October 04, 2022
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Deglobalization Is Happening. Crypto Is Part of the Answer
We woke up this morning to two very different yet deeply related pieces of news. In the Baltics, President Vladimir Putin announced that Russia would annex four regions of Ukraine, signaling the continued intensity of the war there. And in Florida, hurricane Ian has inflicted catastrophic damage, unprecedented even for that perennially hurricane-prone state.
In different ways both events highlight the need to reshape the fundamental infrastructure of human society into something more robust, transnational, individualized and fluid. That includes the need for financial networks that can't be cut off by autocratic leaders or destroyed by natural disasters.
Bitcoin Takes the Center Stage Amid Talks of Credit Suisse Collapse
Another Lehman-like moment is brewing up in the banking space with Swiss banking giant Credit Suisse being at a "critical" moment now. Credit Suisse Chief Executive Officer Ulrich Koerner said that the bank is preparing for the latest overhaul and has asked investors less than 100 days for a turnaround story.
Bitcoin Sees No October Rise Yet; the Dollar as the Protocol in the Future of Money?
"Indecision and lack of buying above $20,000 are pushing Bitcoin to test its recent lows," Joe DiPasquale, CEO of crypto asset manager BitBull Capital, wrote in an email, adding optimistically: "If we do drop sharply, the price may bottom soon and put up a nice rally. However, most bulls may be scared out of their longs before that happens."
Trader Peter Brandt Says 50% Chance Bitcoin Can Go to Zero
Veteran trader and technical analyst Peter Brandt reiterated that the price of bitcoin (BTC) has a 50% chance to drop to $0, also noting that the world's number one crypto has an "asymmetrical reward-to-risk trade." Brandt stated that, for more than four years now, he has been saying that BTC can indeed climb to hundreds of thousands of dollars per coin, and that it has a 50% chance to accomplish this.
Brits are Turning to Bitcoin as the Pound Plummets Against the US Dollar
Data first pointed out by James Butterfill, head of research at Europe's largest digital asset investment firm CoinShares, indicates that Bitcoin trading volumes have seen an explosion against GBP in the last few days.
Per the data, Bitcoin volumes against GBP rose over 1,400% on September 27, going from an average of $70 million to $881 million. In contrast, trading volumes against other currency pairs such as the dollar, the dollar-pegged stablecoin USDT, and the euro were more modest on the day.
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SEC Charges Socialite Kim Kardashian for Unlawfully Touting Ethereummax
On Monday, the U.S. Securities and Exchange Commission (SEC) filed charges against the celebrity and socialite Kim Kardashian for unlawfully promoting the crypto asset Ethereummax. The U.S. regulator detailed that Kardashian agreed to settle the charges and pay $1.26 million in penalties, and plans to cooperate with the SEC's ongoing investigation.
'Trading Like a Lehman Moment" Credit Suisse, Deutsche Bank Suffer From Distressed Valuations
During the first week of October, the world economy continues to look bleak as energy and gas prices have reached record highs, inflation in many countries is the highest in 40 years, supply chains are fractured, equity markets have shed significant value, and the tensions between the West and Russia has elevated.
Amid this nasty economy, two of the largest investment banks are floundering from distressed valuations. Market data shows that Credit Suisse Group AG (NYSE: CS) and Deutsche Bank AG (NYSE: DB) are trading at extremely low values not seen since the 2008 financial crisis.
US Senator Says 'I Love That Bitcoin Can't Be Stopped' Citing Concerns About National Debt and Inflation
U.S. Senator Cynthia Lummis says she loves that bitcoin cannot be stopped and that governments cannot just confiscate the cryptocurrency. "It's actually comforting to know that bitcoin is there," she said, citing concerns about the national debt and inflation.
Top Analyst Makes Case for Q4 Bitcoin and Crypto Rally As Fiat Currencies Get Crushed
A popular crypto analyst is making the argument that the last quarter of the year could bring rallies to the digital asset markets.
In a new discussion with fellow analysts Benjamin Cowen and Mike from Digital Asset News, the host of InvestAnswers says that a number of fundamental catalysts are currently stacked up in favor of Bitcoin (BTC) and crypto markets.
Bitcoin Price Keeps Struggling, What Could Trigger Another Downtrend
Bitcoin price attempted a fresh increase above the $19,000 resistance zone. BTC climbed above the $19,250 level and the 100 hourly simple moving average.
The price even gained pace above the $19,500 resistance and spiked above $20,000. However, the bears were active above the $20,000 resistance zone. A high was formed near $20,177 and the price started a downside correction.
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