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Crypto Exchange Regulation Check

Brazil Central Bank Report: citizens purchased $4.2 billion in crypto in 2021

Brazilians‘ zeal for cryptocurrencies was recently confirmed by their 2021 crypto purchases. The exclusive Central Bank report revealed that the nation’s residents have bought $4.2 billion worth of crypto since January 2021. The latest purchase was registered in the month of August, amounting to $496 million. However, the highest purchase of crypto actives was marked in May, when Brazilians bought $756 million in crypto. Since then, no month has been able to beat Mays record high of over $750 million.　　“Since then these numbers have been falling (US$695 million in June and US$583 million in July), but they are still much higher than what was seen at the beginning of the year: in February cryptoactive purchases were US$386 million and in March, $357 million,” stated the report that takes cryptocurrencies as part of the commercial balance of products.　　 One-way Flow of crypto　　Bruno Serra, the director of monetary policy of the Central Bank of Brazil spoke in a videoconference organized by the company Upon Global on Friday. He highlighted that the Brazilian investments in crypto actives abroad are potentially three times greater than in American shares. Furthermore, he asserted that Brazilians investment into crypto will only rise from this stage onwards. He

2021-10-19Deep Dive

Grayscale CEO: SEC Likely to Approve Ethereum ETF After Greenlighting First Bitcoin Futures ETF

Chief executive officer of Grayscale Investments, Michael Sonnenshein, has appeared on another CNBCs Squawk Box show to talk about the approval of the first Bitcoin ETF by the Security and Exchange Commission.　　He has shared his take on the results of the Bitcoin futures ETF approval for the crypto industry and opined on what steps the SEC may take for the industry next.　　Bitcoin ETF to draw in more capital for Bitcoin products　　Sonnenshein believes that the approval of the first Bitcoin futures ETF is likely to attract more capital and more investors into this ecosystem.　　He also stated that the launch of the first Bitcoin ETF is very bullish for the asset class – Bitcoin.　　SEC may well approve an Ethereum ETF, Sonnenshein believes　　The chief of Grayscale also reckons that since the SEC has become pretty comfortable with the fact that a Bitcoin ETF will be now regulated by it, then it is highly likely that the regulator will also bring a similar Ethereum product to the market.　　Earlier today, U.Today reported that the first Bitcoin futures ETF created for by ProShares will be listed on Tuesday October 19 on the New York Stock Exchange under the BITO ticker. It has met no objections from

2021-10-19Deep Dive

Mining Giant Bitfury Confirms Plans for an IPO

Key Takeaways　　Bitfury is planning to launch an IPO in the near future, according to comments made by CEO Valery Vavilov.　　The company has not announced a date for an IPO, nor has it revealed the exchange that the sale will take place on.　　The sale will likely be one of the largest initial public offerings from a European cryptocurrency company.　　The Bitcoin mining giant Bitfury has confirmed that it plans to carry out an initial public offering (IPO) in the near future.　　 Bitfury IPO Is On the Way　　Bitfury CEO Valery Vavilov confirmed its plans to crypto news site Cointelegraph on Oct. 18, stating that the firm “will be considering an IPO as part of its broader expansion and growth plans.”　　The company has not yet announced a date for its IPO, nor has it stated which exchange it will launch the IPO on.　　U.K. news outlet The Telegraph previously reported that Bitfury would work with the consulting firm Deloitte in preparation for an IPO. At that time, the IPO had not been confirmed by Bitfury itself.　　Bitfurys offices are based in the Netherlands, while the company is legally based in the U.K. The offering will likely be the largest IPO from a European cryptocurrency company to

