Kategorie: Crypto Markets

• Tether announces its service relocation plans after acquiring a Digital Asset Service Provider (DASP) license.
• USDT issuer Tether joins Bitfinex Derivatives in moving operations to El Salvador.

Tether is on its way to establishing new headquarters in El Salvador, the USDT issuer announced on Jan. 13, 2025.

According to details shared in a blog post, the relocation of services follows the acquisition of a Digital Asset Service Provider (DASP) registration in the crypto-friendly country. Tether’s entities have been incorporated in the British Virgin Islands.

The stablecoin giant recently acquired the Digital Asset Service Provider licence in El Salvador, the first country to adopt bitcoin as a legal tender in 2021.

Tether ♥️ 🇸🇻

Very excited for Tether group relocating in El Salvador.
El Salvador is the beacon of freedom and @nayibbukele is an inspiring leader driving the country with love, passion and intelligence.

Seguimos 🦾 https://t.co/42Y83ryEaE

— Paolo Ardoino 🤖🍐 (@paoloardoino) January 13, 2025

Stablecoin giant moves to new home

Tether seeks to establish networks in digital assets in El Salvador which has Bitcoin friendly policies. The company further seeks to leverage bitcoin as a legal tender and spearhead the adoption of stablecoin on emerging markets.

The country opens up to business in the digital finance space by providing digital assets friendly policies as well as growing a digital asset liberated community. To enhance bitcoin adoption, the country seeks to formulate a policy requiring businesses to accept bitcoin as a legal tender.

Tether, the issuer of the global stablecoin with a market cap of $137 billion, said its plans to relocate to El Salvador aligns with the company’s goal to support financial inclusion by leveraging bitcoin adoption. By establishing networks in the digital assets friendly country, the company aims to align with the country’s regulatory policies while focusing on emerging markets.

“El Salvador represents a beacon of innovation in the digital assets space. By rooting ourselves here, we are not only aligning with a country that shares our vision in terms of financial freedom, innovation, and resilience but is also reinforcing our commitment to empowering people worldwide through decentralized technologies,” Tether chief executive officer Paolo Ardoino said.

Tether joins Bitfinex Derivatives which also announced moving its operation headquarters to El Salvador after it acquired its Digital Asset Service Provider licence. El Salvador has increasingly become a digital assets business destination for global bitcoin businesses, exchanges, and companies.

The post Tether to relocate operations to El Salvador appeared first on CoinJournal.

• Singapore’s regulator said Singapore Pools is the only licensed gambling operator in the country
• Anyone who uses an unlicensed gambling service is liable to face a fine of up to $10,000, six months in jail, or both
• Other countries that have restricted access to Polymarket include France, Taiwan, and the US

Singapore’s gambling regulator has banned prediction marketplace Polymarket, defining it as an “illegal gambling site.”

Alex Zuo, Cobo’s vice president of investment and custody, posted a screenshot on X on Sunday showing a notice from Singapore’s Gaming Regulatory Authority (GRA). The GRA warned users that Singapore Pools is the only licensed gambling operator in the country and that Polymarket is considered illegal, adding:

“Under Section 20 of the Gambling Control Act 2022, a person convicted of gambling with unlicensed gambling service providers is liable for a fine of up to $10,000, or a jail term of up to six months, or both.”

polymarket在坡正式定义为博彩网站，想下注只能去国营博彩公司哦，否则面临罚款和坐牢哦 pic.twitter.com/VdoozWAVgE

— alexzuo🫡 (@alexzuo4) January 12, 2025

Countries restricting Polymarket

Singapore is the latest country to take action to restrict access to Polymarket. In August, Polymarket was scrutinised as US lawmakers intensified efforts to ban gambling in American elections.

In November, Polymarket faced regulatory action in France after an anonymous trader, netted nearly $50 million wagering on Donald Trump’s victory in the US presidential election. French authorities, particularly the Autorité Nationale des Jeux (ANJ), blocked the platform after breaching local gambling laws.

Deciding to take action, Polymarket opted to block France-based users at the end of November. France was a major market for the platform after it blocked US users under a 2022 settlement with the Commodity Futures Trading Commission.

Also in November, the FBI seized CEO Shane Coplan’s phone and electronics after raiding his home. According to a report in the New York Post, unnamed sources said: “The government is likely trying to accuse Polymarket of market manipulation and rigging its polls in favor of Trump.”

Taiwan also restricted access to Polymarket in 2024.

The post Singapore blocks Polymarket, calls it an “illegal gambling site” appeared first on CoinJournal.

• ONDO price faces more bearish pressure from upcoming token unlock.
• Crypto investors also look forward to the upcoming iDEGEN (IDGN) token listing.
• While the ONDO token unlock could lead to a price drop, the iDEGEN listing is expected to surge in price.

The cryptocurrency market is buzzing with anticipation as two distinct events loom on the horizon: the Ondo Foundation token unlock and the impending exchange listing of iDEGEN.

Ondo Foundation’s ONDO token has been under pressure, with its price declining amid bearish signals, while iDEGEN ($IDGN) is capturing attention with its innovative AI-driven approach and dynamic presale.

Ondo token unlock adds to its bearish stance

The Ondo Foundation is gearing up for a significant event where 20% of ONDO tokens are set to be unlocked on January 18. This unlock will increase the circulating supply to 134% of what it currently is, potentially flooding the market with new tokens.

Ondo Foundation would like to note in advance to the community that, in the coming days, there will be a variety of locked ONDO transfers in preparation for the first release from the Global Lock-Up.

