Experts Predict Future Regulation of Crypto Exchanges by 2025, With Split Opinion on Similarity to Traditional Finance – Regulation Bitcoin News

Experts Predict Future Regulation of Crypto Exchanges by 2025, With Split Opinion on Similarity to Traditional Finance – Regulation Bitcoin News

Following finder.com’s reports on bitcoin and ethereum predictions, the product comparison site polled 56 specialists in the fintech and cryptocurrency industry to gauge their thoughts on future regulation of crypto exchanges. The experts predict that virtual currency trading platforms will be regulated, but not until 2025 or 2030. When regulation does occur, 76% of Finder’s panelists expect the trading platforms to be treated similarly to traditional financial institutions.

87% of Finder’s Fintech and Crypto Experts Believe Exchanges Must Disclose Proof-of-Reserves Audits

A recently published report from finder.com, which polled 56 experts in the fintech and cryptocurrency industry, shows that 87% believe exchanges will need to disclose proof-of-reserves audits and liability records. The specialists reveal that standard regulations for crypto exchanges will not occur until 2025 or 2030.

While 76% of the panelists believe crypto trading platforms will be regulated similarly to traditional finance platforms, 17% expect this to happen by 2024. 22% predict regulation by 2025, and 35% expect it to take place in 2030.

“Any exchanges that remain need to get with the program, proof of reserves and liabilities should be prerequisites and non-negotiable for people selecting where they trade,” Swyftx’s head of strategy Tommy Honan said.

Honan believes, alongside 87% of the panelists, that exchanges need to provide a record of liabilities and proof-of-reserves. “Exchanges also need to continue to upskill their users on self-custody and lean into new and innovative products that support it,” Honan added.

Split Views on Crypto Regulation: 15% Buck Tradition, Half Believe Industry Will Weather the Storm

About 15% of Finder’s panel, including Cryptoconsultz CEO Nicole DeCicco, do not believe crypto exchanges should be regulated similarly to traditional financial institutions. However, DeCicco predicts that standard regulations will be enforced throughout the crypto industry by 2024.

“It’s imperative though we warn investors about the risks involved,” DeCicco said in a statement. “At Cryptoconsultz we teach our clients to think of cold storage and self-custody solutions as their bank account and centralized exchanges similar to the money one might pull out of an ATM and walk around with in their pocket,” the executive added.

Approximately 42% of Finder’s experts believe that the number of customers for crypto exchanges will continue to decline following several bankruptcies in the industry, including the FTX collapse. 84% of the panelists emphasized that the cryptocurrency industry will survive the FTX implosion that occurred in November 2022.

42.31% predict that more crypto trading platforms will go bankrupt due to customer losses, with more than 15% thinking this will happen in five years and 26.92% within a year. However, exactly half of Finder’s panelists believe that no such event will occur.

You can check out Finder’s crypto exchange regulation prediction report in its entirety here.

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What do you think about the predictions of Finder’s experts on the future of crypto exchanges? Do you agree or disagree with their views on regulation and the potential impact on the industry? Share your thoughts in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Sberbank Set to Launch Decentralized Finance Platform Based on Ethereum – Defi Bitcoin News

Sberbank Set to Launch Decentralized Finance Platform Based on Ethereum – Defi Bitcoin News

A recent report details that Russia’s largest financial institution, Sberbank, plans to launch a decentralized finance (defi) platform in May. Konstantin Klimenko, product director of Sberbank’s blockchain laboratory, said that open testing will begin in March.

Sberbank’s Defi Platform to Enable Large-Scale Commercial Operations

According to a report published by the news outlet Interfax, state-owned financial services company Sberbank, based in Moscow, plans to launch a decentralized finance (defi) application. The platform is currently undergoing closed beta testing, according to Konstantin Klimenko, Sberbank’s blockchain laboratory product director.

“We have set ourselves a big goal — to make the Russian defi ecosystem number one,” Klimenko said. “Our network is currently working in closed beta testing format … But starting March 1st, we will move to the next phase and it will no longer be beta testing, but open testing,” Sberbank’s blockchain laboratory executive added.

The platform, which will be based on Ethereum, will work with the Web3 wallet Metamask. Sberbank’s team aims to make it publicly available by the end of April and hopes it will enable large-scale commercial defi operations. In June 2022, the Russian banking and financial services giant conducted the first digital asset transfer on its platform, which was approved by the Bank of Russia. In September, Sberbank announced that its platform will also allow non-fungible token (NFT) minting.

