Bitcoin has been busy "perfectly" mimicking its moves from after the March 2020 crash, QCP Capital argues.

Bitcoin is recording minor profits on higher timeframes but has been unable to display significant price action. In this context, volatility is reaching a record low, but the status quo could suddenly shift in the short term.

As of this writing, Bitcoin trades at $27,100 with sideways movement in the last 24 hours. In the previous week, BTC recorded a 3% increase, while other assets in the top 10 by market capitalization show similar performance, with XRP and MATIC leading the small uptick.

The New And Old Status Quo, Bitcoins Path Towards New Highs

Per a recent report from the trading desk of QCP Capital, the macroeconomic landscape has become clear as political actors in the U.S. reached a compromise on the Debt ceiling. The narrative around this event was triggering uncertainty in the financial sector.

Increased uncertainty contributed to the decline in volatility and the sideways movement across risk-on assets, including Bitcoin. In that sense, QCP Capital claims that BTC is following a trajectory similar to 2020 when uncertainty in the macro scene and the crypto market emerged from a long winter.

At that time, the cryptocurrency declined to a critical level and displayed sideways movement throughout the year. As seen in the chart below, Bitcoin has not only behaved as it did in 2020 but trended upwards later that year.

What is cryptocurrency investment?

Cryptocurrency investment in its most basic form is the process of buying digital currencies and holding them in the hope that the market falls in your favour while your portfolio increases in value.

The value of a cryptocurrency is determined by the principle of supply and demand. As demand for a cryptocurrency, coin or token rises, there becomes fewer of them in circulation resulting in a boom in price action. If the supply of coins outpaces demand for them, their value typically falls.

There are several indicators that might draw an investor towards a particular cryptocurrency. Some investors and traders choose which cryptocurrencies to invest in by conducting a technical analysis of a range of coins.

An investor might have certain criteria that need to be met to invest. For example, cryptocurrencies that are in an overall uptrend, are showing positive signs of adoption and have a durable, scalable blockchain interface are more desirable than those that dont.

Common types of crypto investing

There are many ways to invest in cryptocurrency, besides directly purchasing coins or tokens through an exchange.

Some of the common types of crypto investing include:

Investing in crypto-oriented or pro-crypto companies As the prices of cryptocurrencies soar, so does the stock price in companies that form their business around them. Companies that are able to integrate cryptocurrency blockchain networks into their service offering can prove profitable as cryptocurrency use becomes more widespread.

Investing in crypto-heavy funds Crypto funds typically carry less risks than committing capital to one specific cryptocurrency. As some cryptocurrencies bull and others bear (decrease or increase), fund holders can still benefit from having their losses hedged by their gains making them attractive to more risk-averse investors.

Buy crypto EFTs on a brokerage platform Similar to crypto funds, EFTs can also be a great way diversify a portfolio without committing large amounts of capital. The price of an EFT is determined by the price action of a group of coins or tokens rather than just one making it a safer option for novice investors.

Incorporate cryptocurrency into your Roth IRA or 401K More and more brokerages and investing platforms are allowing cryptocurrency allocations to be held in an IRA or 401K account. For example, Fidelity is unveiling plans to allow users to dedicate 20% of their 401k holding to cryptocurrencies allowing investors to diversify their 401k.

What do I need to know before investing in cryptocurrency?

Before plunging into the world of cryptocurrencies, there are a few things to consider:

Cryptocurrencies are unregulated and decentralized Despite being one of the allures that draw investors toward...

A Binance spokesperson told Cointelegraph that the company had forecasted the drop after its decision to end its zero-fee Bitcoin trading but that its not a concern.

U.S. Homeland Security (Smith Collection/Gado/Getty Images)

Justin Sun, the founder of the Tron blockchain, has announced that the Tron networks native asset, TRX, can now be fully accessed on Ethereum (ETH), the largest altcoin network in the cryptocurrency industry. This has been made possible through the BitTorrent Bridge, which allows for seamless interoperability between the two blockchains.

