• Circle CEO Jeremy Allaire recently stated that stablecoins should not be regulated by the SEC.
• Allaire suggested that banking regulators, such as the US Federal Reserve Board or the Office of Comptroller of the Currency (OCC), would be more appropriate.
• The securities regulator recently issued a Wells notice to Paxos, Circle’s rival firm, informing the company of its intention to initiate enforcement actions.
Circle CEO’s Opinion on Stablecoins Regulation
Circle Internet Financial’s founder and CEO Jeremy Allaire recently shared his opinion on the Securities and Exchange Commission (SEC) and its role in regulating stablecoins in the United States. According to him, SEC is not suitable for this purpose and other banking regulators like US Federal Reserve Board or OCC should be responsible for this.
Circle’s USD Coin Circulation Supply
Circle is an issuer of world’s second-largest stablecoin USD Coin [USDC], which has a circulating supply of over $42 billion.
SEC Proposal to Include Virtual Currencies in Qualified Custodian Requirements
Allaire supported SEC proposal to include virtual currencies in assets subject to qualified custodian requirements. This will provide control structures and bankruptcy protection.
Growing Scrutiny of Stablecoins by Regulators Worldwide
Stablecoins have become increasingly popular but their regulatory status remains uncertain with many governments calling for stricter oversight.
Better Measures Proposed by Circle CEO
Allaire proposed better measures like including virtual currencies in assets subject to qualified custodian requirements instead of letting SEC regulate it.
Bitcoin Breaks $25,000: New Record Level Set After 24 Hours
• Bitcoin (BTC) surpassed the $25,000 mark for the first time since June 2022.
• The king coin registered an 8% uptrend in the past 24 hours and had a market capitalization of over $482 billion at press time.
• Cameron Winklevoss noted that the current levels of Bitcoin are well above pre-FTX collapse in November 2022.
Bitcoin Breaks Past $25,000 Mark
Bitcoin (BTC), the king coin, has broken another level within a span of 24 hours. The largest cryptocurrency by market cap breached the $25,000 mark, a day after the coin broke another key level. The coin reached a high of $25,256 on Coinbase as per the data presented on Trading View.
Bitcoin Price Retraction After Peaking At Level
The coin’s price has retracted ever since it peaked at this level according to CoinMarketCap. Bitcoin was trading at $24,790 at press time and saw an uptrend of over 8% in the past 24 hours with a market capitalization of over $482 billion and had a market dominance of 42.8%.
Cameron Winklevoss‘ View On bitcoin Price Levels
Cameron Winklevoss, co-founder of Gemini said that Bitcoin’s price levels have surpassed the lows it registered post-FTX collapse in November 2022. At that time, BTC’s price collapsed from the $20k level to the $15k level within few days which was clearly signalled by professionals working in crypto field such as Winklevoss himself who said: „We will not be defined by it.“
Impact On Short Position Holders
The rise in Bitcoin’s price left short traders on losing end according to Coinglass as long position holders outnumbered short position holders with ratio 1:16 where 53% traders taking long positions while 46% holding short positions and more than 7 million were liquidated within last hour and total liquidation was estimated around 26$ million till 16th February 2021.
The surge in Bitcoin’s price is likely due to increased institutional involvement and an increase demand from retail investors which pushed its prices beyond 25K USD breaking all previous records set back in June 2022 and making way towards an optimistic future for cryptocurrencies.
GMX Moves to Arbitrum: What Does It Mean for Avalanche?
• GMX moves to Arbitrum, threatening Avalanche and causing decreased sentiment, declining TVL & NFT trades.
• Despite the negative conditions for Avalanche, the number of stakers on the network grew by 21.5%.
• GMX’s move could be due to increasing popularity of Arbitrum and its ability to handle larger volumes of transactions efficiently.
GMX Moves To Arbitrum
The latest data from Artemis suggests that the majority of GMX’s activity has shifted from Avalanche [AVAX] to Arbitrum, raising concerns about its potential impact on Avalanche. As GMX is currently the largest perp by market cap and outperforms many competitors in terms of Total Value Locked (TVL), this shift threatens AVAX’s future.
Decreasing Sentiment for AVAX
Santiment’s data indicates that overall sentiment surrounding Avalanche was negative, leading to a decline in TVL which stands at $970.16 million at press time. Additionally, volume for AVAX fell from 1.2 billion to 3.14 million and NFT trades also declined, indicating an overall lack of interest in the token. On a positive note, volatility has decreased which could attract some stability-seeking investors.
Staking Activity Up
Despite these negative conditions for Avalanche, Staking Rewards data reveals that the number of stakers on the network grew by 21.5% in the last month, reaching 65,988 at press time – suggesting there is still some interest in AVAX despite its current state of affairs.
Possible Reasons For Move To Arbitrum
GMX’s move from Avalanche may have been prompted by several factors including increasing popularity of the Arbitrum network and its superior ability to process larger volumes of transactions quickly and efficiently compared with other networks such as AVAX’s own Ethereum blockchain network .
While it remains uncertain what will happen with Avalanche going forward following GMX’s move to Arbitrum , it is possible that if enough investor interest can be maintained then it could still recover and continue growing as a platform despite its current difficulties .
Connect with Like-Minded Gamers and Earn Rewards with Wasder on AscendEX
• Wasder is a gaming platform that helps bring old and new friends together
• Wasder has created key features such as Spaces and Party Play to help gamers stay connected
• The Wasder token ecosystem is a circular economy that allows users to earn and spend tokens
AscendEX is thrilled to announce the listing of Wasder with the trading pair $WAS/USDT. Trading will begin at 2:00 PM UTC on February 2nd. Wasder is an amazing gaming platform that helps bring people together through their shared passion for gaming.
Wasder’s Spaces platform allows users to be in control of the content they want to see, with game-specific groups, party chats, and other features. The profile page is where it all begins, and users can share their gaming accomplishments, favorite games, and connect with other players. Wasder also has two key features to help people stay connected even when they aren’t in the same room: Party Play and Party Chats. With Party Play, users can find new friends to play the games they love, and Party Chats allow them to stay in touch with friends no matter where they are.
The Wasder token ecosystem is a circular economy that allows users to earn and spend tokens. With the Wasder token, users can purchase different items, such as gaming peripherals, digital gifts, discounts on subscription services, and even tickets to gaming events. Furthermore, users can earn rewards for playing games, streaming, and more.
Wasder is a great platform for gamers looking to connect with like-minded individuals or just find a new friend to play with. With the listing of Wasder on AscendEX, users will now be able to buy and sell Wasder tokens and take advantage of the Wasder token ecosystem.