SEC Advises Crypto Brokers: Heightened Scrutiny for Client’s Best Interest

• The U.S. Securities and Exchange Commission is advising brokers and investment advisers to use heightened scrutiny when it comes to making crypto recommendations
• Deribit sets up a crypto exchange battle with push into free trading
• NFT marketplaces sales, users drop, BTC/USD, ETH/USD, XRP/USD, LTC/USD dip in the last session

SEC Advises Brokers on Crypto Recommendations

The U.S. Securities and Exchange Commission (SEC) is warning brokers and investment advisers to take extra caution when recommending cryptocurrency investments to clients, as these products are considered risky. The SEC issued a new bulletin advising firms on how best to protect clients from financial harm due to their involvement with cryptocurrencies.

Deribit Sets Up Crypto Exchange Battle

Crypto derivatives exchange Deribit has announced free trading of Bitcoin and other tokens in an effort to compete with other digital asset exchanges. This move follows a difficult year for the industry as prices plummeted across the board and exchanges struggled to remain profitable.

NFT Marketplaces See Drop In Sales And Users

Data analytics platform Dune reports that daily user activity and sales have seen a sharp decline over the past week across NFT marketplaces – lows not seen since July 2021. Cryptocurrencies such as BTC/USD, ETH/USD, XRP/USD, LTC/ USD also saw drops in their values during this time period according to technical indicators such as Stochastic-RSI and RSI which point toward an oversold market at present.

Daily Economic Calendar: US Baker Hughes US Oil Rig Count

The Baker Hughes Rig Count serves as an indicator of business activity for companies involved in oil drilling operations around the world by indicating demand for products such as those offered by oil service industries. The US Baker Hughes US Oil Rig Count will be released at 17:00 GMT today along with Japan’s Jibun Bank Manufacturing PMI (at 00:30 GMT) followed by its Services PMI (also at 00:30 GMT).

JP Jibun Bank Manufacturing PMI

The Jibun Bank Manufacturing PMI gives an early indication of the health of Japanese manufacturing sector each month by measuring various parameters including new orders, output levels, employment rates etc., all important components of economic growth in Japan which can influence currency fluctuations on global markets if they deviate significantly from expected levels