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Crypto Exchange Regulation Check

Bitcoin’s (BTC) Correlation With S&P 500 Turns Negative for the First Time In 2021

Bitcoin (BTC) continues to show volatility while trading in a closed range between $30,000-$35,000. At press time, Bitcoin is down 3.88% trading at $33,142 with a market cap of $620 billion.　　As BTC continues to trade under pressure, it has now entered into a negative correlation with the Ss 6-Month Average Return Turns Negative　　As per on-chain data provider Santiment, Bitcoins average 6-month trading returns have turned negative. With BTC repeatedly moving towards lower lows, the investor confidence is low and FUD is higher.　　Santiment notes that based on historical trends, this is the right moment to make the move for long-term investors by keeping their negative bias aside. As per the on-chain data provider, Bitcoin looks undervalued at this price point.　　Courtesy: Santiment　　On the other hand, Bitcoins mining hash rate has been showing strong bounceback moving back above 100 exahashes/second. This is a healthy sign and suggests that miners are getting back on track after a major crackdown by China last month.　　Bitcoin (BTC) needs to convincingly break the $35,000 resistance and sustain there if it has to start the next leg of the bull run.

2021-07-14Deep Dive

Between Binance and FATF, More Attention Turns to Crypto Compliance: BitGo’s Horowitz

Cryptocurrency regulation reads more like a film script than the traditionally dull and stodgy world of financial rulemaking.　　Just look at the hot water Binance appears to be in now, with regulatory authorities from the U.K., Japan and Germany, to name a few, calling foul against the exchange.　　More broadly, the Financial Action Task Force (FATF), a global anti-money laundering (AML) watchdog, is reviewing the crypto industry annually. But the sector is moving so fast that FATF guidance teams are left scratching their heads, wondering how to deal with things like decentralized finance (DeFi).　　For now, the regulatory focus is mainly directed at cryptos third-party intermediaries, the exchanges, trading desks and custodians. When it comes to this arena of virtual asset service providers (VASPs), Jeff Horowitz, chief compliance officer at BitGo, a digital assets custodian,, understands where regulatory tensions and fault lines lie. Prior to joining BitGo in October, Horowitz spent two years steering compliance efforts at Coinbase, the now-publicly listed crypto exchange.　　Asked his opinion on Binance, Horowitz said Binance.US – the arm of the Binance business serving American customers and complying with U.S. regulations – made a “smart move” when it hired former U.S. banking supervisor Brian Brooks. (Brooks previously served as

2021-07-14Deep Dive

Stablecoins Leaving Exchanges, Here's What This May Mean for Bitcoin (BTC)

CryptoQuant Quicktake is a platform on which verified analysts share their take on crucial Bitcoin (BTC) metrics and their possible effects on Bitcoin (BTC) price dynamics.　　Stablecoin reserves nosedive　　According to the latest CryptoQuant Quicktake, Bitcoin (BTC) and stablecoin flows to exchanges are going in opposite directions. Holders of all stablecoins are withdrawing them from exchanges.　　Typically, users deposit their stablecoins to exchanges when a price upsurge is in the cards. Those stablecoins are used to buy cryptocurrencies.　　As the Bitcoin (BTC) price fails to grow, decreasing stablecoin reserves may be interpreted as a sign of purchaser weakness. Thus, every Bitcoin (BTC) sent to an exchange emphasizes the danger of selling pressure.　　Meanwhile, other analysts opine that the Bitcoin (BTC) number on exchanges is also shrinking. Thay claim that this trend is dominant as it has been registered for 15 months in a row.　　Bullish catalysts needed　　According to Glassnode data shared by the account BTC Archive, Bitcoins (BTC) have been leaving exchanges since early 2020. This tendency only ceased for a number of weeks in late Q1, 2021.　　Thus, on-chain analysis sends mixed signals to traders as it remains unknown which trend is more powerful when it comes to short-term and long-term Bitcoin (BTC) price dynamics.　　According to

