Bitget announces the delisting of Floki’s TokenFi (TOKEN)

• Bitget has announced the delisting of TokenFi (TOKEN), the token of an asset tokenization platform launched by Floki.
• The exchange accuses the team behind TOKEN of potential market manipulation and opaque vesting schedule.
• The price of TOKEN was $0.01806395 at the time of writing, having surged by 258% in the past 24 hours.

Bitget has announced the delisting of TokenFi (TOKEN), the tokenization platform recently launched by the team behind the meme cryptocurrency Floki.

The price of TOKEN on exchanges is currently $0.01806395, about 258% up in the past 24 hours. Bitget announced the listing of TokenFi on October 27.

Why did Bitget delist TOKEN

According to details in an announcement published on Tuesday, 0ctober 31, the decision to delist TOKEN relates to potential market manipulation by the project’s team.

“After the trading service of TokenFi (TOKEN) began, significant price fluctuations have been noticed. It was also found that the project team only added less than $2,000 in tokens to the liquidity pool of DEXes, and was suspected of market manipulation by maliciously controlling the initial liquidity,” Bitget wrote.

Other than the accusation of market manipulation via malicious compression of liquidity, the exchange also noted other possible issues around TokenFi. These include an opaque token economy and undisclosed vesting schedule.

TOKEN buyback launched

On top of halting deposit and trading for TokenFi (TOKEN) on October 31, Bitget has also canceled all pending orders. 

The exchange also announced a TOKEN buyback program to be implemented before November 7, with an automatic swap of TOKEN into USDT undertaken.

 “To be responsible for our users, after comprehensive consideration, Bitget has decided to delist TokenFi (TOKEN) and launch a buyback plan for users who hold the token on Bitget,” the crypto exchange added.

The swap price will be 1 TOKEN = 0.00605002 USDT, which is based on the highest closing price the token had in the five days after trading opened in the innovation zone.

Floki launched its tokenization platform on October 26, with the project aimed at capitalizing on the growing traction of an industry projected to hit $16 trillion by 2030. TOKEN has a total supply of 10 billion tokens, with 5 billion a piece on the BSC and ETH chains.

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Bitget celebrates the 15th Bitcoin Whitepaper Day with “Satoshi” on the Street & BTC giveaways

Victoria, Seychelles, October 31st, 2023, Chainwire

Bitget, top crypto derivatives and copy trading platform, has announced the start of a series of events and videos at the end of October, to celebrate the 15th birthday of the Bitcoin Whitepaper’s release. The event will be hosted on both online and offline venues, including street performances of “Satoshi Nakamoto”, Bitcoin analysis report, prize giveaways, and much more.

The purpose of the activities is to honor the landmark event in the blockchain industry and attract attention to the increasing adoption and prospects of cryptocurrencies worldwide.

Bitget’s Bitcoin Whitepaper Day commemoration began at the end of October with offline street performances in Austria and Taiwan. A bustling street in each region was selected to host a statue performer dressed as Satoshi Nakamoto, holding a Bitcoin Briefcase. The performance captured the attention of passers-by and acted as a powerful media attraction, subsequently amplifying its presence on social media and further boosting the event’s visibility.

“We all know the importance that Bitcoin has for blockchain, as the proverbial ‘forefather’ or genesis stage. We believe that marking an event as important as the birthday of the Bitcoin Whitepaper is a tribute all of us have to give to Bitcoin, which started it all. And that is why we are organizing this event in as lively and engaging a format as possible,” as Gracy Chen, the Managing Director of Bitget, commented on the upcoming event.

A prequel lineup of online teasers to the Bitcoin Whitepaper Day includes social media videos and live performers calling on audiences to spread the word about the event and participate in it. Bitget will also provide participants with a chance to participate in special promotional events and giveaways to ensure that Bitcoin gets the birthday wish it deserves from as many involved users as possible. The Bitcoin Whitepaper Day event foresees prizes and giveaways, including an airdrop of BTC, as well as Bitcoin-related souvenirs handed by live performers on the streets.

Bitget is committed to inspiring individuals to embrace cryptocurrencies through strategic initiatives, including collaborations with reputable partners like Lionel Messi. Its goal is to demystify the world of digital currencies and make them accessible to more people.

This event aligns with our mission, aiming to educate and engage participants enjoyably and interactively. The Bitget team attributes considerable weight and meaning to the Bitcoin Whitepaper Day, given the importance of Bitcoin for the global blockchain and cryptocurrency community as a pioneer in the industry.

The ultimate aim of the Bitcoin Whitepaper Day is to attract new audiences into the decentralized space and advance the usability and adoption of cryptocurrencies as affordable and applicable financial instruments for users of all generations.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For more information, visit:

• Website
• Twitter
• Telegram
• LinkedIn
• Discord
• Bitget Wallet

 

Contact

Rachel Cheung
media@bitget.com

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Spain to implement MiCA six months ahead of EU deadline

• Spain fast-tracks MiCA Act to December 2025, ahead of EU deadline.
• Spain aims to boost legal security and protection for Spanish crypto investors.
• Leading global exchanges have secured regulatory green light in Spain.

Spain is set to take the lead in implementing the European Union’s comprehensive cryptocurrency regulatory framework, the Markets in Crypto-Assets (MiCA) Act, ahead of the general deadline for all 27 EU member states.

This bold move aims to provide legal certainty and enhanced protection for Spanish investors involved in cryptocurrencies.

Spain to implement MiCA by December 2025

The Spanish Ministry of Economy and Digital Transformation announced that the MiCA Act will come into force at a national level in December 2025. This is six months earlier than the EU’s general deadline of July 2026.

The accelerated timeline will reduce the transitional period from 36 months to just 18 months for Spain.

The decision was made following a meeting between Spain’s first vice president, Nadia Calviño, and the president of the European Securities and Market Authority, Verena Ross. Spain’s goal is to expedite the implementation of MiCA, ensuring Spanish investors enjoy increased security and regulatory oversight in the crypto sector.

Crypto exchange developments in Spain

In parallel to this regulatory move, several international cryptocurrency exchanges have made significant strides in Spain.

Coinbase secured an Anti-Money Laundering compliance registration from Spain’s central bank, adding an extra layer of scrutiny and security for its operations.

Kraken also obtained a virtual asset service provider registration, reinforcing the exchange’s commitment to regulatory compliance. These actions demonstrate Spain’s dedication to ensuring robust AML and investor protection measures in the cryptocurrency space.

Moreover, Spain’s central bank, Banco de España, has joined other European financial institutions in exploring the advantages of a digital euro.

The central bank has expressed its belief that the digitalization of the economy and society requires a digital currency to fully exploit its benefits. This aligns with the broader trend of central banks worldwide exploring digital currencies as a means to stay relevant and efficient in an increasingly digital financial landscape.

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New UniBot contract exploited, UNIBOT token crashes

• UniBot, a popular Telegram bot used for Uniswap trading, was exploited.
• UNIBOT token price plummets.
• User compensation has been promised.

UniBot, a popular Telegram bot used for sniping trades on Uniswap, has fallen victim to a significant exploit, causing a sharp decline in the value of the UNIBOT token.

Exploitation of UniBot’s new contract

In a surprising turn of events, UniBot, the widely used Telegram bot for decentralized exchange Uniswap trading, recently experienced a security breach.

The breach occurred in a newly deployed contract, resulting in the theft of approximately $560,000 worth of various meme coins from users. The company identified the issue as a “token approval exploit” originating from their new router, prompting them to temporarily pause the router to mitigate the situation.

Although investigations are still underway, blockchain security firm Scopescan advised affected users to revoke approvals for the exploited contract and transfer their funds to a more secure wallet.