 BitTorrent Bridge Paves The Way To Ethereum Integration

Interoperability in the context of blockchain refers to the ability of different blockchains to communicate and exchange information with each other seamlessly. In this case, the BitTorrent Bridge enables Trons native asset, TRX, to be transferred and accessed on the Ethereum network, and vice versa.

Related Reading: Litecoin Breaks $95 As Whale Transactions Spike

This means that TRX holders can now access the larger Decentralized Finance (DeFi) market and decentralized applications (dapps) available on Ethereum, while Ethereum users can now access TRX and its associated dApps on the Tron network. The BitTorrent Bridge acts as an intermediary between the two blockchains, facilitating the transfer of assets and data in a secure and decentralized manner.

The move is a significant development for the Tron ecosystem, which is currently the second-largest DeFi ecosystem with over $5.6 billion in total value locked and more than 2.9 million active users, according to DeFiLlama data.

Justin Suns tweet regarding the Ethereum expansion via BitTorrent Bridge has already had a positive impact on TRXs price, with the asset jumping by 2% following the announcement. This further demonstrates the potential for Tron to expand its reach and appeal to a wider audience in the cryptocurrency industry.

With Trons expansion to Ethereum, the cryptocurrency industry continues to see the growing importance of interoperability between different blockchains. As more projects explore the potential of cross-chain functionality, the industry is likely to see further development and innovation in the coming years.

TRON Sets New Daily Transaction Record

Despite the challenges faced by the cryptocurrency industry in recent months, TRON has continued to perform strongly, defying expectations and posting impressive growth. According to a Twitter thread by Justin Sun, the network hit a...

Startups competed in a metaverse-based Web3 reality show called Build The Block to win an investment from Binance Labs.

Justin Sun (CoinDesk TV)

Sen. Elizabeth Warren (D-Mass.) has been a longtime crypto critic. (Gage Skidmore)

European game studio Maniac Panda Games aims to onboard mainstream players to Web3 with its flagship MMO title.

Founder of Ethereum Vitalik Buterin during TechCrunch Disrupt London 2015 (John Phillips/Creative Commons/CC2.0, modified by CoinDesk)

Litecoin has recently managed to break past the $95 mark as on-chain data shows the whales have become active on the network.

Litecoin Has Surged After Spike In Whale Activity

According to data from the on-chain analytics firm Santiment, the current whale activity is the highest it has been since January. The relevant indicator here is the whale transaction count, which measures the total number of transfers taking place on the Litecoin network that involve the movement of coins worth at least $100,000.

Since such transactions are quite large in scale, generally only the whale entities are capable of making them. Thus, this indicator can provide us with an idea about the number of transfers that these humongous holders are making on the blockchain.

Due to the sheer number of coins involved in each of these transfers, if a large amount of them take place at once, the market can register noticeable fluctuations. So, whenever the whale transaction count has a high value, the price of LTC becomes more probable to display volatility.

On the other hand, when this metric has low values, the price may stay relatively calm, as it suggests that the whales arent making too many moves on the market right now.

Now, here is a chart that shows the trend in the Litecoin whale transaction counts over the last six months or so:

As shown in the above graph, the Litecoin whale transaction count has observed a large spike recently. This means that whales have ramped up their transfer activity in the last couple of days.

At the peak of this spike, the indicator had reached its highest level since January 26, 2023. These high values have come as the price has been going up, and since they have taken place, the uptrend has only continued further, with LTC managing to break past $95.

Generally, when whales become active, the price volatility can go either way as the transaction count metric only tells us about the pure number of transfers happening on the chain and not about whether they are buying or selling moves.

However, as the price has seemingly continued to rise following this latest spike, it may appear that the Litecoin whales could be supportive of the current uptrend.

The chart also includes the data for the transaction volume, which is a measure of the daily total...

Right-wingers are often advocates of Bitcoin, especially the decentralized nature of the currency. But does that mean crypto is a right-wing thing?

Burak Keceli, creator of Ark. (Burak Keceli)

(Shutterstock)

(CoinDesk/Helene Braun)

LTC has outperformed both bitcoin and ether over the last 30 days.

