tl;dr
Barring influencer controversy, there was actually a lot going on that actually matters. Here is what is on my mind today.1. I am not sure if I would use the word fear when describing the latest moves by Binance as the new MiCA regulations loom, but I would say they may be taking more drastic steps ...
Barring influencer controversy, there was actually a lot going on that actually matters. Here is what is on my mind today.
1. I am not sure if I would use the word fear when describing the latest moves by Binance as the new MiCA regulations loom, but I would say they may be taking more drastic steps in preparation. One of the steps being talked about is the delisting of stablecoin offerings. Mind you the move is not one that will come out of choice. Rather, the move may be forced upon then, if you read what Marina Parthuisot, head of legal at Binance France has to say. If this becomes a real thing, she says the delisting would have to happen by June 2024. If this were to happen, I do not think it would affect only Binance. This could be Europe's way of clearing the playing field for an upcoming CBDC. Frankly, I think this kind of move would drive even more people to crypto as Big Brother fears would definitely increase. Meanwhile, they have restarted operations in Belgium following a regulatory pause. Other good news for the world's largest centralized exchange is their partnership with banking giant MUFG Japan to launch stablecoins pegged to USD, EUR and Japanese Yen.
2. I hate to say it, but a US government shutdown is going to happen. This is going to cause a huge strain on the lower and middle class. Mind you, this is a self-inflicted wound and was very much avoidable. My question is how is this going to affect the economy? The next question is what would this depending on how long this lasts, how much cash is on-hand at some of the government departments. Some court cases will slow, services will definitely be halted. This could impact local economies as federal buildings would go empty. Thus no patrons. I think the markets would go down, including crypto. Buckle up! I don't think this is going to be a nice ride. On top of all of that, Jamie Dimon, CEO of JPMorgan is saying a 7% interest rate could be a crushing blow to the US economy and push it straight into a recession.
3. This is when you know the SEC has issues with reality. They have raised concerns over the role Coinbase will play in the bankruptcy distribution of Celsius' digital assets. Until found guilty, Coinbase is a reputable company and could be the best poised to handle the distribution. I desperately want to know the what facts the SEC has to make such an argument. Thus far, I have not seen anything that holds water.
4. Here is something positive to think about. It would seem that Microsoft may be looking to integrate crypto into their Xbox gaming ecosystem. The leaked documents date all the way back to May of 2022 and could be the biggest revelation to date. If the plans are correct, Microsoft may integrate a crypto wallet into the popular gaming console. On the heels of the Activision deal, this could lead to explosive adoption by what could be the most loyal and active user base on the planet. Every see the movie Ready Player One? I think it could offer a clue as to how far of a reach this could have. Mind you, if one does, they will all do it.
5. In this last bit of news, Huobi had about 5K ETH snatched from their wallet. The cyberattack netted about &7.9M for the bandits. Again, please be mindful of where you store your crypto. Due diligence is something that should be ongoing. Keep your mind in the news and keep your crypto safe!