Bitcoin Crashes to $8k Amidst New ATH; OI on CME Ready to Surpass Binance and Claim the Top Spot

Bitcoin hit a new all-time high on Wednesday at $67,000.

For now, as Bitcoin went up, altcoins are also enjoying an uptrend, with Ether nearly hitting a new ATH at $4,380 on Coinbase. As a result, the total cryptocurrency market cap went past $2.79 trillion.

But it is expected that altcoins will soon lose their momentum as money flows out of them to chase Bitcoin’s gains and end up taking it even higher.

Tesla CEO Elon Musk also joined in on the excitement tweeting about the price action. This week, Tesla posted its third-quarter financial results, reporting record revenue and profits.

The electric car maker also continues to hold on to its stake in Bitcoin, first disclosed in February that it had invested $1.5 billion only to sell 10% of it in April.

At the end of the quarter, the company’s “digital assets” totaled $1.26 billion, down from $1.31 billion in the previous quarter. $51 million was reported as a Bitcoin-related impairment.

As of writing, BTC/USD is trading just around $63,850 and Ether above $4,170.

Interestingly, on Thursday, the price of Bitcoin crashed to $8,000 on Binance.US. According to trader Satsdart, a whale fat-fingered, selling a lot of Bitcoin on Binance.US spot. It “is never the fault of an exchange btw,” he added.

Given that the wick went down so low, some happy people out there had their bids opened at that level.

As for why one would sell at $8k, the seller “market sold, and that’s just how deep the book was.”

Overall the market remains extremely euphoric, especially after the first Bitcoin ETF started trading in the US and off-the-charts demand seen by it. In a matter of two days, ProShares Bitcoin Strategy ETF (BITO) amassed more than $1 billion in assets, unlike gold ETF in 2004, which managed to do this in five days.

Thanks to this, the open interest on Bitcoin futures has reached $27.17 billion, just inches away from the mid-April high of $27.38 billion. On CME, OI has reached $5.75 bln, just second to Binance’s $5.90 bln, with FTX coming at third spot with $4.39 bln, according to Skew.

“BTC has been on a tear, yet leveraged funds on CME continue to short, as evidenced by their net open interest moving further and further negative. These are likely the funds carrying out the basis trade. They hold BTC spot and short futures,” noted Delphi Digital.

With this, the funding rate is also climbing up, the highest currently on Bybit at 0.1669%.

“We’re seeing a whole new class of investors move into crypto. We’re seeing institutional and professional investors move into the market, and that’s moving the prices higher,” said Bitwise CIO Matt Hougan.

While not a physically-backed Bitcoin ETF as desired by the crypto community, the price appreciation shows that the market is excited about what an ETF means for the crypto market long term, he added.

This has, of course, sent the price of Bitcoin to new highs already, but it also means that five digits, $100k, is not out of the picture either. Fundstrat Global Advisors’s Tom Lee has predicted $168,000 per Bitcoin.

“Right now, sentiment is really high in this industry,” Sadie Raney, co-founder at crypto robo-advisor Makara. “There’s a lot of momentum behind Bitcoin.”

As for the regulatory threat hanging over the market, it is both risk and opportunity. While regulatory overreach could mean a setback for prices, progressive or fair regulation, which seems a likely pathway if a futures ETF is an indication “that will unlock a bull market,” said Hougan.

Because that would be the opportunity of unlocking the full potential of what crypto could be. And investors have started to bet that we’re going to be on the progressive side of that, he added.

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VanEck Bitcoin ETF Postponed for the Last Time to Nov 14th As Futures Get the Lead Role

VanEck is one of the dozen companies awaiting an answer from the SEC on approval of physically-backed Bitcoin ETF and has also filed for a futures-backed Bitcoin ETF, which is raising Grayscale’s hackles.

The US Securities and Exchange Commission (SEC) has, yet again, extended the review process of VanEck’s physically-backed Bitcoin exchange-traded fund (ETF) for the final time.

On Wednesday, the US securities regulator posted an extension notice, saying it is designating a longer period, additional 60 days, to review the proposed rule change to list and trade shares of the VanEck Bitcoin Trust.

This puts the final deadline to get approval or disapproval on the application at November 14, 2021.

