Bitcoin YoYos on News of News – Trustnodes

BitMEX is trying to stay relevant by launching an actual token, BMEX. From what we can see however there is no plain airdrop to past users, with the token seemingly more as yield farming for current traders.

The tZERO Group blockchain exchange in a joint venture with BOX Digital Markets, the BOX Exchange (BSTX), has gained approval by the Securities and Exchanges Commission (SEC).

“The SEC has taken an important step forward today in its approval of BSTX as a national securities exchange facility,” said BSTX CEO Lisa Fall in a statement. “We are eager to continue to work closely with the SEC to launch BSTX as a fully regulated exchange and to help provide capital markets with more modern tools for issuers and investors.”

This is the first national security exchange using blockchain tech for trading of securities.

In China that same blockchain is being limited to only permissioned ones with Ant Group Co. and Tencent Holdings Ltd. creating an “alliance” blockchain controlled by groups of private companies under the authority of the government.

They have ‘NFTs’ on that, but such NFTs don’t have a token and you can’t re-sell them, with China maybe thinking they can firewall the blockchain as they did the internet, but their firewalled internet is on the public internet, rather than a private intranet as is their blockchain.

The latter doesn’t make much sense at all, while the former isn’t quite technically possible, so they risk being left behind which may be very costly as other nations leapfrog with new tech.

According to Francis Shin, a Research Assistant at the Atlantic Council writing at the World Economic Forum, China is scared of the public blockchain because they can’t enforce capital controls on it, so they, or more correctly their Central Bank, has moved to blockade it.

However, “in spite of the political imperative, such a strict ban on cryptocurrency transactions will be very difficult to enforce. Capital flight, enabled by cryptocurrency transactions, is likely to continue,” she says.

China would have probably been able to do a better job by keeping crypto exchanges close so that they can control the flow when needed, a bit like America may do when it comes to sanctions for example, instead of driving the whole thing underground which means they won’t be able to see what is going on or to stop it.

Unlike authoritarian China, Japan is more worried about a digital yen, specifically to force negative interest rates.

“Some say that negative interest rates could work more effectively with a digital currency, but I don’t think so,” said Hiromi Yamaoka, the former head of the BOJ’s financial settlement department.

Obviously as long as they can move away from the digital yen to gold, stocks, or bitcoin, then it isn’t too clear why it would facilitate negative interest rates more, with this digital central bank currency now giving more way to stablecoins as they seem to be a decent way of transitioning.

And that makes it a wrap with Nasdaq now down only 0.12% as of 4PM London time, while bitcoin is up to $38,800.

So maybe bulls held, which may well mean trying to see if that $42,000 will fall, but what the bulls and bears do, remains to be seen.