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Today’s Cryptocurrency Headline
This summer, the Canadian Securities Administrators (“CSA”) published CSA Staff Notice 81-336 Guidance on Crypto Asset Investment Funds that are Reporting Issuers (the “Notice”) concerning funds that seek to invest in crypto assets. CSA Staff also identified several areas that may warrant further guidance. These include (i) crypto asset and crypto asset market characteristics; (ii) custody requirements; (iii) the staking of crypto assets; and (iv) know-your-product (“KYP”), know-your-client (“KYC”), and suitability obligations. Separately, the Office of the Superintendent of Financial Institutions (“OSFI”) has also launched a consultation on the regulatory capital and liquidity treatment of crypto-asset exposures, in response to the new banking standards for crypto-asset exposures released by the Basel Committee on Banking Supervision in December 2022.
BingX’s Bitcoin Chart
BTC is still maintaining a small fluctuation around $400 per day. This small range of volatility indicates that the cryptocurrency market is not currently favored by funds, and more of it is still an on-exchange speculative game. This also prevents BTC from experiencing significant increases or decreases in price for the time being. However, the long-term speculative game of stored funds will inevitably lead to the collapse of altcoins, so investors must be cautious when choosing to invest in altcoins. The support level is at $26,000 and the resistance level is at $26,500.
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