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#BTC Bitcoin Price Pumps to $39,000 As Fed Chair Powell’s Remarks Encourage Rate Cut Bets – Where is BTC Headed Next?
Fed Chair Jerome Powell’s tone on the risks faced by the US economy just shifted in a dovish direction, spurring a pump in the price of Bitcoin (BTC) to new yearly highs at $39,000.
Powell noted that risks that the Fed doesn’t raise interest rates enough to combat inflation versus the risk that it over-tightens and unnecessarily weakens the economy have become more balanced.
His comments come after recent economic data has shown the US economy cooling and with a key metric of US inflation (the Core PCE Price Index) averaging 2.5% annualized over the past six months.
Previously, Powell had been amongst the Fed policymakers warning that further interest rate hikes remained likely, and his shift in tone comes after his normally hawkish Fed policymaker colleague Christopher Waller said earlier in the week that the argument for rate cuts in 2024 was building.
Powell’s remarks sent US stock prices higher and bond yields tumbling as investors ramped up bets on rate cuts to begin in Q1 2024.
As per the CME’s Fed Watch Tool, the money market implied likelihood of the Fed cutting interest rates back to 5.00-5.25% from 5.25-5.5% by March rose to over 60% on Friday from under 45% on Thursday
Where is Bitcoin (BTC) Headed Next?
As rate cut expectations rise and, with it, expectations for a more Bitcoin-favorable liquidity backdrop, macro is a major tailwind for BTC right now.
A sharp rise in the assets under management of Proshares’ Bitcoin Strategy ETF, a Bitcoin futures-based ETF, to new all-time
Bitcoin miners need to constantly sell a portion of the Bitcoin they mine
After pumping 28.5% in October, Bitcoin was supported by an uptrend and its 21DMA throughout November.
With the cryptocurrency having new seemingly broken convincingly to the north of the prior resistance at $38,000, short-term bullish speculators will be eyeing an near-term move above $40,000 and on towards resistance in the form of the April 2022 highs just above $43,000.
Fed Chair Jerome Powell’s tone on the risks faced by the US economy just shifted in a dovish direction, spurring a pump in the price of Bitcoin (BTC) to new yearly highs at $39,000.
Powell noted that risks that the Fed doesn’t raise interest rates enough to combat inflation versus the risk that it over-tightens and unnecessarily weakens the economy have become more balanced.
His comments come after recent economic data has shown the US economy cooling and with a key metric of US inflation (the Core PCE Price Index) averaging 2.5% annualized over the past six months.
Previously, Powell had been amongst the Fed policymakers warning that further interest rate hikes remained likely, and his shift in tone comes after his normally hawkish Fed policymaker colleague Christopher Waller said earlier in the week that the argument for rate cuts in 2024 was building.
Powell’s remarks sent US stock prices higher and bond yields tumbling as investors ramped up bets on rate cuts to begin in Q1 2024.
As per the CME’s Fed Watch Tool, the money market implied likelihood of the Fed cutting interest rates back to 5.00-5.25% from 5.25-5.5% by March rose to over 60% on Friday from under 45% on Thursday
Where is Bitcoin (BTC) Headed Next?
As rate cut expectations rise and, with it, expectations for a more Bitcoin-favorable liquidity backdrop, macro is a major tailwind for BTC right now.
A sharp rise in the assets under management of Proshares’ Bitcoin Strategy ETF, a Bitcoin futures-based ETF, to new all-time
Bitcoin miners need to constantly sell a portion of the Bitcoin they mine
After pumping 28.5% in October, Bitcoin was supported by an uptrend and its 21DMA throughout November.
With the cryptocurrency having new seemingly broken convincingly to the north of the prior resistance at $38,000, short-term bullish speculators will be eyeing an near-term move above $40,000 and on towards resistance in the form of the April 2022 highs just above $43,000.
Pro-Bitcoin Senator Lummis Explains Why Crypto Is Not The Problem On Terrorist Financing
Crypto NewsAllCryptonews Blockchain News Pro-Bitcoin Senator Lummis Explains Why Crypto Is Not The Problem On Terrorist Financing1 November 2023 12:37 EDT . 2 min readAndrew Throuvalas@andrew-throuvalasPro-Bitcoin Senator Lummis Explains Why Crypto Is Not The Problem On Terrorist FinancingSen. Cynthia Lummis (R-WY). Source: Sen. Cynthia Lummis’ websiteU.S. Senator Cynthia Lummis (R-WY) corrected the record on crypto and terror financing on Tuesday after calling for crackdowns on crypto firms supporting sanctioned groups just days earlier.In a post to Twitter, the Bitcoin-supportive politician highlighted how crypto’s share of illicit financial activity worldwide is nearly invisible next to all financial crime put together.“Meticulous reporting by Chainalysis found that crypto assets account for just $20 billion, less than 1% of the more than $2 trillion in global illicit finance activity every year,” wrote Lummis.Last Thursday, Lummis co-signed a letter to US Attorney General Merrick Garland calling for charges against Binance, a major offshore crypto exchange on which over 100 accounts have been associated with Hamas terrorists since 2021.The senator also called for investigations into stablecoin issuer Tether, which she said is “well known for knowingly facilitating violations of applicable sanctions laws.” While urging action where appropriate, she stressed that not all crypto firms should be cast with the same non-compliant brush.The False Crypto Terror ReportThe senator’s statements come on the back of a recent letter to the White House signed by over 100 members of Congress, asking the administration to clarify and establish its efforts to reign in blockchain-based terrorist financing.The letter cited a report from the Wall Street Journal earlier this month that claimed Hamas terrorists had raised nearly $100 million using crypto over the past few years, of which cited data from blockchain forensics firm Elliptic.Elliptic later released a report stating that there is “no evidence to support the assertion that Hamas has received significant volumes of crypto donations,” and that the Wall Street Journal had misinterpreted its data.While the financial outlet has since corrected its statements, Senator Elizabeth Warren (D-Mass) – a notorious crypto cynic – has only doubled down on her criticisms.“It’s not about one report,” Warren told PunchBowl News on Monday. “It’s about the whole structure of crypto that attracts some of the worst people around the world to move value around in a way that they cannot do through the ordinary banking system.”In her Tuesday post, Lummis referenced a Cato Institute report about how the “anti-crypto community” tends to scapegoat crypto assets for illicit financial activity. She stated:
PayPal Receives UK’s FCA Approval to Offer Crypto Services to UK Nationals
Payments giant PayPal has become the latest to secure a cryptoasset registration from the UK’s Financial Conduct Authority (FCA).
