The price of **Bitcoin (BTC)** experienced significant volatility, characterized by sharp selloffs and growth,  driven by the release of the **ISM Manufacturing PMI** data in the United States.  The **PMI** reading came in at 48.5, indicating a possible strain on the economy, potentially leading to increased inflation. This data caused a knee-jerk reaction among investors, resulting in a flash crash. However, Bitcoin has since stabilized, and its recovery path looks upward in the coming weeks. A major factor driving Bitcoin's growth this year is the **spot ETF** product, which still has the backing of prominent Wall Street firms. Furthermore, the **halving** event has reduced Bitcoin's supply, creating potential for price rebound. Overall, the market remains optimistic about Bitcoin's future prospects.

The price of Bitcoin (BTC) is seeing shocking volatility at the moment characterizing sharp selloffs and growth. At the time of writing, the coin&#8217;s price comes in at $62,743.35, up by 2.04% in 24 hours. Prior to this resurgence, Bitcoin traded as low as 3%, however, this bearish set-up was not sustained. The Bitcoin and <a class="mh-excerpt-more" href="https://coingape.com/bitcoin-btc-faces-strong-volatility-on-divergent-us-pmi-data/" title="Bitcoin (BTC) Faces Strong Volatility On Divergent US PMI Data"></a>
The post <a href="https://coingape.com/bitcoin-btc-faces-strong-volatility-on-divergent-us-pmi-data/">Bitcoin (BTC) Faces Strong Volatility On Divergent US PMI Data</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

<img fetchpriority="high" decoding="async" width="1200" height="675" src="https://coingape.com/wp-content/uploads/2024/06/42301-1-1.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin (BTC) Faces Strong Volatility On Divergent US PMI Data" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/06/42301-1-1.jpg 1200w, https://coingape.com/wp-content/uploads/2024/06/42301-1-1-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2024/06/42301-1-1-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2024/06/42301-1-1-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2024/06/42301-1-1-150x84.jpg 150w" sizes="(max-width: 1200px) 100vw, 1200px" />The price of Bitcoin (BTC) is seeing shocking volatility at the moment characterizing sharp selloffs and growth. At the time of writing, the coin&#8217;s price comes in at $62,743.35, up by 2.04% in 24 hours. Prior to this resurgence, Bitcoin traded as low as 3%, however, this bearish set-up was not sustained.
<h2>The Bitcoin and ISM Manufacturing PMI Impact</h2>
One crucial update that appears to upset Bitcoin investors comes from the released ISM Manufacturing PMI in the United States. Per the data published, the ISM Mfg comes in at 48.5 as against the expected reading of 49.1. The record as of May comes in at 48.7.
<blockquote class="twitter-tweet">
ISM Mfg 48.5. Exp. 49.1, Last 48.7
ISM New Orders 49.3, Exp. 49.0 
ISM Prices 52.1, Exp. 55.8 
ISM Employment 49.3, Exp. 50.0
— zerohedge (@zerohedge) <a rel='nofollow' href="https://twitter.com/zerohedge/status/1807776386922266801?ref_src=twsrc%5Etfw">July 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This data is crucial in measuring the direction of inflation in the country. The ISM Manufacturing PMI (Purchasing Managers Index) is an economic indicator that measures the performance of the manufacturing sector. The data basically measures the level of demand for products by looking at the ordering activity.
A PMI data above 50 denotes an expanding economy while the opposite holds true when the price is lower. The 48.5 points recorded is evident of hanging strain that might translate into inflationary boost for the economy. The outcome of these economic indices plays a crucial role on how the Federal Reserve will adjust its interest rates.
For now, the Feds have chosen to keep the <a href="https://coingape.com/fed-governor-says-rate-cuts-unlikely-this-year-crypto-crash-to-worsen/" target="_blank" rel="noopener">interest rate</a> intact. However, signs points to no more than one cut before the end of this year. With the released data, Bitcoin investors showcased a knee-jerk reaction to the data, triggering the flash crash.
With the market now stabilizing, the question remains, how will BTC capitalize on this newly found catalyst?
<h2>BTC Steady Reboot</h2>
Bitcoin is currently at a vantage point when it comes to its recovery push. After the intense selloff recorded in June, the coin&#8217;s natural growth path is upward in the coming weeks.
The biggest driver of Bitcoin&#8217;s growth this year remains the <a href="https://coingape.com/bitcoin-etf-records-4-day-streak-blackrock-boosts-82m-influx/" target="_blank" rel="noopener">spot ETF</a> product. Despite the dwindling metrics, the product still has the backing of some of Wall Streets&#8217; biggest firms. This means the demand might not fade out anytime soon, a major win for the coin.
BTC is also benefitting from the impact of the <a href="https://coingape.com/bitcoin-halving-4-0-is-a-success-what-happens-to-btc-price-next/" target="_blank" rel="noopener">halving</a> that has generally reduced its supply. Should the macro-economic trends continue to favor Bitcoin, a price rebound is imminent moving forward.
Read More: <a href="https://coingape.com/shiba-inu-team-hints-major-development-boost-shib-burn/" target="_blank" rel="noopener">Shiba Inu Team Hints At Major Development To Boost SHIB Burn</a>
The post <a href="https://coingape.com/bitcoin-btc-faces-strong-volatility-on-divergent-us-pmi-data/">Bitcoin (BTC) Faces Strong Volatility On Divergent US PMI Data</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Price Volatility Fueled by US PMI Data

