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Daily Crypto News

  1. CoinMarketCap launches proof-of-reserve tracker for crypto exchanges — CoinMarketCap (CMC), among the world’s leading crypto price tracking websites, has introduced a proof-of-reserve feature for centralized crypto exchanges in a bid to improve transparency for crypto participants. The data are currently available for seven centralized crypto exchanges including Binance, KuCoin and Bitfinex. The proof-of-reserve tracker provides information on the type of tokens in which the reserves are held as well as the addresses, balance and value of assets in the associated wallets.
  2. Crypto mining firm Foundry to buy mining sites from embattled Compute North — Cryptocurrency mining and staking firm Foundry Digital LLC plans to acquire two turnkey crypto mining facilities in the U.S. from troubled Compute North, which filed for Chapter 11 bankruptcy in September, the company said. Foundry said in a statement on Tuesday that it is also weighing an option to buy a third facility that is under development. The two facilities Foundry is looking to acquire are located in North Sioux City, S.D., and Big Springs, Texas, according to the statement. When Compute North filed for bankruptcy protection in September, it said it owed as much as US$500 million to at least 200 creditors.
  3. New York governor signs law that limits crypto mining — New York is taking a first-in-the-nation step to tap the brakes on the spread of cryptocurrency mining, under legislation that Gov. Kathy Hochul signed Tuesday.
  4. FTX Collapse Is ‘Not a Crypto Failure,’ Says Minnesota Rep. Tom Emmer — Minnesota Representative Tom Emmer took both former FTX CEO Bankman-Fried and Securities and Exchange Commission chair Gary Gensler to task for the collapse of FTX and the resulting fallout. “This is not just a failure of FTX,” Emmer said on a Tuesday night Fox Business broadcast. “It’s a failure of centralized finance and a failure of Sam Bankman-Fried.” The U.S. congressman and newly appointed Republican majority whip also condemned the collapse of FTX as a failure of business ethics, government oversight, and regulatory procedures, pointing to a March 23 meeting between Bankman-Fried and Gensler.
  5. New York State passes two-year moratorium on some crypto mining facilities — New York became the first U.S. state to enact a temporary ban on new cryptocurrency mining permits at fossil fuel plants, despite a strong lobby effort by cryptocurrency industry groups against the measure. The legislation, signed into law by Gov. Kathy Hochul, will impose a two-year moratorium on crypto mining companies that are seeking permits to convert fossil fuel plants in the state into mining operations. It also caps the electrical consumption of existing operations at their current levels. Mines seeking to use renewable energy alternatives are unaffected
  6. Crypto Paradise? El Salvador Preps New Law To Pave Way for All Crypto — El Salvador is doubling down on its bet on cryptocurrencies even in the midst of a bear market. The first country to declare Bitcoin as legal tender is now working on a Digital Asset Issuance Law, which would facilitate operations with any crypto asset. According to a document available on the official website of the National Assembly of El Salvador, the law would regulate the transfer operations of any digital asset, seeking to “promote the efficient development of the digital asset market and protect the interests of acquirers.” The novelty of the law is that it separates crypto assets from all other assets and financial products, thus creating a tailor-made regulatory framework for them. The law leaves no room for doubt: for a digital asset to fall under this categorization, it must use a distributed ledger or a similar technology. The blockchain is perhaps the most popular distributed ledger technology to date.
  7. Coinbase CEO reaffirms exchange’s BTC holdings after CZ’s tweet — Coinbase chief executive officer Brian Armstrong is reassuring users about the financial health of the Nasdaq-listed crypto exchange, following a potentially damaging tweet — since deleted — from Changpeng Zhao (informally known as CZ), CEO of the world’s largest cryptocurrency exchange by volume, Binance. In his now-deleted tweet, CZ quoted a news report that said investment arm Coinbase Custody holds 635K BTC on behalf of digital asset manager Grayscale. He ended the tweet by quoting another news report from four months ago that said Coinbase had less than 600K BTC and said he “assumed” the second report was for the Coinbase exchange.
  8. US Senators Ask Fidelity to Reconsider Bitcoin 401(k) Offerings Following FTX Collapse — Fidelity should reconsider allowing retail clients exposure to bitcoin in their retirement accounts in light of the FTX collapse, said three Democratic senators in a letter on Monday. The U.S.-based financial services firm said in April that it wanted to allow investors to put bitcoin into their 401(k) accounts. Fidelity’s retirement accounts are big business: The company had an estimated $2.4 trillion in 401(k) assets in 2020, or more than a third of the total U.S. market at that time, according to research firm Cerulli Associates. The senators — Richard Durbin (D-Ill.), Elizabeth Warren (D-Mass.) and Tina Smith (D-Minn.) — had previously expressed their trepidation over the plan in July, and the Department of Labor had similar concerns in April.
  9. Cathie Wood is buying the dip in Coinbase, adding $53 million this month as the FTX collapse pressures the crypto industry — Coinbase shares have plunged to all-time low as the fallout from Sam Bankman-Fried’s FTX collapse spreads, but Cathie Wood is seeing a buying opportunity. Coinbase stock is down roughly 20% over the last week, closing Monday’s trading session at $41.23. That’s a far cry from the nearly $430 the shares reached shortly after the exchange went public in April 2021. Amid the plunge, Wood’s ARK Invest has bought over 1.3 million shares this month alone, worth about $53 million, according to Bloomberg data. That brings the fund’s total stake to about 8.4 million shares, or about 4.7% of Coinbase’s total outstanding shares. The majority of ARK Coinbase holdings are part of its flagship fund, ARK Innovation ETF, making up its 13th largest position.
  10. Bitcoin could fall 13% to 2019 levels after confirmed breakdown amid the FTX fallout, Fairlead’s Katie Stockton says — Bitcoin’s big decline amid the fallout from the FTX bankruptcy might not be over anytime soon, according to Fairlead Strategies’ Katie Stockton. In a Monday note, Stockton noted that amid the crypto selloff, bitcoin confirmed its breakdown below a key support level near $18,300. That sets the popular cryptocurrency up for more downside ahead to levels not seen since 2019. Specifically, Stockton is eyeing the $13,900 as the next support level for bitcoin, which represents downside potential of 13% from current levels.

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