Bitcoin

The world’s largest bank, ICBC, praises the evolution of Bitcoin and Ethereum as innovative financial assets

Published

8 months ago

10 June, 2024

World’s largest bank ICBC praises the evolution of Bitcoin, Ethereum as innovative financial assets

The world’s largest lender, the Industrial and Commercial Bank of China (ICBC), recently published an in-depth analysis highlighting the rapid evolution and growing diversity in digital currencies, where it compared Bitcoin to gold and considered Ethereum “digital oil”.

The report emphasizes the human capacity for imaginative belief, as noted by historian Yuval Noah Harari, as a driving force behind the exponential growth of digital currency types and applications.

VanEck Head of Digital Asset Research Matthew Sigel noted:

“Chinese state banks keep writing love letters to Bitcoin and Ethereum.”

The ICBC report outlines the divergent development paths of various digital currencies, each addressing unique needs within the financial ecosystem.

The love letter

According to the ICBC report, market demand has driven innovation in the digital currency sector since the birth of Bitcoin (Bitcoin) to advances in Ethereum (ETH) and the exploration of central bank digital currencies (CBDCs).

ICBC said Bitcoin was able to retain gold-like scarcity through its mathematical consensus mechanism. The leading cryptography resolved issues related to divisibility, authenticity verification, and portability. The report added that despite Bitcoin’s declining monetary attributes, its status as an asset is solidifying.

Meanwhile, Ethereum provides “technical power for the digital future” and is establishing itself as “digital oil” capable of powering myriad applications across the web3 ecosystem.

Ethereum, unlike Bitcoin, incorporates Turing integrity through its proprietary programming language, Solidity, and its virtual machine, EVM.

This feature allows developers to create and manage complex smart contracts and applications, positioning Ethereum as a critical platform for DeFi and NFTs. The report also recognized Ethereum’s potential to extend its influence to decentralized physical infrastructure networks (DePin).

Despite its potential, Ethereum faces several practical challenges, including security vulnerabilities, scalability issues due to high computational demands, and significant energy consumption.

Ethereum developers are exploring several solutions to address these challenges. The introduction of the Proof of Stake (POS) consensus mechanism and sharding technology in the Ethereum 2.0 upgrade aims to improve the network’s throughput and sustainability. Additionally, developers are working on Layer 2 solutions such as state channels, sidechains, and rollups to improve scalability.

Stablecoins and CBDCs

The report also highlighted the crucial role of stablecoins in bridging the gap between the digital currency market and the real world. Stablecoins, which peg their value to traditional assets like fiat currencies, offer stability in the volatile crypto market.

ICBC said stablecoins facilitate seamless transactions and provide a reliable store of value, making them an essential tool for everyday financial activities and a bridge for the integration of digital currencies into the global financial system.

Furthermore, CBDCs represent a significant innovation in the modern monetary system. By digitizing fiat currencies, central banks can improve the efficiency of payment systems, reduce transaction costs and increase the effectiveness of monetary policy.

According to the report, CBDCs can speed up cross-border transactions, reduce dependence on intermediaries and offer greater financial inclusion by providing access to digital financial services for unbanked populations.

The report noted that the development and implementation of CBDC infrastructure requires careful consideration of privacy, security and regulatory implications to ensure its success and widespread adoption.

The report concluded that while the development vision for each digital currency varies, they all aim to improve financial inclusion, security and payment efficiency. As digital currencies continue to evolve, creators and policymakers need to focus on balancing sustainability, security and efficiency.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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