Pakistan intends to launch its own digital currency with features “comparable to Bitcoin”, Shoukat Bizinjo, deputy director of digital financial services at the State Bank of Pakistan (SBP), revealed.

The State Bank of Pakistan (SBP) is currently in discussions with local business leaders to introduce a digital currency in the country.

According to the official, EMI has successfully launched e-money wallets for customers and businesses, along with other digital payment options such as prepaid cards and contactless payments.

In addition, the SBP official also noted that there are currently 12 EMIs in various stages of obtaining licenses from the central bank.

Encryption analyst Phyrex wrote that the BTC turmoil caused by the US SEC’s lawsuit against major cryptocurrency exchanges may be a harbinger of BTC’s short-term gains.

BTC fell more than 5% on Monday before recovering more than 5% on Tuesday; similar consecutive see-saw moves of at least 5% have occurred five times in the past two years, according to data compiled by Bloomberg Average gains of nearly 11% over a 30-day period.

According to historical data, as long as the SEC sues and causes BTC to fluctuate by 5% or more in a row, the price of BTC will often rebound by 11% in the next 30 days. According to the current price, the price of BTC can touch 30,000 US dollars before the beginning of July.

In a report, Citi analyzed the performance of risky assets during drawdowns and found they were susceptible to higher volatility and weaker returns. Therefore, the near-term outlook does not seem too rosy for Bitcoin and Ethereum.

Cryptocurrency markets are not immune to fears of a U.S. debt default, sell-offs triggered by negative developments and rallies triggered by headlines suggesting progress, according to Citi strategists.

Cryptocurrencies generally do well in issues related to traditional financial institutions, as reflected in the banking turmoil in March, when Bitcoin outperformed, but perhaps the risks of institutions such as US government defaults are not pictured for decentralized digital assets favorable prospects.

Currently, both Apple stock and gold are more stable investments than Bitcoin, but the price of the cryptocurrency is currently less volatile than shares of tech giants Amazon and Meta.

Bitcoin’s price volatility is 32%, a sharp drop from its historical average of 71%. Compared with old-school asset classes such as precious metals, fiat currencies and blue-chip stocks, bitcoin price volatility is notoriously chaotic.

But the world’s largest cryptocurrency by market capitalization is currently less volatile than shares of tech giants Amazon and Meta.

So-called bitcoin annualized volatility, which tracks the standard deviation of the daily percentage change in price over the past 30 days, is currently around 32%, according to The Block Research. This is very low given the asset’s historical average price volatility of 71%.

Mike McGlone, senior macro strategist at Bloomberg Intelligence, said in his latest report titled “June Cryptocurrency Outlook” that the worst period for Bitcoin may not be over yet. The outlook for the currency appears to be bearish.

According to Mike McGlone’s analysis, the possibility of the Fed’s active interest rate hike still exists, which in turn leads to a gloomy market outlook. In addition, according to the analysis of the 52-week moving average trend.

Bitcoin has not escaped the downward trajectory, and Mike McGlone expressed doubts about Bitcoin’s ability to withstand the shrinking U.S. economy.

Because bitcoin is relatively young and considered a high-risk asset, risky assets, including cryptocurrencies, tend to become more vulnerable during recessions.

Bitcoin Jesus Ver said that although Ethereum does not have the largest market cap compared to Bitcoin, I think Ethereum is leading the way in driving global adoption.

All of this would be built on top of Bitcoin were it not for a massive civil war. These Bitcoin Core developers hate Vitalik, they basically kick him out of the project to create Ethereum and give him more power for it.

Crypto analyst Ali Martinez shared on social media the results of a comparison of bitcoin prices to the so-called “Wall Street cheat sheet”, showing that bitcoin is about to enter the “hope” phase of market cycle psychology.

Ali Martinez said after going through pessimistic phases of “panic,” “surrender,” “anger” and “depression.”

BTC is now going through the “doubt” phase, so it may attract positive market sentiment in the next cycle, and this phase is followed by the “hope” phase, followed by positive market cycle phases, including “optimism”, “conviction”, ” excited” and “euphoric”.

U.S. Rep. Warren Davidson of Ohio shared the text of a newly proposed debt-ceiling agreement on Sunday that would completely suspend the debt ceiling until Jan. 1, 2025.

On the other hand, it will implement several spending cuts, including limiting non-defense spending and cutting funding for the IRS.

Responding to Davidson, Pierre Rochard, vice president of research at bitcoin mining firm Riot Platforms, noted that the bill makes no mention of the government’s previously proposed Digital Asset Mining Energy (DAME) tax.

Davidson confirmed that the proposal had been dropped and that one of the Republicans’ negotiating wins was blocking the Democrats’ proposed tax.

NEOS, a company focused on option-based income ETFs, applied to launch a Bitcoin high-yield ETF and a Bitcoin quantitative trend ETF.

An actively managed high-income ETF will employ a call options strategy on bitcoin futures, while another ETF seeks to capture positive momentum in bitcoin prices while seeking to minimize downside risk through the use of cash and cash-alternative products.

The latter ETF will hold bitcoin futures contracts, U.S. government securities and money market funds, as well as short-term fixed-income and cash-alternative ETFs.

NEOS proposes that the funds become effective within 60 days of filing applications in mid-May.

Glassnode data shows that the transfer volume of profitable long-term Bitcoin holders has increased sharply this year, increasing by nearly 2000%.