According to the update on the FCA’s crypto register, the regulator issued registration to PayPal UK Limited on 31 October. The registration would allow the company to offer crypto services in the UK as the country continues to tighten the regulatory environment on the digital asset sector.
The registration approval comes months after PayPal UK temporarily suspended crypto purchases for its customers in the UK. The move would help PayPal to comply with the recent new rules for marketing cryptoassets enacted by the FCA.
PayPal confirmed at the time that crypto sales will be re-enabled in early 2024 and assured that user assets are safe.
The UK’s regulator has approved four crypto service providers so far in 2023, including PayPal, Komainu, Bitstamp and Interactive Brokers. In total, 43 cryptoasset firms have registered with the FCA since August 2020.
Payments giant PayPal has become the latest to secure a cryptoasset registration from the UK’s Financial Conduct Authority (FCA).
According to the update on the FCA’s crypto register, the regulator issued registration to PayPal UK Limited on 31 October. The registration would allow the company to offer crypto services in the UK as the country continues to tighten the regulatory environment on the digital asset sector.
The registration approval comes months after PayPal UK temporarily suspended crypto purchases for its customers in the UK. The move would help PayPal to comply with the recent new rules for marketing cryptoassets enacted by the FCA.
PayPal confirmed at the time that crypto sales will be re-enabled in early 2024 and assured that user assets are safe.
The UK’s regulator has approved four crypto service providers so far in 2023, including PayPal, Komainu, Bitstamp and Interactive Brokers. In total, 43 cryptoasset firms have registered with the FCA since August 2020.
Fried walks jury through final days of FTX: CNBC Crypto World
CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Crypto World deep dives into the growing demand for bitcoin ATMs.
CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Crypto World deep dives into the growing demand for bitcoin ATMs.
Sui Price Prediction 2023, 2025, 2030 - Will SUI go up?If
you’re looking for Sui price predictions/forecast for 2023, 2024, 2025, 2030 and want to know where the prices of Sui (SUI) will go in the future? We will analyze the past prices of Sui (SUI) and will found out what experts are saying about its future price actions.Please keep that in mind you need to take this prediction and every other prediction with the intention that this is only the suggestion of some market expert/analysts.Sui Past Price AnalysisAccording to the latest data gathered, the current price of Sui is $0.38 and SUI is currently ranked #88 in the entire crypto ecosystem. The circulation supply of Sui is 860,392,960 with a marketcap of $325,524,177.In the past 24 hours, the crypto has been decreased by 0.52% in its current value. If we compare the current market cap of the SUI with yesterday’s, you can see that the market cap is also down.Sui is facing a hard time getting on board with other crypto coins. The SUI is down to almost -8.19% in the last 7 days. The coin is still showing risking framing segments for past few days, the coin might have strong fundamentals but, we don’t think that it would a profitable asset in short term.Sui (SUI) Price Prediction/Forecast for 2023, 2024, 2025 and 2030At PricePrediction.Net we predict future Sui price predictions/SUI forecast by applying deep artificial intelligence-assisted technical Analysis on the past price data of Sui. We do our best to collect maximum historical data for the SUI coin which include multiple parameters like past price, Sui marketcap, Sui volume and few more. If you are looking to invest in digital cryptocurrencies and want good return on your investments, make sure to read our predictions.Sui Price Prediction 2023As per the forecast and technical analysis, In 2023 the price of Sui is expected to reach at a minimum price value of $0.68. The SUI price can reach a maximum price value of $0.76 with the average value of $0.70. Read MoreSui Price Prediction 2024According to our deep technical analysis on past price data of SUI, In 2024 the price of Sui is predicted to reach at a minimum level of $0.98. The SUI price can reach a maximum level of $1.17 with the average trading price of $1.02. Read MoreSUI Price Forecast for 2025Sui price is forecast to reach a lowest possible level of $1.45 in 2025. As per our findings, the SUI price could reach a maximum possible level of $1.71 with the average forecast price of $1.49. Read MoreSui (SUI) Price Prediction 2026Sui price is forecast to reach a lowest possible level of $2.11 in 2026. As per our findings, the SUI price could reach a maximum possible level of $2.52 with the average forecast price of $2.19. Read MoreSui Price Prediction 2027The price of Sui is predicted to reach at a minimum value of $3.23 in 2027. The Sui price could reach a maximum value of $3.67 with the average trading price of $3.34 throughout 2027. Read MoreSui Price Prediction 2028The price of Sui is predicted to reach at a minimum level of $4.76 in 2028. The Sui price can reach a maximum level of $5.62 with the average price of $4.89 throughout 2028. Read MoreSui (SUI) Price Prediction 2029The price of 1 Sui is expected to reach at a minimum level of $6.33 in 2029. The SUI price can reach a maximum level of $8.02 with the average price of $6.58 throughout 2029. Read MoreSui Price Forecast 2030According to our deep technical analysis on past price data of SUI, In 2030 the price of Sui is forecasted to be at around a minimum value of $9.32. The Sui price value can reach a maximum of $11.04 with the average trading value of $9.65 in USD. Read MoreSui (SUI) Price Prediction 2031The price of Sui is predicted to reach at a minimum value of $13.64 in 2031. The Sui price could reach a maximum value of $16.47 with the average trading price of $14.02 throughout 2031. Read MoreSui Price Prediction 2032As per the forecast price and technical analysis, In 2032 the price of Sui is predicted to reach at a minimum level of $19.28. The SUI price can reach a maximum level of $23.68 with the average trading price of $19.9
Keeps Rising Despite BTC’s Failed Attempt at $29K (Market Watch)
Bitcoin tried its hand at taking down the $29,000 level once again hours ago but was stopped in its tracks and currently sits several hundred dollars below it.
However, its dominance over the altcoins keeps rising to new multi-month peaks, as most of the alts are sitting in the red now.
BTC Fails at $29K
BTC’s price performance was quite dull during the weekend, with the asset trading sideways at around $27,000. However, it couldn’t overcome that level until Monday morning. That’s when the bulls took control of the market and pushed the cryptocurrency north by a grand.
