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Crypto Flipsider News – FTX Launches New Unit, Binance Diversifies Business, Biden’s Exec Order Leads to BTC and Crypto Stock Rally, South Korea’s Crypto Friendly President, Romance Scammers Turn to Crypto

Read in the digest 

  • FTX launches a new unit that is targeted at institutional investors while Binance intends to capture new frontiers for cryptocurrencies.
  • The executive order on cryptocurrencies has sent digital assets like cryptocurrencies and crypto-related stocks on a strong rally.
  • South Korea’s incoming president is a cryptocurrency enthusiast and the entire country’s digital space could reap the reward from his election.
  • Crypto romance scams are on the rise but here’s how to protect yourself.

FTX Launches New Unit + Binance Diversifies Business

FTX, a cryptocurrency exchange, has launched a new unit in its drive for institutional investors that will delve into custody, derivatives, and structured products. Titled FTX Access, the new arm will offer institutions looking to enter the cryptocurrency space with trade execution and advisory tools while looking to expand on the two-third volume from institutions on the exchange.

Binance has taken the leap to diversify its operations with the decision to buy companies that are outside the cryptocurrency space. The end game according to Binance’s CEO is to eventually bring them into crypto. Prior to this, the exchange had taken up a $200 million stake in Forbes and recently launched a fiat-to-crypto company called Bifinity.

The influx of institutional funds into cryptocurrency is often considered a sign of bullishness by investors. This week Goldman Sachs announced the offering of ETH funds via Galaxy Digital, selling $50 million worth to 28 clients, according to the filing report.

Flipsider:

Why You Should Care

Bulls are rubbing their hands in glee over the potential avalanche of institutional funds in the ecosystem.

Biden’s Exec Order Effect: BTC Price + Crypto-Related Stocks Jump + Positive Reactions in Community

Following the signing of the executive order on cryptocurrencies, the entire crypto market received a jolt that sent prices to the moon. BTC gained 10% to surpass the $42,000 mark while ETH, SOL, and LUNA recorded impressive figures as the global market cap nearly toppled $2 trillion.

Apart from cryptocurrencies, crypto-related stocks went on a rally with Coinbase and MicroStrategy surging by 10.5% and 6.4%, respectively. Blockchain ETF funds and mining companies rode the wave of positivity to post impressive gains.

Bitwise’s Matt Hougan thinks that the executive order will trigger a new bull market for cryptocurrencies while BitFury’s CEO referred to the event as being a “historic day for crypto.” The event has drawn praise in the space and is believed to offer the much-needed clarity that the industry needs.

The 1-Day Price Chart of Bitcoin (BTC). Source: CoinMarketCap

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Flipsider:

Why You Should Care

The absence of a comprehensive government outlook on cryptocurrencies has caused investors to falter before wading into the markets. It is hoped that the incoming regulation will provide clarity to regulators and investors.

South Korea’s Crypto Friendly President

Yoon Suk-yeol has been elected as the next president of South Korea, and his victory is considered a victory for cryptocurrencies. The pro-crypto candidate won the election by the slimmest of margins with crypto playing an integral role in the debates.

The candidates released NFTs as part of their campaign efforts, which stands in contrast to the former President’s stance of a crackdown against cryptocurrency exchanges. Since the victory, the token used to mint yoon Suk-yeol has surged by over 6%.

The incoming president had stated in the past that he intends to “realize the unlimited potential of the virtual asset market” by “overhauling regulations that are far from reality and unreasonable.” He also expressed his belief that in the coming years, South Korea will have multiple crypto unicorns that are homegrown.

Flipsider:

  • The crackdown in September 2021 brought cryptocurrency development to a grinding halt, coupled with the spectre of a proposed tax of 20% on crypto gains.

Why You Should Care

South Korea has a tech-savvy youthful population that makes it one of the largest users of cryptocurrencies. The widespread usage of the technology makes it a hotspot in the ecosystem.

Romance Scammers Turn to Cryptocurrency to Target Tech-Savvy Victims 

An ABC report has chronicled the increasing spate of crypto romance scams that target even the tech-savvy. The report noted that two victims of the elaborate scams had lost over $300,000.

The scammers wait in dating apps for potential victims and gain the victim’s trust by regular communication over months. The report notes that the scammers lure the victims into investing in their “fake” crypto trading platforms that will reap rewards. 

According to ABC’s report, individuals can protect themselves by simply not sending cryptos to anyone that they have not met physically, and talking to friends and relatives before making the plunge. Reports claim that crypto romance scams have cost victims a sum of $140 million in 2021 alone with the FBI releasing a memo to the general public to remain on high alert.

Flipsider:

  • Following the money trail with cryptocurrencies is difficult because of the decentralized nature of cryptocurrencies.
  • However, the Justice Department has made significant strides in the recovery of funds from criminals.

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