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Coinbase to Disable All Margin Trading in Compliance with CFTC New Guidance

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Acknowledging that the guidance is necessary for protecting customers in the US, Coinbase added that the company hopes to help the commission achieve the goal.

Crypto exchange Coinbase is ending all margin trading, starting from the 25th of November. As from 2 pm PT (22:00 UTC), the trading platform will cease to offer margin trading to its customers. Apart from Coinbase, other exchanges in the US, such as Kraken, now also enable margin trading on their platforms. 

Coinbase Margin Trading

According to an announcement on the 24th of November, Coinbase is disabling all margin trading to comply with new guidance from the Commodity Futures Trading Commission (CFTC). 

Also, the margin trading features will stop entirely in December after existing positions expire. In the announcement on The Coinbase Blog, the company’s chief legal officer Paul Grewal said:

“Customers currently using margin trading will not be able to place new margin trades starting 2pm PT on November 25. For customers using credit, all open limit orders will be canceled at this time. The product will be taken offline once all existing margin positions have expired.”

The company further expressed its support in the new regulations provided by CFTC. Acknowledging that the guidance is necessary for protecting customers in the US, Coinbase added that the company hopes to help the commission achieve the goal. 

Coinbase Recent Performance

Since the beginning of the year, Coinbase has been experiencing outages on its app and website. During the crypto market crash in March, Coinbase users were automatically logged out of their accounts. 

Also, the crypto exchange platform faced a similar challenge on the 27th of October. On the day, investors had difficulty in purchasing Bitcoin. The most recent Coinbase’s outage was on the 16th of November when BTC reached a new high, crossing $16,800. As investors rushed to acquire more of the king coin, both the Coinbase website and Coinbase app crashed. Shortly after, users got a message that the service was “temporarily unavailable.”

In an effort to resolve the technical issues, Coinbase issued an assuring statement to users, noting that investigations are ongoing to fix the problems. 

Over time, Coinbase has been making headlines with its continuous development in the crypto market. Earlier in November, the company announced that three new digital assets are now listed on its platform. They include Civic (CVC), Decentraland (MANA), and district0x (DNT). 

According to the announcement on the 5th of November, Coinbase customers can now buy, sell, convert, send, receive or store any of the newly-listed coins. The announcement further stated that the tokens would be available in all Coinbase-supported locations. However, DNT will not be available for Coinbase users in New York. Instead, Coinbase planned to make three previously listed tokens available to users residing in New York. 

Coinbase is on the run to explore new crypto assets on its platform. In a blog post on the 31st of July, the exchange revealed plans to list 19 new assets. 

next Altcoin News, Bitcoin News, Cryptocurrency news, News

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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Bitcoin Worries ‘Fading’ as Crypto Goes Mainstream, S&P Says

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Bitcoin has “a lot of similarities” with gold, and consumer fears of the cryptocurrency being stolen are fading, according to a new report from a unit of the bond-rating and investment-index firm Standard & Poor’s.

“Concerns of bitcoin theft were rampant a few years ago,” Jim Wiederhold, associate director for commodities and real assets for S&P Dow Jones Indices, said in excerpts of the report emailed by a press representative for the New York-based company. “As Bitcoin becomes more mainstream, these worries are fading, though lingering technology and exchange counterparts risks remain.”

S&P joins a growing list of Wall Street firms to weigh in on bitcoin after prices for the cryptocurrency quadrupled in 2020, generating fresh interest among big institutional investors including BlackRock, the world’s biggest money manager.

Some highlights from the S&P report:

Bitcoin prices have a one-year volatility of 82%, multiples of the 15% seen in gold prices, and the 26% volatility shown by the S&P 500 Index of large U.S. stocks, according to the report.

The report comes as S&P itself is angling to get into the crypto market. The firm announced last month a partnership with data provider Lukka to launch crypto indexes in 2021.



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Bitcoin White Paper Now Hosted by Everyone From Square to Facebook. Here’s Why

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Some of the Bitcoin community’s most prominent voices (and also Facebook subsidiary Novi) are now hosting the Bitcoin white paper.

The move follows legal threats from nChain Chief Scientist Craig Wright levied against the nonprofit that has long hosted crypto’s foundational document.

“Yesterday both Bitcoin.org and Bitcoincore.org received allegations of copyright infringement of the Bitcoin whitepaper by lawyers representing Craig Steven Wright,” the nonprofit wrote Thursday morning.

(Bitcoin was created by the pseudonymous Satoshi Nakamoto, who has yet to be conclusively identified; Wright has repeatedly made claims that he is Satoshi.)

Seemingly in response to the takedown notice, a wave of crypto firms have published the white paper on their websites. As of press time they include:

Others are likely to join in.

This is a developing story and will be updated.



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Signature Bank Adds $2.5B in Non-Interest Bearing Deposits in Q4

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Cryptocurrency firms are often a rich source of low-cost deposits for the few banks that openly serve the sector. As such, analysts have paid close attention to non-interest bearing deposit growth at Signature. These deposits represent nearly 30% of total deposits at the bank.

Total deposits increased at the bank quarter over quarter by $8.98 billion, with money market deposits representing the lion’s share.

Signature’s average cost of deposits and average cost of funds for the fourth quarter of 2020 decreased by 66 and 69 basis points to 0.42% and 0.57%, respectively.



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