$PCYG from micro to small-cap as USA rolls out food traceabilityFSMA Rule 204 is coming into effect after the State of California won a lawsuit against the US Federal Government to enforce the law that was passed but sitting idle since the Obama Admin. Park City Group, Inc. owns the software Repositrak that has the most accreditation from the food safety industry. CEO has the pep in his step as the demand for food traceability solutions will be huge in the years to come as 204 gets rolled out. Read this to learn more about it www.qualityassurancemag.com
Regulation
Crypto Regulations: How MiCA Will Affect EU TradersIn the rapidly evolving world of cryptocurrency, the European Union has taken a significant and important step forward with the introduction of the Markets in Crypto-Assets Regulation (MiCA). This groundbreaking regulatory framework marks a pivotal moment for the crypto market within the EU, promising to bring much-needed clarity and stability to an industry that has long been likened to the Wild West due to its volatility and lack of standardization.
The European Union is a leader in creating legislation for emerging technologies. This became clear with the introduction of GDPR, which protects internet users’ personal data, the AI Act that aims to protect citizens of the EU from malpractice, such as cognitive manipulation of people and social scoring, and now - MiCA. Paving the way forward for others, the EU is evolving its digital legislation frameworks faster than other unions or countries.
This article delves into how MiCA will reshape the landscape for EU traders, impacting everything - from the way they interact with crypto assets to the broader market dynamics they navigate daily.
Why do we need regulations like MiCA?
If there are no regulations, markets can run wild and experience giant increases, however when the fun is over and people lose money to fraud and even large-scale bankruptcy of exchanges - investors, especially institutional ones, will not dare place their money in crypto projects and companies. And since for investors, money is trust - the cryptocurrency market is doomed without proper regulation.
On the flip side, extremely stringent and disorganized legislation can lead to the same outcome. Countries struggle with the abstract nature of cryptocurrencies, and many have expressed an outright desire to ban them, seeing as it is the easier option. That is why MiCA is a well-devised framework for others to follow - It is focused and comprehensive.
Some may argue that cryptocurrencies are meant to be decentralized, unregulated and follow a laissez-faire approach. While this is possible, more so for some cryptocurrencies than others, there can be no growth in these markets as new projects need to have banking and investors behind them to realize their blockchain-based ideas. It is also unrealistic to think that such a clandestine financial system will never cross paths with the regular banking system.
What exactly is MiCA?
The inception of the Markets in Crypto-Assets Regulation (MiCA) is rooted in the European Union's recognition of the growing significance of cryptocurrencies and the associated risks in an unregulated environment. The primary catalyst for MiCA's development was the need for regulatory clarity in the burgeoning crypto market, which had been expanding rapidly without a standardized regulatory framework since the birth of Bitcoin in 2009. This lack of regulation posed risks such as fraud, market manipulation and financial instability.
These concerns were heightened by incidents like the surge in initial coin offerings (ICOs), the capitulation of multiple large exchanges and the ironic instability of stable-coins.
MiCA was proposed to provide a harmonized regulatory framework for crypto-assets that are not covered under existing EU financial legislation. The objective was to safeguard investors, maintain financial stability, and promote innovation within a secure and transparent environment. By introducing clear rules, MiCA aims to legitimize the crypto market, making it safer and more attractive for investors and consumers while mitigating the potential for financial crime and market manipulation.
This move towards regulation reflects a global trend of governments and financial authorities worldwide striving to balance the benefits of innovation in the digital asset space with the need for consumer protection and market integrity. As such, MiCA represents a significant step by the EU in establishing a comprehensive regulatory regime for crypto-assets, setting a precedent that could influence global standards in cryptocurrency regulation.
Key Points of MiCA
MiCA introduces several key provisions that are set to transform the crypto-asset landscape in the European Union. The areas that are discussed and regulated the most are the areas where incidents have happened and people have lost their funds. It is important not to make the same mistakes as before.
Exchanges & Brokerages
One of the primary aspects of MiCA is the establishment of stringent authorization requirements for crypto-asset service providers. Under MiCA, any entity aiming to offer services related to crypto-assets, including trading, custody, or advisory services, must obtain authorization from one of the EU's national financial regulators. This process is designed to ensure that providers adhere to high standards of operational conduct, governance, and consumer protection outlined in the legislation. Crypto exchanges have gone bankrupt, been hacked or shut down abruptly in crypto’s short history. The aim of legislatures is to prevent these collapses or stop them in their tracks.
