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Crypto Assets in South Africa Would Be Considered Financial Products Under Regulator Proposal

Cryptocurrency assets would be treated like financial products under South Africa’s Financial Advisory and Intermediary Services (FAIS) Act, under a draft declaration by a financial regulator. “The Declaration would have the effect that any person furnishing advice or rendering intermediary services in relation to crypto assets must be authorised under the FAIS Act as a financial services provider, and must comply with the requirements of...

DeFi is here to stay despite signs of a bubble, says Binance CEO

Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange Binance, said that decentralized finance is here to stay despite many DeFi projects showing signs of being in a bubble. In a Nov. 17 interview with Russia’s news agency RBC, Zhao argued that “a lot of DeFi projects are already in a bubble, and I also believe that there are some signs of a bubble in the DeFi industry, but this does not mean that DeFi will eventually...

Morgan Creek and Exos file Bitcoin fund with SEC

Morgan Creek and Exos Financial filed a new Bitcoin (BTC) fund with the U.S. Securities and Exchange Commission, or SEC, on Thursday. If approved, the fund will offer institutional investors another way to long the flagship cryptocurrency without the volatility of owning it outright.  Kevin Rooke reported Friday that the Morgan Creek-Exos Risk Management Bitcoin Fund has been filed with U.S. regulators. The fund intends to provide direct...

BlackRock CIO says ‘Bitcoin will take the place of gold to a large extent'

A senior executive at BlockRock, the world’s largest asset manager, admits that Bitcoin (BTC) has become a permanent fixture in the global financial system, offering yet another tangible sign that the narrative surrounding digital currency has changed.  Rick Rieder, BlackRock’s CIO of Fixed Income, told CNBC on Friday that, “Bitcoin is here to stay.” While conceding that he is not a Bitcoin bull, Rieder said the flagship currency...

Stretched thin? Wrapped Bitcoin assets may encourage supply crisis

In a blog post of Friday, Binance re-introduced BTCB to the world — a wrapped Bitcoin asset intended to bring liquidity from the world’s largest cryptocurrency, BTC, to Binance Smart Chain’s DeFi (decentralized finance) ecosystem.  However, hodlers may be cheering the renewed interest in BTCB for a different reason: each Bitcoin locked on BSC may contribute to a looming BTC supply crisis. First announced last year, Binance initially saw...

4 metrics suggest Bitcoin price will correct — But can BTC hit $20K first?

A pullback in the price of Bitcoin (BTC) is likely, based on several on-chain data points, namely the Spent Output Profit Ratio (SOPR) indicator, stablecoin inflows, stacked sell orders at $19,000, and the Crypto and Fear Index. However, the question remains when that correction would occur. Profit-taking pullback possible with lower buy pressure The  SOPR indicator essentially gauges how profitable Bitcoin holders are at the moment. When the...

SEC seeks judgement after 'no show’ in $9M Meta 1 Coin fraud case

The U.S. Securities and Exchange Commission has requested a default judgment against three companies and four individuals associated with the allegedly fraudulent art and gold-backed cryptocurrency Meta 1 Coin. The SEC filed its Nov. 18 motion for a default judgment after the defendants failed to appear to put their case, despite having corresponded with both the court and legal representation. The defendants are Meta 1 Coin Trust, Clear...

Bitcoin price breaks past $18.8K as bears and bulls map out its path

There are both bearish and bullish scenarios for Bitcoin in the foreseeable future. The bear cases surround two key data points: rising BTC deposits from whales to exchanges and BTC’s lack of retests of crucial support levels. The bull cases are based on HODLer activity, address activity, the market capitalization gap between BTC and gold, and the favorable technical structure of Bitcoin. Bitcoin surpassing $18,500 is critical for its...

Bitcoin monthly candle closes above $13K for the first time since 2017

The monthly candle of Bitcoin (BTC) for October has closed above $13,000 for the first time since December 2017. It comes after both daily and weekly candles all closed above the crucial resistance level. Traders often use the monthly log chart to evaluate the long-term and macro trend of an asset. On a monthly chart, each candle represents a whole month of trading activity. As such, a Bitcoin monthly log chart typically covers many years of...

Michael Casey: Bitcoin Is the Biggest Big Short

Short-sellers, who make money when the price of a targeted financial instrument declines, aren’t always popular with corporate or government leaders. Those on the receiving end of contrarian bets against stocks or currencies tend to portray them as sharks undermining people striving to build, grow and create value. This, if you’ll excuse the pun, is short-sighted. Short-selling is a necessary part of any functioning, efficient financial...