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Nexo leaving US, says country lacks clear regulations
The crypto borrowing and lending platform Nexo plans to gradually cease operations in the United States “over the coming months,” according to a blog post on Dec. 5. Nexo has stated that the decision to leave the U.S. is “regrettable but necessary.” Today we are announcing the regrettable but necessary decision that Nexo will be phasing out its products and services in the United States due to a lack of regulatory clarity. — Nexo (@Nexo) December 5, 2022 In the post, Nexo said that it has been talking to U.S. regulators for 18 months in an attempt to determine how to comply with U.S. financial laws. But these talks have not resulted in an agreement between the company and U.S. officials. “Our decision comes after more than 18 months of good-faith dialogue with US state and federal reg...
Bitcoin bears beware! BTC holds $17K as support while the S&P 500 drops 1.5%
Bitcoin (BTC) bulls regained some control on Nov. 30 and they were successful in keeping BTC price above $16,800 for the past 5 days. While the level is lower than traders’ desired $19,000 to $20,000 target, the 8.6% gain since the Nov. 21, $15,500 low provides enough cushioning for eventual negative price surprises. One of these instances is the United States stock market trading down 1.5% on Dec. 5 after a stronger-than-expected reading of November ISM Services fueled concerns that the U.S. Federal Reserve (FED) will continue hiking interest rates. At the September meeting, FED Chairman Jerome Powell indicated that the point of keeping interest rates flat “will need to be somewhat higher.” Currently, the macroeconomic headwinds remain unfavorable and this is likely to remain ...
US House committee chair pushes back against SBF’s excuse to potentially delay testimony
Maxine Waters, chair of the United States House Financial Services Committee, has called out former FTX CEO Sam Bankman-Fried for announcing on social media he intended to testify after “learning and reviewing what happened” at the exchange. In a Dec. 5 Twitter thread, Waters cited Bankman-Fried’s numerous media interviews in the wake of FTX’s bankruptcy as evidence that his information was “sufficient for testimony” before the committee. Waters will preside over a hearing investigating the collapse of FTX on Dec. 13, in which committee leadership said they expected Bankman-Fried and other individuals associated with the events around the exchange’s downfall to appear. “The collapse of FTX has harmed over one million people,” said Waters, in a statement directed to Bankman-Fried. “Your tes...
Bitcoin price recovery possible after record realized losses and leverage flush out create a healthier market
Bitcoin (BTC) price is showing notable resilience at the $17,000 level, and according to data from Glassnode, a number of metrics that track the pace of selling and the on-chain behavior of investors are beginning to show a reduction in the factors that trigger sharp sell-offs. The FTX bankruptcy fueled a historic sell-off resulting in $4.4 billion in realized Bitcoin losses. By analyzing realized losses with the daily weighted average metric, Glassnode analysts found that the on-chain losses are subsiding. According to Glassnode, Bitcoin hit an all-time low in the realized profits versus losses ratio. Toward the end of the most recent bull market, realized losses were 14 times larger than profits, which historically coincided with a positive market shift. Bitcoin realized profit and loss....
Man Who Shot Lady Gaga’s Dog Walker Sentenced to 21 Years in Prison
LOS ANGELES (AP) — The man who shot Lady Gaga’s dog walker and stole her French bulldogs last year took a plea deal and was sentenced to 21 years in prison on Monday (Dec. 5), officials said. The Lady Gaga connection was a coincidence, authorities have said. The motive was the value of the French bulldogs, a breed that can run into the thousands of dollars, and detectives do not believe the thieves knew the dogs belonged to the musician. James Howard Jackson, one of three men and two accomplices who participated in the violent robbery, pleaded no contest to one count of attempted murder, according to the Los Angeles County District Attorney’s Office. Jackson and others drove around Hollywood, the city of West Hollywood and the San Fernando Valley on Feb. 24, 2021 “looking for French bulldo...
Brazilian crypto industry gets regulatory clarity amid global uncertainty
As the global crypto community is still licking its wounds from the FTX collapse, a liquidity crisis continues to spread around centralized exchanges and decentralized finance (DeFi) alike. It is soon to be decided whether the coming regulation triggered by FTX’s bankruptcy will bring a silver lining to crypto. The Chamber of Deputies of Brazil, the lower house of the country’s federal legislative body, has passed a regulatory framework that legalizes the use of cryptocurrencies as a payment method within the country. It is estimated that 10 million Brazilians, or about 5% of the population, trade crypto assets. The largest centralized exchange in Brazil is a local business called Mercado Bitcoin, with roughly three million users. International players like Coinbase or Gemini do not ...
