Dem2017 Apolda

• Bitcoin and Ethereum prices consolidated on Friday ahead of the U.S. consumer sentiment data.
• Bitcoin dropped back below $23,000 and Ethereum slipped below $1,600 in the process.
• The Relative Strength Index (RSI) of both cryptocurrencies moved close to their respective floors of 78.00 and 63.00.

The cryptocurrency market was relatively quiet on Friday, as Bitcoin and Ethereum prices consolidated ahead of the upcoming release of U.S. consumer sentiment data. Bitcoin (BTC) slipped back below $23,000, while Ethereum (ETH) moved below $1,600 in the process.

The drop in prices came as traders prepared for the release of the University of Michigan’s Consumer Sentiment Index, which is expected to come in at a reading of 64.6. This data is closely watched by investors and could potentially have a significant impact on the markets.

At the time of writing, Bitcoin was trading at $22,965.60 and Ethereum was trading at $1,569.25. Both cryptocurrencies saw a slight shift in sentiment, with the Relative Strength Index (RSI) of both tokens moving close to their respective floors of 78.00 and 63.00.

Bitcoin’s 10-day moving average continued to move in an upward direction, however further drops in the RSI could lead to a reversal of this trend. Ethereum, on the other hand, saw its RSI dip below its recent floor of 63.00 and its weakest level since January 8.

The market will likely be closely watching the upcoming consumer sentiment data, as it could potentially provide an indication of the sentiment of the overall financial markets. If the data comes in above expectations, it could provide a boost to Bitcoin and Ethereum prices, while a miss could lead to further losses.

Overall, the cryptocurrency market appears to be in a state of consolidation, as investors await further news. A move in either direction could potentially have a significant impact on the markets, and traders should be prepared for any potential moves.

• The East African Community (EAC) will decide when and where it will locate the regional central bank in 2023.
• The regional central bank, known as the East African Monetary Institute (EAMI), is seen as an establishment that is pivotal to implementing a single currency regime.
• Once the regional currency is implemented, the EAC will move closer to its objective of enhanced movement of businesses and persons within the region, and ultimately boost intra-regional trade.

The East African Community (EAC) is moving closer to its goal of attaining a single currency regime in three years, with the decision of when and where it will locate the envisioned regional central bank expected to be made during the course of 2023. This financial institution, known as the East African Monetary Institute (EAMI), is seen as an establishment that is pivotal to implementing a single currency regime.

The East African Community (EAC) is an intergovernmental organization made up of seven African countries, which are Kenya, Uganda, Tanzania, Rwanda, Burundi, South Sudan and Ethiopia. The organization seeks to develop and expand trade and economic cooperation between the member states, and has been working towards the goal of attaining a single currency regime.

In this regard, Peter Mathuki, the EAC Secretary General, recently stated that the organization’s Council of Ministers is expected to deliberate on the location of the regional central bank this year. He further noted that with the EAMI in place, the organization is likely to harmonize member states’ fiscal and monetary policies in three years, when the common currency is expected to be in place.

Once the regional currency is implemented, the EAC will move closer to its objective of enhanced movement of businesses and persons within the region. This, in turn, will ultimately boost intra-regional trade, which stood at $10.17 billion by September 2022. The organization is also working on eliminating non-tariff trade barriers to ensure the success of the single currency regime.

The East African Community is acutely aware of the fact that the single currency regime is a major milestone for the organization. With the establishment of the regional central bank, it is expected to bring member states closer together, and create a level playing field for businesses and individuals within the region. This is expected to result in improved economic growth and development, as well as increased job creation and poverty reduction.

The EAC is optimistic that its plan to have a single currency regime in place in three years will be a success. The establishment of the regional central bank is seen as a crucial step towards achieving this goal, and the organization is expected to make a decision on its location in 2023. Once the regional currency is implemented, the EAC will move closer to its objective of enhanced movement of businesses and persons within the region, and ultimately boost intra-regional trade.

• Bitget has launched a Fund Custody service for professional investors and institutions providing dedicated wallets for qualified accounts.
• The exchange has also released a Merkle tree Proof of Reserves snapshot to reassure users that their assets are held in 1:1 reserves.
• Qualified users will be required to store more than or equal to 100,000 USDT worth of combined assets to access the service.

Bitget, a leading crypto exchange, has announced the launch of their Fund Custody service to provide professional investors and institutions with dedicated wallets to protect their funds on the platform.

The Fund Custody service requires users to store more than or equal to 100,000 USDT worth of combined assets (including spot, futures, Bitget Earn, fiat currency, and leverage) on the platform in order to be qualified for the service. Once approved, the user will be assigned a separate custodial wallet, with its own dedicated address to check and withdraw funds which will be separated from the main reserve. This ensures that users’ funds will not be affected in the event of emergencies such as an exchange run or other cybersecurity threats.

