Major South Korean exchanges are removing the token after privacy upgrades involving the MimbleWimble protocol designed to make transactions private and virtually untraceable.
Hello. Here is what happens:
Price: Bitcoin and most major altcoins spent much of Wednesday in the red.
Insights: South Korean exchanges remove Litecoin from the list.
Technician Advisory (Editor’s Note): Technician Advisory is on hiatus today.
Bitcoin (BTC): $30,285 -2.5%
Ether (ETH): $1,798 -0.01%
The biggest winners
|Algorand||ALGO||+4.4%||Smart contract platform|
|gimbal||ADA||+4.2%||Smart contract platform|
The biggest losers
|Cosmos||ATOM||−4.9%||Smart contract platform|
Bitcoin, Ether and most other major cryptos are seeing red
House, house in the range…
Bitcoin has remained near the middle of the price range it has occupied for much of the past month since the collapse of stablecoin TerraUSD (UST) and the LUNA token that backed it.
The largest cryptocurrency by market capitalization was recently trading at $30,300, down about 2.5% in the past 24 hours. Ether, the second-largest crypto by market capitalization, was changing hands at around $1,800, roughly flat over the same time frame. Most of the other major cryptos spent much of their day in the red with DOT and AVAX recently down over 3% and SOL down over 2%. LINK was among the winners, up around 2%.
Cryptocurrency prices, which have been largely correlated to equities, again matched major indexes. The S&P 500 fell about 1%, while the Dow Jones Industrial Average and the tech-heavy Nasdaq fell slightly less as investors continued to vigilantly await clearer indications on the direction of the economy. inflation and the economy.
The signs this week have been decidedly negative, with the World Bank slashing its forecast for economic growth this year from 4.1% to 2.9% amid fears of stagflation – a toxic combination of slowing growth and rising prices – US Treasury Secretary Janet Yellen’s pessimistic inflationary comments to a Senate Finance Committee hearing and a Target earnings warning that sent retail stock prices plummeting on Tuesday. Meanwhile, the fallout from Russia’s invasion of Ukraine continued with the price of Brent crude oil, a widely regarded measure of energy markets, topping $122, up nearly 60 % since the beginning of the year.
Cryptos have struggled against this larger backdrop and due to uncertainties brewing in space, including not only the Terra debacle, but also regulatory uncertainty and issues with a number of other protocols.
“BTC fundamentals are intact, but without regulatory clarity, which is coming, we may remain limited,” Mark Connors, head of research at 3iQ Digital Asset, wrote to CoinDesk.
Connors also noted the failed migration of Ether 2.0 as a testnet. “In our view, Proof of Stake may be a reality of 2023, therefore not constructive for the ether,” he wrote.
S&P 500: 4,115 -1%
DJIA: 32,910 -0.8%
Nasdaq: 12,086 -0.7%
Gold: $1,852 -0.03%
Major Korean Exchanges Delist Litecoin
The last time Litecoin was relevant was when it was the subject of a bogus press release regarding a partnership with Walmart.
But Litecoin finds itself in the news again as major Korean exchanges pull its LTC token due to privacy upgrades involving the MimbleWimble protocol, designed to make transactions private and virtually untraceable.
Korea’s biggest exchanges cite the nation’s law on “reporting and use of specific financial transaction information” as the reason why they have to delist tokens, but that’s not a stock-specific thing. Korea. The Korean law was designed to align with the Financial Action Task Force (FATF) Travel Rule, a set of anti-money laundering standards adopted by regulators and financial institutions around the world that require the collection customer data around transactions. All major economies understand this and have similar rules in place.
Rules like this are the only reason institutions can even consider adopting cryptocurrency. For institutions, compliance is key and they should stay miles away from anything that even smacks of money laundering.
Many big banks know what happens if they get caught: fines running into the billions. HSBC, Standard Chartered and others have all been hit with mega fines for insufficient anti-money laundering checks.
The future of Crypto is in institutional adoption, but there are some things that just won’t work. While financial privacy is important and exists in cryptocurrency via the difficulty of identifying owners being blockchain wallets, financial anonymity is where the line is drawn. Making it impossible to monitor transactions means that institutions must separate themselves from the project and play no role in it.
There are certainly other protocols designed to obfuscate transactions. Tornado Cash comes to mind and is often used in the same phrase as “stolen funds”. But even Tornado Cash doesn’t completely mix anonymity with transaction freedom: OFAC-sanctioned wallets are blocked. Experts who previously spoke to CoinDesk said that without it, OFAC would actively target the protocol.
Litecoin mixing anonymity with the lack of such controls is going to be a headache for exchanges that list the LTC token. Korean stock exchanges would be particularly sensitive to regulatory affairs, so it is only natural that they remove them from the list first. But others will certainly follow. Perhaps Binance, which is battling a reputational challenge as a haven for cyber crooks, will be next?
Consensus 2022 by CoinDesk
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First Mover Asia: Crypto’s Institutional Future Could Be Incompatible With Litecoin’s Privacy Features | Cryptocurrency
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