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Europe’s Securities Regulator ESMA Seeks to Obtain Crypto Transaction Data

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Europe’s Securities Regulator ESMA Seeks to Obtain Crypto Transaction Data

Europe’s Securities Regulator ESMA Seeks to Obtain Crypto Transactions Data

The European Securities and Markets Authority (ESMA) is gearing up to implement stricter oversight in regards to crypto-related transactions. The agency is now looking to hire suppliers of trading data, as monitoring major participants in the market falls under its responsibilities.

ESMA Launches Public Procurement for Providers of Crypto Trading Data

The securities watchdog of the European Union, ESMA, is preparing to increase scrutiny on transactions involving cryptocurrencies, a public tender has indicated. On Tuesday, the authority launched a procurement procedure for suppliers of trading data on crypto transactions including spot trades and derivatives, Reuters reported.

The move comes after EU institutions agreed on a draft proposal to comprehensively regulate the digital asset space known as the Markets in Crypto Assets (MiCA) package. While under the legislation smaller companies will be licensed by national regulators, ESMA will be in charge of monitoring larger players in the “Wild West” sector, as some officials have described it. In a notice, the regulator detailed:

The coverage should encompass all major exchanges and crypto assets so that it provides a fair representation of the crypto market landscape.

The report further notes that regulatory bodies around the world use transaction data to identify market abuses, find out who is on each side of a transaction, and look for risky build-ups of positions which could undermine the markets.

ESMA’s announcement emphasized the data should be available daily. The watchdog also wants to have access to order books where it will be able to see spreads and liquidity across exchanges and trading pairs, in both fiat and cryptocurrency. The contract for these services should not be worth more than €100,000 ($101,000).

The MiCA legislation designates the European Securities and Markets Authority as a leading cryptocurrency watchdog in the 27-strong bloc of nations with certain powers greater than those of national regulators. ESMA will also have the responsibility to determine the scope of the law regarding various crypto assets.

Do you think ESMA will be able to thoroughly monitor crypto-related transactions in the European Union? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin (BTC) Nearly Taps $25,000 Level For the First Time Since June

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Bitcoin (BTC) Nearly Taps $25,000 Level For the First Time Since June

Bitcoin (BTC) is showing several bullish signs in the daily time frame but has yet to break out from a short-term corrective pattern.

Bitcoin has been moving upwards since reaching a long-term low of $17,622 on June 18. On July 19, it broke out from a long-term descending resistance line, which had been in place since the end of March. 

On Aug. 11, BTC reached a local high of $24,918, which was the highest since June 12. However, it failed to sustain this increase and created a long upper wick in its daily candlestick (red icon).

If the upward movement continues, the closest resistance area would be found at $29,370. This target is the 0.382 Fib retracement resistance level.

An interesting reading comes from the daily RSI, which moved above 50 at the same time which the price broke out from the descending resistance line. 

Since then, the RSI has created an ascending triangle (dashed), which is often considered a bullish pattern. The indicator is currently at 61, right at the resistance line of this pattern. 

Therefore, a breakout above it would likely also cause the price to accelerate upwards.

Short-term BTC pattern

Despite the relative bullishness from the daily time frame, the six-hour chart shows that BTC has been trading inside an ascending parallel channel since the June 18 bottom. Such channels usually contain corrective patterns, meaning that an eventual breakdown from it would be expected. 

Moreover, the price has created what resembles an even shorter-term double top (red icons), which is considered a bearish pattern made at the resistance line of the channel.

On Aug. 9 (green circle), the price rebounded from the midline of this channel and at a short-term ascending support line. 

So, whether BTC breaks out from the channel or breaks down from the support line will likely determine the direction of the future trend.

Wave count analysis

The main wave count indicates that BTC is likely in wave three of a five-wave upward move (black). The sub-wave count is shown in yellow, and also suggests that the price is in wave three. So, this seems to be a 1-2/1-2 wave formation. If correct, it would mean that the upward move will accelerate in the near future. 

In order for the count to remain correct, Bitcoin has to hold on above the slope of the original 1-2 (black).