More price gains came later that day following a fake report that the SEC had finally greenlighted a spot Bitcoin ETF in the States. The asset reacted with an immediate surge that pushed it north by $2,000 to a two-month high.
As the report was refuted, though, the cryptocurrency started losing value somewhat rapidly and came back down to $28,000. It reacted well to this retracement and spiked to $29,000 hours ago.Nevertheless, the bears intercepted the move, and BTC now trades about $500 away from it. Its market capitalization, though, is up to $557 billion, and its dominance over the altcoins has pumped again to a new local peak of over 51% on CMC.
Bitcoin tried its hand at taking down the $29,000 level once again hours ago but was stopped in its tracks and currently sits several hundred dollars below it.
However, its dominance over the altcoins keeps rising to new multi-month peaks, as most of the alts are sitting in the red now.
BTC Fails at $29K
BTC’s price performance was quite dull during the weekend, with the asset trading sideways at around $27,000. However, it couldn’t overcome that level until Monday morning. That’s when the bulls took control of the market and pushed the cryptocurrency north by a grand.
More price gains came later that day following a fake report that the SEC had finally greenlighted a spot Bitcoin ETF in the States. The asset reacted with an immediate surge that pushed it north by $2,000 to a two-month high.
As the report was refuted, though, the cryptocurrency started losing value somewhat rapidly and came back down to $28,000. It reacted well to this retracement and spiked to $29,000 hours ago.Nevertheless, the bears intercepted the move, and BTC now trades about $500 away from it. Its market capitalization, though, is up to $557 billion, and its dominance over the altcoins has pumped again to a new local peak of over 51% on CMC.
XRP Price Prediction as Rumors Emerge of Possible Ripple IPO – Could XRP Reach $100
The XRP price has gained by a very slight 0.2% in the past 24 hours, as speculation emerges that Ripple is preparing for a possible initial public offering in the US.Such rumors emerged after observers noticed a job posting on Ripple's website for a Shareholder Communications Senior Manager, a role which would imply that the cryptocurrency firm is seriously planning for an incoming IPO.This would be big news for XRP, although the altcoin has barely moved today, with its current price of $0.489862 also representing a 0.5% rise in a week.Yet given how unjustifiably oversold the altcoin has been recently, it's likely to make a big recovery soon enough.XRP Price Prediction as Rumors Emerge of Possible Ripple IPO – Could XRP Reach $100?XRP remains in a weakened position as far as its indicators are concerned, yet the flipside of this is that it's becoming increasingly likely that a rebound will follow soon.For one, its 30-day exponential moving average (yellow) dipped below its 200-day average (blue) more than a week ago, with the distance between the two now suggesting it's due to rise again.It's a similar thing with XRP's relative strength index (purple), which remains close to 40, another sign that the coin has been sold too much recently and is selling at a discount compared to recent levelsIn other words, XRP's discounted price should make it more attractive to buyers, who are likely to swoop in sooner or later to take advantage of its low price.It's also worth pointing out that its support level (green) has been rising modestly in recent weeks, implying that it may have bottomed out and is now ready to mount a recovery.Of course, such a recovery is dependent on some positive spark, with the news of Ripple's IPO-related job listing having little effect right now on demand for XRP.Still, what this posting indicates is that Ripple isn't far away from announcing its own US-based IPO, and when it does, XRP is going to surge.This means that now is probably the perfect to buy XRP cheap, before it returns to $0.60 or higher.In the longer term, it's going to exceed such prices, with an IPO likely to give Ripple the resources and backing to expand its business more aggressively.This can only be good for XRP, which is used as part of Ripple's core cross-border transfer business.For this reason, XRP can be expected to reach $1 again in the first few months of next year, before potentially rising towards $2 in the months that follow, especially if crypto enters another bull market.
APPLE BRIEFLY REMOVES METAMASK WALLET FROM APP STORE
In a surprising move, popular Ethereum wallet MetaMask found itself briefly removed from the Apple App Store over the weekend, sparking questions about the reasons behind this sudden disappearance. However, the wallet was soon restored, leaving users relieved but curious about the episode.
The MetaMask team addressed the issue promptly, clarifying that the removal was unrelated to any malicious activities or security concerns. They reassured their user base, which spans over 30 million users worldwide, that no action was required on their part. Additionally, they emphasized that the incident had no impact on the wallet's functionality, thus putting to rest concerns about its core features.
In a surprising move, popular Ethereum wallet MetaMask found itself briefly removed from the Apple App Store over the weekend, sparking questions about the reasons behind this sudden disappearance. However, the wallet was soon restored, leaving users relieved but curious about the episode.
The MetaMask team addressed the issue promptly, clarifying that the removal was unrelated to any malicious activities or security concerns. They reassured their user base, which spans over 30 million users worldwide, that no action was required on their part. Additionally, they emphasized that the incident had no impact on the wallet's functionality, thus putting to rest concerns about its core features.
EU Formally Agrees on New Crypto Tax Data Sharing
The rules, set to be published in the EU's official journal, force crypto firms to report on customers' holdings to be shared between tax authorities
New European Union rules that let tax authorities share data on individuals' crypto holdings were formally adopted by the bloc's finance ministers on Tuesday. The document will now be published in the EU's Official Journal and enter into force 20 days later.
The rules were proposed last year in a bid to block assets from being stashed overseas using crypto and had unanimous support from EU member states despite discussions mostly taking place largely behind closed doors.In May, a copy of the draft bill obtained by CoinDesk under freedom of information laws showed the rules extend an existing law to cover a wide range of digital assets confirmed on Tuesday to include stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) tokens, as well as proceeds from crypto stakingThe law, known as the Eighth Directive on Administrative Cooperation (DAC8), forces crypto companies to report information on customers' holdings that will automatically be shared between tax authorities.
The European Commission, responsible for proposing new EU legislation, said on Tuesday that DAC8's crypto provisions complement the recently finalized landmark Markets in Crypto Assets Regulation (MiCA) and anti-money laundering rules under the Transfer of Funds Regulation (TFR).
"The directive will improve Member States' ability to detect and combat tax fraud, avoidance and evasion, by requiring all EU-based crypto-asset service providers, regardless of their size, that they report transactions from customers residing in the EU," the Commission said in a statement on Tuesday.
