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▪️About blockchain, cryptocurrency and crypto technologies. ▪️Actual entry and exit points in the cryptocurrency market 🔹Channel: @finsignal 🔹Buy ads: https://telega.io/c/finsignal
▫️ UK Economy Minister: FTX collapse did not in the least affect the country's desire to become a key center of the crypto industry
UK Economics Minister Andrew Griffith said the collapse of FTX did not in the least affect the country's desire to become a key center for the crypto industry.
“We are advancing this agenda and I continue to lead the Crypto Engagement Group to get input from the industry and share progress. Yes, there are questions about the future of cryptocurrencies, but it would be foolish to ignore the potential of the underlying technology. For me, recent developments in the market confirm the need for timely, clear and effective regulation. The Financial Services and Markets Act already allows us to establish a framework for regulating crypto assets and stablecoins in the UK, we will be consulting on a world-leading regime for the rest of the crypto asset market later this year,” Griffith said.
@finsignal
Sentiment Buying power is still higher than during bullrun 2021. When traders want to take advantage of this purchase of cryptocurrencies is another story. In the meantime, the average % of supply on the exchanges of the leading stablecoins over the past 4 months has increased from 32.5% to 28.4%.
@finsignal
#LastNews
🔹️Bybit announced a new wave of layoffs in the company
🔹️Digital Currency Group and Genesis owe Gemini $900 million
🔹️Ripple says SEC failed to prove XRP sales were investment contracts
🔹️Sam Bankman-Fried: I can only guess what happened to FTX customer funds that were transferred to Alameda
@finsignal
⚡️ The number of happy owners of a whole Bitcoin has exceeded 1 million people
@finsignal
Cryptorank: top 15 stablecoins by marketcap
top 5 stablecoins account for 87% of the total stablecoin market capitalization - US Department of Commerce Institute
@finsignal
A very high-quality report about what has been happening with web3 for the last 6-12 months. Main theses:
- With the onset of "crypto-autumn" (if we believe that winter has not yet begun), the crypto lost 80% of active users
- The drop leader is DeFi. In games, on the contrary, growth.
- Ether, NEAR, Polygon are growing in terms of users. The rest of the blockchain is going down a lot.
- Rolaps grow the fastest and have become the de facto solution for scaling.
- Development activity is growing: more and more contracts are being deployed.
- Weekly 2.8 million active users. Of these, 450k active wallets in air (WAU).
- From a peak in 2021, TVL in DeFi has fallen almost 4 times to $55 billion.
@finsignal
In connection with the threats to remove Twitter from the AppStore, the crypto community supported Elon Musk, notably trolling the Apple slogan
“Think differently. And you will be removed"
@finsignal
Web3 is not only blockchain and NFT. Don't forget, the technology goes way beyond decentralization. How many names from the picture have you already heard?
It is difficult to resist criticism from experts and non-experts who reduce Web3 to cryptocurrencies and collectible NFTs (the mass user rarely does this).
Oversimplification creates bias and hinders the general audience from exploring the true uses of new technologies. Need to stop normalizing smart labels :)
@finsignal
💁🏼♂️ Democrats demand guarantees from Binance, Coinbase and other exchanges to protect clients
The head of the Senate Finance Committee, Democrat Ron Wyden, demanded information from major crypto exchanges on how they would protect their clients in the event of a “financial disaster”. The US authorities are stepping up preparations for the possible consequences of the collapse of FTX.
Senate letters were sent to the US divisions of Binance, Coinbase, Kraken, KuCoin, Bitfinex, and Gemini. The senator asked them to provide more information on how they manage customer deposits and assets. The authorities are also demanding balance sheets of firms and their policies in case of bankruptcy.
Now the authorities are working on a number of new bills that will have to protect investors from future stock exchange bankruptcies. If these measures had been in place prior to the FTX collapse, Wyden said it would have saved clients from serious financial harm.
