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Bitcoin May Not Rise Above $67,000, Here’s Where the BTC Price Is Heading to This Month
The post Bitcoin May Not Rise Above $67,000, Here’s Where the BTC Price is Heading to This Month appeared first on Coinpedia Fintech News
Bitcoin bears seem to have executed their trade finely, as the price again failed to surpass the key resistance at $71,500. As a result, the price dropped by more than 7% and is expected to continue to do so as it occurred during the previous rallies. Therefore, the price could now drop by another 7% to 10% and hit the bottom at the same levels, displaying an imperishable behaviour at the resistance.
Being divergent after the fallout in April, the BTC price has begun its recovery within an ascending parallel channel. The traders appeared to be confident regardless of the bearish pressures until the levels remained within the pattern. Unfortunately, the selling pressure, which has outpowered bullish activities in the past few days, has caused the price to drop below the channel, circulating bearish waves within the markets.
Therefore, now that the price has failed to rise above the key resistance, is it time for the Bitcoin price to test the key support at $60,000? Are the bulls unsure of the next price action?
The daily chart suggests the price has broken down the rising channel but also carries the possibility of a bullish reversal. As it occurred in the first few days of May, the BTC price may be assumed to undergo a bullish divergence. However, the descending trend may continue as the bears have already attempted to drag the levels below the local support at $65,000. Moreover, the technicals do not appear to be in favour of the crypto at the moment.
The RSI had turned bearish after the rejection at $71,500 and continues to head towards the south. The bull’s strength does not appear to outpower the bears, as they hold enough dominance, as suggested by the bull-bear power. Lastly, the buying volume remains within a restricted range, due to which the selling population appears to have a large count. Hence, these suggest the Bitcoin (BTC) price may not display a fake breakdown, but may fail to sustain itself after holding for a while.
Collectively, bearish clouds are hovering over the BTC price rally, which may bring the levels back towards the same range of around $60,000 shortly.
Bitcoin bears seem to have executed their trade finely, as the price again failed to surpass the key resistance at $71,500. As a result, the price dropped by more than 7% and is expected to continue to do so as it occurred during the previous rallies. Therefore, the price could now drop by another 7% to 10% and hit the bottom at the same levels, displaying an imperishable behaviour at the resistance.
Being divergent after the fallout in April, the BTC price has begun its recovery within an ascending parallel channel. The traders appeared to be confident regardless of the bearish pressures until the levels remained within the pattern. Unfortunately, the selling pressure, which has outpowered bullish activities in the past few days, has caused the price to drop below the channel, circulating bearish waves within the markets.
Therefore, now that the price has failed to rise above the key resistance, is it time for the Bitcoin price to test the key support at $60,000? Are the bulls unsure of the next price action?
The daily chart suggests the price has broken down the rising channel but also carries the possibility of a bullish reversal. As it occurred in the first few days of May, the BTC price may be assumed to undergo a bullish divergence. However, the descending trend may continue as the bears have already attempted to drag the levels below the local support at $65,000. Moreover, the technicals do not appear to be in favour of the crypto at the moment.
The RSI had turned bearish after the rejection at $71,500 and continues to head towards the south. The bull’s strength does not appear to outpower the bears, as they hold enough dominance, as suggested by the bull-bear power. Lastly, the buying volume remains within a restricted range, due to which the selling population appears to have a large count. Hence, these suggest the Bitcoin (BTC) price may not display a fake breakdown, but may fail to sustain itself after holding for a while.
Collectively, bearish clouds are hovering over the BTC price rally, which may bring the levels back towards the same range of around $60,000 shortly.
Ethereum ETF Approval on the Horizon: What It Means for Shiba Inu and Furrever Token Investors
The post Ethereum ETF Approval on the Horizon: What It Means for Shiba Inu and Furrever Token Investors appeared first on Coinpedia Fintech News
With the impending approval of Ethereum ETFs, the crypto market stands on the cusp of change. This regulatory development could deeply impact Shiba Inu and Furrever Token, opening up new paths for informed investors in these promising digital assets. Discover how to adjust to these changes and refine your investment approach to capitalize on emerging opportunities in this evolving environment.
Gensler: SEC Could Approve ETH ETF’s This Summer
In recent Senate Appropriations Committee discussions, SEC Chair Gary Gensler hinted at potential approvals for Ethereum (ETH) ETFs by September. This regulatory advancement is significant for the crypto sector, given Ethereum’s uncertain classification as a commodity or security.
Gensler noted progress in reviewing S-1 filings, crucial for greenlighting spot ETH ETFs under rule 19b-4. However, he refrained from definitively categorizing Ethereum, hinting at ongoing ambiguity. On the other hand, Rostin Behnam of the CFTC considers Ethereum to be a commodity, underscoring regulatory differences.
The SEC’s scrutiny focuses on Ethereum’s shift to proof-of-stake (PoS). ETF applications omitting staking details indicate increased SEC oversight, potentially affecting market access.
Recent SEC actions against Ethereum-related entities like Consensys and Uniswap illustrate ongoing scrutiny despite political changes. This regulatory landscape underscores challenges in integrating DeFi innovations into traditional finance, impacting Ethereum’s path and similar assets.
Shiba Inu (SHIB) Could Skyrocket in the Future
Bitcoin’s technical signals weakened in June, signalling potential downward pressure on SHIB. Additionally, the Federal Reserve’s cautious stance on interest rates dampened Bitcoin’s attempt to revisit the $70,000 mark this week, overshadowing previous inflation optimism.
Bitcoin’s ongoing consolidation over the past three months suggests that SHIB may face increasing selling pressure. Notably, the $0.00018 level has previously been observed as a strong support for SHIB heading into 2024.
Earlier this year, SHIB peaked at $0.000046 but has since experienced a more than 50% decline in market capitalization. If SHIB were to revisit previous highs in the current bullish market, investors could potentially see gains quadruple, pushing the token’s market value towards $50 billion.
This scenario offers a promising outlook for investors who believe in Shiba Inu’s larger upside potential. Speculation also surrounds Dogecoin (DOGE) potentially reaching $1 and pushing its market cap above $140 billion in this cycle, which could imply upward potential for SHIB.
With SHIB currently holding approximately 61% of Dogecoin’s market value, if Dogecoin’s market cap reaches $144 billion, SHIB could potentially reach a market value of around $90 billion.
Investors eyeing SHIB are thus hopeful about its prospects amid evolving market dynamics and potential for significant gains in the crypto landscape.
Furrever Token: The Next Big Opportunity
Amid Ethereum and Shiba Inu’s market activities, Furrever Token (FURR) emerges as a compelling choice for investors looking to diversify and achieve significant returns in the cryptocurrency realm. Furrever Token distinguishes itself by integrating charming cat-themed content with a strong community-driven model, promising innovation in the market.
Furrever Token has already raised over $1.3 million in its presale stages, demonstrating significant investor interest. Currently in stage 9 of its presale, Furrever Token offers up to 15X returns, with a current price of $0.000732. The token’s launch on PancakeSwap is eagerly anticipated, promising increased liquidity and trading opportunities.
Furrever Token stands out due to its unique referral program, where users can earn 10% in $FURR Tokens for each deposit made via their individual referral link. This system not only incentivizes existing investors but also encourages widespread adoption by rewarding community-driven growth. Creating a referral link is simple—investors just need to connect their wallet on the official website and start sharing their link to earn passive income.
In addition to financial incentives, Furrever Token integrates engaging cat-themed stickers, emojis, and visuals, transforming everyday crypto interactions into delightful experiences. This emphasis on cultivating a welcoming and supportive community environment boosts user interaction and nurtures a dedicated investor following.
In the evolving crypto market, Furrever Token stands out with its blend of promising returns, active community involvement, and distinctive thematic appeal, offering a compelling option for investors seeking to leverage emerging opportunities in the digital asset space.
Join Furrever Token Presale Now:
Furrever Token Official Website
Visit Furrever Token Presale
Join Official Telegram Group
Follow Official X Account
With the impending approval of Ethereum ETFs, the crypto market stands on the cusp of change. This regulatory development could deeply impact Shiba Inu and Furrever Token, opening up new paths for informed investors in these promising digital assets. Discover how to adjust to these changes and refine your investment approach to capitalize on emerging opportunities in this evolving environment.
Gensler: SEC Could Approve ETH ETF’s This Summer
In recent Senate Appropriations Committee discussions, SEC Chair Gary Gensler hinted at potential approvals for Ethereum (ETH) ETFs by September. This regulatory advancement is significant for the crypto sector, given Ethereum’s uncertain classification as a commodity or security.
Gensler noted progress in reviewing S-1 filings, crucial for greenlighting spot ETH ETFs under rule 19b-4. However, he refrained from definitively categorizing Ethereum, hinting at ongoing ambiguity. On the other hand, Rostin Behnam of the CFTC considers Ethereum to be a commodity, underscoring regulatory differences.
The SEC’s scrutiny focuses on Ethereum’s shift to proof-of-stake (PoS). ETF applications omitting staking details indicate increased SEC oversight, potentially affecting market access.
Recent SEC actions against Ethereum-related entities like Consensys and Uniswap illustrate ongoing scrutiny despite political changes. This regulatory landscape underscores challenges in integrating DeFi innovations into traditional finance, impacting Ethereum’s path and similar assets.
Shiba Inu (SHIB) Could Skyrocket in the Future
Bitcoin’s technical signals weakened in June, signalling potential downward pressure on SHIB. Additionally, the Federal Reserve’s cautious stance on interest rates dampened Bitcoin’s attempt to revisit the $70,000 mark this week, overshadowing previous inflation optimism.
Bitcoin’s ongoing consolidation over the past three months suggests that SHIB may face increasing selling pressure. Notably, the $0.00018 level has previously been observed as a strong support for SHIB heading into 2024.
Earlier this year, SHIB peaked at $0.000046 but has since experienced a more than 50% decline in market capitalization. If SHIB were to revisit previous highs in the current bullish market, investors could potentially see gains quadruple, pushing the token’s market value towards $50 billion.
This scenario offers a promising outlook for investors who believe in Shiba Inu’s larger upside potential. Speculation also surrounds Dogecoin (DOGE) potentially reaching $1 and pushing its market cap above $140 billion in this cycle, which could imply upward potential for SHIB.
With SHIB currently holding approximately 61% of Dogecoin’s market value, if Dogecoin’s market cap reaches $144 billion, SHIB could potentially reach a market value of around $90 billion.
Investors eyeing SHIB are thus hopeful about its prospects amid evolving market dynamics and potential for significant gains in the crypto landscape.
Furrever Token: The Next Big Opportunity
Amid Ethereum and Shiba Inu’s market activities, Furrever Token (FURR) emerges as a compelling choice for investors looking to diversify and achieve significant returns in the cryptocurrency realm. Furrever Token distinguishes itself by integrating charming cat-themed content with a strong community-driven model, promising innovation in the market.
Furrever Token has already raised over $1.3 million in its presale stages, demonstrating significant investor interest. Currently in stage 9 of its presale, Furrever Token offers up to 15X returns, with a current price of $0.000732. The token’s launch on PancakeSwap is eagerly anticipated, promising increased liquidity and trading opportunities.
Furrever Token stands out due to its unique referral program, where users can earn 10% in $FURR Tokens for each deposit made via their individual referral link. This system not only incentivizes existing investors but also encourages widespread adoption by rewarding community-driven growth. Creating a referral link is simple—investors just need to connect their wallet on the official website and start sharing their link to earn passive income.
In addition to financial incentives, Furrever Token integrates engaging cat-themed stickers, emojis, and visuals, transforming everyday crypto interactions into delightful experiences. This emphasis on cultivating a welcoming and supportive community environment boosts user interaction and nurtures a dedicated investor following.
In the evolving crypto market, Furrever Token stands out with its blend of promising returns, active community involvement, and distinctive thematic appeal, offering a compelling option for investors seeking to leverage emerging opportunities in the digital asset space.
Join Furrever Token Presale Now:
Furrever Token Official Website
Visit Furrever Token Presale
Join Official Telegram Group
Follow Official X Account
Veteran Crypto Trader Predicts Bitcoin’s Market Cap to Equal Global Gold Reserves
The post Veteran Crypto Trader Predicts Bitcoin’s Market Cap to Equal Global Gold Reserves appeared first on Coinpedia Fintech News
Peter Brandt, a veteran trader in the cryptocurrency space, has caught the attention of investors with his recent prediction regarding Bitcoin’s market cap. Brandt suggests that Bitcoin’s market cap could soon equal the value of all global gold reserves which is estimated at around $15.935 T.
Brandt’s Bold Prediction
In a recent tweet, Brandt highlighted an intriguing scenario where Bitcoin’s market cap matches that of global gold reserves. While this may seem ambitious, historical trends show a notable increase in Bitcoin’s value relative to gold over the years.
