Let’s kick off this week’s communication with a novelty with a philanthropic flavor. Rivemont Investments has just announced this morning a donation of $ 74,000 to the “See Big Together” fundraising campaign under the Université du Québec en Outaouais Foundation. This support allows UQO to launch its very first trading space for the benefit of the student community and the teaching staff, who will have real hands-on experience in portfolio management, as if they were on the stock market floor. Martin Lalonde, director of the firm, was pleased with this commitment. “To participate in the establishment of this trading space and in my own way be able to help stimulate UQO students’ passion for finance and the stock markets, all that touched me. And giving back to UQO is important. I invite companies in the region to do the same. »
After nine consecutive bearish weeks for bitcoin, the trend has finally been broken. Although we are still far from being able to talk about a convincing recovery, the last week that ended was a bit bullish, just like the news so far. The price is more chopping than ever before, sudden ups and downs appear in shifts, but do not allow exit from the current consolidation channel.
Perhaps this week’s most interesting news is PayPal’s announcement that it is now allowing its users to transfer their bitcoin and ether reserves to wallets outside the service. “As of today, PayPal supports native cryptocurrency transfer between PayPal and other wallets and exchanges,” the financial giant said in a statement. This functionality is already in place for many users and will generally be in place 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 money to external destinations like other hardware exchanges or wallets. The fact that users can now do this 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 are in crypto is because we believe that a significant portion of trading will switch to digital currencies,” said Jose Fernandez da Ponte, the company’s vice president of business development. While trading volume has fallen since last year’s price drop, then Ponte is not worried. “There is a lot of talk about a new crypto winter, but it is important to look beyond it. Macro tendencies [d’une large adoption de la crypto] is not disturbed ”.
The Binance Exchange’s native token – BNB – has long been one of the highest paying cryptocurrencies to have. Its launch five years ago via Initial coin offering has greatly contributed to the growth of the company. However, this ICO is now the subject of a new review by US financial regulators. In fact, according to anonymous breeds quoted by Bloomberg yesterday, Securities and Exchange Commission (SEC) returns to the origin of Binance Coin for potential violations of securities rules. The news of the investigation comes as Reuters published the results of an unrelated investigation in which the news service claims that at least $ 2.35 billion in illegal 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 first offer 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 U.S. lawmakers have introduced a two-party bill that would require members of Congress to declare their cryptocurrencies. Cryptocurrency Liability Act (Act on Liability for Cryptocurrency) will require members of Congress to declare any purchase, sale or exchange of digital assets over $ 1,000. They should also report cryptocurrency transactions made by their spouses and dependent children.
On the state side, you should now note that the governor of New York has not yet committed to signing the law banning bitcoin mining. Kathy Hochul, instead of publicly supporting the controversial Anti-Type Mining Project proof of work in the state said instead that his team will look “very closely” at the proposal over the next few months. At present, it appears that the Democrat has no intention of rushing her decision and that she has other fish to fry with the June 28 primary election.
One of the largest holders of bitcoins is without a doubt the US company MicroStrategy. Kate Rooney analyzed the structure of this positioning, which was initiated in August 2020. We thus experience that MicroStrategy has accumulated more than 129,000 bitcoins, but with a debt of more than $ 2.4 billion. This debt includes $ 1.7 billion of convertible bonds, $ 500 million in debt in the form of senior-secured bonds offering an interest rate of 6.1% and a $ 205 million loan backed by bitcoins.
66% of the circulating supply of bitcoins has not moved in the last year, which represents a record high level for this indicator. While the latter has little bearing on short-term price action, it is a macro indicator that shows that holders’ convictions, as well as its percentage relative to speculators, are both at historical 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 is still struggling to stay north of $ 30,000. If we were to break through the channel for bounce consolidation, the next two obvious resistances would be the highest on May 31 at $ 32,380 and then the 50-day moving average of $ 33,175.
This article was brought to you by Fonds Rivemont. Rivemont’s crypto fund is the first and only actively managed cryptocurrency fund in Canada. RRSP and TFSA justified. Accredited investors can learn 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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