Dollar Sends Warning Signs for Risky Assets including Bitcoin and Crypto

The US dollar has hit a new all-time high today at 96.6, last seen in mid-July 2020. In mid-March last year, USD went as high as 103, and after bottoming out in late May and early June, it has been mostly trending up ever since.

The latest uptrend in USD came as Federal Reserve Chair Jerome Powell was reappointed for a second term, encouraging bets on higher US interest rates.

With the Fed already announcing the paring of its bond purchases, the growing expectation for tighter monetary policy and an acceleration in economic data has the dollar well-positioned against other major currencies.

As we have been noting, the slowdown or removal of liquidity from the market is not good for the prices of risky assets, which could negatively impact crypto prices.

“A stronger greenback would have you believe the same tailwinds that propelled global asset prices—including BTC and crypto—over the last 18 months are starting to reverse course,” commented Delphi Digital.

Already, this week, crypto-asset prices tumbled, with Bitcoin going to $55,600 and Ether to $4,020.

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As a result, funding rates are resetting and even briefly turning negative since last week as after hitting ATH at $69,000 two weeks back, the market has been struggling to be bullish.

On most exchanges, funding rates are hovering in neutral territory, the highest on OKEx at 0.0257%, indicating bullish demand is muted. At $23.36 bln, Bitcoin’s open interest meanwhile remains significantly higher than September lows of $13.11 bln but down from $28.85 bln ATH on Nov. 10.

This USD is also rallying to a 16-month high amidst renewed lockdown fears in Europe after last week investors sought a safe haven on inflation worries. Surging US inflation and the prospect of a sooner than expected rate hike by the Fed has helped DXY run higher, putting pressure on riskier assets and emerging market currencies.

Emerging markets are already struggling with rising inflation and especially as the dollar strengthened. The Turkish lira (TRY) actually hit record lows against the USD.

This devaluation of lira since September (-35%) has been mirrored by strong growth in BTC-TRY trade volumes, noted digital asset data provider, Kaiko. The increase comes despite Turkey banning the use of crypto for payments back in April.

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According to Chainalysis, currency devaluation has been among the main drivers of crypto adoption in the country, accounting for a large percentage of crypto use in the Middle East.

Meanwhile, the Turkish central bank has cut its policy rate by 100bsp, further contributing to the lira’s historic meltdown. “This could favor crypto assets which are seen as a more stable investment alternative,” said Kaiko.

The post Dollar Sends Warning Signs for Risky Assets including Bitcoin and Crypto first appeared on BitcoinExchangeGuide.

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Author: AnTy

“Eventually,” A Digital Dollar Could Be Issued But Fed Is Still A “Long Way” From Deciding On It

“Eventually,” A Digital Dollar Could Be Issued But Fed Is Still A “Long Way” From Deciding On It, Says A US Central Bank Official

Dallas Federal Reserve Robert Kaplan said the US central bank could see it eventually issuing its own digital currency, calling it the “last mile” in the digitization of the payment system.

“I would imagine in the years ahead — it’s something the Fed is actively working on now — and I can see reasons why that will eventually get developed; China is already doing their own experiment with it,” Kaplan said in a virtual appearance at Texas Tech.

Still, the US Fed is a “long way” from deciding on a digital dollar and is currently studying the issues such as its potential impact on banks.

The US central bank is working with the Massachusetts Institute of Technology for a digital dollar, which Chair Jerome Powell said is “far more important” to get right than fast.

“I think that’s one of the stronger arguments in its favor — that … you wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency,” Powell said recently.

Meanwhile, Fed Governor Christopher J. Waller is skeptical of central bank digital currencies (CBDCs) and believes it is rather a solution in search of a problem.

Other central banks are also taking similar steps with the European Central Bank starting a two-year investigation into the feasibility of the digital euro.

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Author: AnTy

Bitcoin’s Weekend Weakness: Yields Crash and Go Negative, OI Is Still Halved From Peak

While gold is getting crushed down 8.14% this month while the US dollar has soared to 92.4, aiming for a 2021 high of 93.43.

Right before the weekend, Bitcoin has dropped under $35,000 and is now aiming for $36,000.

Earlier this week, BTC’s price surged above $41,000, an increase of more than 30% from the previous week’s low of $30,000. But before even the week is over, the price has already lost 15.7% of its value.

