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Coinme Adds 9,700+ Coinstar Bitcoin ATM Locations to Bitcoin.com as New Featured Partner
Real-World Assets Platform Gluwa Considers Developing Liberia’s CBDC
Binance CEO Now Expects Bitcoin Price to Top Earlier Estimate of $80K This Year
Spanish Court Upholds Privacy Watchdog’s Decision to Halt Worldcoin Activities
Argentine Senate Passes Reform Creating Cryptocurrency Entities Registry
New ICO Green Bitcoin Introduces the Gamified Green Staking and Raises $6M in 2 Weeks
$100K to $150K — Traders Target Six-Figure Heights With Long-Dated Bitcoin Call Options
Solana’s Decentralized Exchange Platforms Eclipse Ethereum in Daily Trading Volume, Surpassing $2.8 Billion
Predicting Bitcoin’s Bull Run Values: Plan B’s S2F Model and Ledn CIO’s $92,000 TargetÂ
Dogecoin and Shiba Inu Pumping Again as Dogecoin20 ICO Nears 2M
XRP Price Prediction: Can Bulls Defend This Key Support?
Ethereum Price Extends Losses, Can Bears Send ETH To $3,200?
PlanB’s Bitcoin Forecast: A Journey To $5 Million Per BTC In The Next Decade
Bitcoin Price At Risk of More Downsides Before Fresh Increase To $70K
Ether.fi $210M Airdrop Sparks Market Turbulence, ETHFI Value Drops By 35%
Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern
Bitcoin Has Undergone This Bearish Structure Change, Analyst Explains
Profit-Taking Panic, Short-Term Bitcoin Holders Sell Off – What’s Next For BTC?
Bitcoin Whales Enter Full Accumulation Mode: Here’s How Much BTC They Pulled From Exchanges
Arbitrum Whales Are HODLing; Why Are ARB Prices Tanking?
Monero Hard Fork and RandomX: Make CPU Mining Great Again
Monero (XMR) has successfully hardforked on November 30th, at block number 1978433. The fork has changed the CryptoNightR mining algorithm to the new RandomX Proof-of-Work algorithm. Â Although the main aim of the upgrade was keeping Monero completely resistant to ASIC mining, thus maintaining the coin decentralized, RandomX has essentially moved XMR mining to CPU, […]
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MinerGate coin list updates
MinerGate has always been excited to keep its finger on the pulse of the market. We strive to support the most popular coins and to refrain from those that are less demanded by our miners. After thorough analysis, we have decided to stop XMC and BCN pools on February 4, 2020. The mined balance will […]
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MinerGate Exclusive: Interview with the chat moderator
Recently, we released our very own loyalty token – the MinerGate Token. It’s the token that we believe will empower all parts of the MinerGate ecosystem and positively engage the community in the project’s life. A few tokens have already been delivered to the most active users as gratitude for their contribution. As well, there […]
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Welcome MinerGate xFast 1.5
Dear miners, The MinerGate team is working hard to bring you the best mining solutions and user-friendly services. Making MinerGate a multifunctional platform will allow our new users to understand all mining processes faster and benefit from the cutting edge technologies available for our seasoned miners. MinerGate xFast miner is a highly efficient and easily […]
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MinerGate DSP Portal. Essential elements of decreasing the cost of developing DApp
For just a year, the EOS system has proved itself to be worthy of being a next-generation blockchain project with industry-leading scalability and transaction speed. Its philosophy and solutions are giving new opportunities to blockchain developers. Lots of dApps – a crucial part of the system – are now built on EOS. The number has […]
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News from our partners LumiWallet. Get EOS account for free!
MinerGate is pleased to announce that our partner – Lumi Wallet, a highly secure multi-currency wallet – is launching an EOS account giveaway. This giveaway campaign has become possible due to the productive collaboration of MinerGate, Lumi Wallet, and Changelly. MinerGate believes in EOS due to its next generation and open source blockchain protocol that […]
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MinerGate Has Become a DApp Service Provider
MinerGate has become a dApp Service Provider on the DAPP Network. It’s no secret that there have been some significant obstacles in the way of the efficient performance of dApp development. To develop on EOS, dApp developers must own and use RAM, which has its limitations. There are two of them: the high cost (more […]
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MinerGate Token Is Now On EOSDAQ
Dear Miner, The MinerGate team is pleased to announce that our ultimate loyalty tool, the MG Token, is now available on EOSDAQ, the world’s first on-chain decentralized exchange. EOSDAQ is a platform that supports the peer-to-peer trade of EOS-based tokens. All transactions there are recorded on the blockchain in a transparent manner. The EOS-based MinerGate […]
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HitBTC – The First Major Exchange To Support The MinerGate (MG) Token
Dear miner, We are glad to announce that HitBTC will be the first major exchange to list the MG Token. Support from HitBTC is an important step towards developing the MinerGate loyalty tool. HitBTC is one of the most advanced cryptocurrency exchanges out there, providing markets for more than 300 different cryptocurrencies. HitBTC delivers to […]
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MinerGate Token (MG): The Ultimate Loyalty Tool For Users
MinerGate is glad to introduce MinerGate Token (MG) – a token created as a loyalty tool. It is designed as a vital instrument to fuel the entire ecosystem of MinerGate products. We have always been focused on enhancing our service and providing better user experience, and now the new MG token is going to serve […]
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Top 5 Bitcoin ATM Locations in Athens for Fast and Easy Crypto Access
As a crypto analyst and frequent investor in the Greek digital currency market, I can confidently recommend Bcash for convenient and secure Bitcoin purchasing in Athens. With 10 strategically located crypto ATM hotspots spanning central Athens and the northern suburbs, Bcash enables instant access to leading cryptocurrencies like BTC, ETH, and USDT. Experience the Leading […]
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Bitwise launching spot bitcoin ETF (BITB)
Bitwise Asset Management, the largest crypto index fund manager in America, announced today that the Bitwise Bitcoin ETF (BITB), the firm’s first spot bitcoin ETF, intends to begin trading today, January 11th. BITB will join Bitwise’s comprehensive suite of 18 crypto investment products, which currently includes five other crypto ETFs. “We expect significant demand for […]
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Cryptocurrency Payments for Insurance: Are Insurance Companies Really Embracing Bitcoin and Altcoins?
