#cryptocurrency

The SEI token, having just been released, now finds itself in the 85th spot in terms of market capitalization, as reported by Coinmarketcap. It's also making its presence felt in daily trading, occupying the seventh position with a volume of $1,6 billion. While current metrics paint a promising picture for the project, it's worth noting that the cryptocurrency arena frequently sees such developments. Therefore, it's wise to approach this news with measured optimism.

The UK's Financial Conduct Authority (FCA) has disclosed details concerning the approval process for registrations of cryptocurrency-related companies. Since the beginning of 2020, out of 291 applications received, only 38 have met the criteria for approval. This culminates in an endorsement of only 13% of the requests. Meanwhile, 155 were retracted, often on the advice of the FCA, for re-submission at a later date when in better adherence to the requisite standards. In the UK, cryptocurrency companies must be formally registered with the FCA to conduct their activities within the bounds of the law.

Amid the unresolved dispute between Coinbase and the SEC, a number of esteemed legal academics have weighed in, penning a court statement in support of the cryptocurrency exchange. Their stance is clear: an asset should only be deemed an investment contract if it promises profits, earnings, or assets from investments. Scholars assert that the court must strictly follow this legal definition, otherwise, it may jeopardize belief in existing securities laws.

PayPal suspends crypto buying services in the UK Starting October 1, 2023, PayPal will no longer support cryptocurrency purchases for it's users from the United Kingdom. This action is consistent with the company's obligation to comply with local financial legislation. While the measure is planned to last until the start of 2024, PayPal remains hopeful about restoring the service. During the suspension, users are free to either hold their existing cryptocurrencies without any associated fees or sell them if they choose.

The current market landscape marks an unprecedented decline in liquidity, according to Bloomberg Intelligence's senior macro strategist, Mike McGlone. If this pattern holds throughout 2023, he warns of a potential sharp descent in Bitcoin prices, which would ripple through Ethereum, XRP, and the general cryptocurrency domain. “What should be early indications of recessionary times? The best indication should be bitcoin and that’s where I’m looking for the bleeding occasion from bitcoin and it’s still kind of showing what I expected.” “Picture December: Recession looms, Fed hesitates on easing due to inflation,” said McGlone.

Dasset, a cryptocurrency exchange in New Zealand, has left its users unable to access their holdings. Attempts to log onto the official site redirect customers to the webpage of the law firm Grant Thornton. A released statement details that Grant Thornton will control the liquidation process of the exchange. It has immediate plans to cooperate with all customers to safeguard all the residual funds. "Dasset’s management says a significant reduction in asset values and trading levels impacted its ability to trade profitably. It was determined the appointment of liquidators was in the best interests of all stakeholders," Grant Thornton highlighted.

Coinbase, the cryptocurrency exchange, has joined forces with Peoples Trust Company. This collaboration facilitates access to the Interac e-Transfers system, streamlining deposit and withdrawal processes for its Canadian user base. What's more, they're gifting users a one-month free gateway into the Coinbase One subscription. This means no trade-related fees, amplified staking profits, and swift client support. "Canada is well positioned to be a global leader in the cryptoeconomy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework," voiced Nana Murugesan, the International Development VP at Coinbase.

Football club Barcelona, an official partner of the cryptocurrency exchange WhiteBit, has divested some of its shares in Bridgeburg Invest.The aim? Raise funds for a new Web3 endeavor named Barca Vision. This project is designed to become a hub for all club-related digital wonders, be it NFTs or metaverse explorations.