Impact on UNIBOT token price

The repercussions of this breach have been swift and substantial. The UNIBOT token, which is closely tied to the UniBot ecosystem, saw an immediate 42.7% drop in its price within a single hour. It plummeted from $57.56 to $32.94, leaving investors and token holders concerned about their assets.

However, at the time of reporting, there were indications of a recovery in the token’s price, but the incident undeniably rattled the market.

Compensating affected users

UniBot responded to the situation by pledging to compensate users who suffered losses due to the contract exploit.

We experienced a token approval exploit from our new router and have paused our router to contain the issue.

Any funds lost due to the bug on our new router will be compensated. Your keys and wallets are safe.

We will release a detailed response after investigations conclude.

— Unibot (@TeamUnibot) October 31, 2023

Cryptocurrencies such as JOE, UNIBOT, and BCAT were among the digital assets that were part of the loot. Notably, the hacker involved in the breach was observed converting the stolen meme coins into Ethereum (ETH), causing further concern among users.

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FLR token rising as Flare launches public staking

• FLR token gains 18.88% in a week, currently valued at $0.01077.
• Flare introduces public staking service, allowing FLR holders to participate in the ecosystem.
• Flare Network transition to proof-of-stake model.

FLR, the native token of the Flare network, is making waves following the recent launch of a public staking service.

FLR has seen a surge in both interest and value. Here’s a closer look at how this development has impacted the FLR token.

FLR token price on the move

Over the past seven days, FLR token has demonstrated impressive performance, with an 18.88% increase in its price. Currently valued at $0.01077, this token is gaining traction in the market, capturing the attention of investors and enthusiasts alike.

Flare price chart

 

Flare’s public staking service

Flare, an EVM-based layer 1 blockchain giving developers decentralized access to high-integrity data from other chains and the internet, has taken a significant step towards enhancing its ecosystem. The Flare team on October 29 unveiled a public staking service for FLR token holders, aligning with its transition to a proof-of-stake consensus model.

🌅 Flare public staking is live: https://t.co/ZB0AaH7sFZ

Learn everything about delegating FLR stake with #FlareStake. ⬇️🧵 pic.twitter.com/EsqWng7KCv

— Flare ☀️ (@FlareNetworks) October 29, 2023

This dedicated staking platform allows FLR holders to delegate their tokens to validators, contributing to the ecosystem’s growth.

While initially, users could only stake FLR with Avalanche application set on Ledger hardware wallets, the development team has promised to introduce more staking options in the future.

The minimum staking threshold stands at 50,000 FLR, equivalent to approximately $500 at current rates, with a lockup period of 14 days.

Flare embracing PoS model

Flare made a decision to embrace a proof-of-stake model in July 2023 aiming at creating a more cost-effective and environmentally friendly solution.

To set up a complete infrastructure within the Flare network, interested parties are required to hold a minimum of 1 million FLR tokens (equivalent to around $10,000) and maintain an uptime of at least 80% to participate in the validator reward pool.

These innovations, including the Flare Time Series Oracle (FTSO) and State Connector, demonstrate Flare’s commitment to enhancing the utility of blockchain technology. By providing reliable access to data from various sources, FLR and the Flare network are poised to offer developers new opportunities and a more versatile environment for decentralized applications, ultimately benefiting a wider user base.

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Coinbase’s Base becomes open source, Optimism vs. NuggetRush in 2023

TLDR

• Coinbase’s Base Layer 2 network has gone open-source to promote transparency and community contributions. This move simplifies development tasks and fosters collaboration.

• Optimism (OP), an Ethereum Layer 2 network, is set for a significant token release on October 30, 2023, matching the value of a prior release.

• NuggetRush (NUGX) is a community-driven blockchain game offering P2E and NFT opportunities. It focuses on building a strong community and real-world value in underserved regions.

Coinbase’s Base Layer 2 network recently open-sourced its code repositories to enhance transparency and encourage contributions from the public. Meanwhile, Optimism (OP) is preparing for a substantial token release, generating excitement in the crypto market. 

Yet NuggetRush (NUGX) has emerged as a community-driven blockchain game, combining play-to-earn opportunities and NFT innovation. Let’s learn how these developments impact the dynamic and multifaceted cryptocurrency space.

>> Buy NuggetRush Now <<

Coinbase’s Base goes open source, boosting transparency and development

The Base Layer 2 network, incubated by Coinbase, recently made its code repositories open-source. This move aims to increase transparency and encourage public contributions to the project. Developers can now access Base’s core code, simplifying tasks from contract management to deployments.

Base’s decision to open its code aims to engage a broader developer community and harness collective expertise to boost its infrastructure. It also provides a platform for feedback, potentially revealing areas for improvement and undiscovered bugs.

An essential context is Base’s partnership with Optimism on the Ethereum-based OP Stack. Anika Raghuvanshi, a Senior Software Engineer at Base, highlights the company’s ongoing support for open-source initiatives, aligning with their vision of a decentralized and inclusive technology platform.

Open sourcing, particularly in the crypto sector, serves multiple purposes. When Base publicly shares its smart contract repositories on platforms like GitHub, it provides transparency into its on-chain activities. This transparency can accelerate community-led audits, leading to quicker vulnerability fixes.

On that note, Base has introduced a developer incentive by announcing a bounty program through Coinbase HackerOne, with rewards of up to $1 million for identifying codebase vulnerabilities.

Optimism (OP) token release causes excitement in the crypto market

Optimism (OP), an Ethereum Layer 2 rollup network, is scheduled for another token release on October 30, 2023. 

Following the unlocking of 14.16 million Optimism (OP) tokens, valued at approximately $32 million on September 30, the upcoming release will be of equal value. In expectation of this event, the token saw a 5% increase on October 24, benefitting from the overall positive sentiment in the crypto market due to Bitcoin’s surge. OP also surged in July amid a token unlock.

The unlock represents 2.74% of Optimism’s (OP) circulating supply, making it a significant event with potential price implications. According to Token Unlocks data, 18.04% of Optimism (OP) tokens, totaling 774.78 million OP, have already been unlocked. Meanwhile, 24.75% of the total supply, around 1.06 billion Optimism (OP) tokens, remains locked.

As per data from Optimism, the current OP token allocation is as follows: 23.6% for core contributors, 23.6% for airdrop recipients, and 21.1% for investors.

On October 25, 2023, Optimism (OP) was trading at $1.37. Experts say Optimism (OP) will rise to $1.52 by the end of the year, supported by a bullish momentum in the entire crypto market.

NuggetRush (NUGX) introduces a new era of play-to-earn gaming

NuggetRush (NUGX) is a community-driven blockchain game designed for play-to-earn (P2E) enthusiasts and NFT fanatics. Going beyond the traditional meme coin and P2E game, this project is committed to forging a robust community and delivering tangible value, particularly to underserved regions. 

At its core, NuggetRush (NUGX) hosts a dynamic marketplace and immersive gameplay, offering investors the exciting opportunity to generate passive income.

Meme coins have evolved to provide tangible real-world advantages by harnessing cutting-edge technology in their operations. Among the latest entrants into this dynamic market is NuggetRush (NUGX).

NuggetRush offers thrilling gameplay and potential earnings growth, attracting traders fascinated by NUGX’s unique ecosystem. These features and components make it a good crypto to buy today.

>> Buy NuggetRush Now <<

Interestingly, NuggetRush (NUGX), a community-owned play-to-earn blockchain game, smoothly integrates gaming and finance. This meme coin introduces a multifaceted ecosystem that harmonizes gold mining, cryptocurrencies, and innovative gaming. 

Powered by the Ethereum (ETH) blockchain, NuggetRush (NUGX) provides worldwide transparency, security, and diverse player opportunities.

Currently, NuggetRush’s crypto ICO is in Stage 1 of its presale, with NUGX tokens trading at $0.010 each. Analysts say now is the best time to buy since NuggetRush’s (NUGX) value will rise to $0.012 on November 3 as it progresses to reach its listing price of $0.020, a 100% profit from the current price. Hence, NUGX is the best crypto investment in 2023.

Visit NuggetRush Presale Website

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ADA/USD price forecast: bullish reversal as horizontal support holds

• Cardano forms a bullish reversal pattern 
• The Federal Reserve might signal the end of the tightening cycle
• A move above $0.35 would trigger more strength

The week ahead is important for the US dollar as the Federal Reserve of the United States announces its interest rate decision on Wednesday. The market unanimously expects the Fed to hold the funds rate at the same level as six weeks ago, the second pause in the current tightening cycle.   

However the focus will not be on the actual decision. Instead, it will be on what the Fed will signal that will come next. 

More precisely, is the tightening cycle over? Can the Fed declare its fight against inflation over? 

Sure enough, inflation has dropped from its highs. Also, it continues to drop. 

If one can draw a parallel with Europe, then the Fed should prepare for inflation to drop even further. In Europe, the prices of goods and services have dropped drastically in October. Considering that the Fed and the ECB had similar tightening cycles, one may expect similar inflation trends. 

A dovish Fed would spark US dollar weakness and some markets already sniffed it. The cryptocurrency market is one example, where Bitcoin rallied to $35k recently, triggering similar moves in other cryptocurrencies such as Cardano.

ADA/USD bounced from horizontal support – how much can it rally?

One of the cryptocurrencies that anticipates a dovish Fed is Cardano. ADA/USD has rallied from horizontal support and is trying to break dynamic resistance. 

Cardano chart by TradingView

Cardano rallied with other cryptocurrencies at the start of the trading year but failed to hold onto its gains. However, it found strong support at $0.25, and then it bounced from the lows. 

The market formed a bullish reversal pattern that might represent the end of the bearish market. A move above $0.35 should trigger more strength, while a drop below the 2023 lows would invalidate the bullish reversal pattern. 

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Thailand’s Kasikorn Bank acquires majority stake in Satang crypto exchange

• Kasikorn Bank has acquired a 97% stake in Thailand-based cryptocurrency exchange Satang.
• The bank’s deal is reportedly worth 3.705 billion Thai baht ($102.8 million).
• Satang will rebrand to Orbix.

Kasikorn Bank, Thailand’s second largest bank, has reportedly acquired a 97% stake in Satang crypto exchange. The deal was completed via Kasikorn Bank’s subsidiary Unita Capital and involved 3.705 billion Thai baht ($102.8 million) worth of shares in Satang’s parent company.

Wu Blockchain highlighted the crypto news in a post on X on Monday, citing CoinDesk.

Thailand’s second biggest bank Kasikorn Bank has acquired 97% shares in the parent company of Satang crypto exchange. The deal has a valuation of 3.705 billion Thai baht ($102.8 million). K-Bank recently secured a crypto exchange license and launched a $100 million fund targeting…

— Wu Blockchain (@WuBlockchain) October 30, 2023

Satang to rebrand to Orbix

The Satang Corporation, founded in 2017 and one of the major digital asset exchanges in Thailand, offers trading for more than 45 cryptocurrencies. Details show that the platform’s customer base is over 1 million.

Per a local media report published early Monday, the deal’s completion will see Satang re-brand to Orbix, with three subsidiaries namely: Orbix Custodian, Orbix and Orbix Technology. 

Kasikorn, also known as K-Bank, recently received a crypto exchange operator license and has launched a $100 million fund for Web3, fintech, and artificial intelligence (AI).

K-Bank’s move sees it join other leading financial giants in Thailand in the push into the crypto ecosystem. These include Siam Commercial Bank (SCB) and Gulf, a local energy behemoth that recently partnered with Binance to expand the global crypto exchange’s services in the country.

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Bitcoin SV begins to retreat; are Solana, InQubeta, and Aptos more stable investments?

The cryptocurrency market is known for its volatility and ever-changing landscape. As investors seek more stable options, the recent retreat of Bitcoin SV ($BSV) raises questions about which crypto to buy today for the long term. 

Let’s explore the current state of Bitcoin SV and examine whether Solana ($SOL), InQubeta ($QUBE), and Aptos ($APT) present more stable investment prospects. 

Bitcoin SV Starts to Retreat

Top crypto for beginners like Bitcoin SV ($BSV) often has big price ups and downs. On October 22, Bitcoin SV’s price dropped by 6.10% against the US Dollar and 6.67% against Bitcoin. These figures are worse than the performance of the cryptocurrency market as a whole, which only dipped by 1.91%. 

It’s important to look at these movements over a longer period. Bitcoin SV increased by an impressive 72.10% last August – showing it has potential in the medium term – and by 45.77% over the past three months. However, its altcoin price registered a 16.20% decrease over the past year, leading to a market sentiment that’s neither positive nor negative. This is supported by a Fear & Greed index reading of 53 for Bitcoin SV.

Solana’s high-performance and low-cost solutions

Solana ($SOL) has earned a reputation as an “Ethereum killer” and is often compared to the said coin, which is the second-largest by market cap. It stands out because of its innovative proof-of-history consensus mechanism, which utilizes timestamps to define the next block on the Solana blockchain.

This approach differs from the energy-intensive proof-of-work systems, such as Bitcoin’s, which rely on miners to determine block generation. The Solana network’s energy efficiency is particularly noteworthy, especially in contrast to older proof-of-work systems, which have been criticized for their environmental impact.

Aptos: a new cryptocurrency project

Aptos ($APT) is a relatively new entrant to the beginner cryptocurrency scene, making its debut in late 2022. This layer 1 blockchain solution employs the Rust-based Move programming language and features a highly modular design, allowing for seamless updates. Developed by a global team of over 350 developers, Aptos boasts a capped supply of one billion top DeFi coins.

Its BFT PoS consensus mechanism and parallel transaction processing capacity of 130,000 transactions per second underline its reliability and performance. However, Aptos is still in its infancy, making it a speculative investment with an unproven track record and potential susceptibility to large holders’ influence.

InQubeta: a revolutionary crypto transforming AI

InQubeta ($QUBE) is the dark horse in this competition. It’s gaining significant momentum as a reliable AI and top crypto to invest in, with its $QUBE token presale in full swing. Priced at $0.0133 per token as of October, the response has been extraordinary, with over 414 million tokens sold and remarkable funding exceeding $3.8 million.

InQubeta’s innovative fractional investment model that uses non-fungible tokens (NFTs) features a dynamic marketplace that benefits both startups and investors. AI startups can mint their investment opportunities as NFTs and offer these to platform users. Investors can buy fractionalized NFTs using $QUBE, allowing them to participate in multiple AI projects with lower entry barriers.

InQubeta ($QUBE) has shown exponential growth in its presale, currently at stage 4 out of 6. The price of $QUBE will increase by 20% when the presale enters stage 5. Early investors who acquired $QUBE during the beta stage have already enjoyed 100% returns. Those who purchase QUBE now position themselves for a 3x growth when QUBE launches on exchanges.

InQubeta’s forward-thinking approach is evident in its groundbreaking investment model and its strong online presence. With a rapidly growing Twitter following, InQubeta ($QUBE) has garnered a substantial and engaged community of supporters, further solidifying its position as an attractive investment opportunity.

Conclusion

While Bitcoin SV’s recent retreat may raise eyebrows, the cryptocurrency market always offers opportunities. Solana and Aptos are intriguing altcoins, each with unique strengths and risks.

However, InQubeta, with its burgeoning AI investment platform and the impressive $QUBE token, shines as a beacon of promise in an ever-evolving financial landscape. As always, please do your due diligence and consider your investment choices carefully.