The application to list VanEck’s Bitcoin Trust was filed by Cboe BZX Exchange in March this year but continued to postpone making any decision. The commission can take up to 180 days from the filing date to announce its decision, with an additional 60 days permitted if it is deemed “appropriate.”

This time, the notice stated that the Commission finds it appropriate to allocate a longer period to issue its order on the application,

“so that it has sufficient time to consider the proposed rule change and the issues raised in the comment letters that have been submitted in connection therewith.”

VanEck is one of 13 companies awaiting an answer from the SEC on approval with other players, including Ark Invest, Valkyrie Investments, One River Asset Management, and SkyBridge Capital.

Coming Soon?

SEC Chair Gary Gensler recently said that the agency is more open to a futures-backed BItcoin ETF as it offers an additional level of security due to being governed by the CME. Also, futures requires investors to put down cash on margin to trade as collateral and, in the case of CME, a minimum of 35% of the amount. Gensler said earlier last month,

“I anticipate that there will be filings with regard to exchange-traded funds (ETFs) under the Investment Company Act (’40 Act). When combined with the other federal securities laws, the ’40 Act provides significant investor protections. Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin futures.”

Since Gensler’s comments, at least seven firms, including VanEck and Invesco, have applied to launch Bitcoin futures products.

Industry experts expect a Bitcoin futures ETF to receive SEC approval by October or November.

Grayscale Gives A Warning

This is now raising the largest digital asset manager Grayscale’s hackles. As we reported, CEO Michael Sonnenshein in an interview with CNBC this week, said,

“It would be shortsighted of the SEC to allow a futures-based product into the market before a spot product.”

Grayscale, which has a closed-ended Bitcoin Trust, is also looking to convert its product into an ETF. According to Sonnenshein,

“If a futures-based ETF comes to market without the ability for GBTC to convert to an ETF, it has the potential to harm investors who hold tens of billions of dollars’ worth of GBTC today outright, as well as the investors who have exposure to GBTC inside mutual funds, retirement accounts, and other places.”

While SEC has yet to approve a single crypto ETF in the past 8 years when the first BItcoin ETF was filed by the Winklevoss brothers, Canada has already approved a number of Bitcoin and Ether ETFs.

Canada and North America’s first ETF tracking Bitcoin, Purpose Bitcoin ETF (BTCC), which has $747 million in assets, is now trailing its competitors 3iQ CoinShares Bitcoin ETF (BTCQ) that was launched two months later and has now amassed $1.2 billion (US$946 million) in assets.

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Ethereum is “Amazingly Positioned to Be A Central Part” of the Metaverse: Co-Founder Vitalik Buterin

Buterin is also in favor of DOGE’s 5 billion annual issuance, thinks more about the meme culture, is most surprised about NFT as an Ethereum use-case, and is most excited about ZK-SNARKs.

“I hope that doge can switch to PoS soon, perhaps using ethereum code,” said Ethereum co-founder Vitalik Buterin in response to Three Arrows Capital CEO and co-founder Su Zhu’s question about promising ideas for Ethereum / DOGE cooperation.

Zhu also asked Buterin what made him interested in the popular meme coin, which has the support of Tesla CEO Elon Musk, late on Tuesday after Buterin ran a “random Twitter experiment” where only the people he follows can ask him about anything crypto or non-crypto related.

Further talking about Dogecoin, Buterin said he favors DOGE’s supply emission, 5 billion per year annual PoW issuance. Instead of canceling it out, Buterin said, it should be put “in some kind of DAO that funds global public goods. Would fit well with dogecoin’s non-greedy wholesome ethos.” DOGE 0.92% Dogecoin / USD DOGEUSD $ 0.28
$0.000.92%
Volume 1.7 b Change $0.00 Open $0.28 Circulating 131.1 b Market Cap 36.85 b
8 h Ethereum is “Amazingly Positioned to Be A Central Part” of the Metaverse: Co-Founder Vitalik Buterin 1 d $4 Million Meme Coin “Doge” NFT Being Sold in Billions of Fractions on SushiSwap’s MISO 6 d Lake County Illinois Treasurer Accepts Campaign Contributions in Multiple Cryptocurrencies

During this Twitter Q&A, he further shared that he thinks “much more about the ecosystem of discussion and spread of memes / culture / ideas” instead of the market of resources, property rights, and trade, which was his focus a decade ago.

