Analysis Today TheBitTimes.com

Crypto exchange Bitget has abandoned plans for a crypto license in Hong Kong, asking users to withdraw their assets by Dec. 13. Cryptocurrency trading platform Bitget has dropped plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market-related considerations. Bitget officially announced on Nov. 13 that its Hong Kong division, BitgetX, accessible by the domain BitgetX.hk, will cease operations by Dec. 13, 2023. As Bitget decided not to apply for a VATP license , the firm will have to permanently withdraw from the Hong Kong market, the announcement notes. The company has strongly encouraged users to withdraw crypto assets from BitgetX before Dec. 13. “After this date, the BitgetX website will no longer be accessible and you will not be able to manage or access your assets on BitgetX,” the statement noted. This is a developing story, and further information will be added as it becomes available. Source: https://thebittimes.com/bitget...

Deaton clarified that even if an appeal were possible in such a situation, the agency's authority would be diminished. Amidst speculation regarding a potential resolution between Ripple and the United States Securities and Exchange Commission (SEC), attorney John Deaton, representing numerous XRP token holders, has outlined the possible steps the two parties might take if they opt for a settle ment. Addressing the factors that might impact a potential settle ment between the two parties, attorney Deaton pointed out the significance of the ongoing Coinbase vs. SEC lawsuit. He explained that if the judge in the Coinbase case grants the exchange's motion to dismiss, it would indicate that token sales on the exchange are not subject to U.S. securities laws, although the crypto staking aspect remains part of the legal proceedings. He explained in a post, “The only way Ripple and the SEC (could) settle before the end of the year is if Judge Failla grants the Coinbase motion to dism...

The exchange operator is instituting new KYC requirements for users from September 2023 to comply with developing global regulatory guidelines. Seychelles-based cryptocurrency derivatives exchange Bitget is updating its Know Your Customer (KYC) requirements for users to stay in step with global regulatory guidelines.  According to the company, the new KYC requirements are being instituted to protect user rights and interests, shape a secure cryptocurrency trading environment and comply with regulatory recommendations from various global watchdogs. BitGet will adjust its KYC verification requirements from September 2023, with newly registered users required to complete level 1 KYC verification to access a variety of Bitget’s services including deposits and trading of cryptocurrencies. Bitget's updated KYC mandate. Source: Bitget Users that signed up to the platform before Sept. 1 are required to complete KYC verification by Oct. 1, 2023. The derivatives exchange notes that user...

The XRPL saw a significant increase in the total new address count, which reached 138,790, representing a growth of 31.8% compared to the same period last year. Despite lingering concerns over the Ripple vs SEC lawsuit , XRP has demonstrated significant growth in multiple areas of its protocol during the second quarter (Q2) of this year, as revealed by a recent report from crypto analytics platform Messari. Based on data from Messari, XRP's circulating market cap has experienced a Year-to-Date (YTD) increase of 42.5%. This growth was driven by the asset's price surge in the first quarter. However, in the second quarter (Q2), the market cap declined by 10.7% Quarter on Quarter (QoQ), from $27.8 billion to $24.8 billion. Although the XRP network experienced a decline in transaction volume QoQ, there was a notable 12.7% QoQ increase in average daily non-fungible token (NFT) transactions, rising from 13,800 to 15,500. While XRP's XRPL has a strong presence in decentralized ...

The motion to dismiss argues that even if all the allegations in the lawsuit are true, the plaintiff does not have a valid legal claim. In the ongoing legal battle between Coinbase and the United States Securities and Exchange Commission (SEC), the American cryptocurrency exchange has filed a motion to dismiss the SEC’s complaint. In a legal document filed on Thursday, June 29 with the U.S. District Court for the Southern District of New York, Coinbase raised concerns about the SEC’s interpretation of securities laws, suggesting the agency was reaching beyond its legal authority. This move underscores Coinbase’s determination to challenge the SEC’s lawsuit. The motion to dismiss argues that even if all the allegations in the lawsuit are true, the plaintiff does not have a valid legal claim . Coinbase’s legal team stated in the filing: “Even if the SEC were correct that the assets and services it identifies are within the scope of its existing regulatory authority, this [legal] actio...

Singapore's Crypto.com expands its regulatory achievements by securing MPI license for DPT services from MAS. The Singapore-based cryptocurrency exchange, Crypto.com, announced on June 1 that it has been granted a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS).  The announcement comes after Crypto.com received its in-principle approval from MAS in June 2022. With the MPI licence, Crypto.com is now authorized to offer its DPT services to customers in Singapore. The Monetary Authority of Singapore serves as the central bank and primary financial regulatory authority in Singapore. It is responsible for overseeing and implementing legislation related to money, banking, insurance, securities, and the overall financial industry, including the issuance of currency. This latest announcement adds to Crypto.com's track record of securing regulatory license s. Crypto.com has also achieved registration as a Di...

