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FTX expands to Europe with CySEC approval

Headquartered in Switzerland, FTX Europe will offer FTX products in Europe, including cryptocurrency derivative services.

Global cryptocurrency derivatives and spot exchange FTX is expanding into Europe after receiving approval from the Cyprus Securities and Exchange Commission (CySEC).

The new company called FTX Europe would offer the main products of the company to European clients through an investment company licensed throughout the European Economic Area. The new European company is based in Switzerland, along with a regional headquarters in Cyprus.

Cyprus is seen as one of the renowned jurisdictions offering a regulated means for financial companies to access the European Economic Area. Therefore, FTX would also be able to offer its crypto derivatives products, which is a big step forward since Binance had to shut down all crypto derivatives products last year across Europe.

Sam Bankman Fried said that his new venture will “interact with regulators in various countries in Europe to continue to provide a safe environment for people to trade cryptocurrencies.”

Related: FTX CEO Assesses Bitcoin Market Outlook Amid Ukraine Crisis

The exchange claimed that its launch in Europe on a regulated basis would be key to its expansion in the region. The exchange aims to maintain interactions with regulators in various European countries to build a safe ecosystem for cryptocurrency trading. FTX did not respond to requests for comment from Cointelegraph at the time of publication.

The global cryptocurrency exchange, currently valued at $32 billion, is looking to expand its reach of services to new regions, as well as fund and build nascent cryptocurrency ecosystems, including gameFi and play-to-earn.

The global cryptocurrency exchange recently announced a $2 billion venture capital fund to support Web3’s development in social media, gaming, fintech, software, and healthcare.

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G7 and European Union Officials Work to Prevent Russia from Using Crypto

As the Russian invasion of Ukraine enters its second week, government officials from Europe and North America are cooperating to further increase pressure on Vladimir Putin.

According to a new report from Bloomberg, members of the Group of Seven (G7) and the European Union (EU) are looking to take advantage of the sanctions that have been put in place against Russia in recent days, including restricting access to cryptocurrencies.

The report quotes German Finance Minister Christian Lindner, who declined to provide specific details on what tools and methods are being worked on.

Linder told Welt TV in an interview that sanctioning digital assets is one option.

“It’s about isolating Russia as much as possible at all levels [and having] the maximum ability to sanction, and that includes crypto assets as well.”

The G7 is made up of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Germany currently holds the title of president of the G7.

Cryptocurrency control has been a topic of contention since February 24, when Russia launched a large-scale incursion into Ukraine as part of an ongoing conflict dating back to 2014. Governments supporting Ukraine seek to cut off access to people in Ukraine. circumvent international sanctions through anonymous cryptographic transactions.

Former US Secretary of State Hillary Clinton recently said that she expects government bodies, as well as cryptocurrency exchanges, to start denying access to Russian users, telling MSNBC’s Rachel Maddow:

“I think in the specific case of Ukraine, I think the Treasury Department, I think the Europeans should look carefully at how they can prevent the cryptocurrency markets from giving Russia an outlet, both for government and private transactions inside and outside the country. . . Russia.”

The US Treasury Department is also targeting digital assets as part of its broader sanctions against the Russian government.

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Nested NFT-Based Crypto Social Trading Platform Raises $7.5M

Nested, a financial NFT-based cryptocurrency social trading platform, announced today that it has raised $7.5 million in a Series A funding round. The round was led by macro and digital asset investor Alan Howard and also it had the participation of Republic Capital, Kenetic Capital and CMT Digital, among others.

The platform allows users to easily create token wallets, track their performance, add, sell and trade tokens, and sell the underlying value of these wallets at any time.

Also, since all nested portfolios are minted as NFTs, called ‘NestedNFT’, they can be easily discovered on the platform and used as a mechanism to gamify and strengthen communities, allowing creators to share or upload them as gifts. or reward. .

Remarkably, Nested allows users to explore profiles, portfolios, and replicate their favorite strategies. For DeFi users, influencers, or community leaders, the platform allows them to showcase portfolios, results, share insights, and earn royalties every time a portfolio is replicated.
By using NFTs, Nested aims to make it easier to manage a diversified portfolio of cryptocurrencies.

Nested's vision is to hybridize traditional finance, decentralized finance, NFTs and cryptocurrencies to forge a financial product that is both powerful and unique: the Nested Wallet. This is a tradable, shareable and replicable portfolio that can be managed and monetized by both advanced and novice crypto investors.”

– Rudy Kadoch, founder of Nested Finance

Proceeds from the funding round will be used to build the nested team and introduce new product enhancements such as portfolio leaderboards, staking, underlying asset lending, decentralized limit orders, and more types of social features such as user profiles and integrated messages.

Nested has already launched on Polygon, Binance Smart Chain, and Avalanche, and plans to continue adding support for more networks. After a successful multi-month beta testing period in which Nested underwent several independent security audits, the platform is now available for use.