(TradingView)

$50 million was lost to exploits and rug pulls in May 2023. (Mika Baumeister/Unsplash)

Bitcoin mining rigs (Eliza Gkritsi/CoinDesk)

This is an opinion editorial by Jenna Hall, a content marketing specialist with residential real estate brokerage Redfin.

You may have heard about how you can use bitcoin to buy a house, rent an apartment or save your wealth in an inflation-resistant way to make a down payment. But, beyond these examples, how else can Bitcoin transform the way real estate transactions work as a whole?

From cutting out middlemen to creating new collateral opportunities, Bitcoin can transform the traditional real estate industry in ways we never imagined. For instance, imagine buying a house without the need for banks or intermediaries, and completing the transaction within minutes instead of weeks. It may sound like a futuristic concept, but its slowly becoming a reality.

This article explores the exciting intersection of Bitcoin and real estate, and delves into the potential implications for the future of the real estate market. Whether youre a homeowner, investor or simply curious about the latest advancements, read on to discover how Bitcoin is reshaping the landscape of real estate transactions.

More Secure Transactions

Real estate fraud continues to pose a threat to both buyers and sellers, with the FBI reporting over 11,700 victims in 2022 alone. However, Bitcoin has the potential to play a significant role in addressing traditional real estate fraud.

Bitcoin transactions are secured by cryptography, and once completed, are highly resistant to fraud. The cryptographic algorithms used in Bitcoin provide robust security measures against double spends, ensuring that transaction records on the blockchain remain tamper proof and protected. This added layer of security significantly reduces the risk of fraudulent alterations to payment or property records. And because all parties involved in a Bitcoin transaction including a home buyer, seller, real estate agent and other relevant parties in a real estate transaction would have access to the blockchain, they can collectively validate the property ownership and transaction details.

With Bitcoin, property ownership could also be verified through the worlds most robust blockchain, which can serve as a comprehensive and auditable record of ownership transfers. This feature could help establish a clear chain of title, allowing buyers to ensure the legitimacy of the property's ownership history before making a purchase. By eliminating ambiguity and providing verified ownership records, Bitcoin can prevent title fraud a scam whereby criminals sell properties that they do not rightfully own.

No More Middlemen

Buying a home is complicated enough, and it can get even more complicated when you have to communicate with several parties to facilitate the transaction....

The record surge in Ethereum staking in May was attributed to the ongoing U.S. debt ceiling saga, confidence in the U.S. dollar, bank collapses and the high APR offered on ETH staking.

Japanese privacy watchdog warned OpenAI about collecting sensitive data without permission, threatening further action.

From being an inventory system for gaming to being used in DAOs, Future Primitives Jayden Windle and Benny Giang spoke about use cases for ERC-6551.

Bitcoin and the broader cryptocurrency market have been trending sideways for the last month with no indication of an upside at this point. However, not everyone is bearish on the market as Galaxy Digital CEO Mike Novogratz expects the market to turn bullish soon, and he gives reasons for why he believes this will happen.

Reasons Why Bitcoin Will Begin A Bull Rally

Novogratz was interviewed on CNBCs Squawk Box on Thursday, June 1, where he gave his opinions on the Bitcoin and crypto market and where he expects the market to go. Contrary to the current market trend, the CEO remains very bullish on the digital asset and expects a bull trend going off some developments in the market right now.

He pointed toward the rising adoption from Asia as countries such as Hong Kong begin opening up new ways for retail investors to participate in the market. Not only this but the largest social messaging platform in China, WeChat, began offering Bitcoin price data to users, allowing them to check the current price of BTC in yuan.

Both of these, Novogratz says, will be a catalyst for the bitcoin bull market. Cryptos lackadaisical right now. Theres a constant bid from retail. Were seeing it through all the platforms, the Galaxy Digital CEO told CNBC.

Expecting A Turn From The Federal Reserve

In his interview, Novogratz also points to the fact that he expects that the Federal Reserve will change direction later this year, which he believes would be good for Bitcoin. As the Fed maintains its hawkish stance to tackle inflation, risk assets such as stocks and BTC continue to suffer but this could quickly change if the Fed becomes dovish.