The Metaverse

When asked about the hardest lesson he learned through the Ethereum experience, Buterin shared that “People are harder to tightly coordinate in small groups than I expected. You can’t just get everyone to sit around in a circle, see each other’s inherent goodness and get along, especially when huge incentive conflicts are at play.”

His biggest non-technical regret in his Ethereum journey was the cryptocurrency’s composition of eight co-founders and “choosing them so quickly and nondiscriminately.”

Technically, he had an insane amount of confidence that “Ethereum will move to proof of stake within 1-2 years,” which turned out to be dead wrong.

As for which Ethereum use-case has surprised him the most, it’s non-fungible tokens (NFTs) which are currently taking over the crypto industry and driving usage on Ethereum blockchain right now, resulting in an increasing amount of ETH paid in fees getting burned.

According to him, Ethereum is “amazingly positioned to be a central part” of the Metaverse, defined as the internet plus shared state so that objects can be moved between platforms.

Overall in crypto, the ENS ecosystem — Ethereum Name service that gives web3 username for all of your cryptocurrency addresses and decentralized websites — and the whole concept of users and objects having cross-platform names is an obvious application that people just don’t get yet, he said.

The Future

The latest research that has Buterin excited the most is ZK-SNARKs, an acronym for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” which is cryptographic proof that allows one party to prove it possesses certain information without revealing that information. It basically requires no interaction between the prover and verifier.

“ZK-SNARKs getting powerful so quickly to the point that a full-on SNARKed EVM is not so far away is definitely exciting.”

ZK-SNARKs are also the privacy-preserving technology that he thinks will be the most widely adopted one 30 years in the future. Buterin expects it to be “a significant revolution as they permeate the mainstream world over the next 10-20 years.”

The second-largest network is shifting towards proof-of-stake (PoS), a less energy-intensive consensus narcissism than proof-of-work (PoW); once the merge is on mainnet, account abstraction statelessness and sharding will be high priority protocol upgrades, according to Buterin.

Also, crypto switching to PoS is only a small part of the solution, “ultimately we also need lots of very smart people contributing to longer-term fixes,” said Buterin, mentioning solar power, fusion, carbon capture, and sprinkling dust into the atmosphere. Overall, Buterin “definitely,” thinks that

“the crypto space needs to think hard about how it can be positive-sum toward more existing stakeholders to win more friends.”

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dYdX Launches Governance Token, But the Airdrop Won’t Cover US-based Users

The decentralized trading platform also announced the launch of the dYdX Foundation “to fully decentralize” the Protocol and remove single points of failure.

Decentralized finance (DeFi) project dYdX announced the launch of dYdX Foundation, a Zug-based independent foundation, which it describes as the first important step in its journey towards complete decentralization.

The same day, the trading platform announced that the dYdX Foundation is launching the governance token DYDX, which “powers a community-led ecosystem of governance, staking, and rewards.”

The Foundation has minted a total of 1 billion DYDX tokens which will become accessible over five years starting on August 3rd.

50% of this is allocated to the community, out of which — 25% goes to its users who trade on Layer 2 based on fees and open interest, 7.5% to past users who complete a certain trading milestone on Layer 2, another 7.5% to LPs, 5% to a community treasury, and 2.5% goes to users staking USDC and DYDX each.

dYdX’s past investors will be getting a 27.73% share while the project’s founders, employees, advisors, and consultants get 15.27%, and the remaining 7% is allocated to future employees of dYdX Trading or Foundation.

All DYDX issued to stockholders, directors, officers, employees, and consultants are subject to various vesting schedules — 30% will unlock in 18 months, 40% will unlock equally from month 19 through month 24th, 20% from month 25 through month 36, and the remaining 10% will unlock equally from month 37 through month 48.

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The tokens will be airdropped over this month which will become transferable on Sept. 8. However, DYDX is not available to its users from the US and other prohibited jurisdictions.

“The launch of the dYdX Layer 2 protocol came with a new focus on global growth outside of the United States,” noted the team.

In order to be eligible for retroactive rewards, users must have traded on dYdX protocols (perpetual, margin, spot) on Layer 1 or Layer 2 in the past or deposited funds into its borrow/supply pools and have hit a certain threshold.

