crypto blog
Analyst claims that exchanges sell your Bitcoin, crypto trading platforms respond
Security breaches and hacks often highlight the risks of storing Bitcoin (BTC) on centralized exchanges. One analyst even claims that keeping your BTC on exchanges is also a factor for price dips. Rufas Kamau, research and markets analyst at Scope Markets Kenya, explained his thoughts on how keeping BTC on an exchange lowers coin price. Kamau believes that buying BTC on exchanges only amounts to buying an “I Owe You” (IOU) which he describes as “paper Bitcoin.” If you buy Bitcoin at the exchange, you are buying paper Bitcoin, an IOU from your exchange that’s settled the moment you decide to transfer your Bitcoin outside the exchange. That explains the high withdrawal fees. 2/n — Rufas Kamau ⚡ (@RufasKe) May 8, 2022 The analyst also proceeds to point out...
Spanish regulator orders Binance to cease offering crypto derivatives
Binance has dropped its crypto derivative offerings in Spain as it is yet to be fully licensed in the country Elsewhere, Binance Turkey is taking legal action against fake ads The largest cryptocurrency exchange by trading volume, Binance, has been told by the securities regulator in Spain, the Comisión Nacional del Mercado de Valores (CNMV), to stop offering customers its crypto derivatives products, as per local reports. The trading platform has since removed the option for the crypto derivatives from its website, effectively preventing users from creating new operations. Binance has been seeking approval, and the move to comply with the order is part of the exchange’s efforts to woo the regulator. The regulator, on past occasions, warned against crypto derivatives such as futures ...
India’s lead depository adopts blockchain for securities and covenants
India’s NSDL and CDSL will control maintenance nodes for the new decentralised network Elsewhere, a council responsible for indirect taxes in India is considering a 28% tax on crypto-related activity Celebrating its 25th anniversary at the end of last week, the National Securities Depository (NSDL), based in Mumbai, launched a blockchain-based or Distributed Ledger Technology (DLT) platform for debenture covenant monitoring. The platform was created as a product of collaboration between the NSDL and the Securities and Exchange Board of India (SEBI) to enhance securities and covenant monitoring. In effect, it should help bring more clarity and discipline to the market. It will expand to involve other regulators The DLT platform will function by providing an immutable trail of transact...
Bitcoin retests key $30K support zone as data highlights BTC whale accumulation
Sentiment across the cryptocurrency market plunged even deeper on May 9 as an escalation in the ongoing sell-off intensified with bears pushing Bitcoin (BTC) to $30,334, its lowest price since July 2021. Crypto Fear & Greed Index. Source: Alternative.me Multiple factors like rising interest rates, the end of easy money policies by the Federal Reserve, declining stock prices and concerns related to Terra’s UST stablecoin maintaining its $1 peg are all impacting sentiment within the crypto market. Data from Cointelegraph Markets Pro and TradingView shows that an afternoon of heavy selling on May 9 hammered the price of BTC to a daily low of $30,334 as bulls frantically regrouped to defend the psychologically important $30,000 price level. BTC/USDT 1-day chart. Source: TradingView H...
Terra peg mechanism in doubt as UST crashes to 67 cents
The third-largest stablecoin by market cap Terra USD (UST) appears to be in a catastrophic tailspin which has seen it de-peg from the dollar and drop to as low as $0.67 on May 10. As its price has fallen, so has its market capitalization along with that of Terra (LUNA) which backs the majority of the value of UST. Adding further insult to injury, the market cap of UST has vastly surpassed that of LUNA, drawing extreme scrutiny from the crypto community. UST price chart from CoinGecko As of the time of writing, UST price is $0.78 with a market cap of $14.1 billion while LUNA has been in a freefall, collapsing to $35.07. This has caused massive liquidations on leveraged positions, dropping its market cap to $12.3 billion according to CoinGecko data. If the market cap of LUNA is lower than US...
Three new crypto ETFs to begin trading in Australia this week
Australians will soon have more options for spot cryptocurrency exchange-traded funds (ETFs) after a previous hold-up was given the green light this week and new funds entered the ETF market. The latest update came late on May 9 as Cboe Australia issued a round of market notices that three funds previously delayed are expected to begin trading on Thursday, May 12. They include a Bitcoin ETF from Cosmos Asset Management, plus Bitcoin (BTC) and Ethereum (ETH) spot ETFs from 21Shares. Cboe Australia and Cosmos did not immediately respond to a request for comment, but a spokesperson from 21Shares confirmed to Cointelegraph: “We’re listing on May 12, this Thursday. The downstream issues are resolved.” On April 26, a day before three of the first crypto ETFs were set to launch, the Cboe Au...
