✨Silver Set to Shine: Citigroup Analysts Forecast $30 Value in Next 6-12 Months

🔼Citigroup analysts foresee a significant increase in silver’s value, potentially hitting $30 per unit within the next 6-12 months, according to the multinational bank’s latest silver assessment. The experts at Citi predict an ongoing decline of the U.S. dollar and anticipate a decrease in the federal funds rate at some point.

On Thursday, May 25, 2023, the price of silver per ounce lingers just above the $23 mark after experiencing nearly a 4% decline over the past week. Nevertheless, half-year data reveals that silver has 🔼 risen 6% against the U.S. dollar.

🔵We think recent price weakness offers a strong dip-buying opportunity, reiterating our call for $30/oz silver over the next 6-12 months as U.S. growth rolls over, even if emerging markets growth stagnates, - stated Citi’s market strategists.

👉The financial specialists at Citi are not alone in their optimism toward precious metals.

In Citi’s most recent report on silver, their analysts declared that “silver would rally in anticipation of the fall in U.S. interest rates and real yields that will likely accompany an anticipated rollover in U.S. growth.”

📔Currently at just above $23 per ounce, silver will need more than a 30% boost to reach Citi’s projected price target.

❕Latam Insights — Venezuelan Gold Battle Continues, Argentina Seeks Yuan Funding Extension

🟢Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic development news during the last week. In this issue, Venezuela tries to regain control of the gold stash held in London again; Argentina seeks to expand the Chinese yuan swap line; and Azteco enables bitcoin purchases in more than 55,000 stores in Colombia and Costa Rica.

➡️The Venezuelan government has introduced a new appeal to try and regain control of the Venezuelan gold held in the vaults of the Bank of England.

❕According to the appeal presented before the London Court of Appeals by the party representing the Central Bank of Venezuela board controlled by President Nicolas Maduro, the disbandment of the interim government of Juan Guaido on January 2022 changes the case’s background.

➡️The government of Argentina will seek an extension of the available amount of a swap line established by the Chinese government to continue financing its imports.

🔔 Lula Proposes to Revitalize South America Union USAN; Reinforces Need of Shifting Away From US Dollar

➡️ Luiz Inacio “Lula” Da Silva, President of Brazil, remarked on the need to retake South American integration mechanisms through the Union of South American Nations (USAN). ❎Lula also proposed to shift away from the U.S. dollar by using a standard reference currency for bilateral settlements among countries in the region.

While giving the opening speech of a summit with the presence of 11 presidents of South America, 👍Lula stated that the region should rebuild its integration method to face the hurdles of the ongoing globalization process.

🔩 Lula reinforced the need for integration in South America, explaining that “No country can face today’s systemic threats alone.” “Only by acting together can we overcome them,” Lula concluded.

🦌 Lula also proposed USAN implement currencies different from the U.S. dollar in settling bilateral payments in the region and rescuing naive credit mechanisms to avoid relying on international financial institutions like the International Monetary Fund (IMF).

🇯🇵 Japan Sends Warning to ChatGPT Creator OpenAI about Collecting Private User Data without Consent

‼️ Through its privacy commission, Japan issued a warning and threatened to take action against 🤖 OpenAI if it violates any privacy regulation.

🍌 Japan’s privacy agency has announced it issued a warning to OpenAI on using or collecting user data. The Personal Information Protection Commission (PPC) urged the ChatGPT creator to only collect sensitive information with consent from users.

🔩 In the statement, the privacy watchdog suggests it is currently not investigating OpenAI for any breach of privacy or unauthorized collection of user data. However, it called on the company to 🔵“reduce the risk to the rights and interests of individuals”. The commission also said it would take action if any violation occurs.

🟢 In addition to warning OpenAI, the agency also cautioned firms in Japan about handling private data. The PPC urged companies that handle personal data and agencies using AI to function within the limits of lawful operations.

🚨Former Minnesota Vikings Co-Owner Slapped With 75 Month Jail Term for Processing $750M Worth of Crypto Transactions

🔴The U.S. Attorney for the Southern District of New York announced on June 5 that Reginald Fowler, the former co-owner of Minnesota Vikings, has been sentenced to 75 months in prison “for arranging to process more than 💵 $700 million of unregulated transactions” on behalf of cryptocurrency exchanges.

👉As per a statement issued by U.S. Attorney Damian Williams, Fowler was also punished for misrepresenting the true nature of his business and for lying about his net worth. Detailing Fowler’s alleged criminal activities which also threatened the country’s financial system.

