On-chain metrics reveal that Bitcoin balance on cryptocurrency exchanges continued its macro decline. The figures have reached 2.4 million BTC, which is around 12.6% of the circulating supply. According to Glassnode, Bitcoin exchange balances witnessed a macro outflow of more than 4.6% of the circulating supply.
The balance on exchanges shrunk considerably in the last few months. This is a healthy sign of Bitcoin’s long-term performance and underscores a strong demand at lower price levels. The further decline comes in the wake of Bitcoin performing an impressive rally, increasing by over 15% over the past few days. At the time of this writing, the cryptocurrency trades at around $23,600. It will be interesting to see if Bitcoin manages to retain the present momentum.
🏆Gustav Klimt‘s world-famous masterpiece is joining the metaverse from Belvedere Museum Vienna – Austria – THEKISS Most successful museum project global with 5M+ SALES in first 2 weeks
🏆Orsetto Gang is a collection of 10K NFTs living on the Ethereum Blockchain. By being part of this gangster network, you will automatically draw for exclusive tickets to the world’s best festivals and parties as Coachella - All Points East - AMF Festival - Burning Man – Tomorrowland - Visit Orsetto Gang
Enough Said, don’t regret later if you decide not to invest now!
Dubai permits full operation to FTX subsidiary FZE via first MVP license
Dubai’s Virtual Asset Regulatory Authority (VARA) issued the operating license to FZE under the MVP program, which according to Helal Saeed Almarri, the director general of Dubai WTC Authority, is designed for secure and sustainable growth in Dubai. For now, the FTX FZE exchange’s operations are in the test phase and will be focused on providing various crypto services.
According to FTX CEO Sam Bankman-Fried, the newly licensed exchange will operate under a model incorporating regulatory oversight and Financial Action Task Force (FATF) compliance controls catering to Tier 1 international financial markets. In addition, Almarri revealed that the exchange’s operations will be used as a regulatory trial for future commercial services using virtual assets. Dubai, and the rest of the UAE, have been taking steps towards cryptocurrency adoption at a fast pace this year.
US FTC Wants To Block Meta From Buying The Creator Of Popular VR Fitness App
The FTC unfairly targeting Meta? Or are they on to something with their monopoly claims? The facts come to light in the FTC lawsuit against the company formerly known as Facebook. Their aim is clear, to block Meta from acquiring Within Unlimited, creators of the popular Supernatural app.
Meta famously acquired Oculus VR, Inc, manufacturers of the most popular headset. They also own the Quest Store, “a leading U.S. app platform with more than 400 apps available for download.” Plus, they’ve so far bought “seven of the most successful virtual reality development studios, and now has one of the largest first-party virtual reality content catalogues in the world.” Not only that, one of those seven VR development studios is the creator of the Beat Saber app, the Supernatural app’s direct competitor.
Critic of Bitcoin’s ‘one-percenters’ still positive about future of digital assets
A future without digital assets is hardly imaginable but Bitcoin (BTC) is far from being perfect by design, according to a finance professor at the London School of Economics (LSE). LSE financial professor Igor Makarov believes that digital money and digital assets.
In an interview with Cointelegraph, Makarov said that there has not been much evidence that Bitcoin can become a store of value as it has been extremely volatile over the past 10 years. Since Bitcoin’s volatility remains high despite its massive rise in value and increased liquidity, there is no guarantee that its price will become more stable one day, he said. The professor also assumed that allowing United States public institutions to invest in BTC would almost certainly result in a “temporary price appreciation.”Makarov said he doesn't hold any cryptocurrencies at the moment.
IMF global outlook suggests dark clouds ahead for crypto
The IMF’s July update on the World Economic Outlook titled “Gloomy and More Uncertain” points to “higher-than-expected inflation,” and a contraction of global output as indicators of incoming poor economic growth. The report states in succinct terms that there are likely economic slowdowns ahead.Macro factors have been linked to the crypto bear market.
Crypto investors are also bracing for a rise in interest rates in the United States this week. Bloomberg reported on July 26 that the Fed is expected to raise rates by as much as 75 basis points, or 0.75%, up to 2.25% in an attempt to tighten its monetary policy and stump inflation.There are also industry observers who expect the U.S. to be officially in recession when the Q2 GDP figures for the country are published on July 28. Investopedia defines a recession as two consecutive quarters of negative GDP growth.
KuCoin CEO Sees India Emerging as Key Market, Denies Being in Stress
KuCoin counts India as a key market accounting for an “enormous quantity” of 5.6 million new customers it added in the first half of 2022. Indian customers grew by a hefty 1,251% compared to the same period last year. Besides, the crypto trading platform has recruited local talents and has been engaged with initiatives such as Chingari.
KuCoin also faced speculations on social media that it might go insolvent – the way Celsius and 3AC, for example, have gone. After the rumors began on July 2, KuCoin witnessed high levels of withdrawals, Lyu admitted.On July 2, CryptoPotato reported that the KuCoin CEO denied that the exchange was going insolvent. He also refuted that the platform had any exposure to Terra or 3AC. Later, the crypto trading platform dismissed the rumors that it was following other platforms such as Coinbase and Gemini in laying off staff.