Day: April 21, 2023

EU MiCA crypto regulatory framework approved

The European Parliament has approved the Markets in Crypto-Assets {MiCA} law surrounding crypto transactions with overwhelming support. This makes the E.U. the first major jurisdiction in the world to introduce comprehensive crypto guidelines. MiCA regulations approved EU lawmakers on April 20 voted 517-38 in favor of a new crypto licensing regime, MICA. The EU parliament also voted 529-29 on a separate law known as the Transfer of Funds regulations which requires crypto firms to identify their customers to reduce money laundering. This is significant because it is the first comprehensive…

United States to Float New Crypto Legislation Aimed at Restructuring Digital Assets Market

Patrick McHenry and Glenn Thompson are at the forefront of the new market structure effort. United States’ first major crypto legislation is currently in the works and from all indications, might even not be far from becoming law. In line with this, members of the House and Senate are already working in collaboration to make the new rules. Proponents of the new rules will seek to prioritize the concerns of top regulators and put them into consideration. Recall, for instance, that the Commodities Futures Trading Commission (CFTC) and the Securities…

Crypto Stocks Take Hit as Bitcoin Retraces to $28K

Crypto stocks, including MARA, RIOT, and COIN, all suffered drawdowns between Thursday and Friday as the price of Bitcoin retraced. Crypto stocks fell amid a recorded retracement of the leading digital currency, Bitcoin (BTC). The largest crypto by market cap is changing hands around the $28K threshold after hitting $31K less than a week ago. Alternatively speaking, BTC has traded down by more than 3.4% in the last 48 hours. Furthermore, in the previous 24 hours, the market capitalization of all digital currencies also dropped by a similar margin to…

American Earning Season Pulls Stock Indices Lower

There are different segments in the market with different performance outlooks and while the payments ecosystem took a slight hit, the earnings in the banking sector have been mixed across the board.  The ongoing American earning season has pulled the mainstream stock indices lower as investors digested performances that show a contracting economy. While the performances of companies that have released their performance reports thus far have been mixed, the revenue cut from multinational electric automaker Tesla Inc (NASDAQ: TSLA) stirred a deep dive into the growth momentum of key…

‘Proof of Reserve’ bill passes in Texas House of Representatives

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The Texas House of Representatives approved a bill that would require crypto exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers” on April 20. Should the bill pass the Senate and receive the governor’s signature, it could become law by September 1, 2023.  The bill introduces amendments to the Texan Finance Code, namely to its Section 160. According to these amendments, digital asset providers that serve more than 500 customers in the state and have at least $10 million of customer funds would be restricted from comingling…

Terraform Rams CEO to be prosecuted by Montenegro prosecutors

Montenegro’s prosecutors have served an indictment proposal for Terraform Rams CEO Hong Chang-joon and Kwon Do-hyeong for forging official travel documents.  The duo was arrested in Podgorica Airport, the capital of Montenegro, as they attempted to board a private jet to Dubai. Kwon and Hong held for alleged fake documents The State of Podgorica Prosecutor’s Office has filed charges against Korean defendants Hong Chang-joon and Kwon Do-hyeong for forging official documents such as passports and other identification documents. Haris Šabotić, a Podgorica court prosecutor, requested extended detention of the two…

Bitcoin price fills CME futures gap but forecasts say $25K may be next

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Bitcoin (BTC) hit new intraday lows on April 21 as traders warned that $25,000 might come next. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader: $25,000 BTC price would be “absolutely fine” Data from Cointelegraph Markets Pro and TradingView showed BTC/USD struggling to preserve $28,000 as support on Bitstamp. The pair looked “weak,” in the words of one analyst, as overnight events failed to resurrect any sign of its previous uptrend. #Bitcoin is currently showing weakness. Broke back in the range, lost one of the crucial levels. Final crucial level is at…

Play-to-Earn Project Axie Infinity’s AXS Price Declines as $156M Token Unlock Looms

Unlocks are widely considered bearish catalysts. That’s because holders benefiting from the unlock have the new ability to sell their coins, potentially adding to the supply in the market. It’s common for early stage projects to lock tokens to prevent big holders, typically early investors or project team members, from selling their coins all at once and causing a price slide. Source

Fugitive Crypto Exchange Founder Faruk Ozer Extradited to Turkey – Exchanges Bitcoin News

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Albania has extradited the founder of Turkish cryptocurrency exchange Thodex to his home country where he is charged with defrauding investors. The crypto entrepreneur disappeared after his trading platform unexpectedly went offline in the spring of 2021 and was arrested last year by Albanian law enforcement. Albania Hands Over Alleged Crypto Fraudster to Turkish Authorities Faruk Fatih Ozer, founder and CEO of failed crypto exchange Thodex, was extradited to Turkey by the Albanian Ministry of Justice acting on the order of the country’s Supreme Court. A plane carrying Ozer landed…

Number of Unique Traders Dramatically Drops to below 10K on All Platforms

The number of NFT sales across marketplaces has also significantly dropped in the past few days to approximately 16,149 sales reported on April 19. The Non-Fungible Tokens (NFT) market recorded tremendous progress fueled by the DeFi boom in the past few years. The growth of  GameFi and the Metaverse market has significantly boosted the NFT market, which was previously locked to digital art collectors. Since the Beeple NFT sale worth $69 million more than two years ago, there have emerged dozens of other talented artists, and startups interested in the…