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UK FCA Warns of FTX Unauthorised Provision of Financial Services to Investors

by Blockchain NewsSeptember 19, 2022

The U.K.’s Financial Conduct Authority(FCA), the regulator of the financial services industry in the United Kingdom, has issued a warning on its official website (FCA) that cryptocurrency exchange FTX may be providing financial services or products in the country without authorization.

The UK regulator, the Financial Conduct Authority, says all companies and individuals offering, promoting, or selling financial services or products in the UK must be authorised or registered by the regulator.

According to money laundering regulations, cryptocurrency companies doing business in the UK must register with the agency.

After the FCA became the UK’s counter-terrorism financing and anti-money laundering agency in late 2020, more than 100 cryptocurrency companies applied to register with the agency.

According to the FCA, cryptocurrency companies operating in the UK must have sufficient inspection and control licenses to deter money laundering and other criminal incidents such as terrorist financing.

Only 33 firms have achieved permanent registration with the FCA.

Previously, six companies — including crypto market maker B2C2 Ltd. and crypto-digital banking apps Wirex Ltd. and Trastra Ltd. — were removed from provisional registrations without adequate authorization.

UK regulators, the Financial Conduct Authority, said UK investors using FTX services will not be able to use the Financial Ombudsman service or be protected by the UK Financial Services Compensation Scheme (FSCS).

So investors need to be very wary of dealing with this unauthorized company because they are unlikely to get their money back if anything happens.

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Buying Pressure on Bitcoin Dwindles as more BTC Moving to Exchanges

by Blockchain NewsSeptember 19, 2022

Bitcoin’s bearish momentum continues, given that the leading cryptocurrency slipped below $19,000 amid buying pressure shrinking.

Market analyst Ali Martinez pointed out:

“Bitcoin shows no signs of buying pressure from miners and whales! Addresses holding 1,000 BTC or more have remained pretty much flat since August, while miners’ reserves have found a floor of around 1.86 million BTC.”

Source: Glassnode

With buying pressure being a stepping stone toward a bullish run, BTC needs this trait to kickstart an uptrend.

On the other hand, more BTC has been moving to crypto exchanges, signifying the emergence of selling pressure. Crypto insight provider Santiment disclosed:

“1.69M total Bitcoin (currently the equivalent of $33.5B) was moved to exchanges from September 7th to 13th. This was the highest amount of BTC moved since October, 2021.”

Source: Santiment

Whenever coins are transferred to crypto exchanges, this usually shows that selling pressure might be building up because coins are moved from cold storage and digital wallets for liquidation purposes.

For instance, long liquidations hit $29 million in a span of 15 minutes. Market insight provider On-Chain College stated:

“$29 million in Bitcoin long liquidations in 15 minutes as price drops below $19k.”

Source:Coinglass/On-ChainCollege

Bitcoin was down by 7.96% in the last 24 hours to hit $18,447 during intraday trading. With growing global monetary tightening and regulatory concerns, it remains to be seen how the top cryptocurrency plays out in the short term.

For instance, investors are preparing for volatility due to the major interest-rate hike, which is expected this week from the Federal Reserve (Fed) to fight price pressures.

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Tagged : #BTC / Bitcoin / Crypto / Cryptocurrencies / Investment / PRICE ACTION

Morgan Creek Digital Co-found Digital Asset Research Firm for Investors

by Blockchain NewsSeptember 19, 2022

Renowned crypto enthusiast and analyst Will Clemente announced on Monday on Twitter that he co-founded Reflexivity Research with Anthony Pompliano, co-founder of Morgan Creek Digital and crypto recruitment company Inflection Points.

This is Reflexivity Research, an institutional-grade research firm that helps traditional financiers consider investing trillions of dollars in BTC and digital assets.

Morgan Creek Capital Management, LLC is an SEC-registered investment adviser providing investment management services to institutions and wealthy families.

Anthony Pompliano also confirmed the news on Twitter.

Reflexivity Research will provide advice through research reports, exclusive seminars, and private consultations to help traditional finance invest in digital assets.

Miami-based crypto recruiting and training firm Inflection Points was founded by Colton Sakamoto and longtime crypto entrepreneur and investor Anthony Pompliano.

