Bitcoin Holders Increase, Kenyan Crypto Bill in the Works, SEC Chair Salary Cut Proposed, Binance Market Share Drops
Summary:
Bitcoin's supply sees increased accumulation by long-term holders, Glassnode data shows. Kenyan legislators task local Blockchain Association to draft a regulatory framework for cryptocurrency. Proposal surfaces to cut SEC Chair Gary Gensler's payment to just $1 a year. Meanwhile, Binance's spot trading market share significantly dips to 40% from last year's 63%.
Persistent Bitcoin (BTC) buyers maintain the digital currency's supply, indicates the latest data from Glassnode. Meanwhile, Kenyan legislators have enlisted the help of the local Blockchain Association to devise a regulatory structure that will aid in the formulation of a cryptocurrency directive. In other news, a proposition has been made to slash SEC Chairman Gary Gensler’s remuneration to a mere $1, and Binance's trading volume has seen a significant decrease.
There's a steady rise in the accumulation of Bitcoin held by its biggest proponents, hitting a fresh record high, suggests the data from Glassnode. According to the blockchain data firm, Bitcoin holders are amassing the currency due to their optimistic future outlook. As per Glassnode’s revelations, the rate of balance surge for the smaller entities’ group is currently equivalent to 92% of the freshly mined supply and has stayed elevated since May 2022. Amid rumors regarding the U.S. Securities and Exchange Commission paving way for ETF approval, Bitcoin's price traded above $35,400 on Nov. 7.
In another significant development, Kenyan legislators have engaged the Blockchain Association of Kenya (BAK) to assist in drafting a bill for regulating cryptocurrencies. This could make Kenya the first nation across the globe, where the industry insiders would shape the regulatory framework for cryptocurrencies. The National Assembly's Departmental Committee on Finance and National Planning has tasked BAK with creating an initial version of a virtual asset service provider bill.
Meanwhile, a proposition has been put forward by a US lawmaker to reduce SEC Chair Gary Gensler's pay to $1 annually. This move is part of a broader initiative to divest the regulatory body of its funding. Tim Burchett’s amendment to the FSGG bill, a broad-based legislative piece aimed at slashing government expenditure, proposes that Gensler’s remuneration be cut to just $1. It is believed that Gensler earns over $300,000 annually for his role as SEC head.
BitTorrent’s spot trading volume fell sharply to 40% in 2023. The exchange platform, which held 63% of the market share a year ago, lost about a third of the market in one year, shows a Nov. 6 report by blockchain analysis firm 0xScope.
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Published At
11/7/2023 8:32:00 PM
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