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05.11.[News of the day] • Enforcement of cryptocurrency regulation was addressed during Gensler’s speech and other articles

5 min read

Welcome to today’s overview of crypto news:

MARKETS

BTC reached a two-week high of about $ 64,500 on November 2, but failed to continue up to a peak of $ 67,000. On the contrary, the bears strengthened and pushed him south.

In the following days, BTC fell to $ 62,000. However, the situation worsened after news of inflation from the United States and BTC suddenly fell to $ 60,000. However, his recovery was just as rapid.

In the past 24 hours, the bears knocked him down again and the cryptocurrency dropped below $ 61,000. Since then, however, it has regained more than $ 1,000 in value and is currently hovering around the well-known price level – $ 62,000.

Most altcoins tend to stagnate in 24 hours. ETH, Solana, Dogecoin, Avalanche and Chainlink recorded smaller gains. By contrast, Ripple, Cardano and Polkadot are slightly in the red.

05.11.21 Technical analysis of LTC – Litecoin advanced slightly, will we test further resistance?

Cryptocurrencies

Dogecoin’s co-founder wants the Shiba Inu community to leave him alone

Dogecoin co-founder Billy Markus has definitively distanced himself from the cryptocurrency Shiba Inu on Twitter. Markus, who co-founded Dogecoin in 2013, emphasized that Shiba Inu had nothing to do with it.

The software engineer claims that he had to remove the contact form from his website because he was flooded with spam from the Shiba Inu community.

Dogecoin reached a market capitalization of over $ 90 billion, making some of its first adopters ultra-rich. However, its co-founders did not gain wealth due to the coin mania they evoked.

Banks, crypto exchanges, companies

Canadian response to Robinhood mentions Shiba Inu

Toronto’s online brokerage service Wealthsimple has added support for the Shiba Inu cryptocurrency, it was announced yesterday. The company began trading in cryptocurrencies in July 2020, launching a new subsidiary called Wealthsimple Digital Assets. Initially, its users could only trade in BTC and ETH, the two largest cryptocurrencies.

In June, it received approval from the Ontario Securities and Exchange Commission (OSC) to expand its offer of cryptocurrencies. It has launched 14 new digital assets, including Solana, Cardano and Dogecoin. Last month, it also added cryptocurrency-traded funds to its retirement plans.

Digital assets in custody of DBS increased by 200% in Q3, the bank will expand its digital stock exchange

DBS, the largest lender in Southeast Asia, has seen cryptocurrency trading on its digital exchange in the past two months, surpassing combined trading in the first eight months of the year, CEO Piyush Gupta said in a talk about the bank’s third quarter results.

Digital custody assets have grown 200% from $ 200 million to $ 600 million in the last month, Gupta said. DBS was one of the first traditional lenders in the region to launch its own digital exchange. The increased dynamics of the digital exchange follows a step in which DBS expanded the exchange’s operating hours from Asian trading hours to 24 hours a day in August.

The DBS digital exchange is an exchange intended only for members of the bank, its rich clients, accredited investors and institutions. The exchange’s customer base also grew steadily, rising to 500 in the third quarter from 400 in the previous quarter.

CBDC, Regulation

CBDC’s multiple bridge between Asia and the Middle East creates business use cases for international payments

Central banks in China, Hong Kong, Thailand and the United Arab Emirates announced this week that they are creating 15 business use cases for the multiple CBDC Bridge (mBridge) project, a platform for multiple digital currencies of central banks, starting with international trade settlement.

Central banks, together with Hong Kong’s Bank for International Settlements (BIS) Innovation Hub, are building a new payment infrastructure using blockchain and CBDC to significantly reduce the time (from days to almost instantaneous) and the cost of cross-border payments and settlement.

Central banks are addressing the use case for international trade settlement as a matter of priority, given that the total value of international trade transactions between the four participating jurisdictions was more than $ 730 billion, according to the World Bank.

Enforcement of cryptocurrency regulation was addressed during Gensler’s speech

In a speech stressing the need for enforcement, Gensler said the SEC’s approach was consistent. For Gensler, this means that cryptocurrency regulation must be applied consistently, “regardless of entity, technology, or business model.”

“For example, we hear terms like ‘decentralized finance’ (DeFi), ‘currency’ or ‘peer-to-peer loans,'” Gensler said.

“Make no mistake – regardless of the designation or alleged mission, we will examine the economic reality of the product or arrangement to determine whether it complies with securities laws.”

During the high-impact section, Gensler also covertly referred to the SEC case with Ripple and XRP. He described such cases as important because they change the behavior of the rest of the market by sending a signal.

Frauds

The report reveals phishing in Google ads and other fraudulent warnings after the Squid Game scam

Check Point Research (CPR) has reported several cryptocurrency scams in recent days, in which wallet users have lost thousands of dollars. The news comes a few days after a recent token-to-earn token on Squid Game scam.

This new form of fraud is remarkable because it does not rely on e-mail links to wallet owners or fake tokens. Instead, it targets users who are trying to download and install the most commonly used crypto wallets

In addition, the report also called for caution for users trying to change their currencies on cryptocurrency exchange platforms such as PancakeSwap or Uniswap.

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