Category: Bitcoin Investment

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Hedge Fund Holdings Cannot Support Bitcoin Price

The price of Bitcoin is in danger of falling as investors are funding short positions in Bitcoin by borrowing digital money from exchanges. Datamish shows that investors are underfunding, causing the value of Bitcoin to plummet.

Bitcoin fell again on Friday despite an increase in capital inflows from major investors and portfolio institutions. Brevan Howard Asset Management LLP and Tudor Investment Corp have improved their bitcoin holdings by adding more cryptocurrencies to their portfolios.

Related Reading | Bitcoin outflows surge as 30k BTC leaves exchanges, stock plummets

Rising geopolitical tension and the escalating Russia-Ukraine crisis are negatively impacting investors’ risk appetite for both stocks and cryptocurrencies. This fueled a bearish narrative for the price of Bitcoin, which fell below $40,000 with no signs of falling.

Cryptocurrencies are not risk-free, and it seems that even big investors know this. As of March 11, 2022, Datamish research data showed that 1,500 Bitcoins were borrowed as short positions to fund these risks, a total debt close enough for a 3,603 BTC loan. After an increase in the financing of short positions, there were usually negative consequences, such as price declines.

Analysts have been monitoring the recent changes in the price of Bitcoin and predict that it will continue to fall. They believe there is still a significant risk of a future downturn, even after their recent rally.

The Bitcoin price rally is attributed to the first Ichimoku bearish breakout since Dec 4, 2021. Analysts believe that the Bitcoin price bottomed out in the $38,000 to $38,500 range. This is an important confirmation zone for bitcoin trading. This could signal more losses for investors who are selling assets in anticipation of an upcoming crash.

Bitcoin is trading at its lower limit | Source: Tradingview.com BTC/USD Chat
According to Reuters, the Russians have flooded the United Arab Emirates with liquidation requests.

In a bid to drown in Russia to save their fortune, company executives and financial sources told Reuters that many Russians have flooded UAE crypto firms with liquidation orders.

That’s not all they want to do. Some of these investors are looking for real estate in the United Arab Emirates. While others plan to convert it to fiat currency and stash their money elsewhere, the sources said.

Related Reading | Bitcoin Exchange Withdrawals Suggest Whales Are Piling Up

The Swiss financial industry is currently in chaos. In fact, brokers have requested the withdrawal of billions of dollars worth of Bitcoin. The request came from his clients concerned that Switzerland might freeze all funds. A representative claims to have received orders of up to 2,000 million dollars.

The United Arab Emirates has been neutral ground for the Russians and Belarusians who have come to Dubai with their money to avoid being left out during any wars that might ensue. There have even been talks about people bringing crypto here because they know they will always be safe no matter which side wins.

According to sources in the United Arab Emirates, many Russians buy real estate with cryptocurrencies. They are using digital forms of money both ways – bringing their funds into Dubai and taking them out of other regions.

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US Treasury Launches Cryptocurrency Awareness Program

The US Treasury Department is launching a cryptocurrency awareness program. “We’re just trying to raise awareness without trying to weed out new technologies and innovations,” a Treasury official said.

Treasury Efforts to Raise Cryptocurrency Awareness

The US Treasury Department is launching an initiative to raise awareness of investing in cryptocurrencies, Reuters reported on Tuesday, citing an interview with Nellie Liang, assistant secretary for internal finance at the Treasury.

“We are hearing more and more about investors and families buying crypto assets, and we recognize the complexity of how some of these assets operate,” Liang described, adding:

It seemed that this is also an area where more education (and) more awareness could be useful.

The Treasury Financial Literacy Education Commission will create educational materials and organize outreach activities on digital assets. Treasury’s education unit comprises 20 different government agencies, including the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC).

The government aims to educate the public on how cryptocurrencies work and how they differ from other forms of payment. The Treasury’s outreach will focus on investors with limited access to key financial services, Liang said.

The Undersecretary explained that while there are risks associated with cryptocurrencies, the Treasury is aware of its benefits, such as improving cross-border payments or improving financial inclusion.

Liang clarified:

We are just trying to create awareness without trying to eliminate new technologies and innovations.

President Joe Biden issued an executive order on the regulation of cryptocurrencies on Wednesday. The order directs Treasury Secretary Janet Yellen to report within 180 days on the future of money and payment systems, “including the conditions driving the widespread adoption of digital assets,” the White House said.

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Cake DeFi Commits $100M to Web3 and Fintech Development Through Its Corporate Venture Arm

The innovation needed to make Web3 and decentralized gaming more accessible will come from the cryptocurrency industry. A number of projects are exploring opportunities, and Cake DeFi wants to keep the momentum going. Through its $100 million investment arm, Cake DeFi Ventures, the team will fund global startups focused on Web3, gaming and fintech.

Cake DeFi Ventures is a Big Leap

It’s intriguing to see an established project like Cake DeFi exploring new ways to fund the development of crucial industry verticals. The Singapore-based fintech platform makes decentralized financial products, services and protocols more accessible to everyone, regardless of technical expertise. Entering the corporate venture space and committing $100 million in capital immediately is a significant game changer, but it also marks an exciting direction for the industry as a whole.

Under the Cake DeFi Ventures banner, the team will invest in tech startups around the world. Companies or groups working in Metaverse, Web3, eSports, fintech, NFT or gaming companies can apply for CDV funds. Projects deemed eligible for funding will be selected and will benefit from Cake DeFi’s growing network of partners, resources, tools, users and industry experience.

Cake DeFi co-founder and CTO U-Zyn Chua adds:

“As an extension of our multi-blockchain support and having built an R&D arm with deep technology expertise and cryptography capabilities, investing in companies that bring synergies to Cake DeFi’s core business will allow us to enhance our Web3 offerings.” .