2021-10-19Deep Dive

The Relationship Between COVID-19 and Cryptocurrency

2020 was a very difficult year for many, but it was also the year when cryptocurrency went viral. Due to global confinement, many turned to day trading to cope with boredom and make extra income on the side. Trading apps such as Robinhood saw a record trading volume and new accounts signing up, and Bitcoin trading consideringly increased throughout the lockdowns.　　There has been a dramatic influx of investments in cryptocurrency since the onset of the COVID-19 pandemic. At the end of 2019, the total cryptocurrency market cap was hovering just under $200 billion. Fast forward to September 2021, and it surpassed $2 trillion.　　Lockdowns Drove Interest in Crypto　　Severe restrictions caused by the virus sparked the interest in digital assets for many young people that were stuck at home. A 22-year-old student from India who wants to keep their identity hidden stated that if it wasn‘t for the pandemic, they wouldn’t have had the opportunity to learn more about crypto.　　“In March 2020, due to the lockdown I had a lot of free time. A lot of news started covering crypto during this time, as many countries started to acknowledge crypto. So, I started researching about them and came to know about hardware

2021-10-18Deep Dive

Could Zimbabwe Also Follow El Salvador And Legalize Crypto?

The cryptocurrency market has seen growing adoption by the mainstream in 2021, garnering significant attention from institutional firms. Now, several countries are also exploring how they can utilize cryptocurrencies.　　El Salvador has been leading the way and created history when the country passed a resolution to make Bitcoin legal tender. This created a domino effect, with other South American countries such as Panama, Argentina, and Paraguay also exploring the legalization of crypto in their domestic financial market.　　A Growing List Of Crypto Adoptors　　There is speculation that Zimbabwe could be the next country to join the list of nations that have made or are considering making cryptocurrency legal tender. Zimbabwe‘s finance minister stated recently that it is impossible to ignore cryptocurrencies, with almost 30% of the country’s younger population investing in crypto and other digital assets.　　According to a report, the finance minister has hinted at offering certain concessions to cryptocurrencies to promote their use among the population. He explained that he saw cryptocurrencies as an investment asset and not as a currency, stating,　　“But our view is that we do not want it to be a currency. I want this to be an investment class. So through the Victoria Falls Stock Exchange platform, we

2021-10-18Deep Dive

Grayscale hints at plans to convert Bitcoin trust into BTC-settled ETF

Institutional investment giant Grayscale is reportedly considering converting its Bitcoin Trust into a physically settled exchange-traded fund (ETF).　　On Oct. 17, Barry Silbert, the CEO of Grayscales parent company Digital Currency Group, hinted that Grayscale is making plans to convert its Bitcoin Trust into a spot-settled Bitcoin fund.　　After having taken to Twitter to criticize the cash-settled Bitcoin futures ETF recently approved by the U.S. Securities and Exchange Commission (SEC), Bitcoin commentator Preston Pysh chimed in to ask Silbert when Grayscales Bitcoin Trust would be converted into a BTC-settled ETF. “Stay tuned,” Silbert responded.　　However, Grayscale Bitcoin Trust investors appear to have been unsettled by Silbert‘s remarks, with Twitter user “svrgnindividual” questioning what a restructure would mean for investors holding shares in Grayscale’s Bitcoin Trust.　　“What happens to us Grayscale investors once the spot ETF is approved？ Is our investment converted into ETF shares？” they tweeted.　　Rumors of Grayscales purported ambitions for a Bitcoin ETF began circulating late week after a CNBC report citing anonymous insiders claimed that Grayscale was waiting for the Securities and Exchange Commission to finally approve a Bitcoin ETF.　　On Oct. 15, the SEC announced it had accepted the registration of securities from ProShares Trust‘s futures-based Bitcoin (BTC) exchange-traded fund. ProShares’ ETF

2021-10-18Deep Dive

Ethereum Eyes Key Upside Break, Why Bulls Could Aim Larger Rally

Ethereum started a fresh increase above the $3,750 and $3,800 resistance levels.　　The price is now trading above $3,800 and the 100 hourly simple moving average.　　There was a break above a key bearish trend line with resistance near $3,840 on the hourly chart of ETH/USD (data feed via Kraken).　　The pair could extend its rally if it stays above the $3,800 support zone.Ethereum Price Gains Traction　　Ethereum settled above the $3,650 level to move into a positive zone. ETH started a fresh rally above the $3,750 resistance zone and the 100 hourly simple moving average, similar to bitcoin.　　The upward move was such that the price cleared the $3,800 resistance. Ether traded as high as $3,968 before there was a downside correction. The price corrected lower below the $3,800 level. However, the bulls were active near the $3,650 zone.　　A low was formed near $3,640 and the price started a fresh increase. The price cleared the $3,800 resistance zone. There was a break above the 50% Fib retracement level of the recent decline from the $3,968 swing high to $3,640 low.　　Besides, there was a break above a key bearish trend line with resistance near $3,840 on the hourly chart of ETH/USD. The pair is now

