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Myanmar’s to launch its first crypto-based banking establishment targeting Burmese citizens and diaspora. Spring Development Bank utilizes Polygon ecosystem and plans to introduce fiat-pegged stablecoins. The bank aims to restore financial autonomy to Myanmar and ensures privacy with web-only platform. Myanmar’s shadow government has an opportunity to explore enhanced control of the country’s financial landscape after announcing the soft launch of its first-ever crypto-based banking establishment, scheduled for July 22. Myanmar's first fully cryptocurrency-based banking institution, Spring Development Bank, announced that it will trial run on July 22. Based on Polygon, the bank will issue a variety of new stablecoins linked to fiats. The bank is launched with the support of the Burmese… — Wu Blockchain (@WuBlockchain) July 20, 2023 While Myanmar’s Spring Development Bank is targeting the 55 million Burmese citizens living in the country, ...

Bitcoin's failure to rebound off strong support levels increases the risk of a deeper correction that could also negatively impact altcoins. After failing to sustain above the resistance of its narrow range, Bitcoin (BTC) fell near a key support on July 18. The consolidation of the past few days seems to be an accumulation phase, according to Glassnode’s Bitcoin Accumulation Trend Score. A similar score was seen during the accumulation phases between November to December and again from March to April. According to CoinShares data, institutional investors continue to plow funds into digital asset investment products, which rose to $742 million in the past four weeks. Bitcoin continues to attract the lion’s share of the funds, with last week alone accounting for $140 million in inflows. Daily cryptocurrency market performance. Source: Coin360 Morgan Creek Capital chief investment officer and founder Mark Yusko said in an interview with Cointelegraph that Bitcoin’s fair value is $55,...

Dixon called for creditors to fight to get out of the bankruptcy proceedings before BTC and ETH prices hit the estimated number to avoid another rug pull by the crypto lender. Bankrupt crypto lender Celsius is battling a Chapter 11 bankruptcy with billions of dollars in claims made by various parties. A new estimate by the Bank of the Future (BF) suggests that the troubled crypto lender could likely repay the USD claims if the price of Bitcoin and Ether, the two assets that the firm holds, doubled from its current price . Simon Dixon, the founder of Bank of the Future, a crypto-centered investment firm tweeted the estimated price BTC and ETH would need to reach for Celsius to repay all their USD claims and keep all other assets. Based on the final deal with Fahrenheit group which won the bid to acquire the assets of Celsius in May, if the BTC price touches $54,879 and the ETH price reaches $3,750, Celsius could repay all the claims from the price appreciation of both the assets. ...

Bitcoin returns to a tug-of-war over the $30,000 mark, with BTC price action costing RSI weeks of upside. Bitcoin (BTC) targeted new month-to-date lows at the July 18 Wall Street open as bulls refused to give up on $30,000 support. BTC/USD 1-hour chart. Source: TradingView BTC price: Heavy resistance risks weekly downtrend Data from Cointelegraph Markets Pro and TradingView showed BTC price action dropping after a modest rebound from $29,675 — its worst level in July so far. Little sign of upward momentum and a waning relative strength index (RSI) offered little hope for those seeking a return to range highs. Traders continued to offer downside targets extending to $27,000, while longer timeframes now also looked increasingly fragile. “After upside wicking beyond the ~$30600 resistance, BTC has finally been rejected to the point of losing the Higher Low,” trader and analyst Rekt Capital commented about the 1-week chart. “Weekly Close below the Higher Low will confirm this loss and a...

As of July 17, investors, traders, and other members of the public can now share their opinions on the Bitcoin ETF filings submitted via the Cboe exchange. All comments are set to be published on the SEC’s website. Comment period now open The Securities and Exchange Commission (SEC) has called upon the public to provide their input on the Bitcoin ETF filings made by Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Trust, and Invesco Galaxy Bitcoin ETF through the Cboe BZX Exchange, Inc.  As of July 17, the SEC shares that the public can submit comments on its filings within the specified comment period. Detailed instructions on how to submit comments can be found in the “How to Submit Comments” section, with a strong emphasis on electronic submissions. The page shares that all comments received will be published on the SEC’s website. You might also like: Lawyer: SEC has to appeal after ruling on XRP Last week, Cboe took a step...

