Kategorie: Bitcoin News

Bitcoin news about the Bitcoin (BTC) blockchain and its crypto ecosystem.

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Hong Kong’s largest online broker Futu Securities launches Bitcoin and Ethereum trading

  • Futu Securities launches Bitcoin and Ethereum trading in Hong Kong with zero fees.
  • New users can receive incentives like Bitcoin or shares of Alibaba and Nvidia.
  • Futu seeks a crypto exchange license for PantherTrade amid Hong Kong’s crypto hurdles.

Futu Securities International, Hong Kong’s largest online broker, has introduced retail cryptocurrency trading in the city, marking a significant advancement in its financial services.

The brokerage firm, known for its extensive reach and innovative offerings, now allows residents to trade Bitcoin and Ethereum on its platform. This initiative comes after a partnership with HashKey Exchange, one of only two licensed cryptocurrency exchanges in Hong Kong.

Bonuses and waived crypto trading fees

The launch comes with enticing bonuses. New account holders who deposit HK$10,000 (approximately $1,280) for 60 days can receive either HK$600 worth of Bitcoin, a HK$400 supermarket voucher, or a share of Alibaba.

Those who deposit HK$80,000 are eligible for HK$1,000 in Bitcoin or a share of Nvidia, whose stock has surged by about 130% this year.

Additionally, Futu has waived commission fees for crypto trading starting August 1st, enhancing the appeal of their new service.

Futu looking for a crypto exchange license in Hong Kong

Futu is also pursuing a cryptocurrency exchange license for its new platform, PantherTrade, which currently operates under a ‘deemed to be licensed’ status.

PantherTrade is among 11 platforms in Hong Kong awaiting full approval from the Securities and Futures Commission (SFC).

Hong Kong crypto industry challenges

Despite these advancements, Hong Kong’s aspiration to become a global crypto hub faces hurdles. The city has experienced the exit of major global trading platforms and low trading volumes for crypto ETFs.

Increased fraudulent activities, such as a recent scam involving counterfeit currency, have further complicated the situation.

In response, Hong Kong authorities are enhancing their regulatory measures and law enforcement capabilities to address these issues and boost investor confidence.

As Futu Securities deepens its presence in the cryptocurrency market, the success of its initiative will depend on balancing innovation with stringent oversight to ensure a secure trading environment.

The post Hong Kong’s largest online broker Futu Securities launches Bitcoin and Ethereum trading appeared first on CoinJournal.

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Bitflow integrates swap function into Leather Wallet

  • Bitflow integrates its swap function into the Leather wallet for 370,000 users.
  • The partnership enhances user experience and broadens Bitcoin DeFi accessibility.
  • Integration guarantees the best swap rates across various DEXs on Stacks.

Bitflow, a decentralized exchange (DEX) that enables users to trade and earn using their Bitcoin, has announced the integration of its swap function into Leather Wallet, a leading Bitcoin ecosystem wallet.

This partnership simplifies asset swapping on Stacks for over 370,000 Leather wallet users, removing barriers to deeper engagement with decentralized finance (DeFi).

The integration promises to expand the user base and foster greater adoption and innovation within the Bitcoin Layer 2 (L2) ecosystem.

Unlocking new opportunities for Bitcoin L2 Stacks

The integration of the Bitflow Swap function in Leather marks a significant step forward in enhancing user accessibility and engagement with Bitcoin L2 Stacks.

By enabling seamless asset swaps, Bitflow is opening the door for a broader audience to explore Bitcoin DeFi.

Bitflow leverages technologies such as Runes, Partially Signed Bitcoin Transactions (PSBTs), Atomic Swaps, Layer-2 smart contracts, Stacks Bitcoin (sBTC), and decentralized liquidity pools, unlocking the full potential of Bitcoin.

The integration of Bitflow into Leather Wallet not only broadens its user base but also enhances the utility and accessibility of Bitcoin L2 tokens, promoting greater adoption and innovation in the ecosystem.

