Pantera Capital predicts Bitcoin’s price, Binance’s traditional financial partners are heading for the exits, and North Korean hackers are cashing out millions in stolen crypto? This week we bring you these stories and more in cryptocurrency.
Bitcoin’s most oversold level since the coronavirus outbreak
Technical indicators showed Bitcoin was extremely oversold after falling more than 10% as investors preferred rising bond yields over risky assets. Bitcoin’s relative strength index (RSI) fell below 30, the lowest level since the COVID-19 outbreak in March 2020. A reading below 30 means prices have fallen too quickly compared to recent averages.
Pantera Capital Reveals BTC Price Prediction
Hedge fund manager Pantera Capital predicts that if history repeats itself, Bitcoin will reach $35,000 before next year’s halving and eventually rise to $148,000 in 2025. In a letter to investors, Pantera planned its forecasts based on the duration and gains of previous halving rallies, the letter states, after the recent 15 months saw the longest annual negative return in Bitcoin history.
“Our view is that we have seen enough. There is only so long the market can go down.”
Binance is cutting ties with TradFi partners
Binance.US currently uses payments startup MoonPay, a fiat payment gateway, to facilitate dollar payment solutions. Exchange customers have been unable to deposit or withdraw dollars for over a month as Binance has struggled to find willing banking partners. Meanwhile, Mastercard will close four Binance cryptocurrency card programs in Argentina, Brazil, Colombia, and Bahrain at the end of September.
OpenSea’s first NFT insider trading case
OpenSea’s former head of product was sentenced to three months in prison for making tens of thousands of dollars through insider trading. Nathaniel Chastain was a product manager who handpicked NFTs to display on his homepage, driving up prices while also trading those NFTs, earning him nearly $57,000. The prosecution requested a two-year term, but the judge reduced the sentence on the grounds that the gains and losses were small.
Thailand threatens to shut down Facebook over cryptocurrency fraud
The Thai government threatened Meta to shut down Facebook over cryptocurrency fraud. Thailand’s digital minister said he would seek a court order if platforms failed to take action against fraud that is believed to have defrauded more than 200,000 people in the country. A popular tactic used by scammers has included cryptocurrency scam ads featuring images of celebrities and promises of investments.
Shopify merchants accept USDC payments
Shopify will soon allow merchants to accept USDC using Solana Pay. With Shopify accounting for 10% of U.S. e-commerce, or $444 billion, this move could reshape the sector by boosting the adoption of cryptocurrency payments and stablecoins. The company’s Web3 extension includes blockchain commerce tools and features to help merchants build token-gating applications.
Cayman Islands Golden Visa (Includes BTC Loan)
Financial services company Ledn is helping cryptocurrency users secure golden visas by investing in real estate in the Cayman Islands. Ledn allows Bitcoin holders to use BTC as collateral for island real estate investments through a partnership with local real estate brokerage Parallel. Think you like island life? A $2.4 million real estate investment brings permanent residency to the Caymans.
North Korean hackers prepare to cash out cryptocurrency
The FBI believes North Korean hackers are preparing to cash out millions of dollars in stolen cryptocurrency through a series of high-profile attacks. The FBI is tracking more than $40 million worth of Bitcoin stolen from six Bitcoin addresses by the Lazarus Group and has asked the cryptocurrency organization to investigate related blockchain data.
This is what happened in the cryptocurrency market this week. I will see you next week.