Before NFTs, play-to-earn, or on-chain esports became buzzwords, **Bitcoin casinos** were already stress-testing what 'digital play' could look like on a public ledger. They weren't just adding new payment methods to old games; they reimagined the entire experience, focusing on trust, speed, and community building. This early experimentation offers valuable insights for any gaming company, even those not involved in crypto.

## The First Movers Who Proved a Point
In the early 2010s, blockchain entertainment started with simple dice games. Rules were intuitive, math was transparent, and outcomes were quick. Faucets—tiny free coin drops—helped newcomers get started, creating a low-stakes on-ramp where curiosity outweighed fear. This simplicity proved that a public chain could host real money games that were auditable, global, and always on.

## Transparency as a Product Feature, Not a Footnote
Early crypto dice games made 'provably fair' the headline, not fine print. Every bet and outcome could be verified on a public ledger, inviting players to check rather than just trust. This ethos has influenced mainstream gaming with visible drop rates, certified RNGs, and public patch notes. Modern Bitcoin casinos continue this trend with clear mechanics and easy-to-follow audit trails.

## Speed, Micro-Transactions, and a Global Table
Cryptocurrencies enabled fast deposits and withdrawals, unrestricted by bank hours or borders. Players could place many small bets quickly, experiment with strategies, and enjoy long sessions at tiny stakes. This frictionless experience mirrors free-to-play game design, where faster loops and lower restart costs boost experimentation and retention.

## Community Is the Real Retention Mechanic
Early crypto dice sites featured chat windows, faucet tips, challenges, and leaderboards, fostering a culture of sharing and teaching. This sense of community, built around rituals and social interactions, is key to player retention. Similar principles apply to beer culture, where shared practices strengthen belonging.

## How Simple Games Sparked Steady Innovation
Despite their simplicity, dice games became a sandbox for innovation. Features like auto-bet scripting, streak bonuses, and loyalty systems evolved, emphasizing clarity and strong gameplay loops. These ideas are now seen in modern gaming with transparent loot tables and social proof mechanisms.

## A Few Takeaways the Wider Industry Can Adopt
- **Make fairness visible**: Show the math or audit in-client to reduce trust gaps.
- **Tighten the loop**: Minimize delays between intent and outcome to boost engagement.
- **Reduce friction for small actions**: Enable low-cost experimentation to encourage trying again.
- **Seed community habits**: Provide ways for players to talk, teach, and celebrate together.
- **Respect exit and budgets**: Make stopping or cashing out as smooth as playing to build trust.

## What Comes Next
As blockchains scale, the performance gap between experimental casinos and mainstream games shrinks. Faster confirmations and better wallets make the 'click, result, verify' cadence natural. The lasting legacy is cultural: players deserve transparency, immediacy, and open knowledge sharing. This mindset benefits all gaming genres, from battle royales to arcade titles, and parallels the experimental spirit in industries like brewing, where innovation thrives through community engagement.

Before NFTs, play-to-earn, or on-chain esports were buzzwords, Bitcoin casinos were already testing what “digital play” could look like.

How Bitcoin Casinos Pioneered Digital Gaming: Key Lessons for the Entire Industry

## The Rise of CARF in Cryptocurrency Regulation

CARF emerged as a way to close the transparency gap that allowed cryptocurrency transactions to occur outside traditional banking oversight systems, essentially creating a crypto version of existing financial reporting standards.

### Key Insights
- **CARF is a global initiative designed to bring tax transparency to cryptocurrency** — CARF aims to prevent tax evasion by requiring crypto service providers to report customer and transaction data to tax authorities, who then share this information internationally.
- **CARF’s adoption is rapidly progressing** — With widespread international buy-in, platforms are now compelled to expand their KYC standards, necessitating significant overhauls in data collection, user on-boarding, and detailed transaction categorization.
- **CARF is pushing cryptocurrency towards a more transparent, regulated, and institution-friendly future** — While CARF promises to reduce fraud and harmonize rules, it could also create a split market between the regulated and the hidden, sparking ongoing debates about privacy and enforcement.