It is no longer unusual to hear that a bank accepts savings in Bitcoin, Ethereum, and the like. Or that a loan company helps businesses with crypto. After all, the traditional financial and insurance industries were among the first to adopt cryptocurrencies. The latter ones have found more than one way to incorporate these means of payment […]
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4 Things We’ve Learned About Owning Bitcoin in 2023
For some people, the word bitcoin still triggers an eye-roll, but by now, most of us know that cryptocurrency is here to stay. With that in mind, it’s a good idea to make sure you’re clued up and well-educated on the topic, especially if you’ve ever considered investing yourself. However, with so much misinformation floating […]
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Fuse Network welcomes Liquify as new blockchain infrastructure partner
Today, Fuse Network, an enterprise-grade, use-case agnostic, decentralized EVM-compatible public blockchain, announced Liquify as its newest remote procedure call (RPC) provider and ecosystem partner. Liquify will provide public RPC services – both free and private. RPC nodes help process requests from decentralized applications (dApps). They are vital for improving the usability of web3 and for […]
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BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies
Welcome to the world of BITmarkets – a leading cryptocurrency exchange offering a wide range of trading options for both retail traders and corporate clients. In this comprehensive review, we will explore the various features and services provided by BITmarkets, including spot, futures, and margin trading. Whether a seasoned trader or just starting your cryptocurrency […]
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Hong Kong’s first licensed crypto exchange HashKey is now live
HashKey Exchange, the first licensed retail virtual asset exchange registered in Hong Kong, announced its official launch today. Together with executives from the HKSAR government, top-tier banks, insurers, and Big 4 auditing firms, HashKey held the grand launch in Hong Kong. Strictly adhering to the SFC’s user registration and KYC requirements, the HashKey Exchange platform […]
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Adenasoft launches new crypto exchange white label solution: ACE
Adenasoft, a South Korea-based IT/software company, has just announced the launch of ACE, their new SaaS product designed for cryptocurrency exchanges. ACE fully prepares businesses for exchange operations quickly, taking less than a month to get up and running. ACE offers a comprehensive suite of features that enables crypto exchanges to streamline their operations and […]
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Maximize Your ETH Investment: The ETHphoria Vault by Pods
This week, the team of Pods, a provider of structured products for crypto assets, unveiled its latest offering – the ETHphoria Vault. This innovative yield strategy is designed explicitly for ETH enthusiasts who are bullish about its future prospects and want to earn even more from increasing prices. ETHphoria is a low-risk, principal-protected strategy designed […]
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Crypto traders can mitigate risk with PODS’ FUD Vault – now live on mainnet
The team of Pods recently announced the mainnet launch of its 3rd strategy on Pods Yield: FUD Vault, which now complements ETHphoria and stETHvv. FUD Vault provides a way for users to benefit from market downturns by offering a mechanism to hedge against significant price drops in ETH while preserving the deposited principal. Who is […]
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What is DeFi Returns? A new way of DeFi Investing
DeFi Returns brings comprehensive up-to-date information on DeFi strategies and protocols, to easily compare and analyze their performance. Getting the most reliable data source for historical yield on DeFi, to help users make informed decisions when investing in the ecosystem. All data displayed is sourced from the protocol’s smart contracts directly. The new DeFi Returns […]
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RockX broadens suite with launch of new ether (ETH) native staking solution
RockX, an Asia-based institutional-grade staking services provider, announced today the broadening of its staking product suite with the addition of a new ether (ETH) native staking solution. This latest offering strengthens RockX’s position as a comprehensive provider of diverse staking needs, maneuvering quickly to the evolving crypto market landscape. Navigating the Ethereum ecosystem presents institutions with […]
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The Sandbox teams with Hex Trust for licensed, secure custody of its virtual assets
Hex Trust, a regulated institutional-grade crypto-asset custodian, today announced it has partnered with The Sandbox, a leading decentralized gaming virtual world to enable fully-licensed and highly-secure custody of assets such as LAND in The Sandbox’s metaverse. The partnership sees Hex Trust fully integrate LAND into its custody platform, Hex Safe, which supports cryptocurrencies, security tokens, and NFTs. […]
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CoinFlip launches new self-custodial cryptocurrency wallet platform ‘Olliv’
CoinFlip, a bitcoin ATM and crypto services company, announced today a new offering with the launch of ‘Olliv,’ a self-custody-powered crypto platform. The Olliv platform provides a frictionless way to buy, sell, send, receive, and swap cryptocurrency securely stored on a self-custodial wallet, removing the uncertainty of unknown third-party custodians. By leveraging CoinFlip’s existing network […]
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Crypto derivatives exchange Deribit to launch zero-fee spot trading
Deribit, a popular cryptocurrency derivatives platform, has announced the launch of zero-fee spot trading, allowing clients to buy and sell crypto while simultaneously managing risk using other derivatives. Spot trading will start on April, 24th 2023 at 1 PM UTC with three pairs (BTC/USDC, ETH/USDC, and ETH/BTC), providing clients with a simple and free solution […]
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Nomura’s Laser Digital invests in Infinity, an Ethereum-based money market protocol
Japan-based banking giant Nomura, announced today that its digital assets subsidiary, Laser Digital, has made a strategic investment in Infinity, a non-custodial interest rate protocol built on Ethereum. Infinity’s wholesale exchange, the first of several planned infrastructures, provides inter-exchange clearing, fixed and floating rate markets, as well as enterprise-grade risk management utilizing hybrid on-chain/off-chain infrastructures […]
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ETH infrastructure platform Blocknative adds TX bundles, cancellation, and replacement support
Blocknative, a real-time Ethereum (ETH) infrastructure platform, has newly introduced features including transaction bundle send, cancellation, and replacement support for the Blocknative Builder. Searchers can now submit MEV bundles privately to the Blocknative Builder to be included on-chain. This market utility builds upon Blocknative’s reliable, real-time infrastructure that is systematically important to the Ethereum ecosystem. […]
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Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus
Eventus, a provider of multi-asset class trade surveillance and market risk solutions, announced today that cryptocurrency derivatives exchange Deribit has chosen the firm’s Validus platform to provide market abuse monitoring on the exchange. Headquartered in Panama City, Panama, Deribit is one of the largest cryptocurrency options exchanges by volume and open interest, with approximately 90% […]
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Crypto exchange Gemini launches new electronic OTC trading solution
Gemini, the popular bitcoin & crypto exchange company, today announced the launch of electronic over-the-counter trading (eOTC), an automated crypto trading solution designed for institutions. The Gemini eOTC solution offers a variety of advantages to institutional traders including: Competitive Pricing & Execution: Liquidity is sourced from top-tier liquidity providers with deep liquidity pools, enabling counterparties […]
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Crypto securitization platform GenTwo links to all Coinbase assets
GenTwo Digital, the crypto-asset securitization platform based out of Crypto Valley in Zug, Switzerland, today announced a partnership with Coinbase, the publicly-listed cryptocurrency platform. This new partnership for GenTwo Digital allows all Coinbase crypto assets to be wrapped in bankable financial investment products and enables financial intermediaries to issue certificates such AMCs (Actively Management Certificates). […]
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Blockchain ecosystem ThunderCore teams with Huobi and MyCointainer in node expansion
ThunderCore, a leading blockchain & web3 ecosystem announced today that they are making a new development push, partnering with new validators as the chain rolls out its new crypto staking model. The newest ThunderCore validators include the famous crypto-asset exchange Huobi and one of the earliest staking platforms in the space, MyCointainer. Users of both […]
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DeFi protocol Pods raises $5.6M to support its structured crypto products dApp
Pods, creators of a DeFi platform, announced today that earlier this year, the team raised $5.6M in seed funding to create structured products for crypto-assets. The financing featured investors such as IOSG, Tomahawk, Republic, Framework Ventures, and more. The first strategy on Pods Yield is stETHvv (Ethereum Volatility Vault). stETHvv is a low-risk product focused […]
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Crypto derivatives exchange Deribit releases new client verification of assets tool
Deribit, the popular cryptocurrency derivatives exchange, announced today it has launched a new ‘Proof of Reserves‘ tool for clients using the trading platform. Now, clients are provided with the functionality to verify their assets to be included in Deribit’s overall reserves. How it Works Deribit provides all addresses for all on-chain assets and it delivers […]
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Tenderly introduces TXN simulations on its blockchain gateway for efficient dApp development
Tenderly, creators of a blockchain development platform, today announced that it is the first web3 development platform to offer simulations through RPC on its Tenderly Web3 Gateway, the company’s production node as a service. Note, Tenderly already processes more than 50 million simulations per month through its Transaction Simulator. Now, the company is introducing the […]
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DFINITY brings new smart contract functionality to Bitcoin with Internet Computer integration
DFINITY Foundation, the not-for-profit organization contributing to the development of the Internet Computer (IC) — a high-speed, internet-scale public blockchain — has announced today the Internet Computer’s mainnet integration with Bitcoin, bringing smart contract functionality to the cryptocurrency. Now, the Internet Computer can serve as a layer-2 for Bitcoin where smart contracts on the Internet […]
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Bitcoin $6609.990 – CryptoCurrency Trading Report – 24.09.2018 09:08
Hot news: These changes have happened in the last hour.
In the last one hour Bitcoin is leading the record of among the most popular crypto-currency in the trading ecosystem, it has an decrease of -0.33% from its previous value from 6631.875 dollars now at 6609.990 dollars exchange rate. Next to Bitcoin is T..
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Bitcoin $6668.000 – CryptoCurrency Trading Report – 24.09.2018 08:08
Hot news: The summaries of the last one hour are the followings:
Bitcoin is leading the rank on the most popular crypto-currency, it has an upsurge of 0.12% in its exchange rate, which means 6668.000 dollars from the 6660.008 dollars earlier. Tether is in the second position as Bitcoin leads the first spot. ..
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Bitcoin $6640.360 – CryptoCurrency Trading Report – 24.09.2018 07:08
Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.
In the last hour, Bitcoin is leading the cryptocurrency rank. A fall in the exchange rate was seen from 6663.014 dollars to 6640.360 dollars a -0.34% change. Next to Bitcoin is Tether in the second position..
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Bitcoin $6674.850 – CryptoCurrency Trading Report – 24.09.2018 06:07
Hot news: Here you can read the new CryptoCurrency report of the last 60 Minutes.
Bitcoin is leading the rank in the last hour as the most popular crypto currency in the trade market, with a recorded fall on its value of about -0.12% in the last hour with a current standing rate of 6674.850 dollars from 6682..
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Bitcoin $6686.310 – CryptoCurrency Trading Report – 24.09.2018 05:07
Hot news: There were a lot of happenings in the last 60 minutes on the Crypto stock exchanges.
Bitcoin is listed as the most popular cryptocurrency in the market. In the last sixty minutes, it had an downswing of -0.19% on its trading price. This means from 6699.038 dollars now at 6686.310 dollars. Tether is..
