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Riksbank Governor: Bitcoin Is Unlikely to Escape Regulation

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  • Bitcoin and other cryptos are unlikely to escape regulatory oversight.
  • The People’s Bank of China said that they’re not allowed to accept crypto payments.
  • Government is already in the process of tightening standards for crypto platforms.

Bitcoin and other cryptos are unlikely to escape regulatory oversight as supervisory authorities reply to the sheer popularity of the situations, as per the Governor of Sweden’s Central Bank.

Moreover, through monetary policy officials have pointed near-universal skepticism to Bitcoin. More so, crypto has continued to develop an enthusiastic following. However, this has prompted some big names in finance to move in, as Wall Street banks namely Goldman Sachs Group Inc. offer trading services connected to crypto.

Riksbank Governor Stefan Ingves said,

“When something gets big enough, things like consumer interests and money laundering come into play…So there’s good reason to believe that [regulation] will happen.”

More so, it’s far from clear how to regulate a product that’s designed to evade the scrutiny of national authorities. But governments are already trying, with China, in particular, stepping up pressure on crypto loyalists. Moreover, the People’s Bank of China recently told financial institutions that they’re not allowed to accept cryptocurrencies for payment, which followed a crackdown on crypto mining. Furthermore, there are signs, though, that traders are still active, underscoring the scale of the challenge.

In addition, Fed’s Vice Chairman of Supervision, Randal Quarles explained that in the US Federal Reserve officials are in the process of knowing the various ways to address the issue. Notably, federal agencies need some time to think about the correct regulatory approach before they develop a framework for oversight.

In the European Union, the commission has referred the matter to a hearing as it aims to find the best to develop a regulatory procedure for cryptocurrencies. In September, it offers a regime for market organizational structure interested in trading cryptocurrencies.

Race of Cryptocurrency

Sweden is one of the most advanced countries in the world to create a Central Bank Digital Currency (CBDC). In addition, this is because the monetary authorities try to get ready for the disappearance of currency as a form of payment, and try to enable crypto don’t fill the void.

Even more, Ingves has estimated previously Sweden could have its own central bank e-krona in about five years. However, the regulation of cryptocurrencies will likely come at different times in different areas.

Asa Lindhagen, Sweden’s financial markets minister said the government is already in the process of tightening standards for digital asset platforms. More so, she mentioned it as a ‘work in progress at the international level’. In addition, she said that addressing the risk of money laundering that cryptos mention is a ‘very important issue’ that needs cross-border work.

Source: https://coinquora.com/riksbank-governor-bitcoin-is-unlikely-to-escape-regulation/

Blockchain

‘Bitcoin’s six-week run of outflows has been driven’ by these factors

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The Bitcoin market was witnessing strong sell-offs for over a month now. On Monday, the largest digital asset plunged to its monthly lows of $31k, triggered by the ongoing crackdown by China. This has spread panic among investors.

Over the past week, Bitcoin outflows totaled a massive sum of $89 million, while the bitcoin outflows value hit $487 million for the year. This was 1.6% of assets under management as indicated by the data offered by CoinShares.

Source: CoinShares

The above chart indicated that the top cryptos like Bitcoin and Ethereum were both noting a higher selling pressure in the current market.

This was the third consecutive week of outflows for the entire crypto market and it amounted to $79 million leaving the market. Researchers have termed this as ‘the longest bear run in outflows since February 2018’. Currently, for June, the net outflows remained high at $210.5 million with another week left of the month.

According to Matt Weller, global head of market research at Forex.com:

“Bitcoin’s six-week run of outflows has been driven by the combination of environmental concerns and an increasingly antagonistic regulatory environment in China. With these themes still in effect and prices subdued, it may be a while before we start to see another period of sustained fund inflows.”

Following China’s crackdown, authorities in one of the largest Bitcoin mining provinces, Sichuan ordered the closing of the cryptocurrency mining projects. Owing to such negative sentiments in the market, BTC value has remained low at $32k, at the press time.

Data from Alternative.me also suggested ‘Extreme Fear’ in the market and its value has fallen to 10, suggesting more fear than greed.

Source: Alternative.me

Bitcoin has now lost almost 50% of its value since the peak observed in April.