These transfers are primarily for the purpose of locked token holders…

— Ondo Foundation (@OndoFoundation) January 12, 2025

Historically, such events introduce selling pressure as early investors, team members, or those who were holding locked tokens might decide to cash out.

The recent ONDO price performance where it has dropped by more than 21% over the past week, coupled with declining daily active addresses, and negative funding rates, suggests a bearish market sentiment.

The token unlock could exacerbate this, pushing the price further down if a large portion of these tokens are sold off immediately.

However, the reaction to the unlock isn’t solely dependent on the immediate sell-off. If Ondo can demonstrate strong fundamentals, perhaps through project updates or partnerships, it might mitigate some of the negative impacts. Yet, the immediate aftermath might still see a dip due to the increased supply.

iDEGEN presale could be a more stable investment opportunity

As ONDO faces its challenges, the crypto community’s eyes are also on iDEGEN, a unique AI-powered token that’s about to make its exchange debut.

iDEGEN has already stirred excitement with its community-driven learning model and a dynamic presale that adjusts price based on the number of purchases. This has not only raised significant funds but also built a narrative around community participation. The iDEGEN AI is designed to evolve depending on tweets from the community on X (formerly Twitter).

iDEGEN’s listing in January could divert some attention from ONDO. With the crypto market often influenced by hype and FOMO, the novel approach of iDEGEN might draw investment away from other tokens, including ONDO, especially if the community sees more potential in iDEGEN’s long-term narrative.

However, it’s not all about competition. The excitement around iDEGEN could also inject overall enthusiasm into the crypto market, potentially benefiting all tokens if the market sentiment improves.

While the Ondo token unlock seems poised to introduce short-term bearish pressure, the broader market dynamics, including the influence of iDEGEN’s exchange listing, will play a crucial role.

As investors watch how Ondo’s community and developers manage the upcoming token unlock, they should also keep an eye on how the market reacts to iDEGEN’s entry into the mainstream trading platforms.

The post Ondo price prediction after token unlock as iDEGEN nears exchange listing appeared first on CoinJournal.

• Bitcoin tested the $92,000 level yesterday after falling from a weekly high of $102,000 as sell pressures mounted.
• Macroeconomic factors cause doubts about the market strength as sticky inflation becomes a concern.
• Spot crypto ETFs logged large outflows on Wednesday following the release of the Fed meeting notes.

Bitcoin’s price has fallen from a high of $102,667 reached on Tuesday, Jan. 7 to $94,890.00 as of publishing, but remains within the last H4 demand zone.

While the demand zone between $92,000 and $97,000 may be the last support level on the H4 timeframe, a broader market view shows that BTC is in a premium zone on the daily time frame, so a push below $92,000 still puts the price in bullish territory overall.

The best technical buy levels would be either at the last break of structure on the daily time frame or at the 50% Fibonacci level from the lowest point to the break.

There are two fair value gaps from which the price could react. While they are not major zones, they could support a continuation back to the external high at $108,000 or a brief relief rally before continued sell to the first probable support zone.

This is all predicated on Bitcoin breaking below the $91,000 level.

Meanwhile, spot crypto ETFs recorded outflows on Wednesday, Jan. 9 after the release of the Fed meeting minutes which shows that the Fed is cautious about inflation and the effects of Trump’s incoming policies.

BTC ETFs bled $568.8Mn on Wednesday while ETH ETFs lost $159.4Mn with the biggest outflows from Fidelity ($258.7Mn for BTC and $147.7Mn for ETH).

The post Bitcoin Price Analysis: Economic Headwinds Push Price Lower appeared first on CoinJournal.

• Republican Wyoming Senator Cynthia Lummis has been picked to chair the crypto subcommittee
• Lummis, a crypto advocate, filed the Bitcoin Act of 2024 bill last month
• Other Republican members of the crypto subcommittee include Senators Bernie Moreno from Ohio, Dave McCormick from Pennsylvania, Thom Tillis from North Carolina and Bill Hagerty from Tennessee

The US Senate Banking Committee is preparing to create its first-ever crypto subcommittee with Republican Wyoming Senator Cynthia Lummis set to chair it.

South Carolina Senator Tim Scott, the chair of the Senate Banking Committee, has prioritized creating the crypto subcommittee, and is aiming to copy the success of the House Financial Services Committee. Established by former North Carolina Congressman Patrick McHenry, the House Financial Services Committee introduced a crypto subcommittee in 2023.

Crypto-friendly Republican French Hill, who was voted in last year to chair the House Financial Services Committee, announced yesterday that Republican Bryan Steil is to lead the digital assets subcommittee.

Scott has, reportedly, picked Lummis – a crypto advocate – to chair the crypto subcommittee. This was first reported by Punchbowl News and later confirmed by FOX News. A vote is expected to take place in the next few days.

In July, Lummis filed legislation for a Bitcoin Act of 2024 bill, proposing a Bitcoin strategic reserve for the US.

An internal memo seen by FOX News shows that Republican members of the crypto subcommittee include Ohio Senator Bernie Moreno, Pennsylvania Senator Dave McCormick, Senator Thom Tillis from North Carolina and Senator Bill Hagerty from Tennessee.

It’s not known which Democratic Senators will join the crypto subcommittee; however, Massachusetts Senator Elizabeth Warren, known for being anti-crypto, is the top Democrat on the Senate Banking Committee.

The post Rep. Senator Cynthia Lummis selected to chair crypto subcommittee appeared first on CoinJournal.