Let’s kick off the week’s communication with a piece of news with a philanthropic flavor. Rivemont Investments just announced this morning a $ 74,000 donation to the Université du Québec en Outaouais Foundation’s “Seeing the Bigger Together” fundraising campaign. This support allows UQO to launch its first trading room for the benefit of the student community and teaching staff who will have real hands-on experience in portfolio management as if it were on the stock exchange floor. Martin Lalonde, president of the company, was delighted with this commitment. “Participating in the establishment of this trading room and being able to contribute in my own way to stimulate the passion of UQO students for finance and stock exchanges, everything that touched me. And giving back to UQO is important. I urge companies in the region to do the same. “
After a record nine consecutive bearish weeks for bitcoin, the trend was finally broken. While we’re still a long way from being able to speak of a convincing rebound, the last week ended was slightly bullish, just like the news so far. The price is more rippled than ever, sudden ups and downs that alternate, but do not allow the exit from the current consolidation channel.
Perhaps the most interesting news of the week is PayPal’s announcement that it now allows its users to transfer their bitcoin and ether reserves to wallets outside the service. “Starting today, PayPal supports the native cryptocurrency transfer between PayPal and other wallets and exchanges,” the financial giant said in a statement. This feature is already active for many users and will generally be active within two weeks.
PayPal first launched its cryptocurrency offering in late 2020, allowing users to buy, sell and hold four cryptocurrencies – Bitcoin, Ethereum, Bitcoin Cash, and Litecoin – but not move funds to external destinations like other hardware exchanges or wallets. The fact that users can now do so is important because PayPal, which also owns the popular Venmo app, is used by hundreds of millions of people around the world to transfer money and is increasingly used by merchants as a payment platform. “The reason we’re in the cryptocurrency industry is that we believe a substantial portion of the trade will shift to digital currencies,” said Jose Fernandez da Ponte, the company’s vice president of business development. Although the volume of trading has fallen from last year’s price drop, da Ponte is not worried. “There is a lot of talk about a new crypto winter, but it’s important to look further. The macro trend [d’une large adoption de la crypto] he is not disturbed “.
The native token of the Binance exchange – BNB – has long been one of the highest paid crypto assets to hold. Its launch five years ago via Initial Coin Offering contributed significantly to the growth of the company. However, this ICO is now undergoing a new review by US financial regulators. In fact, according to the anonymous races cited by Bloomberg yesterday, the Securities and Exchange Commission (SEC) goes back to Binance Coin origins for potential securities regulatory violations. The news of the investigation comes when Reuters released the results of an unrelated investigation in which the news service claims that at least $ 2.35 billion of illicit funds were laundered by Binance between 2017 and 2021.
BNB was created in July 2017 as an ERC-20 token on the Ethereum chain before moving to a separate Binance chain. The initial offering of 100 million tokens at 15 cents per token raised $ 15 million. BNB is currently the fifth largest cryptocurrency, with a total capitalization of $ 47 billion and a 24-hour trading volume of $ 1.4 billion at the time of writing.
Two US lawmakers have tabled a bipartisan bill that would require members of Congress to declare their holdings in cryptocurrencies. The Cryptocurrency Liability Act (Cryptocurrency Liability Act) would require members of Congress to declare any purchase, sale, or exchange of digital assets in excess of $ 1,000. They should also report cryptocurrency transactions made by their spouses and dependent children.
From the state side now, note that the New York governor has not yet committed to signing the law banning bitcoin mining. Kathy Hochul, rather than publicly supporting the controversial Anti-Type Mining Project proof of work in the state, however, he said his team will look “closely” at the proposal in the coming months. At this point, it appears the Democrat has no intention of rushing its decision and has more fish to fry in the June 28 primary.
One of the largest holders of bitcoin is undoubtedly the American company MicroStrategy. Kate Rooney analyzed the structure of this placement that started in August 2020. We learn that MicroStrategy has accumulated more than 129,000 bitcoins, but with a debt of over 2.4 billion dollars. This debt includes $ 1.7 billion of senior convertible bonds, $ 500 million of debt in the form of senior secured securities offering a 6.1% interest rate, and a $ 205 million bitcoin-backed loan.
66% of bitcoin’s circulating supply hasn’t moved in the last year, which represents an all-time high for this indicator. While the latter has little impact on short-term price action, it is a macro indicator showing that holder conviction, as well as its percentage to speculators, are both at historic levels.
(credit: Dan Held via Twitter)
As has historically been the case in bear market times, bitcoin’s overall market dominance index continued to rise this week. It now exceeds 47%.
Currently, bitcoin continues to struggle to stay north of $ 30,000. If we break through the consolidation channel of the rebound, the next two obvious resistances would be the May 31 high at $ 32,380 and then the 50-day moving average at $ 33,175.
This article was brought to you by Fonds Rivemont. The Rivemont cryptocurrency fund is the first and only actively managed cryptocurrency fund in Canada. Suitable for RRSP and TFSA. Accredited investors can find out more here.
Disclaimer: This column does not necessarily reflect the opinion of CryptonewsFR and does not constitute investment advice or trading instructions..
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