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Crypto Exchange Regulation Check

Bitcoin drops $1,100 in minutes after Binance culls Chinese OTC deals

Bitcoin dropped $1,000 this morning, from $56,300 to under $55,000, after crypto exchange Binance announced it would drop its Chinese Yen trade pairings for Mainland customers.　　“In response to the regulatory requirements of the local government, Binance C2C will delist the CNY trading zone at 24:00 (East Eighth District Time) on December 31, 2021,” said Binance in a post.　　The exchange added that it withdrew from the Chinese mainland market in 2017 and does not currently engage in exchange business in mainland China.　　Chinese authorities have led a major crackdown on crypto since early this year. The country has long-shunned cryptocurrency usage and investments among citizens but started to drive out miners in mid-2021.　　The stricter change in tone has caused several crypto exchanges, businesses, and products to cut back on China operations and retreat from the country. These include FTX, which shifted its base from Hong Kong to the Bahamas last month.

2021-10-13Deep Dive

Billionaire Chamath Palihapitiya Says It’s Too Late for US To Ban Bitcoin and Crypto

Billionaire investor and CEO of venture capital firm Social Capital, Chamath Palihapitiya, says the US can no longer effectively ban Bitcoin and crypto.　　In a new All-In Podcast interview, the former Facebook executive says Bitcoin and the rest of the crypto markets have become too large for the US government to put a stranglehold on the emerging industry.　　I think that you can‘t wipe $3 trillion of value out of the world. So it’s here to stay, and it‘s too institutionalized now. There’s just way too many organized pools of capital that are now speculating inside of this entire ecosystem.　　I saw a tweet today. There‘s a firm called Jump Trading. It’s like a high-speed frequency trading organization and they tweeted out some pictures where they hired a bunch of folks to start a jump and they did a coding bootcamp on Solana. That was their onboarding as an example. So when you have people in high finance really vested in this thing and you have $3 trillion of value that will go to $6 trillion and then go to $10 trillion, this cant go away.　　That‘s why I think Powell and Gensler had to say some version of that on the record, which

2021-10-13Deep Dive

Ripple to Support Solar Energy Projects to Reduce Crypto Industry's Carbon Footprint

Blockchain company Ripple has announced a partnership with Lincoln-based financial services company Nelnet.　　As part of the deal, it will jointly invest $44 million into the companys renewable energy business division in order to provide funding for American solar power projects.　　Ken Weber, Ripple‘s head of social impact, claims that shrinking the industry’s carbon footprint should be one of the key priorities:　　Guaranteeing a clean energy future is a major priority across every industry, not only to drive future economic growth but also to ensure a more sustainable world. As the adoption of cryptocurrencies and blockchain continues to grow, its evident that the technology will underpin our future financial systems.　　The projects funded by Ripple are expected to offset more than 1.5 million biometrical tons of CO2 greenhouse emissions.　　Nelnet started offering services to business developers in June 2020 in an effort to further diversify its business that was largely dependent on the student loan industry. It started funding solar energy initiatives back in 2018.　　Ripple has been one of the most climate-conscious companies in the space. In early April, it became part of the Crypto Climate Accord together with Consensys and CoinShares.　　As reported by U.Today, Bitcoin tech company Blockstream joined forces with Jack Dorseys Square

2021-10-13Deep Dive

Bitcoin futures ETF will likely be delayed until 2022

Crypto asset investors may have a longer wait for a Bitcoin futures exchange-traded product according to Todd Rosenbluth, the senior director of ETF and mutual fund research at research firm CFRA.　　Speaking on CNBCs “ETF Edge” on Oct. 12, Rosenbluth stated that while a Bitcoin futures product is likely to be the first crypto ETF to gain approval, he cautioned that the current clouded regulatory situation could cause further delays.　　There are more than 20 crypto asset-based exchange-traded products waiting for Securities and Exchange Commission approval, and the regulator is yet to pass any, instead kicking the can down the road on multiple occasions.　　The researcher suggested that regulators could be waiting for all of these products to meet their goals so that they can be approved at the same time to avoid a “first-mover advantage,” before adding:　　“It‘s possible — in fact, we think it’s likely — that were going to see a delay of a Bitcoin futures ETF until 2022, until the regulatory environment is more clear.”　　Van Eck Associates CEO, Jan van Eck, commented that the primary concern for the SEC is the discrepancy between actual Bitcoin prices and the price of the futures contract, in addition to the potential of funds