BTC’s price could be on the verge of a bullish breakout, according to derivatives data, but ultimately the macroeconomic scenario will dictate the trend. Bitcoin’s  price has stabilized near $27,000 since May 13, displaying reduced volatility in the period. This movement is eerily similar to early April, when Bitcoin’s (BTC) 12-hour chart ranged between $27,800 and $28,700 for 11 days. Traders are now questioning whether a bullish breakout is the next possible outcome for the Bitcoin price . Bitcoin/USD price index, 12-hour. Source: TradingView According to technical Analysis , the sideways movement illustrates an ongoing conflict, meaning traders are unsure about the direction of Bitcoin’s next price trend. This is a consequence of balanced demand between buyers and sellers, which typically precedes periods of extreme price volatility and is triggered by big events. In other words, Bitcoin traders are waiting for a potential market trigger that could decisively push the BTC price...

An unprecedented number of BTC margin longs recently closed at Bitfinex, leaving analysts searching for explanations. Since May 2022, the Bitcoin (BTC) margin markets on the Bitfinex exchange have been plagued by an unusually high open interest of over $2.7 billion. This information alone should raise a red flag, especially in light of Bitcoin's price decline from $39,000 to less than $25,000 during the same period. Traders seeking to leverage their cryptocurrency position had borrowed over 105,000 Bitcoin. Currently, the cause of this anomaly is unknown, as well as the number of entities involved in the trade. Cheap borrowing favors high demand Bitfinex's sub-0.1% annual rate may be a contributing factor to the size of the Bitcoin lending market. To date, this has been the norm and it creates enormous incentives for borrowing, even if there is no current need. There are few traders who would turn down such a ridiculously inexpensive leverage opportunity. Margin borrowing can...

BTC margin and options markets are steady, even as investors run for cover as crypto and stock prices fall. Bitcoin (BTC) traders saw continued downward pressure after the 5.5% decline in BTC price on March 7. Increased odds of further interest rate increases by the Federal Reserve and regulatory pressure in cryptocurrencies explain some of the movement. Financial markets showed signs of stress as the inverted bond curve reached its highest level since the 1980s. Longer-term dated yields have stalled at 4%, while two-year treasury notes traded above 5% yield in March. Since July, longer-dated treasury yields have failed to keep pace with the surging two-year benchmark, resulting in the inverted curve distortion that typically precedes economic downturns. According to Bloomberg, the indicator reached a full percentage point on March 7, the highest level since 1981, when Fed Chair Paul Volcker faced double-digit inflation. This week, BlackRock, the world's largest asset manager, in...

Gemini co-founder Cameron Winklevoss believes the next crypto bull run will come from Asia, while America has two options — embrace crypto or be left behind. Crypto’s next bull run will start in Asia, according to Cameron Winklevoss, an American investor and co -founder of crypto exchange Gemini. His comments have come amid an increase in enforcement action and looming crackdowns from United States regulators, including the Securities and Exchange Commission. “My working thesis atm is that the next bull run is going to start in the East,” Winklevoss said in a tweet on Feb. 19. “It will be a humbling reminder that crypto is a global asset class and that the West, really the US, always only ever had two options: embrace it or be left behind.” “It can’t be stopped. That we know,” he added. According to Chainalysis, Central & Southern Asia and Oceania (CSAO) was the third largest cryptocurrency market in its index for 2022. Citizens from these areas received $932 billion in cryptoc...

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the potential of a brief pause in the crypto market rally. This week Bitcoin (BTC) rallied to a 2023 high at $23,100 and the move followed a notable recovery in traditional markets, especially the tech-heavy Nasdaq Composite Index, which gained 2.9% on Jan. 20. Economic data continues to boost investors' hope that the United States Federal Reserve will reduce the pace and length of interest rate hikes. For instance, sales of previously owned homes fell 1.5% in December, the 11th consecutive decline after high mortgage rates in the United States severely impacted demand. On Jan. 20, Google announced that 12,000 workers were laid off, more than 6% of its global workforce. The bad news continues to trigger buying activity on risk assets, but Dubravko Lakos-Bujas, chief U.S. equity strategist at JPMorgan, expects weaker earnings guidance to "put downward pressure...

The remaining workforce is also expected to take 20% pay cuts, the project's founder said. Octopus Network, a decentralized app chain network natively built on NEAR Protocol, has announced that it will be “refactoring” to adapt to current market conditions.  As part of its refactoring process, Octopus network will let go of roughly 40% of its team, which accounts for 12 out of 30 members. The remaining staff will also be subjected to a 20% salary cut, while its team token incentive will be suspended indefinitely. According to Louis Liu, the founder of the Octopus Network, although he has lived through previous crypto winter s, “this winter is very different from the others.” Liu said he anticipates that this current “ crypto winter will last at least another year, perhaps much longer,” adding that “most Web3 startups will not survive.” To survive the crypto winter , the founder also shared that in addition to layoffs and pay cuts, the network will have to undergo a strategy...