Cryptheory: Crypto and Internet

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20.08.[News of the day] • Binance enforces mandatory KYC for all users • and other articles

5 min read

Welcome to today’s overview of crypto messages:


BTC fell to a multi-day low of around $ 44,000 yesterday. This happened after the asset failed to exceed the $ 48,000 mark earlier this week. At that moment, however, the bulls strengthened and reversed the trajectory of the BTC price. In the following hours, the value of BTC began to grow gradually and briefly even exceeded 47,000 USD.

Although it has failed to stay above this price tag, it is still almost $ 3,000 higher than yesterday.

ETH, the second largest cryptocurrency, increased 7% per day and recovered $ 3,200.

Technical analysis XMR / USD – will the way open for further price expansion?


The world’s best asset manager holds $ 384 million in shares of a cryptocurrency mining company

According to the documentation of the world’s largest asset manager, BlackRock, it holds shares of cryptocurrency and BTC mining companies worth $ 384 million.

Data from the SEC shows that BlackRock, an investment management company, holds $ 384 million worth of BTC mining stock. The company is the world’s largest asset manager with $ 9 trillion in management.

BlackRock has been thinking about the cryptocurrency space over the last few years, triggering many discussions about growing acceptance. The company does not invest directly in cryptocurrencies, like many institutional investors, but rather decides to invest in companies associated with the industry.

Cardano has reached a new all-time high

Cardano has reached a new all-time high and has risen by more than 20% in the last 24 hours, with the ADA price peaking at $ 2.55, according to CoinMarketCap. The latest rally at the crypto market saw that the total market capitalization again exceeded $ 2 trillion, and is led by Ethereum’s two biggest competitors – Cardano and Solana, whose value has more than doubled in the last month alone.

Cardano is now again the third largest cryptocurrency with a market capitalization of more than $ 80 billion and is located just below BTC and Ethereum. While Solana’s latest rise can be attributed to his entry into the NFT and the new Wormhole cross-chain bridge, the price of the ADA has risen by more than 30% in the past week due to speculation alone.

ADA investors continue to push Cardano’s value higher in anticipation of the planned upgrade of “Alonzo”, a smart contract feature, on September 12, enabling Cardana to become a true player in decentralized finance (DeFi).

Banks, crypto exchanges, companies

Binance enforces a mandatory KYC for all users

Binance said it now requires all users to complete inter-product verification amid growing pressure for compliance by global regulators.

The world’s largest exchange said in a announcement on Friday that all new users must now complete Intermediate Verification with immediate effect to access Binance services, including deposits, trades and cryptocurrency withdrawals.

Binance said the move comes in the context of an ongoing review of its products and services to “identify changes and improvements in light of evolving global compliance standards.”

Coinbase buys cryptocurrencies for $ 500 million and invests 10% of the profits

Brian Armstrong, chief operating officer of Coinbase, said on Twitter that the company had obtained board approval for the purchase of more than $ 500 million in cryptocurrencies. The exchange will thus expand its existing holdings, but has not disclosed what digital assets Coinbase is currently holding or planning to purchase.

In addition, the largest U.S. trading platform will henceforth invest 10% of all profits in cryptocurrencies. Armstrong expects this percentage to “continue to grow over time as the cryptoeconomics mature.”

The 10% allocation from profits could be quite significant in dollar terms, at least according to recent history. The company reported record results in the second quarter of 2021, far exceeding the figures for the first quarter, with a net profit of $ 1.6 billion. This was an increase of 4,900% compared to the same period in 2020.

CBDC, Regulation

Ukraine is promoting a CBDC pilot project by paying staff in digital hryvnia

The Ukrainian Ministry of Digital Transformation plans to reward its employees with the digital currency of the central bank (CBDC). According to Minister Mykhailo Fedorov, this will be possible once the new hryvnia is ready for testing.

According to a government official:

“We have it on the table as one of the first pilot projects, the payment of salaries to employees of the Ministry of Digital Transformation in electronic hryvnia.”

In a recent interview, the official said that “Ukrainians are number one in the world” in terms of adaptability to virtual assets. He added that Ukraine’s openness to technology may prove to be one of its main advantages.

The Canadian regulator is taking enforcement action against the OKEx cryptographic exchange

The Ontario Securities and Exchange Commission (OSC) is seeking to initiate enforcement proceedings against Aux Cayes Fintech Co. Ltd, which operates the OKEx crypto exchange, for an alleged violation of the Ontario Securities Act, the statement said.

According to a statement filed by the OSC’s law enforcement team on August 18, Seychelles-based Aux Cayes, which offered securities and derivatives to Ontario residents on its OKEx platform, failed to comply with registration and prospectus requirements under the Ontario Securities Act. According to CoinGecko, the OKEx exchange had a 24-hour trading volume of over USD 21.6 billion at the time of publication.

In March, the OSC issued a warning to cryptoactive derivative trading platforms that offer securities to Ontario residents to comply with the province’s securities laws, otherwise they will face enforcement action.

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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