2021-10-13Deep Dive

US Crypto Regulation: Report Says Biden Likely To Deploy Executive Orders Soon

The US Cryptocurrency industry is about to become the target of Bidens 65th executive order since becoming president in January, a recently released report by Bloomberg suggests.　　The order, which is aimed at commissioning federal security and finance agencies to commence investigation into the crypto industry with a view to reporting their findings, is the latest in the efforts of the US government to put a permanent leash around the $2 trillion sector.　　Over the past few months, the regulation of the crypto industry has become one of the heated issues for debate, especially in the US, with crypto-skeptic lawmakers calling on the Securities and Exchange Commission (SEC) to provide clear classification, context, and protection for investors.　　President Biden has also continued to show a growing interest in the debate, first with his support of a team of Congress members proposing tighter rules for crypto and the nomination of Professor Saule Omarova, a top crypto critic, as the next Comptroller of Currencies.　　Part of the reasons for this development can be ascribed to the recent spate of ransomware attacks flooding the US which have been linked to the cryptocurrency industry, since most of the attackers demand their ransom payments in cryptocurrency, thereby strengthening many

2021-10-13Deep Dive

Venezuela’s International Airport to Reportedly Accept Bitcoin Payments for Flight Tickets

The largest airport in Venezuela intends to add Bitcoin, Dash, and Petro as payment options to its clients.　　Simón Bolivar International Airport, also known as Maiquetía, plans to enable customers to purchase airline tickets using digital assets. according to a recent report.　　 Bitcoin Could Take You in The Air　　Local news media reported recently that Maiquetía International Airport could soon jump on the cryptocurrency bandwagon by allowing clients to pay for tickets and other services in Bitcoin, Dash, and Petro – a digital asset issued by the Venezuelan government. Freddy Borges – Director of the airport – noted that Sunacrip – the countrys cryptocurrency watchdog – will coordinate the initiative:　　“We will activate a button that is for payment of cryptocurrencies in the airport platforms and commercial activities, in coordination with Sunacrip.”　　Recently, Russian and European tourists have been flying into some of the touristic hotspots of Venezuela. Borges opined that after the initiative, travelers would be able to visit more parts of the South American nation and thus bolster its economy. It would also increase the international standards of Maiquetía Airport:　　“Just as Russian passengers arrived in Margarita, they will also come to La Guaira, through Conviasa so we must advance in these new

2021-10-13Deep Dive

SHIB Becomes Top 11 Coin, Sitting Right Behind DOGE on CoinGecko

According to data provided by CoinGecko market analytics website, the “DOGE killer” Shiba Inu (SHIB) has advanced as high as 11th place on its cryptocurrency market cap scale.　　Is Shiba Inu catching up with DOGE？　　Dogecoin is sitting right in front of SHIB, holding 10th place. The market cap of SHIB at the moment totals $15,586,261,716. Dogecoins market capitalization stands at $29,791,496,909.　　Image via CoinGecko　　CoinMarketCap data shows a bit different picture. As per CMC, SHIB is ranked 14th at the moment with a $12,297,213,384 market cap, while Dogecoin sits in 10th place with a market capitalization value equaling $29,700,232,903.　　At press time, SHIB is trading at $0.00003119, rising 14.49% in the past 24 hours.　　SHIB rebounds after major correction　　This week, after falling in a massive correction, Shiba Inu started a reverse. Last weeks gains by the coin were also impressive as it gained over 300% and then lost around 40%. That has been the largest retrace in the tokens history so far.　　The 300% rally was driven by an anonymous crypto whale who first bought six trillion SHIB and then added to their position three other lumps, totaling 276 billion in meme tokens.　　As reported by U.Today, the coin has been drawing the attention and investment of

