News of the week. Friday, October 15


Friday, October 15. The week is coming to an end, so we can talk about the most interesting news in the crypto industry for this week.

Coinbase Offers the US authorities to create a New crypto regulatory Body

The head of Coinbase, Brian Armstrong, suggests that the United States authorities think about creating a new agency that will have powers in the field of cryptocurrencies at the federal level.

Such thoughts appeared in the head of Coinbase after the exchange’s refusal to launch savings accounts. The refusal was served by claims from the SEC. Prior to that, the agency warned the exchange about possible prosecution.

This conflict prompted Coinbase to develop a draft federal regulatory framework, which will be sent to US lawmakers for consideration.

The exchange’s plan implies a complete restructuring of financial regulation in the United States. It contains four main points:

  1. The existing regulatory system does not work well in relation to decentralized networks. The new department will be able to support innovation.
  2. The Agency will establish a new process for registering digital asset marketplaces.
  3. Empowerment of cryptocurrency owners. The agency will also be able to protect against fraudsters.
  4. Marketplaces will be able to interact with products and services in the crypto economy.

Capgemini Report: in two years, the number of crypt users will increase to 45%

By 2023, the number of active users who use digital assets for transactions will grow from 10% to 45%. This forecast is contained in a report from Capgemini.

This conclusion was reached after a survey in which 6,300 customers and 210 payment system managers in 44 regions of the world took part. The motivation to use digital assets is the growth of cross-border payments, and unwillingness to pay a large transaction fee. Experts also note that cryptocurrency is being added as a payment instrument. As an example, they cited the initiatives of such companies as Coca-Cola, PayPal and Yum Brands.

According to researchers, credit cards based on digital assets are leading in the speed of distribution among other tools.

Analysts from CoinGecko noticed a trend of recovery in the digital asset market

CoinGecko analysts wrote in a quarterly report that the cryptocurrency market is beginning to recover after the May collapse in prices, the DeFi sector is getting a second wind thanks to projects such as Avalanche and Solana.

The capitalization of the 30 largest digital assets increased by 31% during this reporting period. At the same time, the trading volume fell by 47% compared to the second quarter of 2021. Analysts believe that this indicates the transition of the market to the “accumulation stage”.

CoinGecko notes that interest from institutional investors in bitcoin continues to grow, as they consider the first cryptocurrency as an object of protection against inflation.

The Ethereum ecosystem continues to show dominance in the market. In September, it accounted for 76% of the DeFi sector. Despite this, young projects are winning back their market shares. This can be understood if you look at the previous months: in August, the indicator for Ethereum was at the level of 79%, in July by 80%.

Investor Michael Burry is interested in short positions in the crypt

An investor who in 2007 was able to predict the mortgage crisis became interested in cryptocurrency. Burry wrote about this on Twitter. Although the investor has a feature of always deleting tweets, one of the users saved his post and posted it again:

“Well, it became interesting to me to see how short positions are opened in cryptocurrency, since I have not done this before. Do I need to secure a loan? Is there compensation for a short sale? With such volatility, I don’t think it’s a good idea to open short positions. However, these are just my thoughts out loud.” – the investor wrote.

Earlier, the investor criticized the crypto sector, calling it an economic bubble. And last week he spoke about the Shiba-Inu coin, calling it meaningless.

Michael Burry himself was able to make a fortune during the mortgage crisis. Then he was one of the first to predict the economic collapse and bet all savings against mortgage bonds CDOs.

In 2015, a film with the story of Michael Burry was released “ “The Game for Short”, in which Christian Bale played the main role.

7 views
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments