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FOMC Minutes Show Uncertainty, Cautious Optimism. Large Bitcoin Investors Are Taking Divergent Paths

The largest and smallest bitcoin whales have added to their holdings, but the group in between has jettisoned some of their tokens.

Federal Open Market Committee (FOMC) minutes released Wednesday from the June meeting suggest that central bankers are uncertain about the economy’s fate in the months ahead.

How their thinking figures in rate hike decisions could profoundly affect crypto markets. Meanwhile the number of bitcoin “whales” has increased, although their distribution has shifted.

June FOMC caution

FOMC minutes show Fed officials cautiously forecasting the possibility of economic recession within the next six months, “followed by a moderately paced recovery”

They also voiced expectations that such a recession would be “neither deep, nor prolonged.”

Still, they appear to be walking a tightrope, with the recent decision to pause rate hikes coming across as a first-do-no-harm approach to monetary policy. The U.S. economy has been more resilient than the FOMC expected. Conflicting economic data has created uncertainty.

For example, at 8:15 a.m. (ET), ADP employment data showed that private business created more than 497,000 jobs in June, the most since February 2022, and well above expectations of 228,000. A mere hour and 45 minutes later, the Job Openings and Labor Turnover Survey (JOLTS) showed an unexpectedly large contraction of job openings during the same period.

Whales differing paths

While the larger investing community wrestles with macroeconomic data, some bitcoin whales have grown in size, even while displaying some of the same uncertainty as the FOMC.

Bitcoin whales are investors holding more than 1,000 BTC. Since June 14, a day before asset management giant BlackRock’s filing for a spot bitcoin ETF, the number of BTC whales has increased 1.6%, reversing a short-term downtrend that began on May 20.

The distribution of supply among whales implies differing levels of confidence.

Investors holding 1,000-10,000 BTC have risen 90,396 BTC (2% higher), since June 14. A similar gain occurred among investors holding more than 100,000 BTC. Their supply grew by 3% (107,883 BTC).

But since June 14, the supply of BTC for investors holding between 10,000 and 100,000 BTC has fallen 10% (184,153 BTC). This group views risk differently and has less confidence in bitcoin than the other two whale cohorts.

As the macroeconomic environment comes into focus, investors should monitor which cohort made the more profitable decision.

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Top Binance Execs Leave Company Over CZ’s Handling of DOJ Investigation: Report

Three senior officials left the exchange this week, a source told Fortune.

At least three senior officials have departed embattled crypto exchange Binance this week as the company prepares to defend itself on multiple fronts, Fortune reported on Thursday.

Binance General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie are among those that have resigned, a source familiar with the matter told Fortune. In addition, Binance’s Global Vice President of Marketing and Communications Steve Milton left the company in June, according to his LinkedIn profile. Their departure follows Senior Director of Investigations Matthew Price’s recent decision to part ways with the exchange.

A Binance spokesperson did not immediately return a request for comment.

The decisions by Ng, Hillmann and Christie to leave had to do with Binance founder and CEO Changpeng “CZ” Zhao’s response to an ongoing investigation by the U.S. Department of Justice, according to Fortune, citing a source familiar with the situation. The investigation reportedly relates to Binance’s attempts to fool U.S. regulators and alleged money laundering and violations of sanctions.

Hillman tweeted on Thursday, however, that he was leaving on good terms and that he “continues to respect and support” Zhao.

Binance is already under investigation from multiple regulators around the world, and the exodus of executives from the company’s legal and compliance units is likely to complicate its efforts to defend itself.

In June, the Securities Exchange Commission (SEC) sued Binance, alleging the exchange had committed 13 counts of securities law violations. Two months earlier, the company faced a lawsuit from the Commodity Futures Trading Commission (CFTC). It also faces several investigations led by regulators in Europe and Australia.

The investigations have stymied the operations of the exchange’s stateside business, as well as that of its international trading arm, which U.S. regulators have speculated are deeply enmeshed. In the wake of the SEC lawsuit, Binance lost a major European banking partner. Meanwhile, Binance.US announced it would cease trading in U.S. dollars.