Ethereum, the second-largest cryptocurrency was also seeing minor outflows of $1.9 million last week. In the previous week, it reported a total outflow of $14.6 million, which was restricted compared to Bitcoin’s outflows. Ether outflows represented only 0.14% of assets under management, suggesting the negative sentiment had remained focused on Bitcoin.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoins-six-week-run-of-outflows-has-been-driven-by-these-factors

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Crypto Trader’s $20 Investment Explodes to $1,184,154,683,482 on Coinbase – But He’s Not Cashing Out

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After investing $20 in the crypto markets, one crypto trader just woke up to a one-trillion dollar fortune in his Coinbase account.

Chris Williamson, a nurse from Georgia, says he invested $20 in Rocket Bunny (BUNNY) cryptocurrency on Coinbase last week. After the trade, his portfolio balance soon skyrocketed to a staggering $1,184,154,683,482.

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On paper, this made Williamson the richest man in the world.

‘I woke up, it’s like 9:00 a.m. and I always check my phone to check how my crypto to see how it’s doing and I’m just like, ‘Naw, I’m sleeping.

I look at it again and I’m like… at that point I fall out of my bed, literally.”

Despite the big balance, Williamson says he was unable to cash out or send the crypto to a private wallet. He contacted both Coinbase and Rocket Bunny. A representative from Coinbase told him they were looking into the problem, while Rocket Bunny did not immediately respond.

Coinbase later confirmed the trader’s massive balance was a glitch, and would be corrected. 

This isn’t the first time the crypto exchange giant had a glitch in its system. Back in April 2020, crypto analyst Captain Scio pointed out a massive blunder on the Coinbase Pro app, showing that someone had purchased 42,085 BTC, worth $306 million at the time, for just 18 cents. 

Williamson is keeping a positive attitude on the situation.

“The ongoing joke right now between me and my friends in Coinbase and one of the emails I sent them was like: ‘Look, I need y’all to let me know what’s going on because I got a mega-yacht company ready to build me a penguin-shaped yacht.

‘So, you know, let me know.’”

BUNNY is a utility token on Binance Smart Chain. It’s used to power the broader Rocket Bunny ecosystem of dApps (decentralized applications), which includes Rocket Drop (launchpad), Rocket Swap (DEX) and Rocket Labs (testing ground).

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/GrandeDuc

Source: https://dailyhodl.com/2021/06/22/crypto-traders-20-investment-explodes-to-1184154683482-on-coinbase-but-hes-not-cashing-out/

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Blockchain

Binance Coin’s recovery hinged on this

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Weekly losses piled up at 30% for Binance Coin on the back of high selling pressure persistent across the global cryptocurrency market. During this period, prices steadily declined from the upper ceiling of $380 to its press time level of $264. With bears in control for the moment, BNB would most likely register more losses over the coming hours. However, this could set the stage for the re-emergence of buyers back into the mix.

Binance Coin 4-hour chart

Source: BNB/USD, TradingView

Binance Coin’s woes were elevated once bulls failed to defend $325 support from bearish pressure. A further 20% was noted from this defensive line as BNB seemed to shift towards the $260-mark. Prices were now below their 4-hour 50, 100, and 200 Simple moving average lines. An argument can be made that BNB’s short-term movement and hopes of a brief recovery now hinged on $260 support moving forward.

Reasoning

Visible Range’s point of control lay around $260. This meant that BNB saw peak interest by traders at this price level in the given timeframe- a reading that strengthened the area’s defense. Moreover, Relative Strength Index traded in the oversold region from where a reversal can be expected. According to the price-sensitive Stochastic RSI, some bullish resurgence had already seeped in as the index moved north after a bullish crossover. Successfully defending $260 from bears could even result in a minor jump back towards the $325-mark.

However, traders must be wary of an extended sell-off as well. Bearish momentum was building up on the Awesome Oscillator which showed no signs of a reversal just yet. A bearish outcome would likely drag BNB back towards its demand zone of $210-236

Conclusion 

Selling pressure was dominant in the BNB market but there was a glimmer of hope at its press time price of $260. A bounce back in this region could provide a short-term push back towards $325. However, the chances of a further drawdown cannot be overlooked as well. A breakdown could see BNB trade within its demand zone of $210-236 over the coming days.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/binance-coins-recovery-hinged-on-this

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