Hong Kong outlines upcoming crypto licensing regime - cyptoranking.com

2024-05-04

Popular crypto exchanges(2023 Update) 2024-05-04
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The much-anticipated altcoin season may not happen again as 2023 nears its end. This was the opinion of pseudonymous trader Altstreet Bets. According to him, many altcoins may lose as much as 20% to 30% of their current value before the year runs to a close. The Galxe protocol is a permissionless self-sovereign identity infrastructure. Its native GAL token fell from $1.20 to $1.15 on Friday, Oct. 6. It reached $1.21 over the weekend with high trading volume through Saturday morning. It had settled at $1.16 at the time of writing, according to CoinGecko.$7,000,000,000 in Illicit or High-Risk Funds Laundered Through Cross-Chain Protocols: Crypto Analytics Firm Hong Kong outlines upcoming crypto licensing regimeOur participation in the pilot showcased the transformative potential of CBDCs. The experience has been a springboard for Canvas, opening doors to further global CBDC opportunities and reinforcing our commitment to driving digital transformation in financial markets. One of the best indicators a Bitcoin trader can use are the Bitcoin funding rates. The funding rates are showing basically whether the majority of the market participants on derivative markets are shorting or longing for Bitcoin. I’ve found this indicator very useful to spot a top in the Bitcoin price as in a healthy bull market when the funding rates are negative, the price tends to trend up. In a bear market, when the funding is positive, the price tends to decline. So we can use this metric to spot which market conditions the market is trading in and if anything has changed. One of the first signals when Bitcoin entered a bear market in 2022 was that the price of Bitcoin was declining with negative funding rates, and that does generally not happen in a healthy bull market.

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Ethereum prices might be stagnant at spot rates, weaving around the $1,540 and $1,560 zone, looking at technical charts. However, amid this period of consolidation and holders worrying about Ethereum’s prospects, Kaiko notes that the coin’s open interest has been gradually rising since September 2023. In recent years, crypto has emerged as a vehicle for humanitarian fundraising and financial resources in conflict areas. Tens of millions of dollars worth of crypto were raised to support the Ukrainian government following Russia’s invasion in early 2022.Pfizer-backed VitaDAO spins out biotech company Coinbase vs. Robinhood: Which Should You Choose?In earlier iterations of Helium, hotspots were deployed indiscriminately, causing MOBILE returns to fall for individual miners, Renski told Blockworks. But recent proposals from Helium token owners would create tiered reward systems based on signal strength and limit the number of hotspots that can operate in the same area. Helps combat illicit activity:

Likewise, Binance now views BNB as the token for a larger ecosystem, encompassing the Binance Chain and BSC, resulting from the token’s rise on BSC. The crypto titan is making this step as part of its aim to expand outside Binance. These supplies can drop for several reasons, such as a natural disaster wiping out a food crop, or a housing boom exhausting building supplies. Whatever the reason, consumers are willing to pay more for the items that they want, resulting in manufacturers and service providers charging more for their products and services. How to Choose and Set Up a Crypto Wallet|WIREDDuring the tumultuous 2023 run on Silicon Valley Bank, eUSD was severely stress-tested when Circle's USDC stablecoin reserves, housed at the bank, plummeted from $1 to 88 cents. eUSD's decentralized “self-healing” mechanism kicked in, autonomously recapitalizing and returning to the $1 peg without relying on regulators or bank guarantees. This self-recovery feature is inherent to all RTokens, Reserve said. Source: Adobe / prima91Coinbase is launching its Ethereum (ETH) layer-2 scaling solution Base, which could help reverse the company's streak of six consecutive quarters of losses.The new platform aims to enable developers to build their own crypto applications, expanding Coinbase's revenue streams beyond its core trading business. Base will function as a blockchain that allows investors to send money, trade on decentralized exchanges, borrow and lend cryptocurrencies, and even create non-fungible tokens.Alesia Haas, Coinbase's chief financial officer, said in a recent interview that the exchange will earn fees from every transaction made on the network if developers build popular applications. However, Haas acknowledges that it may take several years before Base generates substantial revenue for Coinbase. This launch comes on the heels of Coinbase reporting six consecutive quarters of losses, which were mainly attributed to lower trading volumes and a 20% decrease in the platform's active users in the last quarter.Traditionally, Coinbase has relied on fees from customer trades as its primary revenue source. However, for the first time in its history, non-trading revenue surpassed trading revenue last quarter, indicating a shift in Coinbase's business model. Base, a layer-two blockchain built on top of Ethereum, aims to improve transaction costs and speed. It achieves this by batching and compressing a large number of transactions before publishing them to the Ethereum blockchain.“On Ethereum, everyone’s driving in a single car, that’s really expensive because everyone has to pay for their own car,” said Jesse Pollak, who leads Coinbase’s efforts on the blockchain. “With Base, we have public transportation, so now you could fit hundreds of people into a single train.”Investors Rush to Send Millions to Base Ahead of LaunchInvestors have already sent over $130 million worth of cryptocurrencies from Ethereum to Base in anticipation of its launch.As reported, earlier this month, the blockchain witnessed more than $200 million in trading volumes and more transactions than established networks like Arbitrum in a matter of two days. Despite not being open to the public yet, traders have flocked to the blockchain in the hopes of racking in lucrative returns, particularly from meme coins. While Base holds promise, Coinbase faces reputational risks due to its open and "permissionless" nature, meaning anyone can participate anonymously on the blockchain.Just recently, Base experienced a scam involving a meme coin, BALD token, resulting in significant losses for investors. In response, Coinbase said it plans to introduce more tools to help users assess the trustworthiness of products on the Base platform without compromising its open and permissionless nature.Coinbase's Base launch also occurs amidst heavy regulatory scrutiny. In June, the Securities and Exchange Commission (SEC) sued Coinbase for allegedly violating exchange registration rules. As Coinbase plays a central role in creating Base, regulators could potentially hold the company accountable for any illicit activities occurring on the blockchain, according to Omid Malekan, an adjunct professor at Columbia Business School.“A regulator who wants to make that argument can make that argument,” he said. “However, I do think that’s also a very shortsighted way for any regulator to treat this situation.”Abracadabra's Bold Move: 200% Interest Proposed on $18 Million Loan to Curve Founder Amidst Bad Debt Concerns

Manifold Finance has launched a new maximal extractable value (MEV) protocol. It introduces a new auction system that allows multiple winners for each auction slot, in contrast to the predominant “one winner per slot” model in the Ethereum ecosystem. Former Decentraland CEO and Big Time founder Ari Meilich pointed to a strong community behind his new game, and a creative team at Big time Studios who are collectively responsible for games that have attracted tens of millions of users and made hundreds of millions of dollars in revenue. How to Earn Free Crypto in 2023-Most Profitable MethodsWhile the firm has yet to solidify exactly how it will add NFTs or crypto tokens into upcoming games, NHN’s Head of Business Development Jine Lee told Decrypt via email that the company is currently exploring ways that gamers can send items to each other as NFTs, as well as the possibility of crypto token rewards. That said, while the proposed rules aim to close the tax gap through accurate reporting and taxation of crypto transactions, experts have previously raised concerns over solely relying on Form 1099-DA, advocating a “trust, but verify” approach, particularly for off-chain transactions. Luckily, the Treasury and IRS remain open to public input as they work towards finalizing these regulations, which could give chance to more crypto friendly changes.UK Crypto Regulation: A Brief Look at The Legal Situation in Europe

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