Cryptocurrencies News Today 16/02/2023
Lately, in the cryptocoin news world, a lot has happened. First, we had all the scandals of the world’s largest crypto exchange FTX and lately, the U.S. Government wants to cut off Crypto’s access to banks. This led the world’s largest cryptocurrency to find themselves deprived of banking services in the United States, just like online poker was during the Obama era. Even with all these difficulties, Crypto is still growing, and this week Bitcoin soars toward $24K. In this article, we will discuss how to interpret recent crypto news for investment purposes. We will explore different types of crypto news, such as regulatory updates and new developments in blockchain technology, and how they can affect the price of cryptocurrencies. Additionally, we will look at how investors can use these insights to make informed decisions about their investments in cryptocurrencies.
- 1 Recent Cryptocurrency News
- 2 How is cryptocurrency doing today?
- 3 Crypto-Regulation Around the World – What You Need to Know
- 3.1 Crypto CEOs Must Acknowledge That They Are Subject to Existing Regulations
- 3.2 International Standard-Setters to Work Together to Address DeFi Regulation FSB
- 3.3 As investors worry about inflation data and stablecoin regulations, Bitcoin and Ether prices fall.
- 3.4 Conclusion: How to Take Advantage of Recent Crypto Developments & Keep Up with the Latest News
Recent Cryptocurrency News
How Far Can ETH Follow as BTC Soars Towards $24K?
Many are speculating about how much higher Bitcoin can go after its price surged to $24,500. The value of Ethereum has also been rising, more slowly compared to Bitcoin. This article will examine the current market cap performance of cryptocurrencies and make some future predictions.
Bitcoin reaches eight-month highs thanks to Hong Kong’s cryptocurrency initiatives.
The value of cryptocurrencies has significantly increased today, partly as a result of good news coming out of Hong Kong. With intentions to establish itself as a key cryptocurrency hub in the region, the Asian financial center has declared that it will be welcoming investors and digital assets. From June of this year, any Hong Kong residents, even institutions from the Chinese mainland, will be able to buy, sell, and trade cryptocurrency without any restrictions. Markets have responded favorably to this development, with prices soaring as much as 9% in a single day. Despite the country’s restriction on cryptocurrency for individuals, Hong Kong’s move to accept digital assets implies that money from China can now flow readily back into the cryptocurrency markets. These changes are a result of Paul Chan, Hong Kong’s Financial Secretary, declaring in January that the city aims to become a crypto hub with a robust regulatory framework.
How is cryptocurrency doing today?
The market recovery over the previous 24 hours resulted in the liquidation of $185 million in shorts, or bets against price increases, surprising traders who had anticipated a market-wide collapse. This contributed to overall liquidation losses of more than $200 million. When an exchange forcibly terminates a trader’s leveraged position as a result of a partial or complete loss of the trader’s initial margin, this is referred to as liquidation. When a trader cannot meet the margin requirements for a leveraged position, it occurs. Large liquidations may indicate the local peak or bottom of a sharp price movement, allowing traders to adjust their positions as necessary. The largest amount of money was liquidated from bitcoin-tracked futures out of all cryptocurrencies, totaling over $85 million. While losses on Aptos and Solana futures ranged from $3 million to $4 million, ether futures logged $58 million in liquidations.
Among its competitors, the cryptocurrency exchange Binance suffered the largest losses, totaling $68 million. OKX came in second with $51 million. The market capitalization of cryptocurrencies climbed by 8.8% to reach its highest level since November, wiping off losses brought on by the ripple effects of the bankruptcy of FTX and issues at cryptocurrency lender Genesis. (The parent business of Genesis and CoinDesk is DCG.)
A market-wide recovery resulted from the rise of bitcoin and ether to levels above $24,500 and $1,600, respectively. When compared to other major cryptocurrencies, Okb, the native token of crypto exchange OKX, increased 20%, while BNB Chain’s bnb (BNB) soared to $323 in Asian afternoon hours, reversing losses from earlier this week. In the last 24 hours, the value of the layer 1 blockchain tokens solana (SOL) and matic (MATIC) increased by 10% each. AGIX and fetch (FET), two tokens with an emphasis on artificial intelligence, extended their week-long uptrend by adding more than 12%.
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Crypto-Regulation Around the World – What You Need to Know
Cryptocurrencies have become an increasingly popular form of digital asset and trading, with many countries around the world taking steps to regulate the industry. As a result, it is important for crypto investors and traders to understand the different regulatory frameworks that exist in different countries. Down here we will list all the latest events that happened regarding regulations.
Crypto CEOs Must Acknowledge That They Are Subject to Existing Regulations
Brian Armstrong says: Here is where it starts to worry me that the crypto side doesn’t seem to understand the rules. We would be justified in taking the majority of our money out and putting it in a safe if we observed the same amount of legal illiteracy in banking board rooms as we have seen with cryptocurrency executives.
Brian Armstrong continued: The response by the CEO of Coinbase to the SEC’s lawsuit against rival exchange Kraken demonstrates both a lack of understanding of what a security is and a lack of fundamental understanding of when securities rules apply and do not. The moment has come for cryptocurrency leaders to stop blustering and start receiving better legal counsel. It is evident that many crypto executives and decision-makers do not appear to realize that they are offering regulated services in a non-compliant way.