It added that the scope of the rules was expanded from previous versions to also apply to financial institutions with respect to electronic money and central bank digital currencies (CBDC)
The rules, set to be published in the EU's official journal, force crypto firms to report on customers' holdings to be shared between tax authorities
New European Union rules that let tax authorities share data on individuals' crypto holdings were formally adopted by the bloc's finance ministers on Tuesday. The document will now be published in the EU's Official Journal and enter into force 20 days later.
The rules were proposed last year in a bid to block assets from being stashed overseas using crypto and had unanimous support from EU member states despite discussions mostly taking place largely behind closed doors.In May, a copy of the draft bill obtained by CoinDesk under freedom of information laws showed the rules extend an existing law to cover a wide range of digital assets confirmed on Tuesday to include stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) tokens, as well as proceeds from crypto stakingThe law, known as the Eighth Directive on Administrative Cooperation (DAC8), forces crypto companies to report information on customers' holdings that will automatically be shared between tax authorities.
The European Commission, responsible for proposing new EU legislation, said on Tuesday that DAC8's crypto provisions complement the recently finalized landmark Markets in Crypto Assets Regulation (MiCA) and anti-money laundering rules under the Transfer of Funds Regulation (TFR).
"The directive will improve Member States' ability to detect and combat tax fraud, avoidance and evasion, by requiring all EU-based crypto-asset service providers, regardless of their size, that they report transactions from customers residing in the EU," the Commission said in a statement on Tuesday.
It added that the scope of the rules was expanded from previous versions to also apply to financial institutions with respect to electronic money and central bank digital currencies (CBDC)
BlackRock CEO Larry Fink Seeing Client Demand for Crypto 'Around The World
Clients across the globe are talking about “the need for crypto,” said Larry Fink, CEO of asset management giant BlackRock (BLK).
Appearing on Fox Business on Monday hours after a false rumor about SEC approval for BlackRock’s spot bitcoin ETF sent prices sharply higher, Fink said he couldn’t speak about the application process.Fink, however, did opine on the recent rally. “It’s an example of the pent-up interest in crypto,” he said. “We are hearing from clients around the world about the need for crypto“I think the rally today is about a flight to quality, with all the issues around the Israeli war now, global terrorism,” he continued
Clients across the globe are talking about “the need for crypto,” said Larry Fink, CEO of asset management giant BlackRock (BLK).
Appearing on Fox Business on Monday hours after a false rumor about SEC approval for BlackRock’s spot bitcoin ETF sent prices sharply higher, Fink said he couldn’t speak about the application process.Fink, however, did opine on the recent rally. “It’s an example of the pent-up interest in crypto,” he said. “We are hearing from clients around the world about the need for crypto“I think the rally today is about a flight to quality, with all the issues around the Israeli war now, global terrorism,” he continued
NFTs aren’t dead — they’re just resting
The market for nonfungible tokens (NFTs) might be struggling during this "NFT Winter," but there are signs of life if you know where to look.Headlines predicting the death of Bitcoin are nothing new. Over the past decade, we’ve seen every permutation of why “Bitcoin is dead” imaginable, yet the current crypto winter has brought very few of these dire proclamations. It seems a little different this time. Maybe it’s hard to pen such a eulogy with Bitcoin BTCtickers down$28,490 hovering around $28,000, and a spot Bitcoin ETF on the horizon. Doesn’t seem like Ethereum’s dead either.But the blockchain industry and its commentators still need a corpse to poke at, and that’s what they’ve found with the putrid cadaver that is the nonfungible token (NFT) market.Yet that should not be surprising to anyone who’s been in crypto for a few cycles. Most of the ICO tokens from the 2017 bull market vintage were dead by the 2018/19 winter. Likewise, the countless DeFi protocol tokens post-DeFi-summer of 2020. Today, more than 1.8 million tokens have an aggregate market cap of a little more than $1 trillion. But the top 10 largest protocols and tokens account for over 93% of the total.Do the math. That’s a long, long tail of worthless zombie coins. The vast majority of all tokens die. So why should NFTs be any different?The barrier to entry to create an NFT project in the hope of striking it rich was (and remains) low. Anyone can, and seemingly did, create an NFT collection in a few minutes with a few keystrokes.So what happened when a frenzy of trading activity and money flooded into this new corner of the crypto market in mid-2021? The free market responded exactly how it was supposed to: it provided supply. And supply ≠ quality, especially in this industry.We’ve seen the same cycle again and again, this just happens to be the first real NFT winter.A-listers have quietly taken their NFT Twitter avatars down. Jimmy Fallon isn’t shilling apes with Paris Hilton on late-night TV. Ashton Kutcher’s Stoner Cats has settled with the Securities and Exchange Commission (SEC). A collective sense of embarrassment abounds.NFT trading volumes have collapsed, from around $1 billion a week in mid-2021 to early-2022, to sub-$100 million It’s bleak. But, as I said back in October 2021 about NFTs, “Peaks and troughs are nothing new, it's what emerges from them which is what's worth paying attention to.”For those curious and open-minded enough to look beneath the surface of the “NFTs are dead” generalization prevalent today, there are signs of life amidst the rubble.In September, news emerged that PayPal filed a patent application in March surrounding an NFT purchase-and-transfer system.Pudgy Penguins continues to expand into physical toys, first selling on Amazon in March and recently expanding to 2,000 Walmart stores across the U.S. (Disclaimer: I own a fat penguin jpeg.)Doodles have collaborated with casual footwear brand Crocs in a similar effort to merge the physical and digital, with a likewise similar collaboration between Gary Vee’s Veefriends and Reebok.At a concert over the summer, Harry Styles fans could download an app featuring a self-custodial digital wallet for future NFT rewards. Meanwhile, Justin Bieber is collaborating with a blockchain music platform to turn a song into an NFT with royalty streams to the NFT holders.The top auction houses continue to bring mainstream artists into the NFT world, Keith Haring with Christies for example, and Sotheby’s partnering with Ledger to offer a co-branded Ledger Nano X (hardware wallet) for buyers of premier digital art.If you keep looking you’ll find more and more signs of life, because NFTs are not “dead.”The fundamental technological primitive of what NFTs are and what they offer will not “die,” any more than blockchain will “die.” They will simply continue to evolve while the weak hands, weak teams, scams, copycats, and fast money fade into history, another footnote from another crypto cycle.As we transition from this NFT winter into a new season, expect to see NFT projects that are more sophisticated and commercially viable, enriching the ecosystem in new and meaningful ways.