Initial Public / Coin Offerings
Another fundamental component of MiCA is the regulation of public offerings of crypto-assets. Companies intending to offer crypto-assets to the public are required to publish a detailed white paper. This document must provide clear, fair, and comprehensive information about the risks involved, ensuring that potential buyers are well-informed. The regulations aim to prevent misleading practices and enhance transparency in the market. Until now, many ICOs do publish white papers, however they can be purely fictional, written to trick the untrained eye into thinking the project is professionally done. Furthermore, this official process of submitting a white paper will ensure that the people behind the project are known. This will prevent people from faking their identities in order to anonymously scam their clients.
Stablecoins
MiCA also specifically addresses the regulation of stablecoins, which are categorized as either e-money tokens (EMTs) or asset-referenced tokens (ARTs). EMTs are stablecoins pegged to the value of a fiat currency, such as USDT, USDC and BUSD. ARTs are linked to other assets, such as WETH, WBTC. MiCA mandates that stablecoins must maintain adequate reserves and adhere to governance standards. Furthermore, there are stringent rules for stablecoins not pegged to EU currencies, including a cap on the number of transactions per day, aimed at preventing these assets from undermining the Euro. This approach to stablecoins is a response to concerns about their potential impact on financial stability and monetary policy. These concerns are justified, following the collapse of a few large market cap stable-coins during 2022.
Through these provisions, MiCA aims to establish a secure and transparent environment for the trading and use of crypto-assets, ensuring that the rights of investors are protected while fostering innovation in the sector.
Conclusion
The introduction of MiCA by the European Union represents a watershed moment for the crypto-asset market. By establishing a harmonized regulatory framework, MiCA seeks to provide clarity, enhance market integrity, and protect investors, all while fostering an environment conducive to innovation. For EU traders, these regulations offer a more secure and transparent trading landscape, albeit with increased compliance obligations.
The provisions on stablecoins, in particular, demonstrate a nuanced approach to different types of crypto-assets. As MiCA comes into full effect, its influence is expected to extend beyond the EU, potentially setting a precedent for global crypto-asset regulation. For traders and investors, staying informed and adapting to these regulatory changes will be key to navigating the evolving crypto market landscape.
What will be the Bitcoin bottom in 2024?Following the Volume Profile fixed Range Daily analysis for the year 2023 and the order blocks, an area that could represent the bottom in 2024 for Bitcoin could be the area of 26200-26700.
Having the important confluence, we believe that the bottom in 2024 for Bitcoin could be in this area. Of course, some negative news is needed to be able to bring the price back to that area. Certainly the market makers will want to re-accumulate at better prices and must create panic through retail. Areas where a back swan could come from could be CZ Binance, regulation or interest rate cuts.
Crypto Spring Beckons As Regulatory Fog ClearsAI hot; Crypto not! That’s set to change. Bitcoin prices have bounced back even as AI hype hogs the newsfeed.
Crypto was disregarded as a product of inflated bull market fuelled by easy money last year. “Risk-on” assets like Bitcoin (BTC) plunged sharply. Subsequent recovery has been refreshingly consistent suggesting a potential resurgence.
BTC stands 80% higher YTD, outperforming the S&P-500, Nasdaq-100, and Gold.
The collapse of Luna, and FTX, among others resulted in much-needed deleveraging and separated the wheat from the chaff.
Some regulatory guardrails are justifiably necessary for investor protection and responsible industry growth. With a positive resolution of Ripple Labs’ lawsuit against the SEC, a more disciplined regulatory approach appears to prevail.
The improving regulatory landscape, rising institutional adoption, and falling US inflation are likely to drive BTC prices higher this year into the next halving cycle.
This paper posits a long position in Micro BTC futures with an entry at 29,750 combined with a target of 36,000 hedged by a stop at 26,400, yielding a reward-to-risk ratio of 1.85x.
UNPARALLELED BTC OUTPERFORMANCE
YTD, BTC has significantly outperformed even the sizzling Nasdaq-100 index which has rallied thanks to large AI-driven gains. Interestingly, the correlation between them indicate that each had unique driving forces.
Like Gold, BTC rally this year was driven by crisis in US regional banks. The collapse of SVB and Credit Suisse drove higher demand for alternative assets.