The CEO expects this to happen sometime in October 2023 and this, he says, will trigger a bull run for digital assets in the space. As the Fed drops interest rates, so will interest in Bitcoin rise, leading to a rapid surge in price. Given this, Novogratz expects investing in Bitcoin to be a better decision than buying a one-year T-bill.

As for institutions, he points to the fact that they have reduced their participation in the market but this does not mean theyre gone. Novogratz believes the institutions will return to the second when one of two things happens. You either need settled and sensible rules in place for crypto. Or you need the Republicans to win next years U.S. elections. He further added that Crypto has almost overnight become a crazily partisan issue, which is exactly what the industry didnt want or need.

At the time of wri...

BTC price upside is likely limited, market participants argue, with Bitcoin pinned below $27,500.

New and old bitcoin mining rigs. (Eliza Gkritsi/CoinDesk)

Ethereum Liquid staking derivatives (LSD) tokens are taking over the reins today as they have begun another rally. This rally was a result of an accelerated rate of ETH staking, which has led to a surge in the balances of these liquid staking protocols.

LSD Tokens Take Advantage Of The Surge

As the total amount of ETH staked on the Ethereum network rose, so did the value of LSD tokens rise. Over the last day, coins like Lido Finance (LDO) and Rocket Pool (RPL) have been on the rise. The latter also emerged as the number 3 top gainer with almost 10% gains in the last 24 hours.

Lidos market share in the liquid staking market has also risen as the protocol now accounts for 37.85% of all ETH staked in liquid derivatives protocols. Coinbase is the second-largest with 11.88% of the market share and Rocket Pool accounts for 7.72% of the market share.

Other LSD tokens have also returned to green on the last day as well, with pSTAKE Finances PSTAKE rallying 3% and StakeWises SWISE rising almost 4% in the same time period.

Ethereum Staking Not Slowing Down

In the last two days, the total amount of ETH staked on the Ethereum network has risen drastically. As stakers have settled back in from the withdrawal update that was made about a month ago, they have moved back into staking more ETH.

The total ETH in the deposit contract had risen by 95,008 ETH, meaning that over $180 million worth of ETH was added to the contract in the space of 48 hours. This shows that June is starting off as a bullish month for Ethereum at least, which could signal a recovery to come for the market.

Use user-friendly tools like blockchain explorers and public databases to access Bitcoin network data without advanced IT skills.

(Stanbalik/Pixabay)

The BTI and ETI futures contracts will be monthly cash-settled. (Mufid Majnun/Unsplash)

Unicorn float pool beach Uniswap (Unsplash/Modified by CoinDesk)

Digital Currency Group CEO Barry Silbert argued in a letter to Judge Stefan Underhill that both cases share the same facts, legal issues and near-identical class definitions.

Qatar has been told by the Financial Action Task Force to improve its understanding of more complex forms of financial crime.

Coinbase Derivatives Exchanges institutional-sized contracts will be sized at 1 Bitcoin and 10 Ether.

Over $45 million was lost to exit scams in May, while exploits on DeFi protocols racked up less than half that amount over the same period.

The Galaxy Digital CEO says there has been a recent lack of institutional interest in cryptocurrency buying, which has led to deflated enthusiasm in the markets.

Crypto mining firm CleanSpark has been aggressively expanding its fleet of mining machines this year, despite mining profitability being far from its all-time highs.

Google Trends data reveals that even though AI is the talk of the town, it still pales in comparison to Bitcoin in 2017. In China, its a completely different story.

Ripples token price is climbing above the $0.50 resistance against the US Dollar. XRP price is signaling more upsides toward $0.55 or $0.565.

• Ripples token price started a decent increase above the $0.500 resistance against the US dollar.
• The price is now trading above $0.505 and the 100 simple moving average (4 hours).
• There is a major bullish trend line forming with support near $0.5050 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
• The pair might continue to rise toward the $0.545 and $0.550 resistance levels.

Ripple Price Forms Bullish Trend

In the past few days, Ripples XRP gained bullish momentum above the $0.45 resistance against the US Dollar. It outperformed Bitcoin and Ethereum to start a steady bullish trend above $0.465.