Besides the Bank of Russia, Sberbank is Russia’s largest financial institution with $559 billion in assets under management (AUM) as of 2021. The bank is also the leader in the card payments industry in the Russian Federation, commanding more than 61% of the market. In January 2022, the Russian banking firm launched Russia’s first blockchain exchange-traded fund (ETF). Sberbank, its executive members, and its subsidiaries have been fans of blockchain technology since 2015.

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What do you think about Sberbank’s goal to make the Russian defi ecosystem number one? Leave your thoughts in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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DOJ-Appointed US Trustee Objects to Subpoena Request in FTX Bankruptcy Case – Bitcoin News

DOJ-Appointed US Trustee Objects to Subpoena Request in FTX Bankruptcy Case – Bitcoin News

Following a request from FTX lawyers to subpoena FTX co-founder Sam Bankman-Fried (SBF) and members of his family, the U.S. Trustee appointed by the Department of Justice has filed an opposition to the request. The U.S. Trustee explained that the motion would duplicate the efforts of the federally appointed independent examiner.

U.S. Trustee Argues for Limiting Duplicative Efforts in FTX Bankruptcy Investigation

About a week ago, lawyers representing FTX debtors filed a motion with the bankruptcy court to subpoena and question Sam Bankman-Fried’s (SBF) inner circle and family members. The FTX attorneys stated they want to question SBF, his parents Joseph Bankman and Barbara Fried, his brother Gabriel Bankman-Fried, and four members of the FTX/Alameda executive teams. The legal team noted that several of these individuals were allegedly not cooperating with the bankruptcy process.

After the request was filed, the U.S. Trustee appointed by the Department of Justice (DOJ) filed an objection motion against the subpoena proposal. Andrew Vara, the U.S. Trustee in the FTX bankruptcy case, was added to the proceedings in December 2022. In the opposition filing, Vara argued that the subpoenas and questioning could be a waste of time and result in duplicative investigative efforts. Vara emphasized that the bankruptcy court has an “obligation to prevent unnecessary expenditures in the administration of an estate.”

“To avoid duplication of effort, and to prevent unnecessary expenditures in the administration of these estates, the U.S. Trustee respectfully requests that if the court orders the appointment of an examiner, then the court establish the scope of the Rule 2004 relief contemporaneously with the scope of the examiner’s investigation,” the U.S. Trustee’s filing details. Vara’s filing with the bankruptcy court concludes:

Wherefore, the U.S. Trustee respectfully requests that the court determine the investigative scope of the motions contemporaneously with the scope of any examiner’s investigation, and grant any such other and further relief that the court deems just and proper.

Vara believes the examiner is justified in this case, which involves a large amount of money, and three members of Congress have called for an independent examiner. Senators Elizabeth Warren (D-Mass.), John Hickenlooper (D-Colo.) and Cynthia Lummis (R-Wyo.) have urged Judge John Dorsey of the Bankruptcy Court of the District of Delaware to support appointing an independent examiner. The U.S. senators insisted that an “objective investigation of the activities that led to the collapse of FTX” is necessary.”

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What do you think should be the next step in the FTX bankruptcy case to ensure an objective and effective investigation into the collapse of the company? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Foxify Announce Partnership with Tyson Fury – Press release Bitcoin News

Foxify Announce Partnership with Tyson Fury – Press release Bitcoin News

PRESS RELEASE. Foxify have just confirmed a brand partnership with Tyson Fury in an industry leading move. It comes following the hype of the brand reveal in January. The two-time world heavyweight champion is undefeated, with a legion of fans that follow his extraordinary career.

What is Foxify? From the founding team of MDB (Make DeFi Better) comes the next generation of peer-to-peer trading, a unique platform that is yet to be seen in the DeFi space: Foxify.

Following from previous successes, the team brings you their latest innovation, enter: Foxify. A first of its kind, decentralized peer-to-peer trading platform. Foxify will allow users to trade any pair or any token. The technology is built with the power to enable trading on pegged tokens that track currencies, commodities and assets beyond crypto. It’s 100% trustless, managed completely by smart contracts and is free to use. More details will be revealed as launch approaches, but it is set to be huge as it has the power to disrupt a $200 trillion dollar industry, and is scalable across global markets.

Foxify aims to put the power in users hands, traditional exchanges and decentralized trading platforms are still heavily weighted against the user being successful, Foxify levels the playing field and allows traders opportunities to trade against peers without the ‘house advantage’.

Foxify is a Diamond Sponsor at the Blockchain Economy London Summit in February, so you will be able to go and meet members of the team in person and find out more about the platform. Foxify founder and CEO Danny Winn will be a speaker there also, discussing the future of decentralized finances and trading. The team will also be exhibiting at the Blockchain Economy summits in Dubai, Texas and Istanbul later in the year, and will be attending numerous other industry events.

