The price of Bitcoin (BTC) is struggling to break past $51,000 on March 8 as the U.S. Treasury yield is rising again, while the U.S. Dollar Index (DXY) is at the highest levels in over three months. The global stock market, including equities in the United States and Asia, has pulled back in tandem as the U.S. Senate's stimulus approval has sparked inflation fears. Why is Bitcoin dropping off of inflation fears? As Welt market analyst Holger Zschaepitz explained, the bond market turned into turmoil as the 10-year U.S. Treasury yield surged to 1.6% after the stimulus news broke. The …

Bitcoin (BTC) starts a new week on a firmly bullish note as stocks tumble and BTC managed to close the week above $50,000. After a mixed performance last week that saw multiple tests of $46,000, buyer support is entering and BTC/USD is within 15% of all-time highs. Cointelegraph takes a look at what might lie in store for traders in the coming days with five factors likely to affect Bitcoin price action. Stocks nosedive as USD gains The tide is turning on the equities miracle of the past year, with indices falling left and right amid warnings that the rout …

As the COVID-19 pandemic unfolds, the Biden–Harris administration has begun implementing new strategies to restore the U.S. economy. While notable, implementing emerging technologies, while ensuring data privacy, should also be a top priority for the White House administration to consider. Don Tapscott, executive chairman of the Blockchain Research Institute — a think tank aimed at advancing blockchain and other emerging technologies — told Cointelegraph that the COVID-19 pandemic has spurred an era, in which government leaders must now acknowledge digital realities: “This is the time for government leaders to develop a comprehensive framework for achieving prosperity, justice, sustainability, social cohesion …

A DeFi protocol says it offers a fresh perspective on supply-elastic tokens, which have exploded in popularity across the decentralized finance sector. Benchmark Protocol’s goal is to create a bridge between traditional finance and the crypto markets — all while adopting and refining a proven rebase algorithm introduced by Ampleforth. The supply of MARK tokens is adjusted by tracking the movements of the CBOE volatility index (VIX) — also known as the “fear index” — in a smart and fast process. Whereas other supply-elastic tokens target a price of $1 by adjusting for U.S. inflation, Benchmark Protocol’s target price is …

Circle, the company behind the second most popular stablecoin USD Coin, has rolled out a new API that will allow for the seamless transfer of USDC to USD via automated clearinghouse (ACH) systems. The first exchange to adopt the new API will be derivatives and futures specialist FTX, looking to speed up USD settlement processes on behalf of their customers. In a blog entry, project manager Gee Chuang described how Circle’s ACH API improves connections between the fiat world and the digital world by introducing interoperability among payment rails, such as card, wire and blockchain transfers. Using the API, USD …

Reserve currency is money held by central banks or treasuries usually for international transactions. Argentina is not going to be able to purchase a Boeing 737 MAX passenger jet, for example, with its highly inflationary peso; it will have to pay with U.S. dollars, which is why Argentina keeps dollars on hand — i.e., in “reserve.” A second basic function is to support the value of a national currency. If the Brazilian real, for instance, plummets during an economic contraction, Brazil’s central bank could bid it up again by purchasing reals with dollars that it holds in reserve. Could Bitcoin …

Cryptocurrency stablecoins could become systemically important overnight, says United States Federal Reserve Chairman Jerome Powell, and that’s why the Fed is determined to get its own central bank digital currency right. CBDCs are the banking industry’s answer to cryptocurrency stablecoins. While they are often hosted on the blockchain, they share little in the way of philosophical parity with their decentralized counterparts. CBDCs will be overseen by the banks that issue them and will be regulated under the laws of their respective jurisdictions. Speaking in an interview with Yahoo Finance, Powell said advances in technology had enabled private entities to create …

Canadian investment fund manager Arxnovum Investments has filed a prospectus for a new Bitcoin (BTC) exchange-traded fund, or ETF, in Canada. On Monday, the company filed a stack of preliminary documents for the Arxnovum Bitcoin ETF with Canada’s Ontario Securities Commission. According to a preliminary long-form prospectus, Arxnovum plans to list its new Bitcoin ETF on the Toronto Stock Exchange. The listing is subject to the approval of the TSX in accordance with its original listing requirements. “The TSX has not conditionally approved the listing application of the Bitcoin ETF and there is no assurance that the TSX will approve …

A new survey of global fund managers reveals that Bitcoin has climbed in the rankings of “most crowded trade” beating out traditional investments like gold and bonds. Bitcoin was third on the overall list of options for the category, named as the busiest trade by 15% of survey respondents. Only tech stocks (52%) and short dollar positions (18%) ranked higher. BofA Fund Manager Survey of the most crowded trades ht @jsblokland pic.twitter.com/KvlP8bTe7x — (@chigrl) December 15, 2020 The Global Fund Manager Survey was conducted by Bank of America Merrill Lynch between the period of Dec. 4 to 10 and asked …

Throughout the past few days, the sell-side pressure from all sides has intensified. Bitcoin miners have sold their holdings at a scale unseen for over three years. On top of this, the inflow of whale-associated BTC into exchanges has substantially spiked. The combination of the two data points indicates that miners and whales have been selling in tandem. Bitcoin continues to trade under $18,000 following a week of aggressive selling from whales, miners and, possibly, institutions. Analysts generally believe that the $19,000 region was a logical area for investors to take profit, and as such, a pullback was healthy. Heading …

A number of popular U.S. dollar-pegged stablecoins exist on the crypto market. Stablecoins based on the euro also exist, but are notably less liquid, according to Zahreddine Touag, co-founder and head of trading at Paris-based market making firm Woorton. “There’s not any euro stablecoin that is very liquid,” Touag said on Thursday during a Paris Blockchain Week conference panel, noting multiple points of rationale. The most impactful reason: “It’s very costly to do a euro stablecoin,” he noted, adding: “The primary source of revenue for U.S. dollar coins are the interest rates when you replace the U.S. dollar because you …

Bitcoin (BTC) poses a significant threat to the world’s reserve currency, the United States dollar, according to a strategist at major American investment bank Morgan Stanley. Ruchir Sharma, chief global strategist at Morgan Stanley Investment Management, believes that the dollar’s reign is likely to end due to global distrust in traditional finance, while Bitcoin is likely to capitalize on that lack of confidence. In a Dec. 9 article in The Financial Times, Sharma provided a brief outline on the history of the world’s reserve currencies, noting that the dollar’s run had lasted 100 years at the start of 2020. According …