Day: October 25, 2022

South African crypto landscape primed for TradFi growth after FSCA ruling

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South African financial service providers have been primed to offer cryptocurrency products and services to customers after regulatory amendments in the country. This comes after South Africa’s Financial Sector Conduct Authority amended its financial advisory act from 2002 on Oct. 19, defining crypto assets in the country as financial products. Most importantly, the definition means that cryptocurrencies can now be offered by financial service providers, both domestic or international, given that they are licensed in South Africa. South Africa already commands a growing number of retail cryptocurrency users estimated to…

Prosecutors Seek 8-year Jail Term for Owner of Top South Korean Crypto Exchange Bithumb

Crypto exchange FTX is reportedly in talks to buy Bithumb. The legal issues connected to its former chairman will, however, hinder any possible sale. According to reports, Lee Jung-hoon, the de facto owner of the South Korean bitcoin exchange Bithumb, is now facing an 8-year jail sentence. The owner who is also a former chairman of Bithumb Holdings is accused of committing a large-scale fraud worth around 100 billion won ($70 million). Lee was indicted by South Korean prosecutors in July 2021 on charges of fraud under the Act on…

Coinbase Joins Hands with MakerDAO to Custody Its Treasury of USD Coin (USDC)

Coinbase’s institutional-grade service will allow MakerDAO to earn up to 1.5% of the rewards of the funds. On Monday, October 24, crypto exchange Coinbase announced that the MakerDAO governance has finally voted in favor of the proposal to custody $1.6 billion worth of MarkerDAO’s USD Coin (USDC) treasury. In return, Coinbase’s institutional-grade service will allow the DAO to earn up to 1.5% of the rewards of the funds. This is for the first time that Coinbase is expanding its USDC rewards program to an institutional client. On Monday, the proposal…

National Teams Fan Tokens Soar as World Cup Draws Near

For the World Cup event that will start on November 20 in Qatar, FIFA has named Crypto.com as its official exchange partner while Algorand, a Proof-of-Stake (PoS) blockchain protocol, has been tapped as a blockchain partner for the event. With the FIFA World Cup less than a month away, the fan tokens of National Football teams have been recording a massive slump, signifying sentiments for the countries who have these tokens and will be participating in the Mundial.  According to data from the crypto market price aggregation platform, the Brazilian…

WhatsApp Is Now Back Online Following 2-Hour Outage

WhatsApp says its services have been restored after an outage that impacted millions of its users across the globe. Popular instant messaging platform WhatsApp has restored services following a major outage. On Tuesday, the Meta-owned cross-platform instant messenger suffered a global outage that affected millions of its users. Following a string of user complaints regarding sending and receiving messages, Meta also later confirmed the downtime, saying:  “We’re aware that some people are currently having trouble sending messages and we’re working to restore WhatsApp for everyone as quickly as possible.” WhatsApp…

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BTC Moves Lower as Prices Fail to Break Out of Key Resistance Level – Market Updates Bitcoin News

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Bitcoin was trading lower in today’s session, after failing to break out of a key resistance level of $19,600. Bullish sentiment seemed to have returned to the market on Monday, however this momentum was short lived. Ethereum also fell in today’s session, but remained above its recent price ceiling. Bitcoin Bitcoin (BTC) moved lower on Tuesday, as bears returned to action following a failed breakout of a key resistance point. BTC/USD slipped to an intraday low of $19,206.32 earlier in today’s session, moving away from Monday’s peak of $19,698. Yesterday’s…

Ethereum Price Will Rally If This Happens; What Could That Possibly Be?

ETH’s price shows the first sign of bounce after forming a bullish pattern as the price gets rejected into a descending range channel.  ETH bounced off its downtrend movement as the price builds more momentum in a descending triangle with a breakout on either side open.  The price of ETH continues in its range movement as the price gets rejected and trades below the 50 and 200 Exponential Moving Averages (EMA). The price of Ethereum (ETH) after its “Ethereum Merge” hasn’t been encouraging as the price has dropped far below…