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Bitcoin $6704.570 – CryptoCurrency Trading Report – 24.09.2018 04:07
Hot news: Now we show you the newest summary of 60 minutes.
Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an decrease of -0% in its exchange rate from 6704.570 dollars now at 6704.570 dollars. Bitcoin is seconded by Tether, in a 60 minutes time it has a drop..
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Bitcoin $6709.350 – CryptoCurrency Trading Report – 24.09.2018 03:07
Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.
Bitcoin was in the top position in the last hour, the exchange rate decreases from 6710.021 dollars to 6709.350. This is a -0.01% recorded change. Tether is at the second position next to Bitcoin, with a re..
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Bitcoin $6709.780 – CryptoCurrency Trading Report – 24.09.2018 02:07
Hot news: These changes have happened in the last hour.
Bitcoin was in the top position in the last hour, the exchange rate increases from 6689.711 dollars to 6709.780. This is a 0.3% recorded change. Bitcoin is followed by Tether, with a -0.07% tumble on its trade value in the last one hour, equivalent to 0..
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Bitcoin $6687.450 – CryptoCurrency Trading Report – 24.09.2018 01:07
Hot news: Here we summon for you the changes of the market of CryptoCurrency from the last 60 minutes.
The number one cryptocurrency leader is Bitcoin, this data was fetched in the last hour. It has an decrease on its trade value to -0.2%, now at 6687.450 dollars from 6700.852. Tether is at the second positi..
The post Bitcoin $6687.450 – CryptoCurrency Trading Report – 24.09.2018 01:07 appeared first on CryptoCurrency Blog.
Bitcoin $6692.560 – CryptoCurrency Trading Report – 24.09.2018 00:07
Hot news: These are the changes of the CryptoCurrency market in the last one hour.
Bitcoin is now leading the rank on the most popular digital currency in the trade market. It has an increase of 0.05% in its exchange rate from 6689.215 dollars now at 6692.560 dollars. Tether is next to the leading crypto Bit..
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Bitcoin Halving 2024 and the Crypto Industry: What to Watch Out For
One of the most significant events within the Bitcoin ecosystem is the Bitcoin halving, an event that reduces the reward for mining new blocks by half. The event next month occurs approximately every four years and has profound implications for the cryptocurrency industry.
The halving is a pivotal moment for the crypto industry, influencing everything from miners' revenue to overall market sentiment. Industries like mining, exchanges, and funds are just a few that can be impacted. Some ways the halving can affect such industries include:
- For miners, the immediate effect is a decrease in income unless there's a significant rise in Bitcoin's price. This can lead to a shakeout of less efficient miners and a temporary drop in the network's hash rate.
- From the perspective of a crypto business or an exchange, the reduced supply of new Bitcoin could lead to increased demand and bullish market sentiment, assuming demand remains constant or increases. Anticipation alone often leads to substantial price volatility before and after the halving event, with a bias to the upside.
- Fund managers and investors may want to take notice of the historical trend where Bitcoin has experienced significant price increases following past halvings. While past performance doesn’t always indicate future results, the halving is a cornerstone event that can't be ignored in any comprehensive crypto investment strategy.
Furthermore, for brokers and exchanges, effective ways to deal with the Bitcoin halving might involve planning to manage things like liquidity, trading volumes, and customer engagement.
It's official.$70,000 #bitcoin before the 2024 halving, before ZIRP, and before significant M2 growth—what does it mean?~$800T of fiat assets are about to try to get an allocation to bitcoin, which is only $1.3T today, and much of that $1.3T is not for sale. pic.twitter.com/ZDvyWuZIIZ
— Joe Burnett (🔑)³ (@IIICapital) March 9, 2024
One thing to keep in mind may be to ensure the exchange has sufficient liquidity to accommodate the increased trading activity that often follows the halving. This may involve optimizing trading algorithms, enhancing order-matching systems, and bolstering liquidity reserves.
Exchanges may also want to do all they can to keep customers informed about potential disruptions and changing market conditions around the time of the halving event. Engaging users through educational content, market insights, and promotional campaigns can help maintain interest and activity levels while fostering a sense of community within the platform.
Consider having a plan in place for when things go wrong, for example, if overwhelming activity causes the exchange to come offline for a time.
Coinbase is down again. pic.twitter.com/CA0eVJY05F
— Mister Crypto (@misterrcrypto) March 4, 2024
Things to Watch During the 2024 Halving
As we approach the 2024 halving event, investors may want to monitor developments that can help gauge where the market is heading.
There has already been a big surge in crypto-related activity, and the halving is still about a month away. This could be foreshadowing even bigger moves to come. The spot Bitcoin ETFs have been the most successful launch for an ETF in history, with over $10 billion in inflows in less than two months. Corporations like MicroStrategy continue buying BTC, while more institutions have begun offering the ETFs to their customers. Bank of America and Wells Fargo, for example, just announced that they will be supporting the ETFs.
Only 38 days left until the #Bitcoin halving.We are getting really close! 😳 pic.twitter.com/uDGQPnVhPA
— Mister Crypto (@misterrcrypto) March 9, 2024
There are some specific metrics worth keeping an eye on during this halving cycle, such as:
- On-chain metrics: what are large holders or “whales†doing with their assets? How much Bitcoin is being held in long-term self-custodied storage that has not moved for many months or years?
- Exchange activity: Are coins being taken off of or transferred to exchanges? Large withdrawals tend to indicate bullish sentiment, while large deposits tend to indicate intentions of selling.
- ETF inflows and outflows: How fast does money continue moving into the ETFs? This can be a strong indicator of market sentiment and investor demand for bitcoin.
- Historical comparisons: How is this halving cycle playing out in comparison to past cycles? Many believe in diminishing returns for each new cycle. However, this time appears to be different, as BTC/USD has never come so close to making a new ATH before the halving has yet to take place.
- Bitcoin and the FOREX markets: How many currencies around the world are seeing all-time lows versus Bitcoin? Put differently, how many countries are experiencing all-time high prices for bitcoin? As of March 2024, bitcoin has already reached record highs when measured against more than a dozen different currencies.
There are several other variables to consider, but these are some of the most important.
"With #Bitcoin right now ... there is too much demand and not enough supply." - Matt Hougan, CIO Bitwise pic.twitter.com/1B0joUQ1Pp
— Michael Saylorâš¡ï¸ (@saylor) February 29, 2024
Conclusion
As mentioned in the previous article, the history of the halving has been one of significant impacts throughout the industry. This time promises to have even greater implications, as a great new influx of demand is coinciding with a decrease in supply.
This article was written by Brian Nibley at www.financemagnates.com.Coinbase Challenges SEC in Court, Seeks Crypto-Specific Rules Again
The legal battle between Coinbase and the Securities and Exchange Commission (SEC) heated up as the crypto exchange moved to court to force the agency to begin a “long-overdue rulemaking process.â€
The Crypto Exchange’s Push for Clear Rules
According to a filing at the US Court of Appeals for the Third Circuit yesterday (Monday), Coinbase accused the US regulator of breaking the Administrative Procedures Act when it denied the exchange’s petition in 2022 to make crypto-specific rules. The SEC did not even provide sufficient reasoning behind its denial.
“The SEC lacks statutory authority to extend the existing securities regime to digital assets. But, if the SEC insists on plowing ahead without congressional authorization, that decision must be made and implemented through prospective rulemaking,†Coinbase said.
The San Francisco-based exchange highlighted that the regulator must “provide a reasoned justification for refusing to engage in rulemaking.†The motion even labeled the regulator’s earlier denial “arbitrary and capricious.â€
If you go back and read the SEC’s perfunctory denial, you’ll be hard pressed to find an actual reason for its inaction. This is despite the dozens of legitimate concerns we raised in our petition, including questioning the SEC's authority over the digital asset space. 2/7
— paulgrewal.eth (@iampaulgrewal) March 11, 2024
Clear Rules Are Necessary
The crypto exchange initially asked the SEC to provide guidance for the crypto industry in July 2022. The exchange sued the agency in April 2023, forcing it to either confirm or deny the decision. Later, the SEC denied the new rule-making, saying that the existing financial market regulations apply to crypto.
“The [SEC] is asserting sweeping new authority over a vibrant, rapidly expanding industry — digital assets. But the SEC is pursuing this power grab through enforcement actions, and it has refused to set forth its new interpretation of its enabling statutes in a rulemaking, where the lack of legal basis for its self-aggrandizement would be laid bare,†the exchange noted.
