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Bitcoin (BTC) is striving to recover from last years bear market, which was characterized by a significant drop from an all-time high price of nearly $69,000. Despite encountering resistance at the $30,000 level, Bitcoin has shown mixed signals throughout 2023.

Notably, surpassing the $60,000 level in exiting the bear market is seen as crucial for Bitcoin to reach a new all-time high. This has led to Bitcoin remaining in focus despite the asset facing several challenges, such as macroeconomic factors and regulatory uncertainty.

In this line, Finbold consulted generative artificial intelligence (AI) tools, ChatGPT, and Googles Bard with the question of Bitcoins ability to reclaim $60,000 this summer.

According to OpenAIs ChatGPT, Bitcoins value remains speculative. However, the tool did not provide a conclusive answer on whether Bitcoin can reclaim $60,000 but provided a hypothetical situation.

The AI tool noted that reclaiming $60,000 would depend on several factors. These include a bullish market sentiment fueled by optimistic news, increased adoption, and renewed interest in cryptocurrencies, which would generate enthusiasm among investors.

Additionally, the tool emphasized the potential influence of institutional investors and governments, similar to Bitcoins previous bull run that was predominantly fueled by institutional involvement in the crypto space.

Major financial institutions, corporations, and even governments embrace Bitcoin as a viable asset class. This institutional adoption brings substantial capital inflows into the cryptocurrency market, propelling Bitcoins price upward, ChatGPT said.

Furthermore, ChatGPT highlighted the importance of a technological breakthrough, such as implementing an advanced blockchain solution, which enhances Bitcoins functionality and attracts more users and investors.

It also acknowledged that global economic uncertainties, such as inflation, geopolitical tensions, or changes in monetary policies, drive investors to seek alternative assets, further contributing to Bitcoins appeal.

Bitcoin, known for its scarcity and decentralized nature, becomes an attractive hedge against traditional fiat currencies and experiences heightened demand, pushing its price higher, it added.

Elsewhere, Bard expressed optimism, stating that Bitcoin could reclaim the $60,000 level this summer. The tool attributed this potential achievement to global economic conditions and institutional involvement as key drivers.

However, the tool also acknowledged that regulatory factors might influence Bitcoins valuation toward $60,000.

If governments start to regulate Bitcoin, it could have a negative impact on the price. Ultimately, the price of Bitcoin is determined by supply and demand. If demand for Bitcoin continues to increase, it is possible that the price could reach $60k this summer, Bard added.

Contrarily, Bard highlighted obstacles that could hinder Bitcoins recovery to the $60,000 level. It specifically mentioned the lingering effects of the bear market and potential technological advancements.

Bard also pointed out that emerging technologies like quantum computing pose a risk of hacking Bitcoin, potentially eroding confidence and causing prices to decline.

At the time of reporting, Bitcoin was trading at $26,536, reflecting a daily gain of approximately 4%. Over the course of the week, Bitcoin has seen an increase of over 3%.

Regarding technical analysis, the current market sentiment for Bitcoin is predominantly bullish. This sentiment is supported by the summary from TradingView, which indicate that 11 out of the analyzed indicators align with a buy recommendation.

Furthermore, the moving averages and oscillators also favor a buy sentiment at 9 and 2, respectively.

It is worth noting that Bitcoin found some optimism on Friday, a day after the largest asset manager BlackRock (NYSE: BLK), filed for a spot Bitcoin exchange-traded fund (ETF). This has come in the wake of investors attempting to digest the ongoing regulatory crackdown by the Securities Exchange Commission (SEC).

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Bitcoin to reclaim $60k this summer? ChatGPT, Google Bard AI price ... - Finbold - Finance in Bold

As Andrew Tate currently faces accusations of rape, human trafficking, and organized crime for the purpose of sexual exploitation of women in Romania, information has leaked that the countrys prosecutors have seized a substantial amount of his assets in Bitcoin (BTC).

Although the original reports said that the seizures reached $300 million, this information has now proven to be incorrect and the result of a Google Translate error used in translating a press release from the Romanian authorities in which they shared the details of Tates indictment and which many news outlets shared on June 20.

Specifically, the prosecutors did, in fact, seize a large amount of Bitcoin belonging to the social media personality and former professional kickboxer, but this amount was not in the hundreds of millions but closer to $560,000, or approximately 21 BTC, in addition to 15 luxury cars, 14 watches, as well as 15 properties and shares in four companies.