The most likely long-term wave count is also bullish, aligning with the proposed short-term count.

For Be[in]Crypto’s previous Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Binance recovers the majority of funds stolen from Curve Finance

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Binance recovers the majority of funds stolen from Curve Finance

Binance recovered and froze around $450,000 worth of the stolen assets, which is around 80 percent of the stolen funds.

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Binance recovers the majority of funds stolen from Curve Finance

Crypto exchange Binance has recovered a big part of the funds from the recent hack that targeted the decentralized finance (DeFi) protocol Curve Finance. 

In a tweet, Binance CEO Changpeng Zhao announced that the exchange has frozen and recovered $450,000 of the stolen assets, which is more than 80 percent of the stolen funds. According to Zhao, the hacker tried to send the funds to the exchange in various ways but was detected by Binance. The exchange is currently working to return the funds to their rightful owners.

The Curve Finance team detected the hack on Tuesday and alerted their users to refrain from using their website. An hour after the warning, the team announced that it was able to find and resolve the issue. However, the attackers were still able to hijack around $537,000 worth of USD Coin (USDC) before the issue was resolved.

According to experts from the blockchain analytics firm Elliptic, a hacker compromised the domain name system (DNS) of Curve Finance, which ended with malicious transactions getting signed. The experts told Cointelegraph that the funds were then sent to various exchanges and crypto mixers in an attempt to hide the trail. In the end, the funds were sent to Binance and were caught by its team.

Related: Cross-chains in the crosshairs: Hacks call for better defense mechanisms

This is not the first time this week that the good actors in the crypto community have worked to return stolen funds. On Monday, whitehat hackers and researchers returned an estimated $32.6 million worth of USDC, Tether (USDT) and other altcoins to Nomad, following the recent $190 million exploit.

The Curve Finance exploit is only one of the many attacks that happened in 2022. According to analytics firm Chainalysis, $2 billion worth of funds were drained because of cross-chain bridge hacks. This is 69% of the overall stolen amount in the year.

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Institutional staking won’t take off unless asset lock-up solved: Coinbase CFO

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Institutional staking won’t take off unless asset lock-up solved: Coinbase CFO

Coinbase’s new institutional-focused staking product won’t be a “near-term phenomenon” while liquid staking is still being worked out.

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Institutional staking won’t take off unless asset lock-up solved: Coinbase CFO

Institutional staking of crypto assets, including the post-Merge Ethereum, could become a “phenomenon” in the future, but not while their assets still need to be “locked up.”

Speaking during a Q2 earnings call on Tuesday, chief financial officer Alesia Haas noted that she didn’t expect their new exclusive institutional staking service, rolled out in Q2, to be a “near-term phenomenon” until a “truly liquid staking option” is available:

“This is the first time we had the products available. Previously, the way that institutions could have access to staking is via Coinbase Cloud […] But offering it as the delegated staking service similar to what we have for retail customers.”

However, Haas said it was still “early days” for their new staking service, adding they’ll likely only see a “real material impact” when they have created a liquid staking option for post-Merge Ethereum, also known as Eth2.

Liquid staking is the process of locking up funds to earn staking rewards, while still having access to the funds. 

Haas explained that many financial institutions “don’t want their assets held indefinitely:”

“So when you stake ETH2 you are locking in your assets into Ethereum until the Merge and then some period after. For some institutions, that liquidity lock-up is not palatable to them. And so, while they may be interested in staking, they want to have staking on a liquid asset.”

Haas reaffirmed this issue is “something we are looking to solve,” and added that once this liquid staking is available for financial institutions that can pool in funds at higher proportions, “we’ll see the real material impact of institutional revenue.”

Related: Coinbase partners with BlackRock to create new access points for institutional crypto investing

Investors and institutions have been able to access Coinbase’s delegated staking service through Coinbase Prime, which was first launched in Sep. 2021. The platform also offers other integrated services, such as access to a custody wallet with enhanced security, real-time crypto market data and analytics, and other crypto-native features like decentralized governance.

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