The team has a wealth of experience – including the 2022 bear market success story, Make DeFi Better. Make DeFi better has continued to buck the trend of the bear market with a consistent, upward trending chart and offering users sustainable passive income through their dApp.

Foxify will also run an affiliate programme, allowing you to earn a percentage of fees generated by those who sign up and trade via your referral link.

Launching June 2023, get early access to alpha, presale information and seed funding options and more by joining now.

Foxify: Your future, today.

Find out more: https://linktr.ee/foxifytrade


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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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'Crypto summer' likely to start in Q2 2023, Morgan Creek Capital CEO says

‘Crypto summer’ likely to start in Q2 2023, Morgan Creek Capital CEO says

The next crypto bull market will start sooner than most people think, according to Mark Yusko, the founder and CEO of Morgan Creek Capital Management. Yusko thinks the next crypto bull run or, as he calls it, “the crypto summer,” could kick off as soon as the second quarter of this year due to the combination of more dovish central bank policies and the anticipation of the Bitcoin (BTC) halving. 

While the United States Federal Reserve is unlikely to cut interest rates anytime soon, according to Yusko, the markets tend to anticipate the Fed’s decisions. That means even a slowing down or a pause in interest-rate hikes would be interpreted as the signal of an imminent pivot. That would spark a positive dynamic among all risk assets, including crypto. 

“What I do think is very likely is the Fed signaling that: “Okay, we’re good.” But that will be interpreted as “we’re going to cut” and then risk assets will explode again,” Yusko pointed out. 

Besides the Fed’s more dovish policies, the anticipation of the Bitcoin halving, which is due to take place in the second quarter of next year, will also drive bullish sentiment in the market.

“The market always anticipates the halving […] Nine months before that is usually when the beginning of summer starts,” Yusko said. 

To learn when to expect the next crypto bull run and how best to prepare for it, watch the full interview on our YouTube channel, and don’t forget to subscribe!

Biggest Movers: SHIB, DOT Remain Near 3-Month Highs, Despite Crypto Markets Falling – Market Updates Bitcoin News

Biggest Movers: SHIB, DOT Remain Near 3-Month Highs, Despite Crypto Markets Falling – Market Updates Bitcoin News

Shiba inu was one of Friday’s biggest gainers, as the meme coin remained close to a recent three month high. The token has been in the green for the majority of today’s session, despite the global cryptocurrency market cap falling 1.28% at the time of writing. Polkadot was also higher, as it continued to trade above a key price ceiling.

Shiba inu (SHIB)

Shiba inu (SHIB) was a notable mover on Friday, with prices remaining close to yesterday’s three month high.

SHIB/USD rose to a high of $0.00001291 on Thursday, which was its strongest point since November, however fell lower, as bulls moved to take profits.

As traders abandoned their positions, SHIB fell to a low of $0.00001196 yesterday, however prices have since recovered, and are currently sitting at $0.00001251.

SHIB/USD – Daily Chart

Looking at the chart, Thursday’s decline pushed SHIB towards a floor at 61.00 on the relative strength index (RSI), however bulls rejected a breakout.

As of writing this, the index is tracking at 69.41, which is marginally below a resistance point at 70.00.

In order for SHIB to recapture yesterday’s peak, this ceiling at 70.00 will first need to be broken.

Polkadot (DOT)

Polkadot (DOT) also maintained bullish momentum in today’s session, as the token continued to trade above a key resistance level.

After giving up a high of $6.84 on Thursday, DOT/USD dropped to a low of $6.53 later in the day.

The token has since rebounded, and as of writing this is currently trading at $6.79, which is marginally below a ceiling at $6.80.

DOT/USD – Daily Chart

Looking at the chart, the 14-day RSI indicator is at a reading of 66.53, and is fast approaching a ceiling of 68.00.

Similar to SHIB, DOT traders will need to race past this point in order for market momentum to remain bullish.

Should this happen, then it is possible that polkadot could move closer to the $7.00 mark.

Register your email here to get weekly price analysis updates sent to your inbox:

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Could we see polkadot hit $7.00 before the end of the week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Ethereum Network's Rising Gas Fees in 2023: A Balancing Act of Growth and Cost – Bitcoin News

Ethereum Network’s Rising Gas Fees in 2023: A Balancing Act of Growth and Cost – Bitcoin News

Ethereum gas fees have increased 13.71% in the last two weeks, with the average fee rising from $4.52 per transaction to $5.14 per transfer on Feb. 3, 2023. Despite ethereum’s price seeing significant growth this year, its network’s gas fees have also seen a similar increase. As the demand for Ethereum’s capabilities continues to soar, it remains to be seen if these rising fees will ultimately hinder its growth.

