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Singapore central bank releases regulatory framework for stablecoins

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Singapore's central bank has released a revised regulatory framework aimed at ensuring stability for single-currency stablecoins regulated in the city-state.

The Monetary Authority of Singapore announced the framework on Aug. 15 and said it will police single-currency stablecoins (SCS) pegged to the value of the Singapore dollar or G10 currencies such as the euro, British pound and United States dollar.

Excerpt from statement regarding its stablecoin regulatory framework. Source: MAS

“MAS’ stablecoin regulatory framework aims to facilitate the use of stablecoins as a credible digital medium of exchange, and as a bridge between the fiat and digital asset ecosystems," said the bank's deputy managing director of financial supervision Ho Hern Shin.


Altcoins

Base project RocketSwap shares emergency plan following $865K exploit

RocketSwap Labs plans on reaching out to the exploiter on-chain, who stole an estimated $865,000 from the protocol on Aug. 14.

Ethereum

Base project RocketSwap shares emergency plan following $865K exploit

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Base project RocketSwap Labs has outlined its emergency programme to bounce back from a brute force hack which swiped $865,000 or 471 Ether (ETH) from the protocol on Aug. 14.

The team explained on Aug. 15 that they plan on redeploying a new farm contract and open-source it on-chain, relinquish minting rights — presumably of RCKT — and will soon call on the hackers to return the assets, among other things:

On Aug. 14, a hacker stole approximately 471 ETH and bridged it from Base to Ethereum, according to blockchain security firm PeckShield.

Altcoins

‘Evidence is piling’ for a new crypto bull run: Delphi Digital co-founder

Delphi Digital co-founder Kevin Kelly believes a recent change in a key U.S. manufacturing business index could be one of the bellwethers for a crypto bull run.

Bitcoin

Binance seeks protective order against SEC’s ‘fishing expedition’

The exchange claims the SEC's deposition and discovery requests are outside the scope of the regulators lawsuit it filed against Binance.

Regulations

Ex-FTX exec Salame won’t testify in alleged illegal campaign donation case

Ryan Salame plans to plead the Fifth if he is asked to testify at Sam Bankman-Fried's criminal trial, according to United States prosecutors.

Regulations

Ex-FTX exec Salame won’t testify in alleged illegal campaign donation case

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Former FTX executive Ryan Salame will reportedly avoid testifying about his role in FTX’s alleged illegal campaign donation scheme if he is subpoenaed in Sam Bankman-Fried’s criminal trial.

Lawyers representing the former FTX co-CEO said that Salame will be unavailable as a witness to the case, according to an Aug. 14 motion filed by United States federal prosecutors.

“Salame’s attorney has represented that if subpoenaed, Salame would invoke his Fifth Amendment right against self-incrimination,” the prosecutor’s motion states, adding that Salame would be “unavailable as a witness.”

Salame, a former co-CEO of FTX Digital Markets with close ties to Sam Bankman-Fried, donated more than $24 million to Republican campaigns, according to Open Secrets.

Altcoins

Crypto highlighted as 'novel and complex' risk to US banks: FDIC report

The FDIC warns that uncertainty around crypto's legal status, the likelihood of fraud and contagion present key risks to United States banks.

Regulations

Analysts tip 5 catalysts that could break Bitcoin, crypto from its stupor

Analysts believe spot Bitcoin ETFs, new stablecoin adoption, and an upcoming Ethereum scaling upgrade are among the catalysts that could reignite the crypto markets.

Bitcoin

Analysts tip 5 catalysts that could break Bitcoin, crypto from its stupor

Analysts believe spot Bitcoin ETFs, new stablecoin adoption, and an upcoming Ethereum scaling upgrade are among the catalysts that could reignite the crypto markets.

Ethereum

Grayscale Bitcoin ETF decision could happen this week, say pundits

The pending Grayscale ruling could impact the race for an approved spot Bitcoin exchange-traded fund.

Bitcoin

Immutable zkEVM begins testnet phase with 12 Web3 games in development

The Web3 gaming company announced that its fully Ethereum-compatible network is now available for public testing.

Ethereum

Immutable zkEVM begins testnet phase with 12 Web3 games in development

The Web3 gaming company announced that its fully Ethereum-compatible network is now available for public testing.

Blockchain

Kraken Ventures to raise $100M in second fund with focus on ‘early stage founders’

The organization will also reserve a “significant portion” of the fund for follow-on investments and long-term entrepreneurial support.

Blockchain

Latest superseding indictment against Sam Bankman-Fried includes campaign finance allegations

Sam Bankman-Fried allegedly used more than $100 million “in campaign contributions to Democrats and Republicans to seek to influence cryptocurrency regulation”.

Regulations

SBF jailed, FTX partners under attack: Law Decoded

Sam Bankman-Fried, the former CEO of the failed FTX crypto exchange, will be held in jail through the end of his two upcoming trials.

Regulations

Sam Bankman-Fried will 'return to his depression' without access to medication, say defense lawyers

According to Sam Bankman-Fried's legal team, he was "only able to bring a small supply” of ADHD medication and antidepressants to jail following the judge revoking his bail.

Regulations

Bitcoin vs. gold: Are market cap and other comparisons actually relevant for investors?

Bitcoin’s future price surge and mainstream adoption could happen independently of institutional adoption of the digital currency.

Bitcoin

Price analysis 8/14: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC

After weeks of low volatility, Bitcoin bulls are trying to make a comeback, but the rise in the U.S. dollar index may limit the upside recovery.

Ethereum

Price analysis 8/14: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC

Bitcoin (BTC) has been stuck inside a tight range in August. Glassnode lead on-chain analyst Checkmate highlighted that the spread between the upper and lower Bollinger Bands for Bitcoin has shrunk to 2.9%, its third tightest ever. 

Typically, periods of low volatility are followed by a range expansion. The longer the time spent inside a range, the stronger the eventual breakout from it. The only problem is that it is difficult to time the breakout with certainty. Therefore, traders should be watchful else they may miss out on the opportunity to ride the next trending move.

Daily cryptocurrency market performance. Source: Coin360

One reason that could be weighing down on the risky assets is the strength in the U.S. dollar index (DXY), which has risen for four consecutive weeks.

In contrast, the United States equities markets entered a corrective phase in the past few days. The S&P 500 Index (SPX) and the Nasdaq Composite have both pulled back for the past two weeks, indicating profit-booking by short-term traders.

What are the important support and resistance levels to watch for in Bitcoin and altcoins? Let’s analyze the charts to find out.

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