It’s a new day, and you know what that means, plenty of new things are going down in crypto land!
- Binance will be burning more coins
- CFTC is allowing its employees to trade cryptocurrencies
- JP Morgan Chase quickly changes it’s view on Bitcoin from being a fraud to being a threat
Each quarter, Binance uses 20% of their profits to take their coins which were paid to the platform as trading fees and burn them.
They will continue to do this until 100 million coins have been burned.
Could this be a case of playing on traders and investors psychology? The results of past burns have shown the price to increase pretty dramatically.
You know what they always say, buy the rumor sell the news. But if you’re a hold term hodling type of investor, I’d suggest taking a look at the price history of the BNB coin and consider the price stabilization after the burnings had taken place.
CFTC employees were granted the allowance to trade cryptocurrencies.
They will not be allowed to take part in futures trading or buying on margin. But that being said, there is lots of room for interpretation here.
We, as an educated public certainly should be suspicious of insider trading, from what I’ve read there doesn’t seem to be very specific guidelines other than encouraging employees to be aware that this new allowance will open the door for scrutiny and any suspicious trading will be interpreted as such.
Let’s consider what kind of an impact this can play on regulations in the U.S. It could be an encouraging outlook for regulations.
Perhaps this time looking after their own self-interests might actually help to ease regulations with cryptocurrencies for once.
Dimon admits that Bitcoin and cryptocurrencies are a threat
The big wigs behind JP Morgan Chase have gone from calling it a fraud to calling it a threat. This only further validates Bitcoin and other cryptocurrencies.
Certain media outlets are phrasing it that Jamie Diman has called it a threat, but in Chase’s annual report they say more exactly that it is competition.
JP morgan needs to offer similar services, lower prices and fees for those services, or else they will lose market share.
Let the competition begin.
Additional Reading/Sources:
Binance Burning Coins
CFTC Employees Now Trading Cryptocurrencies
JP Morgan and BTC