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Digital asset manager CoinShares says Bitcoin (BTC) is not likely to see a big impulse to the upside for at least the remainder of this year.
In a new bi-weekly report, CoinShares says that the US dollar index (DXY), which pits the USD against a basket of other fiat currencies, may have more gas left in the tank of its multi-month rally.

A high DXY usually implies downward pressure on most risk assets like Bitcoin.
“The DXY looks overpriced but could appreciate further in the near-term while the prospect for a recession is far from conclusive. It looks as if the monetary policy terminal rate (according to consensus) will peak in the US before it does in its key trading partners, this coupled with the likeliness of weaker economic data in the US, suggests the DXY is likely to peak towards the end of the year.
Due to bitcoin prices being highly inversely correlated to the DXY, bitcoin prices are unlikely to have a significant upside breakout this year unless we see an unexpected deterioration in macroeconomic data.”
The leading crypto asset manager says that a reversal in hawkish monetary policy from the Federal Reserve is unlikely anytime soon, which is an additional weight on BTC.
“It is clear, for now at least, that the US Federal Reserve (FED) is not about to ‘pivot’ to a softer monetary policy stance as many had expected at the recent Jackson Hole event. This had an immediate effect on the US Dollar and interest rate-sensitive assets such as equities and bitcoin. 
The hawkish rhetoric from the FED is likely to have a continued dampening effect on the bitcoin price outlook until their perception of macroeconomic data justifies a pivot.”
CoinShares forecasts continued pressure on Bitcoin unless some type of “unexpected deterioration in macroeconomic data” shows up.
At time of writing, Bitcoin is trading at $19,178, or about 72% from its all-time high of $69,000.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong/Tomasz Makowski
 
The post Bitcoin Unlikely To Massively Breakout in 2022, Says Crypto Asset Manager CoinShares appeared first on The Daily Hodl.


Digital asset manager CoinShares says Bitcoin (BTC) is not likely to see a big impulse to the upside for at least the remainder of this year. In a new bi-weekly report, CoinShares says that the US dollar index (DXY), which pits the USD against a basket of other fiat currencies, may have more gas ...

dailyhodl.com

Bitcoin Unlikely To Massively Breakout in 2022, Says Crypto Asset Manager CoinShares

Retail trading giant Robinhood just added top stablecoin USD Coin (USDC) to its list of supported digital assets as the platform sees reduced trading activities due to the crypto winter.
In a new announcement via Twitter, the company says that the second largest dollar-pegged stablecoin is now included in its trading roster, effective September 21st.

According to the announcement, USDC will be transferable on both the Ethereum (ETH) and Polygon (MATIC) networks.

#USDC is now on Robinhood @circlepay #StableCoin #CryptoListinghttps://t.co/OL7fXLffHW pic.twitter.com/EUNLPpvGUu
— Robinhood (@RobinhoodApp) September 20, 2022

The company also recently added Ethereum rivals Avalanche (AVAX) and Cardano (ADA) as well as XRP challenger Stellar (XLM) to its platform.
Robinhood is rolling out support for new assets as it admits it’s struggling because of the current market downturn.
 In early August, the company terminated 23% of its workforce amid declining client activities. Robinhood CEO Vlad Tenev reasoned that the company has hired more employees than it currently needs.  
“We have seen additional deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash. This has further reduced customer trading activity and assets under custody.”
Despite the downturn, Robinhood is seeing a positive response to its multichain, non-custodial crypto wallet, which the firm says saw more than 1 million people join the waitlist just two months after opening. 
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Trading App Giant Robinhood Adds Stablecoin US Dollar Coin (USDC) to Roster appeared first on The Daily Hodl.


Retail trading giant Robinhood just added top stablecoin USD Coin (USDC) to its list of supported digital assets as the platform sees reduced trading activities due to the crypto winter. In a new announcement via Twitter, the company says that the second largest dollar-pegged stablecoin is now in...

Trading App Giant Robinhood Adds Stablecoin US Dollar Coin (USDC) to Roster


Indian crypto exchange WazirX has announced the delisting of major stablecoins Tether (USDT), Pax Dollar (USDP), and True USD (TUSD).



The exchange follows Binance, the world’s largest cryptocurrency exchange by trading volume, in consolidating its stablecoin holdings into a single asset. In preparation for the delisting, WazirX has stopped deposits of USDT, USDP, and TUSD and will pause withdrawals of these stablecoins on Sept. 23, 2022, at 5 p.m. IST. It will then delist USDT, USDP, and TUSD on Sept. 26, 2022, at 7:30 a.m. IST.



