Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation
Bitcoin’s BTC $35,793 supply continues to be bought up by long-term holders, according to new data from Glassnode. Kenyan lawmakers have asked the local Blockchain Association to develop a regulatory framework on which they could craft a crypto bill. Meanwhile, lawmakers have proposed cutting SEC Chairman Gary Gensler’s salary to $1, and Binance’s spot trading volume has fallen sharply.
Bitcoin supply held by long-term hodlers continues to rise
The quantity of Bitcoin held by its most ardent supports has reached a new all-time high, according to data from Glassnode.
A new report by the blockchain data provider suggests Bitcoin holders are accumulating the asset due to their long-term bullish conviction. “If we isolate only entities on the smaller end of the scale, such as Shrimps (<1 BTC), Crabs (1-10 BTC) and Fish (10-100 BTC), we can see their accumulation pattern is quite significant,” Glassnode said, adding:
“The combined rate of balance increase for this sub-group is currently equivalent to 92% of newly mined supply and has remained elevated since May 2022.”
Bitcoin’s price has caught favorable tailwinds amid rumors that the U.S. Securities and Exchange Commission was laying the groundwork for spot ETF approval. The largest digital currency by market cap traded above $35,400 on Nov. 7.
Kenyan lawmakers ask local Blockchain Association to come up with crypto bill
Kenya could become the first country in the world where the industry’s representatives would develop the regulatory framework for crypto. According to the Blockchain Association of Kenya (BAK), The National Assembly’s Departmental Committee on Finance and National Planning has directed it to prepare the first draft of “what could become a virtual asset service provider’s bill.”
On Oct. 31, the Committee on Finance and National Planning invited BAK representatives to discuss the digital assets regulation. BAK’s legal and policy director, Allan Kakai, shared the details behind the meeting with the local media, Mariblock:
“Basically, we are telling [the] parliament: ‘Look, Kenya has always branded itself as the Silicon Savannah; we are top three for digital assets [volume in Africa], and if we do not develop a clear licensing and regulatory framework, Nigeria, South Africa, Botswana, Namibia, Mauritius would take the lead, and the capital flow that would have come to Kenya would have flocked elsewhere.”
In response, the committee gave the BAK two months to draft the crypto bill. The message in the committee’s official X (formerly Twitter) account notes only that it “urged the Association to undertake robust public education on cryptocurrency trade to demystify it.”
US lawmaker proposes to cut SEC chair Gary Gensler’s salary to $1
A United States lawmaker wants to strip the Securities and Exchange Commission chair Gary Gensler of his salary by paying him just $1 per year.
you gotta admit – this bill’s proposed cutting the wealthy SEC Chair Gary Gensler’s salary from $300,000 to $1 is pretty fitting considering how regulatory positions are so often a revolving door into private industry!— Northeast (@Northeast603) November 7, 2023
In a proposed amendment to the Financial Services and General Government (FSGG), Rep. Tim Burchett suggested that Gensler’s salary be brought down to $1, as part of wider proposal to defund the regulator.
First introduced on July 13 this year, the FSGG bill is a wide-ranging piece of legislation that aims to significantly reduce government spending across the board.
It’s estimated that Gensler earns north of $300,000 per year for his duties as head of the SEC.
Binance’s spot trading market share falls to 40% in 2023
Binance’s spot trading market share has fallen to 40%. A year ago it stood at 63%, indicating that one of the world’s most popular cryptocurrency exchange platforms has lost about a third of the market in just 12 months. This, according to a Nov. 6 report by blockchain analytics firm 0xScope.
Binance used to be the go-to for crypto trading, but it’s now sharing more of the market. A sign of healthy competition or a change in trader preferences? https://t.co/4nvrIzZGtL— Cointelegraph (@Cointelegraph) November 6, 2023
According to the report:
“Binance’s spot trading volume has seen a significant decline in the past year, perhaps due to its listing strategy. Most popular coins experienced a downturn immediately after being listed on Binance.”.
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