BITCOIN

JPMorgan has provided an analysis of the risks of de-dollarization and the potential for the Chinese yuan to displace the U.S. dollar as the world’s reserve currency. The global investment bank says the renminbi could assume “some of the current functions of the dollar among non-aligned countries and China’s trading partners.” JPMorgan on De-Dollarization and Chinese Yuan JPMorgan’s Global Research published a report on Thursday titled “De-dollarization: Is the US dollar losing its dominance?” Alexander Wise, who covers Strategic Research at JPMorgan, described: The risk of de-dollarization, which is a periodically recurrent theme throughout post-war history, has returned into focus due to geopolitical and geostrategic shifts. JPMorgan outlined two scenarios that could erode the status of the U.S. dollar as the world’s reserve currency. “The first includes adverse events that undermine the perceived safety and stability of the greenback — and the U.S.’s overall standing as the

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, has predicted that the price of bitcoin could “follow the path of the Nikkei, which reached a 33-year high in June.” He highlighted that the largest crypto “has had a close directional relationship with the Nikkei 225.” Bitcoin’s ‘Close Directional Relationship’ With Nikkei Index Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, has pointed out similarities between the Nikkei index and the price of bitcoin. In the latest Bloomberg Intelligence report, the commodity strategist explored whether the Nikkei index or the Nikkei Stock Average (Nikkei 225), the premier index of Japanese stocks, is “a guide for bitcoin or vice versa.” McGlone detailed last week: Bitcoin has had a close directional relationship with the Nikkei 225, and recent crypto weakness may portend contagion. That or the benchmark crypto might recover and follow the path of the Nikkei, which r

While bitcoin ( BTC ) is already a limited asset, Mike Caldwell’s Casascius physical bitcoins take rarity to a whole new level. Between 2011 and 2013, he endowed over 27,000 coins and bars with nearly 100,000 BTC . As we step into September 2023, a limited supply of 19,082 Casascius physical bitcoins remain in circulation, with around 41,280 BTC yet to be claimed. Just Over 19,000 Casascius Physical Bitcoins Remain Unpeeled In the first eight months of 2023, approximately 162 physical bitcoins designed by Mike Caldwell were cashed in or peeled. These coins represented a total of 386 BTC , translating to near $10 million based on the current BTC exchange rates. Debuting in 2011, Caldwell’s Casascius physical bitcoins, available in both coins and bars, ranged in denominations of 0.1, 0.5, 1, 5, 10, 25, 100, and 1,000 BTC . Yet, by 2013, Caldwell faced a hurdle. The Financial Crimes Enforcement Network (FinCEN), an arm of the Treasury Department, told him that producing these physi

Sentiment in bitcoin remained bearish to start the week, as the cryptocurrency remained below $26,000 on Monday. Market volume was relatively low in today’s session, as a result of the U.S. Labor Day celebration. Ethereum was slightly higher, as the price managed to remain above $1,600. Bitcoin Bitcoin was trading below $26,000 on Labor Day, as volume in the cryptocurrency market was mostly lower. BTC /USD slipped to an intraday low of $25,817.03 to start the week, following a high of $26,087.15 the day prior. The decline pushed bitcoin closer to a collision with support at $25,600, however bulls have so far rejected this retracement. Bitcoin chart by TradingView This comes as the 14-day relative strength index (RSI) found a floor of its own at the 35.00 mark, helping to ease the bearish pressure. At the time of writing, the index is now tracking at 37.16, with the next visible resistance point at 43.00. In the event that this ceiling is broken, BTC bulls will likely m

The FTX debtors filed a bankruptcy court document detailing lavish cash transfers and purchases by former CEO Sam Bankman-Fried and other company insiders. The section titled “Statement of Financial Affairs for Non-Individuals Filing for Bankruptcy” shows that Bankman-Fried reportedly received more than $1 billion in cash transfers in the year before FTX’s collapse. FTX Bankruptcy Filing Details Lavish Cash Transfers and Purchases for Former CEO Bankman-Fried Recent court documents indicate Sam Bankman-Fried allegedly received cash payments of $68.3 million on Aug. 8, 2022, and $200 million on May 26, 2022. The document lists other payments to Bankman-Fried, including $100 million on June 7, 2022, and $10 million on several other dates. The filings also suggest FTX funds were used to purchase a yacht for former Alameda Research co-CEO Samuel Trabucco, valued at more than $2.5 million. The document details other lavish purchases, including multimillion-dollar real estate in the na