Supervision of the crypto sector will be tightened. More and more departments are involved in the issue of regulation. The Commodity Futures Trading Commission is expected to receive "additional powers" soon.
@finsignal
⚡️ Step in ~4 years
~4 years = Peak 2013 to Peak 2017
~4 years = bottom 2015 to bottom 2018
~4 years = Peak 2017 to Peak 2021
~4 years = bottom 2018 to bottom 2022 (?)
The top is still far away, but the bottom is near 🧐
@finsignal
Chinese protests flood Opensea
Two collections dedicated to mass anti-COVID protests in China have appeared on the marketplace. The first collection, called "Silent Speech", consists of 135 NFTs featuring protesters, signs, graffiti, and screenshots from Chinese social media and costs 0.01ETH.
The second one is drawn in art style and is called "Blank Paper Movement". The price of this collection starts from 10ETH.
The blank sheet of paper symbolizes the suppression of freedom in China. It has already become a mass phenomenon throughout the country.
@finsignal
#LastNews
🔹️Over the past two weeks, $3.5 billion has been withdrawn from USDT
🔹️A resident of Minsk lost $21,000 when trying to buy cryptocurrency “from hand”
🔹️Fidelity launches digital asset trading services for retail clients
🔹️META (Facebook) fined $277 million for data breach of half a billion users
🔹️The US and South Korea have filed over 75% of all metaverse-related patent applications worldwide
🔹️Exchange Coinbase has transferred about 4.8 billion USDC to Circle addresses in the last 14 days through fake addresses
🔹️The Government of El Salvador has opened the ONBTC National Bitcoin Office - it will control all local projects related to the first cryptocurrency
🔹️Representatives of the Elon Goat Token meme-token EGT decided to hype their shitcoin - they created a statue in the form of a metal goat with the head of Elon Musk for $600,000 and delivered it to Tesla headquarters
🔹️Binance is again chasing huge amounts between its wallets - today 127351 BTC ~ $ 2 billion were transferred in one transaction - It is worth noting that the transfer fee was only $ 0.42
@finsignal
🔴Salvador creates a national bitcoin office
The Salvador government reported the creation of a bitcoin office (ONBTC), which will function as a "specialized administrative unit with a functional and technical autonomy consisting of the presidium of the republic."
The goal of the ONBTC will be the development, diagnosis, planning, programming, coordination, control, measurement, analysis and evaluation of plans, programs and projects related to BTC for the country's economic development.
@finsignal
OpenSea CEO Calls FTX Collapse Opportunity to Rebuild Industry
The collapse of the FTX exchange was a "tragic event" for the industry, but also opened up the possibility of reshaping it with a focus on trust and further decentralization. Devin Finzer, CEO of the OpenSea NFT marketplace, said this in an interview with Decrypt.
“We are all feeling collateral damage across the industry. There is no doubt that this is a setback for the crypto industry,” he said.
According to Finzer, the NFT platform has not interacted with FTX or related trading company Alameda Research.
However, according to Crypto Fund Research experts, the bankruptcy of the exchange affected 25-40% of industry structures. FTX and related companies owed $3.1 billion to the top 50 creditors, according to court filings.
“I think for the wider crypto ecosystem and NFTs in particular, this crisis is a real opportunity to invest in strong and ongoing user trust,” Finzer said.
@finsignal
⚡️ Changpeng Zhao CZ hint for growth?