MATIC printed a 24-hour loss of 1.55% to trade at $0.78 at press time. Meanwhile, ARB and LUNC saw their prices rise by 3.95% and 3.85% respectively. Technicals on the altcoins’ charts suggested that the cryptos may climb in the upcoming week. The global crypto market cap rose 0.08% over the past 24 hours, according to the crypto market tracking website CoinMarketCap. This increase brought the total to approximately $1.21 trillion at press time. This positive momentum in the market may not be over, however, as multiple cryptos may rally in the coming week. Specifically, Polygon (MATIC), Terra Classic (LUNC), and Arbitrum (ARB) displayed the most promise at press time as these altcoins were able to break above several technical indicators on their respective daily charts. Furthermore, technical indicators for these cryptos suggested that their prices could continue to rise in the coming 7 days. Polygon (MATIC) The price of MATIC dropped 1.55% over the ...

Hong Kong police have arrested six people in connection with a money laundering scheme involving cryptocurrencies. The arrested persons laundered illicit funds worth over HK$100 million ($12.7 million) through crypto tokens. The police stated that the laundered funds were sent to e-wallet accounts overseas. The Hong Kong Police Force has arrested six individuals in connection with a money laundering scheme through cryptocurrencies. The arrested persons included a postsecondary student, who is suspected to be one of the two core members of the operation. The police believe that the student played a key role in leveraging cryptocurrencies to launder illegal funds.  According to a report by the South China Morning Post, the arrested individuals laundered a whopping HK$100 million (USD 12.7 million) over the course of three months. The police revealed that the syndicate was handling more than HK$1 million every day. The syndicate concealed the origins and flo...

US Gov sells Bitcoin before ETF approval; Novogratz sees ironic timing, highlighting BlackRock & Invesco involvement as adoption signals.  In an interview with Bloomberg, Mike Novogratz , the founder of Galaxy Digital Holdings, shared his insights on the crypto market, Bitcoin ’s price movement, and the potential approval of spot Bitcoin exchange-traded funds (ETFs).  Novogratz made an intriguing revelation, suggesting that the US government is selling its Bitcoin holdings just before the anticipated ETF approvals, adding an unexpected twist to the market dynamics. Recall that The Crypto Basic reported yesterday that the US government moved more than 9,000 Bitcoin (BTC) to multiple addresses. Novogratz’s View on Bitcoin Price In the interview, Novogratz acknowledged the recent consolidation of Bitcoin ’s price between $28,000 and $32,000. He noted that if the price surpasses the upper limit of this range, it could trigger a significant upward movement...

DeFi researcher Ignas analyzed the Korean crypto market and the Koreans’ aversion to DeFi. Ignas asserted that the Korean crypto market was placed third in BTC trading, following the US and Japan last year. Koreans’ affinity towards CEXs and lack of education in DeFi are believed to be the major reasons for the country’s negligence of DeFi. Ignas, a decentralized finance (DeFi) researcher and content creator, published a blog post delving deep into the Korean crypto culture. The researcher shed light on Korea’s preference for crypto over DeFi, pointing out the possible reasons for the country’s negligence of DeFi. In the article titled “Korean Crypto Culture: Why Koreans Love Crypto, But Not DeFi,” published on July 13, Ignas asserted that the Korean crypto market held a major position in Bitcoin trading, which led to the phenomenal “Kimchi Premium.” The term, derived from the name of a Korean dish, refers to the difference in crypto prices between South Kore...

