Bitcoin hits ATH in multiple countries. Has the bull run already begun?

Bitcoin hits ATH in multiple countries. Has the bull run already begun?

 Key points

  • Satoshi Nakamoto’s selfless invention Bitcoin, has hit ATH in multiple countries as it eyes $60K.
  • Bitcoin’s ATH in USD is $65K a figure that is now in a close range as the coin breaches $59K levels.
  • Crypto bull runs have been following 4-year cycles in tandem with Bitcoin halving cycles. The next halving cycle is on April 19th.

The crypto market is beginning to get fired up as Bitcoin price rallies eyeing its ATH. The coin has been following a rough market cycle of bulls and bears that have the halving event in the middle of it.  

Bitcoin eyes $60K, $5K shy from its ATH

As Bitcoin eyes its next halving event on April 19th, it has already breached the $59K level. This remarkable performance has attracted the attention of crypto investors and influencers on and attracted mixed reactions.

Owing to rising inflation rates, the coin has already breached its ATH price in multiple countries including:

  • Argentina
  • Russia
  • Ethiopia
  • Malaysia
  • Australia
  • China
  • Indonesia
  • Nigeria
  • Japan
  • Pakistan
  • South Korea

Is the crypto bull run already here?

As mentioned earlier the crypto bull run and Bitcoin halving cycles seem to be occurring together. This time, the market is reacting in a similar manner.

While it’s still not promised that the bull market has already begun, Bitcoin always precedes ALTs’ season and now, it has received almost ATH inflows of funds. To add to the sum, there is an influx of dollars following into the Bitcoin market indirectly via ETFs. This particular set of events makes it almost believable that the upcoming bull run will be the biggest one yet.

If that happens. The crypto market will have endured one of the biggest crypto winter and bear market that began in 2021 ending 2024. In these two years, multiple companies went bankrupt and the crypto market shed a value of almost $2T.  

While these views have market history backing, it’s not promised that this time it has to play out in a similar way. A black swan event could happen and reverse the market sentiments. Please do your own research before investing and remember to avoid FOMO.

This material is meant for educational and recreational purposes only. It is not financial advice in any way; therefore, damage caused by the information provided here is not liable to the company or the writer in question. Please make due diligence and conduct your own research before taking any action prompted by the information provided above.

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Landmark Marijuana Bill that could hinder regulators from freezing bank accounts of businesses they dont like heads to the Senate. 

Landmark Marijuana Bill that could hinder regulators from freezing bank accounts of businesses they dont like heads to the Senate. 

Key Points

  • A landmark Marijuana bill is headed to the US Senate seeking to challenge regulators who order the closure of bank accounts of businesses they don’t like.
  • The bill seeks to protect legal businesses from being forced to deal with reduced banking options owing to pressure from regulators.

The Senate Business Committee has approved the start of the voting process for a historic Marijuana bill that seeks to protect legal companies from asset freezes by regulators who might deem their operations ‘not moral.’

A bill that might save crypto?

An October 2 story by CNN indicates that the US Senate Banking Committee has approved a Marijuana bill that seeks to break barriers between financial institutions and Cannabis companies. The bill in question challenges the activities of Regulators who seek to freeze bank accounts of legal companies because their operations might not be legal.

The Secure and Fair Enforcement Regulation (SAFER) Banking Act aims to resolve a longstanding deadlock between regulators and the cannabis industry, which has forced the involved companies only to use cash for operations. This bill had been presented before the committee since 2015, but it’s the first time it has received a green light to head to the Senate Floor for voting.

How does this relate to crypto? If this bill passes, it will be a benchmark in the Wild West of ongoing crypto regulation in the United States. The SEC, DoJ, CFTC, and other authorities and regulators have doubled down on the crypto industry, with some key heads dubbing the industry as risky and based on non-compliance.

Sitting SEC chair, Gary Gensler has been vocal about the crypto industry being highly uncooperative in the regulatory processes that his authority has been trying to spearhead in the industry. However, it is highly noticeable that the US is trailing far behind in crypto regulation. The EU and other countries are already introducing crypto regulatory frameworks. 

If this bill passes, it will be a benchmark for companies like Coinbase and Binance that have legal tussles with US regulators to defend their stances that crypto is not a morally legal grey area. However, now only the voting process by the Senators is left to dictate the direction of the bill.

Court approves 76 days defense time extension in SEC prosecution against Justin Sun

Court approves 76 days defense time extension in SEC prosecution against Justin Sun

The SEC vs. Justin Sun case on possible Tron (TRX) market manipulation has seen a new development after the presiding judge granted a defense extension till December 8, 2023, to explore possible resolution before motion practice.

Justin Sun’s legal team gets more time to explore possible resolutions with the SEC

The Securities and Exchange Commission’s (SEC) case against Tron Network’s Justin Sun kickstarted in March 2023 as the regulator alleged that Sun, Tron Foundation, BitTorrent Foundation, and a company named Rainberry had illegally exposed investors to Tron (TRX) and BitTorrent (BTT) tokens as unregistered securities.

