Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Coinbase will delist Wrapped Bitcoin (WBTC) next month

  • Coinbase will delist WBTC on December 19, 2024, due to unmet listing criteria.
  • WBTC will be moved to limit-only mode, with withdrawals still accessible.
  • Coinbase’s cbBTC, launched in September, has been gaining market share in wrapped Bitcoin.

Coinbase, one of the largest cryptocurrency exchanges, has announced it will delist Wrapped Bitcoin (WBTC) from its platforms on December 19, 2024.

The decision will affect all Coinbase services, including Coinbase.com, Coinbase Exchange, and Coinbase Prime, and comes amid ongoing assessments of the exchange’s listing standards.

As part of the transition, WBTC order books have been switched to limit-only mode. This allows users to place, cancel, and match limit orders but restricts other trading functionalities.

Despite the suspension of trading, Coinbase assured users that WBTC holdings would remain accessible, and withdrawals could be made at any time.

WBTC doesn’t meet Coinbase listing criteria

In its statement, Coinbase noted that the move was a result of its latest review, which suggested Wrapped Bitcoin (WBTC) no longer meets its listing criteria.

While no specific reasons were disclosed, the announcement emphasizes Coinbase’s commitment to maintaining regulatory compliance and providing high-quality assets for trading.

Notably, the delisting comes just months after Coinbase launched its own wrapped Bitcoin token, Coinbase Wrapped Bitcoin (cbBTC).

Introduced in September 2024, cbBTC is an ERC-20 token fully backed 1:1 by Bitcoin held in Coinbase’s custody. It offers integration with decentralized applications (dApps) across networks like Ethereum, Base, and Solana.

CbBTC has quickly gained traction, reaching a market capitalization of $1.3 billion and a circulating supply of over 15,000 tokens. The majority of cbBTC tokens—82%—are on Coinbase’s Base network, with the rest distributed across Ethereum and Solana.

The rising popularity of cbBTC positions it as a strong competitor to WBTC in the DeFi ecosystem.

Wrapped Bitcoin (WBTC) team surprised by the move

In response the WBTC team has expressed surprise and disappointment over Coinbase’s decision to delist the asset, reaffirming their dedication to compliance, transparency, and decentralization.

In a statement, they emphasized the robust governance, secure custody processes, and regulatory adherence of their product, positioning WBTC as the most decentralized wrapped BTC solution available.

The WBTC team urged Coinbase to reconsider its decision, offering to provide additional information or clarification to resolve any concerns.

The post Coinbase will delist Wrapped Bitcoin (WBTC) next month appeared first on CoinJournal.

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Gemini officially launches its platform in France following its DASP registration

  • Gemini launches in France after securing DASP registration in January.
  • The launched platform supports 70+ assets, euro deposits, and institutional trading tools.
  • France’s crypto growth and MiCA regulations drive Gemini’s European expansion.

Gemini, the renowned cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has officially entered the French market, marking a significant milestone in its European expansion.

This move comes nearly a year after the company secured a Digital Asset Service Provider (DASP) registration from France’s regulatory authority, the Autorité des Marchés Financiers (AMF), in January 2024.

French Retail and institutional investors can now use Gemini

The launch enables French users to deposit, trade, and store over 70 digital assets on both web and mobile platforms. Local payment options, including debit cards, bank transfers, and Apple Pay, are supported for deposits in euros and British pounds, making the platform more accessible to the French audience.

Advanced traders can access more than 80 trading pairs through Gemini’s robust investment platform, which also offers various API integrations for seamless trading.

Institutional investors are not left out, as Gemini’s over-the-counter (OTC) desk and eOTC trading system provide a secure avenue for executing large transactions with deep liquidity.

Gillian Lynch, Gemini’s CEO for the United Kingdom and Europe, highlighted the company’s commitment to localization by ensuring the platform is fully translated and optimized for French users.

