Kategorie: Crypto Markets

• JPMorgan introduces programmable payments for JPM Coin users.
• Clients can now automate payments based on preset conditions.
• The move aims to enhance flexibility and responsiveness in transactions.

In a strategic move to adapt to the evolving landscape of 24×7 crypto payments infrastructure, JPMorgan has introduced a new feature for users of its blockchain-based settlement token, JPM Coin.

Clients can now leverage programmable payments, allowing them to automate transactions based on preset conditions rather than relying on standing orders for payments to occur at predetermined times.

Adapting to crypto market dynamics

Traditionally, JPMorgan clients had to set standing orders for payments to take place at specific times, limiting their ability to respond dynamically to market events. With the introduction of programmable payments, users can now program their accounts to initiate payments when relevant criteria are met. This includes scenarios such as covering overdue payments or addressing margin calls.

In an email announcement, the bank stated that the “new feature helps clients to respond dynamically to events, which is ever more important as 24×7 payment infrastructure proliferates, and responding to volatility becomes vital.”

The JPM Coin milestone for JPMorgan

JPM Coin, introduced in 2020 to facilitate institutional clients in making wholesale payments on a blockchain, recently achieved a milestone by handling $1 billion in transactions daily. However, this amount represents only a fraction of the $10 trillion that JPMorgan moves on a daily basis.

The addition of programmable payments to JPM Coin aligns with the broader industry trend of incorporating blockchain technology and increasing automation to enhance efficiency and responsiveness in financial transactions.

As the financial giant continues to explore innovative solutions, the move reflects a commitment to staying at the forefront of technological advancements in the financial sector.

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• UBS joins the crypto trend in Hong Kong, following HSBC’s lead.
• HSBC currently offers Bitcoin and Ethereum ETFs in Hong Kong.
• Hong Kong regulators are considering retail access to crypto ETFs, highlighting growing interest from traditional financial players.

Swiss multinational investment bank UBS Group is set to enable select high-net-worth clients in Hong Kong to trade crypto-linked exchange-traded funds (ETFs).

The move is aimed at keeping pace with its competitor, HSBC, which has already incorporated three crypto-related futures ETFs on its investment platform in the city. The authorized ETFs, including Samsung Bitcoin Futures Active, CSOP Bitcoin Futures, and CSOP Ether Futures, have received the green light from Hong Kong’s Securities and Futures Commission.

UBS following in HSBC’s footsteps

The largest bank in Hong Kong, HSBC, has long been a participant in the crypto market. It recently announced that it would start offering Bitcoin and Ethereum ETFs in Hong Kong.

The strategic move by UBS underscores the growing importance of cryptocurrencies in the financial sector and reflects the increasing demand from high-net-worth individuals for exposure to digital assets.

Crypto regulation framework in Hong Kong

Hong Kong’s crypto regulatory landscape is evolving to accommodate the rising interest in cryptocurrencies. The Securities and Futures Commission (SFC) is reportedly contemplating granting retail access to spot ETFs directly investing in cryptocurrency.

Julia Leung, the CEO of the SFC, highlighted the regulator’s openness to proposals utilizing innovative technology to enhance efficiency and customer experience. Recent updates from the SFC include broader investor engagement in crypto ETFs, with a knowledge test requirement for virtual assets for most clients, while exempting institutional investors and qualified corporate professional investors.

In June, Hong Kong officially implemented its crypto licensing regime for virtual asset trading platforms. This regulatory step paved the way for licensed exchanges like HashKey and OSL to offer retail trading services.

The inclusion of major financial institutions like UBS and HSBC in Hong Kong’s crypto market reflects a broader trend of traditional financial players acknowledging and participating in the digital asset space.

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• Kaspa (KAS) price rose to $0.092917, a new all-time high.
• Meanwhile, Bitcoin hit highs of $36,800 and Ethereum breached $2,000 amid BlackRock related sentiment.

Kaspa (KAS) price soared to a new all-time high on November 9 as the bullish momentum across the crypto market pushed most altcoins past key resistance areas.

As Bitcoin hit prices above $36,800 and Ethereum crossed the $2,000 mark, Kaspa’s native token skyrocketed from around $0.070986 to hit the all-time high of $0.092917.

Why is Kaspa price sharply up today?