Mark Hendrickson, General Manager of Leather, emphasized the wallet’s vision to bridge the gap between the Bitcoin main chain and Bitcoin L2s like Stacks.

Hendrickson has said that Leather aims to be the Bitcoin and Stacks wallet that makes using Bitcoin easy for everyone. He also said that the integration of Bitflow’s SDK into Leather’s native swap interface provides the most scalable, cross-protocol swapping experience, giving Stacks users the convenience of their wallet.

Enhancing DeFi user experience with Bitflow Swap Aggregator

The Bitflow Swap Aggregator is designed to integrate seamlessly with other decentralized applications and wallets through its SDK, enabling effortless token swaps directly within users’ preferred crypto wallets.

This innovation makes it easier than ever for users to swap tokens, enhancing the overall user experience in the DeFi space.

Dylan Floyd, Co-Founder and CEO of Bitflow, highlighted the benefits of this partnership saying that The integration of Bitflow SDK into Leather is a huge win for the in-wallet trading experience and users are guaranteed to get the best rate for swaps across all the DEXs on Stacks.

Floyd also said that the partnership connects fragmented liquidity across Alex, Arkadiko, Bitflow, and Velar, propelling the whole ecosystem forward.

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Bitcoin falls to $62k as crypto mirrors stocks crash

  • Bitcoin price dropped to its lowest level since mid-July with a dip to near $62k on August 1.
  • Stocks also plummeted as investors reacted to latest economic data and geopolitical tensions in the Middle East.

Bitcoin price crashed 10% to trade to near $62k on Thursday as August began on a painful footing for cryptocurrencies and stocks.

On August 1, the global cryptocurrency market cap fell to $2.3 trillion amid an overall 5.7% dump. BTC fell to lows of $62,300 across major crypto exchanges. The declines also hit Ethereum, which traded to lows of $3k and Solana that retreated sharply to touch $160.

XRP, Dogecoin and Pepe also experienced sharp declines.

Why did Bitcoin, crypto prices fall today?

Losses across the crypto market came as the stock market nosedived, with the Dow Jones Industrial Average shedding more than 600 points and the S&P 500 falling 1.5%. According to CNBC, the bloodbath across stocks follows fresh investor jitters around possible economic contraction on weak data released on Thursday.

Markets’ reaction also follows Wednesday’s Federal Reserve FOMC meeting, although analysts say the market has fully priced in a September cut. Geopolitical tensions in the Middle East was also on investors’ minds.

What next for BTC, crypto?

Commenting on the overall outlook ahead of the sharp sell-off, analysts at Singapore-based firm QCP Capital noted:

“Crypto experienced a broad sell-off overnight and into this morning. The market remains on edge as traders pay close attention to daily ETH ETF outflows and further supply pressures from Mt Gox and US government.”

According to QCP, the long term picture remains bullish for Bitcoin. Key catalysts could be the upcoming US election and direction of the quest for a sovereign Bitcoin reserve for the US.

“The establishment of a U.S. or sovereign “put” on BTC prices may have significant implications, potentially making accumulation on dips a strategic investment approach,” QCP Capital added in the note posted on Telegram.

BTC traded around $63,007 at 2:40 pm ET on Thursday, up from intraday lows.

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M2 crypto exchange to allow UAE residents to trade crypto using bank accounts

  • M2 enables UAE residents to trade BTC and ETH directly with bank accounts.
  • Integration supports dirham deposits, withdrawals, and market-responsive trading.
  • UAE has strict regulations to ensure consumer protection and market transparency.

In a significant development for the digital asset market in the United Arab Emirates (UAE), M2, a prominent crypto exchange, has announced that UAE residents can now buy and sell Bitcoin (BTC) and Ethereum (ETH) directly using their bank accounts.

This new integration facilitates the direct conversion of UAE dirhams into BTC and ETH through M2’s spot market, marking a milestone in the accessibility of virtual assets in the region.