The rise of crypto adoption in France

France has emerged as a strategic market for Gemini, thanks to its increasing cryptocurrency adoption and a favourable regulatory environment shaped by the DASP regime and the European Union’s Markets in Crypto-Assets Regulation (MiCA).

According to Gemini’s 2024 Global State of Crypto report, trust in cryptocurrency is higher in France than in the United States or the United Kingdom.

Over the past two years, France has experienced a 2% increase in crypto adoption, making it the fastest-growing crypto economy in the region.

Gemini views this as an opportunity to further establish its presence in Europe. Lynch expressed optimism about expanding the platform’s services and improving accessibility for French customers.

With its pro-crypto stance and regulatory clarity, France is poised to play a pivotal role in Gemini’s vision for a robust European crypto market.

This strategic launch underscores Gemini’s commitment to delivering secure and innovative crypto solutions in a growing and trusted market.

The post Gemini officially launches its platform in France following its DASP registration appeared first on CoinJournal.

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NYT: Trump reconsiders pro-crypto choices for Treasury Secretary, slows down his selection process

  • Trump is now considering Kevin Warsh and Marc Rowan for the US Treasury Secretary position
  • Howard Lutnick is reportedly frustrating Trump by spending too much time with him to get himself appointed
  • A person familiar with the situation between Lutnick and Scott Bessent as a “knife fight”

President-elect Donald Trump is allegedly reconsidering his options for US Treasury Secretary, pivoting away from pro-crypto choices.

Trump is now considering former Federal Reserve governor Kevin Warsh and Wall Street billionaire Marc Rowan, according to a report from the The New York Times. Trump is expected to invite the two to Mar-a-Lago, Trump’s Florida residence, this week following internal conflict over the role.

Trump had been expected to pick either pro-crypto candidates Howard Lutnick, the CEO of Cantor Fitzgerald or Scott Bessent, the founder of Key Square Capital Management, an investment firm, and a former money manager for George Soros.

Up until yesterday morning, Polymarket, a prediction market platform, had put Bessent at an 87% chance of getting the job. However, he’s now down to 16% with Warsh taking the lead at 44%.

US Treasury Secretary ratings on Polymarket. Source: Polymarket

Getting frustrated

According to the New York Times, Trump has expressed frustration with Lutnick, claiming he’s been hanging around the president-elect too much to get himself appointed. A person familiar with the matter described the situation between Lutnick and Bessent as a “knife fight” with Lutnick as the “primary aggressor.”

Despite this, Elon Musk, CEO of Tesla, and an influential figure in Trump’s inner circle, took to X to endorse Lutnick, adding that “Bessent is a business-as-usual choice.”

“Business-as-usual is driving America bankrupt, so we need change one way or another,” Musk said. He added that Lutnick will “actually enact change.”

As a result of Trump’s second thoughts, he’s slowed down the selection process even though Bessent is still under consideration. Both Lutnick and Bessent are considerably more pro-crypto compared to Warsh and Rowan.

In an essay for the American Enterprise Institute, Warsh advocated for an American central bank digital currency (CBDC) despite concerns over consumer privacy. Rowan, on the other hand, said in a March interview he didn’t see the “value of an alternative currency” when discussing crypto.

The post NYT: Trump reconsiders pro-crypto choices for Treasury Secretary, slows down his selection process appeared first on CoinJournal.

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MicroStrategy buys another $4.6 billion of Bitcoin

  • MicroStrategy has added 51,780 Bitcoin (BTC) to its holdings.
  • The company acquired the BTC for $4.6 billion, bringing total holdings to 331,200 BTC.
  • Metaplanet, the MicroStrategy of Asia, also announced plans to buy more Bitcoin on Nov. 18.

MicroStrategy, the world’s largest corporate holder of Bitcoin (BTC), has added to its impressive BTC haul with another major buy.