Concerning Fowler’s reported acquisition of a significant stake in the American football league, the statement claimed that the former co-owner of the 👀Minnesota Vikings had “falsely claimed personal ownership of GTS funds that, in fact, belonged to clients of his illegal money transmission service.”

✅In addition, U.S. attorneys also accused Fowler of failing to disclose to the AAF the seizure of GTS funds by the government just before his investment in the league.

🪙Singapore's Crypto to Halt US Institutional Division Citing ‘Limited Demand’

🇸🇬Crypto, the Singapore-based cryptocurrency exchange with 80 million customers worldwide, announced on Friday that it will cease its institutional offering in the United States.

✅ News, emphasized that Crypto’s retail clients need not worry, as the firm’s retail services are completely unaffected by the transition.

🔥 A spokesperson from Crypto spoke to ESPN and assured the media firm’s staff reporter, Dave McMenamin, that the recent decision would not impact the naming rights for Crypto Arena in Los Angeles.

Crypto emphasized the potential for its U.S. institutional division to make a comeback. The day before, the company forged a 🤝partnership with Coinroutes to “enhance institutional access to liquidity within the digital assets market.” Prior to that, Crypto obtained a major payment institution license from the Monetary Authority of Singapore (MAS).

🇺🇸Majority of Americans Hesitant to Embrace Central Bank Digital Currency, Survey Finds

📣 A recent poll conducted by the Cato Institute and public opinion firm Yougov reveals that the majority of Americans are hesitant to adopt a central bank digital currency (CBDC). The findings indicate that support for a CBDC remains relatively low among survey respondents.

👏 From February 27 to March 8, 2023, they polled 2,126 individuals, inquiring about their stance on a CBDC under various circumstances.

💭 In general, as far as a CBDC with no set criteria, 34% of Americans oppose the U.S. central bank launching a CBDC and 16% favor the idea. Interestingly, nearly half of those surveyed (49%) did not have a clear opinion on the matter, which may be due to a lack of familiarity with the concept; in fact, 72% of respondents admitted to being unfamiliar with CBDCs.

❌ Looking ahead, only 22% of those polled believe that an American CBDC is likely to launch, while the majority (78%) do not anticipate such a development.

❕According to the survey, the most attractive aspect of a CBDC was its purported ability to combat money laundering and financial crime.

⚠️ Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Friday, as Markets Digest US Retail Sales Data

🟢 Bitcoin rose back above $25,000 on Friday, as markets continued to digest recent U.S. economic data. Yesterday saw retail sales climb higher than expected, rising by 0.3% in May, better than a projected decline of 0.1%. Ethereum moved closer to the $1,700 level.

🪙 Bitcoin chart by TradingView

🌟 Despite today’s $1,000 jump in price, the relative strength index (RSI) still remains below a resistance of its own at 42.00

🌟 Ethereum (ETH) made relative gains in today’s session, as the cryptocurrency moved back towards the $1,700 level. ETH/USD reached a high of $1,676.41 on Friday, less than 24 hours after nearing a breakout below $1,600.

🔷 Ethereum chart by TradingView

🌟 Similar to BTC above, price strength has since climbed, and is currently at a reading of 33.39, which is still bearish.

🌟Traders will likely look to March, which is the last time the index tracked at this mark, shortly before prices went on to climb over $500 higher.

🪙 Bitcoin Technical Analysis: BTC Consolidates on Monday, After Recovering Recent Losses

➡️Bitcoin consolidated Monday, after recovering recent losses over the weekend, setting the stage for a potential rally this coming week. Price traded close to a one-week high on Monday, marginally below a key resistance level. Ethereum also rebounded, and is now hovering near a support point of its own.

⚙️ After dropping to a three-month low last week, bitcoin (BTC) has since rebounded, trading close to a one-week high on Monday while seeing consolidation.

⚡️BTC/USD hit an intraday peak of $26,675.93 to start the week, which is its strongest point since June 11.

🔴The move pushed price close to a key resistance level of $26,800, which is typically the last line of defense before heading to $27,000.

🔩 Bitcoin, Ethereum Technical Analysis: BTC Above $30,000, ETH Hits $1,900 Following Moving Average ‘Death Cross’

📌 Bitcoin extended recent gains on Thursday, climbing above the $30,000 level for the first time since April, and ahead of Fed Chair Powell’s testimony today. The move also came following a death cross of moving averages, which prompted bulls to intensify buying pressure. Ethereum moved to a multi-month high.

⚫️Bitcoin moved above the $30,000 level in today’s session, ahead of a testimony by the chair of the Federal Reserve, Jerome Powell.

⚫️Powell will be speaking today for the first time since the Fed’s decision to keep interest rates unchanged in June.

