This Week in Crypto: EIP1559, Crypto Bill, Binance KYC & More!!
🛂Binance KYC, Withdrawal Limits🛂
Last Tuesday, Binance announced that they will be lowering the daily cryptocurrency withdrawal limit for any users who have not completed KYC from 2 BTC down to just 0.06 BTC This change is effective immediately for any accounts made on or after July 27th and will be gradually phased in for older accounts starting August 4th. That’s this Wednesday by the way
🤑100x Futures Start To Disappear🤑
Besides bringing in KYC, Binance is one of the cryptocurrency exchanges which recently announced that it would be reducing its maximum leverage from 100x to 20x High leverage makes crypto market dips that much worse. Restrictions on leveraged trading are a good thing for the crypto market because it will reduce volatility during downturns, at least in theory
👨💻RobinHood And PayPal Tease DeFi👨💻
Robinhood was the first to break the ice with an announcement that they will adding crypto lending, borrowing, and staking services to their platform just two days before listing on the NASDAQ PayPal has apparently finished their secretive "crypto super app" which will likewise feature crypto lending and borrowing
⚖Controversial Crypto Bill⚖
Basically, the US government wants to spend 550 billion dollars to build up the country’s suboptimal infrastructure, and they want 28 billion of those dollars to come from the crypto industry The problem is that the definition for ‘crypto broker’ is so broad that it could apply to everything from crypto miners to crypto wallet providers to DEXes and possibly even to individuals
👮♂️US Stablecoin Control👮♂️
Titled ‘The Digital Asset Market Structure and Investor Protection Act of 2021’, the bill seeks to give the US Department of the Treasury total control over stablecoins among many other things One of these other things involves designating the Federal Reserve as the only institutions which is allowed to issue dollar backed digital currencies
🏦German Funds Can Invest In Crypto🏦
Starting today, pension funds and insurance funds in Germany can convert up to 20% of their assets into cryptocurrency For context, Germany’s so called ‘Spezialfonds’ collectively custody over 2 trillion dollars in assets, which means that over 415 billion of that could potentially move into cryptocurrency
☀Weekly Crypto Market Forecast☀
Ethereum could pump because of the London upgrade. This week’s winners are ThorChain, Quant Network (again), Siacoin, Ankr, and NEO.
~~~~~ 📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.