Bitcoin ATMs buying and selling procedure guide
Bitcoin.comDownloadBitcoin Automatic Teller MachinesBitcoin ATMsBitcoin ATM mapWhat is a Bitcoin ATM?A Bitcoin ATM (Automated Teller Machine) is a kiosk that allows people to buy and sometimes sell Bitcoin and other cryptocurrencies using cash, credit, or debit cards. It operates similarly to a traditional ATM, but instead of depositing or withdrawing cash, it allows users to either purchase Bitcoin which can be sent to a Bitcoin wallet such as the Bitcoin.com Wallet app or, in the case of some Bitcoin ATMs, sell Bitcoin to dispense cash.Bitcoin ATMs are connected to the Internet, allowing people to connect directly with a Bitcoin exchange for a localized and convenient way to purchase Bitcoin in person. Common locations for Bitcoin ATMs are inside of a retail store, shop, tavern, restaurant, mall or airportBitcoin ATM ProvidersBitcoin ATM providers are companies that manufacture, deploy, and sometimes operate Bitcoin ATMs. These companies are responsible for the hardware and software that powers the machines, ensuring that they are secure, user-friendly, and compliant with local regulations. Some providers only focus on the production of the machines, while others might offer a comprehensive service package that includes deployment, maintenance, and regulatory compliance.Bitcoin ATM MapThere are tens of thousands of Bitcoin ATMs worldwide. Use the map to find Bitcoin ATM locations near youHow to buy bitcoin from a Bitcoin ATMStep 1: Get a Bitcoin walletWhen you purchase bitcoin, you need a place to store it. A Bitcoin wallet is a digital tool that allows users to store, send, and receive bitcoin securely. Creating a Bitcoin wallet is as easy as installing an app, like the Bitcoin.com Wallet app, on your mobile device or laptop/desktop. When you install the app, your Bitcoin wallet is automatically created. You can then receive bitcoin to your wallet immediately, storbe it safely, and use it as you please.Step 2: Find a Bitcoin ATM near youAccording to Coin ATM Radar, there are tens of thousands of Bitcoin ATMs globally. Most of them are in the United States, and there are some countries and regions that don’t have Bitcoin ATMs. You can use this tool to help you find a Bitcoin ATM near you.Step 3: Buy bitcoin from the ATMThe process for buying bitcoin from an ATM is typically something like this:Enter the amount to purchase. Depending on local regulations and the amount you are purchasing, you may be required to verify your identity.Provide your Bitcoin wallet address. You will do this by using the Bitcoin ATM's camera to scan the QR code of your Bitcoin wallet address that is displayed in your Bitcoin wallet app. Read more about how to find your Bitcoin wallet address.Pay. In addition to cash, you may be able to pay with credit card, payment app, etc.Receive the bitcoin in your Bitcoin wallet. This generally takes a few minutes. The Bitcoin ATM will provide you with a transaction ID that you can use to monitor the status of the purchase. You will see a confirmation in your Bitcoin wallet app when you have received the bitcoin.How to sell bitcoin from a Bitcoin ATMThe process for buying bitcoin from an ATM is typically something like this:Enter the amount to sell. Depending on local regulations and the amount you are selling, you may be required to verify your identity.Send bitcoin to the provided address. The Bitcoin ATM will generate a Bitcoin address for your transaction. You can scan the QR code of the provided address and send the bitcoin to that address using your Bitcoin wallet app. Learn how to securely send bitcoin here.Take your cash. Once the Bitcoin ATM receives the bitcoin, it will dispense your cash. This generally takes a few minutes, and you can monitor the status of the transaction using your Bitcoin wallet app.
Top 10 Cryptocurrencies Of 2023
From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it overwhelming when you’re first getting started in the world of crypto. To help you get your bearings, these are the top 10 cryptocurrencies based on their market capitalization or the total value of all the coins currently in circulationTop 10 Cryptocurrencies Of 2023From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it overwhelming when you’re first getting started in the world of crypto. To help you get your bearings, these are the top 10 cryptocurrencies based on their market capitalization or the total value of all the coins currently in circulation.Best Crypto To Buy NowFeatured Partner OffersWelcome OfferJoin eToro and get $10 of free Crypto! (US Only)Fees (Maker/Taker)1%/1%Cryptocurrencies Available for Trade20+1eToroLearn MoreVia eToro's WebsiteTrading Fees0.4% Maker Fee / 0.6% Taker FeeTradable Coins200+2CoinbaseLearn MoreOn Coinbase's Secure WebsiteFees (Maker/Taker)0.95%/1.25%Cryptocurrencies Available for Trade250+3UpholdLearn MoreOn Uphold's WebsiteTerms Apply. Cryptoassets are highly volatile. Your capital is at risk.1. Bitcoin (BTC)Market cap: $535.7 billionCreated in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one Bitcoin for about $500. As of Oct. 10, 2023, a single Bitcoin’s price was around $27,459. That’s a growth of 5,392%.Advisor InvestingAdvertiser DisclosureTop 10 Cryptocurrencies Of 2023Kat TretinaContributorMichael AdamsEditorFact CheckedUpdated: Oct 10, 2023, 10:56amEditorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.Top 10 Cryptocurrencies Of 2023GettyFrom Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it overwhelming when you’re first getting started in the world of crypto. To help you get your bearings, these are the top 10 cryptocurrencies based on their market capitalization or the total value of all the coins currently in circulation.Best Crypto To Buy NowFeatured Partner OffersWelcome OfferJoin eToro and get $10 of free Crypto! (US Only)Fees (Maker/Taker)1%/1%Cryptocurrencies Available for Trade20+1eToroLearn MoreVia eToro's WebsiteTrading Fees0.4% Maker Fee / 0.6% Taker FeeTradable Coins200+2CoinbaseLearn MoreOn Coinbase's Secure WebsiteFees (Maker/Taker)0.95%/1.25%Cryptocurrencies Available for Trade250+3UpholdLearn MoreOn Uphold's WebsiteTerms Apply. Cryptoassets are highly volatile. Your capital is at risk.1. Bitcoin (BTC)Market cap: $535.7 billionCreated in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one Bitcoin for about $500. As of Oct. 10, 2023, a single Bitcoin’s price was around $27,459. That’s a growth of 5,392%.Related: How To Buy Bitcoin2. Ethereum (ETH)Market cap: $189.7 billionBoth a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).Ethereum has also experienced tremendous growth. From April 2016 to the end of October 2023, its price went from about $11 to around $1,578, increasing 14,244%3.Tether (USDT)Market cap: $83.5 billionUnlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of other coins.4. Binance Coin (BNB)Market cap: $31.9 billionBinance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.BNB’s price in 2017 was just $0.10. By late October 2023, its price had risen to around $207, a gain of 207,066%.Related: How To Buy Cryptocurrency5. XRP (XRP)Market cap: $26.5 billionCreated by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.At the beginning of 2017, the price of XRP was $0.006. As of Oct. 10, 2023, its price reached $0.50, equal to a rise of 8,175%.6. U.S. Dollar Coin (USDC)Market cap: $25.4 billionLike Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions.7. Solana (SOL)Market cap: $9.2 billionDeveloped to help power decentralized finance (DeFi) uses, decentralized apps (DApps) and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. SOL, Solana’s native token, powers the platform.When it launched in 2020, SOL’s price started at $0.77. By late October 2023, its price was around# $22.17, a gain of 2,779%.