Or is it the other way around? 🧐
@finsignal
#LastNews
🔹️Circle refused to go public through a SPAC deal
🔹️Chief Strategist at Standard Chartered Bank Allows BTC to Fall to $5,000 in 2023
🔹️Genesis Global Cryptocurrency Broker Debt Reaches $1.8 Billion
🔹️On December 30, a big 1INCH rout — 222 187 500 1INCH, or 14.8% of the total offer
🔹️LedgerX is up for sale, BlockchainCom, Bitpanda, Gemini and Kalshi are interested in buying the exchange
🔹️Vitalik Buterin recommended cryptors to focus on technology and think less about trading and price
🔹️Crypto exchange BitMEX has launched the Proof of Liability feature — Now users can check the exchange's obligations to them in the total balance of exchange liabilities
🔹️Former Alameda CEO Caroline Ellison spotted in NYC - Users posted photos of Caroline ordering coffee at Ground Support Cafe in Manhattan - This establishment is just a few minutes walk from the US Attorney's Office and the FBI office in New York and many are outraged that the girl freely walks around the center of New York, and is not in custody
@finsignal
🚀 Binance card in Visa space launched in France
@finsignal
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🇨🇷Cost Rica Cryptocurrency Regulation
🔹In the country, you can pay salaries in crypto, let's go for a walk! To be precise, you can pay remuneration for the work done with any popular assets, so crypto is simply included in this definition. However, the employer can only pay the minimum wage in fiat.
🔹Although the Central Bank of the country does not support crypto, does not recognize it as a means of payment, the level of adoption in the country is quite high. Regulators do not encourage, but do not restrict crypto-operations.
Who and what regulates digital money
▫️The Central Bank of Costa Rica is the main supervisory authority that determines the legal status of all financial instruments in the state, regulates and oversees operations.
▫️Crypt is not recognized as a means of payment. At the moment, the government is reviewing legislation to make the country more crypto-friendly.
Taxation
🔺There is no special tax regime for cryptocurrencies in Costa Rica. However, if you formalize your status officially, you, as an individual, may be charged personal income tax in the amount of up to 25%
🔺For legal entities, such a tax can be up to 30%.
Activity Licensing
There is no data on the need to register a crypto-enterprise. Most likely, in the absence of crypto legislation, there is no need for registration either.
In the next publications of this column, we will tell you more about the regulation of cryptocurrencies in other countries of Asia and North America. And we collect all posts on the topic here. There we have already surveyed Europe, Australia and Oceania.
@finsignal
⭐️ The Russo brothers will shoot a series about the collapse of the FTX crypto exchange
Directors Joe and Anthony Russo, who worked on the Avengers franchise for Marvel, will shoot a series about the collapse of the FTX crypto exchange and its founder Sam Bankman-Fried. The show was ordered by Amazon to be produced and written by The Twilight Zone and The Hunters screenwriter David Weil.
The series may come out in the spring of 2023. The show will be based on "insider reports" by a number of journalists who have covered the FTX case, sources said.
@finsignal
🇲🇲Regulation of Cryptocurrency in Myanmar
In 2020, the Central Bank of Myanmar (CBM) urged the public not to use cryptocurrencies due to the risk of fraud that inexperienced investors may be exposed to. The regulator also banned banks and other financial institutions from conducting any transactions with digital assets, as well as providing crypto services in the country.
❌In January 2022, the military government that seized power in Myanmar early last year passed a bill banning citizens from using cryptocurrencies and VPNs.
The use of virtual assets provides for a prison sentence of up to 1 year, or a fine of up to 5 million kyats ($2.4 thousand). For the use of a VPN, citizens can be imprisoned for a period of 1 to 3 years, or they will be fined 5 million kyats.
Myanmar's ruling regime is considering issuing its own digital currency (CBDC). According to the authorities, the crypto project should help the development of the country's economy. After the military coup in Myanmar, the country's GDP fell by 18%, the exchange rate of the national currency - by 34%, gasoline prices jumped by 350%, follows from World Bank data.
It is worth noting that in December 2021, the ousted civilian authorities - the Myanmar National Unity Government (NUG) - recognized the stablecoin Tether (USDT) as their official currency for receiving funding and making domestic payments.
Taxation
The country does not have a regulatory framework for taxation of cryptocurrencies.
Licensing of activities is not provided due to the outlawing of digital assets.
Myanmar ranked 73rd out of 146 in the Cryptocurrency Adoption Index, sitting between Zimbabwe and Cameroon, according to a new Chainanalysis 2022 report. Evaluation criteria include government regulation, the development of the local crypto industry and the actual volume of transactions.
