Even though the news about Malta developing a new regulatory framework in favor of cryptocurrencies, blockchain and fintech went viral – it seems like the set of regulations is not yet in force.
The three bills, as previously reported, will focus on cryptocurrencies, blockchain and distributed ledger technologies being regulated. All of the bills passed by Maltese Members of Parliament in June set a number of changes to the country’s legal landscape – overseeing any crypto-related businesses.
Still, last Friday, the Malta Financial Services Authority said that one of the laws is “not yet in force” yet.
Therefore, the MSFA is not yet in a position “to start receiving a request for approvals and authorizations under the Act” until the framework is complete. Currently, the announcement notes that the bill will not take effect until “such date as the Minister for Digital Economy may establish by notice in the Government Gazette.”
Dubbed the “Blockchain Island”, Malta has been known as one of the most forward-thinking countries when it comes to cryptocurrencies – and one of the friendliest jurisdictions for the digital currency and crypto space, with firms like Binance and OKEx already settled there.
Some reports even said that Binance, which is a major cryptocurrency exchange, would partner in efforts to launch the first Malta-based “decentralized and community-owned bank” dubbed the Founders Bank.
Analyst: BTC Will Break Higher In The Next Move Based On Yearly Trends
BTC Can Imitate Last Year's BounceCurrently, Bitcoin is over $4,000 and trading at around $4,057. The $4k mark and milestone was successfully passed after four months - BTC did not manage to make a sustained break above this price zone since late November of 2018 when it fell through it in an almighty dump. BTC has made it to $4,100 three times in four months and has fallen back pretty quickly. However, many predict a new breakout - and the good thing is that BTC did not fall below $3,000 which was another important milestone. According to the analyst with a Twitter handle ‘fil₿fil₿’ - BTC will rally from 25% to 50% if this formula holds. Previous rallies have all been over 25% and the highest was over 50% during April 2018 when Bitcoin managed to bounce from $6,600 to more than $9,000. https://twitter.com/filbfilb/status/1107791661491515392 "This tweet will self destruct in 7 days," the analyst noted.
Can Bitcoin (BTC) Visit The $5,000 Region: Trading Volume Says SoSince the current BTC volume is up, many are predicting the next move to be to $5,000. A similar ratio of over 25% would put BTC back to $5,000 over the coming weeks, which may echo a previous prediction using a different metric - when one analyst named Josh Rager predicted a move up to $5,000 by May 2019. Yesterday, Rager wrote: https://twitter.com/Josh_Rager/status/1107690544069836800 The daily volume has been a strong indicator of possible reversal into bullish territory. However, recent reports of fake volumes and manipulation by exchanges brought a lot of figures into question. Compared to the boom months of late 2017, this trend is still nothing and the trading volume is around half of what it was back then. Still, it managed to build up pretty fast and may be a strong indication that Bitcoin's next movement will be a break higher - eventually to the $5k waters - as many expect.
New Report Shows That Bithumb Is Laying Off 50% Of Its Staff
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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Bitcoin ETF: SEC Receives 84% Negative Feedback On Application
“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case.” “I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”Another commenter named D. Darnwell sent a letter in which he wrote:
“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and draw-downs it entails.” “Decline this ETP without hesitation.”However, one Bitcoin ETF proponent named Sami Santos was confident, stating:
“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins). VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”To remind you, the September (2018) Bitcoin ETF application for VanEck SolidX Bitcoin Trust received more than 1,400 comment letters - of which 99% were positive. However, because of the crypto winter, this enthusiasm has dwindled. Currently, no one knows if this Bitcoin ETF will be withdrawn. If that's the case, the 240-day deadline clock will reset itself and be set once a new filing is submitted.
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