Inflection Points closed a $12.6 million funding round on July 13. Investors in this round include Peter Thiel’s venture capital firm Thiel Capital, Fifth Down Capital, XYZ Fund, Rose Park Advisors, Blockchange, Third Prime, former Palantir CFO Colin Anderson, Eight Sleep chief executive Matteo Franceschetti, former Allergan chief executive Brent Saunders and property developer, Marc Roberts.

In the long term, Pompliano expects job opportunities in crypto to expand.

“If you look at Google and Amazon, they offer blockchain-as-a-service. All of these companies will be doing it, as well service providers like lawyers and accountants; what we ended up with was explosive job growth in the field”, Pompliano said.

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Tagged : Bitcoin / Blockchain / Crypto / Enterprise / MORGAN CREEK DIGITAL / REFLEXIVITY RESEARCH

Ethereum Slips Below $1,350 as Total Liquidation Hit $300 Million in 12 Hours

by Blockchain NewsSeptember 19, 2022

Ethereum (ETH) has not been able to get the right footing since the much-anticipated Merge went live on September 15.

The second-largest cryptocurrency was down by 10.40% in the last 24 hours to hit $1,305 during intraday trading, according to CoinMarketCap.

This price action is being experienced amid high liquidation in the cryptocurrency market. Crypto Reporter Colin Wu or Wu Blockchain pointed out:

“Ethereum fell below $1,300, a 24-hour drop of 10%, and the total liquidation amount in 12 hours reached $300 million. On September 21, the Fed will announce its decision to raise interest rates, and the market is expected to raise interest rates by 75bps.”

Given that interest rate hikes usually have a bearish impact on cryptocurrencies, it remains to be seen how this month’s review by the Federal Reserve (Fed) transpires.

A downward trend is already being experienced in the Ethereum network. Wu added:

“ETC hashrate is 211.11T, down 32.14% from its peak; price is $29.82, down 13% in 24h; ETHW hashrate is 35.48T, down 56.23%, price is $4.66, down 46% in 24h; ETF hashrate is 6.3 TH/s, down 82%, price is $1.22, down 19.8% in 24h.”

The merge changed the consensus mechanism on the ETH network from proof-of-work (PoW) to proof-of-stake (PoS), which is deemed more environmentally friendly and cost effective.

Despite the bearish momentum being experienced, more Ether continues to be staked in the ETH 2.0 deposit contract. Market insight provider Glassnode stated:

“Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 13,801,319 ETH. Previous ATH of 13,799,319 ETH was observed on 18 September 2022.”

Source:Glassnode

Furthermore, transaction volume has been going through the roof after hitting a 4-month high of $264 million.

Source:Glassnode

Crypto analyst Rekt Capital believes that the bullish effects of the Merge will emerge in the long run.

American multinational investment bank Citigroup or Citi had also stipulated that the Merge would slash the overall Ether issuance by 4.2% annually, making it deflationary,

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Tagged : #ETH / Cryptocurrencies / ETHER / Ethereum / Liquidation / Merge / PRICE ACTION

Binance Clarifies Users Assets Safe on Accounting System Vulnerability Incident

by Blockchain NewsSeptember 19, 2022

Binance clarified on Sunday, September 18, that the “Binance Accounting System Vulnerability” incident previously stated by the Helium Foundation occurred on Binance.US, and Binance.com found no related problems, emphasising that user assets are safe.

The Helium Foundation said a bug found in Binance’s accounting system led to the misidentification of Helium Network’s MOBILE tokens for higher-value HNT, with users mistakenly receiving around $20 million worth of HNT tokens.

At the time of writing, Binance.US officials have not yet made any official response to the incident.

Arman Dezfuli-Arjomandi, a podcast host focusing on the Helium ecology, criticised Binance.US for actively maintaining communication with customers, opening up the transparency of relevant information as soon as possible, and announcing relevant compensation plans. exist

The podcaster revealed in a post on his official Twitter that: “Due to a bug in the exchange system, each deposited MOBILE token gets 1 HNT (1 MOBILE is only worth <0.001 HNT). The attackers dumped HNT tokens that did not belong to them into the market, causing huge downward pressure on the price.”

Founded in 2013, the Helium Network’s ever-expanding network of hotspots enables anyone to own and operate a wireless network of low-power Internet of Things (IoT) devices, while customers can build and participate by using a cryptographic token called the HNT award network for profit.

The HNT native token is a reward paid by Helium to hotspot hosts, while the MOBILE tokust launched last month, is a reward paid to Helium 5G hotspot infrastructure operators. Currently, there is a lack of liquidity in the market for MOBILE tokens.

