OKX Burns $244M $OKB in Record Exchange Token Supply Cut

Matrixport Forecasts Bitcoin Bull Market Breather AheadMatrixport, the Singapore-headquartered digital asset financial services provider, has reported a significant surge in its Bitcoin Greed & Fear Index (GFI) over the past week.Photo by Karolina Grabowska on PexelsBitcoin Greed & Fear Index (GFI)The index, which tracks market sentiments, has skyrocketed from below 10% to a staggering 93%. Such a rapid increase indicates a prevailing sense of greed and excessive optimism among Bitcoin investors. As a result, industry experts are suggesting that a breather in the ongoing Bitcoin rally may be on the cards.Markus Thielen, the Head of Research and Strategy at Matrixport, has advised short-term traders to consider capitalizing on their gains given the exuberant levels recorded by the Bitcoin Greed & Fear Index. Historical analysis reveals that readings above 90% have often signaled interim tops in Bitcoin’s price, while readings below 10% have preceded notable price rallies.Upward movement favorableDespite the current high reading, the 21-day simple moving average of the index remains below the critical 90% mark. This implies that the overall trajectory for Bitcoin still favors upward movement. Thielen points out that the rising 21-day moving average indicates the potential for further upside once the current phase of exuberance subsides, allowing for consolidation in the market.Chart analysts share an optimistic view of Bitcoin’s future, with some predicting a potential rally towards the $35,000 mark and beyond. Josh Olszewicz, Head of Research at digital asset investment firm Valkyrie, highlights a falling wedge setup in Bitcoin’s recent price action.The successful bounce off the support level, combined with the completion of the falling wedge pattern, has heightened expectations for a move towards the mid-$30,000 range. Olszewicz does caution that significant resistance may arise in that zone, likely leading to a subsequent period of re-consolidation before any further upward progress can be made.In recent weeks, Bitcoin experienced a pullback from its mid-April high of $31,000, eventually finding support around the $25,200 level earlier this month. This pullback, often referred to as a “throwback,” historically acts as a catalyst for price rallies, as has been evident in the past few days.Ether gain potentialWhile Bitcoin’s rally has been impressive, Ether (ETH), the second-largest cryptocurrency by market capitalization, has seen a gain of 15.9% since last Thursday. However, Ether’s GFI index has yet to reach the 90% threshold, indicating potential room for further growth while Bitcoin takes a breather.Matrixport’s Bitcoin Greed & Fear Index has surged to an astonishing 93%, signaling heightened levels of greed and optimism among Bitcoin investors. Traders are advised to consider securing their gains as the index reaches exuberant levels.Nonetheless, the rising 21-day moving average suggests the potential for Bitcoin’s upward momentum to continue following a period of consolidation. At the time of writing, Bitcoin is trading around $31,200, based on CoinGecko data. Going into the weekend, that’s demonstrating continued growth. Meanwhile, Ether shows promising performance, with potential for further growth.

India Looks to Boost CBDC With 1 Million Users in 3 MonthsThe project team responsible for India’s retail central bank digital currency (CBDC) is aiming to increase its user base to one million users, while also prioritizing the challenge of creating an offline version.©Pexels/Sohel PatelAlthough the Reserve Bank of India (RBI), India’s central bank, publicly stated in March that they were aiming for 500,000 users by July, they are privately looking to double that amount. According to sources familiar with the matter cited by CoinDesk, the architects behind the centralized digital currency are confident that India’s population, being the world’s largest, will enable them to reach one million users easily. Tentatively the project team is aiming to achieve this within three months.Retail and Wholesale CBDCsThe RBI is currently conducting both retail and wholesale CBDC pilot programs. The retail CBDC pilot is active in at least 15 cities, with more than 13 banks participating. The digital rupee pilot began on December 1, 2022, and has seen over 100,000 customers participate in the four months since.India’s digital rupee gained significant attention at a recent meeting of the Group of 20 (G-20), which was hosted by India in Bengaluru, according to RBI Governor Shaktikanta Das. The central bank received positive feedback, with praise received for the design of the CBDC.Multiple challengesThe RBI initiated a Hackathon in 2023 to find solutions to some of the challenges around retail CBDC, including improving scalability, increasing transactions per second, and enabling offline transactions. However, achieving all three technical objectives at once is nearly impossible at present. Experts believe that it is only possible to achieve two out of the three objectives, but the hope is that technological innovation will address this in the future.Offline transactionsFacilitating offline transactions is crucial to improve financial inclusion in emerging economies such as India. The RBI is testing various methods to enable offline transactions, including wearables, debit and credit cards, Bluetooth technology, and smartphones. The central bank is also looking to address the risk of double-spending.More than 50 proposals were submitted to the RBI to solve the problem of offline transactions. The RBI has also been interacting with private companies to consider solutions to improving scalability, even though no partnership has been initiated with any prominent blockchain-related entities.News of India’s ambitious CBDC project fast-tracking has led some to speculate as to what technology lies behind it. Some have suggested Ripple as a possible partner but the suggestion is entirely speculative at this point.The RBI has not announced a timeline for rolling out a full-scale retail CBDC but has indicated previously that it was aiming for the end of the year. The development of a digital rupee has the potential to transform India’s economy by providing greater financial inclusion to its population, which is why the RBI is taking the time to ensure that the CBDC is as robust as possible.

Late Korean artist Lee Jung-seob’s ‘Bull’ NFT on auction at OpenSeaNFT marketplace OpenSea is hosting an ongoing auction for a digital representation of the painting “Bull” by the late Korean artist Lee Jung-seob, Yonhap News TV reported on Tuesday. Celebrated for his distinctive lines in his paintings, Lee passed away in 1956. This auction is set to conclude on Dec. 12, with the starting bid placed at 300 WETH (Wrapped Ethereum), which is approximately equivalent to $626,000.Photo by Hans Eiskonen on UnsplashWhite bull as NFTLee’s “Bull,” featured in the OpenSea auction, is distinguished by its depiction of a white bull set against a dark green background. This particular piece is one of Lee’s unpublished works and is currently being offered for sale by a private art collector. Regarding the authenticity of the painting, the description on the OpenSea page states, “This work received a handwritten evaluation from Professor Jung Jum-sik, a founding member of the Lee Jung-seob Art Award, on November 9, 2000.”The current owner of the original artwork has expressed their intention for auctioning it as a desire to share a valuable piece of art. The painting originally belonged to poet Ku Sang and has since changed hands multiple times, experiencing some damage along the way. While the copyright for an artist’s work typically remains with their inheritors for 70 years posthumously, in the case of Lee Jung-seob, this period has already lapsed.Authenticity and NFT investmentsMeanwhile, art appraisal experts are advising caution, emphasizing the need to first confirm the authenticity of the original painting. This caution stems from the fact that the painting has not undergone evaluation by an official appraisal organization.During his interview with Yonhap, Jung Jun-mo, CEO of Korea Art Authentication Appraisal Inc., offered a word of caution regarding investment in NFTs tied to artworks with questionable authenticity. He emphasized that NFTs representing works that lack genuine authentication also hold no value in terms of authenticity. Jung advised potential investors to thoroughly verify the legitimacy of such artworks before proceeding with any investment in their NFT representations.Last year, many paintings of modern Korean artists were converted into NFTs, but they sparked controversy over issues of authenticity. Experts in art investment have since been advising thorough research prior to making any investments in these digital assets. They warn that losses incurred from transactions involving these NFTs fall squarely on the investors.