There was a clear move above the $0.480 and $0.488 resistance levels. Finally, the bulls were able to push the price above $0.500. A high is formed near $0.5286 and the price recently saw a minor downside correction. There was a move below the 23.6% Fib retracement level of the upward wave from the $0.4432 swing low to the $0.5286 high.

XRP price is still trading above $0.505 and the 100 simple moving average (4 hours). Besides, there is a major bullish trend line forming with support near $0.5050 on the 4-hour chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

Initial resistance on the upside is near the $0.5250 zone. The first major resistance is near the $0.532 level. A successful break above the $0.532 resistance level might send the price toward the $0.550 resistance. Any more gains might call for a test of the $0.565 resistance.

Are Dips Supported in XRP?

If ripple fails to clear the $0.525 resistance zone, it could s...

Ethereum price started a decent increase above the $1,870 resistance against the US Dollar. ETH could attempt an upside break above the key $1,920 resistance.

• Ethereum is slowly attempting a recovery wave from the $1,840 support zone.
• The price is trading above $1,870 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish trend line with resistance near $1,870 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a strong increase if it clears the $1,880 and $1,900 resistance levels.

Ethereum Price Holds Support

Ethereums price managed to stay above the $1,840 support. ETH formed a base and recently started a recovery wave from the $1,838 low, similar to Bitcoin.

There was a break above the $1,870 resistance level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,916 swing high to the $1,838 low. Besides, there was a break above a key bearish trend line with resistance near $1,870 on the hourly chart of ETH/USD.

Ether is now trading above $1,870 and the 100-hourly Simple Moving Average. There are also chances of a short-term inverse head and shoulders pattern on the same chart. Immediate resistance is near the $1,880 zone. The next major resistance is near the $1,885 level or the 61.8% Fib retracement level of the downward move from the $1,916 swing high to the $1,838 low.

Source: ETHUSD on TradingView.com

A proper move above the $1,880 and $1,885 resistance levels might send Ether toward $1,920. The next resistance sits near $1,940, above which Ethereum could rise toward $2,000. Any more gains above the $2,000 resistance zone might send the price toward the $2,120 resistance.

Fresh Decline in ETH?

If...

Bitcoin price is consolidating above the $26,500 support. BTC could decline heavily if there is a clear move below the $26,500 support.

• Bitcoin is still struggling to stay above the $26,500 support zone.
• The price is trading below $27,250 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance near $27,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could correct higher, but upsides might be contained above the $27,500 resistance.

Bitcoin Price Holds Support

Bitcoin price remained in a bearish zone below the $27,500 resistance zone. BTC failed to recover and started another decline below $27,000.

There was a spike below the $26,550 support zone but the bulls were active near $26,500. A low is formed near $26,500 and the price is now consolidating losses. It is testing the 23.6% Fib retracement level of the main drop from the $28,450 swing high to the $26,500 low.

Bitcoin price is now trading below $27,250 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $27,220 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $27,000 level and the trend line. The next major resistance is near the $27,500 level and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the main drop from the $28,450 swing high to the $26,500 low.

Source: BTCUSD on TradingView.com

An upside break and close above $27,500 could start a decent increase toward $28,000. Any more gains above the $28,000 resistance zone might send the price toward the $28,500 resistance zone or even $29,200.

More Losses in BTC?

If Bitcoins price fails to...

Nikes virtual creations will be integrated into EA Sports games in the coming months.

Bitcoin daily price chart. (CoinDesk Indexes)

The crypto community on Twitter warned others not to click on a link posted on OpenAI chief technology officer Mira Muratis Twitter account, which promised a free airdrop.

Voltage, a Lightning as a Service (LaaS) provider, has partnered with Google Cloud to expand its hosting capabilities and locations, enabling customers to create Bitcoin and Lightning Nodes globally. According to an announcement by Google Cloud, the collaboration will allow enterprises to leverage the Lightning Network's real-time payment settlement with near-zero fees, revolutionizing money transfers and creating new business models.

