Mediaboss Marketing

In the latest episode of BitTalk, hosts Nick, James, and Akiba discussed the recent market activity, central bank policies, and the potential for Bitcoin to reach $1 million in 90 days. The conversation was insightful and informative, with each host offering their unique perspective on the current state of the cryptocurrency industry.

James began by highlighting the recent credit swiss fiasco and UBS buying them out, explicitly referencing AT1 bonds valued at zero, leading to shareholders receiving over $3 billion while debt holders received nothing. This event further highlighted the importance of holding an asset like Bitcoin that one has complete control of, especially in extraordinary circumstances where central banks may come into play.

Nick expressed cautious optimism about Bitcoins growth and progress, citing increased on-chain transactions and activity on the Lightning network. However, he noted that non-custodial wallets still have a long way to go before widespread adoption.

The conversation then turned to the recent prediction by former Coinbase CTO Balaji Srinivasan that Bitcoin could reach a million dollars within 90 days. While the hosts acknowledged it as a good PR stunt, they agreed that the likelihood of such a prediction coming true was low.

Akiba raised whether recent actions by newly acquired banks to remove digital deposits could be considered an attack on crypto on-ramps. However, Nick dismissed this as a conspiracy theory, instead pointing to the crushing cost of compliance and outdated regulation systems as the main reasons for traditional financial institutions slow adoption of cryptocurrencies.

The hosts also discussed the recent liquidity programs and stealth quantitative easing by central banks, with James sharing a fascinating breakdown of the issues at play. He pointed to a game of confidence in the banking system, where once one thing breaks, it could lead to a house of cards situation. Nick echoed this sentiment, stating that the compliance and regulation systems in the financial industry are outdated and not fit for purpose.

Overall, BitTalk 11 provided an insightful and informative discussion on the current state of the cryptocurrency industry. The hosts offered their unique perspectives on recent market activity, central bank policies, and the potential for Bitcoins growth. While cautious optimism was expressed, the hosts agreed that there is still a long way to go before widespread adoption is achieved.

Read the rest here:

Bitcoin is not going to $1M, yet - BitTalk #11 - CryptoSlate

US Congress has introduced a bill proposing proof-of-work (PoW) Bitcoin mining as a potential aid to the US energy goals and economic growth. Moreover, Republican official Pete Sessions introduced legislation that could be vital to mining in the mainstream.

The bill regards minings importance to the United States. Specifically aiding the United States ability to achieve its energy goals and grow its economy. Conversely, the resolution lays out the ways in which the House of Representatives should approach the practice of Bitcoin mining in the US economic state.

JUST IN: Congress introduces bill proposing #Bitcoin mining can help achieve energy goals and grow the US economy.

Since its inception, the practice of Bitcoin mining has dominated the discourse within the mainstream adoption of digital assets. US Congress has introduced a bill proposing PoW Bitcoin minings aid to the US energy goals and economic growth.

Pete Sessions introduced the resolution that speaks on the practice in specific terms, stating that PoW mining is an essential process that allows for a blockchain network to remain trusted, open, and decentralized, within the legislation.

Additionally, the resolution states that many worries about the practice are unfounded. Reading, PoW does require energy consumption for this validation process, many of the concerns are unwarranted, because PoW minings energy usage is transparent and verifiable.

Moreover, the practice, uses .14 percent of the global energy supply, within the bill. While also noting crypto mining improves the overall economic viability of renewable energy projects, through its ability to utilize excess supply.

Whereas PoW mining economics are notably responsive to electricity prices, the bill reads. Additionally, miners can curtail operations when electric supply is low or prices are high, providing more energy to households and the grid during times of heavy demand.

Conclusively, the bill notes PoW minings efforts in being environmentally conscious. Noting it can work to reduce methane emissions by using stranded or wasted methane as a fuel source, within the legislation.

Read more here:

US Congress Introduces Bill Proposing Bitcoin Mining's Aid to ... - Watcher Guru

Russia-linked cryptocurrency exchange Bitzlato has partially restored access to user funds despite being officially seized by European authorities.

Bitzlato has enabled its users to withdraw up to 50% of assets stuck on the platform due to enforcement from the United States and Europol, the firm announced on its Telegram channel on March 20.

According to the statement, Bitzlato users can now restore half of their assets using the Telegram bot bz_phoenix_bot which allows users to move assets from the web Bitzlato account to an external wallet or exchange.

