The cryptocurrency market and specifically Bitcoin would experience a new boost in the month of August, according to JPMorgan analysts.

Currently, the main cryptocurrency on the market is facing bearish pressure that has prolonged a reduction in its value. But, this could change in August, allowing a recovery to get closer to $60,000.

This positive analysis was presented by Nikolaos Panigirtzoglou who, together with his team of researchers, highlighted that “net flows for Bitcoin could be reduced in the coming weeks, which would cause a significant amount of BTC to leave exchanges and go into private wallets, thus relieving sales pressure.”

Just to his team, the specialist highlighted that “the reduction in the estimated net flow is largely due to the decrease in Bitcoin reserves on exchanges during the last month.”

The downward pressure facing the cryptocurrency is driven by Bitcoin liquidations by creditors of the Gemini exchange, the Mt. Gox compensation process, in addition to “the continued sales made by the German government through major exchanges, this to “dispose of funds obtained after a large-scale seizure.”

M.Pino

Source: diariobitcoin

(Reference image source: Unsplash+, in collaboration with Getty Images)

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La entrada JPMorgan predicts a boost in the value of Bitcoin in August apareció primero en Bitfinance.

Iconic luxury car manufacturer Ferrari announced its decision to accept cryptocurrency payments in the United States, responding to growing demand from its customers. The company’s commercial and marketing director, Enrico Galliera, confirmed this measure in a Reuters report dated October 14.

This decision is based on growing market demand and requests from Ferrari dealers, supported by numerous customers, including young investors with cryptocurrency experience who have bet on digital currencies.

Although Galliera did not provide details on the number of cars they hope to sell through cryptocurrency payments, he noted that Ferrari’s order book is already fully booked until 2025. With this measure, Ferrari seeks to explore a growing market and reach potential buyers beyond their traditional clientele. The introduction of cryptocurrency payments in Europe is scheduled for the first quarter of 2024, with plans to expand to other crypto-friendly regions.

For its initial foray into the United States, Ferrari has partnered with BitPay, one of the leading cryptocurrency payment processors. This collaboration allows transactions in Bitcoin (BTC), Ether (ETH) and USD Coin (USDC). Importantly, there will be no additional charges when using cryptocurrencies, as BitPay will perform quick conversions to conventional fiat currency for Ferrari dealers, protecting them from cryptocurrency price fluctuations.

In addition, BitPay will be responsible for verifying the legitimacy of digital currencies to ensure that they do not come from illicit activities, money laundering or tax evasion.

Ferrari’s adoption of cryptocurrencies follows that of other large companies, although many have been cautious due to price volatility and the complexity of associated transactions. Notably, electric vehicle maker Tesla initially accepted payments in Bitcoin in 2021, but CEO Elon Musk discontinued this option due to environmental concerns.

K. Tovar

Source: Cointelegraph

(Reference image source: Brandon Atchison, Unsplash)

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La entrada Ferrari will accept cryptocurrency payments in the US apareció primero en Bitfinance.

Over the past few months, the flight of investment capital from crypto funds has been a growing concern in the sector. Indeed, in the last nine weeks, it is estimated that around $500 million has been withdrawn.

According to data provided by CoinShares, a specialized analysis site, this trend of massive withdrawals has continued for five consecutive weeks. In the past week alone, there was an outflow of funds worth $54 million, of which 85 % is attributed to Bitcoin.

These numbers contrast with the recent legal successes achieved by several crypto companies and projects in the face of accusations from the United States Securities and Exchange Commission (SEC).

Despite these legal achievements, the general sentiment among cryptocurrency investors remains predominantly pessimistic regarding the digital asset market.

K. Tovar

Source: Criptotendencia

(Referential image source: Aleksi Räisä, Unsplash)

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La entrada Withdrawals in cryptocurrencies amount to about $500 million apareció primero en Bitfinance.

Leading cryptocurrency exchange platform Coinbase has taken a significant step by quietly introducing a cryptocurrency lending service aimed at institutional investors in the United States. This move is reportedly aimed at capitalizing on emerging opportunities in the cryptocurrency lending market.

Under the name of Coinbase Prime, the new cryptocurrency lending platform offers an institutional-grade solution for investors in the United States. Coinbase Prime, a full-service brokerage platform, enables institutions to trade and safeguard their assets.

“With this service, institutions can choose to lend digital assets to Coinbase under standardized terms in a product that meets the Regulation D exemption”, the firm said in its statement.