Ever since the deep sell-off on May 19, the cryptocurrency has been trading sideways and remains in a crab market.

This week’s weakness came after the Federal Reserve started talking about tapering earlier than expected, with two hikes in interest rates coming in by 2023. Central bank turning hawkish has sent the prices in stocks crashing as well along with the yield on 10-year bonds.

The dollar is the only winner as it soared to 92.4, up from 89.5 late last month. 93.43 is greenback’s 2021 high set in late March.

Commodities are also getting crushed, with gold falling to $1,760 per ounce. The bullion is now down 8.14% this month after rallying 14.3% for two months straight in April and May.

For the past few months, we have been seeing the price of gold, the traditional store of value, and digital gold, bitcoin, moving in opposite directions. This actually started towards the end of 2020 when gold funds reported an outflow while the leading cryptocurrency saw increased interest from investors and inflows.

Bitcoin is basically gaining traction as the latest store of value and trying to capture precious metal’s market share.

This week, a German national weekly newspaper described bitcoin as “The Clever Gold.” One of the most popular news sources in the country, Die Zeit, said Bitcoin “is a new political movement of radical decentralization.”

In the meantime, the latest weakness in price has funding rates on Bitcoin perpetual contracts going negative on most of the cryptocurrency exchange with 0.01% the highest.

Back in February, 7-day APY went as high as just over 46% on Binance and above 128% on Bybit. In March, this spike again to 32% and 89% on Binance and Bybit respectively, and then 40.7% and 60.13% in April. As of writing, it is -0.06% on Bybit and -1.04% on Binance.

This is healthy for the market after experiencing high rates and yields for a long time. Spiking yields is actually a sign of lack of money, as they represent an “insane amount of leverage demand,” with billions of dollars sitting in quarterlies with *locked in* high annual rates, explained trade CL of eGirl Capital.

“When the most liquid interest rate market (huobi’s quarterlies) starts moving up aggressively as more open interest rush in, you can tell there’s no more money left on the sidelines because literally no one even had money left to even get the 30% or 40% for free.”

According to CL, Moreover, with yields on centralized exchanges already in negative, soon on-chain yields will be negative too, and “all defi protocol token holders will actually have to pay the protocol every year to continue bag holding their negative revenue bags.”

Meanwhile, open interest in the market has a long way to go, currently at just $12.61 billion, down from a $27.68 billion peak in mid-April. But the good thing is Grayscale Bitcoin Trust unlock is soon coming to an end. Discount on GBTC is currently around 14.44%, recovering from a 21.23% low last month, albeit slowly.

Amidst this, Michael Burry of “the Big Short” fame warned about losses “the size of countries” in the event of crypto and meme-stock declines.

“All hype/speculation is doing is drawing in retail before the mother of all crashes,” Burry wrote in now-deleted tweets.

“When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries. History ain’t changed.”

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Author: AnTy

LUNA’s Over 81% Price Crash Knocks TerraUSD (UST) Off the Dollar Peg

LUNA’s Over 81% Price Crash Knocks TerraUSD (UST) Off the Dollar Peg

Bitcoin fell nearly 54% during the latest deep rut, Ether 60.6%, and altcoin as much as more than 90%. Amidst this, Terra (LUNA) lost 81.3% of its value from the all-time high of $22.36 in March.

With this loss, the token has wiped out almost all the parabolic-uptrend it saw in 2021.

As of writing, LUNA is trading at $6.56, with a market cap of $2.58 billion.

This much volatility in the price of LUNA also sent the price of its algorithmic stablecoin UST crashing.

On May 19, TerraUSD saw a big divergence from a dollar peg as it dropped to $0.897 after reclaiming and going to $1.02.

Then on May 23, it yet again started to fall, and UST went out as low as 0.919 but has yet to recover to its full $1 peg. Ever since losing the peg on Sunday, UST struggled to reclaim and continued to trade around $0.974 only to soar to $1.01 just now, as per CoinGecko.

The stablecoin has a market cap of $2 billion.

“The Terra UST stablecoin could collapse in a bank run effect,” commented Ariah Klages-Mundt, who’s building the Gyroscope Protocol, an all-weather stablecoin for the DeFi.

“UST is backed by an endogenous collateral Luna. Current Luna market cap has fallen to arguably < outstanding UST. We are now in a dangerous spiral: as users panic out of UST, this reinforces the Luna crash further.”