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Tagged : Binance / Bitcoin / Blockchain / Cybersecurity / Helium / HNT

Crypto Prices Remain in Red, Shina Inu Falls Over 15%

by Blockchain NewsSeptember 19, 2022

With the new week today, cryptocurrency prices have remained in the red.

Among tokens, Dogecoin’s price was trading about 7.80% lower at $0.05685, whereas Shiba Inu plunged more than 10% to $0.0000107. Multiple tokens have also declined, including XRP, Uniswap, Solana, Polygon, Avalanche, Binance USD, Polkadot, Litecoin, Apecoin, Cardano, Stellar, Chainlink, Tron, among others.

Coins like XRP, Polkadot and other smaller tokens posted heavier losses and were deeper in the red.

XRP token has also suffered a heavy decline. The token affiliated with Ripple Labs Inc. shed as much as 13.5% amid an ongoing court case. According to Bloomberg, the decline came along as the firm and the SEC preferred an immediate ruling in a court case over whether Ripple was “reckless” in claiming XRP is not regulated security.

Over the past 24 hours, the market value of digital tokens has gone down more than &70 billion to $941 billion. In 2021, the market value was at $3 trillion, according to data from CoinGecko.

The declines of the major crypto values are still subject to overall economic metrics—ranging from the disappointing Consumer Price Index, the benchmark S&P 500 falls, to the prospect of a global wave of monetary tightening this week.

Investors are bracing for volatility as the Federal Reserve this week is expected to announce interest-rate hikes to fight price pressures.

The recent rise and fall of the Bitcoin price in the last few days is in line with market participants’ expectations. Cryptocurrency markets are likely to be volatile until the macroeconomic situation settles down to a more predictable pace.

– with assistance with Aaron Limbu-

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Tagged : Altcoins / Doge / Market Crash / Price Analysis / SHI

Bitcoin Sinks to $18.5K Due to Regulatory and Upcoming Interest Rate Hike Concerns

by Blockchain NewsSeptember 19, 2022

Bitcoin fell to a three-month low as cryptocurrencies took a dip on Monday ahead of global monetary tightening concerns and amid regulatory concerns.

According to Bloomberg, the largest digital token was at the cusp of the lowest level since 2020 to as much as 6.7% and was trading at $18,500 as of 7:10 am in London. While Ether, the second largest cryptocurrency, shed up to 6.2%, struggling to hold the $1,300 mark.

Regulatory concerns and monetary tightening are expected to stretch from Europe to the US this week, and investors globally have turned shy on risky assets.

The global crypto market cap dropped below the $1 trillion mark, as it is down over 4% in the last 24 hours at $974 billion, according to CoinMarketCap.

Over the last 4 months, Bitcoin has remained in a range between $18k and $25k. It is unlikely that the largest cryptocurrency could move higher to about $25k level in the short term or anytime soon. This is because of the Fed’s action. US Bond yields have been rising in anticipation of further Fed rate hikes, this is not good for Bitcoin.

Investors are preparing for volatility due to the major interest-rate hike, which is expected this week from the Federal Reserve to fight price pressures. US equity futures were in the red and a dollar gauge pushed higher in signs of market caution, Bloomberg reported.

Yet, long-term investors (3 to 5 years horizon) might have nothing to worry about as Bitcoin price will eventually surge as the macro environment stabilizes over the next couple of years.

Although the Ethereum blockchain – which underpins the ether token – had a major upgrade last week called the Merge, the token’s value has fallen amid some speculation that remarks last week from US Securities and Exchange Commission (SEC) Chairman Gary Gensler implied the new structure could attract extra regulation. Trades around the upgrade also were unwound.

The Merge changes the way transactions are processed and cuts energy use. After completing the Merge, Ethereum shifted from a verification system called proof of work (PoW) to “proof-of-stake” (PoS).

According to a report from Blockchain.News, The Merge may have caught Gensler’s attention to categorize the second-largest cryptocurrency as a security.

Gensler commented about The Merge, talking about the Howey test, which is a test used by courts to determine if an asset is a security. He stated that cryptocurrencies and intermediaries that allow holders to “stake” their coins might have to pass that test.

– With assistance with Nicholas Otieno-

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Tagged : #ETH / Bitcoin / Blockchain / Crypto / Cryptocurrency / Ethereum