In the next publications of this column, we will tell you more about the regulation of cryptocurrencies in other countries of Asia and North America. And we collect all posts on the topic here. There we have already surveyed Europe, Australia and Oceania.
@finsignal
🇩🇲 Huobi and Tron launched DMC (Dominica Coin) national token of Dominica
@finsignal
🇯🇵 Binance buys Japanese exchange Sakura Exchange BitCoin and re-enters the Japanese crypto market
This is the first Binance license in East Asia. Binance recently received regulatory approval in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.
The deal follows a series of disagreements with Binance regulators in Japan. In June 2021, regulators warned the exchange that it was engaging in unauthorized trading with clients in the country.
@finsignal
Central Bank of India to launch digital rupee pilot project soon
It will be possible to make transactions with it through digital wallets, which will be provided by banks participating in the program. You can also store the digital rupee on mobile devices. Already, the Indian CBDC allows P2P and P2M payments.
The regulator intends to test the reliability of the entire process of creation, distribution and retail use of the digital rupee in real time. Various features of the token will be tested in future projects.
Many other countries have already made some progress in developing CBDCs. For example, the Bank of Japan plans to test the digital yen in 2023. If everything goes well, then a full-scale launch can be expected by 2026.
@finsignal
#LastNews
🔹️Serum announced the termination of its work
🔹️Compound will introduce credit limits for 10 coins
🔹️Mayor of Miami said that he still receives a salary in BTC and buys an additional asset
🔹️Senator Ron Wyden demands financial data from Binance and other crypto firms
🔹️Binance has partnered with Injective – This will allow Binance Custody customers to stake their INJ tokens from their Qualified Wallet
🔹️Roskosmos and Web3 Tech have developed the IP Guard blockchain service that can protect the intellectual rights of small, medium and large businesses — The IP Guard system can be used for litigation and claims work
🔹️BlockFi owes $1.3B to its top 50 creditors, including Ankura Trust Company ($729M) and FTX US parent - West Realm Shires Inc ($275M) - BlockFi also owes SEC $30M as part of a litigation settlement
🔹️The Phantom team announced support for Ethereum and Polygon networks in Solana-based cryptocurrency wallet - Within a few weeks, it is planned to launch a beta version of the updated multi-chain wallet - Phantom features support for NFT in all formats and on all devices, and the introduction tokens from different ecosystems without the need to switch networks
@finsignal
🫣 DeFi protocol Aave temporarily suspended lending in 17 tokens due to volatility risks
The largest crypto-lending Ethereum protocol, Aave, is wary of volatility. The decision to temporarily stop lending to several tokens on Aave version 2.0 came after members of management approved a proposal from Llama and Chaos Labs asking them to suspend lending to assets deemed "volatile" due to Aave's low liquidity profile.
The "volatile group" includes the following assets: yearn.finance, Curve DAO, 0x, Decentraland, 1inch, Basic Attention Token, Ampleforth, DeFi Pulse Index, renFIL and Maker, Enjin, xSUSHI and five stablecoins: sUSD, GUSD, RAI, USDP and LUSD.
The protocol will not allow users to deposit or borrow these assets on the platform for risk management purposes.
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📉 The attitude of Dubai and its investors towards the cryptocurrency sector may turn sour
During the bull market period, the UAE and Dubai in particular were positioned as a crypto hub. A huge number of new projects appeared, the crypt flowed into the real estate and tourism sectors. The government has relied on the development of the economy and the attraction of new investments with the help of crypto, however, the crypto winter has come.
In addition to the market falling more than 3 times, there are events that reduce confidence in the stability and transparency of the sector.
Days before the FTX crash, Sam Bankman-Fried was dining in Dubai at the table of bankers and financiers, including Anthony Scaramucci.
Also, shortly before bankruptcy, FTX received a temporary license to operate in Dubai.
The fall in the interest of the UAE and their partners in crypto will hit the growth prospects of cryptocurrencies hard.
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