Bitcoin Hits the $30,000 mark as the market continues to experience an upward trend. We take a look at this and more cryptocurrency news from the week.
Bitcoin Surpasses $30K, Triggers $265M in Liquidations
Bitcoin has surged above the $30,000 mark for the first time since April. This significant price movement has resulted in approximately $265 million in liquidations. While this development offers temporary respite from the prevailing bearish sentiment, it also introduces heightened volatility and potential losses for traders. As the market remains on the edge, investors are closely observing the next steps in this turbulent ride.
Binance Enters Regulated Kazakhstan
Binance, the leading cryptocurrency exchange in the world has expanded its services with the launch of a regulated exchange in Kazakhstan. The regulated exchange will offer a secure platform for Kazakhstani traders to engage in cryptocurrency trading activities.
This move allows Binance to grow in Cental Asia and benefit from the region’s expanding crypto market.
Bitcoin Reaches 50% Market Dominance for First Time in 2 Years
On June 19th 2023, Bitcoin Dominance hit the 50% mark for the first time in two years. This means that Bitcoin alone accounts for half of Cryptocurrency’s total $1.1 trillion market capitalization.
Bitcoins Market capitalization which is currently over $500 billion, has surged by more than 10% since November 2022. This increase was largely facilitated by investors jumping from Altcoins to Bitcoin for safety after the FTX crises and with looming regulatory concerns.
Robert Kiyosaki Warns of Impending US Bank Failure
Rich Dad Poor Dad Author, Robert Kiyosaki has warned of impending doom for the US banking sector.
Kiyosaki who revealed that popular US mortgage broker, LoanDepot is on the verge of bankruptcy, has emphasized that the Crisis was just beginning, with a good number of banks under similar pressure.
Kiyosaki advised his followers to prepare for the impending catastrophe by accumulating precious metals and bitcoin.
BlackRock Bitcoin ETF Filing Sparks Surge in Institutional Interest
BlackRock, one of the world’s largest asset management firms, has recently filed for a Bitcoin exchange-traded fund (ETF). The filing has sparked a wave of institutional interest in the cryptocurrency space, as it signals growing acceptance and engagement from traditional financial institutions.
The potential entry of BlackRock into the Bitcoin ETF market is seen as a significant development as It could pave the way for other institutional players to explore similar offerings.
Alibaba’s next chairman loves crypto
Alibaba, China’s largest online retail platform, announced on Tuesday that Joseph Tsai, one of its founders and a crypto enthusiast, will become the new chairman of the board in September.
Tsai has been vocal about his interest in crypto and blockchain, and has invested in several crypto-related projects, such as Bakkt, Dapper Labs and Blockstream. He has also defended Jack Ma, Alibaba’s co-founder and former chairman, who faced backlash from the Chinese government after criticizing its financial regulations.
Do Kwon Is Sentenced In Montenegro
A Montenegro Court has sentenced Terraform Labs co-founder Do Kwon to four months in jail after he was found guilty of forging travel documents.
The Montenegro officials arrested the South Korean, along with former Terra finance officer, Han Chang-Joon, in March, for Allegedly being in possession of falsified documents. The duo has eight days to appeal against the judgment.
Ripple Gets Digital Asset Services License in Singapore
Ripple has obtained regulatory approval from Singapore’s financial regulatory body. This in-principle approval allows Ripple to offer digital asset payments and token products in the country.
This approval will allow Ripple’s Asian subsidiary to initiate the use and movement of XRP around the world. It will also allow Ripple markets Asia Pacific, to further scale it’s On-demand Liquidity.