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Cryptonews.com spoke with Nicolas Louvet, the CEO of Coinhouse, one of Europe’s leading digital asset platforms with 350,000 customers.
The company is one of the few in the sector to combine consulting and brokerage.
The Paris-based company started in 2015 as “La Maison du Bitcoin” – a physical meeting place for people active or interested in blockchain and crypto-assets, where they can discuss developments and trends.
Since then, Coinhouse has become one of the most respected crypto companies in France, where it was the first to be regulated by the Autorité des marchés financiers.
Today, Coinhouse offers wealth and portfolio management services, as well as custody services, savings account products, and buy and sell services for over 50 crypto assets.
Coinhouse’s tagline is “Better Than A CryptoBank” and as we’ll learn in the interview below, the company sees itself as a new breed of financial institution, increasingly at the intersection of DeFi, d broader digital assets and traditional finance (TradFi). located.
In the first part of a comprehensive conversation, Louvet discusses regulations, stablecoins, Europe’s position in the global industry, and the challenges and opportunities of the so-called crypto winter.
He calls the US regulator Securities and Exchange Commission (SEC) “dumb” for its short-sighted obsession with whether certain digital assets are securities, which is perhaps controversial.
He insists that the way forward must be through a partnership between regulators and industry players to create a transparent and level playing field that is safe for consumers and fair for all institutions, large and small. .
The US midterm elections took place this week. Some of the senators, members of the House of Representatives and many governors are elected. These elections are considered an interim report for the incumbent president. This time, the outcome of the election could have a major impact on the crypto community.
Traditionally, an American president loses this election. After all, he has been in office for two years at this point and faces a reality that rarely allows him to fully implement his campaign promises. Joe Biden has had a particularly tough time this time, after all, the country is groaning under consistently high inflation. But currently, it looks like a clear Republican victory won’t materialize.
Will the Republicans win Congress?
Bad economic data is always the downfall of politicians in the United States, but this time Joe Biden could walk away with a black eye. However, a defeat for the Democrats could prove beneficial for cryptocurrencies. Finally, observers expected full regulation for the regulation of Bitcoin and Co. in the United States before the end of this year.
But the dispute between lobbyists and the many unanswered questions have upset the schedule. Given the open works, experts expect a postponement to 2023 unless a new crypto law is passed as part of a comprehensive package.
Crypto influencer Layah Heilpern, who has around 300,000 Twitter followers, would like to invest her savings in Bitcoin if the price of Bitcoin continues to fall to $10,000. Apparently, at this price point, she identifies such a promising risk-reward ratio that she would hoard BTC with her entire fortune. Although one might doubt the final implementation of their announcement, we want to take the tweet as a starting point for a new Bitcoin price prediction. Is the price of Bitcoin now collapsing to $10,000 and when does it make sense to buy BTC again?
Crypto Crash Continues, Bitcoin Below $16,500
The crypto crash is in full swing. After the withdrawal of Binance, which no longer wants to take control of FTX after all, cryptocurrencies know only one direction after intermittent hope. Capital is currently being withdrawn from the digital currency market at high speed, although the price of Bitcoin has already started a slight counter-move in the past few hours. Because the daily low was even marked at $15.663 according to Coingecko data. BTC is currently struggling with the price of $16,500.
This translates to a decline of around 5% in the last 24 hours or 18% in the last seven days.
The daily chart remains bearish. Bitcoin price had to break out of the long-established sideways range. For Bitcoin bears, the crypto shock surrounding FTX has opened a window for short positions.
This translates into an increasingly favorable valuation in the weekly chart, the RSI here indicates an oversold condition. The RSI has never been so low in the history of Bitcoin.
Crypto markets are collapsing – in addition to FTX Token (FTT), Solana (SOL) has been particularly hard hit. The Ethereum competitor has lost 43% since yesterday and is now trading at $18.33, even below the critical $20 mark. Analysts warn of further losses, investors panic. What evolution do the forecasts foresee? Is there a total crash? Should you sell SOL now?
Solana descent: -43% in one day
The crypto markets are currently in a “dynamic” situation again: after it was learned that the crypto exchange Binance would like to buy its competitor FTX, the prices of most coins are falling.
Bitcoin, for example, has lost 8.11% in the past 24 hours and is currently just above support at $18,155. Ethereum, on the other hand, has fallen 15.13% since yesterday as it attempts to stave off a drop below $1,000.
By far the hardest hit were two cryptocurrencies directly tied to FTX and its founder Sam Bankman-Fried (SBF): FTX Token (FTT), the native token of crypto exchange FTX.com – and Solana ( SOL), the competing Ethereum that SBF is betting so big on.
Cryptography researcher Teng Yan of Delphi Digital comments:
“SBF and FTX have been Solana’s biggest supporters. That era is over.
Now Binance has taken over – and Binance will “strongly prefer” the BNB blockchain to Solana, according to the analyst. That’s not all – it’s even worse:
“Alameda had approximately $1 billion in locked and unlocked SOL dollars that they must sell in the event of bankruptcy. This puts huge selling pressure on $SOL.
Moreover, the situation continues to evolve – and can both improve and deteriorate. “We still don’t know if this story with FTX is over and how it will end,” adds Strahinja Savic, Head of Data and Analytics at FRNT Financial.
Leading cryptocurrency exchange Crypto.com has suspended deposits and withdrawals of two major stablecoins, USDT and USDC, on the Solana blockchain.
In an email to users on Wednesday, the platform reportedly said it was suspending USDC and USDT deposits and withdrawals on the Solana blockchain, effective immediately.
The statement did not specify the exact reason for the move. However, she said stablecoin withdrawals and deposits would continue as normal on other blockchains such as Ethereum and Cronos.
In a tweet on Thursday, Crypto.com CEO Kris Marszalek said recent developments regarding FTX and Alameda Research, which are two of Solana’s biggest supporters, led to the decision.
“FTX has been an important bridge for SOL-based stablecoins, we don’t want any additional risk to our users from this space, so we’re disabling it,” said Marszalek, adding that other channels are working normally.
As noted, FTX, one of the largest cryptocurrency exchanges, has been hit by a “significant liquidity squeeze.” Binance initially signed a letter of intent to acquire the failing crypto exchange but went out of business, saying “the issues are beyond our ability to help.”