The economy is surging — which means it might be time to start buying Bitcoin
The United States economy seems like it is refusing to be derailed. It added a staggering 336,000 jobs in September, defying most expectations. This achievement becomes all the more remarkable against the backdrop of soaring yields on longer-term Treasury bonds and surging mortgage rates.
The message embedded in the job data is crystal clear: the world’s largest economy continues to charge forward, even in the face of aggressive monetary tightening. It’s a testament to the economy’s resilience, and suggests that higher interests are here to stay for an extended period.
While this news could send shivers down some spines, particularly for those invested in stocks, it’s crucial to understand the bigger picture. Stocks may appear less enticing when you can secure a 6% return with a savings account, yet we may be reaching an inflection point with bonds.The bond market has witnessed a historic rout, described by Bank of America Global Research as the “greatest bond bear market of all time.” But the analysis isn’t all doom and gloom — there are hints that the relentless sell off in U.S. Treasuries could come to an end. And if we do indeed see a recovery, it could signal the start of a new bull market for risk assets.
The United States economy seems like it is refusing to be derailed. It added a staggering 336,000 jobs in September, defying most expectations. This achievement becomes all the more remarkable against the backdrop of soaring yields on longer-term Treasury bonds and surging mortgage rates.
The message embedded in the job data is crystal clear: the world’s largest economy continues to charge forward, even in the face of aggressive monetary tightening. It’s a testament to the economy’s resilience, and suggests that higher interests are here to stay for an extended period.
While this news could send shivers down some spines, particularly for those invested in stocks, it’s crucial to understand the bigger picture. Stocks may appear less enticing when you can secure a 6% return with a savings account, yet we may be reaching an inflection point with bonds.The bond market has witnessed a historic rout, described by Bank of America Global Research as the “greatest bond bear market of all time.” But the analysis isn’t all doom and gloom — there are hints that the relentless sell off in U.S. Treasuries could come to an end. And if we do indeed see a recovery, it could signal the start of a new bull market for risk assets.
Australia Proposes New Licensing Regime for Crypto Exchanges, Aims for Draft Legislation by 2024
Australia expects to release a draft legislation which covers licensing and custody rules for crypto asset providers by 2024, and once the legislation becomes law, exchanges will have 12 months to transition to the new regime, Australia's Treasury announced on Monday. The timeline indicates it could take till 2025 for an Australian digital asset platform to receive a licence under the freshly proposed regime.
Still, the developments are some of the most significant steps taken by Australia's government towards framing crypto regulation. The proposal was expected by mid-2023 after being first announced in February 2023. The delayed October consultation paper is separate from an earlier token mapping consultation paper. Token mapping is the process of identifying the key activities and functions of crypto products and mapping them against existing regulatory frameworks.The proposal's publication coincided with a speech by Australia's Assistant Treasurer and Minister for Financial Services Stephen Jones at The Australian Financial Review Crypto Summit (AFRCM). Details of what the proposal would entail were first reported by AFR.
“Australia has been waiting for certainty over digital asset regulation so it can seek to catch up with the rest of the world," Michael Bacina, digital asset lawyer at Piper Alderman and Chair of Blockchain Australia told CoinDesk from the Summit. "The approach is consumer-protection centric, with a broad net set to capture many business models not currently regulated. NFT marketplaces holding customer assets could also require licensing."Additionally, the Treasury and Reserve Bank of Australia will publish a "joint report around the middle of 2024 that will provide a stocktake on central bank digital currency (CBDC) research in Australia and set out a roadmap for future work," said Dr Brad Jones, Assistant Governor (Financial System) at the Reserve Bank of Australia in a speech.
Australia expects to release a draft legislation which covers licensing and custody rules for crypto asset providers by 2024, and once the legislation becomes law, exchanges will have 12 months to transition to the new regime, Australia's Treasury announced on Monday. The timeline indicates it could take till 2025 for an Australian digital asset platform to receive a licence under the freshly proposed regime.
Still, the developments are some of the most significant steps taken by Australia's government towards framing crypto regulation. The proposal was expected by mid-2023 after being first announced in February 2023. The delayed October consultation paper is separate from an earlier token mapping consultation paper. Token mapping is the process of identifying the key activities and functions of crypto products and mapping them against existing regulatory frameworks.The proposal's publication coincided with a speech by Australia's Assistant Treasurer and Minister for Financial Services Stephen Jones at The Australian Financial Review Crypto Summit (AFRCM). Details of what the proposal would entail were first reported by AFR.
“Australia has been waiting for certainty over digital asset regulation so it can seek to catch up with the rest of the world," Michael Bacina, digital asset lawyer at Piper Alderman and Chair of Blockchain Australia told CoinDesk from the Summit. "The approach is consumer-protection centric, with a broad net set to capture many business models not currently regulated. NFT marketplaces holding customer assets could also require licensing."Additionally, the Treasury and Reserve Bank of Australia will publish a "joint report around the middle of 2024 that will provide a stocktake on central bank digital currency (CBDC) research in Australia and set out a roadmap for future work," said Dr Brad Jones, Assistant Governor (Financial System) at the Reserve Bank of Australia in a speech.
Ferrari to accept crypto as payment for its cars in the US
MILAN, Oct 14 (Reuters) - Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.
The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce. Patchy regulation and high energy usage have also prevented
These include electric carmaker Tesla (TSLA.O), which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns.
