Bitcoin Bringing Bulls Back as SEC Gets Crypto-Friendly
You know something is cooking when Bitcoin starts making those highs. $113K and a nearly 59% gain on a sweet looking portfolio makes you wonder if the bear market wasn’t just a minute ago 📈
Elsewhere, regulators on both sides of the Atlantic are tightening their grip, and of course, nothing says “crypto is winning” like governments putting in those efforts to keep up. The UK policing on crypto firms and the SEC finally showing some love for digital assets….. Those are the signs, people.
Here are the Highlights:
- Bitcoin Hits $113K as BTC Dominance Approaches Two-Week High of 59%
- UK Proposes Stronger Anti-Money Laundering Rules for Crypto Firms
- US SEC unveils agenda to revamp crypto policies, ease Wall Street rules
- US Bank Resumes Bitcoin Custody as Regulatory Barriers Ease
Bitcoin Hits $113K as BTC Dominance Approaches Two-Week High of 59%
Bitcoin's (BTC) price recovery has gathered traction in the lead up to Friday's U.S. jobs report. The leading cryptocurrency by market value rose to $113,000, its highest level since Aug. 28, and recorded its first higher high since the mid August all time peak of $124,000, according to CoinDesk data. In technical terms, a higher high signals a potential bullish reversal in trend as the price surpasses its previous short term peak. Bitcoin’s market dominance, representing its share of the total crypto market, also climbed to a two week high of nearly 59%, up from a low of 57.5%.
UK Proposes Stronger Anti-Money Laundering Rules for Crypto Firms
The UK Treasury has released a new draft aiming to tighten anti-money laundering rules, with crypto firms directly in the spotlight. These proposals are meant to close loopholes that have made it easier for financial risk to go unnoticed. At the same time, the changes are being pitched as practical enough to let businesses keep running without too much disruption. One of the biggest changes targets how the Financial Conduct Authority looks at who controls a crypto firm. Right now, the focus is mainly on beneficial owners, which can miss people who actually call the shots.
US SEC unveils agenda to revamp crypto policies, ease Wall Street rules
The U.S. Securities and Exchange Commission on Thursday unveiled its rulemaking agenda for the upcoming months, which could see broad proposals to revamp cryptocurrency regulations and reduce rules Wall Street has decried as being overly burdensome. The SEC formally outlined several of its initiatives to overhaul cryptocurrency policies, which SEC Chair Paul Atkins had previewed in July. Those include proposing rules about the offer and sale of digital assets, which the SEC said could potentially include certain exemptions and safe harbors, and clarifying how its broker-dealer rules apply to crypto.
US Bank Resumes Bitcoin Custody as Regulatory Barriers Ease
US Bank, the fifth-largest commercial bank in the United States, has restarted its cryptocurrency custody business after stepping away for more than four years. The move signals a growing confidence among traditional financial institutions that regulatory headwinds around digital assets are easing. The bank will now offer custody for Bitcoin as well as support for exchange-traded funds (ETFs) tied to the cryptocurrency. These services are geared toward institutional investment managers, including those operating registered funds and private investment vehicles.
Other Highlights Worth Mentioning
Trump Media finalizes $105M Cronos purchase - Blockworks
French police arrest 7 tied to the latest crypto kidnap attempt - Cryptopolitan
Tether CEO Paolo Ardoino Confronts Bitcoin and Gold Whisper Campaign - BeInCrypto
Argentina Calls Cardano Founder Charles Hoskinson to Testify in LIBRA Probe - MEXC
COINIGY FACT OF THE DAY
On this day in 2020, SushiSwap’s DeFi “vampire” migration thrusts into the spotlight
On September 8, 2020, the DeFi world braced for a monumental moment: SushiSwap’s liquidity migration from Uniswap, a groundbreaking protocol-led “vampire attack.” Decrypt reported that $1.3 billion in assets were at stake as the migration loomed just hours away