Bitrue Bulletin | 18.6.2023–25.6.2023| | by Bitrue | Jun, 2023

From the Bitrue blog.

Three Quarters of Jurisdictions Not Complying With Global Crypto Laundering Norms, FATF Says — The Financial Action Task Force (FATF) reported that the majority of jurisdictions are not fully complying with international anti-money laundering norms for cryptocurrencies. Approximately three quarters of jurisdictions are either partially compliant or not compliant with the FATF’s requirements for virtual assets. The statement also highlighted North Korea’s use of illicit virtual assets to finance weapons of mass destruction and emphasized the urgent need for companies to apply anti-money laundering norms.

Circle Is The Top Depositor of Crisis Bank SVB — The Federal Deposit Insurance Corporation (FDIC) inadvertently provided an unredacted document, revealing major clients of the crisis bank SVB. Circle Internet Financial emerged as the top depositor with $3.3 billion in holdings at the bank. Following Circle, units of the bank itself and tech-focused venture capital firm Sequoia ranked among the top depositors. The revelation sparked discussions on whether the government was permitting excessive risk-taking by financiers.

US Treasury Yields are Rising — What does it mean for Bitcoin Price? — The rise in the five-year U.S. Treasury yield, reaching its highest level in three months, has traditionally influenced all tradeable markets, including Bitcoin and Ether. However, the typical inverse correlation between Bitcoin price and Treasury yields might not hold true this time. While U.S. Treasury yields reflect inflation expectations, the recent demand for government bonds, driven by a recession risk, has distorted the inverse correlation. Cryptocurrencies like Bitcoin have historically served as a hedge during periods of uncertainty.

Bitcoin (BTC) Price Retests $31k Amid Positive ETF Sentiment — Bitcoin’s bullish rally continues as it briefly retests the $31,000 price mark. The positive sentiment is driven by the recent approval of a leveraged Bitcoin Exchange Traded Fund (ETF) product by the United States Securities and Exchange Commission (SEC). The approval of this product, along with the anticipation of a spot BTC ETF approval, has fueled optimism in the industry. Market indicators suggest that Bitcoin’s price rally is likely to continue, supported by increased trading volume and growing interest from both retail and institutional investors.

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