FameEX Morning Crypto News Recap | January 19, 2024

Peter Schiff Projects Significant Bitcoin Drop, Expects SEC Chair Gary Gensler to Implement 'Tough Crypto Rules'

Economist Peter Schiff predicts that upcoming rigorous crypto regulations from SEC Chair Gary Gensler will lead to a substantial decrease in Bitcoin's value. He believes these rules will concentrate on anti-money laundering (AML) rather than securities law, suggesting a challenging future for the cryptocurrency industry.

Grayscale's GBTC Sees Over 13,700 BTC Outflow in One Day Amid Growing Bitcoin ETF Rivalry

As of before Wednesday's market opening, Grayscale's GBTC reported 605,890.87 bitcoins in reserve. However, a latest update indicates a marked decline in these holdings, with a loss of 13,793.09 bitcoins, valued at approximately $571 million. This considerable decrease marks a significant shift in the fund's bitcoin assets.

Polymarket Projects Trump as Front-Runner in 2024 US Election with 48% Odds, Biden and Haley Lag Behind in Predictions

With the upcoming U.S. presidential election approaching, it's expected that the race will again feature Joe Biden and Donald Trump from the 2020 election. Polymarket, a crypto-based decentralized prediction platform, shows that Trump, the 45th president, currently has a 48% chance of emerging victorious in the forthcoming election.

Canada Recommends Adjustments to Investment Fund Regulations for Crypto

The Canadian Securities Administrators (CSA) introduced proposed regulatory changes on January 19, impacting how public investment funds manage crypto assets. The planned amendments seek to constrain the crypto activities of these funds and establish criteria for digital asset custodianship, signifying an important transformation in the regulation of cryptocurrencies within public investment domains.

Cryptocurrency Industry to Encounter Stricter AML Rules Under EU Provisional Pact

Recently, the European Council and Parliament reached a provisional agreement to broaden the scope of the EU's Anti-Money Laundering (AML) and Counter-Terrorist Financing regulations to encompass the cryptocurrency market. This move, coming shortly after the EU banking authority enhanced AML guidelines for cryptocurrency firms, marks a notable shift in regulatory oversight within the digital currency industry.

Bitcoin Miners Shift to 'Selling Mode,' Liquidating $450 Million in BTC Within a Single Day

CryptoQuant, a provider of on-chain analytics, observed a significant drop in Bitcoin miner reserves on January 17, with a decrease of 10,233 BTC, equivalent to around $450 million. This reflects a common pattern among miners who alternate between accumulating and selling Bitcoin. A 2023 Bitfinex report highlighted that miners had begun accumulating Bitcoin in mid-2023 amid lower prices and reduced profitability.

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