Julien Bittel, head of macro research at Global Macro Investor, argued that the bull run remains in its early stages based on comprehensive economic indicators.

In a Sept. 8 analysis shared via X, Bittel counters widespread “peak cycle” sentiment in crypto markets, challenging late-cycle narratives by examining traditional economic markers.

Peak sentiment

Classic late-cycle economies typically feature extreme manufacturing sentiment with ISM readings around 60, elevated services sentiment, high homebuilder confidence, strong consumer and worker confidence, bullish investor sentiment, and accelerating wage growth.

Bittel said current data paints a different picture. When scoring inputs from ISM, NAHB, NFIB, BLS, AAII, and The Conference Board into a composite sentiment measure, US economic sentiment remains “very subdued” and far from euphoric late-cycle extremes.

He stated:

“This does not look like an above-trend late-cycle economy. It looks much more like an early-cycle economy trying to build momentum.”

Central bank policy provides additional support for this thesis. Nearly 90% of central banks globally are cutting rates, creating what Bittel describes as “extraordinary” conditions and “a massive tailwind for the business cycle” on a forward-looking basis.

Oil prices reinforce the early-cycle argument, trading nearly 20% below trend and continuing to fall. This represents easing financial conditions rather than the tightening typically associated with late-cycle dynamics.

Historically, oil prices running 50% above trend have signaled recession since the early 1970s.

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Bull cycle in early stages

Temporary Help Services data shows “early-cycle vibes” with rising growth from profoundly negative levels, indicating economic recovery rather than rollover.

According to Bittel, late-cycle periods typically feature positive year-on-year growth that’s slowing, reflecting an overheated economy losing steam.

He attributes rising unemployment to the lagging nature of jobs data, calling it “a six-month look in the rear-view mirror.”

Businesses first increase overtime hours and temporary workers before committing to expensive full-time hires with benefits and pensions.

Bittel also frames current conditions as “early-cycle” transitioning to “mid-cycle,” describing the progression as “Macro Spring” (growth up, inflation down), moving toward “Macro Summer” (growth up, inflation up).

He concluded that this macro perspective challenges the prevailing crypto market sentiment, which suggests that the bull cycle has peaked. Instead, he assessed that the current economic conditions support continued expansion rather than contraction.

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The European Central Bank said that its proposed digital euro would strengthen Europe’s defenses against cyber and infrastructure disruptions while ensuring broad access to digital payments.

Piero Cipollone, a member of the ECB’s Executive Board, told the European Parliament’s Economic and Monetary Affairs Committee that resilience and inclusiveness must be central features as the bloc prepares to complement physical cash with a central bank-issued digital version.

The remarks marked the ECB’s 14th update to lawmakers on the central bank digital currency project.

Building resilience in payments

Cipollone said Europe’s reliance on foreign payment providers exposes citizens to risks in times of crisis. He cited incidents ranging from undersea cable sabotage in the Baltic Sea to recent power outages in Spain and Portugal as examples of how vulnerable infrastructures can disrupt daily transactions.

He argued that the digital euro would provide “spare capacity” in the financial system by adding public payment rails alongside private solutions.

Planned safeguards include transaction processing across multiple regions, a mandatory ECB-run app to ensure continuity if banks are targeted by cyberattacks, and offline functionality that would allow peer-to-peer payments during power or network outages.

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Ensuring inclusion for all citizens

Cipollone stressed that the digital euro must also serve Europeans at risk of being excluded from a cash-light economy.

He pointed to more than 30 million people in Europe who are blind or partially sighted, at least 34 million who are deaf or hard of hearing, and citizens with limited digital literacy.

The ECB said it is working with consumer groups to design adaptive interfaces, including voice commands and large-font displays, and will require payment providers to support its own app to guarantee basic access.

Local institutions such as post offices and libraries could also provide free support to those least familiar with digital tools.

It was a historic week of codes! The Altcoin season may finally come here as Bitcoin (BTC) violates $124,000 for the first time and Ethereum (ETH) is aiming for the best ever test! In the background, major changes are ongoing in Crypto Asia.