The stablecoin’s design is based on endogenous collateral where the value of Luna derives from the anticipated usage of UST.

“While this brought benefits on the upside, it is now materializing in dangerous spirals on the downside.”

While UST didn’t lose half of its value, if a widely adopted stablecoin used by non-crypto people ends up being that way, it could be really bad for the market, is a concern shared by Nevin Freeman of competing Reserve Protocol during the Latin American Bitcoin & Blockchain Conference.

While things will be massively good for the stablecoin, which is marketed very effectively and significantly adopted by non-crypto speculators who want to preserve their savings, it could be terrible for the crypto world if that algorithmic stablecoin that has no backing blows up economically and falls apart and goes down close to zero by ending up getting regulatory backlash, said Freeman.

Amidst all this, Thorchain (RUNE) came in support, tweeting, “Terra is being stress-tested. UST mint/burn creates price-reflexivity on LUNA, and discount is a measure of uncertainty. Do Kwon and his team/backers have their fingers on the pulse and are moving fast. UST to return to parity. Back the builders. Long innovation.”

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Author: AnTy

Billion Dollar Stablecoin Fei Protocol Struggles As Token Drops Below USD Peg

Billion Dollar Stablecoin Fei Protocol Struggles As Token Drops Below USD Peg

Barely days after the stablecoin project Fei Protocol launched, it appears to be struggling—so much so that its 1:1 USD pegged token has dropped well below its targeted $1 value. Currently at $0.7916.

Fei in Free Fall

The stablecoin project, meant to be algorithmic and without volatility, lost its peg to the U.S. dollar this week. The asset was down by almost 80% at a time.

This caused an uproar on social media, with users complaining about the project and others suggesting solutions.

Compound (COMP) founder Leshner stated that the protocol was in this state due to a bug.

“Folks are watching Fei, a project that raised $1.3B, struggle at launch. It raised way more ETH than needed; most buyers were looking to immediately sell FEI back (peg pressure); then, to top it off, a bug disabled the primary stability mechanism. Not a recipe for stability.”

Meanwhile, the company has responded via its Twitter account. It disclosed that there was a vulnerability through its bug bounty program. This made the development team suspend mint rewards on Fei buys to ensure the protocol and PCV were secured.

Mint rewards are incentives users who buy Fei get to help it return its value to the dollar.

Fei Protocol added that the protocol is still overcollateralized, meaning more cryptocurrency collateral backing the set of Fei tokens. It assured users that the token’s value would return while also thanking users for their suggestions on solutions.

Fei Protocol Fighting Stablecoin Issues

Backed by many high-value investors, Fei Protocol aimed to create a stablecoin protocol that would outrightly buy assets with its token, rather than holding them as collateral for loans.

Fei had pointed out the obvious issues in already established stablecoins that were centralized and controlled by corporations with the focus of fighting them.

The stablecoin introduced the model called ‘Protocol Controlled Value’ (PCV) which means when users deposit collateral, the protocol owns and manages it so that liquidity cannot just be pulled out. The PCV is a subset of TVL (total value locked), in which a platform outright owns the assets locked into the smart contracts.

However, it appears Fei Protocol did not anticipate the high demand it received.

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Author: Jimmy Aki

MIT & Boston Federal Reserve Look to Reveal Two Digital Dollar Pilots by July 2021

MIT & Boston Federal Reserve Look to Reveal Two Digital Dollar Pilots by July 2021

The Federal Reserve Bank of Boston and researchers from the Massachusetts Institute of Technology (MIT) are making giant strides in their digital dollar program, according to a Bloomberg report.

Boston Fed To Launch Digital Dollar Prototypes

Researchers from both institutions are reportedly preparing to launch prototypes of two central bank digital currencies (CBDCs) platforms as early as July 2021.

The prototypes would store, move, and settle digital dollar transactions providing ease and convenience for an already crypto-acclimatized population, says James Cunha of the Boston Fed.

Cunha, who declined to state whether any of the prototype platforms would be based on a distributed ledger technology (DLT), said that the financial agency would not delay making their research findings public. Cunha added,

“We think it’s important that we not wait for the policy debate because then we’ll be a year or so behind. This will take significant outreach to the industry and serious debate.”

