Business

Online streaming platform and production company Netflix will be producing a film on deceased crypto exchange QuadrigaCX founder Gerald Cotten. In a Sept. 23 tweet from Netflix, the platform announced Trust No One: The Hunt for the Crypto King documentary will premiere in 2022. The story, which follows “a group of investors turned sleuths,” will focus on the events around the death of Cotten, who reportedly died while doing volunteer work at an orphanage in India and leaving QuadrigaCX users out of pocket for roughly $190 million in crypto. Details are sparse regarding the casting or direction the documentary takes, but the trailer hints at plastic surgery and avoiding authorities on a yacht. Netflix has become well known around the world for producing documentaries revealing disturbing ac...

Non-custodial cryptocurrency exchange ShapeShift has completed its second airdrop of FOX tokens — dubbed “fairdrop” — as part of a broad decentralization pledge that was first announced in July.  The airdrop of 6,613,000 FOX tokens was distributed to over 33,000 DAO community members, ShapeShift announced Tuesday. These holders were previously ineligible for the airdrop reward because their tokens were locked in staking or liquidity operations. A proposal to amend the token distribution process to include DAO community members was submitted on Sept. 16, receiving overwhelming support.  As Cointelegraph reported, ShapeShift airdropped 340 million FOX tokens to over one million users in July after the company announced it was dissolving its corporate structure — an industry first —...

This week’s combination of bearish factors was enough to bring Bitcoin (BTC) price down to its lowest levels in 46 days, and this nearly obliterated 86% of the $2 billion September call (buy) options that expire on Sept.24. There’s still room for some surprises, especially considering the deadline is 8:00 UTC on Sept. 24. However, the incentives for the bears seem small because the sub-$40,000 test on Sept. 21 caused less than $250 million in futures contracts liquidations. On Sept. 22, Evergrande Group eased some default fears after it confirmed that it would make an interest payment on an onshore bond. Despite this, investors still expect the company to miss the dollar-denominated bonds held mainly by international investors. Bitcoin price at Coinbase in USD. Source: TradingV...

Bitcoin (BTC) may be hitting new all-time highs, but it may just be another bubble, new research suggests. Unveiling a theory that could well rile Bitcoin bulls, analytics guru Material Scientist revealed what seems to be a strong correlation between Bitcoin price cycles and Chinese debt cycles. Casting doubt on the power of Bitcoin halvings With BTC/USD hitting its latest all-time high in April 2021, expectations are high that another will come before the end of the year. Looking back at Bitcoin’s history, Material Scientist shows that previous cycle tops in Bitcoin have coincided with tops in Chinese debt cycles. The ebb and flow — as seen this year in April versus today — likewise marks a cooling off in Bitcoin. This, the analyst argues, could not only mean that Bitcoin behaves lik...

Nine banking industry associations have submitted a letter to the Basel Committee on Banking Supervision (BCBS) in response to its proposal to introduce stringent capital requirements for banks looking to hold crypto assets on their books. In June of this year, the BCBS had published a consultation paper which assigned a 1,250% risk weight to Bitcoin (BTC), meaning that banks would need to hold $1 in capital for each $1 worth of exposure they have to Bitcoin. In their letter this week, industry groups — among them, the derivatives associations ISDA and FIA, the Institute of International Finance, European markets body AFME and the Chamber of Digital Commerce — argued that the prudential framework envisaged by the BCBS would create “material impediments to regulated bank participation in cr...

Coinbase is looking for a new hire to manage the exchange’s sour relationship with policymakers. The United States-based crypto exchange aims to swell its legal and compliance team ranks. The company is looking for more than 350 new hires, with 24 job openings within the legal and compliance team. More specifically, Coinbase is seeking a new manager to oversee communications with U.S. policymakers. Along with a strong network in Washington D.C, Coinbase expects its new U.S. policy communications manager, who would lead its media relations and strategic presence in critical policy debates, to have “excellent political judgment.” Better communication with policymakers might be an urgent requirement for Coinbase, which is reportedly at odds with the United States Securities and Exch...

Financial regulators in the United Arab Emirates have reached an arrangement to officially allow and support cryptocurrency trading in an economic free zone in Dubai. The Dubai World Trade Centre Authority (DWTCA) announced Sept. 22 that it signed an agreement with the UAE’s Securities and Commodities Authority (SCA) to support the regulation and trading of crypto assets within the DWTCA free zone. The new initiative establishes a framework enabling the DWTCA to issue necessary approvals and licenses for financial activities related to cryptocurrencies. As part of the agreement, the SCA will also supervise major crypto-related activities like issuance, listing, trading and licensing processes. According to the announcement, the agreement was signed by SCA’s acting CEO Maryam Al Suwaidi, DW...