The commission added that Sun was plotting to manipulate the market prices of Tron tokens (TRX). In a court order dated September 14, 2023, Sun and Rainberry’s legal defense teams asked the court to give them more time to find an amicable resolution to the debacle, which Judge Edgardo Ramos granted. 

This development is not new in complex legal cases, especially where out-of-court settlements and resolutions could be reached. The defendants and the prosecution will now have time to discuss their differences and develop a mutual agreement that will benefit both. 

It will also provide more time for further investigations to be carried out, defining more clearly who is in the wrong if court proceedings resume. While the specifics of the case remain confidential, the crypto industry will be keenly watching this case as it is part of a broader effort by the SEC to regulate crypto assets it sees as securities. Keep watching Fintech Express for more updates on this and other fintech related developments.

A new decentralized asset management platform launches on Arbitrum and Optimism

A new decentralized asset management platform launches on Arbitrum and Optimism

Key Points

  • Decentralized asset management platform Valio launches, promising users control of their assets and immersion into Web 3
  • The platform targets “leveling the playing field” for investors.

Valio, a new decentralized asset management system, has launched publicly, aiming to allow users to have their funds managed by professional traders without trusting them as custodians.

Leveling the playing field?

As Web 3 keeps evolving, new solutions are coming up now and then. Some of these solutions aim to increase users’ productivity in the Web 3 sector. In that line, Valiio, a new decentralized asset management system, has come up to allow users to have their funds managed by traders trustlessly.

The application allows investors to browse a list of managers and view their trade stats via an explore page. If the investor back a particular money manager, they can deposit their assets to participate in that manager’s fund. These funds are then held in smart contracts, ensuring the manager cannot withdraw them.

In conversations with Fintech Express, the platform’s founder, Karlis, told us that the platform simply aims to increase smart access to crypto and ensure investors do not have to guess through what tokens to invest in.

“Valio provides simple access to smart crypto exposure. With Valio, you no longer have to guess what tokens to buy, but instead, you can back proven Web3 traders and asset managers trustless.”

During the launch, Valio is integrated with Optimism and Arbitrum. Still, Karlis told us that they expect to launch it on networks like Ethereum Mainnet and Base soon, as well as any other network their community wants.

Right now, Valio is live on Optimism and Arbitrum. We plan to launch on Ethereum mainnet and Base and any other LayerZero-supported networks the community wants. 

According to Karlis, the platform also uses a “cumulative price impact tolerance architecture” that limits the amount of price impact money managers can cause to an individual investment. This functionality is added to prevent managers from drinking user money into illiquid assets. 

He added that this ensures that even if a corrupt manager decides to make away with the money, he can only take 3 to 5%, which is much lower than what could have been earned honestly.

  “The Cumulative Price Impact Tolerance (CPIT) is a custom-built security architecture that allows Valio to facilitate a trustless and non-custodial asset management relationship between traders and depositors. The CPIT solves the billion-dollar fraud problem in our industry by eliminating the need for trust between managers and depositors while protecting depositors from rugs. Existing asset management platforms also limit trader scope as they scale TVL, whereas our CPIT does not do that.” He said.

In summary, Karlis said they were glad about the success they saw at the project launch and believe they have unlocked a new asset class for the industry that will reshape the industry. He added that though it is in its initial phases, they aim to keep building Valio up into the future.

“We have been thrilled with the usage we have seen so far. We’ve seen over 100 new vaults created since launch, and users seem to enjoy the product. Although it’s still in the early stages with limited functionality, we’re excited about the future as we continue to grow Valio. We believe that we have unlocked a new asset class for the industry.”

Keep watching Fintech Express for more updates on Web 3 and other fintech-related developments.

Bank of Russia raises interest rates to 12% following Ruble plunge

Bank of Russia raises interest rates to 12% following Ruble plunge

Key Points

  • The Bank of Russia has introduced new interest rates as the Ruble falls to hit an almost 17-month low against the dollar.
  • The interest rate hike was done during an emergency meeting after the Ruble was gripped by a drop in value past the 100 mark against a US dollar

Bank of Russia has hiked interest rates by 350 basis points to 12 % during an emergency meeting as Moscow looks into halting the rapid depreciation of the Ruble.

The Bank of Russia introduced higher interest rates to tame rising inflation

The Ruble slumped past the 100 mark to the dollar on Monday, with President Putin’s economic advisor, Maxim Oreshkin, blaming lax monetary policies due to the fall in the coin’s value. 

Oreshkin wrote an article to the Russian State-owned Tass news agency saying the plunging currency and acceleration in inflation result from “loose monetary policy.” Consequently, the Bank of Russia announced an emergency meeting on Tuesday to reassess its key interest rates, which stood at 8.5%. 

In the meeting, they announced a hike by 350 basis points taking the total interest rates to 12%. As a result, faith in the Rubble increased with it, dropping to 95 against the dollar during the time of writing.

Keep watching Fintech Express for more updates on this and other finance-related developments.