Nigeria Announces Crypto Laws To Regulate, Standardise Digital Assets, Bitcoin Falls - cyptoranking.com

2024-05-02

Popular crypto exchanges(2023 Update) 2024-05-02
Image: cyptoranking.com

According to Hayes, “the US banking system is functionally insolvent because the regulators made the rules in such a way that it was profitable from an accounting perspective, not an economic perspective, to essentially take in deposits and buy low yielding treasuries and they could do it with almost infinite leverage and a few basis points differing in the change of the price and everyone makes a lot of money and gets a big bonus.” “The banks collectively bought all these treasuries in 2021 and obviously the price went down a lot since then and that’s why we have the regional banking crisis.” The largest concern expressed by Hayes is “at a structural level, the US banking system cannot buy more debt, because it cannot afford to because it is structurally insolvent. The Federal Reserve has committed to doing quantitative tightening, so it's not accumulating more treasuries.”Hayes explained that the market is digesting this, and the nuance here is that despite high rates on treasuries, gold prices remain high and certain market participants who previously were treasury buyers are disinterested. Currently, banks’ struggle to attract deposits, and the difficulty of matching their deposit rates to the current rates available in the market creates revenue and debt management stress at a level which could become critical to the function of the entire banking system. Like many cryptocurrency advocates, Hayes believes that it’s in times like this that a certain cohort of investors begins to look at different investment options, including Bitcoin. Hayes’ view on why Bitcoin is destined for $750,000Despite what appears to be a generally dismal outlook on the global and U.S. economy, Hayes still expects Bitcoin price to outperform, and he placed a target estimate in the $750,000 to $1 million range by the end of 2026.Hayes expects Bitcoin to continue,“Chopping around $25,000 to $30,000 this year as we get to some sort of financial disturbance and people recognize that real rates are negative. If the economy is growing at a nominal rate of 10%, but I’m only getting 5% or 6%, even though it's high, people on the margin are going to start buying other stuff, crypto being one of those things.”Coming into 2024, Hayes said either a financial crisis will push rates closer to 0% or the government keeps raising rates, but not as fast as governments spend money and people continue looking for better returns elsewhere. The eventual approval of a spot Bitcoin ETF in the U.S., Europe and perhaps Hong Kong, plus the halving event could push price to a new all-time high at $70,000 in June or July of 2024. Regaining the all-time high by the end of 2024 is when the “real fun starts and the real bull market starts” and Bitcoin enters the “750,0000 to $1 million on the upside.” When asked whether the estimated price level would stick, Hayes agreed that a 70% to 90% drawdown would occur in BTC price, just like it has after each bull market. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Ethereum looks sick. The world computer and ultrasound money narratives have failed. Defi and NFTs have largely been abandoned. Nigeria Announces Crypto Laws To Regulate, Standardise Digital Assets, Bitcoin FallsCosmos (ATOM) The subject of whether Amazon Web Services (AWS) limits the playing field for cloud services is nuanced and varied. While Amazon's market dominance poses hurdles for smaller competitors, it has also fueled innovation and contributed to the rise of the cloud computing sector.

Exchange Rankings Crypto
Image: cyptoranking.com

To make a crypto ETF function, you need a custodian, you need a fund admin, who are ready on the day you wish to launch. You need authorized participants who are ready to handle the the trading and the buying bitcoin, sending them to the custodian, in the creation and redemption process. These things have not been done before in the U.S. financial system. Before Circle’s announcement of its native Polygon USDC offering, users of the protocol had to make use of bridge USDC (USDC.e) from the Ethereum blockchain. The token is not issued by Circle, as opposed to its new offering that it assures will be redeemable at a 1:1 ratio for US dollars. Best Cryptocurrency App for BeginnersBored Ape Yacht Club Reveals BAPE Streetwear Collab Trust and Transparency

The book, "Going Infinite: The Rise and Fall of a New Tycoon," also revealed that met with the prime minister of the Bahamas to discuss paying off the country's entire roughly $10 billion national debt. SBF ran the operations of FTX.com from the headquarters in the Bahamas with his so-called "inner circle." The timing of the DeFi movement has been a little out of sync, Blockchain Capital general partner Aleks Larsen says, because the technology was born into an environment where the infrastructure wasn’t ready to accommodate mainstream usage. Understand Crypto Derivative Exchange- How Does it Work And Classifications?Ethereum Foundation faced a sandwich attack during its recent sale of 1,700 ETH on Uniswap V3. The foundation, which is a key player in the Ethereum ecosystem, was caught off guard, resulting in a loss of U.S. $9,101. Gods Unchained Launches New Mode

This is the native crypto of the blockchain sports and entertainment platform Socios. CHZ allows fans to participate in the decision-making processes of their chosen sports teams. The development saw a parabolic surge in activity within a short few months. The amount of inscriptions added to bitcoin in the first 200 days following the launch of Ordinals was greater than the number of Ethereum NFTs created in the same 200-day period after nonfungible tokens went live on ETH. Why is Bitcoin better than Ethereum?The key driver behind this surge was a remarkable 508% increase in their installed hashrate, rising from 3.8 exahashes per second (EH/s) in September 2022 to an impressive 23.1 EH/s. Marathon Digital's CEO, Fred Thiel, expressed satisfaction in reaching their goal of 23 exahashes on an installed basis and revealed plans to expand into locations with low-cost renewable energy sources to further boost their mining capacity. Even after The Merge, Ethereum still continues to have the same gas fees. But, that is good news for Polygon, because everyone would require the layer scaling solution of Polygon with reduced gas fees and it will also help clear up the blockchain congestion.

Have an opinion on this story? Share it!