“The SEC is seeking to effect dramatic changes to industry-wide policy that would undermine reliance interests and impose severe retroactive penalties, contrary to the requirements of the APA.â€
Meanwhile, the SEC had two major legal setbacks in its action against Ripple and Greyscale, as the court sided with the crypto companies. However, the agency emerged victorious against its actions against other crypto firms. Coinbase is also defending itself against charges of running an unregistered securities exchange, broker, and clearing agency brought by the SEC.
This article was written by Arnab Shome at www.financemagnates.com.South Africa Navigates Crypto Regulations: To License 60 Firms This Month
South Africa is planning to license approximately 60 cryptocurrency platforms by the end of March. According to a report by Bloomberg, this initiative by the Financial Sector Conduct Authority (FSCA) underscores the nation's proactive approach towards regulating the burgeoning crypto sector.
The FSCA revealed that the response exceeded expectations, with more than 300 crypto-asset providers seeking regulatory approval. The deadline for application for the licenses is set for November 30.
Utilizing Existing Regulatory Frameworks
Rather than developing a standalone regulatory framework for crypto operators, the FSCA has opted to leverage the existing Financial Advisory and Intermediary Services Act. The regulator aims to bolster consumer protection and accountability within the sector by bringing crypto exchanges under the purview of this regulation.
Notably, the new guidelines offer a recourse in case of breaches or misconduct by the crypto platforms' operators. This regulatory oversight aims to instill confidence among investors and mitigate potential risks associated with crypto trading.
South Africa will license about 60 cryptocurrency platforms by the end of the month, placing it among the first nations on the continent to oblige digital-asset exchanges to have permits to operate https://t.co/zRIB7femKd
— Bloomberg (@business) March 13, 2024
The Commissioner, Unathi Kamlana, acknowledged that while the regulation serves as a robust foundation for crypto oversight, ongoing supervision may reveal gaps that necessitate additional measures. As the FSCA continues to license and monitor crypto platforms, it remains open to refining regulatory frameworks to effectively address emerging challenges.
Last year, South Africa authorized all crypto exchanges operating within the country to register with the FSCA. Failure to comply with this directive could lead to enforcement actions, such as fines or business closure. The new regulations aim to safeguard investors from potential fraud and ensure greater accountability within the digital asset space.
South Africa Regulates Crypto
The directive from the FSCA affects major cryptocurrency exchanges like Binance, Coinbase, Kraken, and KuCoin, all of which are currently operating in the region. This move followed some reported cases of fraud, including the infamous Africrypt incident where Bitcoins worth $3.6 billion went missing due to alleged hacking.
Besides that, the FSCA's decision to tighten regulations is influenced by past investigations, such as the probe into Mirror Trading International (MTI), a cryptocurrency trading network operating in South Africa. Previously, the US Commodities and Futures Trading Commission sued MTI for its involvement in what was dubbed "the largest fraudulent scheme involving Bitcoin."
This article was written by Jared Kirui at www.financemagnates.com.Nigeria Presses Binance amid Economic Turmoil and Detains Executives
Amidst Nigeria's economic struggles, marked by currency devaluation, a tense confrontation has arisen between the government and the cryptocurrency platform Binance. The situation escalated with the detention of two senior Binance executives, Nadeem Anjarwalla and Tigran Gambaryan, sparking concerns about diplomatic tensions and the regulatory landscape surrounding cryptocurrencies in Nigeria.
Authorities Demand User Data amid Allegations of Currency Speculation
The Nigerian government has intensified its crackdown on cryptocurrency activities, accusing Binance of facilitating currency speculation and undermining the central bank’s authority. Amid these accusations, authorities are pressing Binance for crucial user data, including information on its top 100 users and transaction histories spanning the past six months. These demands coincide with Nigeria’s efforts to stabilize its currency, the naira, which has faced significant devaluation in recent times.
President Bola Tinubu’s administration, which has introduced market-friendly reforms to attract foreign investment, views cryptocurrency exchanges as a threat to these efforts. The government's crackdown on Binance and other platforms underscores its focus on restoring confidence in the naira and curbing economic instability.
Naira volatility: Nigeria requests Information from Binance on top 100 users - https://t.co/IxP3oyZ5vy pic.twitter.com/yCajfrnPUz
— Nairametrics (@Nairametrics) March 13, 2024
The detention of Anjarwalla and Gambaryan in Abuja, Nigeria’s capital, has added a diplomatic dimension to the conflict. The executives have been held for over two weeks without formal charges, prompting concerns about legal due process and diplomatic protocols. Efforts to secure their release are underway with both the UK Foreign Office and the US Embassy in Abuja monitoring the situation closely.
Tinubu demanded names, transaction details of top 100 Binance users in Nigeria before release of detained executives: Reporthttps://t.co/HOs8Sy56DH
— Peoples Gazette (@GazetteNGR) March 13, 2024
Detention of Binance Executives Sparks Concerns
The detention of the Binance executives is widely seen as a tactic to pressure the exchange into compliance with Nigeria’s regulatory demands. However, it also raises broader questions about investor confidence and the international perception of Nigeria’s regulatory environment. The uncertainty surrounding Binance's operations in Nigeria has been further exacerbated by the exchange's decision to remove support for trading the naira, reflecting the challenges posed by regulatory scrutiny.
This article was written by Tareq Sikder at www.financemagnates.com.SFC Alerts: MEXC Tiptoes on Thin Ice with Unlicensed Trading Platform
The Securities and Futures Commission (SFC) has issued a warning to the public regarding a purported virtual asset trading platform (VATP) operating under the name "MEXC."
MEXC's Unauthorized Operations Highlight Regulatory Breach
The SFC's caution comes amidst the active promotion of its services to Hong Kong investors, despite MEXC neither holding a license from the SFC nor initiating the process to obtain one for operating a VATP in Hong Kong.
Operating a business of providing virtual asset services, such as running a virtual asset exchange, without proper licensing is a violation of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. Furthermore, actively marketing such services to Hong Kong investors without authorization is considered unlawful.
As a result, the SFC has taken decisive action by listing MEXC and its website on the Suspicious Virtual Asset Trading Platforms Alert List as of March 15, 2024.
The Hong Kong SFC issued another warning today, warning the public to beware of the MEXC unlicensed virtual asset trading platform, and stated that MEXC has been actively promoting its services to Hong Kong investors. Yesterday, the SFC placed Bybit on the warning list.…
— Wu Blockchain (@WuBlockchain) March 15, 2024
SFC Advises Caution amidst Growing Virtual Asset Risks
The SFC's warning underscores the risks associated with trading virtual assets on unregulated platforms. Investors are cautioned that in the absence of regulatory oversight, they face significant vulnerabilities, including the potential loss of their entire investment. Instances such as operational cessation, collapse, hacking, or misappropriation of assets can leave investors exposed to substantial financial harm.
Earlier, the SFC cautioned investors against Bybit and its offerings due to the cryptocurrency exchange's lack of licensing. Specifically, 11 of Bybit's products have been flagged as suspicious investments, including futures contracts, options, and leveraged tokens.
In light of these concerns, the SFC urges investors to exercise vigilance and refrain from engaging with unlicensed VATPs. For those uncertain about the licensing status of a VATP, the SFC directs them to consult its List of licensed virtual asset trading platforms for verification and protection.
This article was written by Tareq Sikder at www.financemagnates.com.Bitcoin Rally Fuels 5th Consecutive Month of Growth in Feb 2024 Crypto Trading Volumes
The Bitcoin (BTC) rally to historical highs in February has caused a significant increase in spot trading turnover on the largest cryptocurrency exchanges. There has been a notable reshuffle among the top platforms: thanks to a sevenfold increase compared to February 2023, ByBit is currently the second-largest exchange in terms of volume, surpassing UpBit, OKX, and Coinbase.
Crypto Spot Volumes Grows for 5 Months, ByBit Becomes the Second-Largest Exchange
Although February was a shorter month in terms of trading sessions, the dynamic Bitcoin rally and the test of historic highs above $69,000 provided tremendous fuel for the growth of trading activity indicators.
This is also evident from the spot volumes of the ten largest exchanges, whose turnover grew 5% from the $916 billion reported in January to nearly $960 billion in February. The result marks the fifth consecutive month of growth and a significant improvement compared to February 2023. On a year-over-year (YoY) basis, volumes jumped 22%, growing from $783 billion.
"In February, the combined spot and derivatives trading volume on centralized exchanges rose 2.28% to $4.73tn as trading activity remains at a heightened level with Bitcoin nearing new all-time highs," CCData commented in its newest volume report.
