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In a year marked by economic uncertainty, persistently high inflation, and concerns over rising interest rates, Bitcoin (BTC) has emerged as the star performer, outperforming other traditional asset classes. This performance by Bitcoin is notable despite the cryptocurrency mostly trading in a consolidation phase. In particular, Bitcoin has emerged as the top-performing asset class in 2023, with gains of 63.3%, leading among 40 selected asset classes , according to data published by NYDIG on October 6. Among these assets, the second-best performer is US large-cap growth, with gains of 28.2%. Meanwhile, Bitcoin has surpassed other notable assets, including the US stock market (12.2%), commodities (6%), cash (3.8%), and gold (1.1%). YTD 2023 asset class returns. Source: NYDIG One of the most striking aspects of Bitcoin’s performance this year has been its ability to maintain a relatively narrow trading range despite significant external pressures. The digital currency has he...

PayPal’s groundbreaking initiative for handling nonfungible tokens (NFTs) transcends conventional boundaries. By recently filing a patent application in March, later published on September 21, PayPal has demonstrated a significant stride towards constructing its independent blockchain ecosystem. This revolutionary system is engineered to facilitate NFT transactions, both on-chain and off-chain, heralding a new era of digital asset exchange. The patent application , although still awaiting approval, outlines a visionary system wherein users engage in NFT transactions via a third-party service provider. While the specific provider remains undisclosed, the application makes mention of Ethereum as a noteworthy platform within its framework. PayPal ’s vision extends beyond the mere exchange of electronic collectibles, aiming to harness the full potential of NFT s for tokenization. In this groundbreaking vision, NFT s represent a diverse range of digital asset s, encompassing...

In a move aimed at further strengthening regulations and protecting users in the crypto market, South Korean financial authorities are reportedly gearing up to initiate a research project for the second phase of the country’s virtual asset legislation. Second phase of laws to address crypto financing and issuance The South Korean parliament’s recent passage of the ‘Virtual Asset Protection Act’ has laid the foundation for enhanced user protection and the regulation of unfair trade practices in the crypto industry. Now, the focus is on complementing these regulations by addressing issues related to financing and virtual asset issuance via initial coin offerings (ICOs). According to the Korean-language business news outlet Chosun Biz, the Financial Services Commission (FSC) has confirmed that a Joint Task Force on Digital Assets meeting was held on July 3, where discussions were held regarding the outline of the second stage of South Korea’s crypto legislation. South Korean financi...

Bitcoin would be a more popular safe haven than the U.S. dollar, the Japanese yen or the Swiss franc, according to a new survey. Major cryptocurrency Bitcoin (BTC) could become a top-three asset in the event of a theoretical debt default in the United States, according to a new survey. As U.S. President Joe Biden prepares to meet with Congress on May 16 to discuss the U.S. debt ceiling, investors are seeking hedges to protect their savings in the event of default. Gold, U.S. Treasury Bonds and Bitcoin would be the top three asset s, should the U.S. fail to raise its debt ceiling and default on its debt, data from Bloomberg's latest Markets Live Pulse survey suggests. The survey was conducted from May 8 to May 12, involving a total of 637 respondents including professional and retail investors. More than 50% of finance professionals would buy gold in case the U.S. government fails to avoid a debt default. U.S. Treasury Bonds would be the second-most popular asset in such a scenari...