SEC, CPI and a ‘strong rebound’ — 5 things to know in Bitcoin this week

CointelegraphPubblicato 2023-06-13Pubblicato ultima volta 2023-06-13

Introduzione

Bitcoin faces a week full of potential price triggers — both up and down — as BTC price action drops below a major trend line.

Bitcoin starts a “massive” week in a precarious position as key support stays out of reach for bulls.

After fresh losses across crypto markets over the weekend, BTC/USD closed the week below $26,000 for the first time in three months.

Both Bitcoin and altcoins continue to struggle thanks to legal battles raging in the United States and their impact on market sentiment.

Fragile markets will now encounter a slew of volatility triggers, however, as U.S. macro data releases accompany the next steps in the crypto legal debacle.

In what promises to be five days full of surprises, traders will likely experience none of the lackluster sideways price action characteristic of crypto markets before the recent upheaval.

How will the coming week shape up? Cointelegraph looks at the major things to consider when it comes to Bitcoin and wider crypto market price action.

Bitcoin loses key trend line, but some remain bullish

Bitcoin’s price closed the weekly candle in a disappointing position thanks to last-minute downside wiping value from crypto as a whole.

The removal of various altcoins by certain trading platforms concerned about U.S. legal ramifications sent prices tumbling, leading BTC/USD to its lowest weekly close since mid-March, data from Cointelegraph Markets Pro and TradingView shows.

BTC/USD 1-day candle chart on Bitstamp. Source: TradingView

In doing so, the pair also locked out the 200-week moving average (MA) as support.

“A BTC Weekly Candle Close below the 200-week MA could confirm it as a lost support,” trader and analyst Rekt Capital warned beforehand.

“In that case, $BTC could relief rally into the MA next week, potentially to flip it into new resistance. This sort of turn of technical events could precede additional downside.”

BTC/USD annotated chart. Source: Rekt Capital/Twitter

Michaël van de Poppe, founder and CEO of trading firm Eight, held similar concerns about the fate of the total crypto market cap.

Letture associate

Bank of Russia Suspects Owners of 2600 Crypto Wallets of Illegal Activity

The Central Bank of Russia has identified 2,600 cryptocurrency wallets suspected of involvement in illegal activities, with transactions totaling approximately 1 billion rubles. These wallet addresses have been added to a specialized information system accessible to government agencies and law enforcement. This system acts as a blacklist, allowing banks to block transactions linked to these addresses. According to the regulator, 74% of the cases involve digital assets used by financial pyramids and fraudsters. Common schemes include fake cryptocurrency and mining investments, fraudulent data centers, and forced purchases of scam tokens. The Central Bank also highlighted the popularity of crypto-loan services, where Russians borrow USDT stablecoins to bypass the official financial system. New tactics involve scammers creating fake websites to sell tickets for rapper Kanye West's upcoming concerts in Russia, accepting only cryptocurrency. Security experts identified at least 10 such domains. This follows earlier reports of fraudsters offering fake access to cryptocurrency trading through the Moscow Exchange.

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Bank of Russia Suspects Owners of 2600 Crypto Wallets of Illegal Activity

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Three Mining Farms to Be Built in Uzbekistan as Part of $5 Billion Project

Uzbekistan is constructing data centers for cryptocurrency mining as part of a project valued at over $5 billion, according to local reports. Amanbay Orynbayev, Chairman of the Supreme Council of Karakalpakstan, announced this during the launch of new industrial facilities. He stated that six data centers are being built in the Karakalpakstan region, which is being transformed into a designated mining zone. Three of these centers will specifically be used for cryptocurrency mining. The total investment for the project is $5.11 billion. The creation of this special economic zone, named Bes Qala Mining Valley, was announced in April to boost the region's investment appeal, create jobs, and develop green energy. Key incentives for miners include a tax exemption on their income until January 1, 2035, and access to electricity from the national grid, renewable sources, and hydrogen power plants. They are also permitted to set up greenhouses heated by waste heat from mining operations. To support the initiative, a major $3.3 billion wind power plant is being built in partnership with Saudi Arabia's ACWA Power. Two other wind farms, Nukus I and II, worth over $370 million, have already been launched. Orynbayev highlighted significant regional growth, noting a 2.5-fold increase in entrepreneurs and a 500-fold rise in foreign investment over the past decade.