More bullish drivers await for BTC. First, clarity in regulatory landscape. Second, rising institutional adoption. Third, BTC Halving next year. Finally, falling inflation.
REGULATORY CLARITY
A major ruling in the lawsuit between the SEC and Ripple Labs has lent much needed clarity. The ruling highlighted that XRP’s programmatic and exchange sales did not constitute investment contracts. Though, sales to institutional buyers did constitute a contract.
Though the lawsuit is far from complete, the ruling did indicate that cryptocurrencies are not securities by default. This highlighted that new regulations are warranted and the heavy-handed SEC enforcement in recent months may need to be tempered.
Regulation of digital assets is also progressing well elsewhere. The EU’s MiCA regulation is already in effect. Several other countries are developing regulatory frameworks.
Although this ruling does not have a direct impact on Bitcoin, which was already considered by the SEC and CFTC as a commodity, it does provide much-needed clarity to the larger crypto industry which Bitcoin will benefit from.
RISING INSTITUTIONAL ADOPTION
New and growing institutional entrants in the space have spurred hopes of greater adoption.
A spot Bitcoin ETF has been in the works for the last two years. Grayscale’s initial application was rejected by the SEC citing that the underlying asset lacked adequate security measures for investors.
Since then, new spot BTC ETF applications have popped up, most notably from Blackrock and Fidelity.
Blackrock is the world’s largest asset manager and their entry in the space has revived hopes. Though these initial applications were rejected, they have filed amendments that include a surveillance sharing agreement with Coinbase which is currently under review.
The launch of EDX markets, a crypto exchange created by US financial majors Charles Schwab, Citadel and Fidelity offers investors a much needed trusted and reliable digital asset exchange. This addresses one of the major concerns from last year - Operational and Liquidity risks.
BTC HALVING
Halving is the periodic reduction in block rewards for mining BTC. Every ~4 years, the rewards for mining BTC are halved effectively reducing the available and future supply. This has previously led to a rally in BTC prices.
Currently, BTC trades 2.5x its price at its last halving. At its peak in November 2021, price was 7x the price at last halving.
The next halving is expected around April 2024, coinciding with the expected start of Fed rate cuts. Price gains witnessed during previous halving’s are unlikely as BTC’s market capitalisation grows.
FALLING INFLATION
Finally, falling US inflation foretells the end of the Fed’s rate hiking cycle. CME’s FedWatch tool forecasts one last rate hike this month with rate cuts expected at the end of January 2024.
Loose monetary policy will act like a tailwind for bitcoin prices.
BULLISH POSITIONING ON CME BTC DERIVATIVES
OI in CME Bitcoin futures has increased sharply over the past month as have the total traders
More of this OI is also positioned long. Asset managers have increased their net long positioning by 40% over the past month highlighting bullish sentiment.
Interestingly, leveraged funds have increased their net short positioning in the same period indicating bearish sentiment.
Contango in BTC futures term structure has steepened increasing the likelihood of higher prices in future.
TRADE SET UP
CME’s cryptocurrency suite offers robust index methodology, and regulated exposure to digital assets. CME cryptocurrency futures are also cash settled, removing the hassle of managing private keys or dealing with unregulated exchanges.
Full-size BTC contracts offer exposure to 5 BTC while micro futures allow for more granular exposure with contract size of 0.1 BTC.
Micro BTC contracts have a margin requirement of just USD 760 which translates to built-in leverage of 4x at current prices.
• Entry: 29,750
• Target: 36,000
• Stop Loss: 26,400
• Profit at Target: USD 625
• Loss at Stop: USD 335
• Reward to Risk: 1.85x
MARKET DATA
CME Real-time Market Data helps identify trading set-ups and express market views better. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
DISCLAIMER
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Trading or investment ideas cited here are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management or trading under the market scenarios being discussed. Please read the FULL DISCLAIMER the link to which is provided in our profile description.
It's about POWER, not regulation, $BTC still in pattern!!!Haven't seen 1 account speak on what we've said for about 2 years now, in reference to gov & #CBDC and them not liking competition
NOT 1
Many #CEXs have asked for guidance & what have they received? NOTHING!
This is NOT about #crypto protection!
This is about CONTROL!
#DEX #BTC #GOLD #SILVER
ANYWAY
CRYPTOCAP:BTC still looks good.
