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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

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

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

Daily Sector Tracker

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  • HUSD Stablecoin Recovers $1 Peg After Liquidity Problems

  • FDIC Warns FTX US to Stop Making False and Misleading Statements

  • Crypto Broker Genesis Lays Off 20% of Workforce

  • Dozens of BAYC NFTs Are in Danger of Liquidation

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