Following the delisting, the exchange will convert all remaining stablecoin balances to Binance USD (BUSD), another stablecoin, “to enhance liquidity and capital efficiency for users.” Users can withdraw their holdings of USDC, USDP, and TUSD from their BUSD balances at a 1:1 ratio.



WazirX will also remove spot trading pairs for the three stablecoins. Binance and Paxos Trust issue BUSD.



On Sept. 6, 2022, Binance announced that it would convert Circle (USDC), USDP, and TrueUSD to BUSD for similar reasons.



WazirX ownership dispute



In July 2022, Binance CEO Changpeng ‘CZ’ Zhao decried claims made by WazirX CEO Nischal Shetty that Binance owns the Indian exchange. Shetty’s claims followed a 2019 Binance blog post in which the exchange said it had “acquired” WazirX, but no agreement was ever reached.



“Binance has never – at any point – owned any shares of Zanmai Labs, the entity operating WazirX,” CZ tweeted. According to Zhao, Binance provides wallet infrastructure for WazirX but the exchange manages its own know-your-customer processes, trading, and the initiation of withdrawals.



In August 2022, CZ advised WazirX users to move funds held in WazirX to Binance, following a probe by India’s Enforcement Directorate.



BUSD criticized by Circle CEO



BUSD successfully launched on the Avalanche blockchain and Polygon following the stablecoin conversions. The two blockchains add to the growing multi-chain footprint of BUSD as it already lives on Binance Smart Chain (BSC) and Ethereum.



On Sept. 8, 2022, Paxos Trust boasted the regulation of BUSD and USDP by the New York Department of Financial Services, unlike other stablecoins.



At the same time, Circle CEO Jeremy Allaire pointed out that BUSD is of little use outside of the Binance platform and that news about the exchange’s auto-conversion was being misinterpreted by the media. At the time, CZ confirmed that USDC deposits and withdrawals were still possible.



Data from Coinglass indicates most of BUSD’s trading volume in the last 24 hours happened on BSC. BUSD has grown to be the third-largest stablecoin by market cap at press time.
The post WazirX to Follow Binance in Converting Stablecoins to BUSD appeared first on BeInCrypto.


Indian crypto exchange WazirX has announced the delisting of major stablecoins Tether (USDT), Pax Dollar (USDP), and True USD (TUSD).
The post WazirX to Follow Binance in Converting Stablecoins to BUSD appeared first on BeInCrypto.


beincrypto.com

WazirX to Follow Binance in Converting Stablecoins to BUSD

The price of bitcoin has dropped 72.9% in USD value since the crypto asset’s all-time high ten months ago and recently, bitcoin’s been trading for just under $19K per unit. This week two prominent crypto market influencers have been discussing how governments could suppress bitcoin markets by shorting the crypto asset. However, one of the individuals notes that the odds of doing so are “in the 0%-1% range.”
‘Enough Shorts in the System to Suppress Price’
Bitcoin’s price has been lower this week following the initial drop after the U.S. consumer price index (CPI) published last Tuesday which showed inflation was higher than expected. Moreover, the crypto economy, in general, could see another leg down after the U.S. Federal Reserve raises the benchmark bank rate.
The Crypto Fear and Greed Index (CFGI) shows sentiment has dropped from “fear” to “extreme fear” over the last day. On Saturday, the bitcoin analyst Willy Woo published a thread about the possibility of unlimited fiat and derivatives markets suppressing bitcoin prices.

The thread, called “A dummies guide to selling 42 million BTC,” talks about how Arthur Hayes created the first “BTC casino that real people used, trading billions per day.” Woo remarked that “Arthur gloriously opened the way for us to sell 10 BTC even when we only had 1 BTC — We just need people to take the other side of our bet,” Woo added.
After describing how Hayes created Bitmex in his own fashion, Woo discussed how CME Group, the world’s largest derivatives exchange, “launched a BTC casino where you could front USD to play.”
“Wall Street hedge funds loved that,” Woo’s Twitter thread notes. “What’s the limits on selling BTC now? Unlimited. Fiat is unlimited.” Woo further detailed that BTC had a $0.37 trillion market cap while the U.S. dollar is around $22 trillion.
The analyst added that $1.1 trillion was created during the last year and said the “theoretical shorting power with fiat” is colossal and that it’s “billions of BTC.” Woo stressed:
BTC doesn’t have to be killed, it just needs enough shorts in the system to suppress price. Without a large market cap, BTC doesn’t get to make global impact.

