Category: cryptocurrency exchange

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Bitcoin Hits $30,800, Pulls Back To $29,950 After Finding Resistance

Bitcoin (BTC) surprised the market with a strong move higher, reaching as high as $30,800 on some cryptocurrency exchanges. The world’s largest digital currency has found the strength to rally to these levels and recover to $29,950. Bitcoin is now finding strong resistance between $30,000 and $30,800. Breaking this level can push Bitcoin towards $32,000.
Bitcoin Hits $30,800, Its Highest Level Since Mid-April

Bitcoin continues to attract investors from around the world as the digital currency hits its highest price since mid-April 2023. This shows that there is clear interest in gaining access to the largest cryptocurrency on the market.

One of the reasons behind the latest price increase could be related to the fact that Blackrock has filed an application to offer a spot Bitcoin ETF to institutional investors. Furthermore, the halving that is expected to take place next year is already attracting users who want exposure to Bitcoin.

These are just a few of the reasons why Bitcoin has skyrocketed in recent weeks. However, let’s not forget that BTC is still 57% below its all-time high recorded in November 2021. Since then, Bitcoin has been in a downtrend that now appears to be reversing.

At the end of 2022, Bitcoin reached its lowest price in years. The digital currency dipped below $16,000 for a few days allowing investors to enter the market relatively cheaply compared to what has been going on since late 2020 until now.

However, it is not clear what could happen to Bitcoin in the future. It will be important to keep an eye on the latest developments in the industry and how regulations may affect the price of the largest virtual currency on the market.

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Hong Kong authorities encourage major banks to adopt crypto clients

The Hong Kong Monetary Authority (HKMA), the regulatory body that oversees banking activities in the region, reportedly encouraged major banks like HSBC and Standard Chartered to establish relationships with cryptocurrency exchanges.

This effort to embrace the cryptocurrency sector comes despite the increased regulatory scrutiny the industry faces on a global scale. This initiative aims to position Hong Kong as a major global hub for the cryptocurrency industry.

However, the sector still faces challenges stemming from significant collapses in the past. A report dated June 15 revealed that three sources with knowledge of the matter revealed that the Hong Kong Monetary Authority (HKMA) had raised concerns during a May meeting with UK-based companies and the Bank of China.

The HKMA sought explanations from these institutions regarding their reluctance to onboard cryptocurrency exchanges as clients. This indicates the HKMA’s active interest in encouraging banks to participate in the digital asset industry and potentially highlights its commitment to promoting the development of the cryptocurrency sector in Hong Kong.

Just weeks earlier, the Hong Kong Monetary Authority (HKMA) had issued a circular to banking institutions, emphasizing the importance of keeping abreast of developments in emerging markets and urging them to take a more proactive stance in exploring new sectors, including cryptocurrency. market.

Hong Kong Shows Growing Acceptance of Crypto Businesses

With ambitious aspirations to establish itself as a pre-eminent crypto hub in Asia, Hong Kong recently unveiled a regulatory framework legalizing the buying, selling and trading of cryptocurrencies for all its citizens, which will go into effect in June.

Hong Kong’s progressive approach to digital asset laws has instilled confidence in the domestic market, prompting several companies to apply for licences. Among them is Huobi HK, the Hong Kong subsidiary of global trading platform Huobi, which recently announced the launch of spot and managed services for business and retail clients in the region.

In the wake of lawsuits filed by the US Securities and Exchange Commission (SEC) against exchanges Binance and Coinbase, Hong Kong is proactively positioning itself as a hotspot for entities affected by these legal actions.

Hong Kong Legislative Council member Johnny Ng recently took to Twitter to support struggling cryptocurrency company Coinbase. In a show of solidarity, Ng invited Coinbase and urged the company to consider establishing its operations in Hong Kong, where the regulatory environment is perceived to be more favorable for cryptocurrency businesses.

This month, Hong Kong recently introduced a comprehensive set of regulations tailored to the digital asset industry, marking a major milestone. These regulations create a framework that allows locally licensed cryptocurrency companies to start operating.

The highlight of this development is that licensed companies can now provide services to retail investors, allowing them to participate in cryptocurrency trading.