Pattern we highlighted some time ago is STILL in PLACE.
Picked some #BTC up after hours last night.
Check the BUYS on 4Hr chart.
Shorts were not heavy so this is outright BUYING!
#Bitcoin still looks good imo!
#crypto
Crypto Regulation is comingOne lawsuit recognizing that one of the crypto projects is an unregistered security is enough. And all those projects who did Token Sales - ICO, IDO, IEO and other, did fundraising and sold tokens to funds, did airdrops, token burning - this is all a big problem for crypto projects by the SEC(The United States Securities and Exchange Commission)
Bitcoin and all bitcoin forks are commodities.
TSX:XCH is a commodity
And all the other projects DYOR doing their own research.
Regulation is coming
Best Regards EXCAVO
Chia network and few words about regulationRegulations are coming, I have been talking about this for a long time, but even the projects themselves are not ready. Projects that will not be affected by the regulation are Bitcoin, Chia, Eth, Dydx, Rose, Astar, Shaiden network, Compound, Aptos, Flow, Kusama, Dot, Imx, Mina, etc..
Of course, some projects have their risks.
I have an assumption that the liquidity can flow into those in which there is less risk from the regulation side.
There are no public sales and initial sales of tokens in Chia . There have funds, but they had not received coins.
The ideal situation for a project - no public sale and the funds are not receive tokens, and there are only farmed tokens in circulation.
Who will survive the regulation is an open question, but I am sure in Bitcoin, Chia, Eth . There may be questions to the latter, but they will solve them.
It all depends on the project: how ready the team for and what kind of security they have to pay the fine. To what extent they have prepared documents that their public sale took place according to a coordinated legal process, most likely Coinlist was secured by such documents. Subsequently, the projects that came out there will be legal: Flow, Mina, Near..
Rose - no public sale, just an airdrop for USDC stakers on the Coinlist platform.
Astar had a lock-drop in exchange for the pledged eth and had an auction for parachains. There should be no questions about such a project.
Mina - there was a public sale, but it was on the Coinlist , and maybe from a legal point of view - everything was correct.
Dydx - there was no public sale, there was a private sale, and there were rewards and drops for activity. Looks more reliable than Mina, Flow, and others.
Aptos - the airdrop and private sale.
I can't tell you about all the projects.
Do your own research. The main thing is to understand where there was no public sale (or very legally correct) and a right private sale (or better without it). There are no such projects except for CHIA . Therefore, I bought this project for 10% of the portfolio.
Best regards, EXCAVO
BTC $37K by mid JuneI think we have a 3rd move up to $37k, Looking at the 4-hour chart, you can see 2 almost identical legs up, I think we on now on a 3rd and final leg up to $37k, I then think MM will pull down to retest support at 35K to as low as 30K before going back up to HKEX:40 in the fall and then flat. January rally to soon to see as we officially enter the 4-year bull run cycle. All this hype talk about BTC could go way up will not happen until 2024. and even in 2024 I still don't see anything going over $75k tops, but I do see over $100k by the end of 2025 no matter what the world does other than Nuklear self-destruction. God speed.
USDC(Stablecoins)👉🏻 Bankfalls 👉🏻FED Regulation 👉🏻 CBDCUSDC
USDC - US, peg lost
Price is recovering and is now $0.95
This happened because Silicon Valley has a big problem, i will not go into details of this problem and how much collateral is lost.
The fact is that the price of USDC was dropping to $0.86 and the price has not recovered yet to 1$
I am writing this post on Sunday because tomorrow is Monday and there will be an emergency FED meeting and the most interesting
Scenarios :
1. the USDC is recovering and all is well, but confidence in this stablcoin is lost. Because, I will note so far the price has not recovered, ok there is a liquidity gap in steiblocoin pairs, but here is a different situation.
2. What if the price doesn't recover
What to do?
-Where to move to USDT?
There is a scenario, when most of people go to USDT and then collapse the exchange rate of USDT (apocalypse Scenario).
- Go to cash
- Speculative option (not financial advice)
Short USDCUSDT using Bitcoin Inverse contract with 1x leverage. The underlying asset for collateral will be BTC and the trading pair will be to the dollar.
Of course you will pay a funding.
If BTC goes down, we will have a profit from the short that will compensate for the downside movement. If it goes up, and since the underlying asset is BTC, then at closing the position the price in dollars will be exactly the same.