At a price ratio of approx 56 to 1 (BTC/Gold) the market cap of Bitcoin will equal the value of all global Gold reserves$BTC #GOLD $GC_F56 to 1 is not far fetched (10 years ago ratio was 0.5)@RaoulGMI what do you think? pic.twitter.com/5wIGVcREqo
— Peter Brandt (@PeterLBrandt) June 14, 2024
A decade ago, the Bitcoin-to-gold ratio was 0.5 of what it is today, highlighting Bitcoin’s remarkable growth and adoption over the past decade. With the ratio now standing at 56 to 1, Brandt argues that reaching equally with gold is not far away, given Bitcoin’s exponential growth over the years.
However, Bitcoin, with its digital scarcity and decentralized nature, has emerged as a formidable challenger to gold’s dominance in recent years. Brandt’s analysis suggests that Bitcoin’s potential to surpass gold in market capitalization is grounded in historical trends, reflecting changing investor preferences.
Bitcoin To Equal Gold Market
If Brandt’s prediction comes true, it would need to equal the value of all global gold reserves which currently stands at $15.935 T, it would signify a monumental milestone for Bitcoin, securing its position as a store of value along with traditional assets like gold.
As of now, BTC’s price is currently trading at $67,142, reflecting a drop of 1.5% seen in the last 24 hours. However, trading volume decreased by 30% to about $24 billion, with a market cap of $1.31 trillion.
Peter Brandt, a veteran trader in the cryptocurrency space, has caught the attention of investors with his recent prediction regarding Bitcoin’s market cap. Brandt suggests that Bitcoin’s market cap could soon equal the value of all global gold reserves which is estimated at around $15.935 T.
Brandt’s Bold Prediction
In a recent tweet, Brandt highlighted an intriguing scenario where Bitcoin’s market cap matches that of global gold reserves. While this may seem ambitious, historical trends show a notable increase in Bitcoin’s value relative to gold over the years.
At a price ratio of approx 56 to 1 (BTC/Gold) the market cap of Bitcoin will equal the value of all global Gold reserves$BTC #GOLD $GC_F56 to 1 is not far fetched (10 years ago ratio was 0.5)@RaoulGMI what do you think? pic.twitter.com/5wIGVcREqo
— Peter Brandt (@PeterLBrandt) June 14, 2024
A decade ago, the Bitcoin-to-gold ratio was 0.5 of what it is today, highlighting Bitcoin’s remarkable growth and adoption over the past decade. With the ratio now standing at 56 to 1, Brandt argues that reaching equally with gold is not far away, given Bitcoin’s exponential growth over the years.
However, Bitcoin, with its digital scarcity and decentralized nature, has emerged as a formidable challenger to gold’s dominance in recent years. Brandt’s analysis suggests that Bitcoin’s potential to surpass gold in market capitalization is grounded in historical trends, reflecting changing investor preferences.
Bitcoin To Equal Gold Market
If Brandt’s prediction comes true, it would need to equal the value of all global gold reserves which currently stands at $15.935 T, it would signify a monumental milestone for Bitcoin, securing its position as a store of value along with traditional assets like gold.
As of now, BTC’s price is currently trading at $67,142, reflecting a drop of 1.5% seen in the last 24 hours. However, trading volume decreased by 30% to about $24 billion, with a market cap of $1.31 trillion.
Moody’s Delivers Critical Warning to Investors, XRP Gets Explosive Price Prediction
The post Moody’s Delivers Critical Warning To Investors, XRP Gets Explosive Price Prediction appeared first on Coinpedia Fintech News
Moody’s Analytics chief economist Mark Zandi recently warned crypto investors about what would likely happen when the US Fed announced its interest rate decision. Meanwhile, Ripple (XRP) looks poised for a parabolic rise based on this crypto analyst’s prediction, and ETFSwap (ETFS) is set to launch its platform soon enough.
Crypto Enthusiasts Anticipate ETFSwap’s (ETFS) Imminent Launch
The crypto world is anticipating ETFSwap’s (ETFS) launch, given the opportunity it would present for them. ETFSwap (ETFS) is a decentralized investment platform that tokenizes exchange-traded funds (ETFs) and brings them on-chain, allowing crypto enthusiasts to diversify their portfolios beyond crypto assets.
Crypto investors can easily invest in these traditional assets by converting their crypto holdings to the ETFSwap (ETFS) token and then to their preferred ETF. With ETFSwap (ETFS) being built on the blockchain, crypto investors will still experience the transparent, secure, and efficient trading services they have become accustomed to on-chain.
Investing on ETFSwap (ETFS) is also very easy and straightforward. The investment platform has made Know-Your-Customer (KYC) requirements non-mandatory, meaning investors can start investing in record time. By combining these ETFs with the ethos of decentralized finance (DeFi), ETFSwap (ETFS) is also filling a vacuum in the market and providing an alternative for traditional investors who have so far been looking for a simplified and safe way to perform their ETF transactions.
ETFSwap (ETFS) is expected to be the go-to platform for these traditional investors since no other platform boasts its offerings. These investors will also look to come on chain now, especially with the Spot Ethereum ETFs going live soon enough. A platform like ETFSwap (ETFS) will allow these investors to trade these Ethereum ETFs while also staking their Ethereum (ETH) on the platform to enjoy mouth-watering yields.
Users on the platform can also stake their ETFSwap (ETFS) tokens and earn up to 80% annual percentage yield (APY) on their investments. ETFSwap (ETFS) token holders will also make passive income from the investment platform as they will be eligible for a share of the revenue earned on ETFSwap (ETFS).
Unlike centralized trading platforms, ETFSwap offers perpetual and leverage trading services for these ETFs. Investors can open their ETF trades with up to 50x leverage and leave them open for as long as they like without expiration. The investment platform also offers market-making services, meaning that investors can rest assured that these Real World Assets (RWA) are liquid enough and that they can perform their transactions with minimal slippage.
Interest Rates And Ripple’s (XRP) Price Explosion
Mark Zandi suggested during an interview with Bloomberg that the US Federal Reserve will likely not cut interest rates at its next FOMC meeting, which will take place between June 12 and 13. The US Fed’s decision could undoubtedly affect the sentiment in the crypto market since lower interest rates make investors more confident about investing in these risk assets.
Meanwhile, crypto analyst Egrag Crypto recently predicted that Ripple (XRP) would enjoy a price explosion soon enough. He stated that $7.5 is the first target for Ripple (XRP) and suggested that the crypto token will make the run to that price level once it can break above $1.5. Egrag is convinced that Ripple (XRP) will make this move as he highlighted a white triangle (on the chart he shared) from which the crypto token will break out and rise to $1.5.
Egrag also raised the possibility of Ripple (XRP) rising higher than $7.5. He claimed that a weekly close above Fib 1.618 for Ripple (XRP) will put the next targets for the crypto token in mid-double digits near Fib 2.414 and 2.618. A pump for Ripple (XRP) is undoubtedly long overdue, as it is one of the few crypto tokens in the top 50 coins by market cap that has yet to record price gains since the start of the year.
Conclusion On ETFSwap’s (ETFS) Bullish Outlook
Despite the US Fed unlikely to cut interest rates this month, ETFSwap’s (ETFS) outlook is still bullish, especially considering other developments that are set to take place soon enough. Therefore, there is no better time to position ETFSwap’s massive pump than accumulating in its ongoing presale while it is still selling at a discounted price of $0.01831.
For more information about the ETFS Crypto Presale:
Visit ETFSwap Presale
Join The ETFSwap Community
Moody’s Analytics chief economist Mark Zandi recently warned crypto investors about what would likely happen when the US Fed announced its interest rate decision. Meanwhile, Ripple (XRP) looks poised for a parabolic rise based on this crypto analyst’s prediction, and ETFSwap (ETFS) is set to launch its platform soon enough.
Crypto Enthusiasts Anticipate ETFSwap’s (ETFS) Imminent Launch
The crypto world is anticipating ETFSwap’s (ETFS) launch, given the opportunity it would present for them. ETFSwap (ETFS) is a decentralized investment platform that tokenizes exchange-traded funds (ETFs) and brings them on-chain, allowing crypto enthusiasts to diversify their portfolios beyond crypto assets.
Crypto investors can easily invest in these traditional assets by converting their crypto holdings to the ETFSwap (ETFS) token and then to their preferred ETF. With ETFSwap (ETFS) being built on the blockchain, crypto investors will still experience the transparent, secure, and efficient trading services they have become accustomed to on-chain.
Investing on ETFSwap (ETFS) is also very easy and straightforward. The investment platform has made Know-Your-Customer (KYC) requirements non-mandatory, meaning investors can start investing in record time. By combining these ETFs with the ethos of decentralized finance (DeFi), ETFSwap (ETFS) is also filling a vacuum in the market and providing an alternative for traditional investors who have so far been looking for a simplified and safe way to perform their ETF transactions.
ETFSwap (ETFS) is expected to be the go-to platform for these traditional investors since no other platform boasts its offerings. These investors will also look to come on chain now, especially with the Spot Ethereum ETFs going live soon enough. A platform like ETFSwap (ETFS) will allow these investors to trade these Ethereum ETFs while also staking their Ethereum (ETH) on the platform to enjoy mouth-watering yields.
Users on the platform can also stake their ETFSwap (ETFS) tokens and earn up to 80% annual percentage yield (APY) on their investments. ETFSwap (ETFS) token holders will also make passive income from the investment platform as they will be eligible for a share of the revenue earned on ETFSwap (ETFS).
Unlike centralized trading platforms, ETFSwap offers perpetual and leverage trading services for these ETFs. Investors can open their ETF trades with up to 50x leverage and leave them open for as long as they like without expiration. The investment platform also offers market-making services, meaning that investors can rest assured that these Real World Assets (RWA) are liquid enough and that they can perform their transactions with minimal slippage.
Interest Rates And Ripple’s (XRP) Price Explosion
Mark Zandi suggested during an interview with Bloomberg that the US Federal Reserve will likely not cut interest rates at its next FOMC meeting, which will take place between June 12 and 13. The US Fed’s decision could undoubtedly affect the sentiment in the crypto market since lower interest rates make investors more confident about investing in these risk assets.
Meanwhile, crypto analyst Egrag Crypto recently predicted that Ripple (XRP) would enjoy a price explosion soon enough. He stated that $7.5 is the first target for Ripple (XRP) and suggested that the crypto token will make the run to that price level once it can break above $1.5. Egrag is convinced that Ripple (XRP) will make this move as he highlighted a white triangle (on the chart he shared) from which the crypto token will break out and rise to $1.5.
Egrag also raised the possibility of Ripple (XRP) rising higher than $7.5. He claimed that a weekly close above Fib 1.618 for Ripple (XRP) will put the next targets for the crypto token in mid-double digits near Fib 2.414 and 2.618. A pump for Ripple (XRP) is undoubtedly long overdue, as it is one of the few crypto tokens in the top 50 coins by market cap that has yet to record price gains since the start of the year.
Conclusion On ETFSwap’s (ETFS) Bullish Outlook
Despite the US Fed unlikely to cut interest rates this month, ETFSwap’s (ETFS) outlook is still bullish, especially considering other developments that are set to take place soon enough. Therefore, there is no better time to position ETFSwap’s massive pump than accumulating in its ongoing presale while it is still selling at a discounted price of $0.01831.
For more information about the ETFS Crypto Presale:
Visit ETFSwap Presale
Join The ETFSwap Community
After Regaining $0.01, Here Is What’s Next for BOOK of MEME (BOME) Price Rally!
The post After Regaining $0.01, Here is What’s Next for BOOK OF MEME (BOME) Price Rally! appeared first on Coinpedia Fintech News
The crypto markets are approaching the weekend trade and hence the traders may be expecting some rise in volatility. As a result, the memecoins have been gaining some momentum, as after the Pepe price, the BOOK OF MEME price is also gearing up for a strong ascending trend. The BOME price has initiated a 15% increase in the past few hours, indicating the growing strength of the bulls. Therefore, the token may maintain a decent upswing throughout the weekend and eventually begin fresh weekly trade on a bullish note.
In the first few hours of the day, the PEPE price had led the memecoin rally but as the trade advanced, the BOOK OF MEME price overtook the major tokens. The markets are consolidating, and while some of the altcoins followed the trend, the BOME price along with some other memecoins triggered a strong upswing. However, the price is required to rise above the crucial resistance, which may only certify a rise above the bearish influence.
The BOME price has failed to trigger a strong ascending trend ever since it commenced its trading journey a few weeks ago. The price remained stuck within a predefined range and, despite maintaining a consolidated upswing, failed to rise above the crucial resistance at $0.015. However, the memecoin has triggered a rebound before hitting the lower support zone below $0.009, suggesting the bulls are regaining momentum, which may elevate the levels to some extent.