In addition to the Fund Custody service, Bitget has also updated its Merkle tree snapshot as of December 31, 2022, to reassure users that their assets are held in 1:1 reserves. The latest reserve ratio of the most popular tokens are as follows: BTC reserves are held at 650%, USDT reserves are held at 185%, and ETH reserves are held at 237%.

Gracy Chen, Managing Director of Bitget, commented on the launch of the Fund Custody service, saying “Protecting our customers’ assets is, and always will be, our top priority at Bitget. Ever since the collapse of some bad actors in the industry, we have taken a series of measures to provide users with a safe and secure trading environment. We believe that the launch of Fund Custody service demonstrates our commitment to our customers and will help to bring more trust in the crypto market.”

• Three Gemini Earn users have filed a demand for class arbitration against Genesis Global Capital (GGC), its parent the Digital Currency Group (DCG), and Genesis Global Trading, alleging that the firm breached a contract and that all transactions constituted unregistered sales of securities.
• The claimants are accusing GGC of becoming insolvent in the summer of 2022 and concealing it from lenders by orchestrating a sham transaction in which DCG acquired the right to collect a $2.3 billion debt owed to GGC.
• The claimants allege that GGC’s refusal to acknowledge or fix the insolvency constituted a breach of contract, and that it triggered GGC’s obligation to return claimants’ digital assets.

Three Gemini Earn users have filed a demand for class arbitration against Genesis Global Capital (GGC), its parent the Digital Currency Group (DCG), and Genesis Global Trading, accusing the firms of breaching a contract and of selling unregistered securities.

The three users allege that GGC became insolvent in the summer of 2022, yet concealed it from lenders by orchestrating a sham transaction in which DCG acquired the right to collect a $2.3 billion debt owed to GGC by insolvent hedge fund Three Arrows Capital, for a promissory note of $1.1 billion due in 2033.

The claimants also allege that GGC’s refusal to acknowledge or fix the insolvency amounted to a breach of contract and triggered GGC’s obligation to return claimants’ digital assets. This, in turn, has necessitated the filing of a demand for class arbitration with the American Arbitration Association (AAA).

Silver Golub & Teitell, the law firm representing the claimants, released a statement on Dec. 30, 2022, confirming the filing of the demand for class arbitration. This statement also added that all transactions constituted unregistered sales of securities and must be rescinded.

The claimants are now seeking to recover their losses as a result of this alleged breach of contract, as well as to have all transactions rescinded on the grounds that they constitute unregistered sales of securities.

The outcome of this dispute is being closely watched by the cryptocurrency community, as it could set a precedent for how such disputes are handled in the future. In addition, the case could have far-reaching implications for the security of digital assets and the legitimacy of cryptocurrency trading.

• Bank Al-Maghrib (BAM), the Moroccan central bank, has completed a draft crypto law to protect individuals from the risks associated with crypto trading.
• The law is now ready and will soon be presented to interested stakeholders, such as the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority, and Social Security (ACAPS).
• BAM previously sought the International Monetary Fund (IMF) and the World Bank’s perspectives on what would be considered crypto regulation best practices.

Morocco’s central bank, Bank Al-Maghrib (BAM), has completed the draft of a crypto law that seeks to protect individuals from the risks associated with crypto trading. This was revealed by the bank’s governor, Abdellatif Jouahiri, who announced during a press conference that the law is now ready and will soon be presented to stakeholders.

The governor of the Moroccan central bank went on to add that the adoption of cryptocurrencies by Moroccan residents is now inevitable, which is why a regulatory framework is needed. In this regard, the BAM is expected to engage with the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority, and Social Security (ACAPS), among other interested parties, before taking steps to implement the proposed law.

In order to ensure the law is comprehensive, the BAM sought the perspectives of the International Monetary Fund (IMF) and the World Bank on what would be considered best practices in crypto regulation. The two institutions provided their insight on the matter, and this information was used to inform the law’s provisions.

The Moroccan draft crypto law is a significant move for the country, as it is the first of its kind in the region. Other countries in the Middle East have also been looking into regulating cryptocurrencies, but Morocco is the first to have a concrete plan of action. The country’s government has also been supportive of the move, and has welcomed the initiative to come up with a regulatory framework that will protect citizens while allowing them to participate in the crypto industry.

The completion of the draft crypto law is a major milestone for Morocco, and the country’s central bank is now one step closer to putting it into effect. With the law ready, it is now up to the BAM to hold discussions with the stakeholders, after which the law can be officially adopted. Once this is done, Morocco will become the first country in the Middle East to have a comprehensive regulatory framework in place for cryptocurrencies.