 Guys yesterday, we had about a 2% drop in the market. You see the big red dildo here That's right and many believed that it had to do with the UK ban But it had nothing to do with the UK ban as that news was already out We're gonna tell you right now exactly what happened for this drop. Let's get into What's up, what's up, what's up ladies and gentlemen welcome back to Bitcoin daily I'm so happy you guys are here again in today's video. We're doing a news recap of what's been going on so far this week Let's get started with the market and what's going on in the market right now So if we refresh this real quick You can see that bitcoins currently at 10,000 629 so it's pretty much flat the last 24 hours Ethereum at 338 it's it's down from yesterday. It was around 350 ish XRP down one and a half percent Bitcoin cash down 2.7 percent Binance down 2% polka dot down almost five chain link down four light coin down to one and a half and Yeah, it's pretty much eight on the top 10 coins here That we're looking at as you guys know Yesterday, we did have a drop now. I saw a lot of people commenting on This and asking me questions about this. So this is the first thing we're gonna cover the UK FCA derivatives bans signals up to spoof Let's try this again guys, I swear I know how to speak English UK FCA derivatives bans signals disapproval of crypto So a lot of people were asking me what impact does this have or is this going to have on Bitcoin itself. I Don't think it's going to have any Long-term impact really This is just for derivatives exchanges basically That's that's been banned here in the in the US for years now. It doesn't really matter people Find ways around it You know, so Either way, let's let's jump into the story FCA also banned other derivatives such as crypto futures options and CFDs for being ill-suited for retail consumers a UK Cryptocurrency exchange trading notes provider coin shares has reacted to Tuesday's data in the United Kingdom We are extremely disappointed by FCA's decision to include Delta one ETNs in its ban on distribution of crypto derivatives to retail Investors in the UK. We and many other industry participants put forward a number of reasons why such a ban would be ill-advised and would not benefit retail investors Unfortunately, the FCA ignored those reasons or dismissed them with little additional information All right, so Let me see What else here reasons for retail crypto derivatives ban besides ETN FCA also banned other derivatives such as crypto futures options CFDs for being ill-suited However, direct crypto trading which often features milder leverage Amplification will remain open to retail's investors as it is not affected by the ban. So here we go This is the very important piece here From everybody that was asking me. So let's let's go over this part again So it's banning derivatives Such as crypto futures options and CFDs for being ill-suited for retail consumers However, direct crypto trading which often features milder leverage Amplification will remain open to retail investors as it is not affected by the ban. So what this is directly affecting is leverage sites like Bitmex and we saw Bitmex last week get hit by the US as well So Bitmex has been has been taking a lot of heat You know by bit Prime XBT Anything where there's leverage trading where you're not actually trading the coin itself That's what's being banned, okay So the FCA stated that they're incredibly volatile subject to abuse and financial crimes since they lack a reliable Valuation basis furthermore the regulator added that retail investors have no legitimate investment need for derivatives and retail consumers Do not adequately understand crypto assets. So in case you don't know what a retail consumer or retail investor is is people like yourself and myself just the average Joe sort of sort of speak you know that we just created on our own we trade for ourselves and You know an institutional investor will be someone you know banks and stuff like that companies Funds that trade, you know millions or billions of dollars and for themselves and for other people So basically it's trying it's trying to protect retail investors because it says that we don't really Understand crypto and how crypto works and how crypto trading works is basically what they're saying As a measure to save retail consumers from presumably trading losses amounting to almost 62.5 million the ban is anticipated to take effect on January 6 2021 All right, so that's that's the main thing here for For the FCA's ban that a lot of people were asking me about in the UK. So remember what what it's going to be affecting is Crip is it's not going to be affecting direct crypto trading. It's just gonna be affecting derivative exchanges, so For an example of a derivatives exchange if you go to coin market cap and you hit derivatives And you wait You'll see a list here of different exchanges, right? So this is exchanges with the most volume but on Bitcoin trading Binance bitmex by bit ok ok x FTX Femmex ZBG ok X again Derabit Crack in by bit again So so that's basically what this is these exchanges is what's going to be affected So now it's gonna be