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Last Updated : December 02, 2022 / 07:52 AM IST
Cryptocurrency roundup for December 2: Binance hires Donald Trump’s audit firm, Mark Mobius predicts Bitcoin at $10000 and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
Big Story
Binance To Use Donald Trump’s Audit Firm To Verify Its Cryptocurrency Reserves
Binance has appointed accounting firm Mazars to verify its proof of reserves (PoR), weeks after the collapse of Sam Bankman-Fried led crypto exchange FTX. As part of Binance’s PoR upgrades, Mazars, the accounting firm that worked for the company of former US President Donald Trump, was chosen as the official auditor to carry out a “third party financial verification,” according to The Wall Street Journal. The accounting firm is reportedly already scrutinizing all of Binance’s information on Bitcoin PoR that has been made publicly available and will also be checking upcoming upgrades and tokens, according to a representative for Binance. Read details here
Bitcoin Buzz
Bitcoin Is The Only Commodity, Says CFTC Chief Amid FTX Contagion
Chief of the United States Commodity Futures Trading Commission (CFTC) Rostin Behnam has asserted that Bitcoin is the only cryptocurrency asset that can be seen as a commodity as the industry reels with the aftershocks from the collapse of FTX (CRYPTO: FTT). Behnam was speaking at Princeton’s new DeCenter, a blockchain-focused institute funded by crypto titans and Princeton alumni. “It’s unlike any commodity we have dealt with,” Fortune reported Behnam saying, apparently citing crypto’s prevailing behavior as a speculative retail market. The head of the CFTC was responding to a query on whether crypto assets should be considered commodities and which ones are securities. Take a look
FTX Collapse
BlackRock CEO Says FTX’s Token caused Its Collapse, But The Technology Is Still Cutting-Edge
The CEO of the biggest asset management company in the world, BlackRock, has asserted that FTX’s collapse was caused by the creation of its own centralized FTX Token, which went against the “whole foundation of what crypto is.” The $8 billion investment firm’s chairman and CEO, Larry Fink, made the comments on November 30 at the 2022 Dealbook Summit hosted by the New York Times. He added that despite thinking that FTX’s self-developed token was to blame for the company’s demise, he still thinks that cryptocurrencies and the blockchain technology that powers them will be revolutionary. Read More
Crypto Regulations
According to US Treasury’s Adeyemo, the FTX collapse highlights the need for global cryptocurrency regulations
The collapse of the Bahamas-based FTX, according to Wally Adeyemo, U.S. deputy secretary of the Treasury, demonstrated the necessity for the United States to collaborate with other nations to develop global crypto rules. Adeyemo stated as much at the Reuters NEXT conference in Washington, D.C. Doing so is crucial for the safety of investors, consumers, and the stability of the global economy, as well as to stop the use of cryptocurrencies for illicit purposes. According to Adeyemo, “[Crypto] is a worldwide phenomena.” “And what that means is that when we look about innovations like cryptocurrencies, we’re going to have to work closely with our foreign allies to build a regulatory regime in a framework that allows us to make sure we preserve the global economy.” Read details here
What Experts Say
UK lawmaker: “Crypto Industry is a Disaster and Needs Rebranding”
Godfrey John Bewicke-Copley, a member of the House of Lords, stated during a meeting of the All-Party Parliamentary Group (APPG) on Wednesday that the cryptocurrency market is currently “a complete disaster.” He also suggested that the sector “drop” the word “crypto” entirely. “Please, if we’re moving forward, let’s stop referring to it as crypto. Do not refer to it as illicit money, please. Simply refer to it as a digital currency. Just throw away the crypto, he said. Bewicke-Copley, whose given name is Lord Cromwell, stated that the cryptocurrency business must endeavor to win over authorities and may require some rebranding. Read details here
DAI Rewards
DAI Rewards to be Increased to 1%, MakerDAO Community Votes
The DAI stablecoin’s reward rate will grow to 1% with to a vote by the MakerDAO community, one of the biggest decentralized finance (DeFi) protocols. During the polling, which ended Thursday, over 71% of voters preferred a 1% raise, the highest possible option. A 1% yearly return on DAI holdings is now possible thanks to an increase in the DAI Savings Rate (DSR), which provides investors with an incentive at a time when respectable yields in cryptocurrency are hard to come by. The return is still substantially lower than what is offered by conventional yield-generating investments like U.S. government bonds. Read More
KuCoin
KuCoin Draws Fury for Sky-High Yields on Dual Investment Earning Bitcoin Products
It once seemed like the greatest approach to promote adoption was to have exorbitant yearly percentage rates on crypto yield products. That moment is already past. Since its KuCoin Earn website advertises APRs of 233.15% on Ethereum, 253.28% on Bitcoin and 100% on Tether deposits, the cryptocurrency exchange KuCoin has been under fire this week. Although the company’s website claims that the Tether (USDT) prices are a part of a promotion, the ETH and BTC rates mentioned correlate with a sophisticated “dual investment” KuCoin Earn product. Read more here
Bitcoin Price
According to Mark Mobius, the price of bitcoin could drop by 40% to $10,000 in 2019
Veteran investor Mark Mobius told CNBC on Thursday that the price of bitcoin could drop to $10,000, a drop of more than 40% from current levels. Bitcoin is “not far away” from $10,000, according to the co-founder of Mobius Capital Partners, who correctly predicted the drop to $20,000 this year after it broke through the technical support levels of $18,000 and $17,000. While Mobius anticipates bitcoin to remain around its current $17,000 level, he added that the drop to $10,000 may occur in 2023. The investor, who rose to prominence at Franklin Templeton Investments, told CNBC that tighter monetary policy from the U.S. Federal Reserve and rising interest rates were the main reasons he was bearish on bitcoin. Read details here
Crypto Tax
Italy considers a 26% cryptocurrency gains tax as Binance and Gemini open their doors
With a plan to tax digital trading, Italy is poised to become the newest European nation to profit from the influx of cryptocurrency businesses onto the continent. A plan included in the country’s 2023 budget would tax capital gains from cryptocurrency trading that exceed €2,000 ($2,062) at a rate of 26%. In the past, Italy’s tax laws viewed cryptocurrency, in the same manner, they would a foreign currency. It follows the decision by several international cryptocurrency companies to focus on growth in Europe this year. In addition to the countries where it is already registered, which also includes Italy, Bitpanda just acquired an operating license in Germany. Take a look
Market Buzz
Cryptocurrencies trade flat on Thursday
Major cryptocurrencies like Bitcoin and Ethereum traded flat on Thursday, with the world’s largest digital currency by market capitalization trading up by 1.3% at the $17,030 level and Ethereum up 0.8% at the $1,280 level. Other cryptocurrencies like Ripple, Dogecoin, Cardano, and Polygon were trading up 0.2%, 1%, 1.6%, and 6% respectively.
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