Welcome to today’s overview of crypto news:
After falling last week’s price, BTC began to recover over the weekend, reaching $ 60,000 for the first time in several days on Saturday and Sunday. However, he failed to overcome this coveted level and the subsequent rejection drove him south.
Within hours, BTC lost approximately $ 3,000 and fell below $ 57,000. The situation changed quite dramatically when BTC went on the offensive yesterday and climbed above $ 59,000.
However, this turned out to be a false increase, as BTC lost all momentum over the next few hours and fell below $ 56,000. Another volatile move followed, in which BTC rose sharply by more than a thousand and approached $ 57,000. It is currently around 56,460 USD.
Most altcoins have mimicked BTC performance in the last 24 hours, which means they are now in the red. ETH fell 1.5% in the day to $ 4,100.
El Salvador plans to issue bonds in the BTC, bonds denominated in dollars have fallen to an all-time low
The country’s commitment to BTC and blockchain technology in the financial system can be difficult for investors with a more traditional approach to investing. The country’s dollar-backed bonds hit a new all-time low after the president of El Salvador revealed plans for BTC-covered bonds, according to Bloomberg.
El Salvador bonds in USD with a maturity in 2050 fell to 64.4 – a new historical low. The country’s debt was one of the worst in the foreign debt market on Monday. The main reason for the rapid decline is President Bukele’s plan to sell government bonds in BTC.
Much of the risk that investors face stems from the current Salvadoran government’s unwillingness to enter into a proper relationship with the IMF. Bukele’s party has fired five top judges and a attorney general.
Banks, crypto exchanges, companies
Binance is reportedly seeking global funding
Binance, the world’s largest crypto exchange, reportedly negotiates with sovereign global investment funds to sell them a stake in the company.
In addition to the planned “megafinancing” for its US-based Binance.US, Binance is now seeking global funding to improve relations with regulators, Binance CEO Changpeng Zhao said in an interview with the Financial Times on Tuesday.
According to Zhao, the goal of the planned funding is to improve its “perception and relations” with many governments, as several financial regulators around the world opposed Binance this year.
Citigroup plans to hire 100 employees to strengthen its digital assets division
According to a Bloomberg report, Citigroup wants to enter the crypto by hiring 100 people for its blockchain and digital assets division.
The company has appointed Puneet Singhvi as head of digital assets for the Institutional Clients Group (ICG), the report said. Singhvi previously led the blockchain and digital assets department of the Citi Global Markets team.
In an email to Bloomberg, the company said it was assessing client demand for digital assets, adding: “Before offering any products or services, we study these markets, as well as the evolving regulatory environment and associated risks, to meet our own regulatory frameworks. and expectations of supervision.”
Indian banks continue to defend the crypto a week before the legislation reaches parliament
At a time when the Indian government is due to submit cryptolegislation to parliament for discussion next week, Indian banks are warning clients against investing in cryptocurrencies.
According to a report in the Economic Times, HDFC, Axis and ICICI have sent customers e-mails in recent weeks warning them of the risks of investing in cryptocurrencies. Bankers fear that aggressive crypto exchange advertising campaigns, which some find misleading, do not provide enough information about investment risks and may entice investors.
The Chinese Fujian Authority has repeated the crackdown on cryptocurrency mining
Other provinces in China are taking serious measures to curb cryptocurrency mining following a total ban on the country’s top authorities on September 24.
The Southeast China Provincial Development and Reform Commission (Fujian) held a video conference on Friday with local authorities to clarify their responsibilities and pledged to “clean up” virtual currency mining operations, a local regulator said in a statement.
Last week, Wei Meng, a spokesman for the National Development and Reform Commission (NDRC), the country’s top economic planner, told a news briefing that in the next step of the crackdown, the authorities would focus on raids in industrial mining groups and those conducting state-owned entities. According to Meng, if an entity is found to have been involved in cryptocurrency mining, it may be sanctioned to pay electricity bills in the future.
Digital yuan scams are emerging in China as the central bank prepares e-CNY
Police in Inner Mongolia have uncovered another case of e-CNY fraud, the latest example of an increase in digital yuan crimes as China continues to gradually introduce the central bank’s digital currency (CBDC) across the country.
Police in Baotou, one of the largest cities in the Inner Mongolia region, have arrested a suspect with the Gao surname in a case that appeared to be a fraud with a total of over 8 million yuan ($ 1.25 million), local police said in a statement on Saturday.
During the investigation, the police found that the money flowed into a specific electronic wallet, which was later identified as an e-CNY wallet after consultation with third-party banks and payment companies.