September 24th, 2021
Analysis: Some negative news out of China seems to have driven the market into a downtrend, with coins dipping typically 6-10% across the board. Bitcoin had the lowest downward movement, only dropping 6.5% over the past 7 days.
If you are looking to buy or sell the market move, click below to access your account.
This week, US Securities and Exchange Commission (SEC) Chairman, Gary Gensler, conducted an interview mainly focused on cryptocurrency, with the Washington Post. We break down some of his quotes, and what they could mean for the future of US, International, and crypto regulation.
On Bitcoin & Blockchain Technology
“Not only Bitcoin is the first sort of one, but this whole distributed ledger technology, has been a catalyst for change around the globe. Central banks and the private sector are looking in on how we can enhance our payment systems. And [in a way] to make them 24 hours a day, 7 days a week, real time, at lower cost.”
It seems Gensler is hinting what many crypto enthusiasts have known all along; crypto simply does it better. It will be worth keeping an eye on the early stage innovators who take the best of crypto into the traditional financial markets and how regulators approach them.
“These stablecoins are acting almost like poker chips at the casino right now. Without stronger oversight, people get hurt.”
His main issue with stablecoins seems to be around the risk that issuers will not maintain sufficient collateral for the assets, posing a risk of collapse to those that use them. Similar concerns from crypto advocates have been around for years, and have led to shifts in popularity and success of different stablecoins. It seems the crypto community and regulators want the same thing here, stablecoins that are legitimately and transparently backed by real world currency.
On DeFi Decentralized Lending
“We’ve had peer-to-peer lending for 15-20 years, we’ve experimented with it. This is a new type of experiment. So, those are fascinating innovations challenging the established business models.”
Again, it seems that Gary Gensler is hinting at the noted and obvious benefits that the decentralized finance revolution has given to investors. His mandate is to protect investors, but it seems that he’s hinting he knows these technologies are here to stay, and figuring out a way to make them compliant is the priority.
Bitcoin Drops Below $55,000 CAD, as China’s Evergrande Contagion Fears Hit Cryptocurrencies – ShareCast
Chainlink Hedges Against Bad Weather by Integrating Google Cloud Datasets And Blockchain Oracles – Medium.com
El Salvador Buys 150 Bitcoins on Dips as BTC Drops by Nearly $4,000 – Mint
Biden to Nominate Crypto Critic as Top Bank Regulator: Report – CoinDesk
Largest NFT Market by Volume Opensea Launches Smartphone Application – EconoTimes
Bitbuy is pleased to announce it has been recognized as the 12th fastest growing Canadian company on the 2021 Report on Business ranking of Canada’s Top Growing Companies. Canada’s Top Growing Companies ranks Canadian companies on three-year revenue growth. Bitbuy earned its spot with three-year growth of 3378%.
“Bitbuy is honoured to be ranked as one of Canada’s Top Growing Companies. Our mission to become Canada’s largest digital asset platform has driven Bitbuy to grow its exceptional team of Canadian talent. Our team is committed to increasing the suite of product offerings available to our clients, and targeting new segments of the market, including institutional capital. The road map for 2022 foresees continued growth, mainly through regulatory adoption, impactful strategic partnerships that benefit our clients’ safety and experience, and expanding our reach beyond the Canadian borders”, said Michael Arbus, CEO of Bitbuy.
For more information, you can read our presser here.
For a limited time, we’re giving away Bitbuy merch like hoodies, hats, t-shirts and more!
Just refer three friends using your regular referral link found in your profile, and you’ll automatically qualify for our draw to win a merch prize pack!
Here’s how it works:
1) Refer 3 friends to Bitbuy between now and October 31st, 2021
2) Once your referrals sign up and make their first deposit of $250 or more, you’ll both earn $20!
3) Once you make your third successful referral, you’ll be automatically entered to win a Bitbuy merch package.
We’ll be giving away one prize pack per week from now until the end of October!
Born and raised in Toronto, Canada, Daniel Mazzone grew up in an artistic household from a young age, with his mother being an art instructor. Mazzone immersed in artistic and visual compositions, which made him fall in love with stained-glass. His artistic abilities were put on a halt as he became homeless at just age 15. Not until a few years later where Mazzone pushed himself to rediscover his talent.
His dreams of being recognized as a valid artist came true when, to his surprise, a restaurant owner decided to buy his artwork for a price of $14,000. In 2013, Mazzone began exhibiting at both the Canadian Heritage Art Company and at Hazelton Fine Art Gallery for the next two years. It was not until the Toronto International Art Fair in late 2014 where his artwork really caught the attention of the renowned Tanenbaum family, owners of the Toronto Maple Leafs, and part of the top 200 art collectors in the world.
Ever since and, Mazzone has been making waves nonstop across North America. His first official show was “Torn Apart”, in New York City in 2015 at the Carriage House Arts Center. A couple of months later in December, Mazzone made his official Art Basel Miami debut at 1 Hotel South Beach, featuring “A Walk Through Life”. His entire collection of 25 pieces sold out to a group of renowned individuals, who later commissioned him to create more pieces.
In 2021, Mazzone entered the world of NFTs. As an artist, he believes that the art world is forever changing. Digital art will never replace the physical, but rather complement it as a further art form.
You can check Mazzone’s work for sale here.
Wondering how to buy NFTs in Canada? Check out this Bitbuy Guide.
Here at Bitbuy, we’re always looking for talented people to join the rocket ship!
If you know any qualified candidates, please encourage them to apply for the following job postings:
Intermediate Java Developer
Intermediate Mobile Developer
Visit this link to see what positions we are actively recruiting.