M2 users can seamlessly convert dirhams into BTC and ETH and vice versa

In an announcement shared with Cointelegraph, the M2 exchange highlighted that the new feature will enable users to convert dirhams into Bitcoin and Ether seamlessly through the trading pairs listed on M2’s spot markets.

Additionally, the platform supports the deposit and withdrawal of dirhams, offering users greater flexibility in managing their assets.

The M2 team emphasized that this integration would enable users to “swiftly adapt to market changes,” allowing them to easily convert their local currency into crypto.

This is particularly beneficial for everyday investors who may not be fully immersed in the complexities of the trading environment.

According to M2, the higher levels of familiarity and significant trading volumes of BTC and ETH make these cryptocurrencies ideal entry points for new investors looking to enter the digital asset space.

UAE has the strictest regulatory framework globally

Regulated by the UAE government, which is known for its stringent consumer protection measures, this move reflects the country’s commitment to safeguarding its residents in the evolving crypto landscape.

The UAE has established a reputation for having one of the strictest regulatory frameworks globally, prioritizing consumer protection. In 2022, Dubai’s Virtual Asset Regulatory Authority (VARA) mandated greater transparency in crypto advertisements to better protect consumers.

Moreover, in 2023, the UAE introduced a federal law aimed at preventing fraud in the crypto market, imposing fines of up to 10 million AED ($2.7 million) for violations.

Commenting on the integration, Kimmel, an executive at M2, noted that the ADGM’s licensing process was demanding due to its high standards for multilateral trading facility permits. However, he affirmed that this rigorous due diligence ensures that licensed platforms meet the country’s security and transparency standards, thereby fostering trust among UAE users.

Despite the challenges associated with the licensing process, the UAE continues to be a strategic region for the crypto industry.

Favourable tax policies, access to global markets, and a safe environment for innovation make the UAE an attractive destination for crypto businesses.

This new development by M2 is set to further enhance the accessibility and appeal of virtual assets in the UAE, making it easier for residents to participate in the burgeoning crypto market.

The post M2 crypto exchange to allow UAE residents to trade crypto using bank accounts appeared first on CoinJournal.

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Whales accumulate more Bitcoin after latest pullback

  • Whales scoop Bitcoin as pullback dents bulls’ momentum
  • Bitcoin price touched lows of $65,911 as US government transferred its Silk Road BTC

Bitcoin pulled back from its intraday highs around $70k on Monday to wipe gains seen after former US President Donald Trump highlighted the recently concluded Bitcoin 2024 conference.

But the upside move built around Trump’s speech faded abruptly after the US government moved $2 billion in BTC from the Silk Road. The news spooked investors, crashing the crypto market.

The price of Bitcoin fell more than 4% to lows of $65, 911 across major crypto exchanges, pushing into the negative territory on the weekly chart and cutting 30-day gains to just 8.8% at the time of writing.

Gemini co-founder Tyler Winklevoss, commenting on the BTC transfer, noted that it came only two days after Trump “pledged to never sell any of the US government’s bitcoin.” It’s a view that many across the crypto community hold, with the move seen as a continuation of the anti-crypto stance from the Biden-Harris Administration.

Whales accumulating Bitcoin

While BTC hovers below the $67k level, large investors are using the low prices as an opportunity to add to their portfolios. These whales have aggressively scooped Bitcoin since Monday’s dip, market intelligence account Lookonchain shared on X.

One such whale, “12QVsf”, reportedly withdrew 4,500 BTC worth over $302 million from Binance. The whale has also been linked to three other wallets that moved 1,400 BTC worth $94 million from crypto exchange Bitfinex on Tuesday morning.

The wallets also withdrew a total of 2,510 BTCworth over $163 million from Bitfinex on June 20.

On-chain insights platform Spot On Chain also highlighted this whale accumulation.

Bitcoin reached a peak of $73k in March and analysts are bullish the market will see a new bull run that could take BTC to above $100k in coming months.

The price of Bitcoin hovered around $66,527 at the time of writing.

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