Behind the Scenes at Indonesia’s New Official Crypto Exchange


Good morning. What is happening:

Prices: As Bitcoin climbs above $17,400, altcoins rise and Gray Discount narrows on growing speculation about Digital Currency Group’s finances.

Informations: Indonesian government launches cryptocurrency exchange. However, it is not entirely correct to think that it is a competitor to Binance.

Prices

CoinDesk Market Index (CMI)

850.65

+12.2 1.5%

Bitcoin (BTC)

$17,444

+255.4 1.5%

Ethereum (ETH)

1336 dollars

+14.5 1.1%

The S&P 500 closes daily

3,919.25

+27.2 0.7%

Gold

1881 dollars

+8.6 0.5%

Treasury income 10 years

3.62%

0.1

BTC/ETH quotes for CoinDesk Indices; gold is the COMEX spot price. Prices as of 4:00 p.m

Bitcoin crosses $17.4K but check out GALA

By Bradley Keown

Digital asset analysis firm Arcane Research noted that bitcoin’s gains are being overshadowed “as market participants turn to altcoins in a frenzied short squeeze.”

Market analyst Glenn Williams Jr. He wrote on Tuesday that he suddenly noticed a spike in activity on the technical screen he uses to identify cryptocurrencies with rising volatility. As noted in Glassnode’s weekly report on Tuesday, it’s especially surprising given how much volatility has disappeared over the previous few weeks.

The drama surrounding Digital Currency Group (owner of CoinDesk) continues, and this speculation can be seen in the recent collapse of the so-called “GBTC discount” to an eight-week low.

Concepts

Indonesia’s Government-Owned Crypto Exchange Is Not What You Think

CoinDesk Indonesia and by Sam Reynolds

Indonesian government launches cryptocurrency exchange. However, it is not entirely correct to think that it is a competitor to Binance.

Within Indonesia, cryptocurrency exchanges such as Binance are designated as “Physical Traders of Crypto Assets” by the country’s Commodity Futures Trading Regulatory Agency, also known by the Indonesian acronym BAPPEBTI.

Behind the scenes are a number of other country-specific institutions similar to the infrastructure found in traditional finance.

When authorities in Indonesia refer to a “crypto exchange,” it means something closer to a price reference index like the NASDAQ composite.

It’s a pillar in the commerce infrastructure ecosystem, along with nationally regulated custodians—remember: post-Mt. Gox national custodial rules are that FTX Japan clients are intact and futures clearing house.

On the one hand, this is how cryptocurrency trading has become a mainstream and institutional-level asset in Indonesia. Only with regulations and infrastructure similar to TradFi can institutions truly invest in the asset class.

But on the other hand, cryptocurrency loses its appeal if it is regulated and managed like stocks. There are possibilities that the government could impose things like trading hours (which would be hard to do for crypto) and limits on price movements.

BAPPEBTI has not yet released a timeline on when they expect this to be completed. The regulator says they are still working on building this infrastructure and are targeting a launch date sometime this year.

All this system and infrastructure will be the first of its kind in the world. Indonesia, given its scale, is a great place to test this.

Important events.

9:30 HKT/SGT(1:30 UTC) German 10-year bond auction

23:30 HKT/SGT (15:30 UTC) Australia’s Trade Balance (Mon/Nov)

6:00 a.m. HKT/SGT (10:00 p.m. UTC) China’s Foreign Direct Investment (YY/Dec)

CoinDesk TV

In case you missed it, here’s the latest episode of First Mover on CoinDesk TV:

Coinbase to Cut Nearly 20% of Workforce as Late as Crypto Winter; Bitcoin is above $17,000:

Cryptocurrency exchange Coinbase said it plans to cut its workforce by about 950 employees as part of a restructuring it expects to complete by the end of the second quarter of 2023. Gareth Rhodes, managing director of Pacific Street, pointed to the long-running cryptocurrency winter rush. Meanwhile, bitcoin (BTC) is holding steady above $17,000. IDX Digital Assets CIO Ben McMillan shared his analysis of cryptocurrency markets. And Blockchain Foundation CEO Clive Mesidor discussed the future of cryptocurrency regulation.

Titles

Analysts are ‘encouraged’ by Coinbase layoffs as they show the company is facing financial discipline: A group of bearish sell-side bulls on the cryptocurrency exchange said the job cuts announced on Tuesday were a necessary step.

Ethereum software firm ConsenSys lays off more than 100 employees: CoinDesk estimates that around 27,000 jobs have been lost in the cryptocurrency industry since April, based on media reports and press releases.

DCG’s Barry Silbert talks about Creation in a Letter to Shareholders: Crypto exchange Gemini co-founder Cameron Winklevoss called on the DCG board on Tuesday to remove Silbert as CEO.

Crypto.com Decommissions Tether’s USDT Stablecoin for Canadian Users: The move comes after the Canadian Securities Administrators committed to stronger oversight of cryptocurrency exchanges following the collapse of FTX.

Gemini Stops Crypto Income Product, Stepping Up Fight Against Creation: The move, which requires Genesis to return all locked-up assets, sunsets the exchange’s nearly two-year-old Gemini Earn program, Gemini said.



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