Category: cryptocurrency exchange

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Robinhood Launches Cryptocurrency Trading in EU, Aims for Global Accessibility

Financial services company Robinhood has announced the launch of cryptocurrency trading in the European Union. “Just like we did with the stock market, our goal is to make cryptocurrencies more accessible and affordable for everyone, regardless of where they live,” the company explained.

Robinhood Expands Cryptocurrency Trading Services

Financial services company Robinhood launched its cryptocurrency trading platform in the European Union on Thursday, offering investors the ability to buy and sell more than 25 cryptocurrencies. Ad details:

   Today we launched the Robinhood Crypto app for all eligible customers in the European Union (EU).

EU residents over the age of 18 with compatible iOS and Android devices can now access Robinhood Crypto, the company clarified. The announcement details further: “Support for additional tokens, crypto transfers, crypto staking, crypto learning rewards, and more is expected to launch in 2024.”

Johann Kerbrat, CEO of Robinhood Crypto, commented: “We believe that cryptocurrencies are the financial framework of tomorrow and that they play an important role in our mission to democratize finance for all… The EU has developed one of the most comprehensive policies in the world for cryptocurrencies. asset regulation, which is why we chose the region to anchor Robinhood Crypto’s international expansion plans.”

Robinhood explained that as a publicly traded American company, it is regularly reviewed by third-party auditors and Robinhood Crypto has taken a conservative approach to supporting digital assets.

The platform’s trading volumes in stocks, options and cryptocurrencies increased in October compared to the previous month, according to data published in November. Stock trading volume increased 15% to $50.8 billion, options contracts traded increased 11% to $96.6 million, and cryptocurrency trading volume soared 92% to $2 .3 billion.
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Bitcoin Crypto Mining cryptocurrency exchange Cryptocurrency news

Phoenix closes $380 million deal with WhatsMiner to mine green Bitcoin

Phoenix Group is acquiring hydrocooling mining equipment from WhatsMiner worth more than US$136 million, with an option to purchase an additional US$246 million.

UAE company Phoenix Group has revealed a new purchase of hardware equipment from WhatsMiner, with the aim of expanding its portfolio of hydraulic cooling rigs. According to a Dec. 7 announcement, the $380 million deal represents WhatsMiner’s largest order in two years.

Under the agreement, Phoenix received mining equipment valued at US$136 million, with an additional option available worth US$246 million. WhatsMiner’s line of hydrocooling equipment launched in 2022, with current prices ranging from $1,008 to $2,484, according to the company’s website.

WhatsMiner’s hydrocooling hardware uses a closed-loop water system, preserving the volume and quality of water within the pipes. According to the company, the system offers more efficient heat transfer, as water is a more effective heat conductor than air or oil. The benefits of this system include reduced operating costs and minimized environmental impact, the company claims.
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cryptocurrency exchange Cryptocurrency news Ripple Tether

XRP Price Prediction as Correction Trend Stops at $0.57

XRP Price Prediction: Bitcoin price’s continued struggle to break the $38,000 resistance has cast a shadow of uncertainty over the market. This domino effect is noticeable in the price of XRP, which has recently entered a phase of sideways fluctuation. This trend follows the buyer stabilizing at a support level of $0.57. Currently, XRP’s price trajectory is being shaped by a symmetrical triangle pattern, a development that offers insight into its near-term outlook.

Also read: SEC meeting raises hopes for resolution of Ripple-XRP case

Triangle pattern pins recovery at $0.7

   Under the influence of a symmetrical triangle pattern, XRP price may remain sideways for the next week.

   XRP price trading above the 50% Fibonacci retracement level reflects that the overall recovery trend is intact.

   XRP intraday trading volume is $865 million, indicating a 15% loss.

Over the past fortnight, the price of XRP has traded within a limited range bounded by the converging lines of this symmetrical triangle. Notably, the cryptocurrency rebounded from these trend lines twice, underscoring the significant influence this pattern has on market behavior.

With a modest intraday increase of 0.6%, XRP price has recently recovered from the lower boundary of this pattern, now hovering around the $0.606 mark. This bullish reversal is likely to lead to a 3% rally, only to find immediate resistance at the upper boundary of the triangle.

Although bullish resistance could prolong the sideways trend, the converging nature of the pattern would ultimately result in a breakout move. If recent corrections have sufficiently revived bullish momentum, a bullish violation of the triangle’s upper trendline would mark the continuation of an uptrend.

