06.12.[News of the day] • Binance wants to return the business to the UK • and other articles
4 min readWelcome to today’s overview:
MARKETS
It can be said that the price of BTC has had better times, and it is not so long ago. The cryptocurrency traded around $ 58,000 on Friday after another unsuccessful attempt to overcome resistance at $ 59,000. Here, the situation changed for the worse, as BTC first fell to $ 51,000 before another massive drop brought it to a two-month low of $ 42,000.
After this massive drop of $ 16,000, the asset rebounded and approached $ 50,000. It stood there for a moment, but in the end he failed to overcome it. As a result, BTC has now returned to around $ 48,000.
The Altcoins also fell sharply on Saturday morning and tried to recover on Sunday. Today, however, most of them are in the red again. ETH briefly exceeded $ 4,300 yesterday, before another 4.5% drop now knocked the second largest cryptocurrency to just over $ 4,000.
ALGO analysis – the price from the minimum has already reached 32%! For a long time, the token is still a sideway
BTC analysis – the price after the sideway structure will create another correction leg
Cryptocurrencies
SHIB whales have lost $ 400 million in the last 24 hours
The largest address in the ETH network successfully survived the third strongest correction in the cryptocurrency market in 2021, without dropping most of its resources. However, according to WhaleStats, which monitors whales, some major addresses have decided to get rid of Shiba Inu by selling buyers $ 400 million worth of tokens.
Although whales have sold approximately $ 400 million of their Shiba Inu tokens, the meme token still occupies most of the tokens at their addresses, with the USDC stablecoin being the closest competitor.
The strong sell-off was most likely followed by a bearish cycle in the current market and SHIB’s market performance. According to TradingView, Shiba Inu is losing value since reaching the previous ATH.
Banks, crypto exchanges, companies
The largest Croatian food retailer Konzum accepts cryptocurrencies in online stores
The largest food producer and retailer in the Western Balkan region, Konzum, has become the first retail chain in Croatia where customers can pay with digital assets. Currently, these transactions are only available in the online store, but the company plans to introduce this service across its supermarkets in the near future.
In addition, leading North American e-shop Newegg has announced that it will accept Shiba Inu (SHIB) as a form of payment on its platform during the Christmas holidays. Cryptopayments for their latest product will also be made possible by Nothing, a London-based consumer technology company.
Konzum has revealed that it will enter the cryptocurrency industry by accepting several digital assets as a means of payment. These include BTC, ETH, BTC Cash, Ripple, Stellar, Dai, EOS, Tether and USD Coin.
Binance wants to return the business to the United Kingdom
Binance is working to resume its operations in the UK after being told in June that it must cease operations in that country, CEO Changpeng Zhao, or CZ, told the Sunday Telegraph.
CZ told the local press that the company is trying to become a registered company in the field of crypto assets within six to eighteen months.
In June, the British Financial Conduct Authority issued a warning to Binance Markets Limited (the British subsidiary of Binance) and Binance Group imposing restrictions on its activities in the United Kingdom. The regulator then stated that Binance may not perform any regulated activity without the prior written consent of the FCA.
CBDC, Regulation
Bank Indonesia is trying to fight BTC with the CBDC
The Central Bank of Indonesia is willing to issue the digital form of its national currency as a way to “fight” private digital assets. The financial institution believes that the CBDC would be “more credible” than BTC or altcoins.
Bank Indonesia (BI), the country’s central bank, announced its intention to introduce the central bank’s digital currency (CBDC) earlier this year. In May, Governor Perry Warjiyo assured him that he was on his way without revealing the specific launch date.
BI then noted that during the COVID-19 pandemic, locals switched from cash payments to digital. A CBDC monitored and controlled by the authorities would thus be the best option for this cash transition, the institution said.
Exchange giant FTX issues 10 proposals for cryptocurrency regulators
Cryptocurrency exchange giant FTX published a list of 10 proposals for US market regulators looking to oversee digital assets. In a new blog post, the exchange reveals what it calls the ” FTX’ s Key Principles for Market Regulation of Crypto-Trading Platforms”.
First on the list is that there is one primary market regulator responsible for listing cryptoactive assets in the spot and derivatives markets.
FTX argues that spot and derivative markets subject to different regulatory schemes create inefficient and sub-optimal market structures. FTX list also includes procedures for custody crypto assets on behalf of clients. The exchange says it should be more public how funds are handled behind the scenes. Others are suggestions for stablecoins and KYC.
