighting a significant rise in institutional engagement. Institutional Interest Drives Massive Growth in Crypto’s Over-the-Counter Industry The Finery Markets team analyzed data from two […]
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Former US President and Republican Presidential Candidate Donald Trump has hinted at the possibility of launching a new NFT collection, following the success of his previous ones.
In an interview with Bloomberg Businessweek, Trump highlighted the strong demand from his supporters for more digital assets. This demand could influence his decision to release a new collection. He stated:
“We had one year to sell it out and it sold out in one day. The whole thing sold out: 45,000 of the cards. And I did it three times [and] I’m going to do another one, because the people want me to do another one.”
Over the past few years, Trump has launched three NFT collections, generating both success and criticism from the community.
His first NFT collection, launched in December 2022, received much acclaim but experienced significant value losses, similar to his Series 2 collection launched in April 2023 and the Mugshot edition in December 2023.
These projects have also faced broader complaints. Early reports suggested that the company controlling the project reserved several NFTS for the team. It was also alleged that many card designs plagiarized stock images from popular websites like Amazon.
Meanwhile, Trump mentioned that his involvement in NFTs changed his views about the crypto industry. He said:
“I did things like NFTs and, you know, stuff. And I noticed that 80% of the money was paid in crypto. It was incredible…The thing I really noticed was everything was paid in—I would say almost all of it was paid in crypto, in this new currency. And it opened my eyes.”
Reports from last year indicate that Trump has earned around $5 million from his NFT collections.
Trump explained that his pro-crypto stance aims to position the US as a leader in the industry.
He believes the industry is young and here to stay, making government intervention essential. He emphasized the importance of not letting another country take the lead.
Trump said:
“If we don’t do it, China is going to pick it up and China’s going to have it—or somebody else, but most likely China. China’s very much into it. Also, it’s not going away. It’s amazing.”
In a new post on X, Miles Deutscher, a noted crypto analyst with over half a million followers, has proclaimed the current market condition as “one of the most bullish setups” he has seen in his six-year career in the crypto industry. Deutscher outlined ten pivotal catalysts that he believes are primed to drive the cryptocurrency markets higher in the near term.
“There has been a lot of talk recently about headwinds (Germans selling, Gox, macro etc.). But the reality is, there is A LOT to look forward to,” Deutscher emphasized.
#1 German Government BTC Sales: Deutscher notes that the German government has exhausted its BTC reserves to sell, which removes a significant selling pressure on the market. “The best thing about overhang is that once selling is priced into the market, there is a floor on downside and headroom for price to move higher. We still have Gox, but there’s now light at the end of the tunnel,” he explained.
#2 Bitcoin ETF Inflows: According to Deutscher, the strong inflows into Bitcoin ETFs are underappreciated. Over the past month, these ETFs have seen inflows exceeding $1 billion, signaling sustained investor interest.
“I think many people are underestimating the magnitude of the long-term impact of the ETFs on BTC. It provides a strong passive bid for the market, and appetite for the ETF isn’t going away (we’ve had +$1b this past month),” Deutscher added.
#3 US Presidential Election: The crypto analyst pointed out betting markets like Polymarket, where Trump is favored to win. A Trump presidency is viewed as a positive catalyst for crypto, given his administration’s perceived support for the industry.
#4 Trump Advocacy at BTC 2024 Conference: Deutscher also highlighted Trump’s scheduled appearance at the BTC 2024 conference, where he is expected to advocate for Bitcoin and cryptocurrencies more broadly. Rumors have it that Trump could make another major announcement. Bitcoin Magazine CEO David Bailey has floated the idea of making BTC a strategic reserve asset for the United States.
#5 FTX Repayments: The repayment of $16 billion to creditors by FTX is a less discussed but crucial factor. “Many of these recipients will likely re-enter the market, leading to a fresh bid,” Deutscher predicts, suggesting a potential increase in buying activity in the crypto markets.
#6 Global Liquidity Cycle: Deutscher also mentioned the correlation between global liquidity and crypto prices. “It’s crazy how correlated crypto (especially BTC) is to global liquidity. Interestingly, we’ve been closely following a 65-month cycle. This would suggest a late 2025 peak,” Deutscher predicted.
#7 Spot ETH ETFs: The imminent launch of Spot ETH ETFs is another major catalyst. This marks the first time an altcoin has received such an investment vehicle, potentially expanding Ethereum’s market exposure and investor base dramatically.
#8 Goldman Sachs Tokenization Projects: Goldman Sachs’ involvement in three tokenization projects lends significant credibility to the crypto space. This institutional endorsement is expected to benefit a wide array of altcoins and related real-world asset (RWA) applications.
#9 Anticipated Rate Cuts: According to the CME FedWatch tool, the market is currently factoring in the likelihood of three rate cuts until the end of the year, with a 90% chance of a 25 basis point reduction in September. This could serve a massive tailwind.
#10 Forward-Looking Markets: Lastly, Deutscher emphasized the reflexive nature of crypto markets, where positive sentiment itself can trigger substantial rallies. “Over the coming months, you’re likely to see the market price in these tailwinds. As crypto is highly reflexive, a positive bid off the back of increased sentiment can, in and of itself, lead to a major rally,” Deutscher concluded.