All withdrawals from Bitzlato are processed in Bitcoin (BTC), as the platform converted all altcoin holdings by users into BTC when the service was halted on Jan. 18. According to the firm, Bitzlato had to convert user balances to Bitcoin due to technical difficulties associated with servicing multiple altcoins after Bitzlato was seized.

In a public Bitzlato chat, several alleged Bitzlato users saidthey were able to move their Bitcoin to exchanges like ByBit and Binance. Some alleged Bitzlato clients also reportedly used software wallets like Trust Wallet and ViaBtc, and hardware wallets like Ledger, to withdraw their Bitcoin.

Bitzlatos 50% withdrawal option follows its previously announced roadmap on restoring users access to the platform and resuming operations. According to the plan, Bitzlato will continue its work to restore the platform and aims to provide a service for peer-to-peer (P2P) cryptocurrency trading by early April 2023.

A number of users have preferred not to withdraw 50% of their assets from Bitzlato this time, opting to wait until the exchange restores P2P trading. Once the P2P platform is restored, users will be able to access all previously available functions, a spokesperson for Bitzlato told Cointelegraph.

Bitzlato users should not expect to recover the remaining 50% of their assets once the P2P exchange is launched, the representative said.

There will be no second half once the P2P is opened since these are two unrelated questions and processes, the Bitzlato spokesperson added.

Related: Binances response to U.S. Senators lacks financial information: Report

According to the representative, the issue with client funds has not yet been resolved, but Bitzlato plans to return the money either by restoring access to seized funds by Europol or from the companys funds. The spokesperson said:

As previously reported, the United States Department of Justice announced a major international crypto enforcement action against Bitzlato in mid-January. Europol subsequently said that European authorities seized more than $19 million in crypto from Bitzlato as part of the enforcement actions.

Magazine: Crypto winter can take a toll on hodlers mental health

More here:

Seized exchange Bitzlato allows users to withdraw 50% of Bitcoin - Cointelegraph

What the price of Bitcoin will do this weekend is anybodys guess, but heres one good bet: The past weeks tumult in banking will make it more costly to trade.

Since Silvergate Capital (ticker: SI) said it was winding down and Signature Bank (SBNY) failed, token prices on various trading platforms like Coinbase and Gemini have diverged widely. Traders have been paying hundreds of dollars, and sometimes more than $1,000, more for a single Bitcoin on one platform than on others.

The inefficiency in the crypto market appears to be at least in part the result of the debacles at the two banks. Each ran prominent payments networkscalled SEN and Signetthat allowed customers to send dollars to each other almost instantly at any time, seven days a week.

Thats important to crypto traders, who buy or sell tokens outside of banking hours and often need liquidity more quickly than the couple of days it can take to process a wire transfer. The ability to move money fast is also crucial for market makers who need to get dollars from one exchange to another to take advantage of price differences and potentially arbitrage them away.

Silvergate, which is in the process of closing its operations, has shut down SEN. Signet is still operating, but some customers have stopped using it given its uncertain future. Reuters reported that government regulators have said any buyer of Signature Bank will have to abandon its crypto business.

Advertisement - Scroll to Continue

Since most banks dont process transfers on weekends, it translates into pure inefficiency in the market, said Dave Weisberger, CEO of CoinRoutes, which provides market data to help traders decide where to buy or sell. We havent seen anything like this, frankly, for years.

Over the weekend, the difference between the prices of Bitcoin on most exchanges was about 0.1%, about 10 times as much as it usually is, according to CoinRoutes data. By Wednesday, the spread was three times as much as before, but Weisberger said it could increase again this weekend with banks closed.

That price difference might seem slight, but over time it adds up to a sort of shadow trading tax on investors. It is far greater than similar price discrepancies that regulators have tried to stamp out in the stock market, Weisberger says.

Advertisement - Scroll to Continue

For the trading platform run by Gemini, the dispersion was even wider, with traders paying nearly 2% more on average. At the height of the turbulence, a Bitcoin trader on Gemini was paying more than $1,000 more for a Bitcoin than traders on other platforms, Weisberger says.

A Gemini spokesperson didnt respond to a request for comment.

Traders could eventually find workarounds. For example, the difference in Bitcoins price on different exchanges when buying with the Tether stablecoinwhose value is pegged to the dollar and isnt transferred with bankshardly moved last weekend.

