Bitcoin Options Traders Anticipate Breakout Above $74K

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Table of Content

In today edition we talk about

• Bitcoin Options Traders Anticipate Breakout Above $74K

• Paxos International to Issue Regulated Interest-Paying Stablecoin

• SEC Chair Gary Gensler: Disclosures Not Enough to Protect Crypto Exchanges

Bitcoin Options Traders Anticipate Breakout Above $74K

Bitcoin options traders are bracing for a potential surge in Bitcoin prices, predicting a new record high above $74,000 by the end of the month.

High points:

• Significant call buying activity indicates bullish sentiment, with traders targeting $74,000 to $80,000.

• Strong call option buying on BTC expiring in June suggests an expectation of a price breakout.

• Matrixport noted that about $1.5 billion of short positions could be liquidated, pushing prices upward.

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Paxos International to Issue Regulated Interest-Paying Stablecoin

Paxos International, the global arm of New York-based Paxos, will launch the Lift Dollar (USDL), an interest-bearing stablecoin pegged to the U.S. dollar. This new stablecoin will be regulated in the Abu Dhabi Global Market (ADGM) and will offer overnight yield based on the interest earned from its reserves.

High points:

• USDL will be backed 1:1 by U.S. government securities and cash equivalents.

• Paxos will charge an issuer fee instead of earning interest on the reserves.

• The USDL will be available in Argentina through distributors like Ripio and Buenbit.

• It will use an Ethereum smart contract mechanism to distribute yield automatically.

• USDL is claimed to be the first regulated, interest-bearing stablecoin of its kind.

Notably, USDL will not be available to residents of the U.S., UAE (outside ADGM), UK, EU, Canada, Hong Kong, Japan, or Singapore due to regulatory restrictions.

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SEC Chair Gary Gensler: Disclosures Not Enough to Protect Crypto Exchanges

SEC Chair Gary Gensler stated in a CNBC interview that crypto exchanges issuing disclosures are still subject to enforcement actions. Even with risk disclosures, exchanges can be sued for market manipulation or providing misleading information.

Key Points:

• Disclosures don't protect exchanges from lawsuits if they manipulate the market or mislead investors.

• Most crypto companies still don't issue any disclosures.

• The SEC continues to crack down on the crypto industry, targeting exchanges like Kraken, Binance, and Coinbase, especially after the collapse of FTX.

Gensler emphasized that crypto exchanges must adhere to the same standards as traditional financial markets.

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Other important news

Solana rally continues on memecoin activity and DeFi; ether implied volatility outpace bitcoin's

Securitize CEO calls for clearer digital asset regulation in House Financial Services hearing

Bitcoin Miners With Attractive Power Contracts Are Potential M&A Targets, JPMorgan Says

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