BTC nearing $31K - BlackRock CEO Fink seeing client demand for crypto 'Around The World'
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In a closely watched speech at the Economic Club of New York, Fed Chair Jerome Powell declared that “inflation is still too high” and left the door open for another interest rate increase in December — though he essentially ruled one for November. In the last 20 months, the Fed has increased interest rates to a 22-year high to fight soaring inflation, bringing it?down to about half its June 2022 peak. But a series of recent reports show that the US economy is still roaring: the unemployment rate remains at a low level of 3.8%, and retail sales blew past estimates in September. Today, the 10Y Treasury yield rose above 5% for the first time since 2007 as the recent volatility in global bond markets continued. ?
BlackRock CEO Larry Fink has once again praised crypto on TV, saying that clients globally are asking about crypto and calling the recent rally a "flight to quality." Fink avoided talking about Bitcoin while the ETF application process was still under review. The appearance came shortly after a false rumor sent BTC price to $30K last Monday.?
On the regulatory side, EU regulators are preparing to introduce legislation (MiCA) that will impact crypto firms and their staff. The new laws will increase scrutiny on shareholders with over 10% stakes in exchanges, examining them for any previous legal issues, similar to banking regulations. MiCA will also place restrictions on staff bonuses to curtail excessive risk-taking. The legislation is set to take effect in December 2024. The EU has also formally adopted new rules allowing tax authorities to share data on individuals' cryptocurrency holdings. The directive, known as DAC8, is aimed at preventing funds from being stored overseas through crypto. It requires all crypto service providers to divulge transaction information of EU residents to combat tax fraud and evasion. In the US, New York’s Attorney General (NYAG) sued Gemini, Genesis, Genesis’ parent DCG, and two executives for defrauding investors with Gemini’s Earn offering, while the SEC dropped charges accusing Ripple CEO Brad Garlinghouse and co-founder Chris Larsen of violating security laws.?FinCEN is seeking to impose stricter surveillance and recordkeeping into 'crypto mixing' activities, citing that these can be exploited for cyber crimes and money laundering. This could compel US financial firms to exercise extensive due diligence in their dealings with crypto mixers if finalized. ?
In other news, Binance.US halted the withdrawal of USD on its platform, telling customers to convert USD to USD-backed stablecoins if they wish to withdraw USD assets. Uniswap announced it will start charging a 0.15% swap fee for a select group of tokens on its web app and wallet. Ferrari will start accepting cryptocurrency as a payment method in the U.S., with a view to extending the scheme to Europe.
On a weekly basis, BTC is up by 10.4% and ETH is up by 6.7%.?
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