The rebound in the RSI levels and the fade in the selling pressure as indicated in MACD substantiate the bullish claim. Moreover, the MACD is yet to undergo a bullish crossover, which may occur in the next few hours. Once done, the BOOK OF MEME (BOME) price is expected to trigger a fresh upswing towards the local highs, which may further pave the way for the token to reach $0.02, surpassing the key resistance at $0.018.
The crypto markets are approaching the weekend trade and hence the traders may be expecting some rise in volatility. As a result, the memecoins have been gaining some momentum, as after the Pepe price, the BOOK OF MEME price is also gearing up for a strong ascending trend. The BOME price has initiated a 15% increase in the past few hours, indicating the growing strength of the bulls. Therefore, the token may maintain a decent upswing throughout the weekend and eventually begin fresh weekly trade on a bullish note.
In the first few hours of the day, the PEPE price had led the memecoin rally but as the trade advanced, the BOOK OF MEME price overtook the major tokens. The markets are consolidating, and while some of the altcoins followed the trend, the BOME price along with some other memecoins triggered a strong upswing. However, the price is required to rise above the crucial resistance, which may only certify a rise above the bearish influence.
The BOME price has failed to trigger a strong ascending trend ever since it commenced its trading journey a few weeks ago. The price remained stuck within a predefined range and, despite maintaining a consolidated upswing, failed to rise above the crucial resistance at $0.015. However, the memecoin has triggered a rebound before hitting the lower support zone below $0.009, suggesting the bulls are regaining momentum, which may elevate the levels to some extent.
The rebound in the RSI levels and the fade in the selling pressure as indicated in MACD substantiate the bullish claim. Moreover, the MACD is yet to undergo a bullish crossover, which may occur in the next few hours. Once done, the BOOK OF MEME (BOME) price is expected to trigger a fresh upswing towards the local highs, which may further pave the way for the token to reach $0.02, surpassing the key resistance at $0.018.
Rapper Gazzy Garcia Gets a Forehead Tattoo Featuring Solana, Says He Sold His SOL
The post Rapper Gazzy Garcia Gets A Forehead Tattoo Featuring Solana, Says He Sold His SOL appeared first on Coinpedia Fintech News
US rapper Gazzy Garcia got a forehead tattoo featuring Solana. The tattoo looked like the Solana blockchain platform logo on his forehead. Garcia, in his X post, claimed to have sold his Solana tokens and asked his 17 million followers for their opinion on his new tattoo. Lil Pump’s social media reveal is also reflected in Beeple’s latest artwork, featuring Solana’s forehead tattoos on both Tate and Azalea.
US rapper Gazzy Garcia got a forehead tattoo featuring Solana. The tattoo looked like the Solana blockchain platform logo on his forehead. Garcia, in his X post, claimed to have sold his Solana tokens and asked his 17 million followers for their opinion on his new tattoo. Lil Pump’s social media reveal is also reflected in Beeple’s latest artwork, featuring Solana’s forehead tattoos on both Tate and Azalea.
Eric Balchunas Predicts ETFs to Reach $35 Trillion in Assets By 2035
The post Eric Balchunas Predicts ETFs To Reach $35 Trillion In Assets By 2035 appeared first on Coinpedia Fintech News
Bloomberg ETF Analyst Eric Balchunas has taken to X to predict that ETFs are likely to reach $35 trillion in assets globally by 2035, which is triple the $13 trillion today. This is based on the CAGR of 10%, which is arguably fairly modest. He further adds that their low costs, intra-day liquidity, tax efficiency, and flexibility will continue to attract investor cash and traders’ volume, resulting in newer products and innovative designs. The overseas structural changes will favor the ETFs long-term, while the Mutual Fund share classes in the US will add another branch for cash inflows.
Bloomberg ETF Analyst Eric Balchunas has taken to X to predict that ETFs are likely to reach $35 trillion in assets globally by 2035, which is triple the $13 trillion today. This is based on the CAGR of 10%, which is arguably fairly modest. He further adds that their low costs, intra-day liquidity, tax efficiency, and flexibility will continue to attract investor cash and traders’ volume, resulting in newer products and innovative designs. The overseas structural changes will favor the ETFs long-term, while the Mutual Fund share classes in the US will add another branch for cash inflows.
ONI DEX: Pioneering the Future of Decentralized Finance
The post ONI DEX: Pioneering the Future of Decentralized Finance appeared first on Coinpedia Fintech News
The decentralized finance (DeFi) landscape is experiencing rapid evolution, and at the forefront of this transformation is ONI DEX. Poised to become the largest and most innovative decentralized exchange (DEX) in 2024, ONI DEX introduces a suite of groundbreaking features that distinguish it from other platforms. With multi-chain capabilities, pioneering support for the GALA Chain, dynamic launchpads, the ONI Token sale, the unique Spheres passive income model, Web3 gaming, and the ONI Talk social network, ONI DEX is set to revolutionize how users interact with digital assets and blockchain technology.
Multi-Chain Support: Expanding Horizons
ONI DEX is designed to support multiple blockchains, initially launching on Binance Smart Chain (BSC), Ethereum (ETH), and GALA Chain. This multi-chain approach ensures that users can access a wide range of tokens and assets, facilitating seamless cross-chain transactions and providing unparalleled flexibility. ONI DEX plans to integrate over ten additional blockchains, including Solana, Polygon, and Avalanche, setting a new standard in the DeFi space by offering unmatched interoperability and diversity.
Pioneering GALA Chain Integration
As the first DEX to support the GALA Chain, ONI DEX addresses a significant demand within the GALA community. This exclusive integration provides GALA users with a dedicated and robust trading platform, opening new opportunities for growth and engagement. By being the first to market with GALA Chain support, ONI DEX positions itself as a leader in innovation and community responsiveness, offering unique value propositions that cater to the needs of the GALA community.
Dynamic Launchpads: Empowering Innovation
The ONI DEX Launchpad feature is designed to provide a robust platform for new projects to raise funds and gain visibility. This dynamic environment supports developers in bringing their innovative ideas to life by offering a secure and efficient fundraising process. Projects launched on ONI DEX benefit from the platform’s extensive reach and multi-chain support, attracting a diverse and global investor base. The launchpad is a critical component of ONI DEX, fostering growth and diversity within the DeFi space.
ONI Token Sale: Strategic Investment Opportunity
The ONI Token sale presents investors with a unique opportunity to participate in the growth of the ONI DEX ecosystem. The presale is divided into three stages: SEED, MAIN, and LAST CHANCE, offering attractive entry points for early investors. The SEED sale starts at 0.00003 BNB per token, followed by the MAIN sale at 0.00005 BNB per token, and the LAST CHANCE sale at 0.00007 BNB per token, with a listing price set at 0.0001 BNB. The ONI Token serves multiple functions within the platform, including reduced trading fees, staking rewards, and governance rights, making it a valuable asset for long-term holders.
Spheres: Unlocking Passive Income
ONI DEX introduces Spheres, a revolutionary concept that provides users with passive income opportunities derived from the platform’s earnings across all supported blockchains. Sphere owners receive a share of profits in various tokens, such as ONI, BNB, GALA, and ETH, with rewards claimable through the Spheres Dashboard. This innovative model diversifies income streams and enhances user engagement and loyalty. Sphere Access Keys, essential for activating and earning from Spheres, are available in a limited supply of 30,000. The first 3,000 keys are priced at 1 BNB each, with subsequent keys increasing by 0.1 BNB per 250 sold, culminating in a final price of 11.8 BNB. This tiered pricing structure underscores the growing value and demand for Spheres within the ONI DEX ecosystem.
Web3 Gaming: Integrating Entertainment with Finance
ONI DEX is not only a financial platform but also a hub for Web3 gaming. The platform is currently developing two games, including a collaboration with the renowned KEVURU game studio, known for its work on titles like Fortnite. These games will feature NFTs with in-game utility and offer rewards in ONI tokens, integrating the excitement of gaming with the financial benefits of DeFi. The Games category will be an essential part of the ONI DEX ecosystem, enhancing user engagement and providing additional value through entertainment.
ONI Talk: Building a Strong Community
ONI DEX goes beyond financial services by introducing ONI Talk, a social network designed to foster community engagement and collaboration. ONI Talk provides a platform for users to discuss projects, share insights, and stay informed about the latest developments within the ONI DEX ecosystem. This community-focused approach strengthens the network and drives collective growth, making ONI DEX not just a platform but a vibrant community hub.
Conclusion: A New Era for DeFi
ONI DEX is set to become the cornerstone of the decentralized finance landscape, offering unparalleled multi-chain support, innovative financial products, Web3 gaming, and a vibrant community. With its comprehensive ecosystem and forward-thinking approach, ONI DEX is set to launch the biggest DEX in 2024, redefining how users interact with DeFi, gaming, and blockchain technology. Embrace the future of decentralized finance with ONI DEX and be part of the revolution.
For more information about ONI DEX and its groundbreaking ecosystem, visit
Website: https://oni.exchange/Telegram: https://t.me/oni_exchangeTwitter: https://x.com/oniexchange Youtube: https://www.youtube.com/@oni.exchange Gitbook: https://oni.gitbook.io/oni.exchange
The decentralized finance (DeFi) landscape is experiencing rapid evolution, and at the forefront of this transformation is ONI DEX. Poised to become the largest and most innovative decentralized exchange (DEX) in 2024, ONI DEX introduces a suite of groundbreaking features that distinguish it from other platforms. With multi-chain capabilities, pioneering support for the GALA Chain, dynamic launchpads, the ONI Token sale, the unique Spheres passive income model, Web3 gaming, and the ONI Talk social network, ONI DEX is set to revolutionize how users interact with digital assets and blockchain technology.
Multi-Chain Support: Expanding Horizons
ONI DEX is designed to support multiple blockchains, initially launching on Binance Smart Chain (BSC), Ethereum (ETH), and GALA Chain. This multi-chain approach ensures that users can access a wide range of tokens and assets, facilitating seamless cross-chain transactions and providing unparalleled flexibility. ONI DEX plans to integrate over ten additional blockchains, including Solana, Polygon, and Avalanche, setting a new standard in the DeFi space by offering unmatched interoperability and diversity.
Pioneering GALA Chain Integration
As the first DEX to support the GALA Chain, ONI DEX addresses a significant demand within the GALA community. This exclusive integration provides GALA users with a dedicated and robust trading platform, opening new opportunities for growth and engagement. By being the first to market with GALA Chain support, ONI DEX positions itself as a leader in innovation and community responsiveness, offering unique value propositions that cater to the needs of the GALA community.
Dynamic Launchpads: Empowering Innovation
The ONI DEX Launchpad feature is designed to provide a robust platform for new projects to raise funds and gain visibility. This dynamic environment supports developers in bringing their innovative ideas to life by offering a secure and efficient fundraising process. Projects launched on ONI DEX benefit from the platform’s extensive reach and multi-chain support, attracting a diverse and global investor base. The launchpad is a critical component of ONI DEX, fostering growth and diversity within the DeFi space.
ONI Token Sale: Strategic Investment Opportunity
The ONI Token sale presents investors with a unique opportunity to participate in the growth of the ONI DEX ecosystem. The presale is divided into three stages: SEED, MAIN, and LAST CHANCE, offering attractive entry points for early investors. The SEED sale starts at 0.00003 BNB per token, followed by the MAIN sale at 0.00005 BNB per token, and the LAST CHANCE sale at 0.00007 BNB per token, with a listing price set at 0.0001 BNB. The ONI Token serves multiple functions within the platform, including reduced trading fees, staking rewards, and governance rights, making it a valuable asset for long-term holders.
Spheres: Unlocking Passive Income
ONI DEX introduces Spheres, a revolutionary concept that provides users with passive income opportunities derived from the platform’s earnings across all supported blockchains. Sphere owners receive a share of profits in various tokens, such as ONI, BNB, GALA, and ETH, with rewards claimable through the Spheres Dashboard. This innovative model diversifies income streams and enhances user engagement and loyalty. Sphere Access Keys, essential for activating and earning from Spheres, are available in a limited supply of 30,000. The first 3,000 keys are priced at 1 BNB each, with subsequent keys increasing by 0.1 BNB per 250 sold, culminating in a final price of 11.8 BNB. This tiered pricing structure underscores the growing value and demand for Spheres within the ONI DEX ecosystem.
Web3 Gaming: Integrating Entertainment with Finance
ONI DEX is not only a financial platform but also a hub for Web3 gaming. The platform is currently developing two games, including a collaboration with the renowned KEVURU game studio, known for its work on titles like Fortnite. These games will feature NFTs with in-game utility and offer rewards in ONI tokens, integrating the excitement of gaming with the financial benefits of DeFi. The Games category will be an essential part of the ONI DEX ecosystem, enhancing user engagement and providing additional value through entertainment.
