Day: December 6, 2022

UK crypto bill to restrict services from abroad: Report

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Despite the Conservative Party’s rhetorical embracement of crypto under the new Prime Minister Rishi Sunak, the upcoming regulatory framework will reportedly tighten scrutiny over the industry. The legislation updates will broaden the powers of the financial regulator and probably limit foreign companies’ operations in the United Kingdom.  According to a Financial Times report, the FTX collapse has influenced the course of the regulatory regime in the U.K. Reportedly, the Treasury is finalizing a package of guidelines that will enable the Financial Conduct Authority (FCA) to monitor the operations and advertising…

AVAX Rumbles 15% – But A Trend Reversal Might Occur Anytime

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Avalanche, earlier today, was boasting a seven-day increase of 15% in AVAX price, being among those few crypto assets that tallied double-digit gains in that particular department. The cryptocurrency, however, seemed to have entered a price correction phase, losing 5.1% of its value over the last 24 hours. AVAX lost some of its weekly gains which is now at 8.5% Various technical indicators suggest the crypto asset is in an overbought position A decline all the way to the $12 territory remains a big possibility within the next few days…

Crypto Lender Nexo Decides to Exit US Market Citing Regulatory ‘Dead End’

Nexo announced the plans to discontinue its Earn Interest Product citing an investigation from the federal Consumer Financial Protection Bureau. On Monday, December 5, cryptocurrency lender Nexo announced its plans to phase out its US products and services citing a regulatory ‘dead end’. Calling it ‘regrettable’, Nexo said that the decision comes amid its recent clashes with regulators. Nexo said that they have engaged in dialogue with the US state and federal regulators for the last 18 months. However, the “inconsistent and changing positions among state and federal regulators” led…

Texas enforcers want Sam Bankman-Fried to attend the hearing in February: Law Decoded

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Welcome to Law Decoded, your weekly digest of all the major developments in the field of regulation. There was some substantial good news for crypto last week, but the prevailing storyline is still the unfolding of FTX. While the extradition of the failed exchange’s founder Sam Bankman-Fried seemed pretty logical from the beginning of the saga, last week, the 30-year-old got the first official call: The Texas State Securities Board (SSB) invited the former CEO to attend the hearing on the alleged sale of unregistered securities on Feb. 2. SSB’s…

Morgan Creek CEO Says FTX Co-Founder SBF Was a ‘Pawn’ Used to ‘Punish’ the Crypto Industry – Regulation Bitcoin News

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Following FTX’s collapse, many industry executives, influencers, luminaries, and politicians have shared their opinions about the carnage the event has caused to crypto markets and a great deal of innocent bystanders. On Dec. 2, the CEO and founder of Morgan Creek Capital, Mark Yusko, explained in an interview that it’s quite possible that the FTX co-founder Sam Bankman-Fried (SBF) was merely a “pawn” or “useful idiot” leveraged to “punish the industry.” Morgan Creek’s Mark Yusko: ‘This Debacle Is a Fraud Perpetrated by, I Believe, Someone Above the Useful Idiots’ Since…

Bitcoin 2022 bear market ‘usual’ despite key trend line loss — analyst

Bitcoin (BTC) spending an “unprecedented” period below a key moving average is a poor guide to the 2022 bear market. That was the opinion of analyst Superswell, who this week championed on-chain metrics as a way of understanding current BTC price action. “Business as usual so far” for Bitcoin bear market In a series of tweets on Dec. 5, Superswell challenged those concerned about the 200-week simple moving average (SMA) disappearing as support on BTC/USD. “Over the last few months, I’ve seen quite a few people point out that BTC…

Axie Infinity (AXS) Price Is On A Tear With 22% Spike Today

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Axie Infinity (AXS), a cryptocurrency with an overall valuation of $964.02 million, is in the midst of a bullish run that enabled it to tally an impressive 22% jump in the last 24 hours. At the time of writing, according to tracking from Coingecko, the digital asset is changing hands at $8.79 and has managed to increase its value by more than 33% within the previous seven days. Here’s a quick glance: AXS has gone up by almost 40% within the last two weeks Axie Infinity nears the $9 marker…

Metallica issues crypto scam alert before the 72 Seasons album launch

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It’s quite evident that bad actors have left no stone unturned as legendary metal band Metallica warned fans against crypto giveaway scams right before their highly anticipated launch of its new album, 72 Seasons. Cashing in on the buzz around Metallica’s new album launch and upcoming tour, scammers have started targeting metalheads through social media impersonation. Metallica, however, was quick to point out “the ugly side of social media,” asking fans to steer away from Metallica Crypto giveaways, stating: “Let’s be as clear as possible. [Metallica crypto giveaways] are scams.”…