Market

Hong Kong approves its first Bitcoin ETF, signaling a significant push in the crypto market

April 17, 2024 1 min read

Hong Kong has granted approval for its inaugural Bitcoin exchange-traded fund (ETF), representing a notable milestone in the realm of crypto. The Bitcoin ETF, overseen by China Asset Management (Hong Kong) in partnership with OSL Digital Securities and BOC International Prudential Trusteeship, provides investors with a direct opportunity to profit from the price of Bitcoin. Furthermore, this strengthens Hong Kong’s appeal as a prominent center for crypto trading and investment.

The US SEC’s silence casts doubt on Ethereum ETF approvals, worrying industry leaders

April 17, 2024 1 min read

Ethereum exchange-traded funds (ETFs) in the United States are being met with doubt and uncertainty as a result of the Securities and Exchange Commission’s (SEC) failure to effectively communicate with supporters. CEOs Jan van Eck and Eric Balchunas have voiced apprehensions on the likelihood of approval, namely for the month of May. Eric Balchunas, Bloomberg’s Senior ETF Analyst, has revised the probability of approval to 35% as a result of

Binance executive’s tax evasion case in Nigeria postponed, next hearing set for April 19

April 15, 2024 1 min read

Tigran Gambaryan, a high-ranking Binance executive in Nigeria, has been apprehended for the act of deliberately avoiding tax payments and is currently being prosecuted, along with the firm, for failing to fulfill specific tax obligations and purportedly assisting customers in evading taxes. Justice Emeka Nwite delayed the proceedings after Gambaryan had lately became aware of the charges. Gambaryan’s imprisonment by the EFCC, a separate federal agency, was the cause of

The US SEC filings reveal top US banks and Wall Street giants are now investing in Bitcoin ETFs

April 12, 2024 1 min read

Recent filings with the US Securities and Exchange Commission (SEC) show a notable surge in Bitcoin exchange-traded fund (ETF) acquisitions by American banks and financial institutions on Wall Street. This suggests a movement towards embracing crypto within the traditional financial industry. The Form 13F filings reveal a more significant institutional involvement in Bitcoin, potentially impacting its broader adoption and market valuation. American banks and financial institutions on Wall Street have

Polkadot (DOT) has over 600,000 active addresses on-chain by the end of March

April 9, 2024 1 min read

Polkadot (DOT) has a substantial surge in active addresses, surpassing 600,000 active on-chain addresses by the end of March. Out of all the addresses, a significant portion, specifically 41%, are linked to the Moonbeam cross-chain smart contract platform. Additionally, 191,000 addresses were specifically created on the Polkadot platform. There has been an increase in the number of distinct accounts that have balances larger than zero, with a total of around

Ripple enters stablecoin market with U.S. dollar-backed digital currency, promising transparency

April 4, 2024 1 min read

Ripple is developing a new digital currency linked to the US dollar, hoping to compete with Tether and Circle. The US dollar-linked stablecoin will be backed by cash, bonds, and deposits, with Ripple promising transparency via regular updates. The business intends to launch comparable stablecoins in Europe and Asia, competing Tether’s USDT and Circle’s USDC. Ripple CEO Brad Garlinghouse cites previous stability difficulties with these competitors as a major cause

Bitwise seeks UK SEC approval for Ethereum ETF

March 31, 2024 1 min read

Bitwise has submitted an application for an Ethereum Exchange-Traded Fund (ETF) after achieving favorable results with its Bitcoin ETF. The application incorporates a correlation study between ETH and BTC, with the objective of presenting evidence to the SEC that an Ethereum ETF should be granted permission based on shared characteristics in market dynamics. Bitwise is diversifying its investment portfolio by entering the Ethereum market with the introduction of the Bitwise

This Hedge Fund goes long on Bitcoin, short on MicroStrategy due to valuation doubts

March 31, 2024 1 min read

Kerrisdale Capital is allocating funds to Bitcoin investments while simultaneously taking a position against MicroStrategy shares. The rationale for this move is the belief that the market value of MicroStrategy’s stock far surpasses its actual worth, which is mostly derived from its Bitcoin holdings. The hedge fund contends that MicroStrategy’s software business has become inconsequential in comparison to its Bitcoin holdings, making a little contribution to the company’s total value.

BlackRock CEO Larry Fink sees a promising future for Bitcoin, driving investor interest

March 31, 2024 1 min read

Larry Fink, the CEO of BlackRock, has voiced his belief in Bitcoin, a digital currency that has attracted the market’s attention owing to its transparency and substantial investor interest. This positive outlook arises from Bitcoin’s significant expansion and increased use in the financial industry. Fink’s views have great importance as they exemplify a transition towards accepting crypto in the realm of conventional finance. The unexpected increase in Bitcoin, especially among

Lawmakers demand SEC clarity on ETH, pressing for definitive digital asset regulations

March 27, 2024 1 min read

A coalition of Republican members of Congress, including influential heads of House committees, has formally petitioned SEC Chair Gary Gensler to provide more precise regulations on digital assets like as Ethereum (ETH) and their safekeeping by Special Purpose Broker-Dealers (SPBDs). The letter from the MPs on March 26 emphasizes the need of regulatory openness in order to facilitate compliance for enterprises operating in the digital asset industry. The letter emphasizes

SEC faces lawsuit challenging its crypto airdrop rules, seeking clearer industry guidelines

March 27, 2024 1 min read

The US Securities and Exchange Commission (SEC) is being sued in order to get clarification on the legal classification of bitcoin airdrops. The action, filed by the DeFi Education Fund (DEF) and Texas-based clothing company Beba Collection, challenges the Securities and Exchange Commission’s (SEC) ambiguous regulatory position on cryptocurrencies. Specifically, it questions the categorization of crypto airdrops as securities. The central issue in the action is to the SEC’s management

KuCoin and its founders face U.S. charges for illicit operations and evading anti-money laws

March 27, 2024 1 min read

Damian Williams, the top prosecutor of the U.S. Southern District of New York, and Darren McCormack, the temporary head of HSI New York, have revealed charges against KuCoin and its founders, Chun Gan and Ke Tang. The accusations pertain to illicit money transfer and violation of the Bank Secrecy Act, namely the absence of a comprehensive program to deter money laundering and terrorist funding, inadequate verification of client identities, and