It’s a new day, and you know what that means, plenty of new things are going down in crypto land!
- Binance will be burning more coins
- CFTC is allowing its employees to trade cryptocurrencies
- JP Morgan Chase quickly changes it’s view on Bitcoin from being a fraud to being a threat
Each quarter, Binance uses 20% of their profits to take their coins which were paid to the platform as trading fees and burn them.
They will continue to do this until 100 million coins have been burned.
Could this be a case of playing on traders and investors psychology? The results of past burns have shown the price to increase pretty dramatically.
You know what they always say, buy the rumor sell the news. But if you’re a hold term hodling type of investor, I’d suggest taking a look at the price history of the BNB coin and consider the price stabilization after the burnings had taken place.
CFTC employees were granted the allowance to trade cryptocurrencies.
They will not be allowed to take part in futures trading or buying on margin. But that being said, there is lots of room for interpretation here.
We, as an educated public certainly should be suspicious of insider trading, from what I’ve read there doesn’t seem to be very specific guidelines other than encouraging employees to be aware that this new allowance will open the door for scrutiny and any suspicious trading will be interpreted as such.
Let’s consider what kind of an impact this can play on regulations in the U.S. It could be an encouraging outlook for regulations.
Perhaps this time looking after their own self-interests might actually help to ease regulations with cryptocurrencies for once.
Dimon admits that Bitcoin and cryptocurrencies are a threat
The big wigs behind JP Morgan Chase have gone from calling it a fraud to calling it a threat. This only further validates Bitcoin and other cryptocurrencies.
Certain media outlets are phrasing it that Jamie Diman has called it a threat, but in Chase’s annual report they say more exactly that it is competition.
JP morgan needs to offer similar services, lower prices and fees for those services, or else they will lose market share.
Let the competition begin.
Additional Reading/Sources:
Binance Burning Coins
CFTC Employees Now Trading Cryptocurrencies
JP Morgan and BTC
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Thanks for the update.
Well almost every bigger player in the Fiat system sees BTC as a threat nowadays. We already achieved something. 😁
This coin burning thing is a real show to me...
I really do not get the point, it’s actually a mockery, but hé, who am I...
I actually really like the idea especially if they are committed as they say they are to buying back there own tokens and ploughing most of their profits into this, I have been very impressed by Binance so far as they seem to be the only exchange that distributes GAS and other airdrops to users without having to be pressured!
Excelente post... Gracias
bitcoin is a threat to the entire power structure worldwide, in addition to being a threat to jp morgan
Excelente post... Thank you very much for this information
Accordingly, a threat is considered because the crypto is robust
Your post is very useful for me. Thanks for the posting
thank you @heiditravels already sharing updete information about bitcoin and crypto
Perfect post! I like it
Thank you for saying it Bye-nance and not Bee-naance. Great job on the video - brief, articulate, well-structured.
Is an exact date on the coin burn known?
THX for the Info! 💥
Wht abt germany legalization crypto and no tax if u buy cofee with bitcoin :D in Germany
I wish the FeD was burning the DOllAr, Jamie DImon had to trade crypto and Binance was threatened by FUD muahahaha. Anti-FRaGiLe.
MOst times i see it as an attempt to break price so they can gain on purchase. While there's one area I support them is instability to economy. Cryptos are virtual just like Gold and people will hold and stock it instead of putting it in circulation in economy.
I wonder if Dimon Chase was just trying to downplay and push out the competition, or if he really was that uninformed and ignorant when he made his first comments on bitcoin last year.
In any case, should disqualify him from running any respectable financial institution, than again JP Morgan probably isn't that respectable anyways:)
Nice to see JPMorgan threatened by something as most of the world are not just threatened by JP Morgan but are actively getting screwed by these financial reprobates!
a very interesting post
How do they do this burning thing? seems scamming to me but sound like it something common. I am a Baby boomer soon to be grandma. Looking forward to growing my audience on topics of interest to me. INcuding Granparents, Ketogenic, Competitive tennis, Van Dweller full time , Crypto , and more. I hope you check it out. Waiting to buy more steem before creating intro. What was key to getting 10,000$ post?