Web3 Diaries – 11 Jan
Chair of the US Securities and Exchange Commission Gary Gensler started a conversation on social networking site X (previously Twitter), where a lot of asset managers are waiting to hear back regarding the acceptance or rejection of their exchange-traded funds for spot Bitcoin.
Gensler reminded cryptocurrency investors of a few things in an article published on January 8th on X, but he didn’t mention a spot Bitcoin ETF. The chair of the SEC stated that asset managers that offer cryptocurrency investment vehicles “may not be complying” with federal securities regulations and that cryptocurrency “can be exceptionally risky” and “often volatile.”
ETF Speculation Causes Bitcoin to Decouple From Nasdaq
Investors seems to have found the answer to the perennial question posed by the virtual digital currency, which often draws a parallel to a technology stock. In essence, the grand old cryptocurrency Bitcoin (BTC) price is usually compared with tech-heavy index Nasdaq (NDX).
Finally, the bitcoin has decoupled from Nasdaq, after moving in tandem with Wall Street’s tech-heavy equity index for most of the past four years.
The 40-day correlation between bitcoin and Nasdaq now stands at zero, indicating a lack of relationship between the asset classes, according to data tracked by research provider Fairlead Strategies.
Crypto Exchange Upbit Gets Full Licensing In Singapore
The Monetary Authority of Singapore (MAS) has formally granted the South Korean cryptocurrency exchange Upbit a Major Payment Institution (MPI) license.
Upbit is permitted to offer its clients in the Southeast Asian city state regulated digital payment token (DPT) services thanks to the MPI license. In October of last year, Upbit received in-principle clearance from the MAS, allowing it to carry on with business as usual until it received final licensing.
Along with some of its competitors, like Coinbase and Crypto.com, the cryptocurrency exchange is the most recent to receive an MPI license in the nation.
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