2021-07-14Deep Dive

Band Protocol upgrades BandChain network to phase 2

Band protocol hopes to bring more data to the decentralized economy with BandChain Phase 2.　　Band Protocol, the cross-chain data oracle provider, announced Tuesday that its BandChain oracle blockchain is in the process of upgrading to phase 2. According to a press release provided to Cointelegraph, the upgrade — which was first proposed back in June 2021 — will be the first data oracle network to allow providers to supply data to the decentralized economy in this manner.　　The project hopes to allow for access to more data sources and richer data types for traditional enterprises by simplifying access to decentralized apps, or dApps. The upgrade also seeks to allow institutional data providers partnered with Band Protocol to expand their data coverage and offerings to on-chain developers.　　Soravis Srinawakoon, CEO and Co-Founder of Band Protocol, explained:　　“After prioritizing the onboarding of decentralized applications, we are directing our focus to bridge the gap between mainstream enterprises and the blockchain industry. There is enormous potential for traditional enterprises to create new business models and revenue streams by integrating their valuable data with decentralized ecosystems enabled through Band Protocol,”　　According to the release, BandChain 2 will also allow smaller data providers the opportunity to create new revenue streams,

2021-07-14Deep Dive

'Almost Feeless' IOTA NFT Marketplace Goes For Public Testing

The IOTA (MIOTA) non-fungible token (NFT) marketplace has launched on the IOTA 2.0 DevNet in test mode - its “almost feeless” and set to be fully decentralized.　　The IOTA NFT marketplace allows the general public to use the decentralized IOTA 2.0 DevNet for the first time in a broader use case, the IOTA Foundation said. It enables users to test the platform in the current test version, in which the wallet is managed directly on the marketplace website, similar to the custody of wallets on major exchanges like Binance, they added.　　Users can create a free account, claim IOTA 2.0 DevNet tokens via the integrated faucet, and start minting NFTs. MIOTA 1 is granted after sign-up for bidding and creating NFTs, added the nftiota.org.　　Per the marketplace website, the goal was to create a very first workable version of an IOTA-based NFT Platform, adding that since many core features like smart contracts, identity, or a browser wallet are still work in progress, “we decided to compromise all these features with a central server to get started as soon as we can and decentralize features incrementally.”　　The marketplace is expected to change the brand name, as well as corporate design and identity. Central authentication will

2021-07-14Deep Dive

Bitcoin and Ethereum Will be the Leading Store of Value Assets, Says SkyBridge’s CIO

The Co-Chief Investment Officer at SkyBridge Capital believes that Bitcoin (BTC) and Ethereum (ETH) would be the leading assets in terms of a store of value. Furthermore, he opined that the primary cryptocurrency would become the main financial instrument for transaction use.　　 Bitcoin and Ethereum as Store of Value Assets　　Despite the ongoing crypto market downturn, SkyBridge Capitals CIO – Troy Gayeski – praised Bitcoin as an asset class and highlighted its benefits. In a recent interview for Bloomberg, he reminded that SkyBridge Capital invested not only in the primary cryptocurrency but also in Ethereum. In his opinion, the two largest digital assets will be the most preferred options for stores of value in the future.　　Additionally, Gayeski agreed that BTCs fiat currency price is volatile but raised hopes that it will eventually become the “market leader in terms of transaction use:”　　“Its going to be a volatile asset but it continues to be very non-correlated. And we think the risk-reward is now skewed again to the upside.”　　The Bitcoin proponent finds the current supply shock at the crypto market very similar to what happened in October and November 2020.　　“When you look right now at the on-chain data what is basically telling you is

2021-07-14Deep Dive

Bitcoin ETF Unlikely to Happen in U.S. Even in 2022: Wilshire Phoenix Co-Founder

William Cai, co-founder of New York-based financial services firm Wilshire Phoenix, recently predicted that a Bitcoin-tied exchange-traded fund would not be approved in the U.S. even in 2022 in a recent interview with ETF.com.　　Still, he believes that such a product will eventually be greenlit by the U.S. Securities and Exchange Commission:　　“While we believe a Bitcoin ETF will eventually happen in the U.S., its unlikely to happen this year or the next.”　　Wilshire Phoenixs Bitcoin ETF proposal—which was filed in collaboration with NYSE Arca in June 2019 —was rejected by the SEC in February 2020 over concerns about market manipulation.　　The firm slammed the decision as “a great disservice to the public” in its fiery response.　　Cai is convinced that Bitcoin will peter out, but he also thinks that its dominance within the cryptocurrency sector will continue to decline, which is why it will no longer be compared to gold.　　Regulations could speed up approval　　While Bitcoin ETFs have already been launched in Canada, Europe and Latin America, the U.S. is yet to greenlight one.　　There are currently 12 pending applications, including the latest proposal jointly filed by Cathie Woods ARK Investment Management and 21Shares AG.　　Even though the prospects of potential Bitcoin ETF approval look grim in