There was also a reshuffle among the top five exchanges regarding volume. ByBit jumped to second place, growing 16% month-over-month and an astonishing 708% YoY, reaching a volume of $97.4 billion. As a result, it overtook Upbit and OKX, whose monthly volumes slid 13-14%. Coinbase remains in fifth place with a result of $73 billion.
"The exchange also recorded its highest-ever daily spot trading volume on February 28th, trading $8.58 billion," CCData added.
These changes significantly increased ByBit's share of the entire spot trading market, which currently stands at 10%. Binance remains the undisputed leader, and its share grew by four percentage points compared to January. As a result, Binance's turnover currently accounts for more than half of the spot market.
Annual Volume Growth for Most Exchanges
Binance is the only exchange that experienced a decline in volume, dropping modestly by 7% compared to February 2023. However, other platforms record high growth rates. Apart from ByBit, which surged over 700% as mentioned earlier, Huobi also saw an almost threefold increase in volume, and Bitfinex doubled its trading activity.
The result increased from $13 billion to over $47 billion for Huobi, while it grew from $4 billion to nearly $9 billion for Bitfinex.
The fact that we are almost halfway through March and the Bitcoin price is still testing new historical highs above $70,000 suggests that trading volumes of the largest exchanges will record increases this month.
In particular, inflows to new ETF funds continue to grow, and Grayscale wants to add another wave of fresh demand with its newest Mini Bitcoin Trust ETF, offering tax-free crypto exposure.
Moreover, the market eagerly awaits the halving event, which is set to take place in just over a month. In the past, halvings have caused significant price jumps for Bitcoin, and analysts are already speculating that it may soon reach six-figure values.
This article was written by Damian Chmiel at www.financemagnates.com.Zodia Custody Secures TCSP License in Hong Kong for Digital Asset Custody
Zodia Custody (HK) has been granted a Trust or Company Service Provider (TCSP) License in Hong Kong. This license, supported by Standard Chartered, represents a pivotal moment for the institution-first provider of digital asset custody solutions.
Meeting Institutional Demands
With the acquisition of the TCSP License, Zodia Custody (HK) is poised to offer comprehensive custody services for digital assets under the TCSP Licensing Regime. Hong Kong stands as a critical hub within the global digital asset ecosystem. The licensing enables Zodia Custody (HK) to cater to the demands of both local and international institutional clients effectively.
Zodia Custody (HK) emphasized the importance of this milestone in solidifying the firm's position as a known player in the digital asset custody market in Hong Kong. They highlighted the significance of offering a regulated platform that adheres to TCSP requirements, ensuring trust and reliability for institutional clients.
The TCSP License opens avenues for Zodia Custody (HK) to provide institutions operating in the region with a trusted platform. By complying with regulatory frameworks, the firm aims to offer an infrastructure that meets the stringent standards of the industry, bolstering confidence among stakeholders.
Zodia Markets' Global Footprint Growth
In the past year, Zodia Custody expanded its crypto security services to Hong Kong's financial institutions, aligning with institutional demand for crypto asset storage, as reported by Finance Magnates. Originating in 2020 as the UK-based crypto arm of Standard Chartered, Zodia aimed to penetrate the Asian market, including recent ventures in Japan, Singapore, and Australia. In Australia, the introduction of SAF3, a digital asset custody platform tailored for institutional use, highlighted Zodia's emphasis on responsible adoption.
Furthermore, Zodia Markets secured registration as a Virtual Asset Service Provider with the Central Bank of Ireland, enhancing its credibility. Earlier, the company obtained In-Principle Approval from the Abu Dhabi Global Market, paving the way for regulated operations in the Middle East and Africa.
This article was written by Tareq Sikder at www.financemagnates.com.Archax and Talos Forge Partnership to Enhance Institutional Crypto Trading
Archax, the Financial Conduct Authority (FCA) regulated exchange, broker, and custodian for digital assets, has announced a strategic partnership with Talos, an institutional crypto trading platform. This collaboration aims to revolutionize institutional access to digital assets by combining Archax's regulatory expertise with Talos's market-leading capabilities.
Partnership Expands Archax's Regulatory Reach
The partnership will enable Archax to leverage its FCA cryptoasset registration alongside Talos's network of crypto liquidity providers and venues. This move is poised to strengthen Archax's burgeoning over-the-counter (OTC) trading desk, enhancing liquidity and efficiency in navigating crypto markets.
Anton Katz, the CEO, and Co-Founder of Talos, emphasized the importance of the partnership in driving institutional adoption of digital assets. "We are thrilled to join forces with Archax in our shared commitment to drive institutional adoption of digital assets," said Katz. "By integrating Archax's exchange and custody services into the Talos platform, we are providing our institutional clients with access to digital asset solutions that meet rigorous standards for security and regulation."
Archax will integrate its institutional-grade exchange and custody services directly into the Talos platform, expanding its premium offerings to Talos's institutional trading network. This includes regulated digital assets such as tokenized money market funds and crypto capital protected notes.
Archax Expands Crypto Reach with TalosArchax leverages its FCA cryptoasset registration combined with the market-leading capabilities of the @talostrading platform to unlock access to an array of crypto liquidity providers and venues.Read more https://t.co/kGmk4iZYmV pic.twitter.com/iT1MaUVfAt
— Archax (@ArchaxEx) March 13, 2024
Graham Rodford, the CEO and Co-Founder of Archax, expressed enthusiasm about the collaboration: "Our collaboration with Talos represents yet another step forward in our mission to empower institutional investors with seamless access to all types of digital assets. By partnering with Talos, we're set to offer unparalleled liquidity, reliability, and robustness to the global institutional trading community."
Introducing Crypto/MMF Pairs for Enhanced Security
Archax has planned to introduce crypto/MMF pairs to enhance security and profitability for investors, as reported by Finance Magnates. Unlike traditional exchanges, this move offers regulated MMF instruments, reducing counterparty risks. These pairs will be available on Archax's platform, expanding from Bitcoin and Ethereum to include Solana, Litecoin, and trading against USDC and GBP. This initiative opens new avenues for crypto investments and aligns with Archax's goal of diversifying its offerings with regulated assets.
This article was written by Tareq Sikder at www.financemagnates.com.Binance's $10 Billion Venture Capital Unit Goes Independent: Report
The top cryptocurrency exchange Binance has spun off its venture capital arm, Binance Labs, with a valuation of $10 billion. This move, orchestrated under the leadership of the exchange's new CEO, Richard Teng, marks a notable shift in the company's operations.
Previously integrated into the broader Binance Group, Binance Labs will operate as an independent entity, as confirmed by a spokesperson who spoke to Bloomberg.
Binance Labs' Transition
Currently, employees at Binance Labs operate under separate contracts in a similar setup to that at BNB Chain, a digital ledger supported by Binance. Despite this new arrangement, Binance Labs will continue to license the Binance brand, ensuring its connection to the renowned cryptocurrency exchange.
Meanwhile, the crypto community is following the development within Binance, especially following a penalty worth $4.3 billion recently imposed on the exchange and the transition in its leadership.
Binance Labs is a venture capital investor and an incubator for early-stage projects. The firm's portfolio encompasses approximately 250 projects, including Sky Mavis, Aptos Labs, and Polygon. Binance Labs has assets valued at over $10 billion.
Recently, Binance terminated all the Nigerian naira services due to an ongoing legal dispute with the Nigerian government. This move occurred after escalating tensions between the cryptocurrency exchange and Nigerian authorities, who are demanding nearly $10 billion in compensation from Binance over allegations of currency manipulation.
Economic Challenges and Regulatory Scrutiny
The legal dispute between Binance and the Nigerian government escalated, with accusations of manipulation of foreign exchange rates through currency speculation and rate fixing. This disagreement led to the cessation of all Nigerian naira-related services on Binance, affecting deposits and withdrawals.
Nigeria, as one of the world's largest cryptocurrency markets, faces significant economic challenges, leading to the depreciation of the Nigerian naira. Regulatory scrutiny has intensified, with calls for bans on cryptocurrency platforms, like Binance and KuCoin. Bayo Onanuga, an adviser to Nigeria's President, has urged regulatory intervention, accusing these platforms of manipulating Nigeria's fiat currency.
Despite regulatory pressure and allegations, Binance defended its market-based operations, denying any attempts to influence Nigeria's currency pricing. The standoff underscores the broader debate surrounding cryptocurrency regulation and its implications for national currencies, reflecting the complexities of the evolving financial landscape.
