EddieJayonCrypto
29 Sep 23
There are some big moves happening on the global stage. To those of us paying attention it further points to the United States losing ground as a leader in the Cryptoverse.1. Coinbase unleashes perpetual futures for non-US retail traders. The Bermuda Monetary Authority gave the nod that opens the do...
There are some big moves happening on the global stage. To those of us paying attention it further points to the United States losing ground as a leader in the Cryptoverse.1. Coinbase unleashes perpetual futures for non-US retail traders. The Bermuda Monetary Authority gave the nod that opens the door to the crypto derivatives market. The big deal about that is the space is currently dominated by the cash-rich institutional investors. Reports show they control about 75% of the derivatives market. We see you Coinbase. We see you making huge waves on the global stage. 2. The Fortress deal is toast! Ripple scraps plans to purchase the in a major fashion. CEO Brad Garlinghouse made what seemed to be a very crushing statement that clearly says the door is closed. What gets my attention is the price that was discussed for the deal. It was only $15M. That is not even a drop in the bucket for Ripple. I would truly like to know what happened behind those closed doors. 3. Bloomberg published a nice chart depicting all of the dates for the Bitcoin spot ETF decision process. Final decisions are expected beginning January 10, 2024 for Grayscale and continue through May 30, 2024 for the Franklin Bitcoin ETF. Mind you, there are another dozen in between. There is a lot to pay attention to between now and then, not the least of which is the pressure being applied to Gary "180" Gensler. 4. The US Congress is looking to create a record of off-chain crypto transactions. The Democratic crypto bill is meant to avoid another FTX situation. I know I have spoken about this previously, but I want to reiterate I believe the vast majority of the issues with FTX was the lack of proper and thorough due diligence. In other words, greed made smart people avoid doing what should have been obvious. They got away with a lot because nobody bothered to look. This bill is going to be dad in the water. It is too far behind other bills and it is still a look backward. It also falls short as it looks at exchanges. They seem to forget that if an entity does not want you to know about their transaction, they do not require exchange services. 5. Crypto.com seems to have gone all-in with PayPal's $PYPUSD. The popular centralized exchange has multiple trading pairs for the stablecoin, including one for XRP. Other trading pairs include Solana and Dogecoin. 6. The Bank of England is creating a permanent lending facility for non-bank entities like insurers and pension funds, particularly during financial crises. This move is driven by the limitations seen in traditional lending during the 2020 pandemic and 2022 gilts crisis, aiming to offer continuous support to these growing non-bank financial bodies within England's financial sector. In other words, they are looking to strengthen the financial safety net. 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.