At press time, BTC traded at $65,648.
Featured image created with DALL·E, chart from TradingView.com
Nicholas Mui, 22, from Grand Haven, Michigan, has pleaded guilty in the 17th Circuit Court in Kent County to conducting a criminal enterprise, involving the theft and sale of Mperks account access information. Mui is required to forfeit his computer tower and approximately $630,000 in frozen cryptocurrency and cash. He compromised Mperks, a loyalty program […]
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Turkey and India advanced crypto policies on May 16 that could create a framework for businesses and investors operating in each country.
Reuters reported that the Securities and Exchange Board of India (SEBI) wants multiple regulators to oversee crypto trading in the country.
In its recommendation, SEBI said it could monitor crypto securities, oversee initial coin offerings (ICOs), and issue licenses for equity market-related products.
Other agencies could regulate insurance and pension-related virtual assets, while the Reserve Bank of India (RBI) would regulate fiat-backed cryptos.
SEBI’s request is at odds with RBI’s position. The bank believes that private digital currencies are a macroeconomic risk. It expressed concerns about tax evasion, the need for voluntary compliance in P2P activities, and reduced profits from central bank money creation.
SEBI and RBI outlined their position in documents submitted to a government panel for consideration, which Reuters said could “firm up its report as early as June.”
Reuters also reported that Turkey’s ruling party presented a draft law that aims to have crypto companies meet licensing and registration obligations.
If the proposed regulations succeed, crypto exchanges and other companies must obtain licenses from Turkey’s Capital Markets Board.
The draft law outlines requirements and liabilities regarding platform management, offerable services, and operational standards. It aims to regulate certain activities, including crypto purchases, sales, and transfers among individuals in Turkey and crypto storage.
The law would also grant the Capital Markets Board authority to advance secondary regulation and create regulatory procedures for companies and their transactions.
India and Turkey both have strict crypto policies.
In 2021, Turkey banned the use of crypto in payments, listing a lack of regulatory controls, use in illegal activities, theft, and irreversible transactions among its concerns.
In 2018, India’s Reserve Bank banned financial institutions from engaging with companies that work with crypto. Though the rule was later overturned, broader financial regulations apply, and the Reserve Bank continues to urge against legalization.
India has also taken other actions against crypto, including issuing compliance notices to foreign crypto exchanges and imposing IP bans on the exchanges.
Accordingly, each of the latest developments advances regulations that could accommodate crypto activities in countries known for their harsh policies.
The symbiotic relationship between AI and crypto is still in its nascent stages, according to tech execs.
Blockchain security firm Cyvers Alert reported that an unnamed crypto trader lost 1,155 Wrapped Bitcoin (WBTC), equivalent to $70.5 million worth, to address poisoning.
The firm said:
“Are we mistaken, or has someone truly lost $68 million worth of WBTC? Our system has detected another address falling victim to address poisoning, losing 1,155 WBTC.”
Meir Dolev, the founder and CTO of Cyvers, added that this was “probably the highest value lost due to an address-poisoning scam.”
Address poisoning is one tactic malicious entities employ to exploit crypto traders. This nefarious act typically ensnares victims by luring them into transferring digital assets to fraudulent addresses owned by scammers.
The modus operandi involves creating addresses strikingly similar to the target’s, employing identical starting and ending characters to deceive unsuspecting victims.
Subsequently, they execute a crypto transfer from the newly fabricated matching address to the target’s wallet, contaminating the transaction history. The victim, unaware, inadvertently copies the tainted address from the transaction log instead of referencing their records, thereby directing funds into the hacker’s wallet.
Notably, this kind of attack has become somewhat prevalent in the industry, with Changpeng Zhao, the former CEO of Binance, highlighting one such incident last year. At the time, Zhao said:
“The scammers are so good now they generate addresses with the same starting and ending letters, which is what most people check for when doing a crypto transfer. In fact, many wallets hide the middle part of the address with ‘…’ to make the UI look better.”
The past week has not been favorable for the majority of cryptocurrency assets, with only four specific digital currencies recording gains. This week, ONDO appreciated by 13.2%, TON increased by 11.3%, PENDLE grew by 6%, and LEO saw a slight uptick of 0.5%. Market Update: A Tough Week for Crypto With Few Standouts The landscape […]
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JPMorgan has warned of a downside risk in crypto markets, citing subdued crypto venture capital flows. The global investment bank’s analysts also remain cautious about the U.S. Securities and Exchange Commission (SEC) greenlighting spot ethereum exchange-traded funds (ETFs) in May. Crypto Market’s Downside Risk Warning Global investment banking giant JPMorgan published a report on Thursday, […]
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The United States, United Kingdom, and Germany rank among the top countries holding cryptocurrencies at the government level, according to data from Arkham Intelligence. The crypto analytic firm’s onchain analysis shows that the U.S. government holds 212,847 bitcoins while El Salvador has been purchasing one bitcoin daily as announced by its president. Top Government Holders […]
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