Day: January 27, 2023

Moody’s to Develop New Stablecoin Scoring System

With the proposed Moody’s stablecoin scoring system, the shift to the stablecoin regulations can be fast-tracked. Moody’s, the credit rating arm of Moody’s Corp (NYSE: MCO) is developing a new stablecoin scoring system that will see it classify as many as 20 stablecoins in the digital currency ecosystem. According to a report from Bloomberg citing sources who wish to remain anonymous, the scoring system will be hinged on the quality of the attestations on the reserves backing each of these stablecoins. Stablecoins are digital currencies whose prices are not subject…

FTX and Alameda Research Collapse Sad Event but ‘Good for the Long Run’ Says DWF Labs Managing Partner – Interview Bitcoin News

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While the collapse of the crypto exchange FTX and its affiliate Alameda Research is thought to have left many crypto players, including market makers, in the worst possible position, according to Andrei Grachev, managing partner at DWF Labs, this incident may have helped to “flush out companies that were not sustainable enough to operate during a storm.” As a result, the “market will be healthier” going forward. The Art of Market Making Besides weeding out weak players, Andrei Grachev suggested in a written response to questions from Bitcoin.com News that…

Floki Inu Developers Float DAO Proposal to Burn $55M of Its Own Tokens

Burning tokens is a way of reducing supply, which subsequently adds value to each token as long as the level of demand remains the same. The Floki team hopes to position the project as serious decentralized finance (DeFi) contender. “Floki’s latest DAO vote makes it clear that Floki is more than just a memecoin,” B, a Floki core team member told CoinDesk. Source

State senator pushes bill to make Bitcoin legal tender in Arizona

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Wendy Rogers, a state senator in Arizona, United States, has launched bills concerning cryptocurrency, including one that aims to make Bitcoin (BTC) a legal tender in Arizona.  In a recent tweet, Rogers cited data from investment firm Goldman Sachs that BTC is the best-performing asset in the world and announced that she launched a set of crypto bills. “Breaking: #Bitcoin is the best performing asset in the world this year according to data from Goldman Sachs.” Launched my #Crypto bills today, as well as Photo Radar Prohibition, which included nearly…

Texas Lawmaker Senator Ted Cruz Pushes for Crypto Payments at Capitol Hill

Before his latest move to push for crypto payments at Capitol Hill, Cruz has always supported crypto assets. US Senator Ted Cruz is advocating for accepting crypto payments at Capitol Hill. His proposal, submitted on the 25th of January, requires Capitol Hill vendors to accept crypto payments. The Texas lawmaker introduced a resolution to prioritize crypto for payments at the capitol. Cruz Wants Capitol Hill Vendors to Accept Crypto The concurrent resolution introduced by the Senator may be cited as the “Adopting Cryptocurrency in Congress as an Exchange of Payment for Transaction…

Bitcoin Hash Rate Registers New Highs, A Selloff Imminent?

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Based on CryptoQuant data, one observer notes that whenever the Bitcoin hash rate records new highs, as is the case in late January 2023, coin prices tend to retrace as the upside momentum fades.  Extending this preview on current BTC rates, the analyst predicts that prices may rise above the current resistance level at $23,800 to $25,500 before dumping below immediate support lines towards $20,000, or worse.    Bitcoin Price on January 27| Source: BTCUSDT on TradingView Hash Rate Peaks Are Selling Signals? Per his analysis, expanding Bitcoin prices would encourage…

Crypto Market on Edge of Another Downturn, Metadoro Analysts Believe

The overall positive expectations of the global economy, including the widely praised reopening of China’s economy, may provide a positive boost to the markets as energy prices are slowing down worldwide. The crypto market has suffered again after lender Genesis, a Digital Currency Group affiliate, filed for bankruptcy on the premise that it owes more than $3.4 billion to its creditors. It looks like another breach of the crypto market infrastructure haul that may bring it to the edge of another downturn. A recent revival of the risky assets after…

United States to Prioritize Stablecoin Regulation, Says Chairman of Subcommittee

It remains unclear which regulator will have jurisdiction and control over different types of assets. A newly-formed United States House of Representatives committee on digital assets, financial technology, and inclusion, has revealed its plans to make stablecoin regulation its top priority. Speaking to CoinDesk on Thursday, the chairman of the committee, Rep. French Hill, says the committee has a lot on its plate and would be pursuing several legislations. That will include going for a privacy statute on the federal level, which, according to him, is also very vital to…