USDC issuer Circle terminates SPAC merger with Concord
Circle, the issuer of USD Coin (USDC), announced the mutual termination of its proposed merger with the special purpose acquisition company (SPAC) Concord Acquisition on Dec. 5. The deal was announced in July 2021 with a preliminary valuation of $4.5 billion and was then amended in February 2022 when Circle’s valuation ballooned to $9 billion. USDC is currently the second-largest stablecoin in circulation, with a market capitalization of $43 billion. Under the terms of the agreements, Concord had until Dec. 10 to consummate the transaction or seek a shareholder vote for an extension. However, it appears that Concord chose to have the time limit lapse instead. As told by Circle CEO Jeremy Allaire: “Concord has been a strong partner and has added value throughout this process, and we w...
How can UK-based businesses accept Bitcoin?
Accepting Bitcoin payments is advantageous due to lower fees than credit and debit cards, expansion of customer base and real-time bank balances. However, risks like volatility and cybercrime may undermine these benefits. Cryptocurrency payments help save excessive credit and debit card processing fees as they are decentralized and do not need intermediaries to verify the transaction. Moreover, merchants do not incur overseas currency exchange changes if payments are made in BTC or other cryptocurrencies. High transaction speed is another benefit of accepting Bitcoin payments, allowing businesses to receive payments in real-time. Moreover, with the increasing customer demand to pay in crypto, offering Bitcoin as a payment method will help acquire more shoppers. However, accepting cryptocur...
Malta prepares to revise regulatory treatment of NFTs
The Malta Financial Services Authority (MFSA) is currently reviewing requests to revise the “regulatory treatment” of Non-Fungible Tokens (NFTs) within its Virtual Financial Assets Framework. Under the current regulatory framework, NFTs are included within the scope of the Virtual Financial Assets Act, which also includes virtual tokens, virtual financial assets, electronic money, and all financial instruments built, or dependent on, Distributed Ledger Technology (DLT). However, the MFSA is proposing to have NFTs removed from the Virtual Financial Assets framework since they’re unique and nonfungible and therefore incapable of being used as payments for goods and services, or for investment purposes. According to the MFSA, “the inclusion of such assets within the scope of the V...
SoundCloud, Third & Hayden Team Up for Joint Venture
SoundCloud has linked up with Third & Hayden, the Atlanta management and services company founded by music exec Kei Henderson, for a joint venture, the companies announced today (Dec. 5). The new venture will see Third & Hayden signing new acts to its label and developing them with the help of SoundCloud’s services division, which will provide marketing, A&R, distribution and promotion support, as well as financial backing. The first two acts to sign to the new venture are Los Angeles singer/songwriter Jordan Hawkins and Atlanta-based rapper Key!. The deal is the latest for SoundCloud’s new roster initiative, which has previously inked a joint venture with Quality Control’s Solid Foundation Management to work on new acts and signed distribution deals with Lil Pump, Tekno and Al...
Ripple files final submission against SEC as landmark case nears end
The most talked about crypto lawsuit involving the United States Securities and Exchange Commission (SEC) and Ripple is approaching its conclusion after a two-year-long battle. On Dec. 2 the SEC and Ripple both filed redacted replies to each other’s opposition to motions for summary judgment. Ripple argued in its motion document that the SEC has failed to prove that its offering of XRP between 2013 and 2020 was an offer or sale of an “investment contract” and therefore a security under federal security laws. Ripple concluded the document by stating that “the court should grant Defendant’s Motion and should deny the SEC’s Motion.” Stuart Alderoty, General Counsel of Ripple stated on Twitter on Dec. 3 that this is Ripple’s “final submission,” asking the court to “grant” judgment in its favor...
‘Imminent’ crash for stocks? 5 things to know in Bitcoin this week
Bitcoin (BTC) starts its first full week of December at three-week highs as bulls and bears battle on. After a weekly close just above $17,000, BTC/USD seems determined to make the most of relief on stocks and a weakening U.S. dollar. As the United States gears up to release November inflation data, the dollar looks to be a key item to watch as BTC price action teases a recovery from the pits of the FTX meltdown. All may not be as straightforward as it seems — miners are facing serious hardship, data shows, and opinions on stocks’ own ability to continue higher are far from unanimous. As the end of the year approaches, will Bitcoin see a “Santa rally” or face a new year nursing fresh losses? Cointelegraph presents five areas worth watching in the coming days when it comes to BTC/USD perfor...
