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The U.S. Treasury’s Financial Crimes Enforcement Network has proposed new rules for regulating non-custodial crypto wallets.
If implemented, institutions would have to identify anyone using an unhosted wallet to transact over $3,000.
Transactions over $10,000, from these wallets, would have to be reported directly to FinCEN.
The U.S. Treasury yesterday proposed a regulation that would require banks and crypto exchanges to confirm the identity of the owners of non-custodial cryptocurrency wallets to whom its customers send crypto.
According to the proposal, put forward by the Treasury’s Financial Crimes Enforcement Network, banks and other financial institutions that exchange or issue money must “submit reports, keep records, and verify the identity of [some] customers” who send cryptocurrency into private wallets. These institutions would have to verify and record the names and physical addresses of wallet holders who receive $3,000 in crypto, and report those details to FinCEN when a customer sends over $10,000.
With another bitcoin (BTC) all-time high and Christmas knocking on our wreath-decorated doors, we are reminded that a major aspect of the holiday season is certainly - that’s right – shopping after an impressive bull run in the market this year. Let’s take a look at some interesting crypto-themed and crypto-paid gifts you can get for your loved ones, or for yourself. Or both!
Last year, we offered a long and detailed assortment of Christmas gifts, be it the more traditional ones, or modern and unique ones, cheap or expensive ones, clothes, accessories, jewelry, and garden gnomes. That list still very much stands, and either has your gift on it, or can at the very least inspire you for one, so go check it out.
First things first: Masks on
It was a rough year. No doubt about it. With the fires in Australia and the COVID-19 pandemic, to name just two of numerous tragedies in 2020, the world has suffered. Yet, people adapt. And one way of doing that is to personalize even that which has been forced upon them - such as the masks we've all been required to wear for months now and for a very good reason. The world has decided to turn this prevention measure into a fashion statement, and the Cryptoverse has decided to put its own twist on it. Therefore, you can get your own crypto-themed mask to go with any outfit.
Start with a classic: Art
Crypto art is no joke. We’re talking serious art and serious money here, people. And who wouldn’t want to be a tokenized digital art collector? As we just recently saw, Ethereum-based artworks created by artist Pak have been sold for over a million dollars combined—which is an industry record. You can check out the work of various artists in galleries such as SuperRare, Nifty Gateway, MakersPlace, Async Art, KnownOrigin, and others.
Continue with another classic: Toys
There’s a myriad of toys to choose from that are either crypto-themed or that could be purchased with crypto. This time, we looked into Tenacious Toys, who describe themselves as “a true "mom & pop" shop owned by Benny & Steph,” specializing in limited edition art toys in vinyl, resin, and PVC, as well as one-off custom toys.
The price of Bitcoin (BTC) surpassed $24,000 on Dec. 19, reaching a new all-time high. On Coinbase, BTC peaked at $24,200 and has since consolidated into the $23,500 to $23,800 range.
Three factors pushed the price of BTC upwards within a short period, leading it to a record-high. The factors are a large short squeeze, stacked sell orders at $23,600, and the market’s reaction to the U.S. Treasury’s self-custodied wallet rule proposal.
A massive short squeeze occurs again at $23,600
According to data from Bybt.com, $138 million worth of short contracts were liquidated today.
The mass liquidation of short contracts occurred just as Bitcoin surpassed $23,600. The $23,600 area was a key resistance level because of stacked sell orders across major exchanges.
Jake Chervinsky, a general counsel at Compound Finance, said:
“Let's look on the bright side for a minute. This doesn't require KYC for every transaction with a non-custodial wallet. It isn't an outright ban on self-custody. It doesn't prohibit the act of using a permissionless network. It really -- REALLY -- could have been much worse.”
Scott Melker, a cryptocurrency trader, pinpointed the Relative Strength Index (RSI) of Bitcoin on the 4-hour chart to suggest that overbought bear divergences are likely to occur. He said:
“Closed my $BTC leveraged long. Overbought bear divs are likely, not guaranteed. But I would love to long a retrace if given the chance. Especially a retest of the old all times high as support.”