Bitcoin News and Finance: What You Need to Know

Venture capitalist Tim Draper has adjusted his projected timeframe for bitcoin’s price to reach $250,000. Maintaining an optimistic outlook, Draper still expects the world’s largest cryptocurrency to reach his predicted price target but acknowledged that it may take “a little longer.” Tim Draper’s $250K Bitcoin Price Forecast Venture capitalist Tim Draper has adjusted the projected timeframe for his bitcoin price prediction. He tweeted Friday that when the price of bitcoin was $4,000, he predicted that it would climb 60 times and reach $250,000 by now. However, BTC ended June below $31,000. “I guess we have to wait a little longer,” he wrote, adding that it may take two more years for his $250K prediction to come true. Draper previously predicted that the price of bitcoin would reach $250K by the end of 2022 . However, he acknowledged on Dec. 31, 2022, that his “$250k by 2022” forecast for bitcoin was “off by a bit.” Nonetheless, he insisted that the price of BTC will “certainly...

The market capitalization of the stablecoin economy on July 2, 2023, has fallen below the $129 billion mark to the current $128.21 billion, according to statistics. Just over $2 billion in stablecoins have been withdrawn from the stablecoin token economy since May 28. Stablecoin Economy Faces Contraction as Market Capitalization Dips Below $129 Billion The value of the crypto economy has risen over the past 30 days; however, the stablecoin economy experienced a loss of over $2 billion in June. According to data, on May 28 , the net value of the stablecoin economy was $130.28 billion, whereas it currently stands at $128.21 billion. This indicates that stablecoin redemptions amounted to $2.07 billion over the past 30 days. According to current statistics archived on July 2, three out of the top five stablecoins by market valuation experienced redemptions. Tether ( USDT ) and trueusd (TUSD) witnessed gains in the past 30 days, with USDT increasing by a mere 0.1%. In contrast, TUSD ...

Based on recent data, over ten million ethereum is now secured within liquid staking derivatives platforms, with a valuation close to $20 billion at current exchange rates. Two leading liquid staking decentralized finance (defi) protocols, Lido Finance, and Rocket Pool, experienced 30-day growth rates ranging from 7.57% to 9.69%. Ethereum’s Liquid Staking Derivatives Platforms Near $20 Billion Valuation with 10 Million Ether Locked As of July 2, 2023, more than ten million ethereum ( ETH ) is locked in liquid staking defi platforms. At the time of reporting, approximately 10.11 ETH is locked , with a value of $19.456 billion using today’s exchange rates. Lido, the top-ranking liquid staking derivatives protocol, claims a remarkable 74.51% market share as it holds roughly 7,530,330 ether as of Sunday morning at 8:00 a.m. Eastern Time, according to defillama.com . Over the past week, Lido’s total value locked (TVL) rose by 1.90%, while its monthly growth rate reached 7.57%. The defi ...

According to a recent court filing, the U.S. subsidiary of Bittrex has requested the dismissal of the case filed against the exchange by the U.S. Securities and Exchange Commission (SEC). Attorneys for Bittrex argue that the SEC cannot regulate cryptocurrency assets as securities without approval from Congress. SEC Lawsuit: Bittrex Seeks Dismissal, Citing Lack of Clarity in Token Securities Regulation In mid-April 2023, Bittrex’s U.S. crypto exchange faced a lawsuit from the Securities and Exchange Commission (SEC) for allegedly operating an unregistered exchange, broker, and clearing agency. SEC Chair Gary Gensler stated that the securities watchdog was “holding Bittrex accountable for its noncompliance.” Two weeks later, Bittrex’s U.S.-based exchange filed for Chapter 11 bankruptcy protection. In the most recent court filing , Bittrex’s legal team is seeking the dismissal of the SEC case against the company. The attorneys argue that the regulation of tokens as securities in the...

It’s been an action-packed week in the world of finance and crypto, and moving into July, there’s a lot to cover to get up to speed: compromised Chatgpt accounts being sold on darknet markets, Bitcoin Cash’s hashrate shooting upward with the BCH price, a North Korean analyst weighing in on threats to U.S. dollar dominance, and much more. This is the Bitcoin.com News Week in Review. North Korean Analyst Warns of Accelerating End to Dollar Dominance — Says BRICS Poses Challenge to US Hegemony A North Korean analyst has cautioned that the actions taken by the U.S. to restrict the usage of the dollar and the growing interest of countries to join the BRICS bloc are “accelerating” the decline of the USD as the world’s dominant currency. Read More Turkish Lira Plunges to Record Low a Day After Central Bank’s Interest Rate Policy U-Turn The Turkish lira fell to 25.74 per dollar just under a day after the central bank hiked interest rates for the first time since 2021. Although the rat...

Some 40% of South African survey participants are familiar with the concept of Web3 and a further 80% believe the technology backing cryptocurrencies can “transform or fully rebuild the financial system,” according to the findings of a Consensys survey. However, as much as 59% believe scams are among the main barriers stopping many from dabbling with cryptos. Just under half of the respondents (48%) named the crypto market’s volatility as one of the most significant barriers to entry. Respondents See Financial Trading as a Requisite Skill According to the findings of Consensys’ survey on crypto and Web3, about 40% of South Africans are “familiar with the concept of Web3.” Overall, the survey found that “there are high levels of awareness of all Web3 concepts” among interviewed South Africans. Metaverse is the term that most of the respondents are familiar with and this is followed by non-fungible tokens (NFTs) and Web3. However, when asked about the set of skills that one needs to...