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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

How Coinbase, Square and Fidelity will support Bitcoin

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Bitcoin BTC BTCUSD

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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To contribute to Bitcoin and crypto regulation, 4 prominent partners have formed the Crypto Council for Innovation (CCI). Created by investment firm Paradigm, crypto exchange Coinbase, payment processor Square, and investment firm Fidelity Digital Assets.

The initiative aims to lobby on behalf of the cryptocurrency industry, conduct research, and promulgate the benefits of this asset class as well as its underlying technology to society. In a post via its Twitter handle, the Crypto Council for Innovation claimed:

We’ll provide useful information – and dispel misinformation – for policymakers, regulators, and citizens around the world. We all want the same thing from technology: to create better lives for human beings. The road to making that happen is paved with high quality information.

Initially, the organization will focus on 3 key areas, singled out for their potential to “transform lives and the livelihoods” of people for the better. First, the Crypto Council for Innovation will seek to contribute towards strengthening the economy and creating more jobs.

In addition, the initiative aims to create a more “accessible and inclusive” financial system. Finally, the organization will seek to enhance privacy and security for all individuals.

On its website, the ICC states that the scope of its cooperation is global. Among other tasks, the organization said they will share data on cryptocurrencies to counter “misinformation”.

In parallel, they will seek the support of governments and institutions around the world to “encourage responsible crypto regulation”. In a subsequent post, CCI stated:

This potential, like crypto itself, transcends borders. There’s no state too rich, region too poor, village too remote to benefit from crypto. That is why our scope is global. Wherever you are, our doors are open. Join us to unlock the promise of crypto!

Announcing CCI #bitcoin https://t.co/cT3AQf0op7

— jack (@jack) April 6, 2021

Bitcoin’s supply crisis deepest

At the time of writing, Bitcoin is trading at $58,189 with sideway movement in the last 24-hours. On the weekly chart, BTC has 0.9% gains and 18.7% in the 30-day chart.

Bitcoin BTC
BTC moving sideways in the 24-hour chart. Source: BTCUSD Tradingview

BTC is lagging other altcoins in the top 10 by market cap, its price seems to be stuck belove $60,000. However, BTC’s supply on exchanges is on the decline.

Data from Glassnode indicates that over 15,680 BTC has been withdrawal from main exchanges in the last day. As shown by analyst William Clemente, 23,970 BTC have left from trading platforms in the last week and 568,618 BTC in the past year.

This averages out to 1,557 BTC (~$88m) per day over the last year.

There's only 900 BTC (~$51m) mined per day.

— Will (@WClementeIII) April 6, 2021

The analyst claims that BTC’s outflows from exchanges and Bitcoin miners increasing their buying pressure on the cryptocurrency will contribute to its price appreciation.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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