Voltage stated in the announcement that their solution helps enterprises overcome three key challenges. First, they cited the ability to facilitate money transfers over the Lightning Network, offering a cost-effective alternative for financial and fintech companies. Second, by adopting the interoperable Lightning Network standard, Voltage described how businesses can reach a global customer base. Lastly, Voltage highlighted how it enables microtransactions, which have been difficult to implement with traditional payment methods, but can enhance customer retention, decrease acquisition costs and increase customer lifetime value.

By utilizing Google Cloud's vast network infrastructure, Voltage said it can address user needs more efficiently. The announcement described the partnerships several benefits, including the ability to serve a global audience across various regions, initial operations in Iowa, the Netherlands and Singapore as well as deployments on a leading cloud platform with superior availability and networking. Moreover, the announcement explained how running Bitcoin infrastructure alongside existing workloads becomes seamless with the assistance of Google Cloud's resources.

Google Cloud's commitment to supporting Bitcoin showcases its dedication to advancing this technology and bringing it to a wider audience. The company's expertise in cloud-native technologies, like Kubernetes, also provides Voltage with the scalability required to meet enterprise adoption requirements.

As Voltage expands its services through the collaboration with Google Cloud, enterprises in the financial and fintech sectors will be able to leverage the Lightning Network's capabilities to streamline their payment processes, reduce costs and explore new business opportunities.

Commissioner Christy Goldsmith Romero of the U.S. Commodity Futures Trading Commission (Jesse Hamilton/CoinDesk)

(DrawKit Illustrations/Unsplash)

Chinese RMB stablecoin issuers Shanghai office reportedly deserted after police raid, and WeChat offers Bitcoin prices but for how long?

With 11 megalopolises and three currencies, Guangdong, Hong Kong and Macao make up a region that is ripe for central bank digital currency research.

Bitcoin price one month. (CoinDesk)

BTCPay Server has of enhancements and new features.

One notable addition is the drag-and-drop form builder UI, which allows users to easily design customizable forms for collecting customer information during checkout. According to the announcement, the team has been working diligently to address outstanding issues and introduce improvements, including a new store role management system and a toggle to protect private data.

The custom role management system is a significant upgrade for store owners with teams, offering the ability to create tailored roles to meet specific needs and grant staff access to specific permissions within the store. The release also includes a privacy-enhancing toggle under "Hide Sensitive Information," allowing users to hide wallet balances and invoice amounts from prying eyes.

In addition to these updates, the release includes improvements to invoice filtering, plugin updates and various quality-of-life enhancements. LNbank, a plugin integrated with BTCPay Server, has Info" setting and adds wallet balance graphs. The Nostr plugin has also been updated for improved performance and stability.

The update also introduces a new plugin called Auto-forward Payments, which automates the redirection of payments to another address, streamlining the payment process. BTC OnChain payments are currently the only supported method for auto-forwarding.

The release notes also mention bug fixes, addressing issues such as payments not being detected by BTCPay Server when using LNbank and display issues with the dashboard when the default currency is sats.

However, users are warned to beware of scammers exploiting the BTCPay Server brand and software. The team emphasizes that they will only reach out through official channels and encourages users to verify the identity of anyone claiming to be from the team.

The BTCPay Server team expresses gratitude to the contributors highlight the partnership with OpenSats, which allows individuals to donate to the BTCPay Server project and potentially apply for a tax deduction.

For more information on the update and its features, users are encouraged to visit the BTCPay Server documentation and community chat.

The proposal would have allowed Uniswaps governing body to receive a percentage of the fees that currently go to liquidity providers.

Silvergate Capital Corporation and its crypto-friendly bank will have 10 days to submit a self-liquidation plan in compliance with California and federal requirements.

(Juan Gomez/Unsplash)

Deposits on mobile payment apps may not be insured by the FDIC, and customers may not know whether their money is insured or not.

(iStock Editorial/Getty Images Plus)

(Visionhaus/Getty Images)

Boson sampling was once considered a problem looking for a solution. Now, it might be the bridge that brings quantum computing to the blockchain.

Gemini, a global cryptocurrency exchange, has announced its plans to acquire a cryptocurrency license in the United Arab Emirates (UAE) in a move to expand its services. Describing the UAE's position as a forward-thinking financial hub, Gemini aims to tap into the country's growing market. The company is committed to becoming a global entity, according to the announcement, by meeting local regulatory requirements and understanding the needs of UAE crypto investors.

