The latest crypto, blockchain and Defi news

Source: Adobe

Let’s kick off the communication of the week with a news item with a philanthropic flavor. Rivemont Investments has just announced this morning a donation of $74,000 to the “See Big Together” fundraising campaign of the Université du Québec en Outaouais Foundation. This support allows UQO to launch its very first trading room for the benefit of the student community and teaching staff who will have real practical experience in portfolio management as if they were on the stock exchange floor. Martin Lalonde, president of the firm, was delighted with this commitment. “To participate in the establishment of this trading room and to be able in my own way to contribute to stimulating the passion of UQO students for finance and the stock markets, all that touched me. And giving back to UQO is important. I invite businesses in the region to do the same. »

After a record nine consecutive bearish weeks for bitcoin, the trend has finally been broken. While we are still far from being able to speak of a convincing rebound, the most recent week that ended was slightly bullish, just like the news so far. The price is more choppy than ever, sudden ups and downs appearing alternately, but not allowing exit from the current consolidation channel.

Perhaps the most interesting news of the week is PayPal’s announcement that it now allows its users to transfer their bitcoin and ether reserves to wallets outside the service. “Starting today, PayPal supports native cryptocurrency transfer between PayPal and other wallets and exchanges,” the financial giant said in a statement. This functionality is already in place for many users and will be generally in place within two weeks.

PayPal first launched its crypto offering in late 2020, allowing users to buy, sell and hold four cryptocurrencies – Bitcoin, Ethereum, Bitcoin Cash and Litecoin – but not move funds to external destinations like other hardware exchanges or wallets. The fact that users can now do this is important because PayPal, which also owns the popular Venmo app, is used by hundreds of millions of people around the world to transfer money, and is increasingly used by merchants as a payment platform. “The reason we’re in crypto is that we believe a substantial portion of commerce is going to shift to digital currencies,” said Jose Fernandez da Ponte, the company’s vice president of business development. While trading volume has fallen since last year’s price decline, da Ponte isn’t worried. “There is a lot of talk about a new crypto winter, but it is important to look beyond that. The macro trend [d’une large adoption de la crypto] is not disturbed”.

The native token of the Binance exchange – BNB – has long been one of the highest paying crypto assets to hold. Its launch five years ago via Initial Coin Offering has greatly contributed to the growth of the company. However, this ICO is now the subject of a new revision by American financial regulators. Indeed, according to anonymous races cited by Bloomberg yesterday, the Securities and Exchange Commission (SEC) returns to the origins of Binance Coin for potential violations of securities regulations. News of the investigation comes as Reuters published the results of an unrelated investigation in which the news service claims that at least $2.35 billion in illicit funds were laundered by Binance between 2017 and 2021. .

BNB was created in July 2017 as an ERC-20 token on the Ethereum chain before moving to a separate Binance chain. The initial offering of 100 million tokens at 15 cents per token raised $15 million. BNB is currently the fifth-largest cryptocurrency, with a total capitalization of $47 billion and a 24-hour trading volume of $1.4 billion at the time of writing.

Two US lawmakers have introduced a bipartisan bill that would require members of Congress to declare their crypto holdings. The Cryptocurrency Liability Act (Cryptocurrency Accountability Act) would require members of Congress to declare any purchase, sale, or exchange of digital assets over $1,000. They should also report cryptocurrency transactions made by their spouses and dependent children.

On the state side now, note that the governor of New York has not yet committed to signing the law prohibiting bitcoin mining. Kathy Hochul, rather than publicly supporting the controversial Anti-Type Mining Project proof-of-work in the state, instead said his team will be looking “very closely” at the proposal over the next few months. At this stage, it seems that the Democrat has no intention of rushing her decision and that she has other fish to fry with the primary elections on June 28th.

One of the biggest holders of bitcoins is undoubtedly the American company MicroStrategy. Kate Rooney analyzed the structure of this positioning initiated in August 2020. We thus learn that MicroStrategy has accumulated more than 129,000 bitcoins, but with a debt of more than 2.4 billion dollars. This debt includes $1.7 billion of senior convertible bonds, $500 million of debt in the form of senior secured notes offering an interest rate of 6.1% and a loan of $205 million. backed by bitcoins.

66% of the circulating supply of bitcoins has not moved in the last year, which represents an all-time high for this indicator. While the latter has little bearing on short-term price action, it is a macro indicator showing that the conviction of the holders, as well as its percentage versus the speculators, are both at historic levels.

(credit: Dan Held via Twitter)

As has historically been the case in bear market times, bitcoin’s overall market dominance index continued to climb this week. It now exceeds 47%.

Currently, bitcoin continues to struggle to stay north of $30,000. If we were to break through the bounce consolidation channel, the next two obvious resistances would be the May 31 high at $32,380 and then the 50-day moving average at $33,175.

This article is brought to you by Fonds Rivemont. The Rivemont crypto fund is the first and only actively managed cryptocurrency fund in Canada. RRSP and TFSA eligible. Accredited investors can learn more here.

Disclaimer: This column does not necessarily reflect the opinion of CryptonewsFR and does not constitute investment advice or trading instructions..

Follow our affiliate links:

  • To buy cryptocurrencies in the SEPA Zone, Europe and French citizensvisit Coinhouse
  • To buy cryptocurrency in Canadavisit Bitbuy
  • To generate interest with your bitcoinsgo to the BlockFi website
  • To secure or store your cryptocurrenciesget Ledger or Trezor wallets
  • To trade your cryptos anonymouslyinstall the NordVPN app

To invest in cryptocurrency mining or masternodes:

To accumulate coins while playing:

  • In poker on the CoinPoker gaming platform
  • To a global fantasy football on the Sorare platform

Stay informed with our free weekly newsletter and to our social networks:

Leave a Reply

Your email address will not be published.