Advertisement - Scroll to Continue

Later this year, the Federal Reserve also plans to debut its own long-awaited 24-7 payments network, called FedNow, a service similar to what the banks provided that could solve the problem of moving money on weekends.

Crypto could also speed adoption of FedNow as it is a way for investors to fund and cash out of trades without having to leave cash or digital dollars on a trading platform, wrote TD Cowen analyst Jaret Seiberg in a research note this week.

Until then, Bitcoin traders might just consider taking the weekend off.

Write to Joe Light at joe.light@barrons.com

Continued here:

Avoid Buying Bitcoin on Weekends Now. It Could Save You Some Money. - Barron's

Cryptocurrencies stood out this week as bank shares tumbled and the global liquidity crisis rocked the stock market. For the week ending March 17, bitcoin finished higher by 34%, making it the cryptocurrency's best week since January 2021 which marked the start of the institution-led bull run that year. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the stock market close one Friday to the next. Bitcoin is now up 62% for the year. BTC.CM= YTD mountain Bitcoin (BTC) in 2023 Ether ended the week higher by 23%. At one point it traded at about $1,780, a level not seen since its rally ahead of the Ethereum merge in September. Ether is up 45% year-to-date. "Crypto hasimpressedas an unexpected banking crisis has triggered a realization that Fed policy is very restrictive and that the economy is headed towards a recession," said Ed Moya, senior market analyst at Oanda."The Fed now has to decide if they have enough information about the escalating risks that are spreading across several banks. Inflation is heading lower, but some officials might want to deliver one more rate hike before pausing and that could trigger a de-risking moment on Wall Street." Bitcoin versus the banks The price of bitcoin twice rose above the key $25,200 level to more than $26,000, according to Coin Metrics. It hasn't seen that level since June, days before its pre-FTX bottom of about $18,000. BTC.CM= 1Y mountain Bitcoin, 1-year Bitcoin's outperformance amid a crisis in the traditional banking system had some wondering if the price rallied on a potential narrative shift. Though bitcoin was initially designed to be digital cash and an alternative financial system, it spent much of last year trading like a speculative asset. Last week, it even fell with risk markets and bank stocks amid the uncertainty surrounding Silvergate Bank. That shifted this week however, following the closures of Silicon Valley Bank and Signature Bank, giving the appearance that investors were trading it on its core value proposition, the ability to "be your own bank." "When the financial system shows cracks, it provides a use case for decentralization," said Callie Cox, U.S. investment strategist at eToro. "Of course, there are pros and cons to decentralized and centralized approaches, but for now, investors seem to be focusing on one specific angle." However, if the original bitcoin narrative began to click for people this week, it doesn't change the fact that macro themes are still the biggest driver of price. "In practice, bitcoin isn't isolated from the traditional banking system. Crypto prices rose quickly in 2020/2021 due to central bank monetary expansion, causing capital to move from the traditional fiat banking world to the crypto world," Sheena Shah, an analyst at Morgan Stanley, said in a note this week. "So our conclusion is that the Bitcoin network can operate without banks but that bitcoin's price, and thus its purchasing power, has been and continues to be influenced by fiat central bank policy and needs banks to facilitate flows into crypto." The week ahead Many agree the bitcoin price bottomed in late 2022 during the collapse of FTX, but so much uncertainty remains in the market and traders have been finding it difficult to identify what the start of a new bull run would look like. From a technical perspective, this week's close above $26,000 could be that signal, according to Yuya Hasegawa, an analyst at Japanese crypto firm Bitbank. Fairlead Strategies' Katie Stockton, however, is looking for two consecutive closes above $25,200 for the formation of a "bullish long-term development." Investors will continue to monitor the banking crisis and the regulatory landscape in the week ahead. On Tuesday the Federal Reserve will begin its two-day policy meeting. "Bitcoin's rally could remain in place if the Fed opts to end its tightening cycle and wait and see what happens next with banking turmoil," Moya said. "Traders are pricing in rate cuts this summer already, so we will see what happens if the Fed opts to remain focused on inflation and deliver another quarter-point rise. A pause and Bitcoin could have the potential to make a run towards the $30,000 level." Given the pulse of markets and recent Fed comments on inflation, Moya said one last hike should be the base case and that could bring bitcoin back to the middle of this month's trading range, he added.

Go here to read the rest:

Bitcoin is up 60% so far this year as investors rediscover appeal as ... - CNBC