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09.07.[News of the day] • Crypto exchange Gemini plans expansion in Asia and Australia • and other articles

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Gemini
Source: Pixabay.com

Welcome to today’s overview of crypto news 09-08:

MARKETS

The situation with BTC seemed to be significantly more favorable at the weekend, when it climbed to a maximum of several days around 36,000 USD. However, the bears took advantage of the inability of the asset to break up further and pushed it down relatively quickly. In the following days, BTC plunged to $ 33,500, attempted a speedy recovery, but it stopped again at about $ 35,000. As a result, further bearish developments followed.

BTC began to plummet and lost more than $ 2,000 in a matter of hours. This resulted in a drop to just over $ 32,000. Although BTC has rebounded and regained some ground, it still faces a price below $ 33,000.

Altcoins mimicked yesterday’s fall in the price of BTC with significant losses. Since then, the situation has not changed that much, as ETH has fallen below another round level. This time, a 4% drop brought the second largest cryptocurrency below $ 2,100. Just for comparison, ETH was well above $ 2,300 earlier this week.

Technical analysis: Altcoin Index

Cryptocurrencies

The Hong Kong manga found a virtual home in a blockchain because authorities silenced the publisher

While Hong Kong’s publishing industry is feeling the growing burden of political, legal and social change introduced by the Chinese Communist Party in the city, the Taiwan Auction Hall is selling NFT art manga created in the former British colony as a way to preserve its distinctive culture and history.

Lootex, a decentralized NFT marketplace based in Taipei, recently hosted the NFT sale of the first installment of “Buddha’s Palm,” the famous Hong Kong manga series, first released in the 1980s.

According to Lootex co-founder and CEO Justine Lu, a total of 20 copies quickly sold out on the NFT platform, each selling for 0.05 BinanceCoin (about $ 15.60 at the time of printing).

Elon Musk: BTC and ETH are slow, Dogecoin has its justification

Tesla CEO Elon Musk believes that the cost and speed of BTC and ETH transactions are expensive and slow at the base. Instead, he suggested that Dogecoin could serve as a solution because it minimizes fees.

YouTuber’s popular crypto, Matt Wallace, who recently focuses on the news about DOGE, reminded on Twitter that “Dogecoin updates will come soon”.

According to him, the upcoming update will put the coin in the position of “one of the most used currencies in the world”. Interestingly, Ëlon Musk responded promptly and did support Wallace’s position.

Banks, crypto exchanges, companies

Crypto exchange Gemini plans to expand in Asia and Australia

US crypto exchange Gemini plans to expand its Asia-Pacific operations to take advantage of growth in the region, Jeremy Ng, CEO of the Asia-Pacific Exchange, wrote on his blog this week. The new expansion is to capture the growth of the Singapore branch after its establishment last year.

Gemini, which already supports the Australian and Hong Kong dollars, will also build satellite offices in the two regions. Gemini is not the only crypto exchange that has recently been trying to establish itself in the region. In June, the British company Fasset obtained an operating license from the Malaysian authorities. Meanwhile, Luno, a global crypto exchange, is negotiating with the Lippo Group conglomerate to start operations in Indonesia.

The Bank of Thailand condemns the crypto again, warns against using it

The Central Bank of Thailand said yesterday that it did not support the use of cryptocurrencies as a means of payment, and likened its attitude to cryptocurrencies to a “barter trade” because the bank does not consider cryptocurrencies to be legal tender.

Siritida Panomwon Na Ayudhya, the bank’s assistant governor for payment systems policy, said the Bank of Thailand was constantly monitoring the development of digital assets, warning that both parties were at risk of price fluctuations, cyber theft and money laundering in cryptocurrency transactions.

The Bank of Thailand also warned that if digital assets expand, the bank will coordinate with the country’s Securities and Exchange Commission and take measures to ensure that cryptocurrencies “do not pose significant risks to the general public or the economic and financial system.”

CBDC, Regulation

The trial version of the Chinese digital Renminbi has 10 million authorized users

The vice-governor of China’s central bank said that 10 million people are now involved in the trial operation of the central bank’s digital currency (CBDC). Its next major phase will include testing at the 2022 Beijing Winter Olympics.

Millions of participants in different regions of the country have already joined the pilot, but this is one of the biggest milestones. The CBDC project in the country seems to be making good progress.

At a press briefing on July 8, the vice-governor of the People’s Bank of China, Fan Yifei, said that anyone who applied for inclusion in the white list could participate. He then stated that there are 10 million such people. The number of recorded transactions using the digital renminbi indicates a warm welcome from the public.

British advertising supervision refers to cryptor ads as “red flag”

As the United Kingdom takes a stricter regulatory stance on the cryptocurrency industry, one of the main local advertising industry organizations has announced action against cryptocurrency advertising.

The Office of Advertising Standards (ASA), Britain’s independent advertising regulator, plans to launch a large-scale event this month aimed at finding and ending misleading crypto ads, the Financial Times reported on Friday.

Miles Lockwood, ASA’s director of complaints, said the office would focus primarily on irresponsible crypto advertising displayed online and on social media platforms.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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