Bitcoin Surges to $88.5K, Crushing Bearish Sentiment as Trading Volumes Skyrocket Could a Tariff Conflict Spoil the Celebration?

The recent surge in Bitcoin’s price to $88.5K has left bears in the dust as spot volumes reach new highs. Despite concerns about a potential tariff war dampening the party, the cryptocurrency market remains resilient. Bitcoin’s impressive rally has defied expectations and surpassed many analysts’ predictions. The surge in spot volumes indicates strong demand among [...]

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Trumps new USD1 stablecoin exacerbates worries about conflicts of interest

There have been reports that former President Donald Trump plans to launch his own stablecoin, called the “Trump USD,” which raises concerns around potential conflicts of interest. The launch of this stablecoin could pose ethical issues as it would involve Trump profiting off his political influence and potentially using the digital currency to further his [...]

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SEC Proposes New Rules to Address Conflicts of Interest in AI Usage by Brokerage Firms

The U.S. Securities and Exchange Commission (SEC) has proposed new rules to address potential conflicts of interest that may arise when investment advisers and broker-dealers use predictive data analytics and artificial intelligence (AI). (Read More)

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Putin Wants Limit on Currency Purchases for Russians Dealing With Foreigners

Russian citizens and firms doing business abroad may soon be restricted in the amount of foreign currency they are allowed to acquire, on order from Vladimir Putin. Russia’s head of state now wants his government to cap such purchases on the domestic forex market. President Putin Orders Russian Authorities to Limit Foreign Currency Purchases Russian [...]

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De-dollarization Has Already Started, Says Russia’s Foreign Minister Lavrov

The process of de-dollarization has practically started, according to Russian Minister of Foreign Affairs Sergey Lavrov. Moscow’s top diplomat is convinced that Russia’s position on the matter is shared by many other countries while the West is undermining the role of the U.S. currency. Russia’s Sergey Lavrov Announces Beginning of De-dollarization of Global Economy Russian [...]

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Bank of Russia Has Stockpiled Reserve Comprised of Non-US Sanctioned Assets, Governor States

Elvira Nabiullina, governor of the Bank of Russia, has affirmed the bank has stockpiled reserves in assets that are not susceptible to being affected by U.S. sanctions. The official clarified that Russia has built a “safety cushion” in these assets while it continues working on creating new reserves in non-U.S. sanctioned assets. Russia Built Bank [...]

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Ukraine receives over $70M in crypto donations

Ukraine has received over $70 million in cryptocurrency donations since the start of the conflict with Russia, with the majority of the funds coming in the form of Ether and Bitcoin. Donors have contributed to the nation's military equipment and humanitarian aid efforts, with non-fungible tokens also being donated. (Read More)

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Ukraine Cancels Airdrop for Crypto Donors

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SEC’s Gary Gensler believes AI can strengthen its enforcement regime

Gensler highlighted market surveillance and three other use cases in which the securities regulator staff could benefit from making greater use of AI.

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ECB President Lagarde Warns of ‘Major Disaster’ If US Defaults on Debt Obligations

There is a lot of discussion lately about the U.S. government’s debt ceiling and whether Congress will act before defaulting. In a recent interview, Christine Lagarde, the president of the European Central Bank (ECB), said she is confident the U.S. can maintain its debt obligations. However, she warned that if the U.S. were to default [...]

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The Hinman docs: Implications for XRP, SEC credibility and more

The Hinman documents have been available to Ripple for over two years, and their public release has been eagerly awaited by many, but some were disappointed by the lack of any real bombshells.

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Police in Kosovo Seize Crypto Mining Rigs From Serbs

Kosovo police have seized dozens of crypto mining devices from residents of a majority Serb region in the north of the country. Authorities in Pristina and Belgrade exchanged accusations over the move, which has the potential to raise tensions in the ethnically divided, partially recognized Balkan state. Kosovo Government Cracks Down on Crypto Mining in [...]

