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New U.S. president must bring clarity to crypto regulation, analyst says
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2 weeks agoon
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adminWhoever wins the upcoming U.S. election and becomes president must work towards regulatory clarity for the crypto sector, Lucy Gazmararian, founder and managing director at Token Bay Capital, says.
Gazmararian shared this perspective during an interview with CNBC on Sept. 2. She noted that the bull market spike seen earlier in the year happened amid the spot Bitcoin (BTC) exchange traded fund mania.
However, as well as ETFs, there’s been this rise of crypto into a topic in politics amid the upcoming election.
Gazmararian on crypto clarity in the U.S.
While the crypto market’s upward trajectory has tapered off slightly, the Token Bay Capital founder is bullish on the industry. Her projection is that the market could benefit from key upside catalysts in the fourth quarter of the year and that the BTC price will be higher than the current levels just above $58,000.
With the U.S. election just over two months away, the discussion on what the result could mean for crypto is gaining momentum fast.
According to Gazmararian, whoever wins has to aim at regulatory clarity for crypto. The new president will need to set the ball rolling in terms of pushing for a “sensible crypto framework,” the Token Bay Capital founder added.
She says the U.S. needs that clarity to reverse the negatives seen in the past four years, particularly with the European Union’s MiCA regulation in place. She added the U.S. is “lagging behind” in regulatory clarity and it is vital for whoever wins the election to be “supportive of the industry.”
Trump or Harris?
To many observers, the crackdown by the U.S. Securities and Exchange Commission is seeing America lag behind other countries and jurisdictions. The enforcement by regulation has only worked against the industry.
It’s why the discourse on whether a Donald Trump win could be good for the space.
Despite the recent crypto roundtable meetings, calls by crypto supporters and the Kamala Harris campaign’s message, the lack of the VP’s voice in this has many crypto proponents concerned. Recent SEC actions against OpenSea and other developments also haven’t helped either.
Meanwhile, former President Donald Trump has attracted a lot of positive commentary from crypto industry leaders for his crypto-friendly stance. Trump’s appearance at Bitcoin 2024 and the pledge to end the current administration’s “war on crypto” also stands him well within the industry. Trump’s vice president pick, JD Vance is also pro-crypto.
But Gazmararian thinks all that matters is for the new government to support a framework that brings much-needed clarity and support for the sector.
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Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline
Published
2 hours agoon
September 19, 2024By
adminA cryptocurrency analyst and trader is saying Bitcoin (BTC) is on the verge of entering a bullish phase over the coming weeks and months.
The analyst pseudonymously known as Rekt Capital tells his 88,100 YouTube subscribers that Bitcoin is “on the cusp of a breakout into the parabolic phase” after spending the past few months in a re-accumulation phase.
According to Rekt Capital, Bitcoin’s parabolic phase lasts a predictable amount of time in every cycle.
“So if we just see that 160 days after the halving is how long this re-accumulation phase lasts and we tend to see a bull market peak 550 days after the halving, then this parabolic phase should last 390 days or so, 400 days or so.
So it is roughly a year of parabolic upside that we see going into the bull market peak. And if that continues, indeed mid-September 2025, mid-October 2025 is when we would see a bull market peak occur for Bitcoin.”
Bitcoin is trading at $59,958 at time of writing, about 19% below the all-time high of approximately $73,800.
The pseudonymous analyst says that based on historical precedent, Bitcoin could hit a new all-time high over the coming days.
“…but we will reverse towards the upside at some point. And that point is coming quite soon because 160 days after halving is when we see a breakout to new highs.”
The Bitcoin halving occurred around 151 days ago on April 20th.
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Germany's Commerzbank and DZ Bank To Offer Bitcoin and Crypto Trading
Published
2 hours agoon
September 19, 2024By
adminGermany’s two of the largest five banks, Commerzbank and DZ Bank, are launching Bitcoin and crypto trading services amid growing institutional demand.
JUST IN: 🇩🇪 $500 billion Commerzbank to offer #Bitcoin and crypto trading. pic.twitter.com/KrOCOx5N9P
— Bitcoin Magazine (@BitcoinMagazine) September 19, 2024
Commerzbank, the country’s second-biggest bank by number of branches, signed a deal with Deutsche Boerse’s subsidiary Crypto Finance to provide trading access for corporate clients. DZ Bank, the nation’s number two lender, is enabling its 700 cooperative banks to offer Bitcoin and crypto trading via a tie-up with the Boerse Stuttgart exchange.
The moves come just weeks after Zurich Cantonal Bank in Switzerland began offering retail Bitcoin and crypto services. Major banks worldwide are increasingly embracing Bitcoin and crypto following the successful launch of the first U.S. Bitcoin ETFs.
“Our offering in digital assets enables our corporate clients to seize the opportunities presented by Bitcoin and ether for the first time,” said a Commerzbank executive.
DZ Bank and Commerzbank represent over $1 trillion in combined assets under management. Their entry significantly expands mainstream access to Bitcoin in Europe’s largest economy. DZ Bank’s head of trading said professional investors are rapidly allocating to Bitcoin and crypto, making regulated services crucial for portfolio diversification and risk management.
The moves are a milestone for Bitcoin’s integration into European finance. With leading banks providing access, Bitcoin is now going more mainstream.
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Bitcoin
Hut 8 deepens Bitmain partnership with launch of new ASIC miner in 2025
Published
3 hours agoon
September 19, 2024By
adminBitcoin miner Hut 8 is expanding its partnership with Bitmain to introduce a new ASIC miner with direct liquid-to-chip cooling, set to deploy in Q2 2025.
Miami-headquartered crypto mining firm Hut 8 has expanded its partnership with Bitmain, announcing the upcoming launch of the U3S21EXPH, a next-generation ASIC miner capable of reaching up to 860 TH/s.
In a Sept. 19 press release, the company the miner, which is scheduled for deployment in Q2 2025, is the first mass-commercialized ASIC model to feature direct liquid-to-chip cooling in a U-form factor.
“We believe this model represents a more thoughtful approach to capturing the lucrative economics offered by next-generation machines, reducing upfront capital requirements while we continue to pursue growth initiatives in AI infrastructure.”
Asher Genoot, Hut8 chief executive officer
Under the hosting agreement, Hut 8 has the option to purchase all or a portion of the hosted miners in up to three tranches at a fixed price within six months of deployment. If Hut 8 exercises the option in full, the company’s self-mining hashrate is expected to increase from 5.6 EH/s to 20.6 EH/s, the press release reads.
The agreement is designed to minimize upfront capital expenditures and provide flexibility for future purchases, allowing Hut 8 to assess market conditions “before committing additional capital,” per the document.
The news comes after Hut 8 secured a $150 million investment in June from Coatue Management to accelerate its artificial intelligence infrastructure development. At the time, Hut 8 said the investment was made as “many traditional data center operators are failing to meet the surging demand for AI compute capacity due to power shortages.”
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