Here’s a summary of what’s been postponed

Metaplanet, a Japanese BTC finance company, has seen its stock increase by 190%, surpassing some of the largest and most liquid Japanese blue chip companies.

According to a revenue report released on August 13, 2025, (YTD) revenues have far surpassed the average profit posted by Topix Core 30, Japan’s leading index tracking industry giants such as Toyota, Sony and Mitsubishi Heavy Industries.

Investors who witnessed Metaplanet’s strategy stacked up had their shareholders increased to over 180,000 as of June 2025, up 350% since launching the BTC accumulation strategy.

Metaplanet’s 190% YTD Surge crushes Japan’s Topix Core 30 as the Bitcoin strategy spends a lot of time. Crypto is restructuring the traditional market, but is it paying attention? #crypto https://t.co/5saokalezb

-CVJ.ai (@cvj_ai) August 14, 2025

As Metaplanet previously stated, it plans to purchase 1% of its total BTC supply by 2027. To achieve its goal, Metaplanet will need to purchase 210,000 BTC over the next two years.

To advance BTC’s accumulation strategy, Metaplanet announced its plan to raise $3.7 billion via equity offerings on August 1, 2025, indicating its continued commitment to equity-based financing.

Explore: 9+ Best High Risk, High Reward Cryptographs for Buying in August 2025

Crypto Asia will be boosted by Kazakhstan’s first spot BTC ETF

On August 13, 2025, Kazakhstan launched its first spot in Central Asia, BTC ETF, a major milestone in Asian crypto,

The Fonte Bitcoin Exchange Traded Fund (BETF) currently trades through Fonte Capital, an investment company based in Astana. Unlike other futures-based products, BETF is backed by BTC.

A US-regulated Crypto Company, BITGO offers storage solutions to ensure secure cold storage and in-house access.

The fund is listed on the Astana International Exchange (AIX) and is accessible to both retailers and institutional investors under the ticker BETF.

Kazakhstan has just launched Central Asia’s first Bitcoin ETF.
Another Domino falls into the global adoption arc of BTC.

All new market entry enhances the network effect, and subsequent capital flows are not small. https://t.co/gxejwbmdm9

– Blackqbarn (@blackqbarn) August 12, 2025

In the meantime, Fonte Capital emphasized that BETF will analyze BTC’s price performance before charging.

“BETF aims to accurately reflect the price dynamics of Bitcoin and strive to achieve this performance before fees and funding obligations,” Fonte Capital said.

Additionally, the ETF operates under the legal framework of the Astana International Financial Center (AIFC) and highlights Kazakhstan’s commitment to modernizing its investment infrastructure.

The country is also working to launch the National Cryptocurrency Reserve.

Explore: More than 10 crypto tokens that could reach 1000 times in 2025

Korean traders throw away big technology for crypto stocks

Korean investors are moving away from the major American high-tech stocks and investing in high-risk, highly-paid crypto stocks.

A local news agency reported on the issue on August 11, 2025, citing data from the Korea International Finance Centre (KCIF). The report revealed that crypto stocks, which account for 8.5% of South Korea’s top 50 net purchases in January, surged to 36.5% in June and returned to 31.5% in July.

On the other hand, large tech stocks fell sharply in July to $260 million, down 84% from the monthly average of $1.68 billion recorded between January and April.

corn Korean investors abandon big technology due to the crypto trend!

Korean retail investors are making bold moves! They trade large tech stocks with high-risk, highly reward-related stocks.

Did you know? The top 50 purchase crypto link stocks have jumped out of… pic.twitter.com/ksaxt64zpn

– Meow Meow News (@meowmeowmews) August 13, 2025

Ether Stacking Company’s Bitmine stood out as a clear winner in the country’s growing appetite for crypto-related stocks.

A Bloomberg report issued on August 11, 2025 highlighted that Korean retail investors poured $259 million into Bitmine stocks since early July, making it the most frequent foreign security stock purchased that month.