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JPMorgan CEO Jamie Dimon Calls 2023’s Banking Fiasco a ‘Mini Crisis’, Foresees Consumer Savings Depleted by Year’s End

Four days ago, JPMorgan Chase CEO Jamie Dimon was interviewed by The Economist and he discussed the recent U.S. banking disaster that occurred last March. At that time, the public witnessed the second, third, and fourth largest bank failures in U.S. history. Dimon asserted that “for the most part,” the financial crisis of 2023 is [...]

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Ripple’s Alderoty calls for probe into Bill Hinman and his infamous speech

Stuart Alderoty is joined by a number of other high profile individuals calling for an investigation into the former SEC official.

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IRS, Chainalysis Helping Ukraine Track Russians Using Crypto to Evade Sanctions

The U.S. Internal Revenue Service (IRS) said it’s working closely with Ukraine to help it trace crypto transactions of Russian sanctions evaders. The agency is providing the Ukrainians access to a Chainalysis tool as well as specialized training to Ukrainian law enforcement. IRS Offers Ukraine Tools From Chainalysis to Trace Russian Blockchain Transactions The criminal [...]

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Bitcoin price thrives in conflict as regional wars escalate

Localized geopolitical conflicts are rising with global risks looming.

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Will Israel-Iran Conflict Push Bitcoin Further Down? Analysts Discuss

The Bitcoin price took a sharp dip to $60,164 on Tuesday following heightened geopolitical tensions in the Middle East, with Iran launching missile attacks on Israel. The escalation rattled global markets, impacting both traditional and crypto assets. Bitcoin was not immune with a notable -4% drop. Market participants, who had anticipated a strong bullish trend for the month dubbed Uptober, were forced to reassess as broader market sentiment turned risk-off. However, the reaction to the geopolitical news may be overblown, according to several analysts. Will Bitcoin Drop Further? Macro strategist Alex Krüger (@krugermacro) cautions on the sudden shift in market sentiment. Via X, he writes, Its been bizarre observing everyone turn outright exuberant and calling for ‘Uptober‘. From doom to gloom, in a heartbeat […] Conflict in the Middle East notwithstanding, this is an election year in the US. Major uncertainty lies ahead. Related Reading: Bitcoin Price Could Skyrocket To $118,000 By Year-End: Heres Why Krüger highlights the volatility typically seen in financial markets during US election years, noting, In election years, the month of October is accordingly the most volatile, and equities historically display slightly negative returns. He also added that speculative markets tend to react to uncertainties, and given the proximity of the elections and upcoming payroll data on Friday, further volatility can be expected. Of course if payrolls come in very strong this coming Friday, equities would rip, as we are in a good news is good news regime. But the time to press & hold is after the elections, possibly starting on Election night itself, Krüger states. Prominent crypto analyst CRG (@MacroCRG) notes the potential for the Bitcoin price to recover despite the temporary market turbulence. That could be the quarterly low in boys. Markets love to put in highs/lows early on in the candle. Plus, geopolitical moves have a high tendency of getting faded. We may still see some turbulence depending on Israels response, but the market is likely anticipating this. Just like Krüger, he outlines that increased liquidity in the market could provide support for Bitcoin, stating, Liquidity will start ramping up from now, which BTC should sniff out immediately. Overall, CRG remains bullish on Bitcoins long-term trajectory, asserting that despite the short-term uncertainties, $100k BTC is coming. Related Reading: Major Catalyst That Could Drive Bitcoin To New ATH In Q4 Emerges Singapore-based trading firm QCP Capital also provides its perspective on the conflicts impact. In their latest investor note, the firm writes: The Israeli-Iranian conflict has intensified, with over 180 missiles launched by Iran. Despite this, the reaction in traditional financial markets has been relatively muted. The S&P closed only 1% lower, while crude oil (WTI) increased by 2%.” However, the crypto market saw a sharper decline, with Bitcoin facing heavier selling pressure. BTC closed 4% lower, with support holding around the $60k level. A further escalation in the conflict could potentially push BTC to the $55k mark, QCP notes. Despite the immediate impact, QCP Capitals report also stresses that the broader economic backdrop remains favorable for risk assets in the medium term. “Middle East geopolitics will steal the limelight for now, but the shallow sell-off suggests that the market remains well bid for risk assets. This minor setback shouldnt distract from the bigger picture. They also point to global monetary policies as a significant factor. “The flush of liquidity from the PBoC and potential fiscal support will likely support asset prices in China, with bullish sentiment potentially spilling over globally to support risk assets, including crypto. […] Assets prices are expected to remain supported heading into 2025, as both the largest (the Fed) and 3rd largest (PBoC) central banks in the world have started their cutting cycles in earnest, QCP concludes. At press time, BTC traded at $61,286. Featured image created with DALL.E, chart from TradingView.com