For more information on the ongoing QUBE presale, visit the InQubeta Presale or join the InQubeta Communities.

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Bitget Builders Program Continues to Empower Young Talents with the Commencement of the Second Phase

Victoria, Seychelles, October 27th, 2023, Chainwire

Bitget, a leading cryptocurrency exchange and web3 company, is pleased to announce the success and popularity of the Bitget Builders Program during its first phase and is excited to launch the second phase of the program. As part of the Blockchain4Youth charity project, the new phase of the Bitget Builders Program aims to recruit over 100 young talents worldwide and provide them with comprehensive education, training, and industry experiences in the fields of crypto, blockchain, and Web3.

In the first phase of the program, launched in August, the Bitget Builders Program received widespread enthusiasm from youth, resulting in an impressive total of over 350 applications. Building on this success, Bitget is delighted to open another round of recruiting for the program.

In the second phase, the Bitget Builders Program aims to recruit 100 young talents in Q4 2023, with a focus on countries including UK, Canada, Australia, Philippines, Kenya, Egypt, Morocco, Argentina, Mexico, Venezuela, Colombia, Peru, Bulgaria, Czech Republic, Romania, Kazakhstan, Sri Lanka, and Saudi Arabia.

The Bitget Builders Program has provided exceptional opportunities for the participants, equipping them with a wide range of education and training in various aspects of the cryptocurrency and blockchain industry. Participants have gained insights into trading strategies, market analysis, blockchain technology, and other relevant topics through webinars and online training courses conducted by industry experts. Bitget remains committed to offering diverse education and training topics online to provide deeper knowledge of Bitget, cryptocurrencies, and the blockchain industry.

The program has gone beyond theoretical education, allowing young talents to engage with real-world projects and gain valuable industry experience. Builders have actively contributed to Bitget’s growth by participating in activities related to online marketing, distributing Messi-related merchandise, community building, and being representatives of Bitget at blockchain offline events in their respective regions. These experiences have further enhanced their understanding and awareness of blockchain technology.

“We are thrilled to witness the enthusiasm and talent showcased by young individuals in the first phase of the Bitget Builders Program,” said Gracy Chen, Bitget Managing Director. “Their commitment to learning and contributing to the cryptocurrency community has been inspiring. We are excited to launch the second phase and provide even more young talents with the opportunity to flourish and become future leaders in the crypto industry.”

Looking ahead, the Bitget Builders Program seeks to expand its impact and nurture the next generation of crypto leaders in the youth community. Bitget is proud to introduce the Bitget Builders Global Tour, an innovative initiative that empowers dedicated builders to organize impactful offline events across diverse regions.

The tour aims to bring Bitget closer to local communities and crypto enthusiasts in 20 different countries, enlightening the local community about blockchain and attracting new users to explore the Bitget ecosystem. A substantial stipend of up to $1,000 per builder will be provided for hosting offline events in each region, creating a unique opportunity for experienced builders to leverage their influence and creativity.

For more information about the Bitget Builders Program and to participate in the second phase of recruitment, please visit: https://www.bitget.com/support/articles/12560603798857

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For more information, visit:

• Website
• Twitter
• Telegram
• LinkedIn
• Discord
• Bitget Wallet

For media inquiries, please contact: media@bitget.com

 

Contact

Global PR Manager
Rachel Cheung
Bitget
media@bitget.com

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Virtual Asset Management Bill introduced in the Taiwan parliament

• The Bill focuses on customer protection, regulatory obligations, and industry self-regulation.
• Major crypto exchanges in Taiwan had previously formed the Taiwan Virtual Asset Platform and Transaction Business Association.
• Taiwan’s Financial Supervisory Commission (FSC) also recently issued industry guidelines for VASPs.

In a recent move to enhance oversight and customer protection in the cryptocurrency industry, Taiwanese legislators introduced the Virtual Asset Management Bill to the unicameral parliament, the Legislative Yuan, on October 25, 2023.

The bill aims to establish clear guidelines for virtual asset service providers (VASPs) while fostering industry growth.

Key provisions of the bill

The 30-page bill outlines several important provisions:

• Customer Protection: The bill emphasizes the need for better customer protection within the cryptocurrency industry. It requires virtual asset service providers to separate customer funds from their reserve funds, ensuring transparency and security.
• Regulatory Obligations: VASPs are expected to establish internal control and audit systems to maintain compliance. Joining the local trade association is also encouraged to foster industry self-regulation.
• Stablecoins and Advertising: Notably, the bill does not mandate stablecoin issuers to maintain a 1:1 reserve ratio, showing flexibility in this aspect of regulation. Additionally, the rules for advertising are to be determined by the competent authority, granting flexibility in marketing activities.
• Licensing and Fines: VASPs operating without a license face fines ranging from 2 million to 20 million Taiwanese dollars. Existing market players have a six-month window to obtain the required license after the bill becomes law.

Prior attempts by industry participants to self-regulate

The introduction of the Virtual Asset Management Bill closely follows the creation of the Taiwan Virtual Asset Platform and Transaction Business Association, which represents a collaborative effort by major cryptocurrency exchanges in Taiwan.

MaiCoin, BitoGroup, Ace Exchange, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito joined forces to support the cryptocurrency industry and engage with regulators. The association was created with the aim of guiding the industry, setting standards, and building consensus.

In September 2023, Taiwan’s Financial Supervisory Commission (FSC) issued industry guidelines for VASPs, restricting foreign VASPs from operating in Taiwan without obtaining necessary approvals from the regulator.

The FSC’s move underscored the government’s commitment to providing regulatory clarity.

Binance’s registration application in Taiwan

Binance, one of the world’s largest cryptocurrency exchanges, sought registration in Taiwan, signalling its willingness to comply with local regulations. Binance had previously operated in the country through a local entity, Binance International Limited Taiwan Branch (Seychelles).

🇹🇼 #Binance will apply for registration in Taiwan

The largest cryptocurrency exchange Binance intends to obtain registration in Taiwan in accordance with the Anti-Money Laundering Law.

According to the register of the Taiwan Ministry of Commerce, in May this year, the… pic.twitter.com/Jum73kjgn1

— Iren Barnes (@IrenCryptoQueen) August 11, 2023

These developments collectively reflect Taiwan’s evolving approach to cryptocurrency regulation, aiming to balance industry growth with necessary oversight and customer protection. The cryptocurrency industry’s landscape in Taiwan continues to evolve, seeing that Circle, BitoGroup, and Taiwan FamilyMart recently partnered to launch ‘Points-to-Crypto’ service in the country.

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FLOKI launches real-world asset tokenization platform TokenFi, token surges 29.01%

• FLOKI token price has surged by 29.01% surge in the last 24 hours.
• The price gain is attributed to the launch of TokenFi, a real-world asset tokenization platform.
• TokenFi empowers users to tokenize real-world assets without coding skills.

In a significant move that is reverberating through the cryptocurrency world, the FLOKI token has experienced a remarkable 29.01% surge in its price over the past 24 hours. This sudden boost in value is directly attributed to the launch of TokenFi, a novel platform dedicated to real-world asset (RWA) tokenization.

TokenFi, introduced by the Floki development team, marks a pivotal shift for the once-meme coin project, positioning it as a formidable contender in the decentralized finance (DeFi) ecosystem.

Revolutionizing RWA tokenization using TokenFi

TokenFi is designed to facilitate the tokenization of real-world assets without requiring users to possess coding skills.

FLOKI LAUNCHES TOKENFI (with "TOKEN" ticker) TO CAPITALIZE ON THE TRILLION-DOLLAR TOKENIZATION INDUSTRY

Floki has launched a crypto and asset tokenization platform named @TokenFi to capitalize on the trillion-dollar tokenization industry.