Meanwhile, over the past 30 days, Bitmine has increased Ether Holdings by 410.68%, and currently holds 833,100 ETH, ensuring its position as the world’s largest ether stacker.

Explore: Best New Cryptocurrencies to Invest in 2025

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

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July 29, 2025

South Korea’s Central Bank has announced it will reorganize its structure to include a “cryptoassets department” as a wave of public sector stablecoin-related activity continues to build momentum.

The South Korean media outlet News1 reported that the Bank of Korea (BOK) has established a new division named the “Cryptoasset Department.”

Cryptoassets Department: New BOK Division to Monitor Crypto Sector

The BOK also announced that its Digital Currency Research Lab, which operates within its Financial Settlement Bureau, will be renamed the Digital Currency Lab on July 31. News1 explained:

“This appears to be an attempt to emphasize its status as a business unit.”

The bank added that it has also reorganized the roles of the teams that make up the lab, and will assign staffers to test token usability.

The BOK said its Cryptoasset Team Department would operate within its Financial Settlement Bureau.

This division, it said, will be responsible for monitoring the crypto market. Its remit will also include Korean won-pegged stablecoins and legislative matters.

The media outlet wrote that experts have interpreted the reshuffle as an “attempt to better respond to recent discussions on stablecoin issuance, while continuing work on its central bank digital currency (CBDC).”

CBDC Plans on Ice?

The BOK recently hit the pause button on its CBDC rollout plans, seemingly in direct response to the government’s stablecoin legalization plans.

The bank seems to believe that CBDC-based deposit tokens are no different from bank-supported KRW stablecoins.

The BOK Governor Rhee Chang-yong said last year that deposit tokens are essentially “stablecoins issued by banks.” Rhee said earlier this month:

“No matter if we are talking about a won stablecoin or a deposit token, we will need a digital currency in the future. We will carefully consider whether it is better to gradually move forward with a focus on the banking sector or to expand this to the wider private sector.”

South Korean Stablecoin Regulation Incoming

The bank’s move comes just hours after the nation’s two biggest political parties rolled out stablecoin regulation bills.

Both bills propose giving the Financial Services Committee sweeping regulatory powers over the stablecoin industry.

Critics think this will significantly diminish the role of the BOK. And the BOK has previously hit out at private sector stablecoin adoption plans.

It claims that KRW-pegged coins could undermine Seoul’s ability to conduct effective monetary policy.

Some of the country’s biggest tech firms have already registered KRW stablecoin-themed trademarks in anticipation of a green light from Seoul.

A volatile macroeconomic landscape has sparked a new gold rush among institutional investors and central banks, with gold bullion hitting record highs this year — a trend that has also extended to Tether’s gold-backed digital token.

By the end of the second quarter, Tether Gold (XAUt) — a tokenized commodity offering direct exposure to physical bullion — was backed by 7.66 tons of fine troy ounces of gold, according to the company’s latest attestation report, verified by BDO Italia.

This reserve supports over 259,000 XAUt tokens in circulation, giving the asset a total market capitalization exceeding $800 million.

The price of Tether Gold closely tracks the market value of physical gold, which is trading just below $3,400 per troy ounce. XAUt effectively brings gold onto the blockchain, combining the timeless appeal of the yellow metal with the portability, divisibility and redeemability features commonly associated with Bitcoin (BTC).

Over the past 12 months, XAUt’s price has surged by 40%, mirroring the performance of spot gold, according to Bloomberg data.

Tether Gold, which launched in January 2020, is available for trading on several major crypto exchanges, including Bybit, Bitfinex, BingX and KuCoin. The token recently expanded its presence to Thailand through the Maxbit cryptocurrency exchange.

As Cointelegraph reported, Tether’s liquidity network, USDT0, recently introduced an omnichain version of XAUt on The Open Network (TON).

Related: Robert Kiyosaki warns of the risk posed by BTC, gold and silver ETFs

Gold demand gains momentum amid macroeconomic and geopolitical turbulence

While crypto investors have long touted Bitcoin as “digital gold,” offering similar qualities to bullion with added portability and digital-native features, physical gold remains the ultimate safe-haven asset during times of uncertainty.

