KUCOIN IMPPLEMENT A MANADATORY KYC

A required KYC method is being implemented by Kucoin as of July 15th. To improve compliance with anti-money laundering laws, Kucoin has implemented required KYC changes. For those of you who are not familiar with KYC, it essentially just entails the process of supplying more personal information, identifying information, and most recently, facial recognition to ensure that it is you who is requesting to use their brokerage. Since a very long time ago, KYC has existed.

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You will have to go through this process if you register for any brokerage, including one that deals with the stock market. The intriguing part of this tale is that Kucoin operated mostly outside of the US. They weren't at all focused on the US market, but in this case, rules like this one managing the security of other people's accounts are still being implemented

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Compared to the previous two weeks, when Bitcoin really rocketed up by around 20%, this week has been a quiet one for the cryptocurrency, rising only by 0.1%. Earlier this week, on both Monday and Wednesday, Bitcoin briefly fell below the important $30,000 support level, but it was able to quickly retrace its steps this week above that level. Since Bitcoin's surge from $26,000 to $31,000, there has been a slight retracement. Since the price is currently consolidating, especially following last week's intense surge, I believe this to be a healthy pullback. But aside from that, we haven't noticed many other significant market swings from some of the other altcoins. Ethereum is still hovering around $1,800, and before this week, we saw it making a somewhat larger gain and even getting close to the $2,000 price barrier once more.

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We received conflicting information last week, and some statistics seemed to point to an impending US recession. Currently, it claims that certain reports suggest the exact contrary. For instance, the Dutch bank predicts that consumer spending will stagnate, the unemployment rate will increase, and there won't be any interest rate cuts until March 2024. While all of that is going on, the recession is also about to strike some businesses hard. Robin Hood, for example, has announced its third wave of layoffs in a little over a year with a plan to cut an additional 7% from their overall workforce. Additionally, this comes after they let go of 23% of their workforce in August of last year and 9% of their staff in April.

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