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Shiba Inu's Burning Rate Increases by Over 1,000% to Boost Value

According to CryptoPotato, Shiba Inu's burning rate has increased significantly by over 1,000% as part of efforts to decrease its supply and enhance value. The popular meme coin has witnessed a substantial number of tokens removed from its total circulating supply, with the burn rate soaring by 1,200% in the past 24 hours. This resulted in over 51 million assets being destroyed, representing approximately 30% of all the assets sent to a null address in the last seven days. Shiba Inu has a maximum supply of 999,982,363,413,352 tokens, and the burning mechanism is one way to make the meme coin scarcer and potentially more valuable in time. SHIB's price is up 17% weekly, possibly bolstered by numerous factors such as the advancement of Shibarium. The layer-2 scaling solution, launched in August last year, keeps blasting through important milestones. Earlier this month, total transactions on the network exceeded the 400 million mark, whereas total blocks are just south of 4 million. Shibarium is designed to foster the growth and development of the Shiba Inu ecosystem and elevate the meme coin above its rivals. It aims to reduce transaction fees and improve speed.
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Indonesia's Financial Services Authority to Take Over Crypto Regulation in 2025

According to CoinDesk, Indonesia's Financial Services Authority (OJK) will take over regulation of the crypto industry from the commodities agency Bappebti in January 2025. Crypto firms will have to pass an evaluation in a sandbox environment by the new regulator before they are granted approval to operate in the country. Hasan Fawzi, the regulator's head of supervision for financial technology, digital financial assets, and crypto, said at a media briefing on Tuesday that this aligns with OJK's spirit, particularly in consumer protection and education. He added that they expect their regulatory mechanisms to directly impact the prevention of fraudulent investments. Firms that offer services in the country without being evaluated in the sandbox will be considered to be operating illegally. A regulatory sandbox serves as a testing and innovation development space to evaluate products and make sure they're safe and reliable. It provides an isolated environment to conduct trial runs that help enhance security and responsible management in the financial sector. The industry is currently supervised by the commodities and futures trading regulator, Bappebti, because crypto assets are classified as commodities. Once under OJK's oversight, crypto will most likely be reclassified as financial instruments. The regulatory sandbox also allows crypto businesses to get used to the regulations and supervision enforced by OJK, Hasan said, reiterating a stance from earlier this month.
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Hong Kong Expected to Approve Spot BTC ETF in Q2

According to PANews, the Hong Kong Securities and Futures Commission (SFC) is expected to approve a spot Bitcoin (BTC) ETF in the second quarter of this year. This development could significantly change the landscape of crypto asset investments and potentially position Hong Kong as a global leader in the BTC ETF market. Noelle Acheson, a prominent figure in the crypto asset industry and author of Current Affairs, commented on the potential impact of this move, stating that the Asian crypto asset market is much larger than the US market in terms of trading volume. She outlined two possibilities: the existing high trading volume could indicate market saturation or suggest that the Asian market is more familiar with and knowledgeable about crypto assets. Acheson added that a Hong Kong-listed ETF could bring a large amount of capital into 'approved' investment portfolio allocations, implying a significant shift in investment flows. Bloomberg ETF expert Eric Balchunas highlighted the importance of Hong Kong approving a spot BTC ETF with physical creation and redemption, contrasting it with the US, which only allows cash subscriptions. Balchunas said that this would help stimulate the rapidly growing asset management scale and trading volume in the region, giving Hong Kong a considerable strategic advantage. Caitlin Long, founder and CEO of Custodia Bank, also weighed in, emphasizing another key aspect of the proposed ETF structure in Hong Kong: the ability to directly extract BTC. This ensures that investors hold more than just 'paper BTC'. Long expressed excitement about this development, stating that if a spot BTC ETF is approved in Hong Kong, it would be both huge and ironic, as US banks would be left out in the cold. The discussion around the potential of a Hong Kong BTC ETF has expanded from industry experts to the broader crypto asset community. Well-known analyst Bitcoin Munger believes that the catalytic effect of a Hong Kong ETF would be much greater than that of a US ETF. Munger cited Glassnode data showing that the supply of BTC has been shifting from the West to the East year by year, and he believes this trend strengthens the case for a Hong Kong ETF surpassing a US ETF. However, not everyone is convinced that a Hong Kong ETF will have a significant impact. Eric Balchunas cautioned against overestimating the market size of Hong Kong relative to the US, stating that Hong Kong is too small compared to the US. Bitcoin Munger countered that the success of a Hong Kong ETF may not yet be fully appreciated, and any positive surprises could catch analysts, including Balchunas, off guard.
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