The company announced on Nov. 18 that it had acquired an additional 51,780 BTC worth $4.6 billion, with the latest purchase coming at an average price of $88,627 per bitcoin. It pushes MicroStrategy’s total BTC holdings to 331,200 BTC.

MicroStrategy BTC holdings hit 331, 200

MicroStrategy’s announcement comes a few days after the company founder Michael Saylor revealed the purchase of over $2 billion worth of BTC.

Overall, the publicly-listed company, whose stock MSTR has surged amid Bitcoin’s mega price spike, has acquired $16.5 billion worth of BTC. The average price of the buys is $49,874, putting the company billions of dollars in profit as the benchmark cryptocurrency trades near its all-time high.

“MicroStrategy has acquired 51,780 BTC for ~$4.6 billion at ~$88,627 per #bitcoin and has achieved BTC Yield of 20.4% QTD and 41.8% YTD. As of 11/17/2024, we hodl 331,200 $BTC acquired for ~$16.5 billion at ~$49,874 per bitcoin,” Michael Saylor posted on X.

As CoinJournal reported, the US-based firm has inspired several other platforms and entities to adopt a Bitcoin strategy.

One of these is Metaplanet, the Japan-based company listed on the Tokyo Stock Exchange. On Nov. 18, Metaplanet disclosed the issuance of over $11 million in bonds to buy Bitcoin. Metaplanet has become known as the “MicroStrategy of Asia.”

Elsewhere, the market continues to see a surge in interest in the crypto asset class. Bitcoin recently broke to a new all-time high above $93k. The BTC price has remained steady near the $90k level amid predictions that the digital asset’s value could run to $100k before the end of the year.

The post MicroStrategy buys another $4.6 billion of Bitcoin appeared first on CoinJournal.

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Metaplanet to buy additional $11.7 million Bitcoin

  • Metaplanet to raise ¥1.75 billion (over $11.7) in bonds to buy Bitcoin (BTC).
  • The publicly-listed Japanese company has also unveiled a shareholder benefits program.

Metaplanet, a publicly-traded company listed in Japan, has announced plans to buy more Bitcoin (BTC) to add to its growing haul.

On Nov. 18, the Tokyo Stock Exchange listed Bitcoin Treasury Company announced it was looking to raise ¥1.75 billion in bonds to buy the flagship cryptocurrency.

The firm has issued one-year 0.36% bonds at ¥1.75 billion, approximately $11.7 million, and will use the proceeds to purchase more BTC. Currently, Metaplanet holds over 1,000 BTC.

Metaplanet is Japan’s MicroStrategy

Metaplanet’s board of directors resolved to issue the third series ordinary bonds during a meeting held on November 18, 2024, according to a regulatory disclosure. The bondholder will be EVO FUND, while the bonds will mature on November 17, 2025.

In Oct., Metaplanet announced it had adopted ‘BTC Yield’ as a key performance indicator. This followed the industry pioneer MicroStrategy whose strategy continues to inspire several other companies. On its part, MicroStrategy is eyeing $42 billion in capital over the next two-to-three years to buy Bitcoin.

Earlier this month, Michael Saylor revealed the US-based firm had acquired an addition 27,200 BTC for over $2 billion. Since the company started buying the scarce asset, it has hoarded 279,420 bitcoins purchased for over $11.9 billion.

Over the past year, MicroStrategy’s treasury operations have seen holders get 26.4% in BTC Yield – representing 157.5 BTC in daily accumulation. As Saylor recently noted, his company has achieved this “without the operational costs or capital investments typically associated with bitcoin mining.”

Metaplanet has announced a shareholder benefits program. According to the company, the program will offer exclusive perks and other added value offerings to shareholders. The firm is teaming up with VC Trade, Hotel Royal Oak Gotanda, The Bitcoin Conference, Bitcoin Magazine, and Webull Securities on this initiative.

The post Metaplanet to buy additional $11.7 million Bitcoin appeared first on CoinJournal.