Cryptocurrency roundup for October 27: Singapore's new rule for crypto trading, Andreessen Horowitz upbeat... - Moneycontrol

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Last Updated : October 27, 2022 / 08:41 AM IST
Cryptocurrency roundup for October 27: Singapore’s new rule for crypto trading, Andreessen Horowitz upbeat on cryptos, Bitcoin short sellers fleeing, and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

Murtuza Merchant

Market Buzz
Undergo assessment, then trade in cryptos: Singapore Central Bank

As part of a series of severe measures put forth by the Monetary Authority of Singapore (MAS) to educate investors and traders about the dangers of trading in volatile assets, the country may soon mandate retail investors to pass an assessment and abstain from utilizing leverage or credit. Many retail users may not have sufficient knowledge of the hazards of trading digital payment tokens, according to the MAS, which may lead them to take on bigger risks than they would otherwise have been willing, or are able to bear. Read full here

Big Story
Andreessen Horowitz’s Crypto Fund sees long-term growth in cryptos

Chris Dixon, a partner at the venture capital firm Andreessen Horowitz, predicts widespread adoption of blockchain technology and has a “very long-term view” for cryptocurrencies despite the flagship crypto fund losing over 40% of its value amid the market downturn this year. The internet’s political and governing framework is what crypto is about, according to Dixon, who noted that the industry is still in the early phases of user acquisition. Dixon said the sector was in its early stages of acquiring users and while he is not sure when mass-scale adoption will occur, crypto is about the political and governing structure of the internet. “We have a very long-term horizon,” Dixon said. Read details here

Bitcoin Buzz
BTC bull run: short positions worth $979 million wiped out

Even as the world’s largest and second-largest digital currencies continued their upmove on Wednesday, the price movement caused a staggering $1.13 billion to be liquidated across the markets over the past 24 hours, with more than 87% of that sum, or $979 million, being short positions or wagers against price rises. Liquidation in the context of cryptocurrency markets refers to a situation where an exchange forcibly cancels holdings as a result of a partial or complete loss of the initial margin. This occurs when a trader lacks the capital to maintain the open position because they are unable to meet the margin requirements for a leveraged position. Take a look

Coins
Bitcoin reclaims the $21k mark following Bank of Canada’s surprise
Cryptocurrency gains continued on Wednesday as new home sales in the U.S. continued to decline and the Bank of Canada surprised investors with a smaller-than-expected interest rate hike. The Bank of Canada increased rates by 50 basis points to 3.75%, while a 75-point increase was widely anticipated (after a 100-point increase in July and a 75-point increase in September). The Central bank though expressed concerns over economic growth, stating, ” Future rate increases will be influenced by our assessments of how tighter monetary policy is working to slow demand, how supply challenges are resolving.”
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