Ferrari's Chief Marketing and Commercial Officer Enrico Galliera told that Reuters cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources. the spread of crypto as a means of payment.
Future of Money
Ferrari to accept crypto as payment for its cars in the US
By Giulio Piovaccari
October 14, 202311:04 AM GMT+5Updated 2 days ago
Ferrari CEO Benedetto Vigna unveils the company's new long term strategy, in Maranello
The logo of Ferrari is seen in the headquarters as CEO Benedetto Vigna unveils the company's new long term strategy, in Maranello, Italy, June 15, 2022. Picture taken June 15, 2022.... Acquire Licensing Rights Read more
MILAN, Oct 14 (Reuters) - Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.
The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce.
Ferrari's marketing and commercial chief said that the majority of its U.S. dealers have already signed up, or are about to agree, to the scheme
MILAN, Oct 14 (Reuters) - Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.
The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce. Patchy regulation and high energy usage have also prevented
These include electric carmaker Tesla (TSLA.O), which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns.
Ferrari's Chief Marketing and Commercial Officer Enrico Galliera told that Reuters cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources. the spread of crypto as a means of payment.
Future of Money
Ferrari to accept crypto as payment for its cars in the US
By Giulio Piovaccari
October 14, 202311:04 AM GMT+5Updated 2 days ago
Ferrari CEO Benedetto Vigna unveils the company's new long term strategy, in Maranello
The logo of Ferrari is seen in the headquarters as CEO Benedetto Vigna unveils the company's new long term strategy, in Maranello, Italy, June 15, 2022. Picture taken June 15, 2022.... Acquire Licensing Rights Read more
MILAN, Oct 14 (Reuters) - Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.
The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce.
Ferrari's marketing and commercial chief said that the majority of its U.S. dealers have already signed up, or are about to agree, to the scheme
Are NFTs really dead and buried? All signs point to ‘yes
Bored Ape NFTs for more than US$20 million in September 2021. They’re now facing a lawsuit from a disgruntled buyer.As with Bitcoin and similar speculative tokens, the primary driver for buying NFTs was greed. Seeing the initial price rises, people hoped they too could make huge profits. NFTs are essentially a superficially sophisticated form of gambling. Like Bitcoin, they have no fundamental value.Generally, one would only profit from buying an NFT by finding a “greater fool” willing to pay even more for it. So there was never a shortage of people – including some quite famous ones – talking them up and hoping to instil a fear of missing out.Eminem bought a Bored Ape that looked a bit like him. Rapper KSI boasted on Twitter about his Bored Ape rising in price.For a while there were large increases in the prices of many NFTs. But like all speculative bubbles, it was likely to end in tears. Although it’s almost impossible to predict when a bubble for a speculative asset will burst, we have seen this process play out before.Centuries ago there were the Dutch tulip, South Sea and Mississippi bubbles. Around 1970, there was a speculative bubble in the shares of nickel miner Poseidon. Then came the Beanie Baby and dotcom booms of the late 1990s – and more recently, meme stocks and Terra-Luna cryptocurrency.The NFT crashPunters now seem to be as bored with NFTs as the apes. Google searches for “NFT” – which grew rapidly through 2021 – have fallen away dramatically. Trading volumes have collapsed.But unless some actual use is found for them, NFTs are likely to fade further from public discussion, with their prices increasingly trending down (although the occasional blip up may give die-hard fans some hope).They will probably join the Dutch tulips and dotcoms in the history of speculative follies.
RIPPLE OBTAINS FULL LICENSE FOR DIGITAL PAYMENT TOKEN SERVICES IN SINGAPORE
In a significant milestone for the cryptocurrency industry, Ripple has secured a full Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) through its subsidiary, Ripple Markets APAC Pte Ltd. This achievement comes after Ripple received in-principle approval for the license earlier this year.
This licensing development underscores the growing real-world applications of crypto solutions, extending their reach to businesses and financial institutions. It marks a significant step toward broader adoption of digital assets within the financial sector. Singapore, known for its pioneering digital asset regulations, has emerged as an ideal hub for businesses and companies
Brad Garlinghouse, Chief Executive Officer of Ripple, highlighted Singapore's pivotal role in Ripple's global operations, stating,
"Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore."
Singapore's transformational journey, driven by technology, has played a crucial role in its economic growth and attractiveness to investors.
A key factor contributing to Singapore's success is regulatory clarity, which has provided businesses and institutions with the security and trust needed to explore cryptocurrency solutions. While some countries have adopted a cautious approach to crypto innovation, Singapore has positioned itself as a leader by preparing for the inevitable future of digital assets.
The shift toward digital payments is a broader trend across the Asia Pacific region, with cashless transaction volumes expected to surge by 109% by 2025. Ripple is committed to prioritizing this region for the adoption
In a significant milestone for the cryptocurrency industry, Ripple has secured a full Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) through its subsidiary, Ripple Markets APAC Pte Ltd. This achievement comes after Ripple received in-principle approval for the license earlier this year.
This licensing development underscores the growing real-world applications of crypto solutions, extending their reach to businesses and financial institutions. It marks a significant step toward broader adoption of digital assets within the financial sector. Singapore, known for its pioneering digital asset regulations, has emerged as an ideal hub for businesses and companies
Brad Garlinghouse, Chief Executive Officer of Ripple, highlighted Singapore's pivotal role in Ripple's global operations, stating,
"Since establishing Singapore as our Asia Pacific headquarters in 2017, the country has been pivotal to Ripple’s global business. We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore."
Singapore's transformational journey, driven by technology, has played a crucial role in its economic growth and attractiveness to investors.
A key factor contributing to Singapore's success is regulatory clarity, which has provided businesses and institutions with the security and trust needed to explore cryptocurrency solutions. While some countries have adopted a cautious approach to crypto innovation, Singapore has positioned itself as a leader by preparing for the inevitable future of digital assets.
The shift toward digital payments is a broader trend across the Asia Pacific region, with cashless transaction volumes expected to surge by 109% by 2025. Ripple is committed to prioritizing this region for the adoption
PRO-BITCOIN CONGRESSMAN MCHENRY ASSUMES INTERIM HOUSE LEADERSHIP
In a significant turn of events, Rep. Patrick McHenry, a staunch supporter of Bitcoin, has temporarily assumed leadership in the U.S. House of Representatives, potentially bolstering the advancement of pending Bitcoin regulation legislation. This development follows the unprecedented removal of Speaker Kevin McCarthy, marking the first time in history that a Speaker has been ousted.
