First Mover Asia: Bitcoin Has Not Bottomed Out, Data Suggests; Ether and Other Altcoins Fall in Monday Trading

Securities and Exchange Commission to produce two sets of documents the company requested earlier this year. The document notes a July 14 statement by SEC commissioners Hester Peirce and Elad Roisman opposing the agency’s enforcement action against Blotics, the operator of the once-popular cryptocurrency website Coinschedule. House Committee on Agriculture said that “#crypto is bigger than the SEC,” and urged Congress to “write the rules … to protect investors AND innovation.” Kunkel added that the cost of user acquisition for a retail participant remains high, as opposed to marketing products to institutions that provide a “better bang for your buck” in terms of where a project spends its resources.

• The second-largest crypto in market value had dropped to its lowest level since July.
• Perhaps part of the hostility regulators have towards crypto is that as a hub, Singapore’s institutions must work through crypto’s biggest problems.
• “The start of the trading week was supposed to be all about the August inflation report, but Kyiv’s sudden momentum has many hoping that this moment is a turning point with the war against Russia,” Moya wrote, refewrring to the Ukraine capital.

But the newly christened proof-of-stake ether tumbled the next day by 9%, its losses accelerating past bitcoin. On Thursday, the World Bank also noted that central banks’ interest rate increases could push the global economy into recession in 2023. Those hits included FedEx’s announcement on Thursday that it would be closing offices amid concerns about a recession, looming Goldman Sachs job cuts and General Electric supply chain issues.

Crypto Winter ‘Could Be Over’ as Investors Add to Positions, Says Market Analyst

A recent report from South Korea-based CryptoQuant outlines a number of price valuation metrics that show bitcoin sinking to as low as $14,500 to $10,000. “Retail traders sentiment is very weak,” Rosh Singh, co-founder and CEO of Quadency, told CoinDesk TV’s “First Mover” program. “A lot of retail traders are platform-focused on retail traders. So we’re seeing very weak activity as of late which could indicate that we’re bottoming out soon.” “If the S&P declines by 3% over the next few days, that could be the catalyst to send bitcoin back toward the June lows,” Moya wrote. “Risk aversion is firmly back in place, and that sent bitcoin below the $20,000 level,” Oanda Senior Market Analyst Edward Moya wrote in an email, noting that if the current “broad sell-off” of stocks “intensifies, bitcoin could be vulnerable. The bill would prohibit California-licensed entities from dealing with stablecoins unless that stablecoin is fully-backed by securities and issued by a bank or licensed by the California Department of Financial Protection and Innovation.

• The pilotn which is exploring “innovative use cases” for a central bank digital currency, kicked off in August.
• The subpoena comes four months after Long Blockchain was delisted from the Nasdaq stock exchange after losing an appeal over the decision and a resultant drop in the value of its stock.
• Earlier in the day, crypto exchange Huobi said that it would delist seven tokens, including monero and zcash.
• Investors continue to eye Thursday’s expected Merge, the technological overhaul of the Ethereum blockchain that will shift its protocol from proof-of-work to more energy efficient proof-of-stake.

The executive exodus from cryptocurrency hedge fund and venture-capital investor Pantera Capital continued with Chief Financial Officer Ryan Davis leaving, as CoinDesk’s Nick Baker reported Tuesday. His departure follows the exit of Chief Technical Officer Terence Schofield, Chief Operating Officer Samir Shah and other beginner’s guide to buying and selling cryptocurrency employees. Bitcoin, the largest cryptocurrency by market capitalization, was recently trading just above $20,400, a more than 7% decline from 24 hours earlier. BTC, which had been hovering well over $22,500 just before the release of the report, plunged over 5% in the hour after the CPI release and kept spiraling.

Ethereum: US$319 millones en cripto de mineros salen al mercado luego de la fusión

FedEx’s business is often considered a measure of wider business and consumer activity. For the week, the Nasdaq plunged more than 5%, while the S&P and DJIA each plummeted more than 4%. Thursday is expected to mark the genesis of the Merge, a much-awaited upgrade to the Ethereum network that moves the protocol from a proof-of-work consensus mechanism to a proof-of-stake design.

“Many DeFi ecosystems have been aware that user base as well as liquidity can be greatly enhanced via working with TradFi,” Doo told CoinDesk. Such moves are a shift from the past ethos of DeFi, which formed in the deep bear market of 2019 as an antidote to TradFi, or traditional finance. A then-sparsely populated Telegram group – just called “DeFi” – had budding protocol builders and users discuss and envision a world where smart contracts wholly govern the supply of finance to users, one where TradFi had no reach. A cohort of “institutional DeFi” is growing at a significant pace as well, as per reports. Some research firms even peg the niche sector to attract over $1 trillion in capital from investors over the next five years. The investigations are part of the U.S. regulator’s wider effort to scrutinize public companies over whether their business claims are genuine or intended to capitalize on hype around tech like blockchain.

