Monat: Februar 2023

• Morning Consult has published a survey on behalf of Coinbase exchange to reveal that 20% of Americans own at least one crypto asset.
• 80% of Americans perceive the global financial system as unfair, expensive and confusing.
• Crypto ownership is highest among younger Americans with 36% of Gen Z and 30% of Millennials reportedly owning crypto assets.

Coinbase Survey Reveals That 20% Of Americans Own Crypto

A survey conducted by Morning Consult on behalf of Coinbase exchange has revealed that up to 20% (52.3 million) of Americans own some type of cryptocurrency, while 29% (75.5 million) have indicated an interest in purchasing crypto over the next 12 months. This suggests that the adoption rate for cryptocurrency is increasing in the United States.

Americans Perceive Global Financial System As Unfair

The survey findings also indicate that 80 percent of Americans perceive the current global financial system as unfair, expensive and confusing, while 67 percent agree that it needs a complete overhaul. Accordingly, many American investors are shifting their focus towards cryptocurrencies and blockchain technology as they believe that it can make the financial system fairer in the future.

Younger Generations Lead Crypto Adoption

Crypto ownership is highest among younger generations; 36 percent of Gen Z and 30 percent of Millennials reportedly own crypto assets according to the survey data from Morning Consult. This shows that younger investors are more likely to invest in cryptocurrencies than older generations who may be more hesitant or lack knowledge about digital assets.

Americans See Crypto As The Future

Despite recent market decline and widespread contagion, 65 percent of crypto investors in the U.S said that the best days for cryptocurrencies are still ahead us according to the report findings; 70 percent of older investors and over 50 percent of Gen Z & Millennial expressed optimism about how blockchain and cryptocurrency will redefine finance in years to come..

Conclusion

Overall, this survey reveals an increasing trend in crypto adoption amongst US citizens as well as a growing optimism about its potential role within global finance systems going forward

• The Securities and Futures Commission (SFC) of Hong Kong has launched a consultation paper for the public to provide feedback on its proposed regulation of crypto exchanges.
• Exchanges will be required to obtain a license from the SFC and meet certain investor protection requirements.
• Huobi is seeking to obtain a crypto trading license from the SFC in order to expand its services in Hong Kong.

Hong Kong SFC Proposes Regulatory Requirements for Crypto Exchanges

The Securities and Futures Commission (SFC) of Hong Kong has called on the public to provide feedback on its proposed regulation for crypto exchanges seeking to serve retail investors in Hong Kong. Under the SFC’s requirements, all crypto exchanges offering trading services in Hong Kong must be licensed by the SFC. The commission has invited all interested crypto market participants to provide feedback on its proposed regulatory requirements on or before March 31.

Proposed Regulatory Requirements

SFC Chair Julia Leung said that retail investors would only be allowed to trade highly liquid crypto assets, and that the proposed requirements include robust measures to protect investors — following the ’same business, same risks, same rules‘ principles. In addition, the SFC has urged crypto exchanges willing to continue operating in Hong Kong to duly apply for a license, while those who do not intend to apply for a license should close down their operations.

Huobi Moves To Obtain License

Tron founder and Huobi adviser Justin Sun announced on Feb 20th that Huobi will be launched in Hong Kong as it seeks to obtain a crypto trading license from the SFC. With this new license, Huobi will be able to expand its services and offerings to customers in Hong Kong, providing a wider range of options when it comes to cryptocurrency trading and investments.

Public Invited To Provide Feedback

The SFC is seeking feedback from the public about whether or not licensed exchanges should serve retail investors as well as what measures should be implemented in order ensure adequate investor protection. All interested parties are invited submit their thoughts and opinions on these matters before March 31st .

Conclusion

The Securities and Futures Commission (SFC) of Hong Kong has established regulations concerning cryptocurrency exchanges with regards protecting retail investors within their jurisdiction. Cryptocurrency exchanges may now apply for licenses through this new framework set forth by the commission which also prevents non-licensed entities from operating within this space as well. The public is invited by the commission until March 31st 2021to submit their opinion regarding these changes made by them so they can assess how they can best protect those who wish invest into cryptocurrencies within their borders

• The U.S. Securities and Exchange Commission (SEC) enforcement division has issued a Wells notice to Paxos, the issuer of stablecoin Binance USD (BUSD).
• The SEC plans to sue Paxos for allegedly violating securities and investor protection laws as BUSD is considered an unregistered security
• A Wells notice does not mean that the SEC will take enforcement action, as the commissioners of the SEC have to vote in order to authorize any enforcement litigation or settlement by the agency

SEC Issues Notice Against Paxos

The U.S. Securities and Exchange Commission (SEC) enforcement division has issued a Wells notice to Paxos — The Wall Street Journal (WSJ) reported, citing anonymous sources. The New York Department of Financial Services instructed Paxos Trust Co. — the issuer of stablecoin Binance USD (BUSD) — to halt any further creation of BUSD, according to the WSJ.

What is a Wells Notice?

A Wells notice is a formal notice from the SEC which informs the recipient that it plans to bring enforcement actions against them. In this case, they plan to sue Paxos for allegedly violating securities and investor protection laws because BUSD is considered an unregistered security.

Paxos Issued BUSD in Partnership with Binance

Paxos issued 1:1 dollar-pegged stablecoin in partnership with Binance in September 2019. Since then, BUSD has grown to be the third largest stablecoin and seventh largest cryptocurrency — with a market cap of $16.15 billion — according to CryptoSlate data.

What Happens Next?

A Wells notice does not mean that the SEC will take enforcement action automatically; instead, five commissioners have to vote in order for any enforcement litigation or settlement by the agency authorized .Paxos can submit a written response to contest their case as well as why they should not be sued.

Stablecoins on SEC’s Radar

                                                                                                                                           
  When the SEC nearly doubled its Crypto Assets and Cyber Unit in May 2022, it said that stablecoins would be an area of focus. Stablecoins are similar bank deposits or money-market mutual funds accordingto SEC Chairman Gary Gensler

• A single whale withdrew over $120 million in Bitcoin from crypto exchange Gate.io over the weekend.
• This is the second-largest withdrawal in the history of Gate.io, with only 10,000 Bitcoin leaving exchanges across the board.
• Currently, 2.24 million Bitcoin are sitting on exchanges, which is the lowest level in five years.

Single Whale Withdraws Over $120M in Bitcoin

A single entity recently withdrew over $120 million worth of Bitcoin from crypto exchange Gate.io, making it one of the largest withdrawals ever made from the platform and sending a huge amount of coins into circulation.

Weekend Withdrawal Affects Exchange Balances

Roughly 10k BTC have been moved off exchanges this past weekend, resulting in a lower balance on exchanges than usual; currently there are only 2.24M BTC sitting on them – the lowest level in five years according to Glassnode analytics data. Gate.io has now 7K BTC left within its reserves after this massive transaction occurred.

Bitcoin Net Transfer Volume by Size

The net transfer volume by size shows that most of these transfers were quite large; however, some smaller ones still took place as well and may have contributed to this drastic drop in balances across all exchanges worldwide.

Implications for Crypto Market Going Forward

This could be either bullish or bearish news depending on what direction you’re looking at it from: if it’s a whale taking profits off their investments then that could send prices down as they dump their coins; but if they’re preparing to buy back into the market then that could also be seen as a sign of confidence and result in increased prices overall due to increased demand coming from them alone!

Conclusion

It’s clear that cryptocurrency markets are still being heavily influenced by whales who can move large sums of money around with just one transaction – making them powerful players when it comes to price movements and market sentiment alike!