As House Republicans search for a permanent replacement for McCarthy, McHenry will serve as the interim Speaker. In his role as the chairman of the House Financial Services Committee, McHenry has actively participated in various legislative endeavors related to Bitcoin. His newfound position grants him the authority to shape legislative agendas, oversee committee assignments, and determine which bills will be up for debate and voting.
Two pivotal bills that have passed through McHenry's committee focus on regulating U.S. stablecoins and establishing comprehensive rules for the cryptocurrency market. These bills are scheduled for floor votes in the coming month. However, it's important to note that any victories in the House must still navigate the more skeptical Senate to become law.
McHenry has been a prominent critic of the Securities and Exchange Commission's approach to regulating Bitcoin through enforcement actions. Just last week, during a Congressional hearing, he challenged SEC Chair Gary Gensler, accusing him of undermining the digital asset ecosystem. McHenry has also raised concerns about the SEC's relationship with cryptocurrency trading platforms, advocating for greater transparencyThe long-term impact of McHenry's leadership on Bitcoin-related policy remains uncertain. Nonetheless, his brief tenure has injected optimism into those who perceive it as a step forward in an unpredictable regulatory landscape. The cryptocurrency community eagerly awaits further developments in this rapidly evolving space.
In a significant turn of events, Rep. Patrick McHenry, a staunch supporter of Bitcoin, has temporarily assumed leadership in the U.S. House of Representatives, potentially bolstering the advancement of pending Bitcoin regulation legislation. This development follows the unprecedented removal of Speaker Kevin McCarthy, marking the first time in history that a Speaker has been ousted.
As House Republicans search for a permanent replacement for McCarthy, McHenry will serve as the interim Speaker. In his role as the chairman of the House Financial Services Committee, McHenry has actively participated in various legislative endeavors related to Bitcoin. His newfound position grants him the authority to shape legislative agendas, oversee committee assignments, and determine which bills will be up for debate and voting.
Two pivotal bills that have passed through McHenry's committee focus on regulating U.S. stablecoins and establishing comprehensive rules for the cryptocurrency market. These bills are scheduled for floor votes in the coming month. However, it's important to note that any victories in the House must still navigate the more skeptical Senate to become law.
McHenry has been a prominent critic of the Securities and Exchange Commission's approach to regulating Bitcoin through enforcement actions. Just last week, during a Congressional hearing, he challenged SEC Chair Gary Gensler, accusing him of undermining the digital asset ecosystem. McHenry has also raised concerns about the SEC's relationship with cryptocurrency trading platforms, advocating for greater transparencyThe long-term impact of McHenry's leadership on Bitcoin-related policy remains uncertain. Nonetheless, his brief tenure has injected optimism into those who perceive it as a step forward in an unpredictable regulatory landscape. The cryptocurrency community eagerly awaits further developments in this rapidly evolving space.
CANADA'S INTERIM REGULATIONS FOR STABLECOINS ADDRESS MARKET CONCERNS
The Canadian Securities Administrators (CSA), a regulatory body overseeing securities regulation in Canada, has taken steps to provide clarity in the realm of stablecoin investments. The CSA has released interim terms and conditions aimed at guiding cryptocurrency exchanges and asset issuers regarding stablecoins, often referred to as "value-referenced crypto assets."
Earlier this year, the CSA reaffirmed its position that certain stablecoins could be considered securities or derivatives, subjecting them to regulatory restrictions on trading. This stance created a degree of uncertainty in the market, prompting the CSA to release these guidelines to bring clarity to the sector.
Stan Magidson, the Chair of CSA and the Alberta Securities Commission, emphasized that these regulations are designed to protect investors and enhance trust in the market. He stated,
"The transparency of value-referenced crypto assets about the composition and adequacy of their reserves and their governance are critical issues that must be addressed to protect Canadian investors and the integrity of our capital markets."
Reserve Requirements: Stablecoin issuers must maintain adequate and verifiable reserves with a qualified custodian to ensure stability and prevent losses due to market volatility or fraudulent activities.
Governance Disclosures: Value-referenced crypto assets and exchanges are required to publish essential information related to platform governance, tokenomics, and operational mechanisms.
The CSA also cautioned Canadians that, despite these regulations, the cryptocurrency market remains risky, and the release of these guidelines should not be interpreted as an endorsement of any particular asset or exchange.
The collapse of the Terra Network and the subsequent issues with FTX have intensified regulatory efforts in the stablecoin and cryptocurrency exchange space. Some exchanges, such as Binance, have responded by issuing periodic proof-of-reserves to demonstrate the safety and security of user funds.
The Canadian Securities Administrators (CSA), a regulatory body overseeing securities regulation in Canada, has taken steps to provide clarity in the realm of stablecoin investments. The CSA has released interim terms and conditions aimed at guiding cryptocurrency exchanges and asset issuers regarding stablecoins, often referred to as "value-referenced crypto assets."
Earlier this year, the CSA reaffirmed its position that certain stablecoins could be considered securities or derivatives, subjecting them to regulatory restrictions on trading. This stance created a degree of uncertainty in the market, prompting the CSA to release these guidelines to bring clarity to the sector.
Stan Magidson, the Chair of CSA and the Alberta Securities Commission, emphasized that these regulations are designed to protect investors and enhance trust in the market. He stated,
"The transparency of value-referenced crypto assets about the composition and adequacy of their reserves and their governance are critical issues that must be addressed to protect Canadian investors and the integrity of our capital markets."
Reserve Requirements: Stablecoin issuers must maintain adequate and verifiable reserves with a qualified custodian to ensure stability and prevent losses due to market volatility or fraudulent activities.
Governance Disclosures: Value-referenced crypto assets and exchanges are required to publish essential information related to platform governance, tokenomics, and operational mechanisms.
The CSA also cautioned Canadians that, despite these regulations, the cryptocurrency market remains risky, and the release of these guidelines should not be interpreted as an endorsement of any particular asset or exchange.
The collapse of the Terra Network and the subsequent issues with FTX have intensified regulatory efforts in the stablecoin and cryptocurrency exchange space. Some exchanges, such as Binance, have responded by issuing periodic proof-of-reserves to demonstrate the safety and security of user funds.
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