The price of BNB, Binance’s native crypto token, has dipped about 2% since the publication of Fortune’s article.

Kraken Co-Founder Jesse Powell Under Federal Investigation on Claims of Hacking, Cyberstalking Non-Profit

FBI agents searched Powell’s Los Angeles home as it probes whether he interfered with computer accounts of Verge Center for the Arts. A lawyer for Powell said he’s done “nothing wrong” and unrelated to “his conduct in the cryptocurrency arena.”

Crypto exchange Kraken co-founder Jesse Powell is being investigated by Federal law enforcement on claims that he hacked and cyberstalked a non-profit that he founded, a lawyer for Powell confirmed after a report by The New York Times on Thursday.

The criminal probe is looking into Verge Center for the Arts’ allegations that Powell hindered its computer accounts, obstructing access to emails and other messages, The Times reported, citing three unnamed sources.

The paper reported that agents had searched Powell’s Brentwood home in Los Angeles’ Westside, seizing electronic devices and said that law enforcement from the FBI and the U.S. attorney’s office for the Northern District of California have been investigating Powell since at least the fall.

Powell has not been charged with any crimes. Brandon Fox, a lawyer with Jenner & Block, said in a statement shared with CoinDesk that Verge “provided a one-sided account that did not provide the government with the full picture, showing that Powell “did nothing wrong.” Fox added that the matter is unrelated to “Mr. Powell’s employment or his conduct in the cryptocurrency arena.”

Last month, Powell sued Verge in California Superior Court, claiming that has “owns and has rightful access” to the email accounts and that he remains a Verge board member, Fox said. A lawyer for Verge said the Powell’s claims were unfounded, The Times reported. At the time of publication, Verge had not responded to a CoinDesk request for comment.

Powell co-founded the Sacramento-based Verge in 2007, but the organization removed him from its board in 2022, saying that he had violated Verge’s “guiding principles,” The Times reported.

In a statement shared with CoinDesk, a Kraken spokesperson said the exchange was aware of the civil dispute, investigation and search warrants.

“The US Attorney has advised us that Kraken is not a part of the investigation in any way, and the investigation does not concern Jesse’s affiliation with Kraken,” the spokesperson said.

Changpeng Zhao Calls Exec Departures “FUD”

Binance General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie are among those that left the company, reportedly over its handling of DOJ investigations.

Departures of key executive personnel from Binance are part of the company’s usual turnover of staff, Binance CEO Changpeng “CZ” Zhao tweeted Friday morning Asia time.

“More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong,” CZ tweeted. “As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company.”

Earlier, Fortune reported that high-profile personnel in senior leadership positions, including Chief Strategy Officer Patrick Hillmann and Senior Director of Investigations Matthew Price, had left the company because of CZ’s response to an ongoing investigation by the U.S. Department of Justice.

For his part, Hillman tweeted that he was leaving the exchange on good terms and it’s “simply time for me to move on to the next challenge”.

Bloomberg also reported that Yibo Ling, Binance’s Chief Business Officer, has left the company, and U.S. staff are being asked to relocate offshore or be laid off.

BNB, Binance’s exchange token, which has been called a security, is down 2.4% on-day.

Decentralized Exchange dYdX Launches Public Testnet on Cosmos

The DEX said users can now trade bitcoin and ethereum on the public testnet.

Decentralized exchange (DEX), dYdX, has launched its public test network on Cosmos, drawing closer to its transition away from the current version built on Ethereum, according to a press release.

Users will now be able to place market orders on the dYdX testnet, generate private keys and place limit orders with advanced options. The public testnet has launched with bitcoin and ethereum markets, but the company said it anticipates it will eventually include around more than 30 markets as the network upgrades.

The existing platform on Ethereum, which is known for its perpetual contracts, has seen over $728 million in trading volume over the past 24 hours, according to the company’s website. The governance token of the platform, DYDX, has witnessed a steady uptick over the past two weeks, gaining 23%.

