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Peter Davis

An writer at FOMOdrive

  • Sep 28, 2023
  • 3 min read

Crypto exchange Binance announced its complete withdrawal from Russia

On Wednesday, the Bitcoin bulls attempted a counterattack, but were thwarted by the bears.

The U.S. Securities and Exchange Commission (SEC) has once more postponed its ruling on the approval of Bitcoin exchange-traded funds (ETFs).

The Fed viewed stablecoins as a potential danger to economic stability.

Robert Kiyosaki expressed skepticism about the longevity of both the first cryptocurrency and the US dollar.

The US Securities and Exchange Commission (SEC) has pushed back its ruling on ARK Invest and 21Shares' applications for a spot Bitcoin ETF until January 10, 2024, and the Global X Bitcoin Trust exchange-traded fund until November 21, 2023. The regulator cited the need for "adequate time to review the documents" as the reason for the delay.

Just prior to the SEC's postponement of their decision, four US congressmen sent a letter to Commission Chairman Gary Gensler, imploring him to "immediately" approve a Bitcoin ETF.

According to a study by the New York Federal Reserve Bank, during periods of large-scale turmoil in the cryptocurrency market, stablecoins could potentially bring instability to the financial system as a whole.

Businesses were cautioned by Epiq Bankruptcy about the increasing amount of bankruptcies and were encouraged to contemplate solutions for overcoming the economic hardship through the hedging instruments provided by cryptocurrencies.

Forbes has observed that the crypto market has reacted positively to the global financial instability and has stayed strong in the face of increasing volatility in the bond market. Therefore, as a recession may be looming, investing in Bitcoin or Ethereum could be a safer option.

MoneyGram, a money transfer service, is planning to launch a non-custodial digital wallet that will enable its customers to convert fiat currency into cryptocurrency and vice versa.

Leaks of internal company documents have revealed that Microsoft may be planning to integrate cryptocurrency wallets into its Xbox gaming device.

For an entire year, US authorities have been looking into the matter of Binance, the world's biggest crypto exchange. According to The Wall Street Journal, criminal charges and fines in the billions of dollars may be brought against the company.

The CommEX exchange launched on September 26 and has acquired Binance's Russian business. It is speculated that businessmen from Kazakhstan may be behind the purchase. As a result of this transaction, Binance has decided to completely exit the Russian market.

Robert Kiyosaki expressed skepticism about the future of both the first cryptocurrency and the US dollar. He highlighted Citibank's new blockchain banking technology, which allows for the conversion of institutional savings into bank tokens.

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