Day: December 19, 2022

Bank Holdups and Protests Continue to Rise in Lebanon as Depositors Demand Their Own Savings – Economics Bitcoin News

boss

On Dec. 17, reports detail that residents in Lebanon have been staging sit-ins and protests at banks in order to access their own savings accounts. Since the economic collapse in 2019, Lebanon’s banks froze Lebanese bank accounts, and a number of branches have remained closed indefinitely. The deprivation of wealth has caused a few impoverished Lebanese to demand their savings at gunpoint but so far, even these tactics have left most residents walking away or arrested penniless. Lebanon’s Banks Deal With Protests and Gunpoint Demands From People Who Want Their…

Wanted Russian Parliament Member May Own a Crypto Broker in Moscow: Report

According to Dossier, an OTC called Bankoff is operating from an office owned by a company directed by Lugovoi’s wife, Ksenia. Bankoff appears to be the most active trader on Binance’s peer-to-peer marketplace for deals with Russian ruble, with the highest daily trading volumes, according to Dossier’s research. The almost non-existent know-your-customer/anti-money laundering (KYC/AML) procedures allow users to buy and sell crypto via Bankoff without revealing their identity, Dossier said. (An OTC is a broker-dealer as opposed to a centralized exchange.) Source BrokerCryptoMemberMoscowParliamentReportRussianWanted CryptoX Portal

Binance Smart Chain User Activity Tanks, Why BNB Price Could Suffer

BNB Price has been seeing a lot of declines since Binance came under fire for the audit published by Mazars. Fear, Uncertainty and Doubt (FUD) had spread like wildfire, leading to more than $5 billion in withdrawals from the crypto exchange. Nevertheless, Binance was able to withstand the onslaught and amid all of this, activity on the Binance Smart Chain has fallen drastically, painting a bearish picture for the BNB price. Binance Chain Activity Drops By 15% Last week, there had been a lot of activity on the Binance Smart…

Sam Bankman-Fried agrees to US extradition ‘to put the customers right’: Report

boss

Former FTX CEO Sam Bankman-Fried, currently in the custody of Bahamian authorities, has reportedly agreed to be extradited to the United States to face charges. According to a Dec. 19 report from Reuters, Bankman-Fried’s legal team said it planned to prepare documents to have him reappear before the Bahamas Magistrate Court sometime this week. The former FTX CEO attended an emergency hearing of the court just hours earlier without any seeming adjudication or ruling — he returned to prison following the event. “Mr. Bankman-Fried wishes to put the customers right,…

Bank of Canada emphasizes need for stablecoin regulation as legislation is tabled

boss

Staffers at the Bank of Canada released an analytic note on fiat-referenced crypto assets, otherwise known as stablecoins, Dec. 19. In addition to a review of mechanisms for creating and distributing stablecoins and a list of the potential risks and benefits they involve, the note expressed the authors’ support for further regulation of the crypto asset. The global market for fiat-referenced crypto assets increased 30-fold between the beginning of 2020 and mid-2022, reaching $161 billion in U.S. dollars. They are mainly used on crypto-trading platforms, the note states, but they…

$16K retest the most likely path for Bitcoin, according to 2 derivative metrics

boss

Bitcoin (BTC) broke below $16,800 on Dec. 16, reaching its lowest level in more than two weeks. More importantly, the movement was a complete turnaround from the momentary excitement that had led to i$18,370 peak on Dec. 14. Curiously, Bitcoin dropped 3.8% in seven days, compared to the S&P 500 Index’s 3.5% decline in the same period. So from one side, Bitcoin bulls have some comfort in knowing that correlation played a key role; at the same time, however, it got $206 million of BTC futures contracts liquidated on Dec.…