2021-10-18Deep Dive

The Major Trends Redefining What Blockchain Technology Can Do

The Ongoing Rise of NFTs　　Right now, were in the middle of another unexpected development in blockchain technology. Just as no one saw the rise of Bitcoin and other cryptocurrencies coming, nobody could have expected the impact that non-fungible tokens (NFTs) would have on the world of blockchain technology.　　This new application of existing blockchains like Ethereum provides a new way to provide actual ownership to digital assets. The non-fungible part means that they aren‘t interchangeable. It’s not like owning one Bitcoin. Its like owning a unique and distinct artwork.　　Visual artwork itself kicked off the boom of NFTs. This application of the tokens is easy to understand, with an individual token signifying ownership of an individual artwork. It can then be traded or sold like any other token, with the ownership of the artwork accompanying it.　　However, visual artwork and collectibles are just the very beginning of what NFTs have to offer. Already people are beginning to implement them in unique ways. An NFT could be a ticket to a concert or other event. In fact, it could carry the full weight of any smart contract with it.　　Eventually, we might even see this extend to ownership of physical assets. The deed to your

2021-10-18Deep Dive

Mexican medical firm embraces blockchain for covid test certificates

Medical services company MDS Mexico has launched a rapid covid-19 testing service that uses blockchain technology to verify results.　　According to a Oct. 17 report from local media outlet iProUP news, MDS Mexico has launched a digital platform allowing its patients to access results that are updated in real-time. Results are also physically delivered, featuring a QR code that can be scanned to verify the results and access a patient‘s vaccination history on MDS Mexico’s blockchain.　　MDS stated that it adopted blockchain to safeguard the results of clinical tests, protect patients personal data, and prevent the falsification of covid test results.MDSs website says:“To avoid the falsification of negative results, we began to certify the SARS-CoV-2 detection tests with blockchain technology and cryptographic signature, which protects the information in a unique, immutable, and unalterable QR Code that can be verified worldwide.”　　Testing results uploaded to MDSs blockchain also includes a cryptographic signature from the doctor who verified the outcome of the test.　　MDS is not the first entity in Mexico to embrace blockchain for digitized covid test results, with Mexicos National Chamber of Commerce (CANACO) announcing a state-backed initiative to digitize vaccination passports in partnership with private blockchain technology firm Xertify in April.　　In August, blockchain

2021-10-18Deep Dive

How new blockchain, cryptocurrency rules can give Hong Kong an investment edge

Change is coming for Hong Kongs digital asset markets with the Legislative Council likely to consider new regulation governing blockchain and cryptocurrencies soon.　　The momentum has been building for five years through the publication of white papers and statements from the Monetary Authority, Financial Services and Treasury Bureau, and Securities and Futures Commission.　　An analysis of these regulatory pronouncements suggests that Hong Kong will see a more professional and institutionalised digital assets market.　　The introduction of rules where none had existed will lead to some regulatory arbitrage, but if the approach is crafted to attract new institutional market entrants, the net impact could be positive for Hong Kong as a premier regional investment destination.　　The institutional adoption of cryptocurrencies and blockchain digital assets is the starting point of a faster journey towards greater market maturity.　　The differences in investment strategies between institutional and retail market players mean that institution-heavy markets trend towards greater stability.　　In essence, the strategies pursued by institutions create baselines that restrict negative market volatility, and with more institutional participants, that baseline rises, locking increased value into the market for the long term.　　The fears that feed cryptocurrencies infamous volatility – such as a fear of missing out driving prices up and a fear

2021-10-18Deep Dive
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