Daily Digest 9/22
Insight on the biggest news and charts that provide context for whats going on in the market today.
Leaked Slides Show How Chainalysis Flags Crypto Suspects for Cops
Leaked documents revealed that Chainalysis owns and operates walletexplorer.com where they scrape users IP addresses if they deem them suspicious.
It turns out that Chainalysis is providing information like this to the authorities to help track down people trying to make anonymous transactions.
In 2020 they helped catch a ransomware suspect on Huobi’s OTC desk.
Chainalysis is also working on being able to remix and track Monero and is also running their own nodes as a way of obtaining users IP addresses.
Coinbase to Propose Crypto Regulations to US Officials: Sources
Since nobody is capable of giving any type of clarity to exchanges operating in the US Coinbase has decided to send in proposal of regulatory framework for the SEC to consider.
The details of the proposal are not yet known but it is good to see someone trying to step in. Coinbase is frustrated with the SEC over recently having announced they will have to put an end to the “Lend” product they were planning to launch.
The SEC says that they put a halt to “Lend” because it violated the “Howey” and “Reves” cases which are the only current tests the SEC has to determine if something is a security or not.
Coinbase is no stranger to trying to set a precedent when it comes to crypto exchange regulations and clarity. They were a founding member of the Crypto Rating Council as well as having published an open-source framework for developers to follow.
Robinhood Says Bitcoin, Ethereum, Dogecoin Transfers Coming in October
One of the biggest issues with Robinhoods crypto feature was that they did not have a way for people to transfer their funds off of Robinhood like you can on Coinbase.
Sometime next month users will be able to transfer their BTC, ETH, Doge, and other cryptos if you join the waitlist. If you do not it should be available to all users by 2022.
Robinhood also does not charge commission fees and says that will still apply when users send crypto of exchange.
Christine Brown , COO at Robinhood, says that they will also be getting into the broader crypto space such as NFTs.
Looking at the MVRV we can see if a project is currently being over-bought or over-sold.
Using the MVRV 7D chart will measure the short-term profit or loss of holders.
Currently we are seeing ETH in the over-sold zone after a bit of a market scare the last few days but this is also an indication we may see a bit of a bounce back for ETH. This could still depend on in the Evergrande situation as well.