2021-07-14Deep Dive

FTX crypto exchange integrates institutional trading tool ClearLoop

FTX has inked a deal with Copper that could enable access to crypto trading products for over 300 institutional asset managers via the ClearLoop settlement platform.　　FTX has become the latest crypto exchange service to join ClearLoop — an instant trading settlement infrastructure from Brevan Howard-backed Copper.co.　　As part of the integration, Coppers over 300 institutional asset managers will be able to access FTX crypto offerings, such as cryptocurrency futures, options, volatility markets, as well as tokenized stocks among others.　　With over 1 million registered users and more than $600 billion in trading volume per month, FTX is the largest crypto exchange to join the ClearLoop platform, according to the Copper announcement on Tuesday.　　With Deribit and Bitfinex also part of ClearLoop, Coppers institutional clients can now move funds among the largest crypto options, spot and derivatives exchanges in the market.　　According to Copper, ClearLoop offers secure crypto trading via an offline custody solution with asset managers able to trade fund balances on exchange platforms. Thus, Coppers clients are able to hold on to their digital assets until a successful trade execution occurs, a feature the company says helps to minimize counterparty risk.　　Back in July 2020, Copper integrated with Signet, the blockchain payment platform created

2021-07-14Deep Dive

Bison Trails provides infrastructure support to Provenance blockchain

The Provenance Blockchain Foundation launched its new, open source proof-of-stake blockchain in May. Shortly thereafter, parent company Figure Technologies announced a $200 million Series D funding haul.　　Provenance will utilize Bison Trails infrastructure to strengthen its network and provide support to Hash holders to run validator nodes, according to June Ou, the executive director at Provenance Blockchain Foundation. Hash is the native cryptocurrency of the Provenance blockchain, serving both as a medium of payment as well as a governance token.　　“We‘re proud to support Provenance in its mission to transform the financial services industry for the better,” said Joe Lallouz, Bison Trails’ CEO. “The launch of Provenance to a public Tendermint blockchain opens the door for the growing adoption and new applications of blockchain technology in financial services.”　　The Provenance blockchain is launching on Tendermint with much fanfare after its parent company, Figure Technologies, closed a $200 million investment round in May of this year. The Series D fundraiser was led by Morgan Creek Digital Funding and 10T Holdings. With the raise, Figure Technologies now has an estimated valuation of $3.2 billion.　　Provenance has been built to help traditional financial institutions uncover new business opportunities in blockchain. The platforms primary use case is facilitating

2021-07-14Deep Dive

India’s ICICI Bank warns remittance users to steer away from Bitcoin

The bank has also asked users not to invest any fiat currency that may have links to previous cryptocurrency investments.　　Indias stance on crypto adoption has been a gray area ever since the birth of Bitcoin (BTC). In what seems like another blow for the Indian crypto community, one of the biggest financial services, ICICI Bank, has warned users not to use their remittance services for transferring any form of crypto or digital currency.　　In ICICIs latest iteration of the Retail Outward Remittance Application form, the bank has clearly stated its intent to stop users from using the service for crypto transfers. Based on the Foreign Exchange Management Act (FEMA) 1999, the declaration states:　　“The above remittance is NOT for investment / purchase of Bitcoin/Cryptocurrencies/Virtual Currencies (such as Ethereum, Ripple, Litecoin, Dash, Peercoin, Dogecoin, Primecoin, Chinacoin, Ven, Bitcoin or any other virtual currency/cryptocurrency/bitcoin).”　　The major banking institution has shared two more points that reiterate its anti-adoption stance, further warning users not to use its remittance service for investing in companies that deal with Bitcoin or any other crypto and digital currencies.　　Users were also warned not to send any funds that may have been procured via crypto investments in the past. However, the Indian government

2021-07-14Deep Dive
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