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Crypto Lawyers Are in Hot Demand as the Industry Goes Mainstream, Say Experts

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The crypto market might soon see an uptick in legal hiring as it is moving out of regulatory gray zones, according to a recent article from Bloomberg Law.

The publication interviewed a number of experts from the industry following the news that Coinbase had tapped former Facebook vice president and deputy general counsel, Paul Grewal, as the leader of its legal team.

The main consensus was that the amount of in-house hires in the crypto industry is likely going to rise significantly in the near future, mainly because the market is actively pushing itself into the financial mainstream.

Specifically, Marco Santori, chief legal officer of cryptocurrency exchange Kraken, told Bloomberg that the company’s legal team is going to double in size in 2021. In his view, crypto companies “are serious about participating in the international discourse around the development of crypto law.”

Meanwhile, a definitive regulatory framework is still missing in most countries. In conversation with Bloomberg Law, Ripple’s general counsel, Stuart Alderoty, stressed that the industry needs “smart regulation that both recognizes and fosters the potential of this technology.”

According to Santori, the current lack of specific laws makes the crypto industry especially engaging for lawyers who “enjoy an intellectual challenge.”

Signs that crypto is going mainstream

This year has had a number of key examples that indicate crypto could be entering the financial mainstream. JPMorgan Chase reportedly has taken on Coinbase and Gemini as customers. News recently began to circulate of Coinbase potentially being listed on the stock market. Not to mention that there has been an overall increase in crypto from institutional investors.

Global payments giant PayPal also recently began hiring crypto talent. At this point, it is looking for engineers, not lawyers.

Source: https://cointelegraph.com/news/crypto-lawyers-are-in-hot-demand-as-the-industry-goes-mainstream-say-experts

Blockchain

Ethereum DEX Volumes Drop As DeFi Incentives Slowly Dry Up

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The Ethereum DEX volumes drop as the Defi incentives dry up but it’s not all bad news as the price of ETH increased and the locked value in DeFi hasn’t been greater. In our ethereum news today, we are reading more on the analysis.

The Ethereum DEX volumes dropped over the past month and one analyst believes it’s because DeFi incentives dropped. However, prices increased. The volumes on the ETH-based decentralized exchanges dropped off a cliff this month and the trading volume got down by 41% over the most month according to the data from Dune Analytics.

dex volume
DEX Volume Source 24-hours: DeFi Prime

The weekly trading on decentralized exchanges hit a little bit over $8 billion but later on reached a monthly high of $6 billion on September 14. The weekly trading volumes have dropped significantly to under $3 billion as the most recent data from the Dune Analytics platform shows. This marks a decrease of more than 62% since the summer peak. Decentralized exchanges are non-custodial crypto exchanges as the protocols don’t hold custody over your crypto. On some platforms like Uniswap, it’s possible to list any tokens so regulators can’t shut it down.

daily dex volume
DEX Volume Source: DefiPrime

DEXs boomed in popularity this year during the defi boom, starting at the end of June when people invested billions of dollars into DeFi lending protocols and exchanges to take advantage of the high incentives that they offered to users with more than 1000% yields some of the time. The boom was not meant to last so to keep the magic going, protocols offered more incentives to entice people to use their platforms but many didn’t stick around once the protocol ran out of money. Even trading volume on decentralized exchange Uniswap dropped as well despite the increasing dominance over the market.  Johnson Xu, the director of research at Huobi said:

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 “I believe DEX volume is highly correlated with the DeFi market in general.”

With the decline in trading volumes, Xu said that there are other factors at play but that “one of the main reasons is that people are not earning as much yield right now just because these crazy yields are not sustainable and often come with risks.” He continued:

 “The market is now returning to a more rational level, thus the lower DEX trading volume. “When the market cools down a little, these yields will be adjusted accordingly to reflect market consolidation in a healthy way.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/uncategorized-en/ethereum-dex-volumes-drop-as-defi-incentives-slowly-dry-up/

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Data firm: OKEx saw $113m in Bitcoin outflows just before suspending withdraws

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Data firm: OKEx saw $113m in Bitcoin outflows just before suspending withdraws

The crypto industry was struck with another unexpected development last night that sent shockwaves throughout the market and caused Bitcoin’s price to reel lower.