DYdX announced last year that the project’s “v4” or version 4 would be developed as a standalone blockchain based on the Cosmos software development kit (SDK) and Tendermint proof-of-stake consensus protocol. The DEX was originally built on Ethereum.

The company said it is aiming for the final step in the transition, the launch of the main network on Cosmos, later this year, but hasn’t set a specific date.

AI-Backed Blockchain Data Startup Web3Go Raises $4M

Binance Labs led the round with HashKey Capital, NGC and Shima Capital among the other backers.

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Israeli Lawmakers Support Axing Crypto Capital Gains Tax for Foreigners

A bill exempting foreign residents from capital gains taxes on crypto sales, and lowering tax on stock-options-like crypto options for employees has passed a preliminary reading in the Knesset.

A bill to extend certain tax benefits afforded to Israel’s high-tech firms to the country’s crypto sector passed a preliminary reading in the Knesset, the country’s parliament, on Wednesday.

If passed into law, the bill would exempt foreign residents from capital gains taxes on the sale of digital currencies and reduce tax on crypto options for employees – similar to stock options – to about 25% from 50%, the Israel Crypto, Blockchain and Web3 Companies Forum (ICBW3) told CoinDesk.

The bill has the support of the coalition government led by Prime Minister Benjamin Netanyahu, and aligns with his economic policies to attract investors and companies to Israel, according to Dan Illouz, a lawmaker in Netanyahu’s Likud party.

“Up until now, workers in the crypto industry had to pay double the tax on their options compared to workers in the traditional high-tech industry. Moreover, foreign investors in the blockchain industry were not entitled to the same benefits as those entitled to investors in the traditional high-tech industry,” Illouz said in a press statement. “This law amendment aims to balance the situation and eliminate the discrimination in taxation.”

Israel has been working to integrate crypto into its local economy by regulating the sector, with the government proposing guidelines for the treatment of digital assets and requirements for stablecoins. The country’s securities regulator is set to supervise crypto assets.

“Finance Minister Bezalel Smotrich, who has shown support for the bill, is signaling that Israel is embracing crypto. This bold decision aligns Israel with U.K. and European countries that actively promote the industry, generating employment opportunities through clear regulations,” ICBW3 co-founders Nir Hirschmann Rub and Shauli Rejwan said in a statement to CoinDesk.

With technology and crypto, Israel has the opportunity to compete with the major financial cities in the world such as London and New York, Illouz said.

“We must not miss it,” he added.

Centralization Comes to DeFi as Group Behind MIM, SPELL Tokens Mull Legal Shakeup

A project leader called for adding lawyers, jurisdictions and trustees for Abracadabra DAO, the entity overseeing Magic Internet Money (MIM) and SPELL tokens.

Centralized business structures are continuing their creep into decentralized finance (DeFi), with the builders of tokens Magic Internet Money (MIM) and SPELL on Wednesday pitching a traditional legal structure to supplant the DAO overseeing the stablecoin with a nearly $700 million market cap.

In a forum post, a project leader called on Abracadabra DAO to support a “transition of power” to a centralized entity complete with lawyers, jurisdictions and trustees. Those trappings of a traditional corporation are seemingly antithetical to the notion of a DAO, the form of crypto-based business governance in which token holders directly call the shots.

“Despite our commitment to decentralization, we’ve recognized the importance of introducing a certain degree of centralized legal structure,” the AbracadabraTeam account wrote. “The purpose here is not to disrupt the decentralized nature of Abracadabra; in fact, it’s to protect it.”

Abracadabra DAO is the latest crypto project swapping the lofty idealism of decentralized governance for some degree of centralization, alongside SushiSwap and other projects. The reasons for these transitions range from heightened regulatory scrutiny to more mundane business concerns.

For Abracadabra DAO, the publicly-shared reasons seem to tilt toward vanilla. AbracadabraTeam said the centralized entity would manage the DAO’s intellectual property as well as server expenses “while still keeping control in the hands of SPELL token holders.”