We can look at the chart of the UST
The decline to 0.65, recovery to 0.92 and then you see what happened.
Of course, these are two different companies, different approaches, different backgrounds.
USDC is much more serious
But if you have some large part of the USDC you decided to speculate and earn 10%+ and you are not calm,
shouldn't you just get rid of that asset without putting your deposit at great risk.
Any Stablecoin is now a risk you take on yourself.
Considering perfect storm scenarios.
And where it all goes, and the direction this CBDC is headed .
As the
FED says it doesn't see any advantage in digital assets
Why the Fed hates cryptocurrencies and especially stablecoins
www.cnbc.com
Required reading👆🏻
Many banks involved in cryptocurrency transactions were caught
twitter.com
What's next
This is probably the first time you will see this company
FedNOW - is a service developed by the Federal Reserve for depository institutions in the United States. It will allow individuals and businesses to send instant payments. Banks will be able to create products based on the FedNow platform. FedNow is scheduled to launch between May and July 2023.
In this case you don't need banks when you have a FED _federal reserve system account
FedNOW will provide the end user wallet in FED
"A dollar in CBDC form is a liability of the central bank. The Federal Reserve has to pay you back."
The plan became clear?
This is all to finish off both banks and most of the crypto market will be the regulation of the cryptocurrency market
I'm all about regulation in this article 👇🏻
The show must go on
Tomorrow is Monday, opening of U.S. markets, urgent Fed meeting, it will be fun.
I want to add a positive, if there will be a collapse, and it will happen sooner or later, we will see on the market will be inefficiencies on which arbitrage teams, and other market participants will be able to make big money. Our team has been tracking some inefficiencies since 2019 the result was on the falls in March 2020 and May 2021.
What will happen to bitcoin. We can see that when the USDC went down the price of bitcoin relative to it became higher than to the pair USDT. Bitcoin is digital gold, at the beginning of the digital age.
Crisis is always a time of opportunity.
Best regards EXCAVO
Is YOUR Broker Regulated? Find out hereHere is a list of eight of the main financial regulatory agencies that are backed with strict regulatory enforcement in other countries…
You’ll need to make sure the broker you choose is approved by one of the below.
South Africa (FSCA) - The Financial Sector Conduct Authority
USA (SEC) – Securities And Exchange Commission
Eurozone (MiFID) – Markets In Financial Instruments Directive
UK (FCA) – Financial Conduct Authority
Australia (ASIC) – Australian Securities and Investments Commission
India (SEBI) – Securities and Exchange Board of India
Japan (JSDA) – Japan Securities Dealers Association
Switzerland (FINMA) – Swiss Financial Market Supervisory Authority
Am I missing any? Let me know in the comments :)
Trade well, live free.
Timon
MATI Trader
Financial trader since 2003
Potential impacts of the unravelling of the FTX crypto empireWhat happened with FTX:
Rumours began circulating starting on the week of 1st November that the balance sheet of Alameda Research, a quantitative trading firm, and a sister company of FTX, a Bahamas-based offshore crypto exchange, might be in trouble. They both have the same owner, a 30-year-old crypto’s “golden boy”, Sam-Bankman Fried. It now appears FTX might have lent out customer funds and assets (no proof of this, though) to Alameda Research which made risky bets with those assets. This is strictly prohibited in traditional finance. Both companies are private, but the market estimates that 40% of the balance sheet of Alameda Research might comprise FTT tokens, utility tokens created by FTX, and these were used as collateral at the firm.
The CEO of Binance, Changpeng Zhao, or CZ, got wind of this in the week of 1st November and said over the weekend Binance will sell all of its FTT tokens (worth over $500 million). This created the cascade of events we are witnessing and a “bank run” on FTX. On Tuesday 8th, Binance and FTX agreed on a letter of intent whereby Binance might potentially purchase FTX Global (leaving FTX US intact), but after starting due diligence, Binance concluded that the finance gap at FTX is “too big” and withdrew the offer.
From the on-chain activity, the industry has recently observed money transfers from wallets at Alameda to FTX. It appears that Alameda lost money on its trades and cannot pay back the funds and assets borrowed from FTX. FTX has been reported to have a shortfall of at least $8 billion.