This scenario could increase the value of XRP by 12%, reaching the key threshold of $0.7.

Support trend line maintains long-term uptrend

Although the prevailing trend is bullish, a downward break of the triangle support line could amplify the selling pressure, which could trigger an extended correction phase. In that case, the price of XRP could fall to $0.57 and possibly even further to $0.53. However, a broader perspective reveals a long-term ascending trend line that has consistently provided dynamic support to XRP, presenting buyers with a favorable downside opportunity.

   Exponential Moving Average – XRP price fluctuation around the slope of the 200-day EMA reflects the feeling of indecision among traders.

   Moving Average Convergence and Divergence: A bullish crossover between the MACD and the signal line accentuates the growing buying pressure amid the current correction trend.
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Bitcoin Bitcoin Wallet cryptocurrency exchange Cryptocurrency news

eToro Bags License to Operate in the United Arab Emirates

Global trading and investment platform eToro has announced the receipt of its latest license from the United Arab Emirates.

eToro license marks an important milestone

eToro has received approval to operate under the Financial Services Permit (FSP) from the international financial center in the capital of the United Arab Emirates, the Abu Dhabi Financial Markets Authority (ADGM). The license was specifically issued by the ADGM Financial Services Regulatory Authority. Possession of this license gives the social investment platform the legal right to offer its services in the region.

Notably, this new license from eToro authorizes the platform to operate as a securities, derivatives and cryptoassets broker in the United Arab Emirates. The company recognizes the latest addition as a milestone in its journey toward global expansion.

The United Arab Emirates becomes a crypto paradise

eToro also plans to help UAE residents increase their wealth by providing them with an avenue to gain financial knowledge, especially when it comes to cryptocurrencies. On the other hand, ADGM is confident that eToro’s UAE license, which gives the company access to ADGM’s dynamic ecosystem and progressive regulations, will help drive the platform’s vision.

It is important to note that the crypto atmosphere in the UAE has become conducive for many crypto companies, especially those seeking solace outside the United States. Regions like Dubai and Abu Dhabi have become safe havens for crypto companies facing challenges with US authorities due to the clear regulatory framework available.

In May, the UAE Central Bank published new AML guidelines for financial institutions dealing with cryptocurrencies and NFTs. A few months later, Binance, a leading digital asset services provider, became the first cryptocurrency exchange to receive the Minimum Operating Viable Product license in Dubai, proof that the region’s regulatory push is working.
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Bitcoin cryptocurrency exchange Cryptocurrency news

Crypto Fund Moves From BLUR to Lido and IMX: Supporting DeFi?

According to data from Lookonchain, Sigil, a fund in Gibraltar, swapped BLUR, one of this week’s best-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X, a dedicated Layer 2 scaling solution .mainly for NFT trading. .

Sigil Fund sells BLUR to IMX and LDO

On November 24, Lookonchain, a crypto analytics platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth approximately $1.14 million, and 210,905 LDO, trading at $540,000, a cash exchange rates. The exchange was carried out through multiple transactions and on-chain.

The exchange comes approximately three days after Sigil withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund exits BLUR as the token has dominated performance over the past few trading days.

To quantify, the token more than doubled this week alone, reaching new highs in the second half of 2023, above US$0.60. BLUR is already up 330% from its 2023 lows and continues to rise thanks to increased trading volume.

The rotation of the Gibraltar-based crypto investment fund from BLUR to Lido DAO and Immutable was immediate which could have advised the fund to exit BLUR, and not simply travel on the current journey, to LDO and IMX.

In retrospect, the move could be an endorsement of the resilience of decentralized finance (DeFi) and its inherent growth prospects. The rotation of funds into DeFi tokens could also mean a focus on supporting the building of decentralized ecosystems rather than the speculative NFT craze as is currently the case with BLUR, which is growing rapidly fueled by the Season 2 airdrop.

LDO and IMX are key to DeFi and NFT

As of November 2023, Lido DAO and Immutable X are some of the top platforms powering cryptocurrencies and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers secure NFT trading infrastructure. While recent issues at FTX and other CeFi players such as FTX partner Alameda Research continue to limit the rise, Sigil’s allocation change is an endorsement of DeFi.

Going forward, it is not immediately clear whether LDO and IMX prices will rise. For now, it is still in an uptrend, but overall it is volatile and not galloping upwards like BLUR. The token is up 80% from its October 2023 lows at press time. Meanwhile, IMX is extending its gains to 2023 highs by watching the price action on the daily chart.
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