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SEC’s Demands are a ‘Threshold Moment’ for Bitcoin and Other Cryptocurrencies

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Fresh demands from the U.S. financial regulators on cryptocurrencies are “a threshold moment” for Bitcoin and other digital assets, affirms the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.

The comments from Nigel Green, chief executive and founder of deVere Group, come as the Securities and Exchange Commission Chairman Gary Gensler has said that Wall Street’s top watchdog needs Congress to grant it more power to oversee the growing crypto market.

Mr Green says: “These demands by the SEC – the financial regulator of the world’s largest economy – underscore again that cryptocurrencies are a major growth market and are gaining further influence within the mainstream global financial system.

“The watchdog needs more powers over the market as there’s a clear direction of travel: both institutional and retail investors are taking Bitcoin and other cryptocurrencies more and more seriously as a financial asset and a medium of exchange. They are increasing their exposure to them at a faster rate than ever before.

“The SEC seems aware that digital assets are the inevitable future of money.”

He continues: “With increasing dominance and value, comes increasing regulatory scrutiny as we are seeing now.

“Gensler’s calls for the SEC to be given more direct authority over the burgeoning crypto sector will, I believe, be approved by Congress.

“This is a threshold moment as it shows that the time has come to hold crypto assets to the same standards as the rest of the financial system.

“This shake-up will likely generate some market turbulence, but ultimately regulation will be good for investors.”

One of the best ways to address the regulatory issues is via the exchanges, says the deVere CEO, adding that he believes this will be the route the SEC adopts.

A robust regulatory framework will help protect both retail and institutional investors, help combat cryptocurrency criminality, and reduce the potential threat of disrupting global financial stability, as well as offering a possible long-term economic boost.

“As such, the proactive and pragmatic approach now being taken by the Chairman of the SEC should be championed.”

Mr Green concludes: “Cryptocurrency regulation is required and, I believe, now inevitable. The SEC is one of the world’s most influential regulators and, therefore, its approach is likely to help shape the policies of others.”

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Bitcoin

Bitcoin Holds Above $67,000 Amid Trump Win Bets

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Bitcoin is holding above $67,000 after yesterday’s correction after breaching the $69,000 level and rising to its highest level since late July.

Yesterday’s correction comes after an upward trend that investors are pushing to continue in light of a set of supporting factors, whether from the massive inflows into cryptoinvestment products or from more bets on Donald Trump winning the White House again.

Cryptocurrency investment products recorded massive inflows last week, reaching $2.2 billion, which represents the highest level since last July, with Bitcoin accounting for most of these flows that went to US spot ETFs, according to CoinShares. Net flows to these funds amounted to more than $294 million yesterday alone, according to SoSo Value.

This comes with two weeks left until the US presidential election. While the Polymarket betting market indicates that Republican candidate Trump is likely to win with a 63% probability, the betting site has sparked controversy over who is behind the significant increase in Trump bets. In contrast to Polymarket’s results, the poll average indicates that Democratic candidate Kamala Harris is ahead by 48.2% compared to 46.4% for Trump, according to FiveThirtyEight.

While this disparity and fluctuation in polls and predictions is likely to keep cryptocurrencies vulnerable to sharp volatility in the coming days, as the identity of the winner of the White House presidency might shape the future of the industry.

However, the futures market is presenting a mixed story and is questioning the sustainability of Bitcoin’s bullish trend. Bitcoin futures open interest regained its record level of more than $40 billion yesterday, according to CoinGlass, despite the price correction. This correction only resulted in a very small liquidation of the long positions of about $28 million yesterday.

Of that $40 billion, $12.5 billion was on the Chicago Mercantile Exchange (CME), which also represents a new record high for Bitcoin futures on the US’s largest futures exchange. This reflects the increasing involvement of institutional investors in driving price action.

What is concerning is the decline in the long/short ratio from 1.04 on Sunday to 0.94 today, which may reflect increasing bearish bets in futures market, which in turn may indicate a possible reversal of the bullish trend and a renewal of yesterday’s losses soon.

Written by Samer Hasn, Senior Market Analyst at XS

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Cryptocurrency

Binance Expands Crypto Access in West and Central Africa With Mobile Money Integration

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Binance, the world’s leading blockchain and cryptocurrency infrastructure provider continues to drive innovation and expand access to cryptocurrency in Africa, now allowing users in Benin, Cameroon, Ivory Coast, Democratic Republic of Congo (DRC), Togo and Senegal to purchase crypto directly through mobile money payments enabled through local partnerships. 

This new functionality further strengthens Binance’s commitment to providing simple and secure access to cryptocurrency for users across the continent, reinforcing the platform’s vision of financial inclusion.

Samantha Fuller, Spokeswoman for Binance says “We remain focused on advancing financial inclusion and delivering user-friendly solutions for crypto adoption across Africa. This expansion into West and Central Africa is a significant step in our mission to increase crypto adoption, providing millions of people with more direct access to the global digital economy”.

This new service currently supports only BUY transactions, further simplifying the entry point for new crypto users in these regions, while providing them with a reliable and secure platform to acquire digital assets.

How to buy crypto:

  1. Log in to your Binance app and select [Add Funds] from the homepage.
  2. Choose your local fiat currency you wish to use by selecting the currency in the top-right column.
  3. Follow the instructions to complete your crypto purchase.

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Bitcoin

Bitcoin Fails to Hold $63,000 Amid Weak Risk Appetite, Growing Selling Pressure

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Bitcoin remains below $63,000 after failing to hold above it over the past two days while Ethereum is also struggling to reclaim $2,440.

The crypto market has been trading sideways since the beginning of this week.

The cautious moves in the crypto market come amid uncertainty over a range of economic and political factors in the US and geopolitics in the Middle East.

Add to that the potential selling pressure that the US government may exert with its permission to sell around 70,000 Bitcoin.

The Supreme Court has allowed the US Marshals Service to proceed with the sale of 69,370 Bitcoins seized from the Silk Road online store, which would be the largest sale of its kind in history. While the nature and pace of this selling is not yet known, it will not necessarily put downward pressure on prices if it is done in over-the-counter (OTC)
transactions, according to Beincrypto.

As for the economic side, in light of the surprise labor market numbers that were much better than expected and Jerome Powell’s hawkish speech, hopes for a rapid continuation of interest rate cuts this year have diminished. While the relatively high rates remain for a longer period and the continued rise in Treasury bond yields will weaken appetite for risky assets in general, including cryptocurrencies.

Whereas, after the hypothesis of a half-percentage point cut at the next November meeting was the most likely, it has now become excluded in the Fed Fund futures market, and the probability of a quarter-percentage point cut has become 87%, according to the CME FedWatch Tool. The remaining 13% is for the possibility of keeping current rates unchanged.

The state of caution may also prevail in the markets in the coming weeks, as we anticipate the presidential elections in the United States, which will begin next month. While the outcome of these elections could cause a structural shift in the crypto industry.

Far away, in the Middle East, markets are still anticipating the nature of the expected escalation in the region, especially regarding the nature of the Israeli response to the unprecedented attack from Iran and the nature of the counter-response. While one of the most prominent scenarios is targeting energy facilities, which would bring inflation back to the forefront, which in turn may require central banks to keep interest rates high.

 

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