Welcome to today’s overview of crypto news:
Earlier this week, the primary cryptocurrency failed, and its value plummeted on Monday due to the Evergrande saga. BTC’s performance was actually quite similar to global stock markets, which also fell. However, the pain did not end, because BTC lost in the following days. It culminated yesterday’s drop in prices below $ 40,000, which became the lowest level since early August.
Since then, however, the bulls have joined the game again. BTC almost immediately regained $ 40,000 and began to push north. Currently, the cryptocurrency is trading above $ 44,000 – an increase of $ 4,500 in about 24 hours.
During the market-wide correction, the altcoins suffered more than their leader. Now, however, almost all have outperformed BTC. For example, ETH fell to $ 2,650. Currently, the second largest cryptocurrency has rebounded relatively well and is currently above $ 3,100.
The draft Basel rules make trading cryptocurrencies too expensive for banks
Nine banking industry associations have submitted a letter to the Basel Committee on Banking Supervision (BCBS) in response to its proposal to introduce strict capital requirements for banks wishing to hold crypto assets in their books.
In June this year, BCBS published a consultation paper that assigned a risk weight of 1250% to BTC, meaning that banks would have to hold $ 1 in capital for every $ 1 of exposure they have to BTC.
In a letter this week, industry groups – including ISDA and FIA, the Institute of International Finance, the European Markets Authority AFME and the Digital Trade Chamber – argued that the prudential framework planned by the BCBS would create “significant barriers to the participation of regulated banks in markets”. with crypto assets “.
Cardano Development Company IOHK on the upcoming dAppStore Plutus
Yesterday (September 22), blockchain technology company IOHK (aka “IOG”), which is responsible for research and development of the Cardano protocol, spoke about the upcoming business for decentralized applications (dApps) written for the Plutus platform.
In a post on the IOHK blog published on September 22, Shruti Appia, Head of Product Department (Smart Contracts) at IOHK, said at the outset that “solving discovery and quality assurance issues is key to the early growth of the ecosystem.”
She said that this weekend, at the Cardano Summit 2021 (September 25-26), the IOHK would “present a certification program to evaluate applications developed over Cardano” and showcase a prototype of the upcoming Plutus dAppStore, a place “where developers can upload their DApps running on Cardan and making them available to others. “
Banks, crypto exchanges, companies
The Kraken app now allows you to purchase more than 50 cryptocurrencies using Apple Pay and Google Pay
Kraken crypto exchange users can now use Apple Pay and Google Pay after the platform announced support for the two wallets.
In a blog post, Kraken said users could now automatically link the Kraken app to both payment platforms and purchase more than 50 cryptocurrencies.
The exchange states that with payment applications, users can buy digital currencies for a minimum amount of 10 USD, while the maximum limit is set at 7,500 USD during a seven-day sliding period.
The integration of Apple Pay and Google Pay eliminates the previous form of purchasing digital assets, which required users to copy and paste their account information from the Internet banking application.
Coinbase is looking for a new CEO to debate with policy makers
Coinbase is looking for a new employee to manage the exchange’s relationship with policy makers.
Crypto exchange, based in the United States, wants to expand its legal and compliance teams. The company is looking for more than 350 new employees, with 24 vacancies within the legal and compliance team.
Specifically, Coinbase is looking for a new manager who will oversee communication with US policy makers. In addition to a strong network in Washington, DC, Coinbase expects “his excellent political judgment” from his new U.S. policy communications manager, who would lead media relations and a strategic presence in critical political debates.
The regulator in the UAE has approved trading in cryptoactive assets
The United Arab Emirates Securities and Commodities Authority (SCA) and the Dubai World Trade Center Authority (DWTCA) have agreed to allow cryptoactive trading and related financial operations.
To illustrate, the agreement provides a framework for DWTCA to grant the required permits and licenses for financial operations using cryptoactive assets. SCA will thus manage, monitor and control companies operating within the DWTCA freezone, according to a statement on its website.
DWTCA has entered into an agreement to expand its existing business licenses, products and offerings. Under the agreement, SCA will manage the regulatory monitoring of the issuance, offering, listing and trading of crypto assets in connection with DWTCA and the licensing of related financial activities that fall within the scope of DWTCA.
The US Federal Reserve will soon publish a CBDC research paper
US Federal Reserve Chairman Jerome Powell said the bank would soon issue a document on the CBDC, suggesting the US government was accelerating the pace of CBDC research.
According to Fed Chairman Jerome Powell, the US Federal Reserve is about to issue a document on the digital currency of the central bank (CBDC). The Fed chairman spoke at a press conference on September 22, and his remarks were highly anticipated as the world awaited what the United States would do about the CBDC.
Powell wanted to emphasize that no formal decision had been made and that the agency was still examining the benefits and risks. Authorities seem to be focusing on creating a stable and credible asset, which has long been a high priority.