An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns.
— Brian Armstrong (@brian_armstrong) November 25, 2020
It is not really “new” news. US Treasury Secretary Mnuchin talked about this topic weeks ago. But maybe with Brian’s tweet, a broader base of retail traders was reached. They are usually more leveraged, and it caused them to panic.
Anyways, as expected (and also mentioned before Thanksgiving and the upcoming weekend), the market makers who are still providing liquidity are charging you with wider spreads.
The OKEx saga is also over with their withdrawl functionality reopening yesterday. There are “only” 5,000 Bitcoins (BTC) left in their exchange, which is just over 2% of their total holdings. Hence, I think it was a non-event in terms of the price of BTC$.
Happy weekend trading!
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