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The team also announced trading fee discounts based on DYDX holdings.

Meanwhile, the Foundation will help the project in research and development activities, promote and educate the public about it, and engage with third parties for the benefit of the ecosystem.

It will also issue, receive, spend, and hold digital assets (no speculative trading activities) and acquire, hold or grant trademarks, copyrights, and other intellectual property (IP) rights or licenses.

Through this Foundation, the project aims “to fully decentralize the dYdX Protocol, removing single points of failure and creating a self-sustaining protocol governed by a community of users.”

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Wells Fargo Is Offering Crypto Exposure to its High-Net-Worth Clients

Wells Fargo has also joined in on crypto-mania. The financial services giant has started offering cryptocurrency exposure to its high-net-worth clients (HNWI), reported Insider, saying a company spokesperson has confirmed this.

In 2021, banks, hedge funds, mutual funds, pension funds, insurance companies, asset managers, and financial institutions, everyone from the traditional market has started warming up to cryptocurrencies.

In May, when it first became public, the investment-research division of Wells Fargo Wealth and Investment Management, Wells Fargo Investment Institute, was planning to evaluate and onboard an actively managed crypto strategy on its platform for its qualified investors.

This search for “a professionally managed solution” has been going on for months, said the research unit’s president Darrell Cronk at the time adding, the strategy was likely to be ready in June.

Wells Fargo’s wealth and investment management arm oversee about $2 trillion in assets.

Competitors JPMorgan and Morgan Stanley have also started offering their wealthy clients exposure to cryptocurrency recently.

“We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset,” Cronk told Insider in May but added that instead of a “strategic allocation,” he sees it as an “alternative investment.”

The financial institution also understands the importance of having a limited supply, with Bitcoin only going to have 21 million in supply ever, as Cronk noted that anytime supply is reduced, even if an asset’s demand holds constant, “it should increase the price.” Cronk said of cryptocurrencies,

“Over time, as people become more familiar with these and as they become more mainstream, I think it will naturally go up.”

“We’ve seen that happen quite consistently over the last decade, but we’ve seen it accelerate during the pandemic because there’s been more digitalization of platforms.”

With risks still present there, the bank will also focus on consumer protections and regulations. “So we’re not without risk, it’s just that we think there can be a viable investable option for those clients who show an interest,” Cronk said.

Wells Fargo has seen “quite a bit of interest” from clients.

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96% of PAX and BUSD Reserves in Cash & Cash Equivalents, Reports Custodian

96% of PAX and BUSD Reserves in Cash & Cash Equivalents, Reports Custodian

Paxos also blasted Tether (USDT) and Circle (USDC) for claiming themselves to be regulated while having 75.85% and 61% in cash and cash equivalents that are “backed substantially by corporate debt obligations.”

After USDC disclosed its reserves backing this week, Paxos has released the composition of the reserves of its stablecoins, PAX and BUSD.

Paxos, PayPal’s broker-dealer, is the custodian for both PAX and Binance’s stablecoin BUSD. As of June 30, 96% of their reserves have been cash and cash equivalents, with the remaining 4% in US Treasury bills maturing in October.

Here, cash includes cash balances held in USD at insured depository institutions and

Cash equivalents are short-term, highly liquid investments with maturities of 3 months or less.

In its disclosure, Paxos Chief Compliance Officer Dan Burstein shared his displeasure and exasperation with the leading stablecoins USDT and USDC claiming to be regulated.

“Neither USDC nor Tether is a regulated digital asset, for the simple reason that neither token has a regulator. In fact, neither USDC nor Tether tokens are ‘stablecoins’ in anything other than name. These tokens are backed by illiquid and risky debt obligations – a critical weakness that no prudential regulator would allow to exist as this creates undue risk for their customers.”

USDT is the leading stablecoin with a market cap of $62.4 billion, capturing 58% of the market share, while USDC has a 24.3% market share with nearly a $27 billion market cap.

PAX has a market cap of $907 million, while BUSD accounts for a 10.8% market share with an $11.37 billion supply.

According to Burstein, only Paxos Standard (“PAX”), Binance Dollar (“BUSD”), and Gemini Dollar (“GUSD”) are regulated dollar-backed stablecoins by the New York State Department of Financial Services (“NYDFS”).