The tokenization industry is projected… pic.twitter.com/lCPo1fUDGp

— FLOKI (@RealFlokiInu) October 26, 2023

This groundbreaking platform empowers users to launch various cryptocurrencies and raises funds from the Floki community. Furthermore, it establishes connections with exchanges and market makers to ensure liquidity while offering the opportunity to create tokens representing real-world assets that are not classified as securities.

The cryptocurrency industry is now on the precipice of a vast opportunity. As developers envision, the tokenization industry is projected to reach a staggering $16 trillion by the year 2030. Indeed, even major institutional investors like BlackRock, managing assets worth $10 trillion, have shown unwavering belief in the potential of this industry, dubbing it “the next evolution in markets.”

Real-world asset tokenization a trillion-dollar opportunity

Real-world asset (RWA) tokenization refers to the digitization of physical assets such as real estate or vehicles, making them accessible within the realm of decentralized finance (DeFi) applications. Industry analysts have aptly labelled this as a “trillion-dollar opportunity” due to its potential to democratize global asset trading and investment, previously constrained by complex regulatory and financial laws.

TokenFi’s deployment will commence on five prominent blockchain networks, including Ethereum, BNB Chain, opBNB, Base, and Arbitrum. With plans for further expansion, this platform aims to attract users with incentives for protocol usage, creating a self-sustaining ecosystem.

FLOKI token staking

For FLOKI token holders, there’s an added incentive. Users can earn the reward token, TOKEN, by staking their FLOKI tokens for durations ranging from 3 months to 4 years. This mechanism is expected to reduce the circulating supply of FLOKI tokens and increase their intrinsic value, thereby further contributing to the ecosystem’s growth.

TokenFi’s ambitious mission to capitalize on the booming RWA tokenization market signifies the increasing prominence of blockchain technology in reshaping global finance.

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Sam Bankman-Fried testifying today in the FTX fraud trial

• Sam Bankman-Fried set to testify in FTX fraud trial.
• Prior statements BY SBF are under scrutiny as he testifies under oath.
• Key testimonies accuse him of fund misappropriation.

Former FTX CEO Sam Bankman-Fried (SBF) is today scheduled to testify in the ongoing criminal FTX fraud trial. SBF is facing allegations of misusing customer and investor funds to over $8 billion, leading to FTX’s Chapter 11 filing in November 2022.

As the trial unfolds, the spotlight is now on Sam Bankman-Fried as he prepares to take the stand to defend himself against the serious allegations brought against him. His testimony comes after a series of developments in the trial, including the testimony of former colleagues and insiders who have accused him of directing actions that led to the alleged misappropriation of funds.

What Bankman-Fried has previously stated

In the wake of FTX’s collapse, Bankman-Fried sought to explain the situation to the public, contending that the cryptocurrency market’s implosion in 2022 played a significant role in the downfall.

He asserted that he was only vaguely aware of the events and denied any intention to defraud customers or investors. However, these statements were met with scepticism, as they were made in a non-legal context. SBF was arrested in The Bahamas and later extradited to the US where a court case against him has been ongoing.

Today’s testifying will take place in a legal context, under oath, which starkly contrasts with his earlier public statements. This sets the stage for a rigorous examination of his claims and credibility. The defence will aim to emphasize that he did not intend to defraud anyone, arguing that the situation spiralled out of control.

Key witnesses have testified against SBF

Throughout the trial, several key witnesses, including former Alameda Research CEO Caroline Ellison, former FTX Director of Engineering Nishad Singh, and former FTX Chief Technology Officer Gary Wang, have testified under oath that Bankman-Fried not only knew about but also directed actions related to the alleged misappropriation of customer funds. Their testimonies have presented a significant challenge to Bankman-Fried’s defence.

It also emerged that FTX used billions in customer funds for Binance stake buyback.

As the defence takes its turn, it plans to call witnesses, including financial expert Joseph Pimbley and Bahamas-based attorney Krystal Rolle. These witnesses are expected to support Bankman-Fried’s defence and provide further insight into the events leading to FTX’s collapse.

In the days ahead, the trial outcome will be closely watched, as Sam Bankman-Fried attempts to present his case and respond to the allegations made against him. His testimony, now under the scrutiny of the legal system and facing opposing testimonies, is expected to play a pivotal role in determining the verdict in this high-profile case.

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Crypto.com offers Aston Martin F1 merch pack ahead of Mexico GP

• Crypto exchange Crypto.com is giving away an Aston Martin F1 merchandise package to celebrate its partnership with the team.
• 10 participants stand to win a merchandise pack ahead of Mexico GP.

Crypto.com has announced an Aston Martin F1 giveaway as it celebrates its partnership with the Formula One team. The merch pack is available via a campaign period between October 25 and October 29, the crypto exchange noted in a blog post.

“We’re buzzing with anticipation about the upcoming Formula 1 Gran Premio de la Ciudad de México 2023, and are celebrating the event — and the Aston Martin Aramco Cognizant Formula One team’s efforts in the constructor championship — with a giveaway!”

The Mexico Grand Prix is near, and we’re celebrating with a #giveaway.

🏆Enter to win a #CryptoCom x @AstonMartinF1 merch pack

How to participate👇

🏁 Guess what positions @alo_oficial and @lance_stroll will finish at the #MexicoGP
🔵 Like and RT
✅ Follow @cryptocom pic.twitter.com/Pn4hM3OWDs

— Crypto.com (@cryptocom) October 25, 2023

According to the exchange, ten lucky people stand a chance to win a co-branded merchandise package. To win, one has to correctly predict the performance of Lance Stroll and Fernando Alonso at the Mexico Grand Prix. 

Participation is optional and is accessible on X (formerly Twitter), with interested users not asked to make any purchases. Crypto.com says it will randomly select winners, and inform them directly via X on 31 October.

Cronos (CRO) and Aston Martin Cognizant Fan Token (AM)

A look at the Crypto.com market shows the native token Cronos (CRO) traded around $0.059 on Thursday morning, about 3.5% up in the past 24 hours and 16% higher in the past week. 

Meanwhile, the price of Aston Martin Cognizant Fan Token was $0.58, with a 24-hour price gain of -0.5% and 7-day change of +5%.

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Deutsche Bank and Standard Chartered pilot SWIFT alternative for digital currencies

• Deutsche Bank and Standard Chartered test Universal Digital Payments Network (UDPN) for digital currency transactions.
• UDPN connects blockchain networks, facilitating seamless transactions between stablecoins and CBDCs.
• UDPN, with 25 participating organizations, aims to enhance digital currency transactions.

Global banks Deutsche Bank and Standard Chartered are pioneering a groundbreaking solution that could revolutionize cross-border transactions in the realm of digital currencies.

These financial giants are currently engaged in testing a network known as the Universal Digital Payments Network (UDPN), which has the potential to be a game-changer in the world of blockchain-based transactions.

How the UDPN works

UDPN, conceived as a permissioned blockchain system, is a brainchild of tech consultancy GFT Group and Red Date Technology, co-founder of the Chinese Blockchain-Based Service Network (BSN). The system is designed to facilitate seamless transactions between a wide spectrum of digital assets, ranging from stablecoins on public blockchains to central bank digital currencies (CBDCs).

In a cross-border currency transfer scenario, the sending institution converts the value into a token, which is then transferred into a smart contract managed by UDPN. This smart contract, in turn, releases the intended target currency without the need for a centralized messaging system like SWIFT.

Crucially, the Universal Digital Payments Network does not merely operate in isolation. It serves as an interoperability bridge between disparate blockchain networks, offering an essential link that is often missing in the blockchain and digital currency ecosystem. Additionally, it applies established decentralized digital identity standards (DIDs) to participants, ensuring that transactions take place within a secure and regulated environment.