similar to the US in the US. We cannot trade on these exchanges You know, but like I said people find ways around it. There's always a way around So if you really want to trade on there as long as they don't have a KYC then you'll be it You'll be fine. You'll be able to trade So in other news Bitmex right so last week so this week. We're getting the the UK attacking derivatives exchanges last week. We got the US hitting bitmex So we're here to update you guys on what's going on with bitmex bitmex says it is business as usual despite a 30% drop in Bitcoin balance after CFTC DOJ action so after last weeks They were basically at all-time highs really let me see Yeah, so they had dropped a bit but after last week's news there was a 30% drop-off in their Bitcoin balance So one week after the charges were brought by the US Commodity Futures Trading Commission and Department of Justice Nearly 30% of bitmex's Bitcoin balance has been withdrawn by customers So, I mean, that's natural people. They're not sure what's gonna happen There's a lot of uncertainty and vests who don't like uncertainty. So they start pulling out their money A spokesperson for the derivatives exchange told told coin desk that despite the significant withdrawals It is business as usual for the bitmex platform total Bitcoin held on bit on bitmex addresses dropped from 192 1986 bitcoin on September 30th to 135 thousand six hundred and nineteen Bitcoin on Tuesday a 29.73% decline according to data provided by coin metrics I agree aggregate open interest for bitmex BTC futures also took a hit in the past week falling by over $100 million from 732 million on September 30th The fundamentals of the exchange remains strong. However, according to the spokesperson from bitmex So as you guys can see the Bitcoin the balance again and all that So so yeah, so pretty much People are just you know There's uncertainty involved So they're gonna take their money out. Not a big deal Bitmex sizes business as usual I wouldn't be too worried about it But if if you have any type of fear just you can go ahead and and withdraw your money out of there for now put it somewhere else like buy bit or Prime XBT or something like that until this all blows over and then if you want you can go back to using that And then the last bit of news as you guys know yesterday if we get all these ads out of the way Um yesterday There was a huge red dildo as like they like to call it Bitcoin dropped by 1.83% yesterday Falling basically from ten thousand eight hundred down to ten thousand five hundred Today we have been bouncing back. We're back over ten thousand six hundred And the reason for the drop many believed that I had to do with this But it had absolutely nothing to do with this guys There was this news was already out before that drop this all had to do with mr. Donald Trump himself Bitcoin Trump dumps to ten thousand five hundred So that was the main thing that happened here Bitcoin was able to hit ten thousand eight hundred Tuesday before falling on US President Donald Trump's stimulus tweet. Meanwhile, the Defy ecosystem. Yeah, that doesn't matter. That's not what we're looking for So yeah, so we we dropped you see the the big drop off right here on Yesterday And it was as you can read here Tuesday before falling to as low as ten thousand five twenty eight Immediately after President Trump tweeted his rejection of opposite Opposition lawmakers most recent economic stimulus one thing that is still hanging over this market is a stimulus said Andrew to an executive It may take until after the elections for them to reach an agreement Which would be really bad for a lot of Americans relying on government aid. All right, so So that's that's the biggest thing that affected that price and that drop off yesterday So I had nothing to do with the UK Band it had all to do with Donald Trump himself Making that tweet as you guys know Bitcoin is very correlated right now With the stock market so the stock market dropped and Bitcoin dropped as well That's pretty much it guys. That's all the main news for today and for this week so far We will keep you guys updated tomorrow We'll have another video and the day after another one just like Callis said another one and then after that Another one. All right guys Please make sure to subscribe guys YouTube does not like crypto So you have to subscribe So that you can watch these videos if not, you know These videos get shadow banned and all that just because they don't like this this information of knowledge Getting spread so make sure to hit that Make sure to hit the alerts notification Make sure to like the video and drop a comment that helps the channel overall And then last but not least a question of the day So today's question of the day is very simple. Are you guys following us on? Instagram on YouTube and On twitch on twitch on twitch.tv we stream live at least once a week Make sure to hit the follow on all of those let me know if you guys are following us And what your username is on all of them. All right guys make sure to hit that like button We need 30 likes for the free giveaway. All righty guys. We'll see you guys tomorrow Peace love. I'm out