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France's Regulatory Scrutiny of Polymarket: Implications for DeFi
News on the Blockchain
November 07, 2024
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@newsontheblockchain, 07/11/2024
Confidence in Knowledge. Providing daily news to make sure you're up to date!
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 761
Market Cap: $2.54T (↑ 5.03%)
24h Volume: $218.64B (↑ 102.67%)
Bitcoin Dominance: 58.72% (↓ 0.85%)
Ethereum Dominance: 13.44%
ETH Gas Price: 16.68 Gwei
Fear & Greed Index: 62/100 (Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $75,228.22 | 3.39% | $1.49T | $111.35B |
Ethereum (ETH) | $2,840.90 | 10.90% | $342.10B | $43.21B |
Tether (USDT) | $1.00 | 0.03% | $121.43B | $171.32B |
BNB (BNB) | $604.45 | 4.32% | $87.10B | $2.43B |
Solana (SOL) | $190.45 | 7.22% | $89.81B | $9.38B |
💹 Market Highlights:
Total DeFi Volume: $10.53B (4.82% of total volume)
Stablecoins Volume: $203.77B (93.20% of total volume)
Coin with highest % change: GRASS +59.61%
🔥Heat Map:
📈 Preview On Today’s News:
- France's Regulatory Scrutiny of Polymarket: Implications for DeFi
- Arkham Intelligence Launches New Crypto Perpetuals Exchange
- Key Insights from Alphractal's Analysis on Bitcoin's Liquidity Gaps
Keep reading for more!
Today’s Important News:
1)
France's Regulatory Scrutiny of Polymarket: Implications for DeFi
France’s gambling authority, Autorité Nationale des Jeux (ANJ), is investigating the decentralized prediction market Polymarket and considering a ban for French citizens due to regulatory compliance concerns. The ANJ's inquiry stems from a notable case where a French citizen allegedly earned $47.5 million through betting on the platform, highlighting issues such as the platform's lack of central authority, consumer protection risks, and potential for tax evasion. If the ban proceeds, it could limit access to decentralized betting for French users and set a precedent for stricter regulation of decentralized finance (DeFi) platforms across Europe.
Regulatory Challenges: The investigation focuses on Polymarket's compliance with French gambling laws, with concerns about unregulated betting, consumer safety, and significant profits that may evade taxation.
Potential Impacts: A ban would restrict French access to decentralized prediction markets and might lead to increased scrutiny of other DeFi platforms, influencing the regulatory landscape for decentralized finance in France and potentially in other jurisdictions.
2)
Arkham Intelligence Launches New Crypto Perpetuals Exchange
Blockchain analytics firm Arkham Intelligence has announced the launch of a cryptocurrency derivatives exchange targeting retail traders, aiming to compete with major platforms like Binance. Set to begin trading next week, the exchange will feature live on-chain audits and proof-of-reserve capabilities, although it will not be available in the United States. The crypto derivatives market is experiencing significant growth, with trading volumes surpassing $3 trillion in September, fueled by increased retail investor activity. Analysts anticipate a surge in crypto products following recent political developments, including the upcoming U.S. presidential election.
- Launch Details: Arkham Intelligence has launched a new crypto perpetuals exchange aimed at retail traders, with features like on-chain audits and proof-of-reserve, starting next week (not available in the U.S.).
- Market Growth: The crypto derivatives market is booming, with a trading volume exceeding $3 trillion in September, driven by retail investor engagement and expected to grow further post-U.S. elections.
3)
Key Insights from Alphractal's Analysis on Bitcoin's Liquidity Gaps
A recent analysis by crypto research firm Alphractal sheds light on Bitcoin's trading behavior over the past four years, focusing on specific price zones that exhibit minimal consolidation, termed "liquidity gaps." The report identifies critical price points—$71,600, $59,700, $53,000, $46,800, $32,300, and $25,400—that could influence future trading as Bitcoin's dynamics evolve. It notes a trend where increased trading frequency does not correlate with open interest, likely due to high-frequency trading algorithms affecting short-term liquidity. Additionally, as Bitcoin prices rise, trading volume tends to decline, indicating potential waning momentum in the current uptrend.
Liquidity Gaps Identified: Key price points with minimal consolidation include $71,600, $59,700, $53,000, $46,800, $32,300, and $25,400, suggesting these zones may be crucial for future trading activities.
Volume Trends: While trading frequency is high, open interest remains low, pointing to the influence of high-frequency trading. As prices increase, trading volume decreases, indicating possible loss of momentum in the ongoing uptrend.
