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Peter Davis

An writer at FOMOdrive

  • Oct 15, 2023
  • 3 min read

Binance began transferring Russian users to CommEx

The price of Bitcoin dropped below $27,000 for the first time since the end of September.

The bulls have been unsettled by global tensions.

It is already assumed that spot Bitcoin ETFs will be approved, which is reflected in the current price of BTC.

The G20 nations have come to a consensus on a strategy to oversee the crypto sector.

As the week came to an end, Bitcoin dropped below $27,000 for the first time since late September. The rising tensions around the world and the intensification of the Israeli-Palestinian armed conflict have caused unease among the bulls.

According to Coinbase, the possibility of spot Bitcoin ETFs being approved is already factored into the price of the leading cryptocurrency. If these funds are launched, it is likely that there will be a large influx of money into the asset, although this may take some time.

The US Securities and Exchange Commission (SEC) has decided not to challenge the court's decision that the SEC's denial of the conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was unlawful. As a result, the appellate court has instructed the SEC to re-examine its decision.

At the G20 meeting in Marrakesh, representatives of the countries involved agreed on a plan to regulate the crypto industry. The roadmap, which was approved, is aimed at reducing macroeconomic and financial stability risks associated with digital assets.

Christine Johnson, a spokeswoman for the CFTC, harshly criticized Voyager Digital, a bankruptcy broker, for the errors that resulted in the loss of billions of dollars of customer funds.

Coinbase has expressed its disapproval of the regulations proposed by the US Internal Revenue Service (IRS) for taxing transactions involving crypto assets, describing them as too vague, burdensome, and unenforceable. In a letter sent to the IRS, Coinbase argued that the proposed rules would create an uncontrolled and unrestricted surveillance of the daily activities of Americans.

According to The New York Times, US government officials have expressed worries about Chinese mining companies operating in the United States, citing potential national security risks.

Ferrari, the Italian sports car manufacturer, is now allowing customers in the United States to pay with cryptocurrencies and is prepared to extend the same service to customers in Europe.

On October 13, Binance enabled users from Russia to transfer their digital currencies to addresses registered on CommEx, free of charge. When logging into the Binance P2P service, users are now prompted to go to the CommEx crypto exchange.

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