Current situation:
After Binance's withdrawal of its offer to takeover FTX, the question was who would be big enough to fill the finance gap at FTX? In the traditional finance industry, it would be the government which bails out the troubled company, but there is no government back-stop in crypto. Coinbase has ruled itself out.
After Binance, there were rumours that Tron cryptocurrency network’s Justin Sun was working together with FTX to put together a $9.4 billion “solution”. Several investment funds and companies had access to FTX’s data room and were reviewing its books. Just a short while ago on Friday (11th of Nov) FTX filed for bankruptcy.
The crypto market has been up on Thursday 10th showing some optimism for a solution by the markets.
Reputation of SBF:
Apart from the shadiness of potentially using client funds to make risky bets, there are questions about what the customers and investors of FTX actually knew or were told. Were they given full and honest information about what was going on? FTX was valued at $32 billion just in January and blue-chip VCs had completed due diligence on them. If they misled investors and clients, a court case could come for SBF. It is understood that the Securities and Exchange Commission and the Commodity Futures Trading Commission are investigating whether the FTX properly handled customer funds and its relationship with other parts of Bankman-Fried’s crypto empire, including his trading house Alameda Research. It is also understood that officials from the Justice Department are working with SEC attorneys.
Impact on regulation:
Regulators are likely to come on hard on the crypto industry after this event. Incredibly, SBF spent months in Washington lobbying for crypto regulation which would have benefited his own company while at the same time potentially engaging in risky activities with client funds (no proof of this, though). SBF was the second largest donor to the democratic party (after George Soros) and the democratic party worked with him on major crypto bill proposals pending review at Congress. The crypto bill proposals are likely to be modified and could be postponed for months. This is an embarrassing turn of events for the democrats.
What changes are needed in the industry:
It is clear that transparency and cryptographic proof of reserves are necessary so clients can feel secure that their assets are not lent out or used for risky activities. Kraken has already implemented this and Binance is promising to do the same in the near future.
These events also show how important it is to keep crypto assets in cold wallets and not at centralized exchanges.
Using utility tokens as collateral, particularly utility tokens created by a firm that is also accepting them as collateral, is highly risky as they are vulnerable to short attacks. The other question is: how can you use “monopoly money” you created yourself and claim it could be used as collateral and as a replacement for real money?
There are also concerns about the increasing dominance of Binance, which, before this debacle with FTX, processed around 53% of all crypto trades on spot and derivatives markets by trade count and around 30% of the market’s value.
Contagion fears:
Most cryptocurrency values are down significantly in the past five days. Bitcoin is down 20%, Ethereum 24% and Solana is down 54%. Solana is down more than others as Alameda Research was one of the early initial coin-offering investors in Solana in 2021, and Alameda is said to have held staked and unstaked Solana worth billions of USD.
We expect contagion to continue for days/weeks. Several investors have already written down the investment at FTX to zero. Most obvious companies to track are the lenders to Alameda Research, clients of FTX and other companies with direct or indirect exposures to FTX, Alameda Research or FTT tokens. At this point, we do not have enough information to judge how much, if any, might be recovered from the bankrupt FTX and its sister company Alameda Research.
Future of crypto:
We believe there is still great potential in crypto. Like with most new technologies, early stages of technological development are prone to problems, hiccups and setbacks. Some of the most troublesome business models in the crypto industry have been centralized offshore crypto exchanges (Mt Gox, BitMEX, FTX) and crypto brokers (Voyager Digital). Some fundamental changes are needed to make the industry more transparent and trustworthy with less dependence on a few players. One of the solutions could be the proof of reserves model, which we discussed earlier.
November 16 BTCUSD BingX Chart Analysis and Today's HeadlineBingX’s Bitcoin Chart
Bitcoin is currently trading near $16,900. However, the overall trend of the cryptocurrency market is still downward. BTC yesterday after falling back to $15,800 this support level encountered a strong rebound, pulled up to $16,800 for a short period of sideways volatility, which shows that the current bulls expectations are still high. Bitcoin recently experienced its highest daily and weekly trading volume ever. Entering the current volatility is a risky strategy. Instead, it is still safest to wait for bullish price and volume confirmation before entering low-risk crypto trading.
