🗞 Daily Crypto News, March, 21st💰

Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

🗞 Bitcoin Retreats from $60k as Market Dips Overnight

Although Bitcoin was edging towards anew all-time high yesterday, it couldn’t keep the momentum going into today. The price of the world’s most popular cryptocurrency fell almost five percent in the last 24 hours, taking it to a price of $56,697. It still has a market cap of well over a trillion dollars, though.

It’s been a checkered week for Bitcoin. This time last week it was sitting at a high of $61.5k, bolstering the rest of the market with it. As per usual, most of the top 20 cryptocurrencies by market capitalization are down today.

Ethereum is down almost 4% to $1,768. For fans and investors it feels like a long time since it set a bullish looking ATH of $2000 a whole month ago.

An ETF, or Exchange Traded Fund, is an auditable financial instrument that allows investors to buy into crypto while having the peace of mind that their money is going into a fully regulated investment vehicle, and not out into the unregulated wilderness of crypto.

🗞 Financial Watchdogs Have DeFi in Their Sights, Alter Wording Around NFTs

Innovative areas within cryptocurrency such as decentralized finance (DeFi) are firmly on the radar of global regulators, according to draft guidance released on Friday by the Financial Action Task Force (FAFT), a global anti-money laundering (AML) body.

As well as clarifying its wording on decentralized exchanges (DEXs), the mechanisms that power DeFi platforms and apps, the FATF also made an oblique reference to non-fungible tokens (NFTs) that are exploding in popularity.

NFTs and DeFi present added challenges to FATF, which is already struggling to graft AML rules onto pseudonymous-by-design transactions in the flourishing cryptocurrency industry.

“NFTs that can be converted or exchanged for fiat currency or other virtual assets were always in scope, and remain so,” said Jones, the driving force behind the widely adopted AML data-sharing standard, IVMS101. “Some terms that were capable of being construed by stakeholders in ways that FATF had not originally intended have been replaced by language that more closely expresses the FATF’s intentions.”

🗞 Bytetree Founder Believes Grayscale Should Lower Its 'Unrealistically High' Fee: Warns of Possible 'Systemic Risk'

The founder of Bytetree Asset Management, Charlie Morris, has suggested the reduction of the GBTC management fee as one way Grayscale Investment can ease the current selling pressure and possibly reduce the discount on the shares. Morris says if no action is taken, “the selling pressure will build” and “could morph into a systemic risk.”

Recent GBTC Buyback Insignificant

On the other hand, Morris, who is also the chief investments officer (CIO) at Bytetree, thinks Grayscale’s recent $250 million GBTC may be too insignificant to make a difference. However, in his Bytetree Market Health Update, Morris does acknowledge that 2020 was a year of “record inflows” for Grayscale Investment. During this period, the premium on GBTC shares averaged 30% while the value of assets under management (AUM) soared to over $30 billion.

The trouble is, there is nothing in place to prevent the discount from widening further. Grayscale has announced a $250m share purchase, which is great, but it is too small to make a difference within a $33 bn fund. To be taken seriously, they need to pledge to buy back that quantity each week.

Threat From Competitors

Still, as Morris notes, Grayscale Investments may not be in a position to buy-back more GBTC shares due to “their legal structure (which) prevents this.” Similarly, the CIO says he is “not entirely sure of the benefits” of Grayscale’s plan “to launch an ETF that invests in GBTC in a feeder structure of sorts.” The CIO goes on to explain:

🗞 Updated FATF Crypto Guidelines Still ‘Predicated on Centralized Control’

The Financial Action Task Force (FATF)’s recently updated guidance for supervisors overseeing the crypto industry was always bound to create waves in the sector and beyond. Regulators are continuing to gun for crypto compliance – despite claims that they may be trying to force a square peg into a round hole.

Regardless, governments around the world have already begun the process that will see its guidelines – including the potentially problematic Travel Rule – enshrined into their national codes of law.

And William Scott Grob, the Anti-Money Laundering Director for the Americas at the Association of Certified Anti-Money Laundering Specialists (ACAMS), has claimed that the FATF’s latest efforts, are “far from the complete solution needed by the industry” but it's still “a good attempt by supervisors to get a handle on the issue.

“It is a slow march of incremental steps backward and forward without addressing the criminal activity. If anything, the criminal syndicates have gotten savvier and more technical than their public counterparts.”

🗞 Daily Crypto Calendar, March, 21st💰

Chain Games (CHAIN)

"Stake your tokens by March 21st & leave them staked the ENTIRE time through April 21st & you will receive a share of the new 2M staking..."

Venus (XVS)

Venus XVS gets Listed on Atomars. Atomars exchange will list SVS on March 21, 2021.

Panda Dao (PDAO)

New website with DAO

ChainX (PCX)

"ChainX XBTC 2.0 testnet will start soon. Join the Testnet Telegram group and sign up for the public test."
"The XBTC 2.0 testnet will be launched next week."

Whirl Finance (WHIRL)

"We are pleased to announce our next AMA on March 21st 2021 at 04:30 PM UTC Time: Satoshi Club x Whirl Finance."

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