Quick Take
Crypto Twitter likes to meme about bitcoin markets turning bearish when Asia-based traders come online.
Data suggests this is actually happening but prominent crypto traders aren’t exactly sure what’s driving it.
Crypto Twitter likes to meme about bitcoin markets turning bearish when Asia-based traders come online, but there s truth to it.
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UK s finance ministry opens consultation on regulating crypto and stablecoins
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The Treasury wants to regulate the crypto space like traditional payment services.
The consultation is open until March 21.
Her Majesty s (HM) Treasury, the U.K. s finance ministry, has opened a consultation on regulating crypto-assets and stablecoins to support innovation and protect consumers.
The Treasury said the rise of crypto and stablecoins could pose similar financial stability and consumer risks as traditional regulated payment systems, and hence regulating the space is necessary. We will take an agile, risk-led approach to regulation, rooted in the principle of same risk, same regulatory outcome, said John Glen, an MP and Economic Secretary to the Treasury. In other words, the government wants to ensure a level playing field and reduce opportunities for regulatory arbitrage.
An array of fund issuers and investment firms have tried to bring bitcoin exchange traded funds to market, and each and every one of those proposals was turned back by the Securities and Exchange Commission.
What Happened: Some issuers aren t giving up. VanEck, which previously attempted to bring a bitcoin ETF to market, filed plans with the SEC for the
VanEck Bitcoin Trust.
If the fund comes to life, and that is a big if for now, it would trade on the CBOE.
“The Trust’s investment objective is to reflect the performance of the MVIS CryptoCompare Bitcoin Benchmark Rate less the expenses of the Trust’s operations. In seeking to achieve its investment objective, the Trust will hold bitcoin and will value its Shares daily based on the reported MVIS CryptoCompare Bitcoin Benchmark Rate, which is calculated based on prices contributed by exchanges that the Sponsor’s affiliate, MV Index Solutions GmbH (MVIS), believes represent the top five bitcoin exchanges based on the
Quick Take
Wirex will not include XRP in a US version of the app when it launches in January.
Ziglu has decided to suspend XRP trading as of January 12
A handful of crypto wallet firms in the UK are contemplating whether to prevent millions of customers from trading XRP.
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by
Dalmas Ngetich
on
December 24, 2020 Ethereum
The cumulative transactional volume of all stablecoins across different blockchains have surpassed the $1 trillion mark in 2020 alone,
USDT and Ethereum Command Market Share
Out of this, the USDT issued by Tether Limited is the most dominant with a market share of 73 percent followed by USDC and DAI with a market share of 15 and seven percent, respectively.
However, Ethereum has a commanding lead as a dominant chain where most stablecoin volumes were registered.
Out of the $1 trillion, 83.5 percent were moved in the pioneer smart contracting platform. Tron and Omni Network trailed Ethereum with a market share of 14.5 and 2.1 percent, respectively.