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SEC Chair Gensler’s Alleged Past Interest in Advising Binance Surfaces Amidst Legal Battle

Lawyers for Binance claim that current U.S. Securities and Exchange Commission (SEC) chair Gary Gensler once sought to become an advisor for the exchange back in 2019. This purported application occurred while Gensler was teaching at the Massachusetts Institute of Technology (MIT) and coincided with his discussion of the crypto network Algorand during a blockchain [...]

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Binance Reportedly Investigated in US for Russia Sanctions Violations

Cryptocurrency exchange Binance is facing a U.S. probe over suspected violations of sanctions against Russia, according to a media report. The inquiry is looking into whether the trading platform was used by Russians to circumvent financial restrictions imposed over Moscow’s invasion of Ukraine. Crypto Exchange Binance Faces Another US Probe, Sources Say The U.S. Department

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World Federation of Exchanges Asks IOSCO to Tackle Conflict of Interest in CeFi

The World Federation of Exchanges (WFE) has asked the International Organization of Securities Commissions (IOSCO) to address the conflict of interest created by centralized finance (CeFi) firms such as crypto exchanges that engage in multiple businesses. The recommendation comes as IOSCO, a global body for securities regulators, plans to finalize its recommendations for the regulation of the global crypto industry by the fourth quarter of this year.

Conflict of Interest in Crypto Market

WFE, the global industry association for operators of regulated exchanges and clearing houses, gave the recommendation in its response to IOSCO’s consultation for its policy guidance on the supervision of the global crypto industry. The consultation ended on July 31, 2023.

The association noted that while exchange groups in the traditional finance (TradFi) industry engage in multiple businesses to diversify their revenue streams, they have “robust conflict of interest management procedures to ensure ethical and fair practices.”

“This [conflict of interest management] involves implementing policies and mechanisms that prevent any undue advantage or bias among the businesses owned by the group,” WFE said in its response document. “Transparent governance structures, independent oversight, disclosure requirements, and compliance frameworks are some of the measures that have been proven to mitigate conflicts of interest effectively.”

The association’s request appears to support the argument by the US Securities and Exchange Commission (SEC) that crypto exchanges in the United States, including Binance and Coinbase, are combining the functions of an exchange, brokerage and clearing agency under one umbrella service. The securities regulator has repeatedly argued that the services are separated under US laws and require distinct registrations.

IOSCO Addresses Multiple Issues

Meanwhile, Finance Magnates reported that IOSCO’s proposed policy guidelines for the global crypto industry cover six key areas such as market manipulation, insider trading and fraud as well as conflict of interest arising from the ‘vertical integration’ of various activities and functions by crypto firms.

The policy also focuses on cross-border risks and regulatory cooperation, custody and client asset protection, operational and technological risk, and retail access, suitability and distribution.

In a related development, OSCO and the Bank for International Settlements (BIS) last year called for the ‘same risk, same rules’ principle to be applied to stablecoins, which are cryptocurrencies pegged to a fiat currency or physical assets such as gold. The principle requires the same rules applied to TradFi companies to be applied to CeFi and DeFi organizations.

Meta to launch 'Personas' AI bots; Conotoxia shows new feature; read today's news nuggets.

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