Day: November 28, 2022

ECB president reiterates calls for ‘MiCA II’ in response to FTX collapse

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Christine Lagarde, president of the European Central Bank, or ECB, has once again called regulation and supervision of crypto an “absolute necessity” for the EU in the wake of the collapse of crypto exchange FTX. At a Nov. 28 hearing of the Committee on Economic and Monetary Affairs of the European Parliament, Lagarde cited Facebook’s Libra as an example of the ECB’s involvement which was “helpful to stop some of the players” from engaging with crypto firms. However, she said the situation with FTX — involved with crypto assets as…

FTX collapse impacts Miami’s nightclub scene: Report

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The fallout from the collapse of FTX spans beyond the Web3 and crypto ecosystem. Reports gathered by the Financial Times suggest that nightclubs in Miami have been negatively affected by the collapse of the once-reputable cryptocurrency exchange. According to nightclub owners, young, nerdy crypto bros went from lavishly spending on champagne showers and buying $50,000 tables at clubs to completely vanishing from the nightlife scene. Andrea Vimercati, director of food and beverage at the Moxy Hotel group, told the Financial Times: “They were ordering 12 or 24 bottles of the…

GK8 increases insurance cap on digital assets to $1B

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Digital asset custody platform GK8 has partnered with USI Insurance Services to expand its insurance policy for institutional customers — a move the company said would incentivize banks and other financial institutions to start investing in cryptocurrency.  The insurance policy offers up to $1 billion of coverage per client for digital assets stored with GK8’s offline “cold vault” and up to $125 million for assets stored via its multiparty-computation-based institutional wallet. GK8 said the insurance caps, announced on Nov. 28, are significantly higher than any other digital asset policies on the…

Solana (SOL) Investor’s Eye Bonanza Price; Is $5 Possible?

SOL’s price struggles to reclaim the key demand zone of $20 as the price trades around $13.5 SOL’s price remains weak as bears dominate the market; the price fails to break and close above $20 with so much uncertainty in the market SOL’s price trades below get the 50 and 200 Exponential Moving Averages as the price continues in bearish movement (EMA) Solana (SOL) continues to trade below $20 after facing rejection due to the FTX fiasco and the current market downtrend affecting the price to a low of $13.5.…

Bitcoin’s bottom might be below $15.5K, but data shows some traders turning bullish

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Bitcoin (BTC) bears have been in control since Nov. 11, subduing BTC price below $17,000 on every 12-hour candle. On Nov. 28, a drop to $16,000 shattered bulls’ hope that the 7% gains between Nov. 21 and Nov. 24 were enough to mark a cycle low at $15,500. The most likely culprit was an unexpected transfer of 127,000 BTC from a Binance cold wallet on Nov. 28. The huge Bitcoin transaction immediately triggered fear, uncertainty and doubt, but the Binance CEO, Changpeng Zhao, subsequently announced it was part of an…

Compound Finance to impose lending caps in light of failed Aave exploit

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Users of decentralized finance lending platform Compound Finance have passed a proposal to restrict the maximum borrowing of 10 tokens on the protocol. The proposal put forth by financial modeling firm Gauntlet passed Nov. 28 by majority vote, although the total turnout amounted to less than 7% of the COMP tokens in circulation.  Most notably, tokens such as Uniswap (UNI) and COMP had their borrow limits slashed from 11.25 million and 150,000 to 550,000 and 18,000, respectively. Other less liquid altcoins on Compound were also affected, such as Yearn.finance (YFI),…

Amid Civil Unrest in China, Gold and Silver Prices Hold Steady — Equity, Crypto Markets Flounder – Market Updates Bitcoin News

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Reports on Monday detail that the zero-Covid policy protests in China have lowered market sentiment as U.S. equity markets show the top four Wall Street indexes are struggling. The global crypto market cap is down 3.5% and getting awfully close to dropping below the $800 billion mark. Precious metal prices, on the other hand, like gold and silver have remained steady and since Nov. 3, an ounce of gold has jumped 7.06% higher in value against the U.S. dollar. Gold and Silver Hold Steady Amid Turbulent Global Economy, Precious Metals…