Title: Larry Fink Encourages Crypto Adoption, Gemini Files Lawsuit, Binance CEO Predicts Bull Run, UK Government Targets Crypto
Subtitle: Bitcoin Performance Remains Bullish Despite Recent Setbacks
Larry Fink, CEO of BlackRock, Advocates for Cryptocurrency as an International Asset
In a recent statement, Larry Fink, the CEO of investment firm BlackRock, expressed his support for cryptocurrencies and emphasized their potential to play a significant role in the global financial system. Fink described Bitcoin as an “international asset” and urged U.S. regulators to consider the development of an exchange-traded fund (ETF) directly linked to Bitcoin. Fink believes that such an ETF could democratize finance in the United States. BlackRock has partnered with Coinbase to launch a spot BTC ETF, pending approval from the U.S. Securities and Exchange Commission (SEC).
Gemini Files Lawsuit Against Digital Currency Group (DCG) and Barry Silbert
Cryptocurrency exchange Gemini has initiated legal action against the Digital Currency Group (DCG) and its CEO, Barry Silbert, accusing them of committing fraud against creditors. The lawsuit stems from a partnership between Gemini and DCG subsidiary Genesis, which operated an Earn program for crypto lending. Gemini co-founder Cameron Winklevoss recently published an open letter criticizing Silbert for allegedly evading responsibility while owing significant sums to investors. The lawsuit seeks accountability and restitution for the affected parties.
Binance CEO Predicts the Next Bitcoin Bull Market
Changpeng Zhao (CZ), the CEO of Binance, has offered his prediction for the next Bitcoin bull market. In a Twitter “ask me anything” session, CZ highlighted the historical pattern of Bitcoin’s price movement, which has shown four-year bull cycles. He identified the upcoming Bitcoin halving event in 2024 as a catalyst for the next bull market. While CZ acknowledged that future predictions hold uncertainty, he suggested that 2025 was the likeliest year for the next significant price surge.
UK Government Progresses Bill to Enhance Authorities’ Power Over Cryptocurrency
Lawmakers in the United Kingdom are advancing legislation aimed at empowering authorities to combat the use of cryptocurrency for illicit activities. The bill would grant greater flexibility to law enforcement agencies in terms of confiscating and recovering crypto assets involved in criminal activities. It would also reinforce the government’s jurisdiction over digital assets associated with terrorism or related threats. The bill will undergo further consideration and amendments before receiving royal assent.
Low Employee Satisfaction Recorded at Major Crypto Exchanges
A quadrant chart from tech recruitment firm TrueUp, based on Glassdoor data, indicates that crypto exchanges such as Binance, Coinbase, and Gemini have some of the least satisfied employees in the industry. Gemini, Binance, and Coinbase rank at the bottom among over 27 crypto firms evaluated for employee happiness. Binance attributed the results to its “hardcore” work culture, cautioning against drawing firm conclusions from the data. Experts suggest interpreting the findings with caution due to potential biases.
Bitcoin Remains on Bullish Path Despite Recent Setbacks
Bitcoin experienced a temporary setback this week as it failed to break through new yearly highs, falling back below the $30,000 mark. However, analysts believe that the overall bullish narrative remains intact, with retracements and sideways trading expected. A pseudonymous trader known as TraderKoz urged investors to consider the bigger picture and not be discouraged by short-term pullbacks. The trader highlighted the long-term bullish trend in Bitcoin’s weekly chart and suggested that buying dips may be a viable strategy.
FUD of the Week: Concerns Over Large Outflows and Potential Exploit
Abnormal outflows from the Multichain multi-party computation (MPC) bridge platform have raised concerns of a potential exploit. Over $100 million worth of crypto was withdrawn from the Fantom bridge on the Ethereum side, prompting speculation among blockchain experts. The Multichain team confirmed the unusual movements and stated that an investigation is currently underway.
Coinbase Users Targeted by Scammers Using Email Deception
Reports have emerged of scammers targeting Coinbase users through phishing attacks and spoofing the company’s domain name. The scammers, using the email address “[email protected],” attempt to deceive users and gain unauthorized access to their accounts. Coinbase has warned users about such fraudulent activities and assured them that scammers will face prosecution.
BarnBridge DAO Suspends Operations Amid SEC Investigation
BarnBridge DAO, a decentralized autonomous organization, has announced a pause in all project-related activities following an investigation by the U.S. Securities and Exchange Commission. The DAO’s lawyer, Douglas Park, revealed the news to members on the platform’s Discord channel. All BarnBridge products, including liquidity pools, are currently on hold. DAO members will not receive compensation stemming from the organization’s investment efforts.
——-
Disclaimer: The above article is for informational purposes only and does not constitute financial or investment advice. Please conduct your own research before engaging in any cryptocurrency investments.