Bitcoin’s sell-side pressure began growing earlier today after news broke of the OKEx not being able to process withdraws due to the founder being arrested by Chinese authorities.

He is the sole holder of the key required to process withdraw requests, which must be regularly inputted for withdraw requests to continue being processed on schedule.

His arrest has sparked questions as to why the exchange structured their multi-sig withdraw system in such a way that there is a single point of failure, and has venerated those who believe that decentralized exchanges are superior to centralized ones.

Interestingly, data from Glassnode also reveals that significant sums of BTC were moved off the platform in the 48 hours before withdraws were suspended.

OKEx Bitcoin and crypto withdraws suspended due to Chinese police investigation

For reasons still unknown, a Chinese police investigation targeted the popular cryptocurrency exchange serving individuals throughout Asia, with the founder getting caught in the crosshairs.

It remains unclear as to when the founder was arrested, but it does appear that there was a flurry of Bitcoin being moved out of the exchange in the 48 hours prior to the recent suspension.

Analytics platform Glassnode spoke about this in a recent tweet, noting that $113 million in total were withdrawn in two large batches just before the withdraw suspension occurred.

“Prior to the suspension of cryptocurrency withdrawals from OKEx, we observed large BTC outflows from the exchange. According to our data, a total of 10,000 BTC (~$113 million) were withdrawn in two large batches in the past 48h.”

Bitcoin

OKEx founder’s arrest highlights serious centralization flaw

Dovey Wan – a founding partner at Primitive Crypto – mused this recent imbroglio, noting that it strikes her as odd that a major crypto exchange holding billions worth of Bitcoin and other digital assets has such a single point of failure.

“Something is weird. If multi-sig, then how come the police hold majority of the signers under custody all at once? Usually signers spread out across different geo locations to avoid such case I suppose? Hard to imagine how such single point of failure occurs.”

It does seem as though there’s more to this story that has yet to be revealed, but in the meanwhile, over 200,000 Bitcoin – as well as tons of other digital assets – all remain in limbo.

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Source: https://cryptoslate.com/data-firm-okex-saw-113m-in-bitcoin-outflows-just-before-suspending-withdraws/

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Bitcoin Price Prediction: BTC/USD Struggles to Gain Momentum as the Price Hits $11,641

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Bitcoin (BTC) Price Prediction – October 15

As reveals by the daily chart, the Bitcoin market has been struggling to maintain its momentum as its buy-side pressure wanes.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $12,100, $12,300, $12,500

Support Levels: $11,000, $10,800, $10,600

BTCUSD – Daily Chart

BTC/USD bulls may slowly come back into action after a minor battering from the bears in the last two days. If this happens, then the expectation of more recoveries could turn out to be true. Today, BTC/USD is seen trading at $11,549 after soaring to $11,641. The coin then pulled back to where it is trading currently and may continue to head downwards if the bears step back into the market.

Where is BTC Price Going Next?

The market is deciding around $11,549 above the 9-day and 21-day moving averages, where the buyers and sellers are anticipating for a clear breakout or breakdown. Meanwhile, the $11,700 and $11,900 levels may further surface as the key resistances should the $7,600 level holds. However, a strong bullish spike may take the price to $12,100, $12,300, and $12,500 levels.

Moreover, if the market makes a quick turn to the south, the BTC/USD price may likely drop to $11,200, and should this support fails to contain the sell-off, traders may see a further roll back to $11,000, $10,800, and critically $10,600. Meanwhile, the RSI (14) is suggesting an upward movement for the coin.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

The 4-hour chart for BTC is still looking bullish, but the market has been showing a sign of weakness since the daily opening. However, the intraday trading is looking bullish; following the recent rebound at $11,263 which is now a key support level. The next key support levels are $11,300, $11,100, and $10,900.

BTCUSD – 4 Hour Chart

However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $11,600 resistance. A climb above the mentioned resistance may further push BTC price to $11,800, $12,000, and $12,200 resistance levels. As it appeared now, it seems the bears may likely return into the market as the RSI (14) may cross below the 60-level and could resume a downward direction.

Source: https://insidebitcoins.com/news/btc-usd-long-term-trend-bullish-daily-chart-29

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