According to the World Gold Council (WGC), global central banks accumulated over 1,000 metric tons of bullion in 2024, marking the third consecutive year surpassing that milestone. The Council also noted that the vast majority of central bankers expect bullion reserves to continue rising over the next 12 months.

“This is not normal,” wrote Christopher Gannatti, global head of research at WisdomTree, commenting on the rapid pace of gold accumulation by monetary authorities. “For decades, central banks were net sellers of gold. Now they’re stockpiling it again.”

“In a world of rising geopolitical risk and currency weaponization, gold is one of the few assets that travels well across borders and regimes,” Gannatti added.

Institutional investors have followed suit, pouring billions into gold exchange-traded funds (ETFs) in the second half of 2024.

This momentum has carried into 2025, with the first half of the year witnessing the largest gold ETF inflows in five years, according to WGC data. Gold ETFs recorded $38 billion in inflows during the first six months, increasing collective holdings by 397.1 metric tons of physical bullion.

The surge in demand has been driven by escalating geopolitical and economic concerns, including US President Donald Trump’s trade war, which has amplified fears of economic instability and a potential recession.

Economist Peter Schiff has also highlighted persistent inflation risks as a key driver of gold’s appeal. Inflationary pressures have resurfaced in the United States, with the Federal Reserve expecting price increases to accelerate in the second half of the year as tariffs push costs higher for producers and consumers.

This outlook has prompted a cautious stance on monetary policy. Morningstar’s senior US economist, Preston Caldwell, noted that he has “delayed expectations of rate cuts” in light of these inflationary trends.

Related: Despite record high, S&P 500 is down in Bitcoin terms

]]> https://earlybirdsinvest.com/tether-gold-rides-bullion-boom-as-central-banks-etfs-rush-to-accumulate/feed/ 0 49986 https://earlybirdsinvest.com/african-crypto-news-week-of-review-south-africas-enforcement-action-central-bank-of-ghana-nigeria-exchange-on-vasp-registration/ https://earlybirdsinvest.com/african-crypto-news-week-of-review-south-africas-enforcement-action-central-bank-of-ghana-nigeria-exchange-on-vasp-registration/#respond Sun, 13 Jul 2025 18:06:33 +0000 https://earlybirdsinvest.com/african-crypto-news-week-of-review-south-africas-enforcement-action-central-bank-of-ghana-nigeria-exchange-on-vasp-registration/

African Crypto News under review: ROQQU expands to Kenya as South Africa cracks down on fraud. Ghana will clarify its VASP registration.

Nigerian exchange Roquu has acquired a Kenyan startup with an eye on the East African market. Meanwhile, South African regulators are stepping up efforts to combat fraud in the online crypto sector.

In Ghana, central banks are ultimately set up to issue directives regarding the registration of virtual asset service providers (VASPs). Clarity allows users to gain exposure, just encourage more businesses to set up their shop Next 1000X Cryptos.

Let’s take a quick look at these continent headings below.

Kenya Crypto News: Nigerian Exchange acquires Kenyan startup

Nigerian Crypto Exchange Roqqu has I’ve got it Kenyan startup Flitaa sees growth in the East African market.

Flitaa was launched in 2019 and is open in Kenya, Tanzania, Uganda and Ghana. ROQQU has acquired a startup and become a true Pan Africa platform, increasing the number of people investing in some The best cipher to buy.

https://www.youtube.com/watch?v=-_itcg5msee

The East African market is a fertile ground for Nigerian organizations. Kenya and Uganda are also British countries, supporting regulatory frameworks for outside investors.

Kenya’s move to enact a bill for virtual asset providers will clarify the market for external investors looking to enter.

Roquu has put his early bet on this growth, hoping to become a prominent player in these markets.

Discover: 20+ Next Cryptocurrency to Explode in 2025

South African Crypto News: Regulators crack down on online fraud

South Africa’s financial market regulator, Financial Sector Action Authority (FSCA) announcement Spending R200 million over the next 18 months to combat online scams.