ONI Talk: Building a Strong Community
ONI DEX goes beyond financial services by introducing ONI Talk, a social network designed to foster community engagement and collaboration. ONI Talk provides a platform for users to discuss projects, share insights, and stay informed about the latest developments within the ONI DEX ecosystem. This community-focused approach strengthens the network and drives collective growth, making ONI DEX not just a platform but a vibrant community hub.
Conclusion: A New Era for DeFi
ONI DEX is set to become the cornerstone of the decentralized finance landscape, offering unparalleled multi-chain support, innovative financial products, Web3 gaming, and a vibrant community. With its comprehensive ecosystem and forward-thinking approach, ONI DEX is set to launch the biggest DEX in 2024, redefining how users interact with DeFi, gaming, and blockchain technology. Embrace the future of decentralized finance with ONI DEX and be part of the revolution.
For more information about ONI DEX and its groundbreaking ecosystem, visit
Website: https://oni.exchange/Telegram: https://t.me/oni_exchangeTwitter: https://x.com/oniexchange Youtube: https://www.youtube.com/@oni.exchange Gitbook: https://oni.gitbook.io/oni.exchange
BTC’s 93-Day Consolidation Poised for Breakout That Could Spark Massive Altcoin Rally: Which Cryp...
The post BTC’s 93-Day Consolidation Poised for Breakout That Could Spark Massive Altcoin Rally: Which Cryptos to Buy Before? appeared first on Coinpedia Fintech News
Bitcoin has been stuck in a 93-day holding pattern, but a breakout now looks imminent. This development sets the stage for a potential surge in altcoin values. With the bull run of 2024 in full swing, investors are eager to find the next big opportunity. The upcoming shifts could create timely buying opportunities for selective cryptos. Stay tuned to see which coins are poised for growth in the near future.
Whale Investors Flock to CYBRO’s Exciting Token Presale
CYBRO, a revolutionary aggregator platform, is making waves in the crypto community with its presale of native tokens. Built on the Blast blockchain, renowned for its high yields on ETH and stablecoins, CYBRO enhances user earnings by leveraging these advantages. Currently, the presale offers CYBRO tokens at just $0.025, a remarkable 58% discount from the expected listing price, promising a potential 300% ROI.
Investors participating in the presale with a minimum investment of $1,000 will enjoy weekly ETH rewards, which can be withdrawn after the TGE. This attractive offer has reportedly caught the attention of a significant ETH whale, who is considering a substantial purchase of CYBRO tokens. With only 21% of the total supply allocated for the presale and approximately 25 million tokens already sold, the opportunity is quickly narrowing.
Seize the Chance to Buy $CYBRO at a 58% Discount – Limited Supply Available!
CYBRO token holders will benefit from a variety of rewards, including staking bonuses, exclusive airdrops, cashback on marketplace transactions, reduced trading and lending fees, and access to an in-house insurance program.
CYBRO is set to drive substantial growth within and beyond the Blast ecosystem through diverse investment strategies ranging from conservative to high-yield. The platform focuses on maximizing returns via efficient crypto transactions. Future enhancements include the introduction of AIBroker for chatbot-assisted investments and a One-Click Investment feature to optimize yields through the integration of decentralized (DeFi) and centralized finance (CeFi) systems.
Avalanche (AVAX) Price Overview and Prediction
Avalanche (AVAX) is currently trading in the range of $30.36 to $36.41. The nearest resistance level is $39.83 and support is at $27.73. Over the last week, AVAX has dropped by 12.02%, showing a downward trend. The 10-day and 100-day simple moving averages are $32.58 and $32.41 respectively. The relative strength index is at 43.22, indicating it’s not yet oversold. The MACD level at -0.044 and low stochastic support suggest AVAX is in a corrective phase.
Polkadot (DOT) Price Overview: Current Trends and Predictions
Polkadot (DOT) is currently priced between $5.92 and $7.23. The coin is experiencing corrective moves with a one-week price decline of 10.74%, a one-month dip of 2.85%, and a six-month decrease of 6.76%. Key levels to watch are the nearest resistance at $7.93 and support at $5.31. The Simple Moving Average over 10 days is $6.56, and 100 days is $6.48. The RSI at 39.70 suggests that DOT is approaching oversold conditions.
Notcoin (NOT) Price Overview: Volatile Yet Promising
Notcoin is currently trading within the range of $0.0148 to $0.0260. Over the last week, its price dropped by 19.62%, but it surged by 796.40% in the past month and six months. This indicates recent high volatility but an overall upward trajectory. The nearest resistance level is at $0.0329, while the nearest support level is at $0.0105. The RSI is 53.09, suggesting a balanced momentum, with Stochastic at 24.27 indicating possible room for upward movement. The MACD level at 0.0003 shows mild bullish sentiment. The price seems to be in an impulsive move, signalling the potential for further growth.
XRP Price Struggles Amidst Corrective Moves Within Narrow Range
XRP is currently trading in the range of $0.4583 to $0.5354. The coin has seen a one-week price dip of 7.35% and a one-month decline of 3.48%. Longer term, it has dropped 20.75% over the last six months. The nearest resistance is at $0.5727, with support at $0.4185. Technical indicators suggest that XRP is in a corrective phase.
Conclusion
Coins like AVAX, DOT, NOT, and XRP show limited short-term potential. However, attention should turn to CYBRO. CYBRO is a unique earn marketplace, tapping into the native yield potential of the Blast blockchain. With its first release expected in Q2 2024, CYBRO presents a strong opportunity for early investors. The CYBRO token presale offers favourable entry terms. This could be a key moment to get involved in an innovative project.
Bitcoin has been stuck in a 93-day holding pattern, but a breakout now looks imminent. This development sets the stage for a potential surge in altcoin values. With the bull run of 2024 in full swing, investors are eager to find the next big opportunity. The upcoming shifts could create timely buying opportunities for selective cryptos. Stay tuned to see which coins are poised for growth in the near future.
Whale Investors Flock to CYBRO’s Exciting Token Presale
CYBRO, a revolutionary aggregator platform, is making waves in the crypto community with its presale of native tokens. Built on the Blast blockchain, renowned for its high yields on ETH and stablecoins, CYBRO enhances user earnings by leveraging these advantages. Currently, the presale offers CYBRO tokens at just $0.025, a remarkable 58% discount from the expected listing price, promising a potential 300% ROI.
Investors participating in the presale with a minimum investment of $1,000 will enjoy weekly ETH rewards, which can be withdrawn after the TGE. This attractive offer has reportedly caught the attention of a significant ETH whale, who is considering a substantial purchase of CYBRO tokens. With only 21% of the total supply allocated for the presale and approximately 25 million tokens already sold, the opportunity is quickly narrowing.
Seize the Chance to Buy $CYBRO at a 58% Discount – Limited Supply Available!
CYBRO token holders will benefit from a variety of rewards, including staking bonuses, exclusive airdrops, cashback on marketplace transactions, reduced trading and lending fees, and access to an in-house insurance program.
CYBRO is set to drive substantial growth within and beyond the Blast ecosystem through diverse investment strategies ranging from conservative to high-yield. The platform focuses on maximizing returns via efficient crypto transactions. Future enhancements include the introduction of AIBroker for chatbot-assisted investments and a One-Click Investment feature to optimize yields through the integration of decentralized (DeFi) and centralized finance (CeFi) systems.
Avalanche (AVAX) Price Overview and Prediction
Avalanche (AVAX) is currently trading in the range of $30.36 to $36.41. The nearest resistance level is $39.83 and support is at $27.73. Over the last week, AVAX has dropped by 12.02%, showing a downward trend. The 10-day and 100-day simple moving averages are $32.58 and $32.41 respectively. The relative strength index is at 43.22, indicating it’s not yet oversold. The MACD level at -0.044 and low stochastic support suggest AVAX is in a corrective phase.
Polkadot (DOT) Price Overview: Current Trends and Predictions
Polkadot (DOT) is currently priced between $5.92 and $7.23. The coin is experiencing corrective moves with a one-week price decline of 10.74%, a one-month dip of 2.85%, and a six-month decrease of 6.76%. Key levels to watch are the nearest resistance at $7.93 and support at $5.31. The Simple Moving Average over 10 days is $6.56, and 100 days is $6.48. The RSI at 39.70 suggests that DOT is approaching oversold conditions.
Notcoin (NOT) Price Overview: Volatile Yet Promising
Notcoin is currently trading within the range of $0.0148 to $0.0260. Over the last week, its price dropped by 19.62%, but it surged by 796.40% in the past month and six months. This indicates recent high volatility but an overall upward trajectory. The nearest resistance level is at $0.0329, while the nearest support level is at $0.0105. The RSI is 53.09, suggesting a balanced momentum, with Stochastic at 24.27 indicating possible room for upward movement. The MACD level at 0.0003 shows mild bullish sentiment. The price seems to be in an impulsive move, signalling the potential for further growth.
XRP Price Struggles Amidst Corrective Moves Within Narrow Range
XRP is currently trading in the range of $0.4583 to $0.5354. The coin has seen a one-week price dip of 7.35% and a one-month decline of 3.48%. Longer term, it has dropped 20.75% over the last six months. The nearest resistance is at $0.5727, with support at $0.4185. Technical indicators suggest that XRP is in a corrective phase.
Conclusion
Coins like AVAX, DOT, NOT, and XRP show limited short-term potential. However, attention should turn to CYBRO. CYBRO is a unique earn marketplace, tapping into the native yield potential of the Blast blockchain. With its first release expected in Q2 2024, CYBRO presents a strong opportunity for early investors. The CYBRO token presale offers favourable entry terms. This could be a key moment to get involved in an innovative project.
MicroStrategy Announces Pricing of $700 Million Convertible Senior Notes Offering
The post MicroStrategy Announces Pricing of $700 Million Convertible Senior Notes Offering appeared first on Coinpedia Fintech News
MicroStrategy has announced the pricing of its $700 million offering of 2.25% convertible senior notes due 2032. This significant move aims to bolster the company’s financial strategy and attract institutional investors. Read on to discover how this offering impacts MicroStrategy’s future and its plans for the proceeds.
Details of the Convertible Senior Notes
Initially set at $500 million, the offering was upsized to $700 million due to strong demand. The notes are unsecured and senior, with an annual interest rate of 2.25%, which is payable semi-annually. The notes will mature on June 15, 2032, with MicroStrategy retaining the option to redeem them under specific conditions after June 20, 2029.
Conversion and Redemption Terms
The notes are convertible into cash, shares of MicoStrategy’s class A common stock, or a combination of both. The initial conversion rate is 0.4894 shares per $1,000 principal amount, translating to a conversion price of approximately $2,043.32 per share. This represents a 35% premium over the recent average price of MicoStrategy’s stock.
Use of Proceeds
MicroStrategy plans to use the estimated net proceeds of $687.8 million primarily to acquire more bitcoin and for general corporate purposes. This move aligns with their strategy to strengthen their bitcoin holdings and support their long-term vision of technological innovation and financial growth.
With this significant financial manoeuvre, MicoStrategy continues to emphasise its commitment to leveraging Bitcoin and advancing its technological infrastructure. This offering is poised to enhance the company’s financial flexibility and drive future growth.Stay tuned to Coinpedia for the latest updates on this!
MicroStrategy has announced the pricing of its $700 million offering of 2.25% convertible senior notes due 2032. This significant move aims to bolster the company’s financial strategy and attract institutional investors. Read on to discover how this offering impacts MicroStrategy’s future and its plans for the proceeds.
Details of the Convertible Senior Notes
Initially set at $500 million, the offering was upsized to $700 million due to strong demand. The notes are unsecured and senior, with an annual interest rate of 2.25%, which is payable semi-annually. The notes will mature on June 15, 2032, with MicroStrategy retaining the option to redeem them under specific conditions after June 20, 2029.
Conversion and Redemption Terms
The notes are convertible into cash, shares of MicoStrategy’s class A common stock, or a combination of both. The initial conversion rate is 0.4894 shares per $1,000 principal amount, translating to a conversion price of approximately $2,043.32 per share. This represents a 35% premium over the recent average price of MicoStrategy’s stock.
Use of Proceeds
MicroStrategy plans to use the estimated net proceeds of $687.8 million primarily to acquire more bitcoin and for general corporate purposes. This move aligns with their strategy to strengthen their bitcoin holdings and support their long-term vision of technological innovation and financial growth.
With this significant financial manoeuvre, MicoStrategy continues to emphasise its commitment to leveraging Bitcoin and advancing its technological infrastructure. This offering is poised to enhance the company’s financial flexibility and drive future growth.Stay tuned to Coinpedia for the latest updates on this!