Apex banks like the People’s Bank of China (PBoc) are reportedly ahead of the pack. The Asian giant, which has been steadily exploring CBDC use cases, has conducted pilot tests in 2021 and would likely see a more distributed approach in the coming year.

Other countries like the Latin American nation, the Commonwealth of the Bahamas, have launched a digital version of their fiat currency called the “Sand Dollar” in 2020.

European nations like the UK are currently researching the technology and monitoring economic impact while others like the Swiss have postponed the program till the following year.

Big Tech Looks To Cash In On CBDCs

But amid all the mixed reactions, CBDCs seems to have gained more fans in the rapidly-growing digital economy. Federal Reserve boss Jerome Powell admitted as much in a recent virtual conference featuring central banks worldwide. In his closing comments, Powell said CBDCs would not outrightly replace the more traditional dollars but would be integrated into the extant payment systems and other forms of money.

But even as the world is slowly coming to grasp what many has described as a “shaking up” of the financial system, some others think a digital dollar may be unnecessary.

In a statement to Congress, the American Bankers Association said that introducing a “Fedcoin” (another name for CBDCs in the US) could bring unintended consequences. To the body, these digital caricatures could threaten the banking system’s stability, and there is no guarantee of it bringing about greater financial inclusion.

This position is one that most legacy financial institutions are taking- calling CBDCs a “costly solution” to a problem that does not exist. But digital payments companies like Visa and MasterCard are already on the treadmill to ensure their platforms get listed to provide these services.

Visa’s North America Chief Oliver Jenkyn said they are in conversations with regulatory agencies on how a potential CBDC would be designed. According to Jenkyn, these conversations would be backed by actions.

These actions were brought to the fore when VISA proposed that CBDC transactions could be validated without an internet connection in its whitepaper.

ViSA is not alone in the CBDC race, with embattled US blockchain firm Ripple Labs also launching a private version of its XRP Ledger (XRPL) protocol specifically for issuance and maintenance of CBDCs.

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Author: Jimmy Aki

Fed Is Investing ‘Time and Labor’ As A Digital Dollar is ‘High Priority’ says Chairman Powell

Fed Is Investing ‘Time and Labor’ As A Digital Dollar is ‘High Priority’ says Chairman Powell

The Federal Reserve is also “committed” to solving the tech problems. Treasury Secretary, unlike her predecessor, also says it “makes sense for central banks to be looking at.”

Federal Reserve Chairman Jerome Powell told Congress on Tuesday that a digital dollar is a “high priority project for us.”

While the central bank is “looking carefully” at the prospect of issuing a digital currency, Powell said there are “significant technical and policy questions” related to it. Powell said,

“We are committed to solving the technology problems and consulting very broadly with the public and very transparently with all interested constituencies as to whether we should do this.”

Much like always, the Chairman said that as the world’s reserve currency, the US doesn’t have to be the first, but the point is in getting it right.

“This is something we’re investing time and labor in, across the Federal Reserve System.”

Just this week, Treasury Secretary Janet Yellen also said that the Biden administration supports research into the viability of a sovereign digital currency, unlike her predecessor Steven Mnuchin who didn’t see any need for that at the point.

“It makes sense for central banks to be looking at” issuing a digital dollar, Yellen said at a virtual conference on Monday hosted by the New York Times.

According to her, the digital version of fiat currency can help with the financial inclusion of lower-income groups.

“Too many Americans don’t have access to easy payments systems and banking accounts, and I think this is something that a digital dollar, a central bank digital currency, could help with.”

“It could result in faster, safer, and cheaper payments, which I think are important goals.”

Janet Yellen Treasury Secretary

While positive about a digital dollar, Yellen echoed Powell’s views about needing to address the issues first.

“There’s a lot to consider here, but it’s absolutely worth looking at,” she said.

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Author: AnTy

Gemini Exchange Adds Singapore Dollar & Trading Pairs in Asian Market Push

Gemini Exchange Adds Singapore Dollar & Trading Pairs in Asian Market Push

The Winklevoss crypto exchange announced its expansion into Singapore’s growing crypto market. The exchange is hoping to take its operations to broader markets with the rumors of an IPO swirling.

With cryptocurrencies gaining traction worldwide, companies in the industry are also seizing the opportunity to push borders.