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Short Traders Decimated as Bitcoin Barrels Cross $43,000

Bitcoin surprised the market with its recent surge. The digital asset that was struggling below $40,000 last week took a break with an incredible rally past $44,000. It took the market and certainly traders by surprise as sell-offs are on the horizon. order of the day. Short traders kept the short end of the bat as they saw hundreds of millions liquidated the day before.

Uncontrolled Bitcoin liquidations

Short-term traders have dominated the market for some time as the value of the cryptocurrency is trending lower. This was exacerbated by the crisis between Ukraine and Russia. Bitcoin managed to hold around the $36K to $38K level without falling too far. Monday, however, would prove to be a departure from the norm as the rally caught the market by surprise.

Related Reading | Bitcoin mining is the most harmful to the environment after China’s ban, according to a study

On Monday, bitcoin broke above $44,000 in what can be described as a strong rally. Happening within minutes, short traders were caught off guard by this move. As such, millions of dollars in short positions were liquidated and $40K price barriers were broken across all exchanges.

BTC in another recovery trend | Source: BTCUSD on TradingView.com

In total, more than $100 million worth of bitcoin positions were liquidated in the last 24 hours. The last 12 hours represent around 50% of that volume as the price continues to maintain upward momentum. In total, there was $147 million in BTC liquidations in the last 24 hours. Short sales account for most of this amount, although there have been long million-dollar liquidations, but to a lesser extent.

Altcoins are not left out

Bitcoin not only saw large sell-offs in the last day, but altcoins also saw large sell-off volumes during the same period. Naturally, bitcoin has seen the most sell-offs, but this is to be expected as it is the most valuable asset on the market. However, this does not mean that the altcoins avoided the attack, as they also recorded more than $100 million in liquidations.

Related Reading | TA: Bitcoin is up over 12%, why this could be a big trend reversal

Ethereum leads the altcoin selloffs as $58 million was recorded in the last day. Like Bitcoin, shorts were the main contributors to this number as ETH also rallied to $3,000.

Crypto deals top $300 million in 24 hours | Source: Coinglass

An unlikely candidate, Luna, came in third place in terms of sales. The native token of the Terra blockchain has had $14 million in liquidations in the last 24 hours, of which more than $6 million has been registered in the last 12 hours alone. The altcoin is up more than 20% in the past day, posting one of the biggest gains in the recent rally.

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Canada-Based Purpose Bitcoin ETF Registers New ATH in Holdings

Bitcoin ETFs continue to see high demand despite the drop in the price of Bitcoin. Canada-based Purpose Bitcoin ETF (BTCC) holdings are at an all-time high. The Purpose Bitcoin ETF, which was the world’s first liquidated Bitcoin ETF, currently holds around 32,329 Bitcoins.

Purpose Bitcoin ETF Holdings Up 31% Since November

According to data from Glassnode, Purpose Bitcoin ETF holdings are currently worth more than $1.3 billion. Market analyst “On-Chain College” notes that the ETF has added around 7,700 BTC since November. This represents an increase of 31% in the period.

The Canadian ETF target #Bitcoin Spot has increased its holdings by 31%, or ~$7,700 BTC, since the end of November.

The ETF currently holds 32,329 BTC. pic.twitter.com/6URV8KgTcj

— OnChainCollege (@OnChainCollege) February 28, 2022

The new milestone comes after the ETF recently experienced one of its biggest single-day inflows. Earlier this month, the Purpose Bitcoin ETF added more than 1,750 BTC in two days. More than $64 million was spent at the time, marking some highs among investors amid a market crash.

The ETF also recently surpassed a year since it was launched on the Toronto Stock Exchange. Celebrating the day, Purpose Investments, the managers of the ETF, stated that the ETF was playing a key role in driving cryptocurrency adoption in Canada.

In a press release, Som Seif, founder and CEO of Purpose Investments, noted that the ETF had plans to expand further. The company revealed plans to launch in Australia through a partnership with Cosmos Asset Management in 2022.

 Working on the frontier of finance and technology, we are committed to driving innovation in this space and leading the next generation of asset management, wealth management and banking for SMEs, said Seif.

The US market has yet to see its first Bitcoin spot ETF

Countries like Canada, Switzerland, Germany, and Brazil received cash-settled Bitcoin products. The performance of these instruments in these countries has shown that investors prefer Bitcoin ETFs that are cash-settled.

However, the US Securities and Exchange Commission (SEC) continued to adamantly reject Bitcoin ETFs settled on the US trading venue. The commission recently requested public comment on the mess.

Seizing the opportunity, Grayscale launched a campaign for the public to submit comments to the SEC. Grayscale intends to convert its Grayscale Bitcoin Fund (GBTC), the world’s largest Bitcoin fund with over $25 billion in AUM, into an ETF. In the meantime, market participants remain vigilant as to when a Bitcoin ETF will hit the Canadian scenes. This expectation comes after Fidelity was approved as Canada’s first cryptocurrency custodian.