Cryptocurrency News by Bitcoin Romania, September 2022

Wed | 07.09.2022

FX & Currency

In this cryptocurrency era, things are moving faster than ever, so you'd better keep one eye constantly on the market changes. Find out what are the top performance leaders in the past 5 days.


It Was Cruel Summer for the Bitcoin Market

Here are some truths: During the last two summers, BTC spot exchange volumes (the dollar value of bitcoin traded) were down about 43.5% in 2021 and about 14.0% in 2022 when compared to the preceding three months, respectively. Volumes were down in both comparable periods, but bitcoin’s price gained 33.1% in 2021 and lost 32.6% in 2022. So if the last two years are any indication, you can reasonably suggest that volumes are thinner in summer, but you probably wouldn’t suggest that it leads to a price increase or decrease.

As a disclaimer, the volume data comes from skew, which aggregated across seven trusted exchanges (Kraken, LMAX Digital, ItBit, Bitstamp, Gemini, Coinbase and FTX). As such, the absolute volume number is understated, but it works for comparison purposes.

If you then look forward to September, the same volume historically increases rather quickly. The spot exchange volumes in September were $10.7 billion and $51 billion for 2020 and 2021, respectively. Those values make up 38.9% and 42.7% of the preceding three months of volumes (not for nothing, there wasn’t a month-over-month volume increase between August and September in 2020).

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What New UK Prime Minister Says About Cryptocurrencies

Liz Truss has won the race to become the new U.K. prime minister, beating former Chancellor of the Exchequer Rishi Sunak. The Foreign minister has won the Conservative Party leadership and will be taking over from Boris Johnson.

On Tuesday, Johnson will travel to Scotland to meet Queen Elizabeth to officially tender his resignation. The queen will then appoint Truss as Britain’s new prime minister. Johnson announced his resignation in July after months of scandal.

Truss, 47, has promised to act quickly to tackle Britain’s cost of living crisis. She also said that she will come up with a plan within a week to fight rising energy bills and secure future fuel supplies. “I will take bold action to get all of us through these tough times, grow our economy, and unleash the United Kingdom’s potential,” Truss tweeted Monday.

The incoming British prime minister has not said much about crypto except for a tweet she made in January 2018. Truss wrote: “We should welcome cryptocurrencies in a way that doesn’t constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity.”

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Saudi Central Bank Hires Crypto Chief to Boost Digital Ambitions

Saudi Arabia’s banking regulator recently appointed Mohsen AlZahrani to lead its virtual assets and central bank digital currency program in a sign of the Gulf state’s potential crypto ambitions. 

Saudi Arabia has until now taken a more cautious approach on virtual assets, with officials raising concerns about their speculative nature. Yet the emergence of the neighboring United Arab Emirates as a global crypto hub has created some urgency in Riyadh to draft more formal rules for the asset class, people familiar with the matter said. 

AlZahrani, a former managing director at consultancy Accenture, reports to Ziad Al Yousef, the Central Bank’s deputy governor for development and technology, the people said, asking not to be identified because the matter is private. They’re part of a team in Riyadh that’s engaging with some of the world’s biggest crypto firms on future regulations, they said.

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Argentine Startup Action Point Develops White Label Solution to Include Crypto in Traditional ATMs

Latam has been a fertile land for crypto adoption, and now banks in Brazil and Argentina are including cryptocurrency services on their platforms. Action Point, an Argentine startup, aims to surf the wave of this trend by providing middleware tech to help banks achieve this goal. The company has developed a white-label solution for banks to include cryptocurrency services in their already available ATM networks.

The white label property of the tool allows each banking organization to preserve its own digital app as the only way of accessing its services. The solution works on the back of each tech stack, giving the banks the administration of these functions.

For the operation of this service, dubbed Crypto Solution, Action Point has partnered with Lirium AG, a Liechtenstein-based cryptocurrency-as-a-service company, that also provides plug-and-play services, to aid them in fulfilling compliance requirements.

Regarding how compliance is key for this kind of tool, Lirium COO Martín Kopacz stated:

Globally, one of the key demands for banks has to do with compliance, whereby crypto ATM operators must demonstrate capabilities to monitor their customer base, particularly over wallets that may be connected to criminal activity. This is how Crypto Solution was born, a cryptocurrency tool for banking apps that covers all regulatory, technical, operational, and security aspects.

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US Lawmaker Says 'Too Much Money and Power' Behind Crypto to Ban It

Congressman Brad Sherman (D-CA) shared his views on cryptocurrency and its regulation in an interview with the Los Angeles Times, published Sunday.

The U.S. lawmaker from California, who chairs a House subcommittee on investor protection, wants to outlaw cryptocurrency but does not believe Congress will take such action. “I don’t think we’re going to [ban crypto] anytime soon,” he told the news outlet.

“Money for lobbying and money for campaign contributions works, or people wouldn’t do it, and that’s why we haven’t banned crypto,” Sherman explained, elaborating:

We didn’t ban it at the beginning because we didn’t realize it was important, and we didn’t ban it now because there’s too much money and power behind it.

Not only is the congressman concerned about individual investors being defrauded, but he also views cryptocurrency as a threat to the national security of the U.S. He believes crypto poses a systemic threat, enables criminals, and undermines the U.S. dollar’s dominance.

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This article is provided by our Cryptocurrency Partner, Bitcoin Romania.

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