⚫️This is the strongest point that bitcoin has hit since April 14, when price reached a top at $31,050.

⚫️Another major catalyst for the move was a crossover of moving averages (MA), with the 10-day (red) MA, moving above its 25-day (blue) counterpart.

⚫️In addition to this, the relative strength index (RSI) has also marginally broken out of a ceiling at 70.00, and is now tracking at 70.88.

⚫️Additionally, ethereum (ETH) also made significant gains on Thursday, rising above $1,900 in the process.

⚫️Following a low at $1,812.37 on Wednesday, ETH/USD surged to an intraday high of $1,932.07 earlier in today’s session.

⚫️This was the highest level that ethereum had hit since May 6, which is the last time price was over $2,000.

⚫️Today’s rally also pushed the RSI to a resistance level at 61.00, a point that it has so far been unable to move past.

🇬🇧Study Shows Bank of England’s Rising Interest Rates Threaten 1.2 Million UK Households With Insolvency

🔥 The Bank of England made an impactful move last Thursday, June 22, 2023, as it raised the benchmark bank rate to 5%, marking a significant 0.5 percentage point increase.

🌟 This decision catapults the central bank’s rate to its highest level since 2008 and represents the most substantial surge in three months.

➡️ Coinciding with this development, the National Institute of Economic and Social Research (NIESR) published a study on the same day, asserting that the escalated interest rates would translate into elevated mortgage payments, potentially pushing 1.2 million households in the U.K. towards insolvency in 2023.

🟢 Bitcoin, Ethereum Technical Analysis: BTC Consolidates Below $31,000 Following Prime Trust Liquidation

👉 After briefly rising above $31,000, bitcoin consolidated on Wednesday, as bulls moved to secure recent gains. The uncertainty came as crypto custodian Prime Trust entered receivership, after being found to be illiquid by authorities. Ethereum also declined, once again falling below $1,900.

🪙 Bitcoin (BTC) consolidated on Wednesday, as traders opted to secure profits following a recent bull run.

🔼 BTC/USD broke out of a key resistance level at $30,800 on Tuesday, on its way to a peak at $31,006.79 late in yesterday’s session. However, take profit orders seemed to have been triggered, with bitcoin dropping to an intraday low of $30,169.78 today.

🔷Additionally, ethereum (ETH) also edged lower on Wednesday, with price once again falling under the $1,900 mark.

🔽 After Tuesday’s peak at the $1,911.31 mark, ETH/USD slipped to a bottom at $1,850.87 earlier in today’s session. This low has acted as an interim point of support for previous bulls, who typically go on to push prices higher from this level.

🌟 Biggest Movers: LTC Leaps to 15-Month Peak as DOGE Bull Run Continues

⚡️ After climbing by over 20% on Friday, litecoin extended gains to start the weekend, surging to its highest point in over a year. The move comes as momentum surrounding the token’s listing on EDX markets continues to grow. Dogecoin also recorded a strong start to the day.

⚫️ Litecoin (LTC) was once again a big mover in cryptocurrency markets, as the token rallied to a multi-month high.

🟡 Following a low of $91.73 during Friday’s session, LTC/USD raced to an intraday high of $111.76 earlier today.

🟣 As a result of the rally, litecoin peaked at its strongest point since April 7 last year, when price reached a top at $116.00.

🔘 This time at the 68.00 level, with price strengt peaking at 73.91 to start the weekend, which is its highest point since January.

🔴 Litecoin has since gone on to retreat from today’s high, and as of writing, is trading at $110.17.

⚫️ Another notable gainer on Saturday was dogecoin (DOGE), which climbed to a three-week high to start the weekend.

🟡 DOGE/USD jumped to a peak of $0.07079 earlier in the day, less than 24 hours after falling to $0.06264.

🟣 The move saw the world’s largest meme coin jump nearly 5% higher, hitting its highest level since June 10 in the process.

🔘 DOGE is now trading at $0.06835, with the RSI hovering around the 56.00 mark, which is marginally above a ceiling at 55.00.

💰 Coinbase Shares Skyrocket Over 30% After Nasdaq and Cboe Amend Bitcoin ETF Applications

👍 During the initial half of 2023, Coinbase shares experienced a significant surge, rocketing over 30% this week as Nasdaq and Cboe refiled spot bitcoin exchange-traded fund (ETF) applications on behalf of numerous fund managers. The revisions highlighted that, upon ETF approval, Coinbase has been asked to serve as a surveillance-sharing agreement (SSA) collaborator.

