Wells Fargo, the third largest bank in the United States, has invested in one of the country’s new Bitcoin ETF products. According to a 13F-HR form submitted on Friday, the bank held exposure worth $143 million across three different Bitcoin investment products as of March 31. Wells Fargo Buys Bitcoin The vast majority of those funds were held with the Grayscale Bitcoin Trust (GBTC) – a Bitcoin spot ETF whose shares are designed to track Bitcoin’s spot price during traditional stock market hours. The fund directly backs its shares with a fixed amount of BTC, which gradually declines over time ..read more

Bitcoin (BTC) is rapidly evolving. While the Bitcoin network has primarily been used for payment transactions, current activity appears to be resembling that of Ethereum during the height of decentralized application (Dapp) projects.  The introduction of Bitcoin Runes and BRC-20 tokens  – which emerged during the time of the fourth Bitcoin halving event – has likely sparked the evolution of Bitcoin-native decentralized finance (DeFi). The Emergence of Bitcoin DeFi  Rena Shah, VP of Products at Trust Machines – a team focused on growing the Bitcoin economy – told Cryptonews that ..read more

Bitcoin Price Prediction Today, Bitcoin is trading at $60,620, marking a 4% decrease over the last 24 hours. The cryptocurrency’s recent uplift is attributed to dovish economic data from the U.S., hinting at possible Federal Reserve rate cuts. This anticipation has weakened the dollar and, in turn, boosted Bitcoin’s value. Additionally, significant inflows of $11.54 million into Bitcoin ETFs, like Grayscale and Bitwise, along with Trump’s positive remarks on cryptocurrencies, have further fueled the upward movement. Rising US Jobless Claims Boost Crypto Market Amid Rate Cut Hopes The latest U ..read more

The International Monetary Fund (IMF) recommended on May 10 that Nigeria regulate crypto trading platforms amid the African nation’s detainment of two Binance executives, according to a United Nations Thursday staff report. Nigeria Should Regulate Crypto Trading Platforms, IMF Report Says “Staff recommends that global crypto trading platforms be registered or licensed in Nigeria and subject to the same regulatory requirements applicable to financial intermediaries following the principle of same activity, same risk, and same regulation,” the report read. Nigeria has been in a financial crisis ..read more

The Financial Intelligence Unit of India (FIU-IND) revealed on May 10 that Binance and KuCoin successfully registered with the regulatory body on May 10. It should be noted that these two exchanges were among several offshore entities that were banned last year, which included Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. Crypto Exchanges Gain Credibility in India Vivek Aggarwal, the head of FIU-IND, said the approval marks a credibility shift for the cryptocurrency industry within the country. Aggarwal said that the unit plans to establish a working group in coll ..read more

Trading volume on major cryptocurrency exchanges has experienced a significant decline in April, coinciding with Bitcoin’s retreat from its all-time high. Spot trading volume on centralized exchanges like Coinbase Global, Binance, and Kraken dropped by 32.6% to $2 trillion last month, as reported by research firm CCData. Additionally, derivatives trading volume saw its first decrease in seven months, falling by 26.1% to $4.57 trillion. Trading Volume Declines Due to Tightening Financial Conditions The surge in trading volume witnessed earlier in the year, following the introduction of US exch ..read more

ADA to Rally 1,225%, XRP to Explode 260% and DOGE to Grow 250% – New Super Bullish Altcoin Forecasts Emerge / Source: Cryptonews As the crypto bull market eases midway through the second quarter of 2024, analysts are stepping forward to fight the FUD with new super bullish altcoin forecasts. Popular crypto account Altcoin Daily was out earlier this week with a long list of forecasts. My 2024 BULL RUN PEAK PRICE TARGETS! #crypto$BTC – 120,000$ETH – $8,800$SOL – $720$LINK – $120$BNB – $1800$ICP – $460$TAO – $2,100$ADA – $9$INJ – $220$RNDR – $80$DOT – $99$ONDO – $12$XRP – $5$DOGE – $1.90$TON ..read more

The White House is reportedly set to nominate Kristin Johnson, a commissioner at the Commodity Futures Trading Commission (CFTC), to fill a top role at the US Treasury Department overseeing banks, according to a May 9 report by Bloomberg. According to the report, Commissioner Johnson is endorsed to become the Assistant Secretary of the Treasury for Financial Institutions, with the announcement expected to be made public soon. CFTC Commissioner Expected to Coordinate with the US SEC If confirmed, Johnson will lead financial policies on credit unions, insurance, and consumer protection. She wil ..read more

The Cardano (ADA) price has reversed 4% lower on Friday, having once again found strong resistance at its 21DMA and amid comments from the crypto’s founder Charles Hoskinson that US President Joe Biden is trying to kill crypto. ADA was last changing hands around $0.445, with the 21DMA at $0.467 having blocked rallies for over a week. GM "The Biden administration is engaged in a coordinated effort to kill crypto." So tweeted Charles Hoskinson, creator of Cardano. "This November, if you vote for J. Biden as a crypto holder, understand that this administration's intention is to destroy the U.S ..read more

Digital asset advocacy group Stand With Crypto launched its own political action committee (PAC) on May 10, according to a Friday Reuters report. The committee will support pro-crypto politicians in the lead-up to the November 2024 elections. “The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November,” the digital asset organization’s Chief Strategist Nick Carr told Reuters. Stand With Crypto Launches PAC To Push Pro-Digital Asset Candidates So far, the group is banking a swath of diverse political candida ..read more