He further argued that USDC and Tether’s reserves are backed substantially by corporate debt obligations, which means customers are not protected due to illiquidity risk, credit risk, and interest rate risk.

In the case of USDC, he said, reserves are held on its issuer Circle’s balance sheet meaning, they can use consumer funds to pursue risky high-yield investments for its financial gain.

“The principal value of regulatory oversight is to ensure that the reserves consist of real, liquid, accessible dollars — if neither USDC nor Tether can fulfill these promises, can they even be considered dollar-backed stablecoins?”

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Bitcoin Market State: Investors Holding Steady But Volatility to Remain Under Pressure Until Q3 End

The macro-environment also remains in favor of Bitcoin, for now, while the CBDCs aiming for “absolute control” will only drive the cryptocurrency adoption further.

There isn’t much happening with the price of Bitcoin, which continues to remain boring as it trades sideways between $30k-$40k.

As Bitcoin’s price remains range-bound, Guggenheim Investments Chairman Scott Minerd is back with his bearish takes, which could only be seen as his attempts to scoop up cheap coins for himself, although to the public, he is saying that he isn’t in a hurry to buy BTC right now.

Up until now, Minerd was calling for $20,000, but his latest target has now fallen to $10,000.

“When we look at the history of crypto, and we look at where we are, I mean, I really do believe this is probably a crash, and you know a crash would mean we’d be down 70-80% which, let’s just say that’s between 10 and 15 thousand,” he said in an interview with CNBC.

Minerd’s bearish calls started coming in January this way, at the end of which Guggenheim was approved by the SEC to hold GBTC, right after his call for $400,000 per BTC in December.

“Put it this way, I wouldn’t be in a hurry to buy Bitcoin, and I don’t see any reason to own it right now.”

“If you’re going to be a speculator, speculate that it’s heading lower.”

The biggest bearish driver to BTC right now, according to many market participants, is the big Grayscale Bitcoin Trust (GBTC) coming in the second half of this month. However, as we reported, GBTC unlocks that have been going on throughout this year have already impacted the Bitcoin price. Now, it would be either neutral or somewhat bullish.

“The fact that the market is so focussed on something like this just shows the lack of real catalysts or market moving events right now,” noted QCP Capital.

This strengthens their conviction that volatility will remain under pressure until mid-late Aug, followed by a rally possibly on the back of the EIP-1559 mainnet implementation and then the larger Q4 Wave 5 selloff on the Fed’s taper, it added.

Interestingly, Grayscale’s inventory stopped growing around the time Purpose Bitcoin ETF launched in Canada, which garnered huge interest at the time and continues to accumulate Bitcoin in its fund.

The 3iQ CoinShares ETF launched in late April also sees its holdings growing and is similar in size to the Purpose ETF.

In addition, the macro environment is still in Bitcoin’s favor. This week, the European Central Bank raised its inflation goal to 2% and said it may let it overshoot the target for a while.

The ECB said when rates are close to their limit like they are now, the economy will need an “especially forceful” monetary stimulus that could see inflation moderately above target.

“The new formulation removes any possible ambiguity and resolutely conveys that 2% is not a ceiling,” President Christine Lagarde told reporters in a press conference. “What we want to do is to avoid the negative deviation that will entrench inflation expectations.”

Not to mention, with a central bank digital currency (CBDC), the banks are aiming for increased control. Agustin Carstens, Bank for International Settlements (BIS) chief said,

“We don’t know who’s using a $100 bill today, and we don’t know who’s using a 1,000 peso bill today. The key difference with the CBDC is the central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability, and also we will have the technology to enforce that.”

This increased surveillance from the top could further lead to a rise in the adoption of cryptocurrencies like Bitcoin, which offer privacy, anonymity, and are censorship-resistant.

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Citigroup’s Richest Clients Can Now Trade Crypto; Also Helps Invest in Stablecoins, NFTs, & CBDC

Citigroup’s Richest Clients Can Now Trade Crypto; Also Helps Invest in Stablecoins, NFTs, & CBDC

Citigroup is finally coming around on cryptocurrencies.

The Wall Street giant now allows its richest clients to bet on crypto as part of a new digital assets group inside its wealth management unit.

