DemaTrading.ai - 29th of September 2023
Weekly Crypto Update 📓
Gemini, a major New York-based cryptocurrency exchange, is exiting the Netherlands, citing regulatory constraints, following Binance's previous departure. The move comes as Gemini struggles to meet the demands of the De Nederlandsche Bank (DNB). They plan to re-enter the Dutch market once they align with the new European Union regulations known as Markets in Crypto-Assets Regulation (MiCA).
Gemini has informed its Dutch users to withdraw their assets or transfer them to compliant local exchange Bitvavo before the platform suspends its operations in the Netherlands on November 17, 2023.
Bitvavo is a DNB-registered exchange and a member of the Dutch Association of Bitcoin Companies. This withdrawal is another example of the evolving regulatory landscape for cryptocurrency exchanges in the Netherlands.
How do you think these regulatory changes are impacting crypto adoption?
In a surprising turn of events, Binance has chosen to exit the Russian market. This decision closely follows reports suggesting an investigation by the U.S. Department of Justice over potential sanctions violations.
On a different note, MakerDAO has been in the spotlight with $MKR token's impressive 15% surge over a week. An uptick in the number of MKR tokens held on centralized exchanges hints at possible price volatility, potentially due to increasing investor interest.
In regulatory news, Coinbase has officially registered with the Bank of Spain. This move comes as the European Union is set to introduce its MiCA regulation, ensuring uniformity in crypto operations.
Jamie Dimon, the CEO of JPMorgan, has brought to light the potential of U.S. interest rates hitting a high of 7%. If this materializes, it could have significant repercussions for both traditional and crypto markets, given how last year's rate hikes impacted the cryptocurrency world.
Lastly, $BTC showcases a bullish trend, trading above $27,000. Its close kin, Bitcoin Cash (BCH), is also on a surge, benefiting both from its intrinsic strengths and Bitcoin's stability.
This and more in this edition of the Crypto Weekly Wrap: https://www.iconomi.com/blog/crypto-weekly-wrap-29th-september-2023