This article was written by Jared Kirui at www.financemagnates.com.EU Takes Aim at Multi-Currency Stablecoin Regulation with EBA Draft
The European Union's pursuit of regulatory clarity in the realm of cryptocurrencies took another stride as the European Banking Authority (EBA) published its latest draft requirements for stablecoins, referencing multiple currencies under the Markets in Crypto Assets (MiCA) regulation today (Wednesday).
EBA Sets Guidelines for Complaints on Asset Reference Tokens
Collaborating with the EU's markets regulator, the European Securities and Markets Authority, the EBA has been crafting rules under the MiCA framework. This latest publication marks the culmination of efforts, with more batches expected to follow as part of the consultation process.
The draft Regulatory Technical Standards released by the EBA delineate the stipulations, templates, and procedures for complaints received by issuers of what MiCA defines as asset reference tokens (ARTs). Unlike traditional stablecoins, which are typically pegged to a single currency, such as the euro or US dollar, ARTs possess the flexibility to reference multiple currencies or other assets, including cryptocurrencies.
🆕 #EBA final draft Regulatory Technical Standards (RTS) under #MiCAR 📜ðŸ”These set out the requirements, templates and procedures for handling complaints received by issuers of asset reference tokens (ARTs) 🗂ï¸ðŸ“https://t.co/yT3pSGSowh pic.twitter.com/DvycTm2MqI
— EU Banking Authority - EBA 🇪🇺 (@EBA_News) March 13, 2024
Notably, the MiCA regulation places a significant emphasis on establishing stringent requirements for stablecoin issuers. While the broader MiCA framework is slated to come into effect in December, the regulations specific to stablecoins are anticipated to be enforced as early as this summer. The regulatory landscape surrounding cryptocurrencies has been evolving rapidly as authorities seek to balance innovation with investor protection and financial stability.
Minimum Capital and Liquidity Requirements for Stablecoins
Earlier, the EBA proposed regulations for cryptocurrency and stablecoin markets, as reported by Finance Magnates. These rules include minimum capital and liquidity requirements for stablecoin issuers to ensure they have sufficient funds for investor redemptions. The regulations aim to establish a framework for the stablecoin industry and prevent potential crises.
Key elements include maintaining liquidity for asset reserves backing stablecoins and using only high-quality assets. The proposed regulations align with the Markets in Crypto-Assets Regulation to monitor and mitigate risks from asset-referenced tokens and e-money tokens in non-EU currencies.
This article was written by Tareq Sikder at www.financemagnates.com.Crypto Mixer Operator Found Guilty for Laundering $400 Million
Roman Sterlingov, the operator of the $400 million Bitcoin Fog crypto mixer, was convicted of money laundering and other related charges in the United States yesterday (Tuesday). The verdict came after a four-week-long trial.
Convicted of Operating a Crypto Mixer
The 35-year-old is a citizen of Russia and Sweden and has now been convicted of multiple charges, including conspiracy to launder money, engaging in sting operations to money laundering, running an unlicensed money transmitting business, and violations of the D.C. Money Transmitters Act.
According to the US Justice Department, Bitcoin Fog was one of the “longest-running and most prolific Bitcoin money laundering services on the darknet.†The platform was operated by Sterlingov from October 2011 to April 2021 and offered services to “criminals seeking to hide their illicit proceeds from law enforcement.â€
The platform moved more than 1.2 million Bitcoin, valued at about $400 million at the time of the transactions. These cryptocurrencies mostly came from darknet marketplaces and were tied to illegal narcotics, computer fraud, and abuse activities, and identity theft. The platform further served “purveyors of child sexual abuse material.â€
The jury further granted forfeiture of seized assets belonging to Bitcoin Fog, including over 1,354 Bitcoin held in the platform’s wallet, $349,625 in cash, and other cryptocurrencies seized from the accounts on Kraken.
The Sentencing Is Due
Sterlingov is now looking at a maximum prison sentence of 50 years for all the conviction counts combined. His sentencing has been scheduled for July 15, 2024.
“Roman Sterlingov thought he could use the shadows of the internet to launder hundreds of millions of dollars in Bitcoin without getting caught. But he was wrong,†said Deputy Attorney General Monaco.
Jim Lee, the IRS Criminal Investigation Chief, stated: “Evidence presented at trial clearly showed that the defendant laundered hundreds of millions of illicit funds from the dark web through Bitcoin Fog in an attempt to conceal the origin of those funds.â€
Meanwhile, the lawyer representing Sterlingov, Tor Ekeland, tweeted about their decision to appeal against the jury verdict.
Guilty verdict in U.S v. Sterlingov. Now we appeal.
— Tor Ekeland (@TorEkelandPLLC) March 12, 2024
The conviction of Sterlingov cements the US authorities’ stance to go against the Bitcoin mixing services. Earlier, US prosecutors charged Roman Semenov and Roman Storm, the founders of Tornado Cash, another crypto-mixing service. The duo were blamed for laundering about $1 billion in dirty money, and the trial is scheduled for later this year.
This article was written by Arnab Shome at www.financemagnates.com.US Senators Urge SEC to Halt Crypto ETP Approvals Due to Disclosure Concerns
The Securities and Exchange Commission (SEC) is facing pressure from Congress to halt the approval of new cryptocurrency exchange-traded products (ETPs) due to concerns about risks posed to retail investors.
According to a letter written to the regulator on March 11, Senators Jack Reed and Laphonza Butler emphasized the dangers posed by inadequate disclosure by brokers and insufficient liquidity in major cryptocurrencies.
Brokers under Scrutiny
The senators mentioned: "We write to urge the Securities and Exchange Commission (SEC) to take steps to protect investors following its recent approval of the listing and trading of certain spot Bitcoin exchange-traded products (ETPs)."
"The SEC's approvals have provided a green light for Wall Street to sell volatile cryptocurrency investments to ordinary Americans through their brokerage and retirement accounts."
The success of the BTC spot products clearly ruffling some feathers on the Hill. @SenatorJackReed and @Senlaphonza write to the @SECGov urging:-no further ETPs for other tokens-make life difficult (i.e. examinations/reviews) for brokers and advisers that recommend BTC ETPs pic.twitter.com/enxdumC02N
— Alexander Grieve (@AlexanderGrieve) March 14, 2024
Senators Reed and Butler highlighted findings from a survey conducted by FINRA revealing that 70% of brokers' communications with retail investors violated fair disclosure rules. Specifically, the legislators raised questions over brokers falsely equating cryptocurrency with cash and providing misleading explanations of cryptocurrency risks. Such deficiencies reportedly highlight incomplete and deceptive information regarding Bitcoin ETPs.
Risk Factors
The legislators argue that labeling spot Bitcoin ETFs as such obscures important characteristics, potentially misleading retail investors. They stressed the need for investors to understand the differences between ETPs and traditional funds.
Additionally, Reed and Butler expressed skepticism about the integrity of cryptocurrencies, particularly highlighting the vulnerability of Bitcoin and its susceptibility to fraudulent schemes. They warned of the risks retail investors could face from ETPs linked to cryptocurrencies, especially those prone to price manipulation.
In January, the SEC approved 11 spot Bitcoin ETFs. This happened after years of anticipation and rejections, signaling a significant shift in how investors can access and engage with cryptocurrencies on traditional financial platforms.
The approval of spot Bitcoin ETFs simplified retail investors' access to cryptocurrencies, enabling them to trade crypto through their brokerage accounts. This eliminates the need for separate crypto exchanges and mitigates risks associated with direct holdings, such as security breaches and fraud.
This article was written by Jared Kirui at www.financemagnates.com.CoinShares Bolsters Global AUM to $7.3 Billion with Valkyrie Acquisition
CoinShares International Limited the European investment company specializing in digital assets, has finalized its acquisition of Valkyrie Funds LLC and the investment advisory business of Valkyrie Investments Inc., along with the Sponsor rights to the Valkyrie Bitcoin Fund, a physically-backed Bitcoin ETF.
CoinShares' Global AUM Reaches Approximately $7.3 Billion
This acquisition, which incorporates approximately $530 million of assets under management (AUM) from Valkyrie, has propelled CoinShares' global AUM to approximately $7.3 billion as of March 11, 2024. CoinShares had previously secured the option to acquire Valkyrie in November 2023, and the acquisition process commenced following the launch of Valkyrie Bitcoin Fund in January 2024.
Frank Spiteri, CoinShares' Head of Asset Management, remarked: "As Europe's leading investment company specialising in digital assets, CoinShares has consistently demonstrated trust and reliability with its crypto products and services since 2014. Our expertise is unparalleled in the crypto space, allowing us to serve not just as leaders but also as educators for our clients. We are committed to guiding them through this dynamic journey, which is supported by our seasoned research team and innovative solutions. Our promise is to be a trusted partner in navigating the complexities of digital assets."
