Author: Coindesk

Coinbase, the second biggest exchange, after Bybit, according to CoinGecko data, has been racing alongside other companies to become compliant with the European Union’s MiCA rules which require firms to be authorized in at least one EU country. Rules for stablecoins came into force on June 30, which require stablecoin issuers to have an e-money license in an EU member state to be able to operate in the bloc of 27 nations. Read the full article here

Geopolitical tension and the upcoming U.S. presidential election will likely underpin the ‘debasement trade,’ and this favors both bitcoin and gold, JPMorgan said in a research report on Wednesday. “A Trump win in particular, apart from being supportive of bitcoin from a regulatory point of view, would likely reinforce the ‘debasement trade’ both via tariffs (geopolitical tensions) and via an expansionary fiscal policy (‘debt debasement’),” analysts wrote. If the “Trump trade” plays out in a similar way to 2016, there should be higher U.S. Treasury yields, a stronger dollar, U.S. stock market outperformance, in particular banks, and tighter credit spreads,…

The employment picture in the U.S. heated up in September, with the government reporting the addition of 254,000 jobs last month, flying past economist estimates for just 140,000. In addition, August’s previously reported 142,000 job gain was revised higher to 159,000. Read the full article here

The methodology used by Glassnode uses price stamping of bitcoin deposits to ETFs for the top three ETF issuers, which provides a rough break-even point for ETF investors. The data suggests, investors in Fidelity’s FBTC has a cost basis of $54,911, Grayscale at $55,943, and BlackRock $59,120. Read the full article here

If the “Trump trade” plays out in a similar way to 2016, there should be higher U.S. Treasury yields, a stronger dollar, U.S. stock market outperformance, in particular banks, and tighter credit spreads, JPMorgan said. This shift has not happened yet, with only a small move higher seen in these markets. Read the full article here

Bitcoin is down over 6% since the start of October, data shows, a month that has only twice ended in the red since 2013 – chalking gains of as high as 60% and an average of 22% to make it the most best for investor returns. That has dented social sentiment on X, with some users being bearish about price recovery. Read the full article here

This isn’t the first time IMF has warned El Salvador. Most recently, in August, the IMF said something similar when it declared in a statement that “while many of the risks have not yet materialized, there is joint recognition that further efforts are needed to enhance transparency and mitigate potential fiscal and financial stability risks from the Bitcoin project.” At that time, the IMF also said that “additional discussions in this and other key areas remain necessary.” Read the full article here

A subcommittee of the CFTC’s Global Markets Advisory Committee voted to pass the recommendations on to the full committee, which is expected to vote on the recommendations later this year, the report said citing two people familiar with the matter. Read the full article here

Overall, trading activity on crypto exchanges waned last month with derivatives and spot trading volumes both falling 17%, the report noted. September historically marks the end of a weak mid-year season in trading, giving way to a busier last quarter, CCData analysts said. “With catalysts such as increased market liquidity following the Federal Reserve’s interest rate cut and the upcoming U.S. election, trading activity on centralized exchanges is expected to rise in the coming months,” the authors wrote. Read the full article here

And then there’s Silvergate. Silvergate was never sold, but rather voluntarily liquidated by management. None of its executives have since dared speak up. In early 2023, the SF Fed communicated to them, with the seeming tacit approval of other regulators, that they would have to reduce their crypto deposits to a de minimis share of their overall business. This was fatal to its practice – as over 90% of their deposits related to the crypto space as of Q2 2022. Following the bank run in Dec. 2022-Jan. 2023, Silvergate was still solvent. After all was said and done, they were…