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BTC near its 10-day moving average and below the 50-day, a sideways-to-bearish signal for market technicians.
“Obviously we are now seeing the impact of temporary bullish exhaustion,” said Andrew Tu, an executive for crypto quant trading firm Efficient Frontier. “After failing to break the all-important $20,000 psychological figure several times, having been held down repeatedly between $19,000 and $20,000 over the last two weeks, we are now seeing a correction for BTC.”
DeFi 'locked' metric near all-time high
Meanwhile, the amount of bitcoin locked has been dropping for most of the past month and was at 162,703 BTC as of press time.
Circle CEO Jeremy Allaire has called for better regulation of the crypto market in a letter to the US Treasury Department.
He said the country could lose out to China in the long run.
The crypto industry is seeing a slow pace of regulations in the US despite its fast technological advancements.
Circle CEO Jeremy Allaire sent a letter to senior staff of the US Treasury Department yesterday appealing for the quicker regulation of cryptocurrencies and blockchain protocols in the country, stating it could lose out if it didn’t act on the emerging technology.
USD Coin (USDC) was one of the cornerstones of the letter. As one of the only regulated stablecoins—or cryptocurrencies fully backed on a 1:1 basis with a fiat currency—the product is backed by over $3 billion and completed $250 billion in settlements in 2020 due to increased demand.
However, Allaire claimed that most industry participants were already focused on eliminating financial fraud, and such regulations could effectively hamper the market’s growth and the US would lose out to countries like China.
He wrote, “With all due respect, I believe the proposal would inadequately address the actual risks that are at issue, would significantly harm industry and American competitiveness, would continue to yield economic and industry advantage to Chinese firms, and would have significant unintended consequences around the broader use-cases for this technology.”
Germany’s Bankhaus von der Heydt, or BVDH, has launched a Euro stablecoin on the Stellar network.
The bank claims the token is the first of its kind to be issued by a banking institute.The EURB stablecoin, which went live today, was developed on the Stellar blockchain in partnership with tokenization and digital asset custody technology provider Bitbond.
The asset, which is fully regulated and backed one-for-one with Euros, will not be openly traded on exchanges due to tight regulatory and Know Your Customer requirements.
If a customer wants to acquire the stablecoin, a fiat currency transfer is held in an escrow account at the BVDH, which triggers the issuance of the EURB. The announcement states that developers of financial applications can immediately utilize the token to settle asset transfers on-chain. The underlying platform, built by Bitbond, gives full control of the stablecoin’s security to the bank, including mechanisms for burning and minting the token.
“Banks normally wouldn’t feel comfortable using [stablecoins] like Tether or USDC, due to the potential counterparty risk that is behind them [...] They prefer to work with stablecoins issued by banks, and the same is true for institutional investors.”
There are no federally regulated "crypto banks" yet, though several crypto firms have applied for charters.
The Acting Comptroller of the OCC has encouraged crypto companies to apply for national charters.
Paxos, a stablecoin provider and digital asset company, has applied for a US national trust bank charter with the Office of the Comptroller of the Currency.
If successful, Paxos, which is already regulated as a trust company in New York, would be “the first custodian of digital assets to be regulated at both the state and federal levels,” Paxos General Counsel Dan Burstein wrote in a blog post today.
In its OCC filing, Paxos said it will initially “conduct only certain activities that are currently conducted by Paxos’s New York state-chartered trust company and supervised by the [New York Department of Financial Services].” However, it stated, “Other activities conducted by Paxos affiliates may be migrated to Paxos National Trust over time based on operational, financial and legal considerations.”
In an interview last month with Forbes, after BitPay and Anchorage’s applications were submitted, Brooks indicated that national trust bank charters would be one way for crypto businesses that are currently regulated at the state level to operate nationally without getting a money transmission license.