| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin stability reaches $26,000 as U.S. Dollar Index metric notes surge, contrary to expectations |  | | The U.S. dollar index (DXY) has been on the rise due to signals from the Federal Reserve about an upcoming interest rate hike before the end of 2023. This two-month rally has pushed the DXY to its highest level in ten months, measuring the strength of the USD against foreign currencies.
Historically, the USD has shown an inverse correlation with risky assets like stocks and cryptocurrencies. However, recent developments have challenged this pattern. While the USD has surged, Bitcoin has remained stable around the $26,000 level. In contrast, major stock indices like the S&P 500 have experienced significant drops.
On-chain analytics suggest that Bitcoin's resilience in this changing macroeconomic environment could lead to a breakout once the DXY rally subsides. BTC's correlation with DXY is currently low, and it has turned negative with Nasdaq 100 and S&P 500, indicating a potential shift from a risky asset to a safe haven, akin to Gold.
At press time, BTC was trading at $26,411, with investor sentiment turning more positive due to its stability in the face of a strengthening dollar. | | | Learn More | | Dogecoin and Shiba Inu incur losses as meme coin interest wanes |  | Over the past three months, DOGE and SHIB have underperformed in the meme coin market DOGE experienced a 7.66% decline and SHIB saw a 4.78% drop in its 90-day performance
In the past three months, Dogecoin and Shiba Inu have shown lackluster performance, particularly within the meme coin market. SHIB fared relatively better, with a 4.78% decline in its 90-day performance, while DOGE suffered a substantial 7.66% drop. The poor performances have led to decreased interest from traders in the cryptocurrencies.
Social discussions around DOGE and SHIB have reached historic lows, indicating a decline in short-term expectations and trader attention. SHIB and DOGE have even dipped into negative sentiment territory, suggesting a pessimistic outlook among market participants.
SHIB's resilience may be linked to the development of its L2 Shibarium, but inconsistencies with the project have tempered initial enthusiasm. Some attribute SHIB's price stagnation to decreased market confidence.
In the derivatives market, however, SHIB's long/short ratio has increased to 0.90, indicating changing sentiments and a potential upside focus among traders. DOGE's stagnant network activity, with consistently low active addresses, may explain its neglect by traders, despite a positive funding rate of 0.01%. | | Learn More | | MKR witnesses surge of 40% as influential whales make significant moves |  | MKR token records an impressive 40% surge in the past month, reaching over $1,500, while an influential whale deposits 3,527 MKR tokens on Binance Another whale sells 335,616 UNI tokens for 895 ETH, resulting in a $1.43 million loss
Maker's native token, MKR, has gone against the crypto market downturn with an impressive 40% surge over the past month, surpassing $1,500. An influential whale deposited 3,527 MKR tokens on Binance, holding a total of 10,000 MKR, resulting in a $5.12 million profit, which is a 34% increase.
Moreover, a second influential whale sold 335,616 UNI tokens for 895 ETH, totaling $1.43 million, incurring a loss. It also reinvested 899 ETH (around $1.44 million) to acquire 958 MKR tokens.
As of the latest data, MKR was trading at $1,516.64, displaying a bullish trend with a high RSI of 79.34. Despite a slight decrease in the Chaikin Money Flow, positive sentiment and an increasing MVRV ratio hinted at strong prospects. However, a decrease in long positions (from 52.52% to 51.61%) suggested trader uncertainty, raising questions about MKR's future price direction, especially regarding potential corrections due to high profitability. | | Learn More | | SEC postpones decision on Bitcoin ETF proposals amid looming government shutdown |  | SEC delays verdict on spot Bitcoin ETF proposals due to the potential government shutdown on 1 October Expectations suggest that applications from Fidelity, VanEck, and WisdomTree will likely face similar delays
The U.S. Securities and Exchange Commission has postponed its verdict on multiple spot Bitcoin exchange-traded fund proposals, including BlackRock's, due to the looming government shutdown. In separate filings on 28 September, the SEC also delayed the spot Bitcoin ETF applications from Invesco, Bitwise, and Valkyrie. It is anticipated that the applications from Fidelity, VanEck, and WisdomTree will face similar delays, as per Bloomberg ETF analyst James Seyffart.