According to documents filed with the United States Securities and Exchange Commission (SEC), since its launch on August 28, Coinbase clients have already invested $57 million in this lending program, attracting five investors as of 1 of September.

This new Coinbase cryptocurrency lending product follows the suspension of issuance of new loans on Coinbase Borrow in May 2023. This program was designed to allow users to borrow up to 1 million using Bitcoin as collateral.

Importantly, this news comes several months after the US SEC accused Coinbase of allegedly offering and selling unregistered securities in connection with its cryptocurrency staking services, which allow users to earn returns by giving away their cryptocurrencies to the platform. Coinbase defended itself by arguing that it did not share the view that its staking services constitute securities.

The dispute led to the suspension of Coinbase’s staking program in four states: California, New Jersey, South Carolina, and Wisconsin, while legal proceedings continued.

This move by Coinbase comes at a time when the cryptocurrency lending industry is still reeling from last year’s crisis, which saw major companies like BlockFi, Celsius, and Genesis Global file for bankruptcy due to illiquidity caused by the bear market of 2022. Observers of the crypto space consider it critical that the cryptocurrency lending industry learns lessons from these crashes and addresses challenges related to short-term assets and liabilities.

K. Tovar

Source: Cointelegraph

(Reference image source: PiggyBank, Unsplash)

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La entrada Coinbase created a lending platform for the US apareció primero en Bitfinance.

Over the course of July, the cryptocurrency world has seen several high-impact hacks and exploits, as well as an increase in legislative activity related to cryptocurrency and digital assets.

The De.Fi report reveals that, sadly, only a total of $6.15 million has been recovered, which represents less than 1 % of all cryptocurrencies and digital assets that were stolen during this period. This fact has highlighted the insufficient speed and effectiveness of the recovery efforts undertaken.

De.Fi researchers point out that the cryptocurrency industry’s ability to recover stolen or lost funds is critical to mitigating the impact of these unfortunate incidents.

In terms of losses, the Ethereum network has been the most affected, with a total of 447 million lost in 36 cases, including the Multichain hack, which resulted in a loss of USD 231 million, and the Alphapo exploit, which cost around of 100 million dollars.

The second most affected network was Base, which lost $23 million in a single case, while Binance ranked third with losses close to $11 million spread across 18 cases.

Analysis of the losses reveals that “access control issues” were responsible for most of the funds lost in July, with a total of 364 million. The “rugpulls”, which totaled more than 38 cases, caused losses of approximately 36 million, while the re-entry attacks caused losses of about 78 million.

However, the report also strikes a positive note: no exit scams were reported during the month of July, which is a welcome relief for the cryptocurrency community.

In summary, the cryptocurrency market is going through a difficult period, with significant losses and the need to improve recovery efforts. The security and protection of digital assets remain a top priority for the industry.

K. Tovar

Source: Cointelegraph

(Reference image source: Jievani Weerasinghe, Unsplash)

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La entrada Cryptocurrency market suffered in July the worst month of the year apareció primero en Bitfinance.

Bitfinex’s Alpha report has recently released a new edition, in which it analyzes a group of indicators that suggest a possible increase in volatility in the cryptocurrency market in the short term.

According to the report, the market is registering increased volatility after the decline of Bitcoin and Ether in the first weekend of March. Market capitalization fell below the psychological $1 trillion mark. Prior to January 25 of this year, the cryptocurrency market capitalization had stayed above $1 trillion for 225 days.

The report mentions that in the last ten days, both realized, and implied volatility have increased slightly, indicating that short-term inconstancy will increase, and the market will fluctuate in the coming week.

Bitfinex Alpha warns that derivatives control the price, as evidenced by the liquidation of long positions in the cryptocurrency futures market, worth more than $210 million, which occurred on March 3, the highest amount in almost one month. The report also suggests that trends in the cash market and on-chain wallet balances remain good picks for bulls, as on-chain metrics remain the same while derivatives dominate the price.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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La entrada Cryptocurrency market could be more volatile apareció primero en Bitfinance.

Tesla published its financial report for the fourth quarter of 2022, revealing that it had not bought or sold any Bitcoin.

Elon Musk’s electric car company first added the flagship cryptocurrency to its balance sheet in February 2021, when it announced a $1.5 billion purchase of Bitcoin.

However, it then sold most of it during the second quarter of 2022, generating a profit of just over $63 million. Despite the turbulence in the cryptocurrency industry, caused by the bankruptcy of FTX and other high-profile firms, Tesla has held onto the coins for two consecutive quarters.

