What's up, Market Movers! Welcome to the podcast where we serve up a curated, snackable summary of the latest news, trends and financial models, giving you all the intel you need to make better decisions when it comes to thinking about your money, protecting your money, and building wealth. For more, visit us at MarketMoversDaily.com And now for your update on this week in crypto with Market Movers for Friday, February 3rd, 2023. UK unveils blueprint to govern crypto market.
The UK unveils a regulatory proposal for crypto industry. Among the proposals was a move that would strengthen rules targeting financial intermediaries and custodians that store crypto on behalf of clients. The proposals would also enforce tougher transparency requirements on crypto exchanges to ensure they publish relevant disclosure documents and set out clear admission requirements for trading digital tokens. On the flip side, the EU eases requirements for cryptos smart contracts.
Lawmakers in the European Parliament have amended their proposal on digital data easing some of the onerous requirements for smart contracts. The committee on industry leading negotiations on the file will vote to adopt the text on February 9th. Then it will need to go through a plenary vote in Parliament currently expected in March. Ethereum developers launch a test net for withdrawals.
Users can start testing Ethereum improvement proposal-4895, also known as staked ether withdrawals, that's included in the protocol's next big upgrade, the so-called Shanghai Fork. Users won't immediately have the ability to participate in the simulated withdrawals until the testnet goes through in just a couple of days on February 7th. Kraken closes its Abu Dhabi office. Kraken laid off the majority of its team focused on the Middle East and North Africa.
A registry for Abu Dhabi's Global Market, where Kraken received a crypto license last April, no longer shows an active entity in the company's name. Hodlers be happy as Bitcoin rallies following the federal rate hike. Bitcoin jumped $700 moving above $23,600 as Federal Reserve Chair Jerome Powell suggested the US Central Bank is seeing signs of waning inflation. Crypto-exposed stocks also gained with exchange coinbase rising 8% and Bitcoin miner Marathon Digital Holdings up 7%.
Lithuania regulates crypto registrations. Regulators winnowed down a list of 850 companies after imposing the new rules. Lithuania, which saw the registration of crypto companies soar almost fivefold last year, is reigning in the growth of digital asset service providers to address transparency issues and money laundering risks. SBF's clear out sale goes on a little bit longer as FTX extends bid deadlines for Japan and Europe units.
The bankrupt group of cryptocurrency companies extended the deadlines to bid for its Japan and Europe businesses as administrators strive to raise funds to help pay back creditors. The preliminary bid deadline is now March 8th, and the auction date becomes April 26th according to a court filing on Wednesday. OlympusDAO deposits $77 million in MakerDAO. OlympusDAO, who was the poster child of the Defi 2.0 movement, has voted to deposit 77 million DAI into MakerDAO's DSR module.
Jennifer Senhaji of Maker's growth team said that while a 1% yield would've been laughed at in 2021, well times are different now and OlympusDAO's imminent deposit shows that the restarted DSR moves the needle. Solana DeFi lender Everland Finance shuts down its app. Everland attributed the decision to shut down to the liquidity crunch facing DeFi lending participants. The team stated that continuing to operate in these conditions would be a gamble.
The Everland team has moved the platform to withdraw-only mode, and users have been urged to getting into gear and move their assets. Coinbase NFT pauses drops. The platform announced it is pausing new drops after a prominent artist, Jessica Yatrofsky took to Twitter to say an upcoming release would not be debuting on the marketplace. Coinbase did clarify that they're pausing drops for now to focus on other areas within Coinbase NFT, but are not shutting down the Coinbase NFT marketplace.
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