Furthermore, according to a press release from the Office of Information and Public Relations within the Romanian Directorate for the Investigation of Organized Crime and Terrorism, the indictment covers four defendants, including Tates brother Tristan, who now face trial under house arrest.

As Finbold reported in March, there is currently no precise information on Tates crypto possessions, but two months after his widely publicized arrest in Romania in December 2022, the local police had seized nearly $500,000 worth of Bitcoin from him and his brother Tristans crypto wallets, which is close to the amount seized recently.

Shortly before his arrest, Andrew Tate appeared on Anthony Pomplianos Bitcoin podcast, where he touted the flagship decentralized finance (DeFi) asset as removing the disadvantages of fiat transactions, declaring he was going fully crazy mister blockchain now and boasting of turning 600 grand to $12 million, as Finbold reported in December.

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Andrew Tate's $500k in Bitcoin seized by Romanian prosecutors - Finbold - Finance in Bold

It was the fourth consecutive week of flat prices. A generally slow news cycle meant that market leaders Bitcoin and Ethereum remained where they were last weekend.

Bitcoin depreciated a nominal 0.5% and currently trades at $26,815, while Ethereum rose 1% over the seven days and now enters the weekend at $1,829.

On Monday, an AI-generated photo depicting a fabricated explosion at the Pentagon briefly caused a selloff in stocks and Bitcoin.

Markets were decidedly flat across the board, with no top thirty cryptocurrency posting significant gains except TRON, which rallied 8% to $0.076778.

TRONs rally this week appears to have been driven by the climbing market capitalization of the U.S. dollar-pegged stablecoin Tether (USTD), as the latter inches towards overtaking its all-time high of $83.2 billion, set in May last year.

According to CoinGecko, Tether may set a new high watermark any day now.

TRON and USDTs joint rally appears to be linked to the fact that the majority of USDT, approximately $46 billion, is issued on Tron, surpassing the $36 billion on Ethereum. Recent data shows a steep rise in USDT on the TRON network throughout 2023 so far.

The biggest losses among cryptocurrencies this week were posted by Internet Computer (ICP), which fell 6% to $4.88, and Lido DAO (LDO), which dropped 7.1% to $1.96.

Ron DeSantis Banned CBDCs in FloridaThese States Could Be Next

Crypto is already a major talking point in Bitcoin-friendly Florida Governor Ron DeSantiss campaign as he gets ready to run as the GOPs candidate in next years U.S. presidential elections.

DeSantis headlined an otherwise disastrous Twitter Spaces the day he announced his candidacy and told his host, Twitter/Tesla CEO Elon Musk, that Bidens administration [has] it out for Bitcoin, and if it continues for another four years, theyll probably end up killing it.

On Tuesday, The International Organization of Securities Commissions (IOSCO) released a report outlining policy recommendations for global crypto regulation as part of the public consultation process.

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In a nod to the fall of FTX, the IOSCO recommendations warn regulators about crypto companies "combining certain functions in a single legal entity or group of affiliated entities, such as one entity running exchanges, trading firms, and custody businesses under one roof.

On Thursday, watchdog the European Systemic Risk Board (ESRB) released a report concluding that the industrys economic impact is minimal, but advising vigilance and policymaking that monitors leveraged trading and the industrys financial contagion risks.

That same day, the European Securities and Markets Authority (ESMA) and National Competent Authorities (NCAs) issued a statement saying that cryptocurrencies must be clearly labeled as unregulated and both investors and investment firms should understand the financial risks involved in trading them.

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This Week in Coins: Bitcoin and Ethereum See Fourth Flat Week as TRON and Tether Surge - Yahoo News

The controversial BRC-20 standard and Ordinals protocol that made it possible keeps growing its footprint in the Bitcoin ecosystem. The latest: Stably USD, which is being billed as the first BRC-20 stablecoin.

After all, two of the largest stablecoinsTether (USDT) and USDCoin (USDC)do most of their volume on the Ethereum network as ERC-20 tokens. Although now both tokens are available on a handful of other networks like Solana, Avalanche, and TRON.

Like ERC-20 tokens, BRC-20s are a lot like NFTs. They allow for arbitrary, non-financial information to be added to the Bitcoin blockchain without the need for a sidechain or additional token. BRC-20 tokens have been at the center of an intense debate within the Bitcoin community, with important figures taking favorable and unfavorable positions.