Gemini, the cryptocurrency exchange from the Winklevoss Twins, is the latest firm to announce a major expansion play.

Hello, Singapore

Yesterday, the exchange announced that it had expanded its operations to Singapore, setting itself up for bigger operations on the Asian continent. According to the announcement, the setup includes new features for Singaporean customers, including support for the Singapore dollar on its mobile and desktop platforms.

Gemini customers in Singapore can also use their fiat currency to purchase crypto. Payment options include electronic fund transfers and debit cards, allowing residents to enjoy the exchange’s full capabilities. Gemini will also partner with local data services like MyInfo and Singapore Personal Access to provide a more localized user experience for Singaporean customers.

In the statement, Tyler Winklevoss, the company’s chief executive officer, praised Singapore as a fast-growing market for the crypto economy.

The exchange also revealed that it had set up a local office in Singapore with full staffing. Several crypto and finance professionals have joined the company’s Asia Pacific team as well.

Singaporean customers will also be able to delve into the decentralized finance (DeFi) market. Gemini’s announcement confirmed that they can trade several top DeFi tokens, including YFI (for yield farming protocol Yearn FInance), UNI (for top decentralized exchange Uniswap), and FIL (for blockchain-based payment service FIlecoin). These are added to the 20 traditional crypto tokens available to Singaporeans on Gemini’s platform.

A Possible IPO

Gemini’s regulation-obsessed approach has set it apart from its competitors. The company thrives on establishing relationships with regulators and moving strategically.

The exchange has had some recent success, announcing recently that it had crossed the $10 billion mark for assets under management. Last April, it also scored a Service Organization Control verification from Deloitte. The certification meant that Gemini’s customer reporting protocols and financial operations were compliant with the American Institute of Certified Public Accountants’ requirements.

Gemini is also gearing up to launch a credit card with a three percent Bitcoin rebate feature, and it completed the acquisition of crypto payments service Blockrize.

With the crypto market experiencing significant growth, industry sources believe the exchange could be weighing their chances with an Initial Public Offering (IPO). Earlier this month, Bloomberg reported that the Winklevoss Twins were mulling a public offering, quoting the brothers saying:

“We are watching the market and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it.”

The report added that the brothers had several means of getting this done, including seeking a traditional IPO or merging with a “blank-check firm to serve as a launchpad for the listing.

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Author: Jimmy Aki

Deeper Pullback in Precious Metals Indicates Flows Are Moving Towards Bitcoin

However, if the dollar rally continues on “that would sink a few boats.”

Cryptocurrencies are already leading the market gains in 2021.

On Friday, Bitcoin price nearly hit $42,000 and is currently holding strongly above $40k with over $14 billion in ‘real’ volume.

This week, BTC started with a dip to about $28,500 and since then has seen a 42% increment in its value.

“The surge in Bitcoin is indicative of froth but not only in that market, in many other areas where risk premiums have come down sharply in the past year despite a recession,” said Kevin Caron, portfolio manager for Washington Crossing. “We view Bitcoin as a proxy for risk appetite.”

Besides Bitcoin, altcoins also enjoyed a good week with notable mentions including Nano (256%), Pundi X (146%), YFL (130%), Stellar (128%), Loopring (126%), ROOK (118%), Nexus (107%), Verge (96%), ALPHA (87%), YFI (82%), SOL (78%), MATIC (67%), KIMCHI (62%), KP3R (60%), IOTA (58%), and Ethereum (58%).

These gains led to the total cryptocurrency market capitalization to climb to $1.09 trillion.

Bitcoin awakening

While cryptocurrencies are enjoying just another green week, the same is not the case for metals.

As we reported, precious metals have been taking a beating for three days in a row. Since Wednesday, spot gold has lost 6.6% of its value and is now seeing a slight relief to $1,847 per ounce. The same is the case for silver, which slid a good 12.8% during the same period.

These losses have been the result of the US dollar index rising and keeping above the 90 level. Unlike the traditional safe-haven asset, Bitcoin and the stock market remained unaffected by the greenback’s strength.

According to Charlie Morris of ByteTree, the deep slide in precious metals could be the result of flows moving towards Bitcoin. “If this continues, expect a dollar counter-rally. That would sink a few boats,” he said.

