All that’s easier said than done. Just to apply for a license you already need to be an EU-based legal entity, such as a company or formal partnership – which already rules out many decentralized governance models. (Witness Binance, which for a long time declined to say where its headquarters is located, or even that it had one). In return for jumping through those hoops, crypto companies can serve the entire bloc, which numbers some 450 million people. Perhaps more importantly, even if imperfect, the rules should be clear, mitigating…
Tag: Markets
Bank of International Settlement will test DeFi implementation in forex CBDC markets
According to a new announcement on Wednesday, the Bank of International Settlement, or BIS, along with the central banks of France, Singapore, and Switzerland, will be embarking on a new initiative dubbed “Project Mariana” in its exploration of blockchain technology. Project Mariana intends to use decentralized finance, or DeFi, protocols to automate foreign exchange markets and settlement. Project Mariana explores using automated market makers for the cross-border exchange of hypothetical CHF, EUR and S$ wholesale CBDCs. It’s a #BISInnovationHub joint venture with the French, Swiss & Singapore #CentralBanks@banquedefrance @MAS_sg @SNB_BNS…
France, Switzerland, Singapore to Test DeFi in Forex Markets
Project Mariana, coordinated by the Innovation Hub of the Bank for International Settlements (BIS), is looking at whether protocols used in intermediary-free decentralized finance (DeFi) can replace traditional, more laborious processes for matching buyers and sellers of different fiat currencies. Source
BTC miner CleanSpark scoops up thousands of miners amid ‘distressed markets’
Sustainability-focused Bitcoin (BTC) mining company CleanSpark has snapped up another 3,843 cryptocurrency miners amid a backdrop of mining industry consolidation. The $5.9 million purchase of the Antminer S19J Pro Bitcoin miners announced by the company on Nov. 1 came at a price of $15.50 per terahash — far cheaper than the current market price of $22.94 for a machine with the same efficiency according to data from Hashrate Index. The purchase has brought its total number of machines to around 50,000 according to the company. CleanSpark said it’s purchased 26,500…
BTC Consolidates as Markets Prepare for 0.75% Rate Hike – Market Updates Bitcoin News
Bitcoin was consolidating below a key resistance level on Tuesday, as market volatility rose ahead of the upcoming U.S. Fed decision. Tomorrow’s Federal Reserve meeting will likely see interest rates increased, as the bank battles inflation. Ethereum moved below $1,600 in today’s session. Bitcoin Bitcoin (BTC) was trading below a key resistance level on Tuesday, ahead of tomorrow’s Federal Open Market Committee (FOMC) meeting. Following a failed breakout of its $20,800 ceiling on Monday, BTC/USD slipped to a low of $20,287.46 earlier today. Market uncertainty has spiked in anticipation of…
Ethereum price hits $1.6K as markets expect the Fed to ease the pressure
A $250 surprise rally took place between Oct. 25 and Oct. 26, pushing the price of Ether (ETH) from $1,345 to $1,595. The movement caused $570 million in liquidations in Ether’s bearish bets at derivatives exchanges, which was the largest event in more than 12 months. Ether’s price also rallied above the $1,600 level, which was the highest price seen since Sept. 15. Let’s explore whether this 27% rally over the past 10 days reflects any signs of a trend change. Ether/USD 4-hour price index. Source: TradingView It is worth…
ETH Above $1,600 as Markets Begin to Anticipate Fed Rate Decision – Market Updates Bitcoin News
Ethereum was trading above $1,600 on Monday, as markets prepared for the latest U.S. Federal Reserve policy meeting. The Fed is expected to hike rates by 75 basis points this week, as inflation remains at historical highs. Bitcoin also rebounded, hovering marginally below $21,000 in today’s session. Bitcoin Bitcoin (BTC) remained closer to $21,000 on Monday, as markets rebounded from yesterday’s sell-off. Following Sunday’s low of $20,461.72, BTC/USD surged to an intraday peak of $20,791.67 earlier today. The move sees the token edge closer to Saturday’s high of $21,080, which…
Veteran Trader Peter Brandt Says Dogecoin Bear Market Has Ended – Markets and Prices Bitcoin News
Veteran trader Peter Brandt says the dogecoin bear market that began in May last year has ended. His comment came after the price of dogecoin soared following Tesla CEO Elon Musk’s acquisition of the social media platform Twitter. Peter Brandt on Dogecoin Outlook Veteran trader Peter Brandt shared his analysis of dogecoin (DOGE) Sunday. Brandt has been a futures and FX career trader since 1975. He is a chartist and the author of the Factor Report. He trades a variety of markets, including Dow futures, bonds, corn, crude oil, European…
Egyptian Currency Plunges 15% After Cairo Accedes to Key IMF Exchange Rate Condition – Emerging Markets Bitcoin News
After authorities in Egypt announced the adoption of a more flexible exchange rate regime, the pound exchange rate versus the U.S dollar plunged to 23.09:1, a new low for the currency. Cairo’s apparent devaluation of the Egyptian pound met a key condition set by the International Monetary Fund (IMF) before it eventually approved a $3 billion bailout package for Egypt. The IMF’s Key Condition A report has said that the official exchange rate of the Egyptian pound versus the U.S dollar plunged by 15% to 23.09 per dollar after the…
Costa Rica Might Be the Next Country to Establish Bitcoin as Regulated Currency – Emerging Markets Bitcoin News
Costa Rica could be one of the next countries to adopt bitcoin as a regulated payment method. This week, Congresswoman Johana Obando introduced a bill to allow bitcoin and other cryptocurrencies to serve as a form of payment. The bill also proposes that traditional banking institutions be able to serve as crypto exchanges, including custody and wallet services for their customers. Costa Rica to Regulate Cryptocurrency Costa Rica could be on the path to integrating bitcoin as part of its economy. This week, congresswoman Johana Obando introduced a bill that…