Now U.S.-based Stably, which calls itself a fiat onramp for crypto trading, has announced its BRC-20 U.S. dollar-backed stablecoin on Twitter. But there are a few red flags.

For starters, the total supply: $69.420 trillion, according to the companys website. Thats more than double the U.S. national debt and likely a nod to meme culture. And things seem to be off to a slow start. Their documentation links to a reserve wallet with a $220 balance at the time of writing.

While Stably claims its subsidiary, Stably Trading LLC, is a registered money transmitter, the registration number and address on their website dont match whats listed on the FinCEN website under Stably Trading, LLC.

The company tweeted that #USD is backed and redeemable 1-to-1 for USD collateral managed by our regulated custodian adding that a third party firm will be conducting monthly attestations to ensure the collateral always matches whats been issued.

StablyUSD isnt technically a new stablecoin. Its been around since 2019 and only recently got converted into a BRC-20 token on Bitcoin. The latest attestation report shows its got a market capitalization of $7 million across 11 different blockchains, including Ethereum, BNB Chain, and Arbitrum.

The USDS listing on CoinGecko shows that its price hit an all-time high of $9.89 on November 30, then crashed days later to $0.05 on December 9, 2022. The token has about $5,000 worth of liquidity on decentralized exchange UniSwap split between two trading pairs.

According to Stablys website, its regulated custodianPrime Trustholds the reserves for Stably USD. But it seems more likely that Prime Trust doesnt hold the reserves directly, as it explains on its website that it isnt FDIC-insured and uses accounts at a handful of banks that are.

That said, Stably said it will enforce a know your customer (KYC) and anti-money laundering process (AML) for users who want to redeem stablecoins for actual dollars.

Neither Stably nor Prime Trust immediately responded to a request for comment from Decrypt.

Although Stably has been quick to claim they were the first USD stablecoin on the Bitcoin network, USDT was initially launched on OMNI, a Bitcoin sidechain, in 2014. There are also several U.S. dollar-backed stablecoins, such as DoC on Rootstock, currently available on the network.

The new stablecoin, however, appears to be the first of its kind using the BRC-20 standard.

Whether this is another BRC-20 fad to quickly fade away, or a new era of stablecoins ushered in by the contentious Ordinals protocol remains to be seen. As always, do your own research.

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There's Now a Dollar-Backed Stablecoin on Bitcoin Using Ordinals ... - Decrypt

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Italian developer, Salvatore Leggiero, unveils plans for the Bitcoin Tower, an hotel chain in Dubai that combines blockchain technology, artificial intelligence, and material sustainability. It will offer guests the opportunity to earn interest on their suite rentals.

Leggiero envisions a hotel chain that embraces cutting-edge technologies like blockchain and artificial intelligence (AI) and prioritizes material sustainability. The project aims to celebrate bitcoins (BTC) significance, prominence, and values.

The team claims that its unique approach to pricing and guest experience sets this hotel chain apart. Leggiero explained that the rental price of a suite would be considered a form of staking cryptocurrency, allowing guests to earn an annual percentage yield (APY) on their investment.

Dubai, known for its progressive mindset and innovative spirit, continues to push the boundaries of technological advancement. With its vision of becoming a smart city, Dubai aims to leverage cutting-edge technologies to build a sustainable and efficient urban environment.

As part of this vision, the city embraces blockchain and cryptocurrencies, recognizing their potential to revolutionize various sectors of its economy. It aligns with Dubais broader strategy of becoming a global technological hub.

The city recognizes the transformative power of these technologies and aims to integrate them into its existing infrastructure. By adopting blockchain, Dubai seeks to enhance transparency, security, and efficiency in finance, supply chain management, and real estate sectors.

The Bitcoin Tower encapsulates Dubais vision for a sustainable and technologically advanced future. By prioritizing material sustainability, the hotel chain will contribute to Dubais efforts in environmental conservation. Integrating blockchain and artificial intelligence will also elevate the guest experience to new heights, allowing for seamless interactions, personalized services, and enhanced security.

This visionary project will undoubtedly captivate the imaginations of both cryptocurrency enthusiasts and technology buffs worldwide.

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Dubai deepens crypto ties with proposed Bitcoin Tower Hotel - crypto.news