The SEC charged Kraken in the specific instance when Armstrong reacted before the facts were known because it was paying interest on deposit accounts. It is a regulated activity for which the SEC grants certain exemptions; for instance, banks are not required to register with the commission in order to pay interest on savings accounts. It is undoubtedly false, as Brian Armstrong seems to believe, to say that crypto companies are exempt from registering in order to pay interest to depositors simply because the deposits are made in cryptocurrencies. Not only is that not true, but the SEC has successfully brought this claim in the form of enforcement action before. BlockFI paid interest on deposits and was penalized in 2022 for doing so without registering with the commission. The SEC sent a letter to Coinbase, advising them against offering a service similar to BlockFI.
Why then does Coinbase’s CEO seem to forget about this and believe that his financial business is exempt from the rules that govern other financial services? (Brian Armstrong says)
Maybe it is deliberate ignorance or plain stupidity. When a multibillion-dollar financial services company’s future is at risk, both are worries.
Hackers Stole $3.8 Billion From Crypto Firms in 2022, Says Chainalysis
International Standard-Setters to Work Together to Address DeFi Regulation FSB
According to a study released on Thursday, the Financial Stability Board (FSB) will collaborate with other international standard-setters to decide how decentralized finance (DeFi) operations should be governed in various countries. The FSB will also investigate the extent to which its suggested regulatory measures for the cryptocurrency sector need to be improved to address vulnerabilities particular to DeFi. It also intends to investigate how to close data gaps in measuring and observing the interconnection of DeFi with conventional finance in cooperation with other international standard-setters. DeFi fulfills duties similar to traditional finance and is vulnerable to similar risks, according to a news statement from the FSB on Thursday. As corporations and banks jumped into the sector during the crypto boom that began in 2021, regulators around the world have been keeping an eye on how connected the crypto space has been with the real economy. Since then, the value of cryptocurrency markets has been wiped out by the billions, leading to a series of failures, including those of token issuer Terra, cryptocurrency lender Celsius Network, and cryptocurrency exchange FTX. The market turbulence has only prompted regulators to implement additional protections for those who invest in cryptocurrencies. The FSB is no different. It promised to look more closely at the risks and vulnerabilities unique to DeFi in December. In October, it also provided a framework for international regulation of cryptocurrency-related activity. The FSB announced on Thursday that it plans to release its final framework for regulating cryptocurrencies in July. According to the paper, “The FSB may evaluate whether submitting these cryptocurrency asset types and companies to additional prudential and investor protection rules or ramping up the enforcement of current requirements, could lessen the risks inherent in closer linkages.” Despite the fact that their research reveals a limited number of connections between DeFi, the real economy, and traditional finance, the FSB asserts that “if the DeFi ecosystem were to grow significantly, then the opportunity for spillovers would increase.”
As investors worry about inflation data and stablecoin regulations, Bitcoin and Ether prices fall.
In anticipation of Tuesday’s upcoming inflation data and regulatory activity in the stablecoin sector, bitcoin fell 1.4% to trade at roughly $21,640 to start the new week. The largest cryptocurrency by market capitalization has lost around 25% of its gains from a January rally after falling by approximately 9% this month. According to certain observers, BTC will soon find support at $20,000 in the next few weeks. The Binance USD token (BUSD) was not being managed in a “safe and sound” manner, according to a New York Department of Financial Services ordered that Paxos halt issuing new Binance USD tokens (BUSD). According to crypto analytics company Kaiko, the ruling caused BUSD, a fiat-backed stablecoin with a 1:1 value against the U.S. dollar, to drop to 0.9950 cents versus its rival tether (USDT) on the Binance market.
Although the price of Bitcoin (BTC) started to decline at the beginning of February, its biggest drops occurred over the previous week after crypto exchange giant Kraken agreed to end its staking service in the United States and pay a $30 million fine as part of a settlement with the U.S. Securities and Exchange Commission (SEC). As recently as February 1, BTC transactions exceeded $24,000. Investors will be watching Tuesday’s consumer price index (CPI) to see if the Federal Reserve of the United States has continued to reduce inflation and to forecast the magnitude of the next interest rate increase. In order to maintain the downward trend that has satisfied riskier asset markets, the CPI decreased to 6.5% in December. Yet, the Fed’s nonetheless worried that excessive tightening of the money supply might send the economy into a protracted recession.
According to Edward Moya, senior market analyst at foreign exchange market maker Oanda, “the news flow has been quite adverse for cryptocurrency, and you can’t forget about tomorrow’s inflation data that might be hot and spell trouble for risky assets.”Bitcoin might breach the $20,000 threshold and aim for the $18,500 range if inflation picks up steam.
Ether (ETH) followed a similar course, falling 3.1% over the previous day to trade at $1,490 recently its lowest point in over a month. On that day, the Market Index (CMI) fell 2.8%. Of more than 160 assets in the CMI, the decentralized borrowing protocol Liquity was the largest winner on Monday. At the same time, its native LQTY token soared 46% to trade at $1.01 from 69 cents the day before. According to its release, the price increase came as a result of Liquity’s integration with the privacy-focused Aztec network, a zero-knowledge rollup on Ethereum where users can borrow its U.S. dollar-pegged stablecoin LUSD on layer 2 and save on gas fees.
Conclusion: How to Take Advantage of Recent Crypto Developments & Keep Up with the Latest News
The crypto world is constantly evolving, and it is essential to stay up to date with the latest developments in order to take advantage of them. Keeping up with the news and understanding the implications of new regulations, technology advancements, and other factors can be a daunting task. Fortunately, there are several ways to easily stay informed on all crypto-related topics. From subscribing to newsletters and joining online communities to reading industry publications and following prominent figures in the space.
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