Today’s Cryptocurrency Headline
Digital Asset Basic Act in South Korea Is Expected to Be Introduced Next Year
Kim So-young, vice-chairman of South Korea's Financial Services Commission, said that given the urgency of protecting users, basic regulatory standards should be set first and supplemented, rather than waiting for international standards. The FTX crisis has shown the need for regulatory mechanisms to prevent unfair trading and ensure that virtual asset service providers meet their obligations to protect user assets, while service providers should be prohibited from issuing tokens. South Korean government officials are currently drafting a comprehensive regulatory framework, known as the Digital Asset Basic Act, which is expected to be finalised next year. The bill will be made up of 13 proposed crypto legislation currently before Congress.
Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.
October 10 BTCUSD BingX Chart Analysis and Today's HeadlineBingX’s Bitcoin Chart
Bitcoin is up 0.44% over the last 24 hours and rose to an intraday high of $19,558.82. The largest cryptocurrency was mainly trading around the $19,500 price level during the weekend, suggesting a balance between supply and demand. The latest U.S. Consumer Price Index will be released on Thursday, which is widely expected to arrive at 8.1%, slightly lower than last month's 8.3% but hardly enough to change the Fed's monetary policy. If the inflation is higher than expected, the risky asset class could experience another sell-off this week.
Today’s Cryptocurrency Headline
FSB to Propose Crypto Regulations Next Week
The Financial Stability Board (FSB), a global regulator, will develop plans to regulate the cryptocurrency market in the middle of next week. The FSB sets out its crypto agenda in July and is expected to present a consultation report to G20 finance ministers ahead of a meeting next Wednesday and Thursday in Washington. The Financial Stability Board will revisit its existing norms on stablecoins, which were first published in October 2020. The FSB will also submit another draft report for “promoting international consistency of regulatory and supervisory approaches to other crypto-assets and crypto-asset markets”.
Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.
DXY looks so bearishThe DXY chart looks in lower timeframe very bearish. That might cause a short squeeze.
Yesterday at powells speech he said bad things about crypto: he said that he wants to regulate the cryptomarket, but not ban it. In general that are bad news for crypto fans.
In crypto there were a hype rally of retail traders, that might think: wow regulations but no ban how cool is that. In my opinion all the retail trader will be dead by the end of tomorrow.
I think crypto whales will liquidate their positions and dxy will go up, because there is no other competitor at the moment.
That is what makes me bullish on dxy, thank you for shorting dxy.
August 23 BTCUSD BingX Chart Analysis and Today's HeadlineBingX’s Bitcoin Chart
According to CoinShare, Digital asset investment products saw minor outflows last week totalling US$9m last week with volumes at US$1bn, 55% off the year average and the 2nd lowest this year. Bitcoin price is almost flat over the past 24 hours. The relative strength index (RSI) is near the oversold zone, indicating that the bears have a significant advantage. For now, the bulls need to push the Bitcoin price above the 50-day simple moving average (SMA) ($22,382) to avoid further decline.
Today’s Cryptocurrency Headline
UK Intends to Bring Stablecoins Under Regulation
A proposed bill could give U.K. regulators new powers over payments-focused crypto assets like stablecoins in September. The bill looks to expand existing financial regulations to cover payments-centric cryptocurrencies such as stablecoins, which are broadly defined as "digital settlement assets" (DSAs), and the bill also puts the UK Treasury in charge of defining what DSA are and gives the Bank of England (BoE), the Financial Conduct Authority (FCA) and the Payments Systems Regulator (PSR) corresponding powers to enforce the rules.
Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.
$BNB 10k in summerHi frend, got some gann crossings for BNB to $10k in summer, HAPPY trades hopefully! #doggonacci
Bitcoin Assumptions Gone WildToday's Presidential Executive Order did not mention Bitcoin by name once. Instead it focused on "digital asset technologies" and CBDC's. The White House Talking Points also failed to reference cryptocurrency as as the focus of the order, instead including crypto in the discussion as being outside of regulatory framework and as part of illicit activities.
Bitcoin maxis and crypto evangelists make extreme projections, relying on assumptions as fact. When discussion or critical thought is entertained, an abundance of fallacies (straw man, red herring, slippery slope) and biases (experiential, confirmation, reinforced through echo chambers) get piled on.
Since Bitcoin's inception, the economic environment has been supported by a dovish Federal Reserve and Central Banks, with unfettered money supply driving risk-on speculative investing.
This unsustainable monetary policy has resulted in extreme price spikes and inflation not realized in over 40 years.
Nascent markets lack regulatory frameworks and are more volatile given low market capitalization.