🚨 CoinShares is proud to announce the completion of its acquisition of Valkyrie Funds LLC, the investment advisory business of Valkyrie Investments Inc. and the Sponsor rights to the Valkyrie Bitcoin Fund, the physically-backed Bitcoin ETF.Read more: https://t.co/ZxVhnP6BUx pic.twitter.com/jxxsFQwjrR
— CoinShares (@CoinSharesCo) March 12, 2024
Diverse Product Offerings: Showcasing $WGMI and $BTF
Moving forward, CoinShares aims to leverage the infrastructure of the Valkyrie ETF to expand its US asset management operations, focusing on product innovation and market distinction. The new platform will function as a forward-looking thematic asset manager for the US market, drawing on the success of unique thematic products such as $WGMI, recognized as the highest-performing non-leveraged ETF across all sectors in 2023, and the recently introduced $BTFX, a 2x leveraged bitcoin futures ETF.
Jean-Marie Mognetti, the CEO of CoinShares, commented on the acquisition: "The Valkyrie acquisition is yet another step in our growth strategy with a special focus this time in the U.S. This acquisition brings an additional $530 million AUM to CoinShares, which makes it a top line contributor from day one. More importantly, it broadens our product offerings, strengthens our innovation capacity, and increases by a factor of 15 our total addressable market."
This article was written by Tareq Sikder at www.financemagnates.com.Coinbase Eyes to Offer $1 Billion Convertible Notes, Shares Dip Afterhours
Coinbase (Nasdaq: COIN), the largest cryptocurrency exchange in the United States, is planning to raise $1 billion through the issuance of convertible senior notes. Announced yesterday (Tuesday), the proceeds will be utilized to repay debt and other general corporate purposes.
Investors React to the Bond Sale
The company is avoiding the sale of its equity, which could hurt its stock prices. However, the publicly-listed stock prices of the company dropped more than 1 percent after hours following the announcement of the convertible bond issuance.
The exchange will sell the convertible notes through private offerings only to institutional investors. The convertible notes will have a maturity date in 2030 and will allow the investors to redeem them in cash or Class A shares of the company or in a combination of both.
Furthermore, the San Francisco-headquartered exchange expects to grant a 30-day option to purchase up to an additional $150 million notes to cover over-allotments.
The debt the exchange wants to repay with the planned convertible notes is outstanding: 0.5 percent convertible senior notes due in 2026, 3.375 percent senior notes due in 2028, and 3.625 percent senior notes due in 2031. The general corporate purpose to be fulfilled by the proceeds from the convertible notes might include “working capital and capital expenditures, and to pay the cost of the capped call transactions.â€
“Coinbase may also use a portion of the net proceeds to make investments in and acquisitions of other companies, products, or technologies that Coinbase may identify from time to time,†the exchange noted.
The MicroStrategy Playbook
Coinbase’s plan to issue the convertible notes echoes a model mastered by MicroStrategy, a business analytics company known for its massive Bitcoin investment. Under the leadership of Michael Saylor, MicroStrategy purchased 205,000 Bitcoin worth around $15 billion over the years by raising about $2 billion through convertible notes. MicroStrategy sold $700 million worth of convertible notes.
Coinbase's decision came when the cryptocurrency market witnessed a massive bullish sentiment. Bitcoin is trading at an all-time-high value, nearing $73,000 a piece.
This article was written by Arnab Shome at www.financemagnates.com.Bybit under Scrutiny: Hong Kong's Regulator Warns Crypto Investors
Hong Kong's Securities and Futures Commission (SFC) has warned investors about Bybit and several of its offerings. The SFC highlighted the cryptocurrency exchange's lack of licensing, cautioning investors about the risks of engaging with the firm. The regulator has flagged 11 of Bybit's products as suspicious investments, raising concerns about potential risks to investors.
Specifically, the SFC flagged multiple products offered by Bybit, including futures contracts, options, leveraged tokens, and various other crypto-related services. These products have reportedly been marketed to investors in Hong Kong without proper authorization, potentially exposing them to significant financial risks.
Regulatory Compliance and Investor Protection
In Hong Kong, dealing in crypto-related products falls under regulated activities, requiring entities to obtain proper licensing from the SFC. The financial watchdog emphasized its commitment to taking enforcement action against unlicensed activities, stressing the importance of investor caution.
The SFC mentioned: "Investors may risk losing their entire investment made with an unlicensed entity if it ceases operation, collapses or otherwise suffers from any misappropriation of assets. Seeking recourse against entities that do not have a nexus with Hong Kong is likely to be difficult, and legal remedies may not be available."
The Hong Kong SFC announced today that Bybit, the third largest offshore exchange, has been included in the warning list. Bybit's Hong Kong entity is already applying for license, but its offshore entity is added to warning list, which is rare. https://t.co/byLw21hycS
— Wu Blockchain (@WuBlockchain) March 14, 2024
Suspected Fraud and Regulatory Response
Recently, the SFC launched an investigation into BitForex, a cryptocurrency exchange, due to suspected fraud. The exchange's sudden disappearance on February 23 and the reported disappearance of $57 million from its hot wallets raised significant concerns within the cryptocurrency community.
The SFC flagged BitForex and added it to its alert list due to the exchange's lack of licensing or registration to operate a Virtual Asset Trading Platform in Hong Kong. This move happened after BitForex abruptly went offline, leaving users unable to access their accounts and sparking fears of potential fraud.
Besides that, the SFC requested that the Hong Kong Police Force block access to BitForex's website links and social media pages. This collaborative effort aims to protect investors from potential fraudulent activities associated with unregistered cryptocurrency exchanges.
This article was written by Jared Kirui at www.financemagnates.com.Thailand Amends Crypto Rules: Opens Bitcoin ETFs for Institutional Investors
Thailand’s Securities and Exchange Commission (SEC) is allowing asset management firms in the country to launch private funds to offer bitcoin exchange-traded funds (ETFs). However, the offerings must be limited to institutional investors and ultra-high-net-worth investors.
Bitcoin ETFs for Thai Investors
According to a Bangkok Post report today (Tuesday), the private funds managed by the local asset management firms can invest directly into US-listed Bitcoin ETFs. The decision to allow the restricted investment was taken by the board of the Thai regulator last week.
“Asset management firms asked the SEC for them to have exposure in digital assets, especially Bitcoin and spot Bitcoin ETFs, but we need to consider carefully whether to allow asset management firms to invest in digital assets directly due to the high risk,†said the Thai SEC’s Secretary General, Pornanong Budsaratragoon.
A Bullish Crypto Market
The decision to open the investment channel to Bitcoin ETFs came when the cryptocurrency market witnessed a bullish run. Bitcoin recently achieved a new all-time-high value beyond $71,000 and is now approaching $72,000.
In the US, 11 spot Bitcoin ETFs have been available to all investors, retail and institutional since the financial market regulator approved the instruments last month. Mainstream financial services giants like Blackrock and Fidelity are also offering Bitcoin ETFs.
Under the local Thai rules, securities companies in the country can offer trading with assets classified as securities. While approving the Bitcoin ETFs, the US regulator classified the instrument as securities rather than digital assets, opening them up for Thai securities firms.
However, the Thai regulator was initially skeptical of Bitcoin ETFs. Following the decision of the US regulator, the Thai regulator confirmed that it will not allow Bitcoin ETFs in the local market, citing that these products are still in very early stages, and such products may not be of direct economic value when it comes to the appropriateness of the Thai market.
This article was written by Arnab Shome at www.financemagnates.com.Sumsub and Chainalysis Partner to Fortify Businesses against Crypto Fraud
Sumsub, a verification platform, has partnered with Chainalysis to provide businesses with a solution for Know Your Customer (KYC), Anti-Money Laundering (AML), and transaction monitoring. According to the press release, Sumsub's integration of the blockchain analysis firm aims to give users automated transaction monitoring, enhanced fraud detection, and access to a unified dashboard.
Crypto Compliance and Security
Jacob Sever, the Co-Founder and Chief Innovation Officer at Sumsub, mentioned: "Sumsub's solution-enhanced capabilities, integrated with Chainalysis' analytics and key management model, are reshaping the landscape of crypto compliance and security in the digital realm."
"Through this integration, businesses can align with stringent global AML and KYC regulations, fostering trust and confidence in crypto transactions."
According to Sumsub, businesses can access tools to ensure compliance and combat fraud using the new platform. Besides that, crypto users can benefit as regulations continue to evolve.
