The Last Fortnight in Crypto - June (Part 2)
LATEST NEWS
Bitcoin Bulls Grill $31,000 as Fidelity ETF Movement Fuels BTC Price Strength
Bitcoin (BTC) price challenged $31,000 again after Wall Street opened on June 27, as traders awaited the continuation of the rally. The move came as asset manager Fidelity Investments was reportedly preparing to file an application to launch its spot Bitcoin ETF. BTC/USD held support at $30,000, with analysts hopeful that bulls would soon push the price higher.
EDX Markets Secures Funding from Wall Street Giants, Launches Digital Asset Market
EDX Markets, a new cryptocurrency exchange backed by prominent financial institutions, has launched its digital asset market. The exchange has received funding from Citadel Securities, Fidelity Investments, and Charles Schwab, among others. EDX Markets is designed to offer institutional-grade liquidity and trading services for cryptocurrencies. The exchange will initially support Bitcoin, Ether, Litecoin, and Bitcoin Cash. In the coming months, EDX plans to introduce EDX Clearing, a clearinghouse aimed at settling trades executed on the EDX Markets platform. The launch of EDX Markets is a sign of growing institutional interest in the cryptocurrency market. The exchange's backing from Wall Street giants suggests that institutional investors are seeing cryptocurrencies as a legitimate asset class.
Big Names in Crypto and Finance Eyeing FTX 2.0
A number of major players in the crypto and finance industries have expressed interest in acquiring or investing in FTX 2.0, the new version of the crypto exchange that is being created as part of FTX's bankruptcy restructuring. The companies that have shown interest in FTX 2.0 include Nasdaq, Ripple Labs, Galaxy Digital, BlackRock, Tribe Capital, Robinhood, NYDIG, and OKCoin. These companies are attracted to FTX's strong brand, its large user base, and its cutting-edge technology. The sale process for FTX 2.0 is expected to begin in Q3 or Q4 of this year. The stalking-horse bidder, which is the company that makes the initial offer for FTX 2.0, is likely to be one of the companies that has already expressed interest. The sale of FTX 2.0 is a significant development in the crypto industry. It shows that the industry is still attracting major investment, even in the midst of a bear market. It also shows that there is still strong demand for well-run crypto exchanges.
Fed Chair Powell Calls for Robust Oversight of Stablecoins
In testimony before the House Financial Services Committee on June 21, 2023, Federal Reserve Chair Jerome Powell called for a robust federal role in overseeing stablecoins, which are digital tokens that are pegged to a fiat currency like the US dollar. Powell argued that stablecoins are "a rapidly growing part of the financial system" and that they "pose risks to financial stability." He said that the Fed should have a "strong role" in regulating stablecoins, including ensuring that they are backed by sufficient reserves and that they are not used for illicit activity. Powell's comments come as the US government is considering legislation to regulate stablecoins. The proposed legislation would create a new regulatory framework for stablecoins, including requirements for reserve backing and oversight by the Federal Reserve. The regulation of stablecoins is a complex issue, and there is no consensus on the best approach. However, Powell's comments suggest that the Fed is likely to play a significant role in the regulation of stablecoins in the future.
Riot Platforms to Increase Self-Mining Capacity Ahead of 2024 Halving
Riot Platforms, a US-based Bitcoin mining company, has announced that it will be purchasing 33,000 next-generation miners from MicroBT. The new miners will add 7.6 EH/s to Riot's self-mining capacity, bringing the total to 20.1 EH/s. The purchase is expected to be completed in the first quarter of 2024, just ahead of the next Bitcoin halving. The halving is a planned event that occurs every four years, when the reward for mining a new block is cut in half. This reduces the supply of new Bitcoin entering the market, which can lead to an increase in price. Riot's purchase of new miners is a sign that the company is bullish on the future of Bitcoin and is preparing for the upcoming halving.
Riot Purchases 7.6 EH/s of Next Generation Miners from MicroBT, Manufactured in the United States.
Read more in today’s press release: https://t.co/esLToy798H
Binance Australia Debanked on Short Notice, Says Regional Manager
Binance Australia was debanked on short notice by its payments partner Zepto, according to the exchange's regional manager, Leigh Travers. Travers said that Zepto informed Binance Australia on May 18 that it would be terminating its services with the exchange, effective immediately. The decision came as a surprise to Binance Australia, as it had not received any prior warning from Zepto. The debanking of Binance Australia is the latest in a series of setbacks for the exchange in Australia. In April, Westpac, Australia's second-largest bank, banned its customers from transacting with Binance. The bank cited concerns about Binance's lack of compliance with Australian regulations. The debanking of Binance Australia is a setback for the exchange, as it makes it more difficult for Australian users to access its services. However, Travers said that Binance Australia is working to find a new payments partner and that it expects to be able to resume Australian dollar deposits and withdrawals soon.