The price of KAS has slipped after the ATH, currently trading around $0.086249 as profit taking across crypto follows the price spikes. However, KAS/USD is still 21% up in the past 24 hours, with the outlook for this proof-of-work cryptocurrency likely to strengthen to the upside.

This is because the proof-of-work (PoW) blockchain project tapped several positive catalysts in recent weeks. The latest is an integration with the OKX Wallet, which adds to other such collaborations with crypto platform Poloniex, Bybit and Coinone.

Also notable is the official listing of KAS on CoinMarketCap. Kaspa bulls have been quick to note the development, setting in motion speculation over whether major crypto exchange Binance is looking to add trading support for the token.

Such a move is likely to increase the buy pressure for KAS, as Kaspa’s fair launch means exchanges have to buy off the market to get the liquidity needed before listing.

Another signal of an upward trajectory is the network strength for this GHOSTDAG protocol.

According to on-chain data, the network’s hashrate jumped to a new all-time high of 54.96 PH/s. Kaspas Genesis Block launched on November 7, 2021, meaning the spike in hashrate comes as the blockchain platform celebrates two years of steady development.

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• Huobi Token (HT) rises to a five-month high.
• Today’s surge has broken a 12-month downtrend.
• Daily trading volume for HT reaches $33.1 million, the highest in months.

The native cryptocurrency of crypto exchange HTX, Huobi Token (HT), has seen a remarkable surge in its price, reaching a five-month high of $3.035.

This sudden price increase comes on the heels of a period where HT experienced a persistent 12-month downtrend. In 2021, HT reached an all-time high of $34.80 but has struggled to regain that momentum.

Record-breaking trading volume

The surge in Huobi Token’s price is accompanied by a substantial increase in its trading volume.

Daily trading volume for HT has hit $33,120,880, marking the highest volume trading day since February. This significant uptick in trading activity is a stark contrast to the previous week when trading volumes ranged between $2 million and $5 million, with HT trading around $2.40.

Most of this recent trading activity took place on the HTX exchange itself, with the HT/USDT trading pair reaching $26 million in volume over the past 24 hours.

The exact reasons behind this surge remain uncertain. Huobi advisor Justin Sun in an address to a leading media outlet has expressed his lack of knowledge regarding the cause. 

However, this surge coincides with a broader sense of optimism in the altcoin market, likely driven by hopes for the approval of a spot Bitcoin (BTC) Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC).

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• Polygon’s price traded to $0.84, a level last seen in July.
• Meanwhile, Bitcoin (BTC) climbed to $36,800 amid optimism around spot Bitcoin ETF approval.
• MATIC is trading higher as continued whale accumulation adds buy pressure to the market.

Polygon (MATIC) price rose early Thursday morning to trade at highs of $0.84 on major crypto exchanges. 

The token’s nearly 6% price jump in the past 24 hours means the native token of the layer-2 Ethereum scaling platform reached a four-month high. The altcoin’s market cap has also increased to $7.6 billion, up more than 5.4% in the past three weeks.

Why is Polygon (MATIC) price up?

Polygon’s price has returned to levels last seen in July as cryptocurrencies hit $1.4 trillion in global market cap and 24-hour trading volume of $77 billion.

Meanwhile, Bitcoin (BTC) price climbed to above $36,800 as the optimism around the ecosystem increased. Analysts are bullish on the flagship crypto amid possible catalysts in spot Bitcoin ETF approval and BTC block reward halving in 2024.

For MATIC, the latest dose of upward sentiment comes amid continued whale accumulation. Polygon whales with between 100k and 10 million MATIC have bought an additional 42.88 million tokens since October 24, market intelligence and analytics platform Santiment noted in a post on X.

📈 With #altcoin milestones continuing to fire off, #Polygon has steadily risen back to $0.80 and increased its market cap by +54% in just 3 weeks. And in the past 2 weeks, the key wallets holding 100K-10M $MATIC have supported this rise by accumulating. https://t.co/i7lMmBgRbX pic.twitter.com/dWGXJ8CzOK

— Santiment (@santimentfeed) November 9, 2023

A total of 161 transactions valued at over $100,000 in one day highlights the appetite by large holders to accumulate the token. The overall outlook is that this trend has coincided with the price of MATIC picking upside momentum.

If bulls lock onto the next target at $1.00, its possible MATIC/USD could rally to year-to-date highs of $1.54 reached in February. The token’s all-time high of $2.92 was reached in December 2021.

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