Monatliches Archiv: Februar 2023

• The Financial Stability Board (FSB) has concluded that many existing stablecoins would not meet the incoming high-level recommendations or international standards.
• Hong Kong’s Securities and Futures Commission (SFC) is considering allowing retail investors to buy crypto.
• Fireblocks is launching an off-exchange service, Binance Fan Token is introducing a royalty system and Wirex is now supporting Stellar and USDC in its wallet.

Regulation News

The Financial Stability Board (FSB) ’s „work concludes that many existing stablecoins would not currently meet [the incoming] high-level recommendations, nor would they meet the international standards,“ said the FSB Chair Klaas Knot in a letter to G20 finance ministers and central bank governors. The FSB, an international body that monitors and prepares recommendations about the global financial system, is set to finalize and publish its proposals for regulating crypto and stablecoins in July this year. Additionally, Hong Kong’s Securities and Futures Commission (SFC) may allow retail investors to buy crypto, according to the latest policy proposal which calls for public feedback on its proposed licensing regime for crypto exchanges: whether it should allow licensed exchanges to serve retail investors in the country, and what measures should be implemented to provide „robust investor protection measures.“ This regime is set to take effect in June 2023.

Exchange News

Digital asset platform Fireblocks is gearing up to launch an „off-exchange“ service – a new platform that would help traditional finance firms guard against collapses like that of the FTX exchange, the Financial News reported. The company said the product would act as an intermediary, letting firms keep cryptoassets in custody while trading; assets only move post-trade for settlement. Binance Fan Token also announced a new royalty system for token holders – Binance Fan Club – which will allow fans to collect Star Points by engaging with teams and unlock exclusive fan privileges such as VIP tickets to team matches, meet & greet sessions, personalized video clips from players; all new users who sign up with crypto exchange Binance via Binance Fan Club can also claim a Fan Badge each as proof of their membership.

Wallet News

Digital payment platform Wirex announced that it became „the world’s first non-custodial wallet without seed phrase vulnerability“ to launch on the Stellar blockchain; its wallet now supports stellar (XLM) and USDC tokens as well.

Conclusion

Overall, this article discussed regulation news regarding existing stablecoins not meeting upcoming standards or international regulations; exchange news regarding Fireblocks launching an off-exchange service plus Binance introducing a royalty system; lastly wallet news regarding Wirex supporting Stellar & USDC tokens on its wallet platform.

• On February 13, BTC/USD started trading at $21,796 and has since lost 6% in value over the past week ending on February 12th.
• On February 12, the Central Bank of the United Arab Emirates (CBUAE) introduced a Financial Infrastructure Transformation (FIT) program to facilitate the digital transformation of the financial sector.
• The International Monetary Fund (IMF) released a caution declaration following its recent visit to El Salvador, where it contacted the country’s financial representatives.

Bitcoin Price Analysis

On February 13, BTC/USD started trading at $21,796. It is now trading at $21,504, down nearly 2% over the previous 24 hours. BTC/USD has moved between a high of $21,902.00 and a low of $21,444.00 and lost 6% in value over the past week ending on February 12th.

UAE Introduces FIT Initiative

On February 12, the Central Bank of the United Arab Emirates (CBUAE) introduced a Financial Infrastructure Transformation (FIT) program to facilitate the digital transformation of the financial sector. The FIT program will be rolled out in phases, beginning with the introduction of various digital payment infrastructures and services. According to H.H. Sheikh Mansour bin Zayed Al Nahyan’s vision, this initiative aims to promote digital transactions and enhance customer experience while reducing operating costs and enhancing regulatory compliance.

IMF Issues Warning To El Salvador

The International Monetary Fund (IMF) issued a caution declaration following its recent visit to El Salvador where it contacted with country’s financial representatives regarding their intention to adopt Bitcoin as legal tender currency in order to boost economic growth possibilities for people living there but also highlighted potential risks that accompany such action which need to be addressed first before any progress can be made on this matter by government officials and other stakeholders involved in this process alike in order for successful implementation of Bitcoin as official currency take place without major disruptions or consequences for local population living there and economy overall as well .

Potential Impact Of Adoption Of Bitcoin As Legal Tender Currency

If El Salvador succeeds in adopting bitcoin as legal tender currency then it could have far reaching implications for rest of world as well given already existing popularity cryptocurrency across different countries thus potentially leading towards increase usage by citizens who are currently reluctant about embracing new technology due its complexity or lack thereof knowledge regarding topic itself making adoption easier since no educational effort required from user side itself when using cryptocurrency instead traditional fiat currencies like US dollar or Euro etcetera .

Conclusion

The news is positive for Bitcoin as more countries start moving towards adoption similar initiatives while International Monetary Fund warns governments worldwide about potential risks associated with such actions but also highlights advantages that come along with embracing cryptocurrencies like increased economic growth opportunities which outweigh negative aspects if handled correctly by authorities involved within process itself .

• MicroStrategy reported a massive fourth quarter loss of $249.7m, with the number dragged down significantly by a $197.6m loss from its Bitcoin investment strategy.
• The company has recorded a cumulative impairment loss on its BTC holding of $2.153bn since acquisition.
• Despite this, the company has remained steadfast in his faith in Bitcoin and founder Michael Saylor pointed to the increase in the company’s share price since the bitcoin strategy was announced.

MicroStrategy Reports Massive Fourth Quarter Loss

MicroStrategy on Thursday reported a net loss of $249.7 million for the fourth quarter ended, with this amount dragged down significantly by a $197.6 million loss from its Bitcoin investment strategy. As of the end of the fourth quarter, MicroStrategy held approximately 132,500 BTC, worth some $1.84 billion and has recorded a cumulative impairment loss on its BTC holding of $2.153 billion since acquisition – marking this as the eighth consecutive quarterly loss for MicroStrategy .

Michael Saylor Remains Faithful To Bitcoin

Despite this, MicroStrategy founder and chairman Michael Saylor remains faithful to Bitcoin, pointing to the increase in their stock price since announcing their bitcoin strategy in August 2020 during an earnings call: “At that — on the day before, our stock was about $121 to 122$ per share – today it closed at 292$ per share – so we measure our success based upon creation of shareholder value” he said. Shares of MicroStrategy traded up 9% to 292$ after-hours trading slipped back to 284$. Since announcing their first bitcoin purchase in August 2020, bitcoin has approximately doubled in price – and they have continued buying throughout both bull and bear markets – most recently spending 42$ million to buy 2395 BTC in late December last year..

Bitcoin (BTC) Bull Bet

Bitcoin bull Michael Saylor’s big bet may be about to backfire for his company MicroStratgey after reporting these losses – however despite this they remain committed to their long term corporate strategy and conviction when it comes to investing and growing their position with bitcoin holdings..

Decrease In Share Price Since Beginning Of 2022

Since beginning of 2021 MSTR shares have decreased 46%, hitting a low point around 15476$ November 2020 – but currently trading around 23000$, double what it was when Mictrostragy made its first purchase last year..

Conclusion

Despite recording yet another quarterly loss due primarily to their Bitcoin investment strategy – Michael Saylor remains committed to creating long term shareholder value through his Bitcoin bet – while also noting an overall increase in stock prices since they began investing last year..