More than a third of AMC online payments are crypto or digital: CEO
AMC Theatres CEO Adam Aron stated that crypto along with several other digital payment methods recently accounted for 35% of its online payments. The popular cinema chain has gradually been working on various crypto adoption plays after first rolling out online payment support for Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) in November. Last month it also added support for Dogecoin (DOGE) and Shiba Inu (SHIB) payments via the AMC Theatres mobile app. Speaking as part of the firm’s 2022 Q1 earnings call on May 9, Aron emphasized that the firm’s plunge into crypto has not only been met with much “fanfare” but also opened up several payment rails that it had previously explored: “The same IT programming that was required for us to accept cryptocurrency also enabled us t...
Compound Treasury receives B- credit rating from S&P Global Ratings
On Monday, decentralized finance, or DeFi, protocol Compound Treasury announced that it received a credit rating of B- from S&P Global Ratings. As told by the team at Compound, this represents the first time a major credit agency has issued a rating for an institutionalized DeFi protocol. The S&P Global Ratings’ investment suitability scale ranges from AAA (extremely strong) to D (in default). A score of B- indicates the issuer can meet financial commitments, though vulnerabilities to business, financial and economic conditions persist. Regarding Compound’s rating specifically, S&P Global cites the uncertain regulatory regime for stablecoins such as USD Coin (USDC), stablecoin-to-fiat convertibility risks and the Treasury’s “limited capital base...
Bitcoin price falls to $31K as traders prepare for a ‘rocky’ road and more downside
“When it rains, it pours” is an old saying finding new relevance in the cryptocurrency markets on May 9 as traders face another day of pain and the current price decline brings Bitcoin (BTC) to its lowest level in 2022. Data from Cointelegraph Markets Pro and TradingView shows that the BTC selloff on May 9 intensified as the trading day progressed with Bitcoin hitting a daily low of $31,000 as bulls scrambled to mount what amounted to a weak defense. BTC/USDT 1-day chart. Source: TradingView Here’s a look at some of the developments that led up to May 9’s price declines and what traders can look for as the crypto market heads deeper into bear territory. Further downside is a possibility Bitcoin bulls have struggled to establish a solid floor of support over the past couple of m...
Head of Bitstamp’s European arm becomes latest CEO of global crypto exchange
Bitstamp, one of the oldest crypto exchanges in the world, has announced the appointment of Jean-Baptiste (JB) Graftieaux as its new global CEO following the departure of Julian Sawyer. In a Monday announcement, Bitstamp said Sawyer, who first became CEO of the crypto exchange in October 2020, “has decided to pursue other opportunities.” Graftieaux took over the position on May 7, having been the Bitstamp Europe CEO since May 2021. According to the exchange, Graftieaux has 20 years of experience in “crypto, payments, and financial sectors,” having first joined Bitstamp in November 2014 as the firm’s chief compliance officer following five years at PayPal. “JB was with Bitstamp in its early days, and has admirably led our European business over the past year,” said Bitstamp’s board of direc...
Law Decoded: Crypto retirement plans get hot with Warren and Lummis making their moves, May 2–9, 2022
Retirement plans still largely remain at the periphery of both crypto adoption and the regulatory discussion. But last week, a major development emerged in this department. United States Senators Elizabeth Warren of Massachusetts and Tina Smith of Minnesota became concerned about Fidelity’s recent announcement of adding Bitcoin (BTC) to its clients’ 401(k) retirement investment menu. In a letter to the company’s CEO Abigail Johnson, the lawmakers expressed their uneasiness over a “conflict of interests” and the “significant risks of fraud, theft and loss,” requesting from Fidelity a detailed outline of risk mitigation actions. Crypto 401(k) plans are still relatively rare, but they have already drawn suspicious attention from the U.S. Department of Labor. Crypto retirement investment...
Nuvei Corporation partners with Bibox for enhanced cryptocurrencies access
Nuvei Corporation, the world’s premier AI-driven cryptocurrency trading platform, announced today its cooperation with Bibox. By offering quick access to cryptos via the Simplex by Nuvei on-ramp solutions, the partnership will give Bibox clients with a streamlined trading experience. Bibox users to buy crypto using Apple Pay, SWIFT, SEPA and Credit cards Bibox users will be able to purchase bitcoins using debit and credit cards, Apple Pay, SWIFT/SEPA transfers after the integration is complete. The relationship with Nuvei guarantees Bibox complete chargeback and security protection while ensuring smooth and secure user journeys. Bibox has grown to become a leading exchange in terms of trading volume, offering top-notch security, reliability, and openness. Additionally, the trading sy...