---

As cryptocurrencies exploded in popularity over the past few years, tax authorities around the world faced a growing problem. While they had successfully created systems to track traditional banking transactions through the [Common Reporting Standard (CRS)](https://web-archive.oecd.org/2022-10-10/642425-crypto-asset-reporting-framework-and-amendments-to-the-common-reporting-standard.pdf), crypto transactions were happening completely outside this framework. People could buy, sell, and trade digital assets through exchanges and wallet providers without their home countries’ tax authorities knowing anything about it.

Recognizing this threat to global tax transparency, the G20 asked the Organisation for Economic Co-operation and Development (OECD) to develop a solution. The result was the **Crypto-Asset Reporting Framework (CARF)** — essentially a crypto version of the existing banking transparency rules.

CARF works by requiring cryptocurrency service providers, such as exchanges and wallet providers, to collect information about their customers and report their transactions to local tax authorities. These authorities then share this information with the customers’ home countries, just like they do with traditional bank account data.

The goal is simple: Prevent the crypto market from becoming a way for people to hide taxable income and transactions from their governments, preserving the progress made in global tax transparency over the past several years.

## The Current Status of Crypto-Regulation

By 2025, a monumental shift had occurred in the landscape of [global cryptocurrency regulation](https://www.oecd.org/content/dam/oecd/en/networks/global-forum-tax-transparency/commitments-carf.pdf). More than 60 nations — encompassing all G7 members and most G20 economies — formally embraced CARF, marking a palpable acceleration toward a standardized international approach. Already, 52 of these jurisdictions were diligently preparing to exchange their initial batches of data by 2027, with an additional 15 poised to follow suit in 2028.

While widespread adoption was evident, a handful of prominent crypto markets had yet to officially join the CARF agreement. Nevertheless, a clear wave of international pressure was mounting, aimed at bringing these remaining nations into compliance and thereby preventing them from inadvertently fostering illicit financial activities.

Indeed, cornerstone of CARF across these diverse jurisdictions was its commitment to consistency. Core definitions and reporting requirements were meticulously crafted to be uniform, fostering a level playing field and simplifying implementation. Any variations observed between countries primarily pertained to practicalities, such as their specific implementation timelines, the penalties associated with non-compliance, and whether domestic, non-cross-border crypto transactions would also fall under reporting mandates.

The advent of CARF fundamentally reshaped the operational paradigms for crypto platforms. The established **Know Your Customer (KYC)** principle for financial services regulation, traditionally focused on anti-money laundering, now expanded to encompass a new imperative: *Know Your Customer’s Tax Status*, with platforms mandated to report accordingly.

This profound shift necessitated a significant overhaul for many crypto businesses, as they now faced the challenge of upgrading their systems for user on-boarding and data management. This included the crucial task of collecting self-certifications of tax residency from their users and implementing novel procedures to identify the controlling individuals of any entity customers. Moreover, platforms were now required to meticulously gather detailed transaction data, carefully categorizing each entry by type, differentiating between fiat-to-crypto, crypto-to-crypto, and various forms of transfers.

## What the Future Holds

By 2030, CARF could mark crypto’s shift into a transparent, accountable asset class. Best case, it mainstreams crypto, reduces fraud and tax evasion, and harmonizes rules across countries while allowing for further innovation. Worst case, strict enforcement drives activity underground and deepens rifts with regulators. Most likely, we land in the middle: More transparency and fewer havens that ignore CARF or similar rules.

Indeed, CARF is a major test of global crypto-governance. Its success depends on international cooperation, competent enforcement, and the industry’s ability to adapt to new transparency standards. The era of easily hiding wealth in crypto is ending, and a more accountable — and possibly more trusted — system is emerging.

CARF likely will make crypto look more like traditional finance. Clearer tax rules and reporting could draw in large institutions and more everyday users. Compliant exchanges may operate more easily across borders under a single standard, and markets in CARF countries may become more professional, with fewer anonymous users and more strong oversight.

Yet, some worry that this could cause the market to split, leaving, on one hand, a regulated, transparent side and on the other, a hidden side using privacy tools and decentralized systems. Governments will try to shrink the latter by expanding CARF and improving analytics, possibly using AI to match blockchain activity with reported data. This, of course, will spark debates about accuracy and privacy.

