Canadian Crypto Exchanges Impose CAD $30,000 Annual Buy Limit On Altcoins
Daily Market Wrap
Crypto market cap: 1.02 trillion, up 1.08%
BTC price stands at USD 21,434, up 0.80%
ETH price stands at USD 1,601, up 0.68%
Top gainer: EOS (EOS), up 8.55%
Top loser: Celsius (CEL), down 17.56%
News of the Day
Canadian crypto exchanges have imposed a CAD $30,000 annual buy limit on altcoins.
Why it matters:
Newton and BitBuy, two Canadian crypto exchanges, have introduced a CAD $30,000 annual “buy limit” for certain altcoins to “protect crypto investors”
Newton announced the new limit after working with the Ontario Securities Commission (OSC) and other regulatory authorities in Ontario, which means Ontario-based users will be subject to a CAD $30,000 “net buy limit” on all crypto coins excluding Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC)
BitBuy also announced similar purchase limits to users who qualify as retail investors
Eligible Investors have an increased purchase limit of CAD $100,000, while Accredited Investors are not subject to any purchase limits
Crypto Daily Spotlight
Bitcoin’s price plummets as global markets turn risk-off.
Brief introduction: Bitcoin is a proof-of-work cryptocurrency originally described in a whitepaper authored by Satoshi Nakamoto in 2008. Bitcoin has a fixed supply of 21 million tokens and its genesis block was mined on January 3, 2009.
Why it matters:
Bitcoin is holding at a range of around $21,000 after slumping for the sixth consecutive day, erasing three weeks of gains
The decline started on Friday, coinciding with unexpectedly high inflation data in Germany and indications of the Fed’s hawkishness again with plans to continue rate hikes
Bitcoin’s price could revisit the $19,000 range based on BTC technical chart analysis
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