The amount transferred by these holders, who are currently in floating profit, has increased dramatically from $25 million at the beginning of the year to $489 million currently.

Despite the massive increase, this figure is still 71.4% below the peak of $1.74 billion during the 2021 bull market.

Among them, investors who hold Bitcoin for 6 to 12 months appear to be the most active group, and their trading volume is three times that of all other long-term holders who have held Bitcoin for at least a year.

U.S. Senator Cynthia Lummis said on social media that the idea of a 30% tax on the electricity used by Bitcoin miners proposed by the Biden administration will not happen.

A 30% tax increase on any particular industry is a blatant attempt by the government to pick winners and losers, and I would not have President Biden tax the digital asset industry so that it ceases to exist.

Lummis also hinted that if the Biden administration imposes a Digital Asset Mining Energy (DAME) tax, Bitcoin miners will simply flee the US, saying miners can mine anywhere.

Florida Governor Ron DeSantis officially launched his campaign for the White House in 2024. Ron DeSantis said in a Twitter Space with Elon Musk and venture capitalist David Sacks that it is clear that the current regime does not support Bitcoin.

If it goes on for another four years, they might end up killing it. The only reason these people in Washington don’t like bitcoin is because they can’t control it, they are central planners and they want to control society, so bitcoin is a threat to them.

DeSantis added that there is no need to control everything that people might do in the digital asset space. I think people should be able to use bitcoin and as president we will protect that ability like bitcoin. DeSantis reiterated his opposition to the creation of a CBDC.

According to data disclosed by the blockchain analysis company Glassnode, the settlement and transfer volume of the Bitcoin network in the past three years has dropped significantly since the beginning of 2021, from a cycle high of $13.1 billion to a cycle low of $1.9 billion. a drop of 85.5%.

While transfer volumes in 2023 are up slightly, they are still within the range of recent cycle lows, between $1.9 billion and $4.4 billion.

Additionally, there has been a similar structural decline in exchange deposits, from a peak of $4.2 billion in May 2021 to a low of $343.4 million today (-91.8%).

Cryptocurrency research firm K33 noted in a report that the declining correlation between Bitcoin and stocks is reigniting the case for investors to include assets in more diversified portfolios.

According to K33 data, the 30-day price correlation between BTC and the technology-heavy Nasdaq index fell to 0.26, the lowest level since December 2021. BTC’s correlation with the S&P 500 also plummeted last month to its lowest level since late 2021.

K33 wrote in the report that a false focus on growth and a widespread mania in financial markets have led to high correlations. Things have calmed down now. As such, BTC may once again resume serving as a reliable diversification tool.

According to data tracked by analytics firm Glassnode, bitcoin’s price range was stuck at its lowest level in months, with the difference between its highest and lowest prices reached in the seven days to May 21 being just 3.4%, the widest in the past three years. One of the narrow trading ranges.

“This is comparable to January 2023 and July 2020, both of which preceded large market moves. This suggests that high volatility may be on the horizon,” Glassnode tweeted earlier Monday.

Options-based volatility measures for Bitcoin and Ethereum have also hit new all-time lows recently. The narrow trading range suggests that neither bullish nor bearish outlooks dominate price action. This often happens when markets face competing influences and narratives.

While lingering U.S. banking problems have favored gains in perceived safe-haven assets like bitcoin, the unresolved impasse in debt-ceiling talks and a recovery in the U.S. dollar index suggest otherwise.

DAS explained that they raided a commercial property in the town of President Franco this month. From there they recovered 300 pieces of mining equipment, as well as mobile phone equipment, guns and ammunition. A man was arrested and charged with grievous assault.

Bitcoin mining company Bitfarms (BITF) released its first quarter report, reporting that Bitfarms has accelerated its schedule to reach 6 exahash/second (EH/s). The cent narrowed sharply to 1 cent, and the gross profit margin of mining increased from 33% in the previous quarter to 42%.

In the first quarter of 2022, its mining profit margin is 76%. The miner reported revenue of $30 million in the first quarter of 2023, compared with $27 million in the previous quarter and $40 million in the same period a year earlier.

Additionally, as of April 2023, Bitfarms has sold 1,646 BTC worth $38 million. At the time of writing, shares of the mining company were up 7% in premarket trading.

Paolo Ardoino, chief technology officer of Bitfinex and Tether, said in an interview with CoinTelegraph Italia recently.

The financial world created by Bitcoin is not limited to transactions on the blockchain, Bitcoin is the freest money transmission tool ever created.

Bitcoin is a perfect system: it is decentralized, unstoppable and secure.

With Turkey’s upcoming presidential election on May 14, the current Turkish government is facing some serious criticism.

The head of the Turkish Opposition Party (CHP), Tuncay Özkan, claims to have learned that the government will be creating deepfake propaganda material targeting the CHP on the DarkWeb ahead of the elections.

According to Özkan, the Turkish Communications Agency had contacted opposition leader Kemal Kilicdaroglu to inform them that they would create fake videos targeting the opposition party on the Dark Web.

The videos include sound and image content manipulated using artificial intelligence (AI) technology known as deepfakes, and Özkan pays people who will carry out the manipulation in BTC.

Özkan said that after what happened, they considered it a violation of democracy, human rights and the law. Because of their conscience, they told us that we also had a list.

In other words, the declining correlation means that the prices of BTC and ETH are not moving as closely together as before.