EddieJayonCrypto
11 Oct 23
Binance is looking at Brazilian issues, Bitmain comes up with back-pay and a lot more is going on. Here is what is on my mind today.1. Bitmain is not out of the dark yet, but at least they could come up with September backpay for its employees. The question still lingers: are they solvent? My bigges...
Binance is looking at Brazilian issues, Bitmain comes up with back-pay and a lot more is going on. Here is what is on my mind today.1. Bitmain is not out of the dark yet, but at least they could come up with September backpay for its employees. The question still lingers: are they solvent? My biggest question is who is starting to sniff around at his clear buying opportunity? 2. Almost to the minute, Binance says they are going to comply with FCA regulations and then their UK partner, RebuildingSociety.com, gets hit with sanctions for financial promotions. I told you things were going to move fast in this regulatory space given the longest of runways given for preparation. Binance is dealing with issues in Brazil, too. The government there is leaning toward indictments for the company and some of its execs. 3. Canada may be easing its ban on stablecoins. The Canadian Securities Authority has issued a statement that they may allow trading of stablecoins that are pegged to a single fiat. This would be as close to an about face on the topic as one would think. I want to know it Canada is working to developing their own CBDC or are they recognizing that DeFi is here to stay and avoiding stablecoins is not really an issue. 4. Meanwhile, Bitstamp is going to be exiting the Canadian marking beginning January 2024. This is very big deal. Current customers of this popular centralized exchange must withdraw their funds by January 8, 2024. 5. Circle has been making big moves. Recently, they have completed the process of bringing USDC to Polygon PoS. They are now minting USDC natively on the popular network. People should be paying attention to this as it is big news for polygon, too. This is yet another reason why I believe Polygon is a part of the connective tissue of the financial future. 6. Here is something that has everyone buzzing. Bitcoin Miners sold over 20K BTC in a week. That said, I would not be panicking. They have been making record profit and it is smart of them to take some money of the table and prepare for upcoming events. Imagine of one of these miners decided to buy Bitmain. Exactly, Think they are just generating some cash to use as dry powder should the opportunity arise. 7. The industry is waiting for JPMorgan's Q3 results with many thinking the bank will show as much as a 25% increase in profits. Other banks, like Goldman Sachs may be looking at earnings per share decreases of as much as 35%. Higher interest rates are having a huge impact on the banking industry. 8. I will leave you with this last tidbit. Pay attention to the financial woes of the Chinese real estate industry. It is taking a major hit and may foretell the countries actual economic standing. I say this because this could have global implications if things keep taking a downward turn. Sponsors:🌎 https://RebelReach.com - Robust hosting and marketing services!🌎 https://RebelVino.com - All things food and beverage!🌎 https://RebelVisions.com - Helping companies achieve more through operational excellence and disciplined project execution!🔥 Smash the likes and SUBSCRIBE for more great videos! https://youtube.com/c/EddieJayonCrypto?sub_confirmation=1🚨 Full Disclaimer: This video and its contents are for informational purposes only and do not constitute an offer to sell or trade, a solicitation to buy, or recommendation for any security, cryptocurrency, or related product, nor does it constitute an offer to provide investment advice or other related services by Eddie Jay on Crypto. Eddie Jay on Crypto may have a financial investment with the cryptocurrencies discussed in this video. In preparing this video, no individual financial or investment needs of the viewer have been taken into account nor is any financial or investment advice being offered. Any views expressed in this video were prepared based upon the information available at the time such views were written. Changed or additional information could cause such views to change.