SHIB Burn Rate Soars to 863.58% With SHIB Showing Mixed Signals
The post SHIB Burn Rate Soars To 863.58% With SHIB Showing Mixed Signals appeared first on Coinpedia Fintech News
Shiba Inu saw a massive burn rate of 863.58% over the past 24 hours with over 107 Million SHIB tokens burned. The total SHIB tokens burnt in the last week now stands at 368,456,226. Shiba Inu’s price has remained down amidst the broader market downturn. SHIB is currently trading at $0.00002164 with a slight increase in the past 24 hours, while its trading volume has significantly declined which is down 56.62% to $340.81 million. Shiba Inu is showing mixed signals as its RSI suggests that SHIB is currently in the neutral to slightly bearish region.
Shiba Inu saw a massive burn rate of 863.58% over the past 24 hours with over 107 Million SHIB tokens burned. The total SHIB tokens burnt in the last week now stands at 368,456,226. Shiba Inu’s price has remained down amidst the broader market downturn. SHIB is currently trading at $0.00002164 with a slight increase in the past 24 hours, while its trading volume has significantly declined which is down 56.62% to $340.81 million. Shiba Inu is showing mixed signals as its RSI suggests that SHIB is currently in the neutral to slightly bearish region.
ZKX to Be Listed on KUCOIN and GATE on June 19th
The post ZKX To Be Listed On KUCOIN And GATE On June 19th appeared first on Coinpedia Fintech News
ZKX protocol announced today that its anticipated ZKX token will be listed on Gate.io & KuCoin on June 19th. This will be followed by Airdrop 2 to reward the most active users. A staking mechanism will be introduced that shares protocol revenue with ZKX stakers, to ensure healthy tokenomics, incentivizing token holders to lock supply out of the market. At the launch, 33% of ZKX’s token supply will be distributed via trading incentives and community airdrops. ZKX’s ability to secure support from major CEXs from the token launch will be seen as a reflection of the project’s growing traction within the industry.
ZKX protocol announced today that its anticipated ZKX token will be listed on Gate.io & KuCoin on June 19th. This will be followed by Airdrop 2 to reward the most active users. A staking mechanism will be introduced that shares protocol revenue with ZKX stakers, to ensure healthy tokenomics, incentivizing token holders to lock supply out of the market. At the launch, 33% of ZKX’s token supply will be distributed via trading incentives and community airdrops. ZKX’s ability to secure support from major CEXs from the token launch will be seen as a reflection of the project’s growing traction within the industry.
With Crypto Prices Down After FOMC Meeting, Could New ICOs Provide a Safe Haven?
The post With Crypto Prices Down After FOMC Meeting, Could New ICOs Provide a Safe Haven? appeared first on Coinpedia Fintech News
Crypto prices have plunged this week following the FOMC meeting on Wednesday.
However, it’s been business as usual for ICOs, illustrating that these newer projects could help investors balance portfolios and dodge the market’s sweeping volatility.
No Surprises on FOMC Outcome, but Market Braces For Less Rate Cuts in 2024
The market is repricing amid a growing certainty of just one interest rate cut in 2024.
As expected, Wednesday’s United States Federal Open Market Committee (FOMC) meeting decided that interest rates will remain unchanged between 5.25% and 5.5%.
Fed Chair Jerome Powell explained to the media that central bankers are waiting for more progress in inflation reduction before implementing a rate cut.
“Inflation has eased over the past year but remains elevated,” was the overarching message from the FOMC meeting statement.
The statement also said, “In recent months, there has been modest further progress toward the Committee’s 2 per cent inflation objective.”
The CME FedWatch Tool data reflects the market bracing for less dovish monetary policy in 2024.
In January 2024, expectations were over 65% for a sub-4% interest rate by the end of 2024. That figure is below 1% today.
Based on recent data, the target rate probability for December 2024 is 4.75-5%.
Indeed, the dramatic flattening in macroeconomic expectations has taken its toll on crypto prices, with Bitcoin down 5% this week, while Ethereum is down 7%, and BNB and Solana are down 14%.
Some crypto analysts see this as an overreaction to neutral market developments and anticipate a correction to the upside to follow.
The FOMC was dovish. The FED are seeing a cut this year. The market had a 1 or 2 cut this year as a base outlook.The market will realize this soon and it will pump.
— Ran Neuner (@cryptomanran) June 13, 2024
Meanwhile, CryptoJelle noted that Bitcoin has reacted negatively after each FOMC meeting in 2024 but has quickly recovered each time.
The previous four FOMC events have all marked local bottoms, causing rallies of ±20-30%.Is this time different?#Bitcoin pic.twitter.com/sb8b8Sh9CW
— Jelle (@CryptoJelleNL) June 14, 2024
Yet, while the leading cryptocurrencies are tied to the global macroeconomic stage, new ICO tokens have seemingly uncoupled, continuing to display huge strength while other assets struggle.
3 New ICOs to Watch
With that in mind, let’s take a look at three ICOs that could provide a safe haven while the broader market is in turmoil.
PlayDoge
PlayDoge has fared as the top-performing crypto ICO amid the recent market slump.
The token has raised a whopping $4.2 million and launched less than three weeks ago, averaging over $200K of daily inflows!
But this investor interest is not without merit. PlayDoge is both a meme coin and Play-to-Earn cryptocurrency, benefiting from two of crypto’s most promising and retail-friendly narratives.
Adding to its appeal, the project is inspired by the hit 1990s Tamagotchi game, which sold over 82 million users.
In the same fashion as Tamagotchi, PlayDoge users will care for their pet, ensuring it’s fed, rested, and entertained.
But here’s the kicker: PlayDoge provides $PLAY rewards, adding monetary value to a nostalgic and enjoyable gaming experience.
The presale is ongoing and currently priced at $0.00507. However, this will rise throughout the campaign, with the next uptick in five hours.
WienerAI
WienerAI is another ICO piggybacking on two hot trends. Like PlayDoge, the presale has also seen rampant success, raising almost $6 million so far.
WienerAI has a meme coin exterior favourable among meme coins enthusiasts and beginner investors.
However, the project’s main selling point is its AI-powered trading bot, which makes users better traders while providing a seamless on-chain experience.
Users can ask the bot questions or outline criteria, and it will search the market for the best trading opportunities.
Once users are happy with the results, they can execute trades directly from the bot interface, which is instant, MEV-resistant, fee-free, and noob-friendly.
While its meme coin exterior displays the team’s understanding of crypto’s laidback demeanor, the protocol’s underlying premise provides real value.
Establishing AI-powered trading and an improved on-chain user experience, WienerAI is leading multiple fronts of crypto innovation.
99Bitcoins Token
99Bitcoins is a leading crypto news outlet with a track record dating back to 2013.
Since its inception, the outfit has been at the cutting edge of crypto media and education, but its new initiative, 99Bitcoins token, looks to raise the bar.
The token has hit the ground running after launching at presale, raising over $2 million so far.
But that’s no surprise given 99Bitcoins’ expansive audience, which comprises its website readership, 700K YouTube subscribers, and 2.8 million email subscribers.
$99BTC is part of the platform’s new Learn-to-Earn layer, which will reward users for learning about cryptocurrencies.
99Bitcoins borrows this concept from Learn-to-Earn and Move-to-Earn, which has given rise to countless hyper-successful projects in recent years.
However, the education-based approach penetrates a new market, and the timing couldn’t be better given that crypto prices are expected to surge by 2025.
Users require the $99BTC token to access the platform, aligning its popularity with the token’s demand. Holders will also receive crypto trading signals, staking rewards, and much more.
Crypto prices have plunged this week following the FOMC meeting on Wednesday.
However, it’s been business as usual for ICOs, illustrating that these newer projects could help investors balance portfolios and dodge the market’s sweeping volatility.
No Surprises on FOMC Outcome, but Market Braces For Less Rate Cuts in 2024
The market is repricing amid a growing certainty of just one interest rate cut in 2024.
As expected, Wednesday’s United States Federal Open Market Committee (FOMC) meeting decided that interest rates will remain unchanged between 5.25% and 5.5%.
Fed Chair Jerome Powell explained to the media that central bankers are waiting for more progress in inflation reduction before implementing a rate cut.
“Inflation has eased over the past year but remains elevated,” was the overarching message from the FOMC meeting statement.
The statement also said, “In recent months, there has been modest further progress toward the Committee’s 2 per cent inflation objective.”
The CME FedWatch Tool data reflects the market bracing for less dovish monetary policy in 2024.
In January 2024, expectations were over 65% for a sub-4% interest rate by the end of 2024. That figure is below 1% today.
Based on recent data, the target rate probability for December 2024 is 4.75-5%.
Indeed, the dramatic flattening in macroeconomic expectations has taken its toll on crypto prices, with Bitcoin down 5% this week, while Ethereum is down 7%, and BNB and Solana are down 14%.
Some crypto analysts see this as an overreaction to neutral market developments and anticipate a correction to the upside to follow.
The FOMC was dovish. The FED are seeing a cut this year. The market had a 1 or 2 cut this year as a base outlook.The market will realize this soon and it will pump.
— Ran Neuner (@cryptomanran) June 13, 2024
Meanwhile, CryptoJelle noted that Bitcoin has reacted negatively after each FOMC meeting in 2024 but has quickly recovered each time.
The previous four FOMC events have all marked local bottoms, causing rallies of ±20-30%.Is this time different?#Bitcoin pic.twitter.com/sb8b8Sh9CW
— Jelle (@CryptoJelleNL) June 14, 2024
Yet, while the leading cryptocurrencies are tied to the global macroeconomic stage, new ICO tokens have seemingly uncoupled, continuing to display huge strength while other assets struggle.
3 New ICOs to Watch
With that in mind, let’s take a look at three ICOs that could provide a safe haven while the broader market is in turmoil.
PlayDoge
PlayDoge has fared as the top-performing crypto ICO amid the recent market slump.
The token has raised a whopping $4.2 million and launched less than three weeks ago, averaging over $200K of daily inflows!
But this investor interest is not without merit. PlayDoge is both a meme coin and Play-to-Earn cryptocurrency, benefiting from two of crypto’s most promising and retail-friendly narratives.
Adding to its appeal, the project is inspired by the hit 1990s Tamagotchi game, which sold over 82 million users.
In the same fashion as Tamagotchi, PlayDoge users will care for their pet, ensuring it’s fed, rested, and entertained.
But here’s the kicker: PlayDoge provides $PLAY rewards, adding monetary value to a nostalgic and enjoyable gaming experience.
The presale is ongoing and currently priced at $0.00507. However, this will rise throughout the campaign, with the next uptick in five hours.
WienerAI
WienerAI is another ICO piggybacking on two hot trends. Like PlayDoge, the presale has also seen rampant success, raising almost $6 million so far.
WienerAI has a meme coin exterior favourable among meme coins enthusiasts and beginner investors.
However, the project’s main selling point is its AI-powered trading bot, which makes users better traders while providing a seamless on-chain experience.
Users can ask the bot questions or outline criteria, and it will search the market for the best trading opportunities.
Once users are happy with the results, they can execute trades directly from the bot interface, which is instant, MEV-resistant, fee-free, and noob-friendly.
While its meme coin exterior displays the team’s understanding of crypto’s laidback demeanor, the protocol’s underlying premise provides real value.
Establishing AI-powered trading and an improved on-chain user experience, WienerAI is leading multiple fronts of crypto innovation.
99Bitcoins Token
99Bitcoins is a leading crypto news outlet with a track record dating back to 2013.
Since its inception, the outfit has been at the cutting edge of crypto media and education, but its new initiative, 99Bitcoins token, looks to raise the bar.
The token has hit the ground running after launching at presale, raising over $2 million so far.
But that’s no surprise given 99Bitcoins’ expansive audience, which comprises its website readership, 700K YouTube subscribers, and 2.8 million email subscribers.
$99BTC is part of the platform’s new Learn-to-Earn layer, which will reward users for learning about cryptocurrencies.
99Bitcoins borrows this concept from Learn-to-Earn and Move-to-Earn, which has given rise to countless hyper-successful projects in recent years.
However, the education-based approach penetrates a new market, and the timing couldn’t be better given that crypto prices are expected to surge by 2025.
Users require the $99BTC token to access the platform, aligning its popularity with the token’s demand. Holders will also receive crypto trading signals, staking rewards, and much more.
Crypto Regulations in France 2024 – an European Crypto Hub
The post Crypto Regulations in France 2024 – An European Crypto Hub appeared first on Coinpedia Fintech News
France, officially the French Republic, had territories on several continents. As a developed nation, it played a leading role in industrial production. Economically, France ranked second in the European Union after Germany and sixth in the world. The government showed support for cryptocurrency by reducing taxes on virtual currencies, aiming to create legal regulations to protect investors and boost the national economy. Much of France’s participation in the cryptocurrency market relied on the president’s policies.