This movement occurs in the general calculations of South Africa and requires modernization of financial sector regulations.

Unfortunately, Crypto is a component of the scam blueprint. South Africa has had several infamous cases, including the disappearance of about 70,000 BTC from a platform called Africapt in 2021.

Warnings for Financial Influencers

The South African Financial Sector Action Authority (FSCA) is facing the rise of unregulated financial influencers, or “Finfluencers,” providing advice on popular social media platforms.

As of April 2025, FSCA is currently under investigation… pic.twitter.com/npcjfqiywu

– Business Axplainer (@buzinessx) April 7, 2025

Investing in online fraud crackdowns can be a positive for the crypto sector, which is suffering from a surge in such entities.

Ghana Crypto News: Central Bank Issues Directive on Registration

A few months after suggesting new regulations, the Central Bank of Ghana has issued An order that all virtual asset service providers will register by August 15th.

Central banks are issuing directives to comply with international trends regarding disclosure and regulation of crypto exchanges.

https://www.youtube.com/watch?v=Br50EOC6O-C

For years, Ghana had little regulation in the crypto sector. However, increased use in local markets and pressure from international entities has led to this update.

Crypto stakeholders aim to follow this deadline to continue operating in this market.

Discover: 16 Next Cryptocurrency Explosions in 2025: Experts’ Cryptocurrency Prediction and Analysis

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Hackers reportedly stole $100 million from the Central Bank of Brazil using security credentials purchased from an alleged insider.

According to a new AP report, the cyberattack targeted Brazil’s popular instant payment system, known as PIX, to steal the massive nine-figure sum.

Hackers were able to pull off the scheme by infiltrating the C&M system, the software company that facilitates connections between financial institutions and the central bank to enable PIX payment transactions.

Police say the hackers used security credentials they allegedly purchased from C&M employee João Roque, who they just arrested. Roque allegedly told investigators he was recruited by the hackers last year and sold them his credentials. The AP was unable to reach Roque’s attorneys for comment.

After gaining access to the C&M system, the hackers initiated fake PIX operations, making off with $100 million in a single night from financial institutions that are plugged into the C&M network.

Police say they are attempting to identify the hackers and that at least four other people participated in the crime. Authorities are also attempting to freeze the suspected stolen assets, and say they have blocked about half the stolen funds connected to the scheme.

In a statement published by local media, C&M says that it is cooperating with authorities and that the breach was likely due to unauthorized access to security credentials, not system flaws.

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Hackers siphoned about R$800 million ($140 million) from six reserve accounts connected to Brazil’s central bank after breaching São Paulo-based software vendor C&M Software on June 30, according to blockchain investigator ZachXBT and reports from local news outlets.

Police said C&M employee João Nazareno Roque sold his corporate login for R$15,000 ($2,770) and later developed a secondary access tool for an additional R$10,000 ($1,850), giving attackers direct access to the vendor’s infrastructure.

Investigators traced unauthorized instructions that moved funds from the reserve accounts held at the Central Bank of Brazil for interbank settlement into commercial bank accounts tied to over-the-counter (OTC) desks and regional exchanges.

ZachXBT estimated that between $30 million and $40 million of the stolen funds had already been swapped for major digital assets, including Bitcoin, Ethereum, and USDT. 

On-chain analysis teams and Brazilian prosecutors are coordinating wallet freezes while attribution work continues.

Central bank and vendor response

The central bank ordered all institutions that routed through C&M to disconnect immediately after the breach and cleared the firm to restore service two days later, stating that critical systems remained intact.

C&M commercial director Kamal Zogheib told Reuters that the attack relied on fraudulent client credentials rather than a code flaw and confirmed cooperation with the Federal Police and São Paulo investigators.

BMP, a banking platform provider hit in the raid, told local media that only its reserve balance was affected, and customer deposits remained untouched.

Law enforcement officials have frozen R$270 million ($49.8 million) while tracking additional flows and searching for at least four accomplices cited in preliminary warrants.

Roque remained in custody in São Paulo as of July 3. Police allege that he rotated his mobile phones every two weeks to avoid being monitored.