Rules will keep evolving, especially for decentralized finance and self-custody. We may get clearer guidance on when decentralized platforms must report; and if more activity moves peer-to-peer, some countries could require individuals to declare holdings and income directly. CARF data might also be used — carefully and with safeguards — for financial crime enforcement, which would naturally raise civil liberties concerns.

For most users, crypto may become just another taxable asset. You buy, sell, earn staking rewards, and receive tax forms or pre-filled reports. New services will emerge, such as crypto tax tools, compliance-linked insurance, and cross-border tax optimization. Privacy tech will advance too, including ways to prove compliance without revealing everything.

Today, governments expect higher tax revenue and better compliance — and strong results with CARF will attract more countries. Eventually, tax authorities will use CARF data to verify returns, send notices, and audit mismatches. For compliant users, this should be routine; and for non-compliant users, risks and costs will rise.

---

*For more on the [risks that corporate compliance professionals face](https://www.thomsonreuters.com/en-us/posts/topic/compliance-risk/) in today’s turbulent environment*

CARF is a way to close the transparency gap that allowed cryptocurrency transactions to occur outside traditional banking oversight systems.

Is CARF the End of Crypto Anonymity? How New Global Tax Rules Are Reshaping the Industry

# The Deep Connection Between Bitcoin and Gold

J.P. Morgan analysts have shed light on the **intriguing and self-reinforcing links** between the cryptocurrency market and the traditional safe-haven asset, gold. This analysis explores how these two seemingly disparate worlds are increasingly influencing each other in the global financial landscape.

## Key Insights from J.P. Morgan

The report highlights that both **Bitcoin** and **gold** are experiencing significant interest from investors, driven by factors such as inflation concerns, geopolitical tensions, and a search for alternative stores of value. The analysts note that the rise of cryptocurrencies is not occurring in isolation but is part of a broader shift in investment strategies.

## Implications for Investors

Understanding these connections can provide valuable insights for portfolio diversification. The interplay between digital assets and precious metals suggests a **growing convergence** in how investors perceive and utilize these assets for hedging and growth.

J.P. Morgan analysts offer some thoughts on the deep and seemingly self-reinforcing connections between crypto and the yellow metal.

The Surprising Collision: How Bitcoin and Gold Are Shaping the Future of Finance

## Clearing Up Misconceptions in College Station

With a city council vote approaching, Priority Power CEO Brandon Schwertner is addressing widespread concerns about a proposed data facility in College Station, Texas. Many residents oppose the project due to early documents that mentioned **Bitcoin mining**, but Schwertner emphasizes it's actually a **high-performance data center** focused on **artificial intelligence (AI)** and computing.

Schwertner plans to ask the city council to remove any cryptocurrency-related language from the land agreement, stating, "I think there was a general misconception, and rightfully so, that this was going to be a Bitcoin mining site. We’ll be asking the city council to strike that."

## Benefits and Reassurances for the Community

The data center, planned near the Midtown area behind Costco, is designed to support **AI and high-performance computing**, potentially benefiting Texas A&M University, creating jobs, and generating tax revenue. Schwertner, a third-generation Aggie and former Texas A&M football player, highlighted the economic advantages: "It’s going to bring more business into the city. You can’t argue the taxation benefits that the city will get, the job creations."

Addressing noise concerns inspired by issues in other Texas communities like Granbury, where residents report disruptive sounds from Bitcoin mines, Schwertner assured that College Station would not face similar problems. He explained, "The technology is more sophisticated. Noise ordinances are known... So if this is going to be located in a city, there’s not going to be noise issues — the city wouldn’t allow for it."

## Infrastructure and Utility Considerations

On utilities, Schwertner noted that the project would stay within previously allocated water limits and source power externally to avoid impacting residents' electricity bills. "The power is going to be externally sourced to that project... it’s not going to affect any of the residents in that area just because it’s a large user of electricity," he said.

The College Station City Council is set to meet to discuss the proposal, with dozens of residents expected to voice opposition.

Priority Power CEO Brandon Schwertner says College Station’s proposed project is a high-performance data center, not a Bitcoin mine, and will ask the council to remove crypto language. 

Bitcoin (BTC) Price Volatility Fueled by US PMI Data

Summary:

Bitcoin (BTC) experienced significant volatility, driven by the ISM Manufacturing PMI data in the US.

The PMI reading of 48.5 suggests potential strain on the economy and possible inflation.

This data sparked a flash crash, but Bitcoin has since stabilized.

The spot ETF product, with backing from major Wall Street firms, continues to drive Bitcoin's growth.

The halving event has reduced Bitcoin's supply, contributing to potential price rebound.

Overall, the market remains optimistic about Bitcoin's future.

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