Digital Currency

Deutsche Bank’s investor clients mostly see limited upside in bitcoin (BTC) this year and expect a decline towards $20,000-$40,000 in 12 months. Those are the highlights of a monthly market survey conducted by the German lender March 18-22 of 520 market professionals around the world. Bitcoin has been trading in a sideways range over the past week after failing to sustain an all-time-high around $61,000 reached earlier in the month. The 12-month BTC price forecast is more evenly distributed versus the three-month forecast, though a majority (52%) of respondents see prices under…

Bitcoin (BTC) trading around $54,771.18 as of 20:00 UTC (4 p.m. ET). Slipping 0.63% over the previous 24 hours. Bitcoin’s 24-hour range: $53,577.33-$57,225.30 (CoinDesk 20) BTC trades below its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market technicians. Bitcoin trading on Coinbase.Source: TradingView The “Elon Candle” effect on bitcoin appears to be short-lived. The market jumped early Wednesday after Tesla CEO Elon Musk announced the electric vehicle maker plans to now accept bitcoin as a payment option, and that it won’t convert any receipts of the cryptocurrency back into…

They call it “max pain” in the bitcoin options market: How to make one’s trading counterparty suffer the most. Although the largest cryptocurrency was changing hands Wednesday around $56,500, traders were handicapping the odds of a plunge to about $44,000 by Friday, when a record $6 billion of options contracts is set to expire. A drop to that price level would inflict “max pain” on buyers of options contracts, and it might be the most profitable price point for options sellers. It’s a remote risk, but not one to be discounted. The…

Canada’s tax authority, the Canada Revenue Agency (CRA) has prevailed in a court battle for access to a trove of high-value customer data held by cryptocurrency exchange Coinsquare. And the CRA seems to be coming for more. Under a federal judge’s March 19 order, Coinsquare must hand over detailed information on its Canadian customers, their crypto trading activity and identifying information to the Canada Revenue Agency (CRA). Coinsquare told CoinDesk that it will disclose information on an estimated 5% to 10% of its 400,000 customers to the CRA, which had originally…

Uniswap has licensed the third iteration of its code bank in an apparent move to ward off would-be copycats. The white paper for v3 of the decentralized exchange (DEX) was released Tuesday. In a possible nod to rival project SushiSwap – which copied Hayden Adams’ creation bit by bit – the Brooklyn, N.Y.-based team’s blog post included one section detailing a “business source license” that acts as a time delay for commercial use of the code “for up to two years.” After that point, the code will remain in an open-source GPL license “into…

Digital-asset traders and analysts were scrambling Tuesday to assess a fresh data point extracted from the Bitcoin blockchain: Some $806 million worth of the cryptocurrency apparently transferred earlier in the day off of the Coinbase exchange’s institution-focused unit, Coinbase Pro. The jury is out on what it means. It could be that a large investor or several just completed a fresh round of buying and now are taking the bounty off the exchange for long-term holding or other purposes. Or it might be something else more innocuous, such as an…

The digital economy is an intelligent stage characterized by the deep mining and integrated application of blockchain, artificial intelligence and big data. In the face of new social conditions, the digital economy is booming, giving full play to the benefits of technological innovation and changing the current technology The way of application is to give play to the empowering role of technology to society. Under the wave of blockchain technology, the breakthrough in the financial field is epoch-making. Various forms of “blockchain+” applications have been launched. Blockchain technology has accelerated…

Decentralized finance (DeFi) idealists want to create perfectly free financial ecosystems that can’t be subverted by governments, corporations or regulators. They also want their decentralized nirvana to be equipped with stablecoins so users can be protected from price craziness. Therein lies the contradiction. J.P. Koning, a CoinDesk columnist, worked as an equity researcher at a Canadian brokerage firm and a financial writer at a large Canadian bank. He runs the popular Moneyness blog. Are decentralized anarchic systems, those that have no link to existing centralized institutions, capable of creating stability?…