30.07.[News of the day] • Binance has been banned in Malaysia and other articles

Welcome to today’s overview of crypto news:

MARKETS

BTC was enjoying last week. After fighting below $ 30,000, it pumped heavily on July 20 and added more than $ 10,000 in a matter of days. The result was an approach to $ 41,000 on July 28. However, this level was not overcome, despite several other attempts to break through. Shortly afterwards, he even sank below $ 39,000.

In fact, BTC has been calming down around a narrow range for the past 48 hours and is currently just under $ 40,000.

The last few days have been very favorable for altcoins. An example is ETH, which fell to $ 1,720 at the beginning of last week, but has been on the rise ever since. The ETH added about $ 700 in value and recorded a six-week high at around $ 2,460 at the beginning of today. Despite a slight decline, the second largest cryptocurrency is still around $ 2,400.

Technical analysis: BNB / USD – Binance Coin in the grip of two levels

Cryptocurrencies

Analyst warns: “Big players want their BTC”

BTC is being aggressively bought by institutional entities this week as data show that over-the-counter (OTC) trading volumes are rising sharply. As Dylan LeClair, co-founder of 21st Paradigm, an analytical and consulting firm, noted, individuals with high net worth are very interested in BTC at current prices.

Referring to data from Glassnode’s on-chain monitoring source, LeClair looked for a sudden increase in OTC activity. BTC / USD alone reached local highs of $ 40,700. A classic tandem event, the increase in OTC trading tends to accompany the increase in the price of BTC.

In May and June, after falling from these highs, OTC entities bought during temporary price declines. The same phenomenon occurred throughout the bull run in 2021, even before historical highs appeared and BTC / USD was still on its way up.

A total of 240 million XRPs transferred by Ripple and leading exchanges

The popular Whale Alert cryptocurrency monitoring service has reported that nearly 240 million XRPs have been transferred in the last 12 hours. Ripple Labs was involved in the transfer of these funds, sending a quarter of this amount of XRP. According to CoinMarketCap XRP, the price is $ 0.74.

According to data released by the Whale Alert team, several XRP transactions have taken place in the last 12 hours, transporting large amounts of the sixth largest cryptocurrency associated with Ripple Labs.

The blockchain technology provider Ripple itself took part in these transfers, transferring 30 million and then 15 million XRPs to its internal wallets: RL18-VN and the anonymous address behind the Ripple RL43-EE wallet.

Banks, crypto exchanges, companies

Binance was banned in Malaysia and given a 14-day notice period

Malaysia is the newest regulatory theater to go after Binance, as authorities in the country have accused the exchange giant of continuing to operate illegally in the country. According to a notice released on Friday, the Malaysian Securities and Exchange Commission has delivered to Binance a public complaint calling on the exchange and all its entities to close down in the country.

As of July 26, Binance has 14 business days to fulfill an order that includes deactivating its website and mobile applications, as well as ending any media campaign for its services in the country.

The announcement also instructed Binance CEO Changpeng Zhao to ensure full compliance with the order. The Malaysian securities regulator has also called on citizens to refrain from trading in crypto exchanges that operate illegally in the country.

The South Korean city of Busan will set up a digital asset exchange

Busan, South Korea’s “blockchain city”, is in the early stages of building its own platform for digital asset transactions. The city of Busan began to develop detailed plans and strategies for the establishment of a digital asset exchange. The plans include building an ecosystem for digital asset transactions based on securities tokens and a business model for digital assets aimed at supporting regional industries.

Last year, the city of Busan was designated a “non-regulated blockchain zone”, where blockchain developers can submit business proposals or projects to the city government that would not be considered elsewhere due to regulatory restrictions. Similar government efforts have emerged in Indonesia, where Deputy Secretary of Commerce Jerry Sambuaga has announced that the country will create its own crypto exchange, which will be operational by the end of this year.

CBDC, Regulation

The US congressman is proposing a law to regulate the crypto market

US Congressman Don Beyer has introduced a new bill that seeks to regulate the cryptocurrency market to protect investors and encourage innovation.

Representative Don Beyer, a US congressman from the state of Virginia, introduced a new law aimed at regulating the cryptocurrency market. The bill, unveiled on July 28, is called the Digital Asset Market Structure and Investor Protection Act and aims to protect consumers and encourage innovation.

Beyer had only words of praise for the cryptocurrency market, although he emphasized that a regulatory framework was essential for the overall health of the market and its investors. After saying that assets like BTC and ETH were “here to stay,” he listed market problems and called for US laws to be caught up. [4a]

India admits that, despite years of regulatory debate, it does not have good data on crypto exchanges

Despite the fact that the Indian government has been discussing the policy and regulation of the crypto industry for several years, it does not have (and does not collect) basic data on the crypto industry in the country, the Indian Minister of Finance revealed.

In statements made this week in the Indian parliament, Finance Minister Nirmala Sitharaman also clarified that crypto investors will not be affected by the 2% fee for foreign operators.

At the hearing, Indian lawmakers asked the finance minister for information on the number of crypto exchanges operating in India and how many Indian investors are using them. However, Sitharaman replied that she had no information