Also Read: Elon Musk’s X.AI Shoots An Unrelated Token’s Price By 780%; Crypto AI Tokens Also Up advertisement FTC Writes To OpenAI On Probe According to a Wall Street Journal report, the commission is probing whether or not ChatGPT violated laws by publishing false information. This was communicated to the company via a letter the FTC sent, the report said. The FTC has sent a lengthy document asking OpenAI for the measures it took to mitigate risks around the AI models. At the core of the investigation is the question of whether or not the ChatGPT published data cause damage to its customers’ reputation. Earlier, a group of industry experts including billionaire Elon Musk, called for a halt in AI development, although he later admitted that it will not materialize into a halt. In a recent, Musk said even China was willing to work shoulder to shoulder with international forums in deciding on an AI regulatory framework. He also warned th...

The BRICS alliance will meet in August to jointly decide on the formation of a new currency. The summit will be held in South Africa and the bloc is focused on ending reliance on the U.S. dollar. BRICS is convincing other developing countries to stop using the U.S. dollar for cross-border transactions and trade in local currencies instead. The move is adding pressure to the already declining U.S. dollar and could lead to the new currency gaining strength. Fears of a major global economic crash are reeling if the new BRICS currency is accepted by the majority of developing countries. Also Read: BRICS: U.S. Has 65% Chances of Slipping Into a Recession, India Has 0% BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The alliance will also consider expansion as 19 countries have expressed interest to join the bloc. BRICS could turn into BRICS+ by the end of the year if the expansion goes through. Read here to know the full list of countries that want to enter th...

Analysis by Glassnode showed that Bitcoin is consolidating at the $30,000 level. The year-to-date performance of BTC has been strong amid the clearing of network congestion. Monetary transfer volumes have started to pick up, indicating positive momentum that may promote liquidity. A recent report by on-chain analytics firm Glassnode took a closer look at Bitcoin and the trends associated with the flagship cryptocurrency. The Analysis found that BTC displayed a robust recovery since the beginning of 2023, and much of that can be attributed to the emergence of ordinals and inscriptions on Bitcoin. The report was compiled by Checkmate, the lead on-chain analyst at Glassnode. Checkmate’s Analysis showed that Bitcoin was consolidating at around the $30,000 level, which has emerged as the mid-point for BTC’s 2021-2023 cycle. Meanwhile, the year-to-date performance of Bitcoin remained historically strong. According to the report, inscriptions and ordinals play...

Despite the US Securities and Exchange Commission (SEC) lawsuit against Coinbase, shares of the crypto exchange kept rallying as spot Bitcoin ETF named Coinbase as their surveillance-sharing partner. advertisement Also Read: XRP Lawyer, Ripple CTO Expect Judge Torres’ Summary Judgment In September Cathie Wood’s Ark Invest Sells Coinbase Shares On July 11, Cathie Wood’s flagship ARK Innovation ETF (ARKK) sold 135,152 Coinbase (COIN) shares worth more than $12 million. This marks the first sale of COIN stocks by ARK Innovation ETF since July 26 last year, according to transactions seen by CoinGape. In March, ARK Fintech Innovation ETF (ARKF) sold 160,887 Coinbase (COIN) shares after a buying streak since last year. Ark Invest is the fourth-largest holder of Coinbase and continues its buying spree since last year despite crypto market volatility, US regulatory crackdown, and bankruptcies in the industry. Recommended Articles ...

Join Our Telegram channel to stay up to date on breaking news coverage Bankrupt crypto lender Voyager Digital has seen its portfolio shrink over the past few days as clients recoup their funds. Voyager Sees 39% Shrink in Portfolio Voyager Digital is taking gradual steps to address the needs of its customers by implementing compensation measures. Following a year-long suspension of operations, the company initiated a one-month window for customer withdrawals, which commenced on June 23. Since then, there has been a steady outflow of crypto assets worth $250 million, resulting in a 39.46% decrease in Voyager’s crypto portfolio. NEWS : Bankrupt Crypto Lender Voyager Digital Shrinks Portfolio by Nearly 40%: Voyager recorded outflows of more than $250 million worth of crypto assets. #Bitcoin #Crypto #Nft https://t.co/JADyLyT1ra pic.twitter.com/iBjG45IPyU — SYSOP.ai (@sysopai) July 11, 2023 The downfall of Three Arrows Capital (3AC), a failed crypto hedge fund tha...