Organizations participating in the UDPN pilot

Deutsche Bank and Standard Chartered are not alone in this endeavor.

The UDPN currently boasts around 25 participating organizations, including banks from the United States, Australia, Latin America, and Europe. These entities are actively involved in conducting roughly ten proof-of-concept tests concurrently.

This initiative marks another significant stride in the financial industry’s efforts to streamline and standardize the management of blockchain-based transactions in private settings. By focusing on interoperability and decentralized identity standards, UDPN may provide a compelling solution for digital currencies to communicate effectively and securely, ultimately paving the way for more efficient cross-border transactions.

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Circle, BitoGroup, and Taiwan FamilyMart launch ‘Points-to-Crypto’ service

• Circle, BitoGroup, and Taiwan FamilyMart join forces to launch a ‘Points-to-Crypto’ service in Taiwan.
• ‘Points-to-Crypto’ service allows for the conversion of FamilyMart’s FamiPoints into digital currencies like USDC.
• The partnership empowers the Taiwanese community to embrace digital fintech innovations.

A groundbreaking partnership between Circle Internet Financial, BitoGroup, and Taiwan FamilyMart is set to transform the loyalty points economy in Taiwan, making it more accessible and valuable for consumers while advancing the adoption of cryptocurrencies.

In Taiwan, the loyalty points ecosystem has become an integral part of daily life, particularly in the context of the nation’s high-density convenience stores. According to the Market Intelligence & Consulting Institute (MIC) in Taiwan, loyalty points’ accumulation and redemption are highly valued by consumers. In 2021, 87% of users engaged in points accumulation, with 99% of them frequently redeeming points for products. This underscores the importance of loyalty points in the Taiwanese market.

Points-to-Crypto Service and the loyalty points industry

To enhance the value and accessibility of loyalty points, Circle Internet Financial, a global fintech company, has partnered with BitoGroup, Taiwan’s leading cryptocurrency market leader, and Taiwan FamilyMart, the nation’s second-largest convenience store chain.

This partnership introduces a new ‘Points-to-Crypto’ service on the Taiwan FamilyMart App and the BitoPro Exchange. Customers can now convert their FamilyMart loyalty points, known as FamiPoints, into digital currencies like USDC, a stablecoin issued by Circle. Notably, this conversion process eliminates the loss of value that loyalty points can experience over time and comes with zero transaction fees, making it easier and more cost-effective for consumers to venture into the world of cryptocurrencies.

The collaboration’s primary goal is to empower the Taiwanese community to seamlessly participate in the digital economy and embrace digital fintech innovations. By integrating USDC into the ‘Points-to-Crypto’ service, this partnership aims to offer convenience and utility to the Taiwanese market.

BitoGroup, a company with nearly 800,000 members and a dominant market share, operates a range of services, including BitoPro (a cryptocurrency exchange), BELS (an NFT empowerment platform), and O2 META (a metaverse-focused social media platform). This partnership not only signifies a transition from physical to online experiences but also reinforces Taiwan’s position as a leader in the digital economy, advancing the Web3 era.

Taiwan FamilyMart, with over 17 million members, is committed to continually enhancing the value of FamiPoints and offering more diverse and convenient avenues for loyalty point utilization. This collaborative effort introduces a wider range of virtual currencies that FamiPoints can be exchanged for, positively impacting the loyalty points economy in Taiwan.

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Bank of Spain, Banco de España, embraces digital euro

• Banco de España has backed the digital euro.
• The digital euro promises offline payments and privacy, akin to cash.
• European central banks, including the Bank of Finland, are supportive of the digital euro project.

In a significant move towards digitalization, Banco de España, Spain’s central bank, is aligning with its European counterparts to introduce a digital euro.

This initiative aims to revolutionize the way financial transactions are conducted, offering a range of potential benefits for consumers and businesses.

A new era in finance with the digital euro

Banco de España has joined the growing chorus of European central banks in endorsing the digital euro, a central bank digital currency (CBDC).

The traditional form of physical cash, according to the central bank, falls short of harnessing the advantages presented by the increasingly digitalized economy and society. As a response, the digital euro is set to emerge as a pivotal component of the financial system, paving the way for electronic payments to become more seamlessly integrated into daily financial transactions.

The “preparation phase” of the digital euro project, which commenced on October 18, is expected to continue until 2025. It’s important to emphasize that the final decision regarding the issuance of the pan-European CBDC is yet to be determined.

As more and more people are choosing to pay digitally, we want to offer a digital form of central bank money with the same guaranteed value as cash.

That’s what a digital euro would be.

Why would it be so important for Europe? Find out more https://t.co/uNeB5sZtHa #digitaleuro pic.twitter.com/M7EMpWsTrQ

— European Central Bank (@ecb) October 25, 2023

The Bank of Finland has also expressed its support for the digital euro, underscoring its significance in the European payment sector. Furthermore, the European Central Bank (ECB) has launched a dedicated information page to enlighten the public about the digital euro’s potential benefits, promising an “easier life” and a “stronger Europe.”

As the digital euro project advances, it holds the promise of revolutionizing the way financial transactions are conducted, offering enhanced privacy, offline payment capabilities, and a seamless transition into the digital age of finance.

Key advantages of the digital euro

One of the notable features of the digital euro is its ability to facilitate offline payments. Users will be able to engage in transactions even without an internet connection, enhancing its versatility and accessibility.

The other advantage is that the level of privacy offered by the digital euro. The digital euro will hopefully address concerns about data security and user anonymity. Notably, when using the digital euro online, user data will remain visible only to their respective financial institutions and not to the central bank’s infrastructure provider, Eurosystem.

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TON Foundation and Mantle Network form strategic alliance, advancing EVM-compatible layer 2 blockchain Solutions

Zug, Switzerland, October 25th, 2023, Chainwire

Today, The Open Network Foundation (TON Foundation) has announced a strategic alliance with Mantle Network, a leading Ethereum Virtual Machine (EVM) Layer 2 solutions provider. This agreement positions Mantle Network as a principal ally to TON Foundation towards more interoperable EVM-compatible Layer 2 blockchain capabilities on TON.

A wrapped version of $MNT, $jMNT, is now accessible for trading and liquidity provisions on STON.fi, a cross-chain decentralized exchange (DEX). This wrapped token allows for easier interactions and integrations between Mantle and TON. $jMNT also streamlines access for fluid and expansive trading capabilities between networks.

This comprehensive agreement goes beyond token integration as the two entities will utilize the @community_bot, a Telegram-native toolset for communities, to serve as an education and information distribution platform. This initiative will connect users in Mantle’s Telegram channels and Mantle Ecosystem project channels directly to TON’s thriving community on Telegram. By fostering mutual information exchange and enhanced community interactions, both communities will benefit while building a Web3 ecosystem in Telegram for the messaging platform’s 800+ million monthly active users.

“This initiative with Mantle Network bridges the gap between our communities, establishing a more interconnected and interoperable Web3 ecosystem for Telegram’s large user base, said Justin Hyun, Director of Growth at TON Foundation. “Together, we are equipping users across both ecosystems with the most simple cross-chain experience possible.”

“We are thrilled to find a common purpose with TON Foundation through a strong alliance that will allow the core competency of each to shine and bring the greatest benefits to both communities,” said Jordi Alexander, Chief Alchemist of Mantle. “As TON Foundation’s principal ally towards advancing EVM-compatible Layer 2 blockchain capabilities on TON, we will work hand in hand with TON to help realize the vision of an interoperable multichain future that puts the users at the center.”

About TON Foundation

The Open Network Foundation (TON Foundation) is a non-profit organization founded in Switzerland in 2023. TON Foundation is 100% funded by the community, acting in the community’s interests, and supports initiatives aligned with The Open Network’s mission. Learn more at https://ton.foundation.

