There Is A $100 Million Bitcoin-Focused Fund Raising Effort By A Group Of Investors

‍Strengths

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• Conflux, which increased 123.05% for the week, was the top performance among the crypto tracked by CoinMarketCap.

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• According to Trade Algo, the Reserve Bank of India and the Central Bank of the United Arab Emirates have reached an agreement to work together on central bank digital currency and investigate currency interoperability. In order to facilitate cross-border CBDC transactions for commerce and remittances, the bank would jointly execute "proof-of-concept and pilot(s) of bilateral CBDC bridge," according to the announcement.

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• With bets on future interest rate reductions, Bitcoin is on track for one of its largest weekly increases in recent years as the cryptocurrency weathers the banking sector's turmoil. Since Monday, Bitcoin has increased 21%. According to Trade Algo, it has only experienced a weekly jump of at least that amount 10 times in the previous five years.

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Weaknesses

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• Maker, which experienced a weekly loss of 4.84%, has the lowest performance among the cryptocurrencies monitored by CoinMarketCap.

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• The Blockchain Association, a well-known trade association for cryptocurrencies that counts Circle Internet Finance LLC and Kraken among its members, said it is looking into claims that the digital asset companies are being expelled from the American banking system. According to Trade Algo, this includes situations where banks allegedly refuse to open new accounts or close ones that have already been opened.

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• Unhappy Coinbase Global customers will fight, giving the U.S. The Supreme Court's first experience with the cryptocurrency world portends future litigation that may help define the sector. The appeals from Coinbase's attempts to have two claims arbitrated will be heard by the justices. According to Trade Algo, the joint cases come as more important battles shape both customers' and businesses' legal rights as they make their way to the courts.

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Opportunities

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• Even though explosions and scandals are roiling the cryptocurrency sector, a consortium of investors has set out to gather $100 million for a fund that would focus on Bitcoin. The investment vehicle, known as the Bitcoin Opportunity Fund, targets high-net-worth investors wishing to diversify into the biggest cryptocurrency, according to Trade Algo.

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• According to Trade Algo, Deribit, the biggest exchange for Bitcoin and Ether options, will introduce futures contracts to enable trading in Bitcoin volatility. Traders can benefit from the futures by hedging their portfolios, managing their risks, generating alpha, and taking advantage of market volatility.

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• Coinbase has approached its institutional clients about potential intentions to launch a new cryptocurrency trading platform abroad. The topic of establishing a different venue for international clients came up in discussions with market makers and financial groups, according to Trade Algo.

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Threats

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• In the midst of a liquidity crisis, Circle's stablecoin took nearly 36 hours to restore its peg with the dollar, according to Trade Algo. As a result of hasty crypto trader selling, USDC lost its linkage to the dollar and dropped below 85 cents. According to Trade Algo, the market responded to Circle's assurance that it would pay any potential gaps and the government's pledge to compensate all bank depositors by Sunday night, when the token had largely recovered.

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• After the termination of its local banking partner's support for operations in British pounds, Binance Holdings has decided to stop offering deposit and withdrawal services for UK customers using card payments and bank transfers. According to Trade Algo, Paysafe announced that it would discontinue offering one of its products to Binance users in the UK due to the country's regulatory policies around cryptocurrencies.

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• Due to the more than 60% decline in the price of Bitcoin and the rising cost of energy, cryptocurrency miner Marathon Digital Holdings claimed it suffered a $687 million loss in 2022. The business discovered accounting problems in its annual report after hearing from the United States. according to Trade Algo.

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