The Securities Commission of The Bahamas has released a new draft regulation in response to the collapse of the Bahamas-based crypto exchange FTX. The Digital Assets and Registered Exchanges (DARE) Bill 2023 is an update to the original DARE Act of 2020 and aims to strengthen the regulatory framework for digital asset businesses. Under the
Changpeng Zhao (CZ), the CEO of Binance, has stated that the success of the cryptocurrency industry should not be based on the failures of traditional banking systems. During a Twitter AMA, CZ responded to a question regarding whether banking collapses could benefit Bitcoin. He explained that both banking and crypto can coexist and that it
Polkadot (DOT) experienced a second consecutive session of decline on Tuesday as the cryptocurrency market remained bearish. The DOT/USD dropped to as low as $5.61 on Tuesday, less than 24 hours after trading at a high of $5.82. This drop caused Polkadot to reach its weakest point since March 12 when the price was trading
Analytics firm Glassnode has revealed that short-term holders (STHs) may be responsible for the recent speculative behavior in the bitcoin market. Glassnode’s market value to realized value (MVRV) metric has identified the possibility of short-term corrections when STH-MVRV is above 1.2, signalling a 20% unrealized profit. At its peak in mid-March, STH-MVRV hit 1.37, close
The U.S. Federal Deposit Insurance Corporation (FDIC) has released a comprehensive report on the reasons that led to the collapse of Signature Bank. The investigation found that the bank’s troubles were due to “poor management” and risky crypto deposits. Signature Bank was seized by regulators in March 2021 after experiencing an $18.6 billion bank run
Ukraine is planning to introduce new crypto regulations that are inspired by EU Markets in Crypto-Assets (MiCA) regulations. The country’s National Commission on Securities and the Stock Market, the Ministry of Digital Finance, the National Bank of Ukraine, and MPs are currently working together to develop a plan. The Verkhovna Rada’s Financial Committee is also
Coinbase, one of the world’s largest cryptocurrency exchanges, has launched an international exchange that allows institutional traders outside the US to trade Bitcoin (BTC) and Ethereum (ETH) perpetual futures. The new platform will be settled in USD Coin (USDC) with no fiat on-ramps required. The company’s perpetual futures contracts offer up to five times leverage.
Data from Glassnode reveals that the number of Ether (ETH) held by “whale” addresses, which are defined as addresses with 1,000-10,000 ETH, has declined since Ethereum’s Shapella upgrade in mid-April. As of May 1, whale addresses held over 14.033 million ETH, compared to 14.167 million ETH on April 12, when the Shapella upgrade went live.
The cryptocurrency market has experienced a surge of over 60% this year. However, recent trends suggest a possible leveling off in the coming months. Analysts are keeping a watchful eye on the crypto market’s total capitalization, which has encountered resistance around the $1.2 trillion mark. This has raised questions about the market’s trajectory, with some
During a recent Ask Me Anything (AMA) session, Kris Marszalek, CEO of Crypto.com, discussed plans for new benefits on the Crypto.com card during the upcoming bull market. In the last bull cycle, Crypto.com cardholders enjoyed enticing benefits, including substantial cashback and increased staking rewards, but these were cut in response to deteriorating market conditions. Marszalek