FameEX Morning Crypto News Recap | January 19, 2024

Peter Schiff Foresees Major Bitcoin Decline, Anticipates 'Stringent Crypto Regulations' from SEC Chair Gary Gensler

Economist Peter Schiff forecasts that SEC Chair Gary Gensler will implement new, stringent crypto regulations, leading to a significant drop in Bitcoin's price. Schiff anticipates these regulations will primarily target anti-money laundering (AML) measures rather than focusing on securities law, indicating a potentially tough road ahead for cryptocurrency markets.

Grayscale's GBTC Loses More Than 13,700 BTC in a Single Day Due to Increasing Competition from Bitcoin ETFs

Before Wednesday's market opening, Grayscale's GBTC had 605,890.87 bitcoin in its reserves. Yet, a recent update from the company revealed a substantial drop in GBTC’s holdings, showing a decrease of 13,793.09 bitcoin, equivalent to around $571 million. This significant reduction highlights a notable change in the fund's bitcoin assets.

Polymarket Forecasts Trump Leading 2024 US Election with 48% Probability, Biden and Haley Follow in Projections

As the U.S. presidential election draws near, it seems likely that voters will see familiar contenders from 2020: Joe Biden and Donald Trump. Data from Polymarket, a decentralized crypto-based prediction platform, currently indicates that Trump, the 45th president, is in the lead with a 48% probability of winning the upcoming election.

Canada Suggests Modifications to Investment Fund Criteria for Cryptocurrency

On January 19, the Canadian Securities Administrators (CSA) proposed new regulatory changes affecting public investment funds' handling of crypto assets. These amendments aim to limit the crypto-related activities of these funds and set forth guidelines for the custodianship of digital assets, marking a significant shift in the regulatory landscape for cryptocurrency in public investment spheres.

EU Provisional Agreement Introduces Tighter AML Regulations for Cryptocurrency Sector

The European Council and Parliament have provisionally agreed to extend parts of the European Union's Anti-Money Laundering (AML) and Counter-Terrorist Financing laws to include the cryptocurrency market. This decision follows closely on the heels of the EU banking watchdog's recent expansion of AML guidelines for crypto firms, indicating a significant regulatory shift in the digital currency sector.

Bitcoin Miners Enter 'Selling Phase,' Offloading $450 Million Worth of BTC in One Day

On-chain analytics provider CryptoQuant reports that on January 17, Bitcoin miner reserves decreased by 10,233 BTC, valued at approximately $450 million. Bitcoin miners often alternate between phases of accumulation and selling. A 2023 Bitfinex report notes that miners started accumulating Bitcoin around mid-2023 when prices were lower and profitability was diminished, indicating a strategic approach to managing their Bitcoin assets.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.