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Three Mining Farms to Be Built in Uzbekistan as Part of $5 Billion Project

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Bitfinex Securities Completes Record $50M Capital Raise in Tokenized Form

Bitfinex Securities has completed a record $50 million capital raise in tokenized form for the metallurgical company Alkemya. This is the platform's largest raise to date, expanding its offerings of real-world tokenized assets (RWA). The funds were raised using ALKN, a tokenized security representing a stake in Alkemya Metacore SCSp, a Luxembourg-based partnership that owns approximately 7 million meters of 99.99% pure nickel wire, independently valued at around $1.64 billion. The $50 million raise surpasses Bitfinex Securities' previous record of $30 million for a US Treasury-based tokenized product. To date, the platform has completed seven capital raises and listed 16 assets. According to Alkemya, ALKN is its first tokenization project. The token provides investors with fractional ownership stakes in the partnership, which are digitally transferable, allowing Alkemya to raise capital against its nickel assets. The raised funds will be used to commercialize specialized nickel products, particularly for semiconductor applications. Additional ALKN tokens will be available to qualified investors via Bitfinex Securities until October 15. Secondary trading will commence no earlier than after the completion of the next funding tranche.

cryptonews.ru11 min fa

Bitfinex Securities Completes Record $50M Capital Raise in Tokenized Form

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Bitcoin faces true demand test above $83K as liquidity thickens: Glassnode

According to Glassnode, Bitcoin faces a significant test of genuine demand above $83,000 as key overhead resistance thickens between $81,000 and $86,000. This zone contains a substantial supply of coins held by long-term holders who bought during the drawdown and are now at breakeven, posing a major selling risk. Additional resistance comes from new ask liquidity on exchanges and critical technical levels, including the dealer gamma flip point and a liquidation shelf. Furthermore, multiple major trend lines—the 50-week and 100-week exponential moving averages and the 365-day volume-weighted average price—are converging around the current price area, reinforcing its importance. Analysts suggest that for a sustained bullish trend to be confirmed, Bitcoin must convincingly overcome this resistance band and hold above the 50-week EMA.

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Bitcoin faces true demand test above $83K as liquidity thickens: Glassnode

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Robinhood Chain's DeFi Long March: Replicating the Ethereum Classic, Reshaping the RWA Financial Landscape

Robinhood Chain is evolving from a primary hub for meme coins into a diversified DeFi ecosystem. Core DeFi primitives—AMM, CLOB, lending, perpetual contracts, ve(3,3), and OHM-style protocols—are being deployed and adapted for new assets, particularly tokenized stocks and RWAs. Key developments include Uniswap (V2/V3/V4) dominating as the core AMM and liquidity layer, with V4 enabling programmable pools. Deepstate introduces a fully on-chain order book (CLOB) model for efficient price discovery, suited for traditional assets. Lending protocols like Morpho and Arrow Finance allow users to earn yield on stablecoins and use tokenized stocks as collateral for loans. Perpetual DEXs like Lighter and Arcus support crypto and tokenized stocks as both trading pairs and margin collateral, with Arcus further tokenizing positions for DeFi composability. The ve(3,3) model is implemented by protocols like UponRH, which ties token emissions to actual trading fees, and Fables, which uses Uniswap V4 hooks for dynamic fee markets tailored to RWAs. NetNet offers an OHM-style reserve currency protocol with code-enforced parameters and a Risk-Free Value (RFV) backed by stable assets. The overarching trend is the growing composability of traditional financial assets (like stocks) within Robinhood Chain's DeFi landscape, moving beyond mere replication of existing models to create tailored financial infrastructure for RWAs.

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Robinhood Chain's DeFi Long March: Replicating the Ethereum Classic, Reshaping the RWA Financial Landscape

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