Assumptions including replacing gold as a safe haven store of value as well as a belief that decentralization will succeed in the face of traditional finance and government driven efforts to maintain status quo are rampant.
Financial controls are now being weaponized against Russia for invading Ukraine in a way that has never been seen before. The second and third order effects of Nation States and entities realizing the vulnerability are unfathomable at this point in time.
Power exists not only in the centralized environment, but also in controlling access to decentralized platforms via Internet Service Providers and fiat on/off ramps. Governments have the ability to declare threats to national security as illegal and have ways to attack these threats directly and more importantly indirectly.
When all is said and done, we have gravitated from critical thought and open dialogue to communication via headlines and memes.
At the end of the day, Bitcoin and the broader crypto community will either find a way to coexist and complement existing order or be relegated to a niche that doesn't gain widespread support or use because of difficulties imposed by those seeking to retain centralized control.
Cryptocurrency Regulation: Bullish or Bearish?Is regulation bullish or bearish for cryptocurrency? Some think regulation will increase mainstream adoption and lead to more institutional involvement which will drive up the price. But does regulation erode the fundamental principles and intrinsic value of cryptocurrency as a decentralized medium of exchange?
Does Crypto Support Actually Equate to Pro-Putin Support?Guys, we have to be very careful discerning what is meant when our government encourages still more regulation. And who are actually the terrorist? Will all crypto holders who oppose the type of regulation that is being proposed suddenly become the terrorist or Putin sympathizers? If regulation proposals are left unchecked and unchallenged, this very well could become the end result. Be careful to understand what is being intended through subtle implication and nuance of language here. These types of statements should NEVER go unquestioned and unchallenged!
Bitcoin Breaks Resistance and Government Loses Their MindsBitcoin breaks above old support at $40,000 and is holding. This is showing that it may be ready to make another run for it. $53k is real resistance and we need to be watching that. If we break hard to the downside off $53k then we may have just triggered our next huge sell-off into that $30k range. The best thing would be $40k remains as support and I don't think it would be long before $53k is broken with our high $60k becoming the realistic resistance before we head to new highs.
The government is losing their minds and are trying to sneak in some language to allow them to go after crypto exchanges. I would encourage others to go search for a recent article by Forbes talking about Gary Gensler from the SEC and a Trojan Horse such into some other regulation. This will allow them to also come after the Defi world. Not good news. Regulation is coming in one form or another but how heavy does it get? The government and the FED are not going to let this go lightly because it's about control over money supply and value. Is Bitcoin going to suffer the same consequences as gold did in 1933 when it became illegal in the US for citizens to hold? Anything is possible and I know most of you out there would be selling to avoid jail. No atheists in fox hols, bro. Let's see where this goes but make sure we stand up for what is best for all of us in this country. Freedom and competition in currency.
TOTAL MARKET CAP - GarbageIn an unregulated space where digital numbers are sold to the people with USDT and unregulated stable coins - While the US overthrows nations that try to issue their own currencies or nationalize their resources - Here we have the GDPs of dozens of developing nations being absorbed within hours by so called "whales"... Only whales I am seeing are corrupt US officials who work as puppets in a space that can't regulate Tether but will send its troops in to fight and let innocent people die if a rival economy ever tried to do the same thing..
This shit is out of hand... In two months the amount that came flooding out of this market could have ended global malnutrition 6x based on the figured the World Bank and UN give... Bogus
TOTAL MARKET CAP and some disturbing figuresPersonally I find it disgusting that there is a central entity out there with enough control over this space to pull the rug which equates to the GDP of dozens of countries within a half an hour/ with no regulation to back any of it up... Being sold Tether by some entity which has nothing to back it up while the US government does nothing to regulate it... It seems to me that the US government which actively go's around overthrowing other nations that try to issue their own currencies or nationalize their economies, is fine with some random source issuing so called stable coins... Or maybe its the corrupt US government that is behind it all... At this point there is no way a few key figures called "whales" can control the prices to the degree of pulling out 20+ nations worth of annual nominal gdp in about a half an hour.. There is no whale out there with that much money! Period
This is beyond criminal.. Having 40% of an entire markets value sucked dry within 2 months is just insane and to think that people out there will continue to do it while no regulation comes in shows how messed up this world really is... 12 million starve to death every single year and this criminal market go's unchecked..