First Mover Asia: As the Fed Hikes Rates, Ether, USDC Lending Yield Pays Less Than T-Bills; Bitcoin Rises, Holds Over $19K

Singapore is the de facto crypto hub of Asia, but regulators in-country aren’t all that comfortable with the term. Seychelles-registered KuCoin is said to have been uncooperative with the investigation, questioning the regulator’s authority over them and ghosting them entirely. Meanwhile, South Korea’s Financial Services Commission , world trade investment the parent organization of KoFIU, wants crypto legislation fast-tracked through the country’s National Assembly to give it a post-Terra tool kit to deal with the crypto landscape. Regulators in Ontario faced a similar situation with KuCoin, which was accused by the OSC of selling unregistered securities to residents of the province.

• Leader in cryptocurrency, Bitcoin, Ethereum, XRP, blockchain, DeFi, digital finance and Web 3.0 news with analysis, video and live price updates.
• Joining “First Mover” to discuss what this means for the crypto industry and to share his thoughts on the Ethereum Merge was Matthew Graham, CEO of Sino Global Capital.
• Trustee’s office to appoint an independent examiner to investigate embattled crypto lender Celsius Network’s financial management that led the firm to file for bankruptcy earlier this summer.
• Despite Asia’s large growing pools of liquidity, the U.S. remains the most important market for digital assets.

Siam Commercial Bank, another large bank in the country, has a blockchain venture fund and is “opening the gate for future regulation,” given its measured approach and positive relationship with regulators, Rakwongwan said. SCB recently dropped out of a deal to buy a majority of local exchange BitKub, on the advice of regulators. Bitcoin was holding firmly above $22,000 as key U.S. inflation data is set to be released best bitcoin exchanges of 2021 2020 Tuesday and the Ethereum Merge is looming. Plus, a closer look at why the Chamber of Digital Commerce is calling out the Securities and Exchange Commission over spot-based bitcoin ETFs. Cryptoquant says this metric signaled the bottom of the Covid-19-induced panic sell of March 2020 as well as the bottom of the 2015 bear market. Remember, none of this is institutional crypto; DBS has a desk for that, as does OSL.

Cardano’s Vasil Upgrade Marks an Important Milestone in the Blockchain’s Evolution

The largest cryptocurrency by market capitalization was recently trading at approximately $21,800, up about 1% and somewhat higher than where it began the weekend. BTC spiked more than 10% at one point on Friday amid market optimism that with prices starting to fall, the U.S. central bank would be able to ratchet back its current diet of robust interest rate increases and liquidity tightening next year. The August consumer price index was released, showing inflation at 8.3% over the past year, which was higher than expected considering that gas prices declined. FalconX co-founder and CEO Raghu Yarlagadda joined “First Mover” to discuss crypto markets, including the latest inflation data and the historic Ethereum Merge that is nearly upon us.

Crypto miners are still developing innovative data centres, despite a souring market that has some of them struggling to survive. “With The Merge, Ethereum is moving to PoS (proof-of-stake), which will exponentially reduce its carbon footprint,” added Bjelic. He claimed that startups and enterprises are “already regaining confidence” and embracing blockchain-based solutions for their usage. Walbroehl and others also say that the Merge is unlikely to have a big impact on layer 2, or companion, blockchains, despite what loyalist sentiment on Crypto Twitter believes.

With bitcoin sliding on Friday after gaining 5.1% on Thursday, but overall, remaining resilient under tough market conditions, plus a look at the implications of OFACs overreach, CoinDesk’s “Markets Daily” is back with its latest news roundup. But while Thai banks need to operate in a heavily regulated environment – a product of the 1997 financial crisis – there just isn’t a clear regulatory environment for crypto. The U.S. Bureau of Labor Statistics releases the latest Consumer Price Index on Tuesday and economic observers widely expect another slight decline in inflation at least partly because of falling energy prices. The price of Brent crude oil, a widely watched measure of energy markets, is now hovering around $90 per barrel, down roughly 25% since topping $123 in early June. July’s 8.5% CPI fell slightly from the previous month, although it remains near a four-decade high.

The Korea Financial Intelligence Unit is targeting 16 crypto exchanges for conducting “illegal business activities” by operating in Korea without a proper virtual asset service provider license. Securities and Exchange Commission as it pursued four crypto-related cases that ranged from possibleninsider trading at Coinbase , to crypto-related Ponzi schemes and the all-time classic “selling unregistered securities.” In crypto news, Powell repeated his position that the Fed does not want to interfere with crypto innovation but that regulation is important. Powell stressed the need for proper regulation of stablecoins if these are to have the properties of money such as clarity, transparency and full reserves. “I don’t think you want to take money and make it into just another consumer product where sometimes it fails and sometimes it’s good,” he said.

CryptoQuant also points to valuation models based on exchange flow as possible indicators of where bitcoin will bottom out. The delta price measures the difference between the realized – the average price at which all bitcoin in existence has moved – and the historical moving average price. But a recent report from South Korea-based CryptoQuant outlines a number of different price valuation metrics that show bitcoin bottoming out between $10,000 and $14,500.