About The Open Network (TON)

The Open Network (TON) is putting crypto in every pocket. By building a Web3 ecosystem in Telegram Messenger, TON is giving billions the opportunity to own their digital identity, data, and assets. See more at https://ton.org/.

About Mantle

Mantle Ecosystem comprises an Ethereum layer 2 (L2) — Mantle Network, a decentralized autonomous organization (DAO) — Mantle Governance, one of the largest on-chain treasuries — Mantle Treasury, and an upcoming Ether (ETH) liquid staking product — Mantle LSD: all built on Ethereum. Mantle token is the unified product and governance token of the ecosystem. Mantle’s first core product is Mantle Network, an Ethereum L2. Mantle Network strives to be compatible with the Ethereum Virtual Machine. Mantle Network’s modular architecture separates transaction execution, data availability, and transaction finality into modules — which can be individually upgraded and adopt the latest innovations. Mantle Network is the first L2 to partner with ETH restaking protocol EigenLayer for the data availability module. By adopting a rollup architecture, Mantle Network is secured by Ethereum. As the world’s first DAO-spawned L2, Mantle Network is pioneering a vision for the mass adoption of token-governed technologies. Mantle token ($MNT) powers Mantle Network as its native gas token and ecosystem growth token, and serves as the governance token of Mantle Governance. All future Mantle products will likewise be initiated by the Mantle token holder community through vote and powered by Mantle token. To support the next generation of innovators, builders, and developers, Mantle is growing its ecosystem via Mantle Grants Program and Mantle EcoFund, a catalyzed capital pool of $200M.

For more information, please visit

• Website
• X/Twitter
• Devs X/Twitter
• Discord
• Telegram
• YouTube
• Blog
• GitHub

 

Contact

TON Foundation
ton@theagencypartnership.com

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Monero fails to build on Bitcoin’s momentum; one-year range holds

• XRM/USD keeps trading in a range
• Bearish momentum persists
• A stronger dollar pressures most cryptocurrencies

Bitcoin rallied at the start of this week, triggering much-needed enthusiasm among crypto investors. However, the so-called “crypto winter” is still visible in other crypto markets, such as XMR/USD. 

Monero failed to capitalize on Bitcoin’s strength. Some other times, whenever Bitcoin rallied, other cryptocurrencies followed. 

Only this time is different. Therefore, one may argue that other cryptocurrencies lag and will jump, too, following Bitcoin’s lead. But another take is that Bitcoin gains will disappear, and a stronger US dollar will emerge. 

One thing is for sure, though – Monero’s technical picture is not encouraging. 

Monero chart by TradingView

The one-year-long range keeps Monero at bay

Monero’s underperformance this year might be viewed in two ways – one bullish and one bearish. 

The bullish view is that Monero is building energy, forming a contracting triangle that will break to the upside. And, on its way up, the market will break horizontal resistance given by the previous support area. 

The bearish view is that the one-year-long triangle is a bearish continuation pattern. If that is the case, the US dollar will keep gaining against its fiat peers and cryptocurrencies. 

$100 and $200 are key levels to watch for XRM/USD. Until any of them is broken, the range might continue still. 

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Bitcoin diverges from fiat currencies and makes a new high for the year; is this bullish?

• Bitcoin breaks horizontal resistance at the $32k area
• The rally extended above $35k
• Bulls should be worried because Bitcoin diverges from the US dollar

Bitcoin investors are thrilled to see the cryptocurrency jumping to a new high for the year. More precisely, Bitcoin traded above $35k for the first time in over a year. 

It did so by tripping stops seen in the $32k area. This area provided resistance for quite some time, and Bitcoin finally broke above. 

That is the good news for bulls. 

The bad news is that in doing so, Bitcoin diverges with the rest of the fiat currencies. More precisely, while Bitcoin gained against the US dollar, the greenback rallied against its peers. 

It may or may not be something to worry about. But if I were an investor in Bitcoin (which I’m not), I would worry. Here is why. 

Bitcoin chart by TradingView

Bitcoin and the US dollar have diverged since Q1 2023

The problem for Bitcoin is that the dollar strengthened since Q1 2023 against its peers. Two examples are the EUR/USD and AUD/USD exchange rates, which peaked in the year’s first quarter. 

EUR/USD, for instance, peaked at 1.12 and now trades around 1.06. AUD/USD erased almost all its gains from the lows in October 2022.

Bitcoin is the last one standing against the dollar. While bulls may say that it is only normal because Bitcoin is not correlated with macro risks and positioning, I beg to differ. 

Since Bitcoin is part of many institutional portfolios, it does react to macro. Therefore, the rally we see here would likely be reversed unless the US dollar strength dissipates. Only if the dollar starts weakening it makes sense to cheer for a Bitcoin rally. 

Until then, caution is needed.

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Crypto sees $66M in institutional inflows amid Bitcoin spike

• Bitcoin products saw $55.3 million in inflows, short bitcoin products recorded $1.7 million.
• BTC price rose to highs above $35k amid speculation around a spot Bitcoin ETF.
• In altcoins, Solana (SOL) saw inflows of $15.5 million but Ethereum saw $7.4 million in outflows.

Crypto products have registered institutional inflows for a fourth consecutive week, with Bitcoin seeing the most inflows amid its recent price spike. Today, the leading digital asset saw its price rise sharply to above $35k, suggesting the trend is likely to continue as sentiment slowly shifts towards a solid bullish outlook.

$66 million in inflows last week

It appears institutional appetite for crypto investment products is hitting new levels as more people pour money into crypto funds. A report by digital asset manager CoinShares shows that cryptocurrencies are on a four-week streak of inflows, with Bitcoin accounting for the largest share of that with 84%.

While Bitcoin products recorded $55.3 million in inflows, short bitcoin products saw $1.7 million. According to James Butterfill, the head of research at CoinShares, it’s a scenario that suggests “short sellers are losing confidence.”

Solana (SOL), which has seen bullish strength since breaking above $20, also recorded significant inflows with $15.5 million. This continues a trajectory that sees inflows into the altcoin account for 47% of the category’s assets under management (AuM) year-to-date. Meanwhile, Ethereum saw $7.4 million in outflows this past week.

“While the most recent inflows are likely linked to excitement over a spot bitcoin ETF launch in the US, they are relatively low in comparison to June announcements, suggesting more caution from investors this time round,” Butterfill wrote in the report.

Nonetheless, speculation over a potential spot Bitcoin ETF triggered BTC’s sharp spike to its 17-month high above $35k early Tuesday. This momentum could take BTC higher and signal a bullish flip that develops into a raging bull market.

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Bitcoin price skyrockets to $35k on fresh spot ETF news

• Bitcoin (BTC) price rose sharply to $35k, its highest price since May 2022.
• The skyrocketing prices came as new speculation about a spot Bitcoin ETF approval hit the market.
• Analysts say BTC could break to $40k or higher.

Bitcoin price skyrocketed early Tuesday to hit highs of $35k for the first time in 17 months. The BTC price’s sudden surge began late Monday when fresh news hit the market regarding the imminent approval of a spot Bitcoin ETF.

Bitcoin skyrockets to $35k

Unlike the previous ETF-triggered spike that faded just as quickly after it was the news was proved to be fake, this time BTC/USD smashed past the robust resistance at $32,800. The pump above this hurdle invalidated a bearish signal as the bellwether crypto asset to above $35k for the first time since early May, 2022.

Analysts are predicting further gains to $40k if bulls hold prices above the $31k level. This outlook could indicate strength for bulls and set up BTC for another explosive rally should the SEC make the formal announcement of a spot ETF approval.

