The line between a central bank digital currency and a centrally-managed, government-regulated stablecoin is thin, critics argue. United States congresswoman Marjorie Taylor Greene said that the GENIUS stablecoin bill creates a “backdoor” for the government to effectively create a central bank digital currency, veiled as privately issued crypto tokens. The lawmaker said that regulated stablecoins feature “functional surveillance capabilities,” which make them indistinguishable from CBDCs. In a separate social media post, she added: Rep. Greene’s comments echo a growing tide of individuals in the Bitcoin and crypto communities sounding the alarm on regulated stablecoins and the potential for these privately-issued tokens to become captured by the state. Read more
The decline of the US dollar and the loss of purchasing power due to fiat currency inflation will drive global demand for Bitcoin. Macroeconomic drivers, including the decline of the US dollar (USD), will dampen the effects of the Bitcoin (BTC) halving cycle, which is the source of the market booms and busts that have been a feature of BTC since 2009, according to investor and founding partner of venture capital (VC) firm Draper Associates, Tim Draper. “Between 10-20 years from now, the dollar will be extinct,” Draper told Cointelegraph in an interview. “The world is changing, and we are watching it happen. We are right in the center of an anthropological leap forward,” he added. Draper said investors increasingly view Bitcoin as an “escape valve” against poor governance, distrust of banking institutions, fiat currency inflation, and geopolitical tensions, which are all driving global adoption of the supply-capped digital currency. The VC added: Read more
The cybersecurity exploit occurred due to a "sophisticated server breach," CoinDCX CEO and co-founder Sumit Gupta announced on Saturday. Indian cryptocurrency exchange CoinDCX was hacked on Friday, leaving the exchange drained of $44 million. The hackers compromised one of CoinDCX’s internal accounts used for “liquidity provisions” with another exchange through a server breach. No user funds were affected due to the exploit, according to CoinDCX CEO Sumit Gupta. The CEO also said that all customer funds remain safe and wrote: Read more
The FHFA directive on crypto in mortgage risk assessments risks excluding self-custodied assets, potentially increasing counterparty risk for homebuyers. Opinion by: Margaret Rosenfeld, chief legal officer of Everstake The Federal Housing Finance Agency’s (FHFA) recent directive to explore how cryptocurrency might be included in single-family mortgage risk assessments is a welcome and long-overdue step. If implemented, it could allow long-term crypto holders to use their digital assets when qualifying for a mortgage without being forced to liquidate them. Read more
Multiple chart technicals and indicators suggest that XRP price has the potential to stage a parabolic rally over the next few weeks. Key takeaways: XRP price just hit multiyear highs of $3.66, but technicals suggest there’s more room to run. Multiple XRP charts signal a potential “explosive” move, targeting $7-$20 if key resistances are broken. Read more
Spot Bitcoin ETFs have attracted over $6.6 billion in 12 days, boosting assets under management to $152.4 billion. Spot Bitcoin ETFs recorded a net inflow of $363 million on Friday, marking the twelfth consecutive day of net inflows amid strong investor interest. BlackRock’s iShares Bitcoin Trust (IBIT) led the inflows with a net addition of $496.75 million, strengthening its position as the largest spot Bitcoin (BTC) ETF with $86.50 billion in assets, according to data from SoSoValue. Fidelity’s Bitcoin ETF (FBTC) experienced a slight outflow, losing $17.94 million, while Grayscale’s Bitcoin Trust (GBTC) saw a larger outflow of $81.29 million despite managing $21.45 billion in assets. Ark’s Bitcoin Strategy ETF (ARKB) recorded a net outflow of $33.61 million. Read more