As one of the world’s modern countries, France projected itself as a leader among European nations. Recognizing the importance of blockchain technology and cryptocurrencies, France laid out a work plan to develop new innovations.
Government’s Attitude towards Cryptocurrency
Cryptocurrencies have a positive approach in France with necessary regulations on them. They are examined by the regulatory bodies of France, Authority des Marches Financiers (AMF), French Prudential Supervision and Resolution Authority (ACPR), and Agence Nationale de la Securite des Systemes information (ANSSI)- the cybersecurity agency of France.
France had become the central European hub for crypto and blockchain companies, with several French start-ups expanding internationally. These start-ups developed various business models, including:
Exchange platforms for retail investors like Paymium.
Digital asset brokers such as Coinhouse, Meria, and Deskoin, which allowed investors to trade digital assets directly with legal currency without using an exchange platform.
Prime brokers offering over-the-counter (OTC) services to institutional clients, such as Woorton and Aplo.
Hardware wallet manufacturers, most notably Ledger, a leading French blockchain company.
Data collection and analytics services like Kaiko, providing market data on digital asset exchanges to institutional clients.
Blockchain software development companies like Nomadic Labs and ARK.io.
Layer 1 blockchain solutions such as Massa Labs, which developed high-performance, scalable blockchain infrastructure.
Consulting and project management firms, including Blockchain Partner, along with many other smaller players in the market.
Decentralised finance (DeFi) platforms like Morpho, Angle, Paladin, ParaSwap, Mangrove, and Kleros.
Digital asset tax reporting and compliance tools such as Waltio.
This surge of activity was largely due to the adoption in 2019 of the PACTE Act, short for “Action Plan for the Growth and Transformation of Companies.” This legislation introduced the first comprehensive regulatory framework in France for initial coin offerings (ICOs) and intermediaries dealing with cryptocurrencies, known as digital asset service providers (DASPs). As a result, by the time of writing, 96 companies had registered as DASPs, and one had been licensed under this statute.
The French minister Bruno Le Maire stated that the government is in full support of the blockchain and crypto sectors.
“France will not miss the Blockchain revolution,” he added.
#News France’s Minister of Economy and Finance, Bruno Le Maire, has stated that #blockchain technology is a priority for his country’s government. #IndiaWantsCrypto
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 16, 2019
Regulations on Cryptocurrencies
France’s ambition to establish itself as a prominent crypto hub in Europe was clear when it adopted the PACTE Act on May 22, 2019. This legislation introduced a regulatory framework for Digital Asset Service Providers (DASPs) and Initial Coin Offerings (ICOs). According to the PACTE Act, DASPs must register with the Autorité des Marchés Financiers (AMF) if they offer any of the following services:
Custody of digital assets for third parties
Buying or selling digital assets in legal tender
Exchanging digital assets
Operating a digital asset trading platform
Failure to register can lead to penalties including imprisonment for up to two years and fines up to EUR 30,000 under Articles L.54-10-2 and L.572-23 of the French Monetary and Financial Code (CMF).
Assets that resemble financial instruments or electronic money are categorized accordingly and are subject to specific regulatory frameworks outside the digital asset category.
In alignment with the EU’s Fifth Anti-Money Laundering Directive (5AMLD), the AMF has implemented additional regulations for DASPs under the PACTE Act. Service providers must offer one or more of the following services to be eligible for registration:
Custody of digital assets
Buying or exchanging digital assets for fiat currency
Trading digital assets
Management of digital asset portfolios
Provision of advice related to digital assets
Registration with the AMF is mandatory for DASPs offering custody services and facilitating the purchase or sale of digital assets for fiat currency. To obtain registration, providers must submit comprehensive documentation including a cybersecurity program, a two-year business plan, a list of offered digital assets, an internal control system plan, insurance claims procedures, an IT system plan, anti-money laundering and anti-terrorism funding prevention plans, information on their geographical location, and details of at least one senior manager. Additionally, providers are required to maintain indemnity insurance or reserve funds.
Once registered, DASPs undergo technical audits to ensure compliance with cybersecurity standards.
France, having become one of the pioneers in authorizing the registration and transfer of cryptocurrencies, has now implemented the Business Growth and Transformation Law (PACTE Law) to further its goal of leading in blockchain technology. This law governs digital assets, DASPs, exchanges, and ICOs, positioning France at the forefront of regulatory innovation in the digital asset space.
Taxation and Mining
Taxes on Cryptocurrencies
Taxation of Capital Gains
As of January 1, 2023, new regulations govern the taxation of capital gains from digital asset sales, contingent upon whether the seller is an individual or a professional.
Individual Investors: Subject to a flat tax rate of 30% on total capital gains, net of losses within their tax household. They also have the option to elect for taxation under the industrial and commercial profits category (“BNC”). Unrealized gains from cryptocurrencies held in decentralized services are exempt from taxation (Article 150 VH bis of the French General Tax Code, or “CGI”).
Professional Investors and Miners: Subject to the progressive tax scale in the BNC category, with potential marginal rates reaching up to 60%, inclusive of income tax and social security contributions.
Accounting Standards for Companies
Companies must adhere to specific accounting standards issued by the French Accounting Standards Authority (“ANC”) for handling digital assets.
Tokens classified as financial instruments are accounted for accordingly.
Other tokens are accounted for based on associated rights and obligations.
Digital assets are recorded in dedicated accounts under prescribed guidelines.
Value Added Tax (VAT) Considerations
Transactions involving cryptocurrencies are treated differently based on the nature of the transaction.
Sale of Goods or Services: Treated similarly to transactions using traditional payment methods, with applicable VAT obligations.
Exemptions: Transactions between cryptocurrencies and fiat currencies, as well as transactions among different digital assets, are exempt from VAT under Article 261 C of the CGI and the European Union Court of Justice’s ruling on October 22, 2015.
Mining of Cryptocurrencies
Mining was authorized in France, with no specific regulations governing this activity. Despite this authorization, only a few companies engaged in cryptocurrency mining within the country. One example is Summit Mining, which offered services enabling investors to buy shares in mining operations and share in the assets produced through mining activities. These services provided an opportunity for individuals with limited computing capacity to participate collaboratively in mining ventures.
Series of Events
10-04-2020:– The Bank of France announced its experiment program on the Central bank digital currency.
22-01-2020:- French regulators publish new rules for crypto firms effective from 01-01-2020. The new rules released are mainly to provide licence for direct asset service providers (DASP’s). Once licenced, DASP’d are required to go through audits to ensure that their system is secured.
11-04-2019:- The French National Assembly adopted a plan called, Plan d’Action pour la Croissance et la Transformation des Entreprises(PACTE- Action Plan for Business Growth and Transformation). This plan would establish a framework for cryptocurrency-based fundraising and for digital assets service providers.
According to this plan, a blockchain company is required to obtain a ‘visa’ or license with the country’s financial authorities. If the companies opt for not adopting the plan, then they are not entitled to solicitation, funding or any sponsorship activities.
14-11-2018:- The French government set taxes on the gains from cryptocurrency of 30%. The corporate holding will only be taxed when the cryptocurrencies converted to euros.
This announcement was done by french finance minister Burno Le Maire in a speech to the French Financial market regulator’s annual conference.
09-10-2018:- The bill was approved at its first reading in the National Assembly.
24-09-2018:- The French National Commission on Informatics and Liberty released guidance for applying general Data Protection Regulation (GDPR) to blockchain technologies.
18-06-2018:- PACTE bill was presented to the council of ministers.
04-05-2018:- The Minister of Economy and Finance, Burno Le Maire presents a series of measures to be included in PACTE.
26-04-2018:- The French Council of State has announced that it has changed the tax rates for the cryptocurrency sales from 45% to 19%. The reason was cryptocurrency was reclassified as movable property. The exceptions to this are the coins earned directly from mining operations, which will be taxed as income.
19-03-2018:- The French Finance minister Bruno Le Maire, reported that France plans to create a legal framework for ICO’s. The action plan would be proposed to the French Government in the month of April/May.
This proposal would give French Market Regulator authorities (AMF) the ability to grant authorization to companies to issue coins or tokens in ICO or token sales. It is mandatory that the companies meet the criteria set in virtue of investor protection.
05-02-2018:- Online public consultation ended with 63000 votes.
16-01-2018:- The French Finance Minister announced the creation of a working group to develop cryptocurrency regulations. The former deputy governor of France’s Central Bank, Jean-Pierre Landau, will head the group.
The goals of the working group were to establish more control over the development of new financial products related to cryptocurrencies. To prevent the use of cryptocurrencies in tax evasion, money laundering, funding of terrorism or other criminal activity was part of the work.
15-01-2018:- Launch of online public consultation.
08-12-2017:- France passes new rules for trading unlisted securities instantly. The new rules mean that banks and fintech companies can set up blockchain platforms for trading of unlisted securities avoiding the middleman like brokers and custodian banks.
23-10-2017:- Launch of first PACTE consultation phase.
23-07-2014:- The French Senate released a report focusing on the type of regulation the government has to apply on Bitcoin transactions. It called Bitcoin as a type of virtual bartering tool and called cryptocurrencies a ‘long term trend raising important legal and economic matters, that can no longer be disregarded by public authorities’.
11-07-2014:- In a report, the Finance Ministry has announced its plans to introduce customer identity verification for Bitcoin distributors and other platforms by the end of the year.
07-07-2014:- The France Police shut down a Bitcoin exchange operating illegally in France. It seized 388 Bitcoins. The site operators were examined on charges of illegal banking, money laundering and illegal gambling websites.
23-06-2014:- The Senate committee of France heard an affidavit on the issues pertaining to the development of Bitcoin and similar other virtual currencies. The committee came up with the conclusion that cryptocurrencies are a long term trend and public authorities cannot ignore them.
The committee also accepted the risks involved in Bitcoin but at the same time said it would offer multiple opportunities in future. And hence public authorities need to work on the regulatory framework.
25-04-2014:- The French Ministry of Economy and Finance said that revenues generated from digital currency are taxable. No matter that cryptocurrency is still not recognised by the state. It also said that it required a declaration from the bank with the French Anti-Money laundering agency, if the sale of virtual currency is routed through a bank.
05-12-2013:- The French Central Bank issues a warning about risks associated with virtual currencies. The risks included
Security risks
Absence of central regulatory authority
Speculation and huge volatility
Legal risk
Use of currencies for illegal activities.
Concluding Note
Cryptocurrencies enjoy the most legal status in France accepting them as currencies. The regulations on the cryptocurrencies and the exchanges are also encouraging. The government is also very progressive in implementation of new innovations using blockchain technology.
I hope a good future is welcomed by France for the cryptocurrencies and its business. The upcoming regulations would surely glorify the cryptos in France and also the economy would also be boosted with technology integration.
France, officially the French Republic, had territories on several continents. As a developed nation, it played a leading role in industrial production. Economically, France ranked second in the European Union after Germany and sixth in the world. The government showed support for cryptocurrency by reducing taxes on virtual currencies, aiming to create legal regulations to protect investors and boost the national economy. Much of France’s participation in the cryptocurrency market relied on the president’s policies.
As one of the world’s modern countries, France projected itself as a leader among European nations. Recognizing the importance of blockchain technology and cryptocurrencies, France laid out a work plan to develop new innovations.
Government’s Attitude towards Cryptocurrency
Cryptocurrencies have a positive approach in France with necessary regulations on them. They are examined by the regulatory bodies of France, Authority des Marches Financiers (AMF), French Prudential Supervision and Resolution Authority (ACPR), and Agence Nationale de la Securite des Systemes information (ANSSI)- the cybersecurity agency of France.
France had become the central European hub for crypto and blockchain companies, with several French start-ups expanding internationally. These start-ups developed various business models, including:
Exchange platforms for retail investors like Paymium.
Digital asset brokers such as Coinhouse, Meria, and Deskoin, which allowed investors to trade digital assets directly with legal currency without using an exchange platform.
Prime brokers offering over-the-counter (OTC) services to institutional clients, such as Woorton and Aplo.
Hardware wallet manufacturers, most notably Ledger, a leading French blockchain company.
Data collection and analytics services like Kaiko, providing market data on digital asset exchanges to institutional clients.
Blockchain software development companies like Nomadic Labs and ARK.io.
Layer 1 blockchain solutions such as Massa Labs, which developed high-performance, scalable blockchain infrastructure.
Consulting and project management firms, including Blockchain Partner, along with many other smaller players in the market.
Decentralised finance (DeFi) platforms like Morpho, Angle, Paladin, ParaSwap, Mangrove, and Kleros.