2021-10-13Deep Dive

Coinbase Launching NFT Marketplace With Social Features to Grow Creator Community 'Exponentially'

Cryptocurrency exchange Coinbase is launching a peer-to-peer marketplace for non-fungible tokens (NFTs). The Nasdaq-listed company says that “Coinbase NFT” will make “minting, purchasing, showcasing, and discovering NFTs easier than ever.” In addition, Coinbase says, “Were going to grow the creator community exponentially, a win for artists and for fans.”　　Coinbase NFT to Help Grow Creator Community ‘Exponentially’　　The Nasdaq-listed cryptocurrency exchange Coinbase announced Tuesday that it is launching a marketplace for non-fungible tokens (NFTs). Sanchan Saxena, VP of Products at Coinbase, wrote:　　Today, were announcing Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever.　　“Just as Coinbase helped millions of people access bitcoin for the first time in an easy and trusted way — we want to do the same for the NFTs,” he added.　　Screenshot of Coinbases NFT system. Source: Coinbase　　Coinbase further explained: “All NFTs are on-chain. The initial launch will support Ethereum based ERC-721 and ERC-1155 standards with multi-chain support planned soon after. We‘ll provide the best user experience, but we’ll never lock creators in.” Interested users can now sign up for early access.　　Noting that “Industries such as fashion, gaming, and music are recognizing the power of NFTs to unlock new forms of creativity and

2021-10-13Deep Dive

How much the value of the ETH crypto has risen and what experts predict will happen next

The price of Ethereum is currently hovering around $3,500 (£2,500) after a mixed few days.　　The worlds second largest cryptocurrency started the month valued under $3,000 (£2,200), but reached over $3,600 (£2,600) last week before dipping slightly.　　It comes as Bitcoin rises over $57,000 (£42,000), reaching a five-month high.　　However, the market is also preparing for a potential crackdown from United States President Joe Biden.US crypto crackdown　　Federal Reserve chair Jerome Powell has said there are no plans to ban cryptocurrencies in the US.　　However, the Biden administration is reportedly considering a regulatory crackdown, giving the Government more control over the market.　　President Biden said in a statement: Cyber threats can affect every American, every business regardless of size, and every community.　　“Thats why my administration is marshalling a whole-of-nation effort to confront cyber threats.”　　He added: “This month, the United States will bring together 30 countries to accelerate our cooperation in combatting cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically.”　　Last month China extended its ban on mining coins to all cryptocurrency trading, which briefly crashed prices, though they did not take long to recover strongly.What could happen next for Ethereum？　　Cryptocurrencies are notoriously volatile. They can both gain and

2021-10-12Deep Dive

SHIB’s trading volume is 2x higher than DOGE’s despite 3x lower market cap

Continuing its positive retracement move from last weeks low of $0.00002058, Shiba Inu (SHIB) opened the new weekly session in the green on Monday, 11 October.　　Amid an impressive recent performance, the token competitor to Dogecoin (DOGE) has witnessed twice as much trading volume in the last 24 hours despite having a market cap roughly three times smaller at $11.5 billion in comparison to Dogecoin $30.7 billion.　　Indeed, SHIB has seen over $4.47 billion traded in volume over the last 24 hours, which is significantly more than double the amount traded in Dogecoin with $1.75 billion, according to CoinMarketcap.comMemecoin prices　　Recently, Shiba Inu has seen a remarkable rise in value, with the decentralized meme token now trading at $0.00002921, up more than 13.61% on the day and up over 224.55% in the last seven days.　　In comparison, Dogecoin is currently changing hands at $0.2341, down 4.35% on the day but up 9.16% in the last week.Data shows price rises after sell off　　Elsewhere, Santiment pointed out that Shiba Inus price always rises when SHIB millionaires sell their holdings.　　Additionally, Santiment data shows Shiba Inus addresses worth 1 million to ten million SHIB sold over 31 billion tokens on Thursday, causing the cryptocurrency to plummet by over

2021-10-12Deep Dive
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