Gemini's decision to apply for a license comes as a result of its findings from the 2022 Global State of Crypto Report. The report revealed a significant increase in cryptocurrency adoption among individuals in the UAE, with many using it for in-person purchases. Additionally, the study indicated a strong intention among non-owners to enter the cryptocurrency space.

Speaking about the application, Gemini leadership expressed their vision of providing a safe, secure, and user-friendly platform for customers in the UAE and beyond. The company stated that it is eager to serve the rapidly growing and vibrant crypto community in the region.

In January, Gemini co-founder Cameron Winklevoss wrote a letter to its parent company Digital Currency Group (DCG) alleging that DCG defrauded Gemini customers in relation to Gemini Earn. Prior to that, Gemini was sued by the CFTC for misleading the regulator in conversations concerning the launch of bitcoin futures contracts.

Gemini's move into the UAE highlights the country's emerging status as a bitcoin hub. In addition, it highlights the continued flight of major exchanges out of the U.S. as a result of tightening regulations. At the beginning of May, Coinbase introduced its new international exchange arm called Coinbase International, with the company stating that countries around the world are increasingly moving forward with responsible crypto-forward regulatory frameworks to strategically position themselves as crypto hubs.

My own exchange, Bitget, tried using AI to respond to customer inquiries and the results reminded us that AI tools come with perils.

(Shutterstock)

MakerDao (Brady Dale/CoinDesk)

(Bernd Dittrich/Unsplash)

The Red Bull team signed a $150 million sponsorship deal with crypto exchange Bybit in 2022 ahead of the market crash and major bankruptcies in the space.

The U.S. Dollar Index is encroaching on new year-to-date highs, but Bitcoin whale activity suggests this may be a dead cat bounce.

Maker Foundation CEO Rune Christensen.

Dan Larimer who led the EOSs $4 billion token sale in 2017, one of the largest of the ICO era.

Binance suspended fiat on- and off-ramps by bank transfers in Australia, as well as trading for Australian dollar (AUD) pairs.

Texas flag. (Shutterstock)

The Hong Kong trust company says the new FDUSD combines the stability of the U.S. dollar with the reliability of Asian regulation.

Sam Bankman-Fried leaving court on February 16, 2023 (Liz Napolitano/CoinDesk)

CleanSpark Inc. has announced the purchase of 12,500 Antminer S19 XP bitcoin mining machines for a total price of $40.5 million. The machines were acquired at a lower price than the current market average, costing $23 per terahash, according to a press release shared with Bitcoin Magazine. The purchase agreement states that 6,000 of the machines will be shipped in June, with the remaining 6,500 set for shipping in August.

Zach Bradford, CEO of CleanSpark, expressed his confidence in the purchase, stating, "This purchase ensures that we are prepared to meet and potentially exceed our year-end target of 16 EH/s and also positions us to be one of the most power-efficient miners on an energy-per-hashrate basis." He further highlighted the optionality provided by the additional machines, allowing the company to replace less efficient units if the economics support it.

CleanSpark reported that it has been taking advantage of discounted machine purchases during the crypto bear market. In February, the company acquired 20,000 Antminer S19j Pro+ units, followed by the purchase of 45,000 Antminer S19 XP units in April.

Gary A. Vecchiarelli, CFO at CleanSpark, emphasized the importance of these purchases in preparation for the upcoming bitcoin halving, stating, "the efficiency of these machines also results in less power consumed per bitcoin mined compared to older generation miners, which should translate to higher margins."

CleanSpark's recent purchases of bitcoin mining machines demonstrate the company's commitment to expanding their mining capacity and staying competitive in the market. With fees from Ordinals inscriptions boosting the revenue for miners, it is expected that large players like CleanSpark will continue to bolster their miner inventory.

Bridge (Alex Azabache/Unsplash)

(John Smith/VIEWpress/Getty Images)

The latest price moves in bitcoin (BTC) and crypto markets in context for June 1, 2023. First Mover is CoinDesks daily newsletter that contextualizes the latest actions in the crypto markets.