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Bitcoin fell for the third day in a row on Friday. It dropped 3% to $28,000. Since last Friday, the cryptocurrency has fallen by almost 10%. Ether, which is the second largest cryptocurrency in terms of market value, lost 8% over that time period. It follows a week of mostly negative returns for risky assets such as cryptocurrencies. Binance liquidated $100 million worth of bitcoin positions on Wednesday. However, a positive development in crypto occurred on Thursday, when the European Parliament adopted comprehensive crypto legislation. This was the first time that a major jurisdiction had done so.

U.S. Securities and Exchange Commission advises brokers and investment advisors that they should examine crypto with greater scrutiny, before recommending digital assets. This is to ensure that the risky products they are recommending are in their clients’ best interest. The U.S. Securities and Exchange Commission has issued a staff bulletin outlining the responsibilities of advisers to their customers. It specifically mentions crypto. This is in line with the recent focus the agency has had on this sector, after having ignored digital assets for most of last year.

Coinbase has received a license from the Bermuda Monetary Authority to offer services on Bermuda. The company announced this in a Wednesday blog post. The U.S. cryptocurrency exchange has received a Class-F license from Bermuda Monetary Authority. This allows it to operate in Bermuda as a digital asset exchange. The announcement comes just two days after the CEO of the U.S. crypto exchange, Brian Armstrong, said that the company would consider leaving the U.S. in the event that clear crypto regulations are not enacted.

Chart of the Day

  • The chart below shows the flow of ether into and out Binance, the largest centralized exchange in the world in the last 48 hours.
  • Binance received a transfer of more than 34,000 ETH (about $64.8 million) on Friday morning, as shown by the green bars.
  • According to @OnchainDataNerd, a pseudonymous researcher, a large investor who has moved these coins would make a profit if he chose to liquidate his assets.
  • The potential liquidation of ether could add to the bearish pressure on the currency.

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Mark Nacinovich is the editor.