This wealth management unit has been in the works ever since Citigroup formed the division earlier this year, and more recently, it has been focused on building out a series of wealth management hubs across Europe and Asia.

Under Citigroup’s crypto plan, the new group will help clients invest in cryptocurrencies, stablecoin, non-fungible tokens (NFTs), and central bank digital currencies (CBDCs), according to the memo.

The new effort will be led by Alex Kriete and Greg Girasole, who will serve as liaisons to “all other business groups at Citi who are expanding into this rapidly emerging space also.”

“They will be responsible for developing our future product capabilities, client delivery mechanisms, and thought leadership around all digital assets,” said Iain Armitage, Citigroup’s global head of capital markets for its private bank, and Rob Jasminski, who oversees the bank’s investment management arm globally, in the memo.

The bank is forming the unit as investor demand for crypto assets continues to soar and its rivals like Goldman Sachs and Morgan Stanley also start offering crypto-related services to their clients.

The newly formed unit comes just weeks after the CEOs of the six biggest US banks were grilled by Congress over their ties to cryptocurrencies. At the time, Citigroup chief executive Jane Fraser said her bank was taking tentative steps in the crypto space.

“We proceed with great caution here,” Fraser said.

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PBoC Talks Crypto ‘Hype’ with Banks and Institutions & Prohibits Use of Their Services

They will also increase the investigation and monitoring of customers, including exchanges and OTC dealers and capital transactions, and will take immediate action against those still involved because crypto trading “disrupt normal economic and financial order” and “infringe people’s property safety.”

  • The central bank of China summoned banks and payment institutions to talk about the speculation issues related to cryptocurrencies.

The People’s Bank of China met with the Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Postal Savings Bank of China, Industrial Bank, Alipay, and others and ordered them not to participate in virtual currency-related business activities.

The relevant departments of the People’s Bank of China pointed out that virtual currency trading activities disrupt the normal economic and financial order, breed the risks of illegal cross-border transfer of assets, money laundering, and other illegal and criminal activities, and seriously infringe the people’s property safety.

All banks and payment institutions are now asked to strictly implement the “Notice on Preventing Bitcoin Risks” and “Announcement on Preventing Token Issuance Financing Risks” and other regulatory requirements.

Banks and institutions are not to provide account opening, registration, and registration for related activities such as trading, clearing, and settlement.

They are to comprehensively investigate and identify virtual currency exchanges and over-the-counter (OTC) dealers’ capital accounts and cut off the payment link for transaction funds.

Furthermore, they must analyze the capital transaction characteristics of virtual currency trading hype activities, increase technical input, and improve abnormal transaction monitoring models.

Amidst this, the price of Huobi Technology’s shares rose, which according to local publication Wu Blockchain, could be due to the central bank’s “relatively mild” action.

Before PBOC’s statement came, the Agricultural Bank of China issued its own on Monday stating that it prohibits the use of its services for virtual currency transactions and related activities. Now, Alipay and others have also issued their related statements.

The decision has been made in accordance with the recent guidance from the relevant departments of the People’s Bank of China and the meeting of the Financial Committee of the State Council.

According to the statement, the third-largest bank in China prohibits customers’ access involving virtual currency transactions and will increase the investigation and monitoring of customers and capital transactions.

If customers are still involved, the bank will take measures against them immediately, including suspension of account transactions and termination of customer relationships. The translated version of the notice reads,

“In order to protect your legitimate rights and interests and the safety of funds in your account, please actively cooperate with our bank’s due diligence work, assist our bank in fulfilling its legal obligations, and crack down on illegal and criminal activities involving virtual currency mining and fund transactions.”

The bank is further urging customers to be on high alert to the risk associated with virtual currency-related business activities and to beware of being deceived.

While most banks in China released a similar notice in 2014 to stop customers from trading cryptos, this time is different in three regards. As per Wu Blockchain, the latest notice clearly shows the requirements of the central bank, requiring an investigation of past behavior and reporting that to the government.

On the negative side of things, China doesn’t seem to be done with its crackdown on crypto. On the positive side, “meaningful reversal in global markets just now, with equity futures doing a 180 turnaround and bonds giving back all overnight gains,” said trader and economist Alex Kruger.

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Author: AnTy