Digital asset tax reporting and compliance tools such as Waltio.
This surge of activity was largely due to the adoption in 2019 of the PACTE Act, short for “Action Plan for the Growth and Transformation of Companies.” This legislation introduced the first comprehensive regulatory framework in France for initial coin offerings (ICOs) and intermediaries dealing with cryptocurrencies, known as digital asset service providers (DASPs). As a result, by the time of writing, 96 companies had registered as DASPs, and one had been licensed under this statute.
The French minister Bruno Le Maire stated that the government is in full support of the blockchain and crypto sectors.
“France will not miss the Blockchain revolution,” he added.
#News France’s Minister of Economy and Finance, Bruno Le Maire, has stated that #blockchain technology is a priority for his country’s government. #IndiaWantsCrypto
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 16, 2019
Regulations on Cryptocurrencies
France’s ambition to establish itself as a prominent crypto hub in Europe was clear when it adopted the PACTE Act on May 22, 2019. This legislation introduced a regulatory framework for Digital Asset Service Providers (DASPs) and Initial Coin Offerings (ICOs). According to the PACTE Act, DASPs must register with the Autorité des Marchés Financiers (AMF) if they offer any of the following services:
Custody of digital assets for third parties
Buying or selling digital assets in legal tender
Exchanging digital assets
Operating a digital asset trading platform
Failure to register can lead to penalties including imprisonment for up to two years and fines up to EUR 30,000 under Articles L.54-10-2 and L.572-23 of the French Monetary and Financial Code (CMF).
Assets that resemble financial instruments or electronic money are categorized accordingly and are subject to specific regulatory frameworks outside the digital asset category.
In alignment with the EU’s Fifth Anti-Money Laundering Directive (5AMLD), the AMF has implemented additional regulations for DASPs under the PACTE Act. Service providers must offer one or more of the following services to be eligible for registration:
Custody of digital assets
Buying or exchanging digital assets for fiat currency
Trading digital assets
Management of digital asset portfolios
Provision of advice related to digital assets
Registration with the AMF is mandatory for DASPs offering custody services and facilitating the purchase or sale of digital assets for fiat currency. To obtain registration, providers must submit comprehensive documentation including a cybersecurity program, a two-year business plan, a list of offered digital assets, an internal control system plan, insurance claims procedures, an IT system plan, anti-money laundering and anti-terrorism funding prevention plans, information on their geographical location, and details of at least one senior manager. Additionally, providers are required to maintain indemnity insurance or reserve funds.
Once registered, DASPs undergo technical audits to ensure compliance with cybersecurity standards.
France, having become one of the pioneers in authorizing the registration and transfer of cryptocurrencies, has now implemented the Business Growth and Transformation Law (PACTE Law) to further its goal of leading in blockchain technology. This law governs digital assets, DASPs, exchanges, and ICOs, positioning France at the forefront of regulatory innovation in the digital asset space.
Taxation and Mining
Taxes on Cryptocurrencies
Taxation of Capital Gains
As of January 1, 2023, new regulations govern the taxation of capital gains from digital asset sales, contingent upon whether the seller is an individual or a professional.
Individual Investors: Subject to a flat tax rate of 30% on total capital gains, net of losses within their tax household. They also have the option to elect for taxation under the industrial and commercial profits category (“BNC”). Unrealized gains from cryptocurrencies held in decentralized services are exempt from taxation (Article 150 VH bis of the French General Tax Code, or “CGI”).
Professional Investors and Miners: Subject to the progressive tax scale in the BNC category, with potential marginal rates reaching up to 60%, inclusive of income tax and social security contributions.
Accounting Standards for Companies
Companies must adhere to specific accounting standards issued by the French Accounting Standards Authority (“ANC”) for handling digital assets.
Tokens classified as financial instruments are accounted for accordingly.
Other tokens are accounted for based on associated rights and obligations.
Digital assets are recorded in dedicated accounts under prescribed guidelines.
Value Added Tax (VAT) Considerations
Transactions involving cryptocurrencies are treated differently based on the nature of the transaction.
Sale of Goods or Services: Treated similarly to transactions using traditional payment methods, with applicable VAT obligations.
Exemptions: Transactions between cryptocurrencies and fiat currencies, as well as transactions among different digital assets, are exempt from VAT under Article 261 C of the CGI and the European Union Court of Justice’s ruling on October 22, 2015.
Mining of Cryptocurrencies
Mining was authorized in France, with no specific regulations governing this activity. Despite this authorization, only a few companies engaged in cryptocurrency mining within the country. One example is Summit Mining, which offered services enabling investors to buy shares in mining operations and share in the assets produced through mining activities. These services provided an opportunity for individuals with limited computing capacity to participate collaboratively in mining ventures.
Series of Events
10-04-2020:– The Bank of France announced its experiment program on the Central bank digital currency.
22-01-2020:- French regulators publish new rules for crypto firms effective from 01-01-2020. The new rules released are mainly to provide licence for direct asset service providers (DASP’s). Once licenced, DASP’d are required to go through audits to ensure that their system is secured.
11-04-2019:- The French National Assembly adopted a plan called, Plan d’Action pour la Croissance et la Transformation des Entreprises(PACTE- Action Plan for Business Growth and Transformation). This plan would establish a framework for cryptocurrency-based fundraising and for digital assets service providers.
According to this plan, a blockchain company is required to obtain a ‘visa’ or license with the country’s financial authorities. If the companies opt for not adopting the plan, then they are not entitled to solicitation, funding or any sponsorship activities.
14-11-2018:- The French government set taxes on the gains from cryptocurrency of 30%. The corporate holding will only be taxed when the cryptocurrencies converted to euros.
This announcement was done by french finance minister Burno Le Maire in a speech to the French Financial market regulator’s annual conference.
09-10-2018:- The bill was approved at its first reading in the National Assembly.
24-09-2018:- The French National Commission on Informatics and Liberty released guidance for applying general Data Protection Regulation (GDPR) to blockchain technologies.
18-06-2018:- PACTE bill was presented to the council of ministers.
04-05-2018:- The Minister of Economy and Finance, Burno Le Maire presents a series of measures to be included in PACTE.
26-04-2018:- The French Council of State has announced that it has changed the tax rates for the cryptocurrency sales from 45% to 19%. The reason was cryptocurrency was reclassified as movable property. The exceptions to this are the coins earned directly from mining operations, which will be taxed as income.
19-03-2018:- The French Finance minister Bruno Le Maire, reported that France plans to create a legal framework for ICO’s. The action plan would be proposed to the French Government in the month of April/May.
This proposal would give French Market Regulator authorities (AMF) the ability to grant authorization to companies to issue coins or tokens in ICO or token sales. It is mandatory that the companies meet the criteria set in virtue of investor protection.
05-02-2018:- Online public consultation ended with 63000 votes.
16-01-2018:- The French Finance Minister announced the creation of a working group to develop cryptocurrency regulations. The former deputy governor of France’s Central Bank, Jean-Pierre Landau, will head the group.
The goals of the working group were to establish more control over the development of new financial products related to cryptocurrencies. To prevent the use of cryptocurrencies in tax evasion, money laundering, funding of terrorism or other criminal activity was part of the work.
15-01-2018:- Launch of online public consultation.
08-12-2017:- France passes new rules for trading unlisted securities instantly. The new rules mean that banks and fintech companies can set up blockchain platforms for trading of unlisted securities avoiding the middleman like brokers and custodian banks.
23-10-2017:- Launch of first PACTE consultation phase.
23-07-2014:- The French Senate released a report focusing on the type of regulation the government has to apply on Bitcoin transactions. It called Bitcoin as a type of virtual bartering tool and called cryptocurrencies a ‘long term trend raising important legal and economic matters, that can no longer be disregarded by public authorities’.
11-07-2014:- In a report, the Finance Ministry has announced its plans to introduce customer identity verification for Bitcoin distributors and other platforms by the end of the year.
07-07-2014:- The France Police shut down a Bitcoin exchange operating illegally in France. It seized 388 Bitcoins. The site operators were examined on charges of illegal banking, money laundering and illegal gambling websites.
23-06-2014:- The Senate committee of France heard an affidavit on the issues pertaining to the development of Bitcoin and similar other virtual currencies. The committee came up with the conclusion that cryptocurrencies are a long term trend and public authorities cannot ignore them.
The committee also accepted the risks involved in Bitcoin but at the same time said it would offer multiple opportunities in future. And hence public authorities need to work on the regulatory framework.
25-04-2014:- The French Ministry of Economy and Finance said that revenues generated from digital currency are taxable. No matter that cryptocurrency is still not recognised by the state. It also said that it required a declaration from the bank with the French Anti-Money laundering agency, if the sale of virtual currency is routed through a bank.
05-12-2013:- The French Central Bank issues a warning about risks associated with virtual currencies. The risks included
Security risks
Absence of central regulatory authority
Speculation and huge volatility
Legal risk
Use of currencies for illegal activities.
Concluding Note
Cryptocurrencies enjoy the most legal status in France accepting them as currencies. The regulations on the cryptocurrencies and the exchanges are also encouraging. The government is also very progressive in implementation of new innovations using blockchain technology.
I hope a good future is welcomed by France for the cryptocurrencies and its business. The upcoming regulations would surely glorify the cryptos in France and also the economy would also be boosted with technology integration.
Bitcoin.com Launches $10K Free Crypto Giveaway in CoinPoker Tournament This Weekend
The post Bitcoin.com Launches $10K Free Crypto Giveaway in CoinPoker Tournament This Weekend appeared first on Coinpedia Fintech News
Bitcoin.com is giving away $10K on CoinPoker this Sunday. The giveaway is rolling out as a free-to-enter poker tournament with huge USDT rewards up for grabs.
It will take place on CoinPoker’s website at 7 pm GMT on June 16th. To enter, use the code BITCOIN2024!
How to Enter the Bitcoin.com Crypto Giveaway
Read on to find out how to enter the $10K giveaway prize pool.
Create a free account on coinpoker.com/register – there is no KYC required since CoinPoker is a decentralized gambling website. You only need a crypto wallet and a recovery phone number or email address.
Download CoinPoker’s software client or mobile app – it currently supports Windows, Android, and MAC, and IOS is coming soon.
Sign in to the CoinPoker site – you can use MetaMask or your email and password.
Click “Tournaments” in the navigation menu.
Filter the tournaments for “Free” or sort the options alphabetically.
Select the Bitcoin.com $10,000 FREEROLL event and enter with the password BITCOIN2024!
The CoinPoker website will display tournament start times based on your time zone – this means that for some users, the tournament will start in the early hours of June 17.
CoinPoker is available worldwide with no geographical restrictions.
What Is CoinPoker?
Established in 2017, CoinPoker has become one of the world’s leading poker sites.
As well as hosting some of the highest stakes games, CoinPoker is well-regarded for its accessibility, offering free events, also known as freerolls. This means there’s something for everyone, regardless of skill level or bankroll.
For tournament enthusiasts, CoinPoker hosted the CSOP (crypto series of poker) and the CSOP+, which provided $25 million in guaranteed prizes this year.
And for those that prefer cash games, CoinPoker offers a wide range of buy-ins varying from $0.02/$0.05 to $500/$1000.
Indeed, these higher stakes games attract many poker superstars – catch the epic high-stakes battles on the CoinPoker YouTube channel.
Get 33% Rakeback with Native CHP Token
Leaning into the benefits of decentralization, CoinPoker has its own cryptocurrency, CHP, and is expected to launch a second token shortly.
CHP, its rakeback-centred utility token, has enjoyed a strong price performance since its inception in 2019 and has outperformed the world’s largest cryptocurrency, Bitcoin, in recent months.
The CHP token gives holders a 33% rakeback on all matches, and new CoinPoker players get a 150% bonus up to $2,000 on their initial deposit.
Meanwhile, the second utility token will introduce even more benefits, including staking rewards and incentivizing streamers and broadcasts to use the platform.
Stay updated with the latest CoinPoker developments and giveaways by following the project’s X account or joining its Telegram.
Poker fans can also catch popular CoinPoker ambassador Tony G playing on the site.
There is a limit to how many people can join Sunday night’s free poker tournament – so act fast. Up to 4,750 players can partake, and the $10K pot will be split across a percentage of the top-finishing participants.
Visit CoinPoker
Bitcoin.com is giving away $10K on CoinPoker this Sunday. The giveaway is rolling out as a free-to-enter poker tournament with huge USDT rewards up for grabs.
It will take place on CoinPoker’s website at 7 pm GMT on June 16th. To enter, use the code BITCOIN2024!
How to Enter the Bitcoin.com Crypto Giveaway
Read on to find out how to enter the $10K giveaway prize pool.
Create a free account on coinpoker.com/register – there is no KYC required since CoinPoker is a decentralized gambling website. You only need a crypto wallet and a recovery phone number or email address.