Ian Andrews, the Chief Marketing Officer at Chainalysis, mentioned: "Partnering with Sumsub, a leading identity verification and fraud prevention platform, is another step for us towards bringing greater trust and transparency into the crypto world."
"By developing an integration between Sumsub's platform and our crypto risk solution, we're providing next-generation digital infrastructure for security and compliance controls in the crypto industry."
Among the companies that have integrated Sumsub to automate KYC processes is Match-Trade Technologies. The company offers AI-powered checks to eliminate the need for manual document reviews.
Sumsub Targets Crypto Businesses
Sumsub screens potential clients against sanction lists and other red flags, helping brokers stay compliant and mitigate fraud risks. According to the company, verification ensures a seamless onboarding process for trading platforms.
In the financial sector, new accounts are opened daily. KYC processes safeguard institutions by verifying the identity of their clients and uncovering potential red flags. This deters criminal activity and helps build trust and transparency within the financial system.
Financial institutions employ a layered approach, starting with Customer Identification Programs that verify basic details like name, address, and ID. Next comes Customer Due Diligence, which delves deeper into assessing potential risks associated with each client. Finally, Enhanced Due Diligence provides the most scrutiny, reserved for high-risk cases.
Notably, KYC protocols continue to advance as technology evolves. For instance, AI and digital identity solutions are streamlining the process, making it faster and more efficient. Additionally, facial biometrics hold promise as a future standard, offering even greater accuracy.
This article was written by Jared Kirui at www.financemagnates.com.TradingView Enhances DeFi Tools on Polygon via QuickSwap Partnership
TradingView, a platform for financial analysis and trading, has announced a collaboration with QuickSwap, a decentralized exchange and DeFi ecosystem operating on Polygon. This collaboration aims to enhance the trading experience on QuickSwap's decentralized Perpetual Exchange (QuickPerps) interface by integrating TradingView Advanced Charts.
Decentralized Trading with QuickPerps: Up to 50x Leverage
QuickSwap is known for its fast and low-cost transactions across multiple Polygon chains, leveraging the network's interoperability and infrastructure. The integration of TradingView Advanced Charts into QuickPerps is set to enrich the platform's efficiency. QuickPerps allows users to trade perpetual swap contracts with leverage of up to 50x in a decentralized and permissionless manner.
The integration merges QuickSwap's efficient trading environment with TradingView's charting tools, including high-performance charts supplied with real-time data from trusted sources, multiple drawing tools, and various indicators. This collaboration is designed to elevate the trading experience on QuickPerps, providing traders with advanced tools to make well-informed decisions within the decentralized finance space.
DXtrade Integrates with TradingView for Advanced Charting
Trading platform providers DXtrade and TradingView have partnered to support their broker partners, with TradingView serving as an advanced charting frontend as reported by Finance Magnates. This integration opens new business opportunities for brokers by offering integrated TradingView charting and community features alongside DXtrade's trading backend.
DXtrade, developed by Devexperts, will directly connect its trading backend with TradingView, streamlining the process for brokers licensing DXtrade. This centralizes key functionalities like order execution, risk management, and commissions within DXtrade. The collaboration expands DXtrade's reach to TradingView's 50 million active traders worldwide, offering brokers visibility and direct signups on the popular platform.
Jon Light, the Head of OTC Platform at Devexperts, highlighted the integration's benefits for brokers, simplifying the offering of execution services on TradingView and tapping into its vast network of traders. DXtrade supports trading across various asset classes, including stocks, derivatives, CFDs, and cryptocurrencies. Meanwhile, TradingView provides advanced charting, analytics, and community tools. This partnership aims to create a unified broker and trader experience by connecting these platforms seamlessly.
This article was written by Tareq Sikder at www.financemagnates.com.Grayscale Files Mini Bitcoin Trust ETF: Tax-Free Exposure for Investors
Grayscale, the digital currency investment manager, made a move in the cryptocurrency market by filing for the registration of a new "mini" version of its Grayscale Bitcoin Trust (GBTC) exchange-traded fund (ETF) yesterday (Monday). This new offering is set to operate under the ticker symbol "BTC" and aims to provide investors with tax-free exposure to Bitcoin.
Bitcoin Mini Trust to Enhance Investor Options
The filing, submitted to the United States Securities and Exchange Commission (SEC), marks a strategic expansion of Grayscale's offerings in the cryptocurrency investment landscape. If approved, the Grayscale Bitcoin Mini Trust would be listed on the New York Stock Exchange as an independent entity from Grayscale’s main GBTC fund.
According to the filing, shares of the new Bitcoin trust will be distributed to existing GBTC shareholders, with an undisclosed amount of Bitcoin contributed by GBTC to the new trust. This move is seen as a step towards offering investors a cost-competitive product, as highlighted by Bloomberg's ETF analyst, James Seyffart, who mentioned that it would likely be a non-taxable event for shareholders.
The announcement comes against the backdrop of Bitcoin's soaring price, hitting a new all-time high of $71,415 on March 11, coinciding with Grayscale's filing. This surge in Bitcoin's value underscores the growing interest and adoption of cryptocurrencies among investors.
Today, Grayscale submitted a Form S-1 for a new spot Bitcoin ETF called Grayscale Bitcoin Mini Trust with the U.S. Securities and Exchange Commission.Upon appropriate regulatory approvals, the ticker for this product would be $BTC.Pending approval, we plan for this new ETF to… pic.twitter.com/1EQk7jan2R
— Grayscale (@Grayscale) March 12, 2024
Zero Fees for Bitcoin Trust ETF Sparks Competition
In a related development, the asset manager VanEck revealed plans to reduce all its sponsor fees to zero for the first $1.5 billion of funds in its Bitcoin Trust ETF until March 31, 2025. This move reflects the intensifying competition and efforts among market participants to attract investors in the rapidly evolving cryptocurrency space.
However, while Bitcoin-related ETFs continue to gain momentum, the outlook for Ether-based ETFs appears less optimistic. The SEC's lack of communication and silence on Ether ETF approvals has cast doubts on their potential approval by May. Bloomberg's Senior ETF analyst, Eric Balchunas, downgraded the likelihood of an Ether ETF approval to just 35%, citing the absence of feedback from the regulatory authority as a concerning factor.
This article was written by Tareq Sikder at www.financemagnates.com.OKX Joins Growing List of Crypto Exchanges with Singapore's MPI License
The crypto exchange OKX has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license through its local subsidiary, OKX SG. This new authorization allows OKX to provide digital payment token services and cross-border transfers in Singapore, pending the full license from MAS.
OKX Secures In-Principle Approval for MPI License in Singapore
With the in-principle approval, OKX plans to focus on its spot product in Singapore and work on establishing local banking connections for its customers.
As an MPI-licensed company, OKX will be able to facilitate multiple payment services exceeding the volume limitations set for payment firms, potentially surpassing the 3 million Singapore dollars (about $2.2 million) limit for any payment service and the monthly limit of 6 million SG$ ($4.4 million) for two or more payment services.
"Singapore has always been a priority country for us as part of our global strategy," said Hong Fang, the President of OKX. "As a regional financial and technology hub, Singapore attracts forward thinkers, entrepreneurs, and innovators who are open to venturing into the new. It's a market of early adopters who are well-versed in technology."
We're proud to announce OKX SG has received in-principle approval for an MPI License from the MAS 🇸🇬Our President @hfangca explains how this highlights our commitment to and investment in the Singapore crypto ecosystem 👉 https://t.co/37N9uUmm7x pic.twitter.com/MzQA3nMIM1
— OKX (@okx) March 13, 2024
Fang praised Singapore's regulatory framework as "clear and thoughtful," enabling businesses to build for the long-term.
It is another license granted by MAS in recent weeks. As Finance Magnates reported on last Wednesday, Bitstamp, has secured the same in-principle regulatory approval as OKX and became the first European crypto exchange to receive such authorization.
Growing Presence in the Crypto Landscape
The in-principle license approval follows OKX's recent acquisition of a conditional license from Dubai's Virtual Assets Regulatory Authority, allowing the company to offer regulated services for virtual asset service providers in the region.
In the meantime, the crypto exchange achieved compliance with the newest regulation in the United Kingdom that went into effect on 8 January 2024. All new and existing UK OKX customers must complete two questionnaires: an appropriateness assessment and client categorization.
In Singapore, OKX joins other crypto organizations, such as Crypto.com, Coinbase, and Ripple, which have obtained complete payment institution licenses. Additionally, BitGo, a crypto custody business, has received an in-principle approval from MAS, subject to completing further requirements set by the regulator.
This article was written by Damian Chmiel at www.financemagnates.com.