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Thailand launches retail CBDC pilot with 2 banks and Singapore payment service

The Bank of Thailand will launch a retail central bank digital currency (CBDC) pilot project in a regulatory sandbox this month. Three payment providers will take part, according to local media. The project will involve up to 10,000 users and run through August.

Bank of Ayudhya (Krungsri), Siam Commercial Bank and Singapore-based payments service provider 2C2P will partner with the Thai central bank on the project. Each of those organizations has made an app available to selected users that includes a wallet and a QR code scanner.

The Bank of Thailand announced it was developing a wholesale CBDC in 2018. It participated in the Bank for International Settlements’ mBridge cross-border payment project and Project Inthanon-Lion Rock project with the Hong Kong Monetary Authority.

In March, the country waived corporate income tax and value-added tax for companies that issue investment tokens. A government spokesman said Thailand could lose about $1 billion in revenue, but it expected investment tokens to generate $3.7 billion over the next two years.

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Robinhood removes Solana, Polygon and Cardano, is reviewing crypto options from post-SEC lawsuits

Trading giant Robinhood is delisting a handful of prominent crypto assets in response to the US Securities and Exchange Commission (SEC) suing Binance and Coinbase for allegedly violating securities laws.

According to a new report from Bloomberg, Robinhood Chief Legal Officer Dan Gallagher told members of Congress that the company is pulling smart contract platforms Solana (SOL), Cardano (ADA) and Polygon (MATIC) after SEC clamped down on the digital asset industry earlier this week.

Furthermore, Gallagher told the House Agriculture Committee that Robinhood will also review its crypto options in the future.

Gallagher, who is a former commissioner of the regulatory agency, says Robinhood is “actively reviewing” SEC complaints “to determine what action to take, if any.”

Earlier this week, the SEC filed lawsuits against Binance and Coinbase, the world’s two largest cryptocurrency exchanges, for allegedly violating securities laws.

Robinhood, a popular asset trading platform that primarily trades equities, also offered 18 crypto assets to clients before announcing it will remove SOL, ADA and MATIC.

Per the report, SEC filings indicate that all three digital assets qualify as securities, and therefore offering them would qualify as selling unregistered securities.

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Payments Giant PayPal Invests in New Crypto Wallet Software to Boost Web3 Adoption

Payments giant PayPal is investing millions in Magic, the San Francisco-based crypto wallet company, in its latest venture into the digital asset space.

According to Magic’s press release, the wallet-as-a-service (WaaS) provider has raised $52 million in a strategic funding round led by PayPal Ventures.

According to Alan Du, partner at PayPal Ventures,

“Mass adoption of Web3 is a hot topic, and Magic is facilitating it with a simple and secure solution. discover Web3. We are proud to invest in Magic and are confident that the company will help increase the number of use cases for Web3 among global brands.”

The funding round also included investments from Cherubic, Synchrony, KX, Northzone and Volt Capital, bringing the total amount raised by Magic to $80 million, according to the release.

Magic, a 2018 tech startup, provides a non-custodial crypto wallet infrastructure for companies that want to give their customers a simple and secure Web3 experience.

The company uses a unique Software Development Kit (SDK) which is implemented to allow customers to instantly create wallets using their existing email, social media accounts or SMS. To date, Magic has created more than 20 million unique wallets, according to the release.

Current Magic customers include several branded companies, including Mattel, Macy’s, Xsolla, and Immutable.

Magic co-founder Sean Li said the funding will allow the company to expand its presence in the European Union (EU) and Asia-Pacific (APAC) region.

says Li,

“With this new funding, we are focused on expanding functionality and growing use cases to continue to deliver more value to our customers. We also look forward to achieving deeper integration in the EU and APAC.”

Paypal’s recent filing with the United States Securities and Exchange Commission (SEC) shows that the company held approximately $604 million in digital assets, including $291 million in Bitcoin (BTC) and $250 million in Ethereum (ETH), in the fourth quarter of 2022.

Last December, they also announced a partnership with cryptocurrency firm ConsenSys to integrate PayPal with MetaMask, one of the most popular cryptocurrency wallets in the world.

In April, PayPal-owned Venmo announced plans to allow its more than 70 million users to transfer cryptocurrency to other Venmo users, as well as move digital assets to wallets and external exchanges.