These delays occurred ahead of the original deadline, which many applicants expected to be between 16 and 19 October. The SEC's timing aligns with the potential government shutdown set for 1 October, which could disrupt financial regulators and other federal agencies. A government shutdown is looming because both chambers of Congress, the House, and Senate, have not agreed on funding bills to finance government operations.
The third set of deadlines for these firms is around mid-January, but these may also be subject to delay. Ultimately, the SEC must make a final decision no later than mid-March. | | WFE advocates comprehensive regulation for crypto trading platforms |  | WFE recommends six key principles for regulating crypto-asset trading platforms, emphasizing the specific standards for exchange classification Integration of distributed ledger technology in traditional financial exchanges was encouraged
The World Federation of Exchanges has emphasized the importance of regulating crypto-asset trading platforms for their integration into traditional finance. In a paper released on 28 September, the WFE recommended six principles for regulating CTPs. These principles include segregating functions to prevent trading against customers and urging CTPs to meet specific standards before being labeled as exchanges.
The WFE also highlighted the advantages of integrating distributed ledger technology into traditional financial exchanges. It cautioned against hindering regulated institutions from participating in crypto services, as this may drive such activities into less-regulated areas.
Regarding decentralized finance, the WFE pointed out that, despite differences, DeFi platforms still involve central elements where buyers and sellers converge. The WFE suggested applying regulation at the level of decentralized applications rather than the protocol itself.
Additionally, the WFE praised efforts by organizations like the Financial Action Task Force and endorsed the IOSCO Principles to enhance standards in crypto markets, particularly in terms of Know Your Customer regulations and secondary markets. | | Europe's blockchain expo highlights EU's crypto regulatory leadership |  | European Union's MiCA regulations praised for fostering institutional adoption of cryptocurrencies and ensuring user protection Coinbase sees growing interest from institutions outside the US, emphasizing the need for clear regulatory parameters in the EU and U.
Europe's Blockchain Expo in Amsterdam highlighted the region's pivotal role in driving institutional adoption of cryptocurrencies. Prominent figures, including James Morek of Coinbase and Nick Philpott of Zodia Markets, praised the European Union's Markets in Crypto-Assets (MiCA) regulations for providing a progressive framework for the industry's growth while ensuring user protection. In contrast, the uncertain regulatory landscape in the United States, marked by enforcement actions against major players like Coinbase, Ripple, and Binance.US, raised concerns.
Morek emphasized the importance of clear regulatory parameters in the EU and the UK for crypto-related businesses. Institutions, from traditional fund managers to private banks, are increasingly drawn to Coinbase's offerings outside the US, where the company serves over 1,300 institutional customers.
Tokenization continues to attract institutions, with ABN AMRO issuing a digital green bond using Ethereum's layer-2 scaling technology. Blockchain innovations are transforming capital markets, providing opportunities for both traditional players and smaller companies seeking funding. However, regulatory frameworks must evolve further to support the growth of tokenized offerings in private markets. | | Brazil's central bank strengthens crypto regulations due to surge in crypto adoption |  | Crypto imports in Brazil surge by 44.2% in 2023, prompting Banco Central do Brasil to tighten digital asset regulations Central bank focuses on stablecoins' use for payments and aims to address issues like tax evasion and illicit activities
Brazil's central bank, Banco Central do Brasil, is responding to a significant surge in crypto adoption by tightening digital asset regulations. According to central bank data, imports of crypto in the country increased by 44.2% from January to August 2023 compared to the same period in 2022, totaling approximately 35.9 billion Brazilian reals.
Moreover, during a speech to the parliamentary Finance and Taxation Commission on 27 September, Banco Central do Brasil Governor Roberto Campos Neto highlighted the growing popularity of stablecoins for payments rather than investments. To address these trends and potential issues like tax evasion and illicit activities, the central bank plans to tighten regulations and increase supervision of crypto platforms.
In June 2023, Brazil assigned a primary regulatory role to the central bank for cryptocurrencies, while token projects classified as securities remain under the Comissão de Valores Mobiliários, Brazil's equivalent of the U.S. Securities and Exchange Commission. Additionally, the Brazilian central bank is developing its own digital currency, Drex, which has raised concerns about centralized control over funds and balances. | | Bitcoin & Co. greet more gains |
|
| | | | |
|
|
No comments:
Post a Comment