Download CoinPoker’s software client or mobile app – it currently supports Windows, Android, and MAC, and IOS is coming soon.
Sign in to the CoinPoker site – you can use MetaMask or your email and password.
Click “Tournaments” in the navigation menu.
Filter the tournaments for “Free” or sort the options alphabetically.
Select the Bitcoin.com $10,000 FREEROLL event and enter with the password BITCOIN2024!
The CoinPoker website will display tournament start times based on your time zone – this means that for some users, the tournament will start in the early hours of June 17.
CoinPoker is available worldwide with no geographical restrictions.
What Is CoinPoker?
Established in 2017, CoinPoker has become one of the world’s leading poker sites.
As well as hosting some of the highest stakes games, CoinPoker is well-regarded for its accessibility, offering free events, also known as freerolls. This means there’s something for everyone, regardless of skill level or bankroll.
For tournament enthusiasts, CoinPoker hosted the CSOP (crypto series of poker) and the CSOP+, which provided $25 million in guaranteed prizes this year.
And for those that prefer cash games, CoinPoker offers a wide range of buy-ins varying from $0.02/$0.05 to $500/$1000.
Indeed, these higher stakes games attract many poker superstars – catch the epic high-stakes battles on the CoinPoker YouTube channel.
Get 33% Rakeback with Native CHP Token
Leaning into the benefits of decentralization, CoinPoker has its own cryptocurrency, CHP, and is expected to launch a second token shortly.
CHP, its rakeback-centred utility token, has enjoyed a strong price performance since its inception in 2019 and has outperformed the world’s largest cryptocurrency, Bitcoin, in recent months.
The CHP token gives holders a 33% rakeback on all matches, and new CoinPoker players get a 150% bonus up to $2,000 on their initial deposit.
Meanwhile, the second utility token will introduce even more benefits, including staking rewards and incentivizing streamers and broadcasts to use the platform.
Stay updated with the latest CoinPoker developments and giveaways by following the project’s X account or joining its Telegram.
Poker fans can also catch popular CoinPoker ambassador Tony G playing on the site.
There is a limit to how many people can join Sunday night’s free poker tournament – so act fast. Up to 4,750 players can partake, and the $10K pot will be split across a percentage of the top-finishing participants.
Visit CoinPoker
Orissa High Court Issues Ruling: Crypto Dealings Not Illegal in India
The post Orissa High Court Issues Ruling: Crypto Dealings Not Illegal In India appeared first on Coinpedia Fintech News
The Orissa High Court in India has issued a significant ruling that cryptocurrency dealings are not illegal under Indian law. The landmark decision emerged from a case involving 2 individuals who were accused of defrauding people through a Ponzi scheme. Justice Sasikanta Mishra clarified that cryptocurrency is not money within the meaning of the Prize Chits and Money Circulation Schemes (Banning) Act or a deposit under the Odisha Protection of Interests of Depositors Act, and therefore considering that mere cryptocurrency dealings are not offenses under these laws.
The Orissa High Court in India has issued a significant ruling that cryptocurrency dealings are not illegal under Indian law. The landmark decision emerged from a case involving 2 individuals who were accused of defrauding people through a Ponzi scheme. Justice Sasikanta Mishra clarified that cryptocurrency is not money within the meaning of the Prize Chits and Money Circulation Schemes (Banning) Act or a deposit under the Odisha Protection of Interests of Depositors Act, and therefore considering that mere cryptocurrency dealings are not offenses under these laws.
Michaël Van De Poppe Believes Crypto Bullish Momentum Will Soon Pickup Led By Ethereum (ETH)
The post Michaël van de Poppe Believes Crypto Bullish Momentum Will Soon Pickup Led by Ethereum (ETH) appeared first on Coinpedia Fintech News
Bitcoin (BTC) price has established a robust support level above the 50-day moving average (MA) amid the ongoing cryptocurrency correction. The flagship coin continues to gradually form a midterm reversal pattern through a possible weekly double top coupled with a bearish divergence on the Relative Strength Index (RSI).
According to most crypto experts, Bitcoin price could easily drop towards the support level of around $60k, if the buyers fail to defend the current range.
Why Approach Bitcoin With Much Caution
The Bitcoin price has experienced mixed reactions in recent years as miners accelerate profit-taking and US spot BTC ETFs register net cash outflows. With more than two months since the fourth halving, Bitcoin demand from institutional investors remains high, as shown by the multi-year low exchanges’ balances.
Although the recent Fed monetary policies have signaled midterm low liquidity levels, experts have noted that the demand for risk-averse products has spiked.
“There’s a new wave of dollar strength and demand for equities. Risk asset demand is gradually diminishing, forming a sequence of declining intraday highs for bitcoin,” Alex Kuptsikevich, FxPro senior market analyst, noted.
According to Rachel Lin, CEO and co-founder of SynFutures, both Bitcoin and Ethereum have flashed bearish signals, which could push the entire crypto industry further down.
Silver Lining
#Bitcoin still holds a crucial level of support.FED & CPI were mixed signals, although Treasury Yields and the DXY have been dropping substantially, it’s expected that crypto will be picking up momentum as well. pic.twitter.com/CKoOMfwrD9
— Michaël van de Poppe (@CryptoMichNL) June 13, 2024
According to a popular crypto analyst Michaël van de Poppe, the crypto bullish momentum will soon peak up as the dollar continues to weaken against global fiat currencies.
The crypto analyst highlighted that Bitcoin will find a solid support level above $60k if the sellers push below $66k.
Poppe expects Ethereum to outshine Bitcoin in the next bullish wave as the ETH/BTC pair signals an inevitable reversal that will trigger the much-anticipated altseason.
Bitcoin (BTC) price has established a robust support level above the 50-day moving average (MA) amid the ongoing cryptocurrency correction. The flagship coin continues to gradually form a midterm reversal pattern through a possible weekly double top coupled with a bearish divergence on the Relative Strength Index (RSI).
According to most crypto experts, Bitcoin price could easily drop towards the support level of around $60k, if the buyers fail to defend the current range.
Why Approach Bitcoin With Much Caution
The Bitcoin price has experienced mixed reactions in recent years as miners accelerate profit-taking and US spot BTC ETFs register net cash outflows. With more than two months since the fourth halving, Bitcoin demand from institutional investors remains high, as shown by the multi-year low exchanges’ balances.
Although the recent Fed monetary policies have signaled midterm low liquidity levels, experts have noted that the demand for risk-averse products has spiked.
“There’s a new wave of dollar strength and demand for equities. Risk asset demand is gradually diminishing, forming a sequence of declining intraday highs for bitcoin,” Alex Kuptsikevich, FxPro senior market analyst, noted.
According to Rachel Lin, CEO and co-founder of SynFutures, both Bitcoin and Ethereum have flashed bearish signals, which could push the entire crypto industry further down.
Silver Lining
#Bitcoin still holds a crucial level of support.FED & CPI were mixed signals, although Treasury Yields and the DXY have been dropping substantially, it’s expected that crypto will be picking up momentum as well. pic.twitter.com/CKoOMfwrD9
— Michaël van de Poppe (@CryptoMichNL) June 13, 2024
According to a popular crypto analyst Michaël van de Poppe, the crypto bullish momentum will soon peak up as the dollar continues to weaken against global fiat currencies.
The crypto analyst highlighted that Bitcoin will find a solid support level above $60k if the sellers push below $66k.
Poppe expects Ethereum to outshine Bitcoin in the next bullish wave as the ETH/BTC pair signals an inevitable reversal that will trigger the much-anticipated altseason.
Nigeria Withdraws Tax Allegations Against Binance Executives
The post Nigeria Withdraws Tax Allegations Against Binance Executives appeared first on Coinpedia Fintech News
The Nigerian Federal Inland Revenue Service (FIRS) has withdrawn tax allegations against two top Binance executives, Tigran Gambaryan and Nadeem Anjarwalla. However, the charges are now solely directed at Binance, raising questions about the next steps for the cryptocurrency giant.
This dismissal of charges follows intense international pressure, including a letter from U.S. federal prosecutors urging the U.S. Department of Justice to put pressure on the Nigerian government.
Charges Redirected to Binance
Initially, the FIRS had brought tax charges against both Gambaryan and Anjarwalla. However, in a recent decision, the agency has chosen to redirect these charges solely at Binance, specifically through its local representative.
As a result, Gambaryan is no longer required to appear in court for the tax case, leaving Binance as the only defendant.
Observers believe that the decision to drop charges against the executives may have been influenced by the letter sent to the US Department of Justice last week, where former 100-plus senior executives urged pressure on Nigeria.
This letter highlighted concerns over the conditions in Kuje Prison, where Gambaryan was being held, known for housing some of Nigeria’s most dangerous criminals.
Money Laundering Case Still Pending
Despite this development, Gambaryan and Anjarwalla are not entirely free from legal troubles. They still face charges in a separate money laundering case. The next hearing for this case is scheduled for June 19, where an application for an order for the enforcement of fundamental rights will be heard.
The trial is set to resume on June 20, with Gambaryan remaining detained at Kuje Prison.
The Nigerian Federal Inland Revenue Service (FIRS) has withdrawn tax allegations against two top Binance executives, Tigran Gambaryan and Nadeem Anjarwalla. However, the charges are now solely directed at Binance, raising questions about the next steps for the cryptocurrency giant.
This dismissal of charges follows intense international pressure, including a letter from U.S. federal prosecutors urging the U.S. Department of Justice to put pressure on the Nigerian government.
Charges Redirected to Binance
Initially, the FIRS had brought tax charges against both Gambaryan and Anjarwalla. However, in a recent decision, the agency has chosen to redirect these charges solely at Binance, specifically through its local representative.
As a result, Gambaryan is no longer required to appear in court for the tax case, leaving Binance as the only defendant.
Observers believe that the decision to drop charges against the executives may have been influenced by the letter sent to the US Department of Justice last week, where former 100-plus senior executives urged pressure on Nigeria.
This letter highlighted concerns over the conditions in Kuje Prison, where Gambaryan was being held, known for housing some of Nigeria’s most dangerous criminals.
Money Laundering Case Still Pending
Despite this development, Gambaryan and Anjarwalla are not entirely free from legal troubles. They still face charges in a separate money laundering case. The next hearing for this case is scheduled for June 19, where an application for an order for the enforcement of fundamental rights will be heard.
The trial is set to resume on June 20, with Gambaryan remaining detained at Kuje Prison.
Turkey Makes Significant Tax Reforms to Boost Revenue
The post Turkey Makes Significant Tax Reforms To Boost Revenue appeared first on Coinpedia Fintech News
Turkey made significant tax reforms to boost revenue after facing earthquakes last year. The new measures are projected to bring in an extra 226 billion liras for state coffers, equating to around $7 billion or 0.7% of Turkey’s GDP. The government is planning to introduce a 0.03% tax on crypto trading. This crypto tax could rake in an annual 3.7 billion liras. These tax reforms signal Turkey’s determination to get its fiscal house in order amidst its major economic turmoil. President Erdogan’s party has introduced regulations for crypto service providers to enhance compliance with global standards.
Turkey made significant tax reforms to boost revenue after facing earthquakes last year. The new measures are projected to bring in an extra 226 billion liras for state coffers, equating to around $7 billion or 0.7% of Turkey’s GDP. The government is planning to introduce a 0.03% tax on crypto trading. This crypto tax could rake in an annual 3.7 billion liras. These tax reforms signal Turkey’s determination to get its fiscal house in order amidst its major economic turmoil. President Erdogan’s party has introduced regulations for crypto service providers to enhance compliance with global standards.
FlowBank Shut Down Over Serious Breach of Standards Required to Operate
The post FlowBank Shut Down Over Serious Breach Of Standards Required To Operate appeared first on Coinpedia Fintech News
Flowbank, an online Swiss Bank that offered crypto trading services has shut down and initiated bankruptcy proceedings. The Swiss financial regulator had found that it seriously breached the standards required to operate as a bank. There were no prospects of restructuring and there were fears that the bank was over-indebted and hence must be wound up, concluded FINMA. The measure was necessary as the bank no longer has the minimum capital required for its business operations. Customers with up to 100,000 Swiss francs will be protected first aiming to help customers recover the funds as soon as possible.
Flowbank, an online Swiss Bank that offered crypto trading services has shut down and initiated bankruptcy proceedings. The Swiss financial regulator had found that it seriously breached the standards required to operate as a bank. There were no prospects of restructuring and there were fears that the bank was over-indebted and hence must be wound up, concluded FINMA. The measure was necessary as the bank no longer has the minimum capital required for its business operations. Customers with up to 100,000 Swiss francs will be protected first aiming to help customers recover the funds as soon as possible.