Coindesk

While bitcoin (BTC) proponents commonly view the largest cryptocurrency as a digital version of gold, a new report from global bank Standard Chartered argued investors should see it more like a tech stock with some extra benefits.Led by Geoff Kendrick, the StanChart team said bitcoin's correlation with the Nasdaq has "almost always" been stronger than with gold, the old-school safe haven asset. While BTC may have a role as a place to hide in instances of financial instability like the 2023 regional banking crisis or what might be the unsustainable U.S. debt trajectory, the report said, the reality is that there's rarely a need for such hedges, thus its increasing behavior as more like a traditional tech stock."Investors can view...

The correction in stocks could be over based on a key technical indicator and that might be good news for bitcoin (BTC), which has also breached similar resistance.Ahead 1.7% on Monday to follow up on last week's gains, the S&P 500 has moved above its 200-day moving average (200 DMA), after correcting as much as 10% in recent months. This 200 DMA is calculated by taking the mean of the closing prices over the past 200 trading days and is often used to assess broader market trends and potential turning points.The S&P 500 last crossed that gauge on March 10, and — though declining a bit shortly after — resumed an uptrend which has continued through today.Bitcoin (BTC) has...

Abu Dhabi Global Market (ADGM), the UAE capital’s international financial center, has signed a memorandum of understanding with Chainlink to collaborate on compliant frameworks for tokenized assets. The agreement will give ADGM access to Chainlink’s suite of blockchain tools, including data feeds and interoperability services, as it works to foster blockchain innovation under its Registration Authority, according to a press release. Chainlink has said that its tools have already enabled over $20 trillion in transaction value enabled globally, and are used by major financial market institutions. Under the memorandum there will also be regulatory discussions around blockchain, artificial intelligence and other emerging technologies, as well as a series of events aimed at educating the UAE's financial ecosystem. Topics will include tokenization, proof of...

While Friday’s SEC Crypto Task Force Roundtable was a refreshing change from the prior administration’s “regulation by enforcement” approach, it focused on yesterday’s problems instead of proposals that could shape the regulatory framework that will govern crypto going forward.Since 1946, the question of whether a product is a “security” or “commodity” has been governed by the Supreme Court’s decision in SEC v. W.J. Howey Co. Courts have struggled to uniformly apply the “Howey” test to digital assets, which should not be surprising because it’s a decades-old decision about citrus groves.Digital assets do not cleanly fit into either the “security” or “commodity” bucket. They are something entirely new. But the distinction between securities and commodities matters under the law because the...

The Italian division of PricewaterhouseCoopers (PwC) said is building a European Union (EU) digital identity product alongside blockchain consultancy firm SKChain Advisors.The product under development will enable European companies and their customers to securely access digital platforms including those in the world of Web3, according to an emailed announcement on Monday.Developed on World Mobile Chain, a layer-3 network built on Coinbase's Ethereum layer-2 Base, the product will use self-sovereign identity (SSI) technology. SSI is a decentralized form of identity that gives users full control of their data rather than handing it to third parties.Blockchain technology underpins SSI in that it allows for users' data to be distributed and stored securely, removing the need for centralized identity providers. The basis for...