HSBC Hong Kong Rolls Out Cryptocurrency Services, Offering Bitcoin and Ether ETFs
HSBC Hong Kong has reportedly rolled out cryptocurrency services, allowing customers to buy and sell Bitcoin (BTC) and Ether (ETH)-based exchange-traded funds (ETFs). The move comes as the bank seeks to expand its presence in the cryptocurrency market. HSBC Hong Kong will specifically offer cryptocurrency ETFs listed on the Stock Exchange of Hong Kong. At the time of writing, the exchange lists three crypto ETFs, including CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF. The launch of cryptocurrency services by HSBC Hong Kong is a significant development, as it is one of the largest banks in the world to offer such services. The move is likely to be welcomed by cryptocurrency investors in Hong Kong, who have been limited in their options for buying and selling digital assets.
SCOOP: HSBC, the largest bank in Hong Kong, today allows its customers to buy and sell Bitcoin and Ethereum ETFs listed on the Hong Kong exchange, and is also the first bank in Hong Kong to allow it. The move will expand local users’ exposure to cryptocurrencies in Hong Kong. pic.twitter.com/vH0LieSVGw
Web3 Firms in Hong Kong Spend Up to $25M on Crypto Licenses
Web3 firms in Hong Kong are spending up to $25 million on crypto licenses, according to a report by local news outlet Foresight News. The report cites data from financial services consultancy Han Financial Group, which found that the average cost of a crypto license in Hong Kong is around $10 million. The high cost of crypto licenses is due to the strict regulatory requirements in Hong Kong. The government has been cautious about the growth of the crypto industry, and has imposed a number of restrictions on exchanges and other businesses. Despite the high cost, many Web3 firms are still keen to obtain crypto licenses in Hong Kong. The city is seen as a gateway to the Chinese market, and the government has said that it is open to the development of the crypto industry.
HK moving forward. pic.twitter.com/BY4Bg6qHOu
Gensler's Crypto Regulations Favor Wall Street Over Retail Investors
Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has been criticised for his handling of cryptocurrency regulation. Some critics argue that Gensler's regulations are designed to favor Wall Street over retail investors. For example, Gensler has proposed that cryptocurrency exchanges should be registered with the SEC. This would require exchanges to comply with a number of regulations, including those governing anti-money laundering and investor protection. However, critics argue that this would make it more difficult for retail investors to access cryptocurrency markets. Gensler has also said that he believes that some cryptocurrencies are securities. This would mean that they would be subject to the same regulations as stocks and bonds. However, critics argue that this would stifle innovation in the cryptocurrency industry. The debate over Gensler's crypto regulations is likely to continue. However, it is clear that his approach has drawn criticism from some quarters.
ARK Invest Reportedly First in Line for Spot Bitcoin ETF
ARK Invest, the investment firm founded by Cathie Wood, is reportedly first in line for a spot Bitcoin ETF approval from the U.S. Securities and Exchange Commission (SEC). The SEC has been considering spot Bitcoin ETF applications for several years, but has yet to approve any. A spot Bitcoin ETF would allow investors to buy and sell Bitcoin directly on an exchange, rather than through a derivative product like a futures contract. This would make it easier for investors to access the Bitcoin market and could potentially lead to increased investment in Bitcoin. The SEC is expected to make a decision on spot Bitcoin ETF applications in the coming months. If ARK Invest is approved, it would be a major victory for the firm and for the broader cryptocurrency industry.
JPMorgan Expands JPM Coin to Euros
JPMorgan Chase & Co. has expanded its JPM Coin blockchain-based payment system to euros, allowing corporate clients to transfer euros to and from their various JPMorgan accounts around the world. The system is still in its early stages, but JPMorgan says it has processed about $300 billion of transactions since its launch in 2019. While JPM Coin is a rare instance of a live blockchain application by a large bank, it is still a minuscule part of JPMorgan's payments business. The bank processes nearly $10 trillion of payments overall on a daily basis. However, JPMorgan is not the only bank exploring blockchain technology. Several of its biggest rivals, including Goldman Sachs and Morgan Stanley, are also pushing ahead with blockchain and digital-asset projects. The use of blockchain technology in the financial industry is still in its early stages, but it has the potential to revolutionise the way payments are made. By making payments more efficient and secure, blockchain could save banks and businesses billions of dollars.
Blockchain Week Australia 2023: Crypto Enthusiasts Gear Up for Five-Day Event
Blockchain Week Australia 2023 is a five-day event happening across Australian cities from June 26 to 30, 2023. The event will explore various topics related to blockchain technology, including its potential applications in finance, healthcare, and government. The event is expected to attract over 10,000 attendees, including crypto enthusiasts, entrepreneurs, and investors. Attendees will have the opportunity to learn about the latest trends in blockchain technology, network with other professionals in the field, and attend a variety of workshops and panels. The event is being organised by The Coin Republic, a leading cryptocurrency news and information website in Australia. The Coin Republic is committed to providing high-quality content and events that educate and inform the public about blockchain technology.