Taming Bitcoin
Woo isn’t the only person to discuss matters in this way, as a number of crypto proponents have said that bitcoin derivatives markets and even exchange-traded funds (ETFs) could harm BTC’s value. This fear has scared investors well before CME Group introduced BTC futures markets in 2017.
Years later, a few studies indicated that it was possible institutional investors could be manipulating bitcoin’s price. CME Group has exposure to a myriad of brokerage firms worldwide and this August, CME bitcoin futures swapped at the largest discount to spot prices since trades began in 2017.
In November 2017, the chairman emeritus of CME Group, Leo Melamed, told Reuters reporters that bitcoin was becoming a “new asset class.” However, Melamed also said it was “a very important step for bitcoin’s history” and that CME Group would “regulate, make bitcoin not wild, nor wilder.” Melamed further stressed:
We’ll tame it into a regular type instrument of trade with rules.

Alex Krüger Says Shorting Bitcoin’s Price so People Lose Interest Permanently Has a Low Probability
On Saturday, the economist, trader, and entrepreneur Alex Krüger tweeted that “governments could stop bitcoin pretty simply.” Krüger further added how it was possible. “Just short it. Keep it under $10,000 for a long while, [and] watch most people lose interest permanently. No need to bother with 51% attacks.” The economist also added that his statement was a copy and paste of the very statement he said in 2019, and that the probability of this type of thing happening is fairly low.
“Can it happen?” Krüger asked. “Sure can, I covered the mechanics in the original thread. Is it probable? I’d place the odds in the 0%-1% range.” Krüger also mentioned Willy Woo’s Twitter thread and when someone responded that it was “much more feasible to just ban PoW under climate control rhetoric,” Krüger replied: “100%.”
In Woo’s Twitter thread some people said that removing BTC from spot market exchanges was the best way forward. At the time of writing, crypto exchange data from cryptoquant.com indicates that there’s roughly 2.3 million BTC stored on centralized trading platforms.
“[Bitcoin] at a low price means more people buying [and] taking it off exchanges,” Dr Crypto Tony said. “This makes BTC more expensive. They can’t manipulate it like silver [and] gold because people have self-custody. Finite BTC makes it rise in price as more people buy and hold individually. Take [it] off exchanges.”
What do you think about the discussion regarding shorting bitcoin and governments suppressing bitcoin’s price? Let us know what you think about this subject in the comments section below.



























The price of bitcoin has dropped 72.9% in USD value since the crypto asset&#x2019;s all-time high ten months ago and recently, bitcoin&#x2019;s been trading for just under $19K per unit. This week two prominent crypto market influencers have been discussing how governments could suppress bitcoin ...

news.bitcoin.com

Can Unlimited Fiat and Governments Suppress Bitcoin’s Price? 2 Analysts Discuss the Theory and Odds

The decentralized derivatives exchange, GMX, saw the price of its native token plummet by 20% in the past 24 hours.
Even though the entire market is currently declining, there seems to be a more particular reason for the decrease in the GMX price.

Multiple popular analysts took it to Twitter to point out that there has been price manipulation of the AVAX/USD pair, later confirmed by the official account of the GMX exchange.

We were notified of price manipulation of AVAX/USD on reference exchanges by monitoring systems and community members.
While we revie the ocurrence, open-interest for AVAX has been capped at $2m long / $1m short.
GLP and GMX trading markets continue to operate normally.

We were notified of price manipulation of AVAX/USD on reference exchanges by monitoring systems and community members.
While we review the occurrence, open-interest for AVAX has been capped at $2m long / $1m short.
GLP and GMX trading markets continue to operate normally.
— GMX  (@GMX_IO) September 18, 2022


The price of GMX has taken a beating in response. The cryptocurrency is down 20% in the past 24 hours, currently trading below $40.
This also takes place amid a broader market pullback where the total capitalization plunged by 7.3% in the past day, currently sitting at around $940 billion.

The post GMX Plummets 20% on Worries of Price Manipulation of AVAX/USD on Reference Exchanges appeared first on CryptoPotato.

The price of GMX has taken a beating, trading at a 20% decline over the past 24 hours on worries of price manipulation of a certain trading pair. 

Binance USD price	$0.999614
Low - High 24H	$0.994574 - $1.01
Market cap	$21.05B
Volume 24H	$6.82B
All time high	$1.15 -13.29% March 13th 2020
All time low	$0.901127 11.06% May 19th 2021
Genesis date	N/A

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