➡️ Coinbase (Nasdaq: COIN) observed a 30.82% increase in its shares throughout the past week, and six-month data reveals that COIN has jumped 131% against the U.S. dollar.

💲 On September 30, 2021, COIN’s value was $319 per share; currently, it stands at $79.93.

⚠️ The San Francisco-based crypto exchange is concurrently contending with a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).

➡️ While COIN has thrived this week against the greenback, multiple other publicly traded companies experienced rising stock prices following the crypto market’s recent surge.

👑 Multichain Woes: Users Informed of an ‘Abnormal’ Transfer of Assets to Unknown Address

➡️ Users of the cross-chain protocol Multichain were on July 6 informed of an abnormal transfer of lockup assets on the Multichain MPC address to an unknown address. While the Multichain team has urged users to stop using the cross-chain protocol, Binance CEO Changpeng Zhao (CZ) told his followers that the incident does not affect Binance users or the exchange itself.

👉 Just over a month after the disappearance of the Multichain CEO known only as Zhaojun sent shockwaves through the crypto community, users of the cross-chain protocol were on July 6 informed of an abnormal transfer of “lockup assets to an unknown address.”

🆘 Reacting to Multichain’s tweet, Binance CEO Changpeng Zhao (CZ) told his followers that the “hacking” incident does not affect users on Binance or the cryptocurrency exchange itself. He added:

⚫️ We have swapped all assets out and closed deposits a while back. Regardless, we offer our assistance in helping with the situation.

📣 While the Binance CEO has characterized the transfer lockup assets on the Multichain MPC address as hacking, a Twitter user going by the name Oxloki said their analysis suggests that the attacker may not be a hacker.

💎 Meanwhile, in a notice shared via Twitter, Kyber Network, a blockchain-based liquidity hub, urged users to “revoke all permissions and not use any Multichain service.”

🪙 Bitcoin, Ethereum Technical Analysis: BTC Remains Near $30,000, as Traders Prepare for Key US Economic Data

➡️ After a recent slip, bitcoin moved back above $30,000 on Monday, ahead of a key week of U.S. economic data, with the headline being the inflation report. Inflation is expected to drop to 3.1% in June, which would be a nearly two-year low. Ethereum also slipped on Monday, remaining below $1,900.

⚫️Bitcoin (BTC) started the week trading near the $30,000 level, after the price dropped below this point over the weekend.

➡️ Following a low of $29,985.39 on Sunday, BTC/USD jumped to an intraday high of $30,427.59 in today’s session.

🟡The rebound comes as bears rejected a breakout below a recent support point at the $29,900 level.

🕯 Bitcoin, Ethereum Technical Analysis: Bitcoin Consolidates Below $31,000, as Traders Digest Recent Economic Data

🪙 Bitcoin retreated from recent gains on Thursday, as traders were unable to sustain a breakout of a key resistance level. Market volatility has risen following yesterday’s U.S. inflation report, which dropped to a two-year low. Ethereum was marginally lower, slipping below $1,900.

📊 Bitcoin (BTC) consolidated below the $31,000 level in today’s session, as traders continued to digest the latest inflation report.

🔽 BTC/USD dropped to an intraday low of $30,228.84 earlier in today’s session, a day after peaking at $30,959.97. The drop came as bulls were unable to sustain a breakout above a key resistance level at the $30,800 zone.

🔷 After a brief stint above $1,900, ethereum (ETH) also moved lower on Thursday, with a moving average crossover close to occurring.

📉 Following a high of $1,901.15 on Wednesday, ETH/USD fell to a bottom at $1,864.50 earlier in today’s session.

⚫️ Similar to BTC, this drop came as ethereum fell below a recent resistance level of $1,890, and towards a floor at $1,850.

💩 Judge Criticizes SEC Approval of Coinbase IPO in Pre-Motion Conference

➡️Southern District of New York judge Katherine P. Failla called to attention the U.S. Securities and Exchange Commission’s (SEC) approval of Coinbase’s Initial Public Offering (IPO), hinting that the agency could have been more thorough. Failla expressed skepticism about the SEC’s posture that approving the Coinbase S-1 form to go public meant “nothing,” stating that the commission could have called out Coinbase’s behavior.

⚫️ During the pre-motion conference of the case, which took place on July 13, Failla was curious about the SEC approval of the S-1 form from Coinbase, which described its business model to the commission to be listed in public markets.

💬 Mancuso stated that there was “no way” that approval of an S-1 constituted a “blessing of a company’s entire business.”

❌ The approval of Coinbase’s public offering came up again further along in the discussion, with Sullivan & Cromwell’s Steven Peikin blasting the commission’s stance.