The bitcoin price crash had an impact on Tesla’s treasury. According to the recent earnings report, the company had $184 million in digital assets as of December 31, down from $218 million in the prior quarter.

The automaker reported an impairment charge on its bitcoin holdings, meaning the value of those assets fell below their book value or acquisition cost. In short, even though Tesla still holds the same amount of BTC, its value has gone down due to the decline in its market price.

K.Tovar

Source: Diariobitcoin

(Reference image source: Paul Steuber, Unsplash)

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La entrada Tesla hasn’t moved its Bitcoin holdings apareció primero en Bitfinance.

Visa, the main financial services company, announced its new alliances with Latin American companies and startups to launch its crypto debit cards and thus develop a global payment network that will allow it to consolidate its commitment to the crypto ecosystem in the region.

The senior vice president of products and innovation for Visa Latin America and the Caribbean, Romina Seltzer, explained that “the cryptocurrency ecosystem continues to gain momentum in the region with increased investment, more consumer adoption and more cryptocurrency-enabled use cases, and we will continue to build on our strong strategy to build the future of cryptocurrency and payments for our customers, partners, and consumers.”

According to the new policies of the financial institution for the crypto market, the purpose is to ensure that many people can use cryptocurrencies through its global payment network.

Strategic alliances in Latin America

Several months ago, the Visa company made partnerships with various startups such as Lemon Cash that have allowed it to launch its debit card, with which users can accumulate cryptocurrencies and receive cashback in BTC for each purchase made.

Moreover, Visa established alliances with other startups such as Crypto.com, Alterbank and Zro Bank in Brazil, where “generally, these associations present cards to include payment with cryptocurrencies, the purchase of crypto assets through crypto-enabled points of sale by Visa, and also the receipt of the return – cashback – in Bitcoin”.

The financial company recently announced that it will launch its new crypto card in the coming weeks in partnership with the Argentine exchange Satoshi Tango.

M. Rodríguez

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Source: cripto247.com

La entrada Visa to launch debit crypto cards in Latin America apareció primero en Bitfinance.

Telefónica Tech has signed an agreement with the technology company Netskope to market its cloud security solutions in the European Union, the United Kingdom, Latin America and the United States.

The Spanish company will integrate these services, recognized as leaders by the consulting firm Gartner, in its portfolio of Security Edge Services, according to a statement.

The Telefónica Tech and Netskope alliance will lead to the implementation of business plans aimed at organizations immersed in a secure process of digital transformation, including both public sector companies and large and medium-sized private corporations.

Telefónica Tech has highlighted in its statement that the inclusion of these solutions in its portfolio will allow it to bring customers a more complete offer in terms of secure acceleration to the cloud and the workplace of the future.

“For Netskope, this agreement is perfectly part of the strategy of consolidating Cloud environments and cybersecurity offered by Telefónica Tech”, highlighted Netskope’s Director of Global Integrated Services for Southern Europe, Francisco Ginel.

For his part, the director of Cybersecurity and Technology Products at Telefónica Tech, Alberto Sempere, stressed that the agreement will help “strengthen” Tech as a “key leader in managed solutions and services.”

M. Rodríguez

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Source: dpa

La entrada Telefónica Tech will offer security solutions in the cloud apareció primero en Bitfinance.

The Caracas Stock Exchange (BVC) reported, through its social networks, that the board of directors of the institution receives with “enthusiasm” the decision of the Bank of Venezuela (BDV) to increase the public offering of shares in the market of progressively from 5 % to 10 % of its share capital.

In the statement, the BVC indicated: “We hope to know the schedule that will be developed for the massive redistribution of shares announced by the bank.” In addition, they highlighted the importance for the economy of a country that companies open their capital and create sources of work.

The Bank of Venezuela announced through an official statement its willingness to start the public offer with the purpose of promoting and invigorating the Venezuelan economy, at the same time it becomes an opportunity for citizens and the different “private, national economic actors and international, interested in participating in the development of the country through instruments of economic democratization”.

Credit portfolio

The Bank of Venezuela’s management is focused on financing the different productive sectors of the country such as agribusiness, manufacturing, among others.

According to recently published figures, the financial institution has presented a growth of around 169% in public deposits in the last semester.

Likewise, its credit portfolio increased by 66 %, and 26 % of the market share that gives it first place in the financial sector. It also has approximately 15 million customers.

M. Rodríguez

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Source: bancaynegocios.com

La entrada BVC celebrates increase in public offering of BDV shares apareció primero en Bitfinance.