Holders of SPELL (Abracadabra DAO’s governance token) will vote the project through three phases of transition, starting with picking a jurisdiction for the new entity. Four countries are on the table: Switzerland, Singapore, Malta and Bermuda.

Phases two and three will define what the new entity’s roles are and how it will operate, according to the post.

At press time, the SPELL token was trading 2.8% lower over the past 24 hours.

Bitcoin Remains Range-Bound, Despite Bullish Sentiment

Bitcoin prices have paused with support at $30,000

Early Wednesday trading in U.S. markets underscored increasing stability for bitcoin at $30,000. Meanwhile, derivatives markets signaled bullishness, despite BTC’s stoutness.

Bitcoin traded flat on Wednesday, marking the 12th consecutive day of range-bound trading. Since the 22% price increase between June 15 and June 23, BTC prices have traded down 1.3%.

Trading volume spiked during Wednesday’s 9 a.m. (ET) hour, as U.S.-based markets opened. The rise coincides with a prior-hour decline to $30,349, along with its Relative Strength Index (RSI) falling below 30 on its hourly chart – indicating that BTC was oversold in the lower time frame.

Short-term intraday traders likely saw the decline as an opportunity to get long BTC at an opportune valuation. Investors looking to hold bitcoin for longer than one day would be more likely to view BTC’s RSI on a daily chart, where it sits at 62.

The RSI is a commonly used technical indicator ranging from 0-100, with levels above 70 implying that an asset is overvalued, and levels below 30 implying that it is undervalued. Applying the indicator on varying time frames can hint at the sentiment of traders with different time horizons or investing styles.

Derivatives markets signal bullishness

While spot BTC prices have moderated, investors looking for exposure via derivatives markets appear to be betting on higher prices.

Futures open interest for bitcoin is now north of $12 billion, up from $10.4 billion at the beginning of June. Open interest had reached as high as $13.4 billion on June 29, according to On-Chain Analytics firm Glassnode.

Futures volume has been choppy, not indicating a trend in either direction. Still, its most recent reading of $19 billion doesn’t indicate a sharp decline in activity.

Rising open interest along with rising prices can often signal investor bullishness.

Bitcoin funding rates have been positive for 29 consecutive days, and for all but one day since May 11.

Funding rates represent periodic payments between traders with long or short positions in futures markets. Positive funding rates indicate that long position traders are willing to pay a funding rate to short position traders, an indication of bullish sentiment

This article was written and edited by CoinDesk journalists with the sole purpose of informing the reader with accurate information. If you click on a link from Glassnode, CoinDesk may earn a commission. For more, see our Ethics Policy.

BlackRock CEO Larry Fink Says Bitcoin Could ‘Revolutionize Finance’

The asset management giant in mid-June filed paperwork with the SEC for a spot bitcoin ETF.

BlackRock (BLK) CEO Larry Fink said crypto, specifically bitcoin (BTC), could revolutionize the financial system in an interview with Fox Business on Wednesday.

“We do believe that if we can create more tokenization of assets and securities – that’s what bitcoin is – it could revolutionize finance,” he said. Previously known to be a skeptic of crypto, Fink years ago suggested fans of the asset class heavily used it for “illicit activities.”

Fink continued: “Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency whatever country you’re in – let’s be clear, bitcoin is an international asset, it’s not based on any one currency and so it can represent an asset that people can play as an alternative.”

The iShares unit of BlackRock filed paperwork with the U.S. Securities and Exchange Commission (SEC) on June 16 for a spot bitcoin exchange-traded fund. While BlackRock has an almost perfect track record of getting ETFs approved by the SEC, Fink couldn’t say when a decision for its bitcoin ETF could be expected.

“We hope that, like in the past, we could be working with our regulators and get the filing approved one day, and I have no idea what that one day will be, but we’ll see how that all plays out.”

The apparent bullishness of the CEO of the $8.5 trillion asset manager is having little effect on the price of bitcoin, which continues to trade little-changed at just under $30,500.