FDIC Eases Crypto Rules for Banks
The U.S. Federal Deposit Insurance Corporation (FDIC) has relaxed restrictions on banks engaging with crypto-related businesses, making it easier for them to offer digital asset services. The decision marks a shift in regulatory stance, allowing banks to explore new revenue streams while maintaining oversight. Proponents argue this will foster innovation, while critics warn of potential risks to financial stability. The move is expected to drive greater institutional adoption of cryptocurrencies. (BankingDive)
South Korea Considers Opening Crypto Market to Foreign Investors
South Korea is exploring the possibility of allowing foreign investors greater access to its local crypto market, provided anti-money laundering (AML) regulations are strengthened. Officials believe stricter compliance measures could help mitigate risks while attracting international capital. The discussions come as South Korea navigates the balance between innovation and regulatory oversight in its growing crypto sector. (The Block)
XRP Maintains Support Level, Eyes Potential Surge
XRP is holding above the crucial $2 support level, with analysts predicting a potential 73% rally based on a bullish chart pattern. Market sentiment has improved amid growing institutional interest and speculation over regulatory clarity. While XRP bulls see this as a buying opportunity, skeptics warn that resistance levels could stall upward momentum. Traders are closely watching volume trends for confirmation of the breakout. (CoinTelegraph)
Trump Sons Launch New Bitcoin Subsidiary, ‘American Bitcoin’
Eric Trump and Donald Trump Jr. are launching a new Bitcoin-focused subsidiary called American Bitcoin under the mining firm Hut 8. The move aims to expand Hut 8’s presence in the U.S. and aligns with a broader effort to make Bitcoin a national strategic asset. The Trump sons are expected to help shape the company’s policy and branding direction as it enters the political and financial spotlight. The launch signals growing political interest in crypto as the 2024 election cycle nears. (Fortune)
Cardano Holds $0.68
Cardano (ADA) has maintained support at $0.68, with traders assessing its next price movement. Some analysts predict a bullish breakout if ADA sustains this level, while others warn of potential downside if market conditions worsen. The network’s ongoing development and staking rewards continue to attract long-term investors. However, overall sentiment in the altcoin market remains mixed. (TradingView)
U.S. Senator Proposes Bitcoin Mining Law Using Wasted Gas
U.S. Senator Ted Cruz has introduced a bill advocating for Bitcoin mining operations to be powered by excess natural gas. The proposal aims to reduce energy waste and promote sustainable mining practices by utilizing otherwise flared or stranded gas. Supporters argue that this could help bridge the gap between the crypto industry and environmental concerns. However, critics question its feasibility and long-term impact. (Crypto-Economy)
Metaplanet Issues $13M Bond to Buy More Bitcoin
Japanese investment firm Metaplanet has issued a $13 million zero-coupon bond to increase its Bitcoin holdings. The move aligns with its strategy of using traditional financial instruments to acquire crypto assets. The firm sees Bitcoin as a hedge against economic uncertainty, following a similar playbook to MicroStrategy. This highlights the growing trend of institutional Bitcoin accumulation. (CoinDesk)
