Bitcoin drops 10%, Coinbase explores setting up an insurance company and Binance launches platform ‘2.0’
Here’s your daily overview of important, interesting and market moving crypto news
Bitcoin drops 10% following remarks from the FED
Bitcoin dropped over 10% yesterday after criticism from a US lawmaker on Facebook’s Libra project.
Federal Reserve chairman Jerome Powell stated that Facebook needs to satisfy regulatory concerns regarding their Libra project. The statement comes after members of the House of Representatices Committee on Financial Services called for a moratorium on Facebook’s Libra.
As Bitcoin fell, altcoins performed even worse. With several altcoins in the top twenty shedding 15% or more.
Coinbase explores setting up an insurance company
Cryptocurrency exchange Coinbase is in talks to set up its own regulated insurance company with the help of insurance broker giant Aon.
Coinbase and Aon see potential in the insurance market for crypto exchanges, as there is a big shortage of insurance possibilities for crypto exchanges. Crypto exchanges often just self-insure by setting aside crypto to cover losses in the case of a negative event.
Taking a more formal and regulated approach in the insurance market for crypto exchanges could help create more capacity in the market and bring down the price of risk financing over time.
Binance launches platform ‘2.0’
Binance launched version 2.0 of its platform. The new release officially adds margin trading for its customers. The firm announced it’s margin trading ambitions late May and stated that the service would feature up to 20x leverage. However the platform only supports 3x leverage at this moment.
To use the service, traders must pass a KYC ID check and have two factor authentication set up.
The version 2.0 also features an ‘optimized interface’ and an advanced trading engine aimed to improve order matching.
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