🔴 Crypto Enters E-Commerce | This Week in Crypto – Aug 28, 2023


Pantera Capital predicts a worth for Bitcoin, Binance’s conventional finance companions head for the exits, and are North Korean hackers cashing out thousands and thousands in stolen crypto? These tales and extra, this week in crypto.

Bitcoin’s Most Oversold Stage Since Covid Crash

After falling by over 10%, technical indicators present Bitcoin as being extraordinarily oversold as traders most well-liked elevated bond yields over risk-on property. Bitcoin’s relative power index, or RSI, dropped beneath 30, its lowest degree for the reason that Covid crash in March 2020. A studying beneath 30 implies that the worth has dropped too shortly relative to its current common.

Pantera Capital Revealed BTC Worth Prediction

Hedge fund supervisor Pantera Capital predicts Bitcoin to attain $35,000 earlier than subsequent yr’s halving occasion, and finally rally to $148,000 in 2025 – if historical past had been to repeat itself. In a letter to traders, Pantera mapped out its prediction based mostly on the size and positive factors of prior pre and put up halving rallies, and that after the current 15-month span of year-over-year unfavorable returns, the longest in Bitcoin’s historical past, the letter states

“Our view is that we’ve seen sufficient – there’s simply so lengthy markets might be down.”

Binance Is Reducing Ties with TradFi Companions

Binance.US is now using payment startup, MoonPay, a fiat-crypto fee gateway, to facilitate greenback funds options. Prospects of the trade had been unable to deposit or withdraw {dollars} for over a month, as Binance struggled to search out prepared banking companions. In the meantime Mastercard is ending four Binance crypto card packages in Argentina, Brazil, Colombia and Bahrain within the later a part of September.

First NFT Insider-Buying and selling Case at OpenSea

A former Head of Product at OpenSea received a three month prison sentence for making tens of hundreds of {dollars} by insider buying and selling. Nathaniel Chastain was a product supervisor who handpicked NFTs to be featured on the homepage which lifted the costs whereas additionally buying and selling these NFTs, for a revenue of almost $57,000. Prosecutors sought a 2-year time period, however the decide diminished it because of the modesty of the positive factors.

Thailand Threatens to Shut Down Fb Over Crypto Scams

The Thai authorities threatened Meta with the shutdown of Fb over crypto scams. Thailand’s digital minister mentioned he would search a court docket order if no motion is taken by the platform in opposition to such scams, which allegedly duped over 200,000 folks within the nation. Common techniques utilized by the scammers included crypto fraud advertisements with movie star photographs and funding guarantees.

Shopify Retailers to Settle for USDC Funds

Shopify will soon allow merchants to accept USDC utilizing Solana Pay. In as a lot as Shopify accounts for 10% of US e-commerce, or $444Bn, this transfer might reshape the sector, fueling crypto funds and stablecoin adoption. The corporate’s Web3 enlargement consists of blockchain commerce instruments and options to assist retailers construct tokengating purposes.

Cayman Islands Golden Visas with BTC Loans

Ledn, a monetary providers firm, is enabling crypto users to safe golden visas by investing in  actual property within the Cayman Islands. Ledn lets Bitcoin holders use BTC as collateral for island actual property investments by its partnership with native actual property company, Parallel. Assume you’d just like the island life? $2.4M in actual property investments provides everlasting residency within the Caymans.

North Korean Hackers Able to Money Out Crypto

The FBI believes that North Korean hackers are preparing to cash out millions of {dollars} in crypto that they stole by a sequence of high-profile assaults. The FBI tracked bitcoin value greater than $40 million stolen by the Lazarus Group to 6 Bitcoin addresses and have requested crypto organizations to look at associated blockchain information.

That’s what’s occurred this week in crypto, see you subsequent week.