Bitcoin price fails $38.5K breakout as US GDP fuels Fed hard landing woes

Bitcoin (BTC) shrank back from resistance after the Nov. 29 Wall Street open as United States GDP figures beat expectations.

BTC/USD 1-hour chart. Source: TradingViewGDP sets tone for macro-sensitive crypto

Data from Cointelegraph Markets Pro and TradingView followed a familiar BTC price retracement on short timeframes.

Bitcoin bulls had managed to propel the market above $38,000 the day prior, only to flip flop around that level before ultimately dropping as U.S. macro data hit.

This showed Q3 GDP accelerating beyond anticipated levels, coming in at 5.2% versus 4.9%, respectively.

This renewed concerns over how the Federal Reserve might handle policy ahead of an interest rates decision in…

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Paxos receives in-principle approval to issue stablecoins in Abu Dhabi

Crypto firm Paxos has secured in-principle approval from Abu Dhabi’s regulator on two fronts: to issue stablecoins and conduct digital asset services.

In a Nov. 29 announcement, Paxos said the Financial Services Regulatory Authority in the Abu Dhabi Global Market had granted in-principle approval for the company to issue U.S. dollar-backed stablecoins, as well as “offer crypto-brokerage and custody services” in the Emirate. The approval followed a similar move by regulators in Singapore, where Paxos said its local entity would launch a U.S. dollar-backed stablecoin.

“Our IPAs from the FSRA, on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to…

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Botanix Labs Launches First EVM-Equivalent Layer 2 Testnet on Bitcoin

Botanix Labs has officially launched the first-ever fully decentralized Ethereum Virtual Machine (EVM) equivalent Layer 2 on Bitcoin, according to a press release sent to Bitcoin Magazine. This represents over a year of dedicated research and development by the team, with a focus on enhancing user experience.

“We want to make it as easy as possible to start building on Bitcoin,” said Willem Schroe, the Founder and CEO of Botanix. The initiative stems from the team’s ambition to propel Bitcoin beyond its status as the pinnacle of digital currency and position it as the cornerstone of a novel decentralized financial ecosystem.

At the core of this initiative is Spiderchain, a decentralized…

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BITO hits asset peak as possible spot bitcoin ETF approval looms

The first and largest bitcoin futures ETF is the biggest it’s ever been. 

The ProShares Bitcoin Strategy ETF (BITO) reached $1.47 billion assets under management on Tuesday — its highest mark ever.

BITO had quickly grown above $1 billion in assets after launching in October 2021, reaching as high as $1.42 billion in assets the following month, according to YCharts.com. 

But the fund’s assets had sunk to as low as about $500 million in November 2022 amid the collapse of crypto exchange FTX — an event that spurred bitcoin price declines. 

BITO AUM chart

Its assets under management stood at $850 million as recently as Oct. 12, the YCharts data shows. The fund has seen net…

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SoFi shutters crypto trading following Fed regulation

SoFi, an online banking platform, has announced that it is discontinuing its cryptocurrency trading service. Customers were notified of this decision via an email sent on Wednesday morning.

The company’s existing crypto customers will have the opportunity to migrate their assets to Blockchain.com, known primarily for its digital wallet services.

SoFi, a high-yield savings account provider-cum-investing platform, first offered crypto trading in 2019. Until recently however, it has been managing its operations under a two-year conditional approval granted by the Federal Reserve.

The San Francisco-based bank appears to be the first domino to fall following the Fed’s “novel activities…

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Everyone Needs An Uncle Jim

The recent decision by Wallet of Satoshi to stop serving customers in the United States brings us to a crossroads in the evolution of Lightning’s use as a consumer tool. While it is trusted and custodial, Wallet of Satoshi has been invaluable in giving casual users a functional and reliable tool for small value payments made across the Lightning Network. This departure from serving the US will leave a massive hole in the Lightning toolbox for American Bitcoiners.

Custodial tools are not the ideal type of tool, especially for anything beyond small amounts, but it is impossible to deny they have a place in this ecosystem. They are not for everyone, and certainly not in my opinion for…

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Satoshi Orderbook Saturn Raises $500,000 in Pre-Seed Funding Round

Saturn, a non-custodial peer-to-peer orderbook for satoshis, has successfully concluded its pre-seed funding round, securing over $500,000 in investments, according to a press release sent to Bitcoin Magazine.

This raise was accomplished under the leadership of venture capital firm Big Brain Holdings, alongside the valued participation from UTXO Management, Kelsier Ventures, BOOGLE Syndicate, and various strategic web3 angel investors.

“We are honoured to partner with such prestigious entities in the financial and technological sectors,” Saturn’s official X (Twitter) account, stated. “Their combined industry knowledge, expertise, and networks are indispensable to our mission. This…

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FutureBit Announces Apollo II Line of Personal Miners

FutureBit, a renowned innovator in consumer-centric Bitcoin products, today announced the Apollo II, a revolutionary personal home mining device. This new launch marks a significant stride in FutureBit’s journey to introduce efficient, potent, and user-friendly mining products for household use. The Apollo II is a fusion of the latest 5nm ASIC technology and a modern, intuitive design, establishing a new benchmark in the personal Bitcoin mining industry.

Accompanying the Apollo II is the newly enhanced Apollo OS 2.0, featuring an integrated personal mining pool within the device itself. This innovation allows individuals, regardless of their technical expertise, to easily engage in solo…

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SoFi Technologies to cease crypto services by Dec. 19

United States personal finance company SoFi Technologies will end crypto trading services for its users by Dec. 19.

According to the Nov. 29 announcement, new crypto account openings on SoFi are suspended immediately. All existing SoFi crypto users must either migrate their accounts to Blockchain.com or close them. In addition, customers residing in Hawaii, Louisiana, New Jersey, Nevada, Tennessee, Texas or Virginia must liquidate certain altcoins unsupported on Blockchain.com prior to account transfers. New York clients of SoFi crypto must close their accounts by January 2024 due to the unavailability of Blockchain.com in the state.

The company did not state a reason for ending its crypto…

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