Ethereum Gas Fees Continue to Increase

With a value of $1,701 per coin reached on Thursday, Feb. 2, 2023, ethereum (ETH) has reached new heights, soaring to its highest value this year. However, despite the increase in ethereum’s token value, the cost to send the cryptocurrency onchain has also risen.

On Jan. 18, 2023, data from bitinfocharts.com showed an average transfer fee of 0.0029 ETH or $4.52 per transaction. Just 15 days later, the transfer fee had risen to 0.0031 ETH or $5.14 per transaction.

Ethereum Network's Rising Gas Fees in 2023: A Balancing Act of Growth and Cost

The median fee for transactions was around $1.96 per transaction on Jan. 18, 2023, and jumped 20% to $2.36 per transaction on Feb. 3, 2023. The median fee to transfer ether is now 0.0014 ETH.

Transacting on Opensea currently costs around $3.89, while a decentralized exchange (dex) swap costs around $10.02 per transaction. On the Ethereum network, the cost to transact with an ERC20 token such as USDT or USDC is around $2.94 per transfer on Feb. 3.

Exploring L2 Alternatives: Ethereum Transactions vs. Optimism and Arbitrum Networks

According to Dune Analytics data, the average cost to send transactions using the Ethereum scaling solution Optimism is approximately $0.288 per transaction, while the L2 scaling network Arbitrum is around $0.182 per transfer on Feb. 3.

The combined number of L2 transactions using Arbitrum and Optimism has decreased since Jan. 15, 2023. Two days ago, on Feb. 1, 2023, Ethereum recorded 1.06 million transactions, while the combined number of transactions using Arbitrum and Optimism was 902,254.

Data shows that the cost to transfer 1.06 million transactions on Ethereum at a median rate of $2.36 per transaction would be $2.49 million. However, if these same transactions were moved to Optimism at a rate of $0.288 per transaction, the fees would cost $307,680, which is 87.67% lower.

Ethereum Network's Rising Gas Fees in 2023: A Balancing Act of Growth and Cost

If the transactions were moved to Arbitrum at a fee rate of $0.182 per transfer, the cost would be $193,720, a 92.19% decrease compared to Ethereum. While Ethereum recorded 1.06 million transactions with a much higher cost, Optimism had 212,743 transfers and Arbitrum had 689,511 transactions.

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What are your thoughts on the rise of Ethereum gas fees and the potential impact on its growth? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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$20K Bitcoin may return, says analyst as US unemployment hits 54-year low

$20K Bitcoin may return, says analyst as US unemployment hits 54-year low

Bitcoin (BTC) fell prior to the Feb. 3 Wall Street open as fresh United States economic data came in “hot hot hot.”

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Think again” over U.S. recession

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it erased gains from earlier in the day to center on $23,000 support.

The pair reacted negatively to U.S. unemployment data for January, which beat expectations so considerably that overall jobless figures fell to their lowest since 1969.

Non-farm payrolls (NFP) data likewise outperformed, while average hourly earnings conformed to forecast 0.3% growth.

“HUGE beat in NFP,” popular analytics account Tedtalksmacro responded on Twitter.

Returning to predictions from the day prior, Tedtalksmacro eyed a potential opportunity to increase Bitcoin exposure given the latest comedown, which it said could take BTC/USD all the way to $20,000.

“An opportunity to reload on this news, potentially,” a further tweet added.

Bitcoin’s cold feet comes from the implication that a stronger-than-forecast labor market allows the Federal Reserve to maintain tighter, less liquid monetary conditions for a longer period of time.

“US economy sliding into a recession? Well, think again. At least not in the near term,” economist and analyst Jan Wuestenfeld continued.

U.S. civilian unemployment rate chart. Source: Bureau of Labor Statistics

$25,000 Bitcoin now “crowded trade”

As Cointelegraph reported, the Fed raised interest rates by 0.25% this week, in line with almost all expectations, while Chair Jerome Powell caused excitement by using the term “disinflation” in accompanying comments.

Related: Bitcoin bulls must reclaim these 2 levels as ‘death cross’ still looms

BTC/USD thus spiked above $24,000 for the second time in as many days, with market participants still hopeful of a trip to $25,000 before a more significant retracement.

“BTC has had a clean breakout above its macro downtrend line + a backtest,” investment research resource Game of Trades stated.

“The next big resistance to clear is the $25k region.”

BTC/USD annotated chart. Source: Game of Trades/ Twitter

Popular trader Crypto Tony nonetheless acknowledged that that target may no longer materialize.

“$25,000 is my main target, but I am seeing now a lot of people asking for this, and is becoming a crowded trade,” he wrote in part of a fresh update on the day.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.