2021 was an exciting year for the blockchain and cryptocurrency industry. In general, interest in this industry has grown by leaps and bounds. Furthermore, new concepts such as NFTs, blockchain games, Metaverse and Web3 are now gaining popular recognition. The launch of CDV marks a crucial milestone and confirms that now is an excellent time to invest in the next generation of companies that create exciting products, services, protocols and infrastructure for these verticals.

The continued growth of Cake DeFi

The launch of this venture arm marks another crucial milestone for the Cake DeFi team. Since the project’s inception, the platform has made access to DeFi products and services more accessible to more than half a million users. In addition, the project’s co-founders, Dr. Julian Hosp and U-Zyn Chua hope to bring understanding of blockchain to one billion people by 2025. Solutions like Cake DeFi are crucial tools on the way to achieving this goal.

As a fully transparent, innovative and regulated global fintech platform, Cake DeFi manages over $1 billion in client assets. The platform sees a nearly 10-fold increase in user base over the course of 2021, generating $230 million in rewards distributed to its customers. In addition, customer assets increased 6-fold in 2021. By 2022, the company expects to pay $400 million in rewards to customers, although that number could rise to $1 billion.

Today, Cake DeFi offers exposure to various decentralized asset classes. Users can explore various options including withdrawing liquidity, staking, freezing and borrowing. A borrowing feature will be implemented soon, creating yet another opportunity for users to get their digital assets up and running. Additionally, they will add a new “View Cash Flow by Assets” page to make the platform easier to use.

Newcomers and newcomers will benefit from the learn and earn program, which offers educational content and associated rewards. Despite the growing popularity of decentralized finance, there is still a great need for educational efforts. Offering rewards to users who educate themselves in all things cryptocurrency and DeFi is a strong incentive.

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FTX expands to Europe with CySEC approval

Headquartered in Switzerland, FTX Europe will offer FTX products in Europe, including cryptocurrency derivative services.

Global cryptocurrency derivatives and spot exchange FTX is expanding into Europe after receiving approval from the Cyprus Securities and Exchange Commission (CySEC).

The new company called FTX Europe would offer the main products of the company to European clients through an investment company licensed throughout the European Economic Area. The new European company is based in Switzerland, along with a regional headquarters in Cyprus.

Cyprus is seen as one of the renowned jurisdictions offering a regulated means for financial companies to access the European Economic Area. Therefore, FTX would also be able to offer its crypto derivatives products, which is a big step forward since Binance had to shut down all crypto derivatives products last year across Europe.

Sam Bankman Fried said that his new venture will “interact with regulators in various countries in Europe to continue to provide a safe environment for people to trade cryptocurrencies.”

Related: FTX CEO Assesses Bitcoin Market Outlook Amid Ukraine Crisis

The exchange claimed that its launch in Europe on a regulated basis would be key to its expansion in the region. The exchange aims to maintain interactions with regulators in various European countries to build a safe ecosystem for cryptocurrency trading. FTX did not respond to requests for comment from Cointelegraph at the time of publication.

The global cryptocurrency exchange, currently valued at $32 billion, is looking to expand its reach of services to new regions, as well as fund and build nascent cryptocurrency ecosystems, including gameFi and play-to-earn.

The global cryptocurrency exchange recently announced a $2 billion venture capital fund to support Web3’s development in social media, gaming, fintech, software, and healthcare.

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PayPal joins other payment and remittance providers in suspending services in Russia

Several payment and remittance platforms, now including PayPal, have restricted access to their services in Russia as Western sanctions over Moscow’s invasion of Ukraine continue to expand. Fintechs have been limiting operations in the Russian Federation as well in response to Kiev’s call for help.

Payments giant Paypal stops services in Russia and keeps withdrawals for now

Paypal, the global online payments provider, has joined a growing list of fintechs backing Western sanctions against Russia for its decision to invade neighboring Ukraine. The company, which offered Russians only international transactions, canceled its services in the Russian Federation on Saturday.

Cited by Reuters, President and CEO Dan Schulman explained the measure in “current circumstances”, noting that Paypal supports the international community and condemns Russia’s military aggression against Ukraine. The platform stopped accepting new users based in Russia earlier this week.

Through a spokesperson, Paypal added, however, that withdrawals will be supported for an unspecified period of time. The payments giant aims to “ensure that account balances are dispersed in accordance with applicable laws and regulations.”

The announcement follows calls from Kiev authorities to suspend services in Russia and support Ukraine’s fundraising efforts. The US-based California-based company revealed ahead of the weekend that it “has helped raise more than $150 million for charities supporting response efforts.” The Ukrainian government and local NGOs have also received millions in cryptocurrency donations.

Paypal’s move comes after other payment and remittance platforms already suspended certain services in Russia in late February. This includes Wise, which processed international payments for Russian users, and Remitly, which made it easy to send funds.

UK-based fintech Wise initially imposed a daily cap of £200 ($265) on transfers to the Russian Federation, but later suspended all money transfers as the US and its European allies imposed further restrictions on the system. financial situation, including the expulsion of some Russian banks. of the SWIFT interbank payment system.

As a result of the tougher sanctions, Remitly has also suspended support for money transfers to Russian recipients. Other remittance service providers have also introduced similar measures, including Transfergo and Zepz.

According to crypto media reports, UK-based Revolut has suspended payments to Russia and its ally Belarus, while an advertisement on its websites indicates the fintech is doing everything it can to ensure its users can send money to Ukraine. In a blog post, the company’s CEO, Nik Storonsky, highlighted its Russian and Ukrainian roots and expressed its opposition to the war.