Much like gold, treasuries also sold off as investors focused on further stimulus. The sell-off in 10-year US Treasuries pushed their yields to their highest levels since March. Despite the UK economy losing 140,000 jobs in December, the first time in eight months. Francois Savary, chief investment officer at Swiss wealth manager Prime Partners, said,

“Investors are buying the end of an erratic Trump administration and looking forward to something new, which is a Biden presidency and the prospect of a significant spending program.”

The Biden administration is expected to be good for cryptocurrencies with the expectations for more stimulus and money printing. Frank Spiteri, chief revenue officer at CoinShares, said,

“It seems like we’re in the middle of a simultaneous awakening among institutions to Bitcoin as an uncorrelated store of value assets with the possibility of serving as an inflation hedge in the face of a highly unconventional monetary policy environment.”

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Author: AnTy

EU and UK Closes Historic Brexit Deal; Bitcoin Hits a New ATH

Sterling rejoicing, US dollar weak, while Bitcoin ready to move back above $25k while on price discovery.

The UK has finally reached a historic deal with the European Union, just days before the country was due to leave the bloc’s single market.

“We were told we couldn’t have our cake and eat it,” Prime Minister Boris Johnson told a press conference on being asked about the compromises to be made.

“I’m not going to claim that this is a ‘cakeist’ treaty, but it is I believe what the country needs at this time.”

The agreement will allow for quota and tariff-free trade in goods after December 31 but the same rule won’t apply for about 80% of the UK economy — the services industry.

The Guardian called the deal “nothing but thin gruel,” that will only make it harder for Britain to sell services in the EU. Besides losing the right to freely travel, work, and settle in other European countries, the British also have to comply with EU regulations.

“It was a long and winding road — but we have got a deal to show for it.”

“It is fair, it is a balanced deal and it is the right and responsible thing to do for both sides.”

Ursula von der Leyen European Commission President

Going Crypto

While little was changed in the US market, the Stoxx 600 Index gained after the deal. The British pound strengthened and is now nearing its highest since mid-2018.

As the pound rallied against most major currencies, the US dollar index remained just above 90.

“To some extent, the devil will be in the detail, yet markets and the pound are likely to celebrate almost any type of agreement that avoids a no-deal scenario,” analysts at IG said.

This has expected to bring some volatility in the markets, Bitcoin can feel some as well. Already, the digital asset is preparing for the expiry of bitcoin futures and options contracts on Friday.

Currently trading around $24,960 BTC 7.59% Bitcoin / USD BTCUSD $ 26,422.87
$2,005.50 7.59%
Volume 48.24 b Change $2,005.50 Open $26,422.87 Circulating 18.58 m Market Cap 490.99 b
7 h Bitcoin on Track to Become the 10th Largest Asset in the World & Beat Warren Buffett’s Berkshire Hathaway 9 h EU and UK Closes Historic Brexit Deal; Bitcoin Hits a New ATH 10 h Dave Portnoy’s Barstool Fund Accepts BTC, ETH & 10 Other Crypto’s in Donation to Support Small Businesses
, BTC hit a new ATH yesterday at $25,026.86 and is preparing to move above $25k again on the back of strong institutional demand.

Just this month, Brexit party leader Nigel Farage went “full crypto” while calling fiat currency “funny money,” which the governments continue to print at warp speed. This has made it “crucially important” to understand crypto, he had said. Elsewhere, he called Bitcoin “the ultimate anti-lockdown investment.”

Increased Interest

UK investors have actually been taking an increasing interest in Bitcoin, with 38 times more money in sterling being exchanged for the cryptocurrency on crypto exchange Kraken than this time last year, as per a recent report.

Marcus Hughes, Europe manager at crypto exchange Coinbase also said that the ongoing evolution in the industry is driving customer activity in the UK. “Increased levels of institutional interest, corporates, including MicroStrategy, taking Bitcoin onto their balance sheets and wider awareness of payment mechanisms” is driving the higher trading volume of BTC in the UK.

Recently, UK-based Ruffer, which manages £20 billion of assets has allocated 2.5% of its assets in Bitcoin just this month.

“This news is important because they are a well-regarded firm among UK wealth managers,” wrote Charlie Morris of ByteTree. “I believe UK wealth will have to find ways to follow suit.”

Additionally, the Financial Conduct Authority making it mandatory for companies selling crypto assets to register starting in January may be helping make the digital asset more acceptable for investors.

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Author: AnTy