The world of cryptocurrency is facing challenging times as a result of the coronavirus pandemic, which has hit values hard. At a time when people are wary of their financial situations, trading platforms like Skilling and other sites are seeing users eagerly analyze the latest stock prices so they can properly manage their investments. For those investing in cryptocurrencies, this is especially true.
October has been another interesting month for crypto, with various developments and interesting stories across the decentralized finance (DeFi) industry. Read on as we round up some of the key talking points from this month’s cryptocurrency news.
Russia cracks down on unqualified investors
For Russian cryptocurrency fanatics, the news that authorities are seeking to limit the amount that non-professional investors can invest will come as interesting reading. The Bank of Russia has proposed that unqualified crypto investors should not be able to fund more than 600,000 rubles (about $7,800) in digital finance. Russia recently passed new crypto laws, which still await final approval, and this cap on the amount the average Joe can invest in bitcoin and other digital assets is tied in with that.
YFI price in downward spiral
The price of Yearn Finance (YFI) has continued to deteriorate in October, sitting at $14,207.85 at the time of writing – a drop of 8.13%. Many are pointing fingers at crypto trading firm Alameda for crashing the price of YFI, but sources have said that despite Alameda’s short position on the currency, they did not play an active part in this downward trend. YFI’s peak price was around the £43k mark, and so the currency’s slump in recent times has been remarkable.
Romania set to auction seized bitcoins
Romania recently joined the list of countries that have held auctions for cryptocurrencies seized as a result of criminal activity. The Romanian authorities (the National Agency for the Management of Seized Assets) announced the auction after a court ruling, although the amount in question has not been revealed. This is a process that is becoming more common throughout the world, as it allows authorities to distribute the seized crypto in a regulated, safe way.
European crypto regulations could wreak havoc
XReg Consulting, a regulatory adviser in the cryptocurrency sector, has warned of the potential impact of the European Commission’s new regulations for DeFi industry. These regulations would make clear that those issuing cryptocurrencies would have to be incorporated as a legal entity in order to trade digital assets. While such protections are a step forward for buyer and investor protection, it could present teething problems as many DeFi tokens distributors are at times unidentifiable.
KuCoin back in action
The news came earlier this month that cryptocurrency exchange site KuCoin has resumed trading after a significant hack in late September. It was the stuff of nightmares for an exchange like KuCoin and those who use the platform for trading and withdrawing cryptocurrencies on a regular basis. However, things are now up and running once again, restoring access to 65 trading assets out of a total of 230, while the reimbursement of funds lost is still ongoing.
Process begins for new crypto laws in Switzerland
The Swiss government has begun plans to introduce greater legislation when it comes to the exchange and investment of cryptocurrencies. The Swiss authorities are keen to promote blockchain technologies and see these new implementations as a way of making the country more hospitable and attractive to investors. Many companies and firms have set up business in Switzerland, with a view towards furthering their goals in blockchain technology, and this new legislation is seen as a way to consolidate the benefits of investing in Switzerland.
All of these stories will have a major impact on the way in which crypto investors trade tokens, especially in this time of greater financial uncertainty. What’s clear is that, for the agile-minded, and those willing to take risks, there is a great deal of gains to be made in crypto trading at the present time.