Laundering route through Latin America

Transaction records reviewed by ZachXBT and independent researchers indicate that the attackers structured transfers across multiple exchanges in Brazil, Argentina, and Paraguay, then utilized OTC brokers to settle into crypto within three hours of the initial breach.

Sources who prefer to remain anonymous told CryptoSlate that the attackers found it challenging to buy crypto with the stolen money in Brazilian OTC desks, as most of the largest ones raised red flags due to the large amounts.

Brazil’s Federal Police declined to specify which platforms processed the swaps but said exchange operators have begun freezing balances tied to flagged addresses.

The central bank has not disclosed whether additional vendors will face new connection requirements but signaled that the instant payment rail PIX and reserve account interfaces may receive further controls.

The probe continues under federal supervision, with investigators prioritizing the recovery of funds and identifying the remaining organizers.

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Sujha Sundararajan

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Sujha Sundararajan

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Sujha has been recognised as Women In Crypto 2024 by BeInCrypto for her leadership in crypto journalism.

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July 2, 2025

The European Central Bank (ECB) Governing Council, on Tuesday, approved a two-track plan that will utilise central bank money for distributed ledger technology (DLT) transactions.

The first short-term track approach, dubbed “Pontes”, will connect DLT platforms with Eurosystem TARGET services, to be launched by 2026. The track will ensure the free flow of cash, securities and collateral across Europe.

Meanwhile, before the launch of the Pontes pilot in Q3 2026, the ECB will consider DLT-based trial and experiment requests.

Piero Cipollone, Member of the Executive Board of the ECB, believes that although DLT and tokenization are relatively nascent, they “are likely to offer new ways of improving the settlement of financial transactions.”

“The decision is in line with the Eurosystem’s commitment to supporting innovation without compromising on safety and efficiency in financial market infrastructures,” the release read.

Long-Term ‘Global Level’ Approach

The ECB has laid out its long-term track plan, “Appia,” which will facilitate operations at the global level. The bank noted that this approach will analyse more DLT-based solutions and collaborate with public and private stakeholders.

“This will also include international operations, such as foreign exchange settlement, and engagement in international initiatives,” the ECB noted in a report outlining the results of the exploratory work.

The ECB is yet to define the precise approach to be followed in the long-term, it added. However, the central bank will focus on “improving the efficiency and competitiveness of current financial markets for securities and payments, without compromising on safety.”

ECB Aims to Finish Digital Euro Prep Phase by October

Cipollone said last year that the bank is looking to finish the preparation phase of the digital euro by October 2025.

However, lawmakers are hesitant to trust the central bank, raising doubts about whether a digital euro could debut. The ambiguity came after an outage that occurred with the TARGET 2 (T2) payment system early this year. Big transactions are held in the T2 payment platform.

The bank already conducted exploratory work on new techs like DLT between May and November 2024. During the trial, 64 participants conducted over 50 experiments.

Piero Cipollone added that Pontes and Appia approaches will be built on these technologies, given their recent developments and how they have sparked growing interest across the financial sector.

The European Central Bank (ECB) Governing Council has approved research efforts that will use central bank money to settle distributed ledger technology (DLT) transactions, as the body looks to make its payment systems more efficient.

One short term approach is called “Pontes” which will link DLT platforms with Eurosystem TARGET services that ensure the flow of cash and securities across Europe. A pilot will be launched by the third quarter of 2026. A more long term solution called “Appia” will facilitate global operations and analyze DLT-based solutions, the post said on Tuesday.

“The decision is in line with the Eurosystem’s commitment to supporting innovation without compromising on safety and efficiency in financial market infrastructures,” the release said.

The ECB has been exploring how to utilize DLT technology to boost payments settlement, something which central banks across the world have been looking at. It conducted exploratory work on wholesale central bank money settlement between May and November 2024. A report on the results of this work was also published on Tuesday that identified DLT having benefits such as reducing costs and countering credit and settlement risks.

Read more: ECB Targets October to Finish Digital Euro Preparation Phase