Best crypto memes of the day – August 31st

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  TL;DR Breakdown Former CFTC chair, Timothy Massad, warns of overlooked risks in stablecoins, a form of cryptocurrency backed by real assets. Despite their potential to improve payment mechanisms, Massad stresses the need for immediate regulations to safeguard against their significant risks. Massad and Jay Clayton, ex-head of the SEC, have proposed a joint self-regulatory organization by the SEC and CFTC to draft fraud-prevention standards. Description Stablecoins – a form of cryptocurrency that is supposedly backed by real assets – are increasingly gaining popularity in the financial world. Despite their potential to revolutionize the payment mechanism, their risks are being largely overlooked, warned Timothy Massad, former chair of the Commodity Futures Trading Commission (CFTC). He posits that the persistent disregard for … Read more Stablecoins – a form of cryptocurrency that is supposedly backed by real assets – are increasingly gaining popularity in the financial world. Despite their potential to revolutionize the payment mechanism, their risks are being largely overlooked, warned Timothy Massad, former chair of the Commodity Futures Trading Commission (CFTC). He posits that the persistent disregard for these risks…

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• US-based Chinese ETF holders disregard growth commitment

  TL;DR Breakdown Despite China’s indications of supporting the economy during recovery, US-listed Chinese ETF holders have largely ignored this commitment, with minimal inflows to most ETFs. Investors’ reactions reflect uncertainty and mistrust, with 12 ETFs experiencing outflows, and the second-highest inflow going to an ETF betting against the Chinese market. Description Despite China’s recent indications of bolstering economic support during the nation’s strenuous recovery from the pandemic, investors in US-listed Chinese ETFs have largely disregarded the pledge, reacting with indifference. Information from VettaFi’s database illustrates this unexpected response, as only one ETF attracted significant inflows in the wake of the Chinese government’s announcement. What should have … Read more Despite China’s recent indications of bolstering economic support during the nation’s strenuous recovery from the pandemic, investors in US-listed Chinese ETFs have largely disregarded the pledge, reacting with indifference. Information from VettaFi’s database illustrates this unexpected response, as only one ETF attracted significant inflows in the wake of the Chinese government’s announcement. What should have stirred excitement in the markets appears to have done little more than prompt cautious and tactical…

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• Singapore central bank unveils regulatory framework, bringing clarity to stablecoins

  TL;DR Breakdown The central bank of Singapore has announced a regulatory framework for single-currency stablecoins (SCS) The bank’s deputy managing director of financial supervision, Ho Hern Shin, advised SCS issuers to make early preparations for compliance. Description Singapore’s central bank has announced its revised regulatory framework, whose primary objective is ensuring the stability of single-currency stablecoins that fall under the jurisdiction of the city-state. Unveiled on August 15th by the Monetary Authority of Singapore, this framework is designed to oversee single-currency stablecoins (SCS) linked to the valuation of either the Singapore dollar … Read more Singapore’s central bank has announced its revised regulatory framework, whose primary objective is ensuring the stability of single-currency stablecoins that fall under the jurisdiction of the city-state. Unveiled on August 15th by the Monetary Authority of Singapore, this framework is designed to oversee single-currency stablecoins (SCS) linked to the valuation of either the Singapore dollar or prominent G10 currencies, including the USD, euro and British pound. Singapore introduces a stablecoin regulatory framework  Ho Hern Shin, the Deputy Managing Director of Financial Supervision at the bank,…

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• Polkadot price analysis: DOT race to $5.29 after a bullish revival

  TL;DR Breakdown Polkadot price analysis shows an uptrend in the past 24 hours. DOT is trading at $5.29, up by 0.58 percent. Resistance and support levels have been identified at $5.30 and $5.22, respectively. The latest Polkadot price analysis shows a bullish market sentiment. In the past 24 hours, DOT prices have increased from $5.22 to $5.30 at the time of writing. Despite trading on a bearish note earlier, buyers have revived the market sentiment by pushing up prices. The markets were much higher during the day, with a peak of $5.30 before it dropped slightly to the current price. Resistance and support levels have been identified at $5.30 and $5.22, respectively, according to the Polkadot price analysis. If DOT prices are able to break beyond resistance, then they could go up a further level of $5.35 – $5.40. On the other hand, if prices face a bearish turn, they may dip to hit support levels of $5.20 – $5.15. Polkadot price analysis: DOT’s uptrend movement face resistance at the $5.30 mark On the daily chart, Polkadot’s price analysis shows…

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• Bitcoin ordinal inscriptions hit a new record high

  TL;DR Breakdown Bitcoin ordinal inscriptions have hit a new high as NFTs and memecoins gain momentum. The blockchain is a catalyst for the adoption of memecoins and NFTs. Bitcoin-based non-fungible tokens (NFTs) and meme tokens are experiencing a surge in popularity, with Ordinals inscriptions surpassing 9 million on the BTC blockchain. This staggering figure reflects a tripling of digital artifacts since May 1 when the count stood at just over 3 million, according to data from Dune, a public blockchain curator. Bitcoin ordinal inscriptions hit 9 million Ordinals, a protocol launched in January, enables users to “inscribe” various digital assets, including artwork, profile pictures, applications, and playable games, onto the BTC blockchain. Despite some critics questioning its use on the network due to rising congestion and transaction fees, supporters like Michael Saylor, founder of MicroStrategy, view Ordinals as a catalyst for BTC adoption. Saylor expressed his belief in the protocol’s significance during an interview on the PBD Podcast, stating that applications such as Ordinals drive up transaction fees and contribute to BTC’s broader adoption. MicroStrategy, known for holding a substantial…

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