Crypto analyst Michael van de Poppe commented in a post on X:

“#Bitcoin did hold above $30,200 and started breaking the yearly high. Quite surprised with this strength, but that’s what you get pre-ETF approval. As long as we stay above $31K, everything is all right and we’ll see $40K this year. Times are good. Buy the dips.”

Another analyst, the YouTuber Crypto Rover, says a breakout for BTC above the resistance line of a key triangle pattern could see it rally to highs of $48k.

The price target of this #Bitcoin breakout is $48,000 🚀 pic.twitter.com/rtaD637Jhm

— Crypto Rover (@rovercrc) October 24, 2023

Latest on spot Bitcoin ETF approval

As noted above, BTC price went vertical on fresh expectations of a spot Bitcoin ETF approval by the US Securities and Exchange Commission (SEC). On Monday, iShares Bitcoin Trust, which is by the $9 trillion asset manager BlackRock, was listed on the Depository Trust and Clearing Corporation (DTCC) website, highlighted with the ticker $IBTC.

Eric Balchunas, a senior ETF analyst at Bloomberg says this is all “part of the process of bringing ETF to market.”

The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0

— Eric Balchunas (@EricBalchunas) October 23, 2023

While the SEC has yet to official approve any proposal, speculation is that this listing gives a nod to the potential approval. Also notable has been the SEC’s acknowledgement of the Grayscale filing for conversion of its GBTC to a spot Bitcoin ETF, paving the way for a possible listing.

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NerdBot (NERD) to be listed on Bitget – empowering traders with advanced analytics and trading tools

Victoria, Seychelles, October 24th, 2023, Chainwire

Bitget, a leading cryptocurrency derivatives and copy trading platform, is thrilled to announce the listing of NerdBot, the all-in-one analytics platform designed to simplify cryptocurrency trading and enhance the research process. NERD token will be available to trade on Bitget starting today. This listing will provide traders with access to advanced analytics, smart money tracking, DEX trade capabilities, and portfolio management tools, all in one comprehensive platform.

NerdBot, developed by The Data Nerd, an esteemed on-chain research and analytics firm, aims to revolutionize how traders analyze tokens and make informed trading decisions. With its user-friendly interface and extensive feature set, NerdBot empowers traders of all levels to navigate the complex cryptocurrency market with confidence.

NerdBot has already gained significant traction in the market, boasting an impressive user base of 33,544 active users. Furthermore, the platform has recently reached the milestone of 50,000 daily transactions, highlighting its growing popularity among traders.

Gracy Chen, Managing Director of Bitget, expressed her excitement about the listing, stating, “We are delighted to welcome NERD token to the Bitget platform. The listing of the project’s advanced analytics and trading tools will provide our users with valuable insights and enhance their trading experience. We believe this listing will further strengthen our commitment to offering innovative solutions to our growing community.”

NerdBot offers a wide range of features, including real-time market data analysis, smart money tracking, comprehensive token information, and portfolio management tools. Traders can leverage NerdBot’s powerful capabilities to gain a competitive edge in the market and make well-informed trading decisions.

Furthering its “Go Beyond Derivatives” Strategy, the listing of NERD followed multiple innovative listings this month such as Pop Social (PPT), REKT (REKT), Ethereum Express (ETE), BigTime (BIGTIME), Bitcoin SV (BSV) and many more. The initiatives symbolize Bitget’s commitment to speedy yet diligent token listings ensuring that users can swiftly engage with tokens poised for impact. For more information about the listing NerdBot and its surrounding promotions, please visit LINK.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For more information, visit:

• Website
• Twitter
• Telegram
• LinkedIn
• Discord
• Bitget Wallet

For media inquiries, please contact: media@bitget.com

 

Contact

Rachel Cheung
Bitget
media@bitget.com

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The Memeinator outlook amid MicroStrategy’s $60M unrealized BTC gain

• The Memeinator presale has raised nearly $820k within weeks of its launch and is seeing huge interest.
• This article looks at MicroStrategy’s Bitcoin investment amid BTC price resurgence
• What does this mean for crypto and for investors looking to tap into new opportunities?

MicroStrategy is reportedly sitting on $60 million in unrealized gains from its haul of Bitcoin (BTC). Despite the crypto market’s bearish flip over the past two years, the business intelligence company continued to buy rather than fold and sell its holdings. The recent purchase of more than $147 million worth of BTC illustrated the firm’s long term bet on the asset.

Despite the bear market’s brutal impact on businesses, MicroStrategy’s approach suggests long term investors could reap big from their crypto investments.

Could this outlook also apply to diversified bets on promising altcoins, one of which could be the Memeinator (MMTR)?

Why MicroStrategy’s Bitcoin bet could pay off big

In September, when MicroStrategy founder and CEO Michael Saylor announced the firm’s latest Bitcoin purchase, he noted that they hodled 158,245 BTC acquired at $4.68 billion. The average buy price was $29,582, while the benchmark crypto traded around $27k at the time.

BTC/USD is down significantly from its all-time highs of $69k. However, the surge above $30k that comes after a brutal downturn illustrates the likely benefit of resilience for investors. 

JUST IN: Michael Saylor’s MicroStrategy #Bitcoin investment is currently at a $60,000,000 unrealized gain.

— Watcher.Guru (@WatcherGuru) October 22, 2023

Investors will know that the crypto ecosystem’s wild price fluctuations do pose a risk to any portfolio. Yet, what the $60 million unrealized gains for MicroStrategy show is that this could easily jump into hundreds of millions of dollars. That is, if BTC price goes parabolic as anticipated in the next bull cycle.

Analysts have predicted that Bitcoin price could rally to a new all-time high above $100k if a spot Bitcoin ETF is approved and coincides with the upcoming rewards halving event. Further adoption amid mainstream investment could propel the coin’s value higher in the long term. It’s what MicroStrategy appears to be betting on and one strategy that realizes the obvious risks also come with great potential.

Although Bitcoin stands out within the crypto space, a number of altcoins have emerged as top long term investment bets, with investors positioning themselves amid the bull market predictions. Among the new projects is the Memeinator (MMTR).

What is Memeinator?

Imagine a crypto world where all puny meme tokens are a thing of the past, and only real value tokens are thriving amid game-changing utility to the community. That’s the outlook of Memeinator (MMTR), a new project looking to rid the meme world of worthless meme coins as it redefines the investment space.

In its whitepaper, the project defines an ecosystem that leverages artificial intelligence (AI) to bring value to holders of the native MMTR token.

With the market already a crowded space, the Memeinator seeks to distinguish itself via its tokenomics, staking, NFT, and game features – with its Meme Warfare game an addition that will disrupt the hype-driven and largely speculative meme coin investing space.

The Memeinator – an investment outlook

It’s Memeinator’s innovative approach to crypto memes that has the crypto community buzzing as evidenced by the participation in the ongoing MMTR presale. 

Notably, not all projects that have promised to take on Dogecoin, Shiba Inu and other top meme coins in the past have managed to dislodge them. But Memeinator is built differently and its revolution is getting stronger with each early bid in the presale.

Currently, the MMTR token is priced at $0.0118, having jumped from the initial $0.01. In the next stage of the presale, the Memeinator price will increase to $0.0125, before rising throughout the 29 presale stages to hit $0.049. From the current value, this increase would amount to about 315% gains by the time the tokens hit the first trading platform.

The price could explode with further demand, driven by the launch of various products such as the aforementioned P2E game. 

Like other tokens, profit taking from presale investors could inform a sudden short term dip. But as MicroStrategy continues to illustrate with its hodl strategy, taking a long term bet on the token could pay off, particularly if Memeinator hits the targeted $1 billion market cap.

Do you want to find out more about the Memeinator? Visit the official presale page.

The post The Memeinator outlook amid MicroStrategy’s $60M unrealized BTC gain appeared first on CoinJournal.

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