Crypto Flipsider News – U.K. Regulation; Goldman Sachs Buys Firms; Binance Gains 30%; Circle won’t go Public; Litecoin Surges 9%

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Read in the Digest:

• The U.K. finalizes plans to regulate the ‘wild west’ cryptocurrency industry

• Goldman Sachs (NYSE:GS) prepares to shop for crypto companies amidst market rout

• Binance records a 30% surge in trading activity following the collapse of FTX

• USD Coin (USDC) stablecoin issuer Circle terminates plans to go public

• Litecoin (LTC) surges by 9% in 24 hours, claims spot as 12th largest crypto

The U.K. Finalizes Plans to Regulate the ‘Wild West’ Cryptocurrency Industry

In response to the shocking FTX collapse, governments across the globe turned to hasten regulation. The United Kingdom’s Treasury is now finalizing plans to regulate the crypto industry.

British ministers are also preparing to launch a consultation on the new crypto regulatory regime. The move is part of the financial services and markets bill, legislation currently going through parliament.

The new crypto regime will grant the Financial Conduct Authority (FCA) more regulatory oversight for crypto. The FCA will begin monitoring how companies operate and advertise their products if approved.

The framework will also grant the FCA oversight to limit how foreign companies sell their crypto products in the U.K., dealing with the collapse of companies and restrictions on the advertising of products.

Flipsider:

• Despite the regulatory urgency, British Prime Minister Rishi Sunak said he wants to build the country into a global hub for crypto asset technology.

Why You Should Care

The collapse of FTX has served to raise awareness of the risks inherent in the crypto industry and the need for regulatory oversight.

Goldman Sachs Prepares to Shop for Crypto Companies Amidst Market Rout

The implosion of FTX, one of the world’s largest crypto exchanges, sent shockwaves through the crypto industry, with a growing number of crypto companies filing bankruptcy as the contagion spreads.

Sensing the opportunity presented by the deflated valuation of crypto firms, Goldman Sachs, one of the world’s largest investment banks, is reportedly looking to acquire some of these firms.

Mathew McDermott, Goldman’s head of digital assets, said in his recent interview that the firm sees “some really interesting opportunities, priced much more sensibly,” as the crypto winter bites harder.

McDermott also notes that the investment bank has done its due diligence in the market. According to the report, Goldman Sachs could spend millions of dollars on crypto firms.

Flipsider:

• Goldman Sachs’ head of crypto trading said investors were returning to banks to carry out crypto trades after being hit by the FTX saga.

Why You Should Care

Despite the shopping preparations, Goldman Sachs maintains that the collapse of FTX highlights the need for more regulation within the industry.

Binance Records a 30% Surge in Trading Activity Following the Collapse of FTX

Despite the aftermath left by the collapse of FTX, the crypto industry has picked itself up from the slump, with traders migrating from the beleaguered crypto exchange to other functional exchanges.

According to on-chain data, Binance, the world’s largest crypto exchange, is the biggest beneficiary of the exodus, with its trading volume surging by 30% in November.

Data provider Kaiko reported that Binance’s monthly traded volume spiked by 23% to $705 billion. In addition, trading activity on the exchange rose by 30% in the last month. Coinbase (NASDAQ:COIN) and Kraken also saw a significant increase in activity.

As investors sought to move their funds after the FTX collapse, Binance disclosed its assets and wallet addresses where the exchange stores customers’ funds to improve transparency.

Flipsider:

• Binance played a crucial role in the collapse of FTX, disclosing the sale of all its FTT holdings amidst the exchange’s balance sheet controversy.

Why You Should Care

Kaiko explained that Binance benefits from the collapse because the company projected an image of strength with the best liquidity of any centralized exchange.

USD Coin (USDC) Stablecoin Issuer Circle Terminates Plans to go Public

Circle, the issuer of the USD Coin (USDC) stablecoin, has terminated its $9 billion agreement with Concord Acquisition Corp., a blank-cheque company chaired, ending its plans to go public.

Circle announced on Monday, December 5th, that both companies had “mutually agreed” to end the merger. Circle’s plan to go public was first announced in July 2021 at a valuation of $4.5 billion before being raised to $9 billion.

Concord had until December 10 to finalize the deal to buy Circle, which would have taken the latter public on the New York Stock Exchange.

According to Circle’s CEO Jeremy Allaire, his firm didn’t complete the U.S. Securities and Exchange Commission’s “qualification in time.” He said the SEC has been “rigorous and thorough in understanding our business.”

Flipsider:

• Circle said despite the crypto winter, the firm became profitable in Q3 and ended the quarter with close to $400 million in unrestricted cash.

Why You Should Care

Jeremy Allaire says that becoming a public company remains part of Circle’s core strategy to enhance trust and transparency.

Litecoin (LTC) Surges by 9% in 24 Hours, Claims Spot as 12th Largest Crypto

Litecoin (LTC) has claimed the 12th position on the crypto market cap ranking, following a 9% rally to start the week, while most of the crypto market bowed to pressure from the latest U.S. nonfarm payrolls figures.

LTC has remained one of the few bright spots for the crypto market through the FTX-induced market crash, rallying from as low as $49 at FTX’s implosion to as high as $83,7 today – the highest LTC has traded in seven months.

The three-week price chart for Litecoin (LTC). Source: CoinMarketCap

Litecoin’s rally comes after the asset broke out of a symmetrical triangle in late October. However, the outbreak coincided with MoneyGram’s announcement that it would enable users to purchase, store and use LTC for payments.

Following its tremendous rally, LTC has retraced by 4%, trading above the $80 mark. However, Litecoin still holds the 12th position as its market cap has grown from $4 billion to $5.7 billion.

Flipsider:

• According to data shared by CoinWarz, Litecoin’s mining hash rate has hit another all-time high, peaking at 613.81 TH/s.

Why You Should Care

Litecoin’s rally draws intensity from MoneyGram’s decision to integrate LTC into its crypto services and the coin’s upcoming halving event.

See original on DailyCoin