COIN BUREAU NEWSFLASH! – (4/12/21) Here are some of today’s m | Coin Bureau Insider
COIN BUREAU NEWSFLASH! – (4/12/21)
Here are some of today’s most important headlines:
The markets are a sea of red this morning. This follows on from the fall we were seeing yesterday not only in the crypto markets, but also in the stock markets.
These moves have reiterated the fact that, at present, cryptos like Bitcoin could still be tied heavily to the broader stock market which has seen negative movement over inflationary fears and recently released employment data.
At times like these, I like to remind myself that Bitcoin is still up an incredible 100% odd over the year. We are still early in the global adoption process and volatility is expected. Within crypto, we like to see BTC as a relatively safe investment. However, in the broader investment landscape, even BTC is considered high-risk.
This risk is of course magnified when you consider the extensive leverage that exists in the crypto markets. I have talked about this on countless occasions but it bears repeating. Liquidations can turn routine shakeouts into market routs.
Always invest with care, do your own research, and never invest more than you can afford to lose.
https://www.bloomberg.com/news/articles/2021-12-03/bitcoin-s-correlation-with-stocks-grows-as-risk-appetite-drops
Exchange giant, FTX, have released a ‘wishlist’ of regulatory proposals that they would like to see implemented with regards to US cryptocurrency regulation. The document features ten proposals that they believe will “lead to superior outcomes for investors and, indeed, the public”.
This comes as Sam Bankman-Fried, along with representatives from other crypto giants like Coinbase and Circle, prepares to testify in front of Congress’ House Financial Services Committee.
Players like Binance have made similar proposal in recent weeks and months. Binance released a crypto ‘bill of rights’ only a month ago.
Regardless of congressional response to SBF’s proposals, it gives me faith that individuals, that truly understand the crypto industry, are being granted public political audience.
Whilst regulation is inevitable, one of my greatest fears was that policymakers would be resistant to involvement from true crypto academics. Now we have to wait and see if they will listen…
https://blog.ftx.com/policy/ftx_key_principles/
It is no secret that music-streaming giants like Spotify and Apple are not always kind or fair to the artists whose music they monetise. Well, there are predictions that NFT based music platforms are set to ‘disrupt’ the traditional streaming industry as early as 2022.
According to Saxo Bank, brands like Spotify, along with cuts given to labels and agencies, pilfer around 75% of revenue generated by artists. Cryptocurrencies and NFTs have already begun to infiltrate the music scene with both Universal Studios and Timbaland jumping into the NFT music scene.
With the ability to bake in royalty fees into NFTs, blockchain technology could allow artists to earn revenue in perpetuity on their art, without intermediaries, like centralised streaming services, making off with the lion’s share of the profit.
Don’t get me wrong – I expect to see some major resistance to this paradigm shift from the likes of Spotify. Indeed, they recently made a jab at the crypto industry in their recent 2021 ‘Spotify wrapped’ release
https://cointelegraph.com/news/nft-music-platforms-to-disrupt-spotify-in-2022-saxo-bank-predicts
In a surprise statement by a Fed official, Randal Quarles breaks ranks from the rest and states that regulators should not stifle innovation in the stablecoin space.
He made the statements specifically in the context of the report by the President's Working Group on stablecoin regulation. If you will recall from the video I did on that report, one of the recommendations of that report was that issuers would need to be a "regulated bank".
Quarles thinks that this is overkill and that there are ways for "nonbanks to meet our legitimate regulatory concerns".
