GM. Daily Squeeze here – your blockchain lime squeezer, adding a kick of crypto to your daily information cocktail.
👋 Gemini is leaving the Canadian market.
🇬🇧 The UK had its first conviction related to crypto ATMs.
🍊 News drops: Moo Deng token investor continues hodling despite it declining, Robinhood has launched crypto transfers in Europe + more
🍍 Market flavour today
Crypto Market Cap $2.32 Trillion -2.8% (24H)
Name
Price
24H %
7D %
Bitcoin BTC
$62,822.92
-1.45%
-0.59%
Ethereum ETH
$2,581.58
-1.37%
-1.36%
BNB BNB
$567.62
-1.38%
-6.32%
Solana SOL
$153.38
-2.08%
5.36%
The crypto market’s taking a bit of a nosedive today, folks! But don’t panic – this rollercoaster is all part of the show. The Fear and Greed Index is sitting pretty at 50 – right in the middle, like a crypto zen master.
September’s been surprisingly kind to Bitcoin, with a 7% gain when it usually sees a 4% dip. Talk about breaking the mold! And October? Historically, it’s been Bitcoin’s time to shine with an average 21% return. No pressure, BTC!
What’s stirring the pot? Well, Japan threw us a curveball with their new PM pick, who’s keen on tightening monetary policy. That’s got investors worried about tougher times ahead for riskier assets. Plus, some big players in the derivatives market who bet on Bitcoin’s rise were forced to sell to cut their losses, adding to the downward pressure. But here’s the kicker – some analysts think this dip is just Bitcoin catching its breath after its recent sprint. Keep an eye on those US manufacturing numbers coming out today. They could give us a clue about where the economy’s headed and what the Fed might do next.
Remember, in crypto, today’s dip could be tomorrow’s moonshot. Stay curious, stay informed, and maybe keep a stash of popcorn handy – this market’s better than any blockbuster 🍿
👋 Bye, Gemini
Geminis that have left Canada:
Michael Cera;
As of yesterday, Gemini, the crypto exchange.
The Winklevoss twins’ platform sent its Canadian users an email saying all their accounts are getting shut down by the end of the year, urging them to withdraw their assets.
But why’d they leave? Well, Cera went to the US to pursue his acting career, bringing us the cinematic masterpiece that is Superbad. Gemini, on the other hand, is running away from Canada’s increasingly strict crypto regulations.
Back in February last year, the Canadian Securities Administrators (CSA) started requiring crypto exchanges to sign a pre-registration undertaking (PRU) if they wanted to keep doing business in the country.
This came in with a bunch of new restrictions, like not being able to offer crypto contracts for buying or selling assets that are considered securities or derivatives. And the biggest issue here is that stablecoins are treated as securities.
Gemini actually submitted their PRU last April, saying Canada played an important role in their global expansion. But with all these rules, seems like they’ve decided to peace out. And they weren’t the only ones to do so—Binance, Kraken, OKX, Bybit, and dYdX have also exited the Canadian market.
With fewer crypto exchanges left, I guess Canadians might just have to start trading Tim Hortons gift cards, eh?
🚓 Trouble with a “u”
Now, let’s move onto the other land of the extra u’s—the UK’s serving some crypto tea, too.
Quick context: no legal crypto ATMs exist in the UK rn, since the Financial Conduct Authority (FCA) shut them all down back in March 2022.
Except one dude, Olumide Osunkoya, took that more as a recommendation than a rule—he ran 11 crypto ATMs in UK convenience stores without any approval from December 2021 to September 2023. During this period, the machines handled over £2.6M ($3.47M) in crypto transactions, with most of them allegedly tied to money laundering and tax evasion.
But he wasn’t just breaking the law for fun—my guy was bringing home the bacon. Authorities confiscated over £19K (about $26K) in cash, which they believe were profits from his cheeky little business, where he was charging up to 60% per transaction. Plus, he used fake documents to keep it all covered.
Now that he’s pleaded guilty to several charges related to this ATM stunt, Osunkoya’s looking at up to 26 years behind bars.
So, remember, folks, the word trouble has a “u” in every English dialect—and u are definitely gonna get in some if u don’t keep it legal.
📰 News drops
🍊 The Donald Trump-backed DeFi project, World Liberty Financial, is now open for signups. While international users can sign up without restrictions, access in the US is limited to accredited investors because of regulatory requirements.
🦛 The Moo Deng token, inspired by a viral baby pygmy hippo from Thailand’s Khao Kheow Open Zoo, is now on the decline. Despite that, one investor is hodling $1.2M worth of it.
🪶 Robinhood now lets its European clients deposit and withdraw over 20 different cryptocurrencies. “With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers,” said Johann Kerbrat, General Manager of Robinhood Crypto.
📈 China’s stock market has skyrocketed this week, fueled by a series of stimulus measures. It’s jumped a massive 20% in just 5 days.
✂️ Fed Chair Jerome Powell said that the US central bank is likely to stick with small, quarter-point interest rate cuts for now. He added that there’s no rush, especially after new data showed stronger economic growth and steady consumer spending.
