Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
Veröffentlicht am

Crypto exchange Coinhako secures in-principle approval from MAS

The exchange will, in the next few weeks, be working to secure a Major Payment Institution license

Singapore -based crypto exchange Coinhako confirmed on Tuesday that it had received in-principal approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to offer digital payment token (DPT) services. The approval makes Coinhako the first local non-bank exchange to get the license.

Coinhako’s Director of Corporate Development Collin Cheong applauded his team, saying it had worked so hard to ensure the business’ structure remained compliant in the years leading to this approval. He added that receiving the green light was a testament to their effort.

Consequently, Coinhako will be working leading into the next few weeks to satisfy the monetary authority’s requirements to gain a Major Payment Institution license in the country. With such authority, the exchange would be able to fully provide DPT services to its users.

Securing the coveted license is a priority for entities in the sector

The Major Payment Institution license is a requirement in the Asian country for firms seeking to transact any DPTs, including cryptocurrencies. Further, those seeking to facilitate users to exchange DPTs are also required to hold this license.

“Singapore has always been at the forefront of fintech innovation. The regulation of DPTs under the Payment Services Act is a clear indication of our nation’s readiness to nurture innovations in the digital assets and cryptocurrency space while balancing the need to protect consumer and social interests,” noted Yusho Liu, co-founder and chief executive of Coinhako.

Founded in 2014, Coinhako offers users the ability to trade in fiat-to-crypto and crypto-to-crypto. The exchange has recently seen some tremendous growth, recording a 1000% increase in the number of users in the first eight months of the year, compared to the whole of last year.  The exchange holds over 300,000 registered users, also recording 150,000 monthly active ones.

The growth that Coinhako has experienced isn’t what one would call secluded. In fact, the general Asia Pacific has generally seen quite the boom in users seeking to adopt cryptocurrencies. Findings of a recent MasterCard survey revealed that the region has 45% of consumers wanting to use crypto within the next year. This figure is 5% higher than the global average.

Other crypto-related moves Coinhako has been making

Supported by strong investors in the crypto sector, such as Boost VC and Tim Draper, Coinhako has launched a number of initiatives in the crypto sector. On October 19, the crypto exchange flagged off the Privé platform, intended to provide digital asset services to institution-grade clients and high-level markets. The exchange also recently played host to an event for Singapore’s first-ever large-scale NFT gallery.  The event, ‘Right Click + Save’, saw international interest attracting several parties.

The post Crypto exchange Coinhako secures in-principle approval from MAS appeared first on Coin Journal.

Veröffentlicht am

India’s crypto panel yet to agree on which regulator should oversee the sector

The Parliamentary Standing Committee wants government officials to appear before it to address existing concerns

In a meeting that was the first of its kind, the Parliamentary Standing Committee on Finance led by Bharatiya Janata Party (BJP) MP Jayanth Sinha came to a consensus on Monday that cryptocurrencies in India cannot be stopped and should instead be regulated. The meeting was attended by professionals from the Blockchain and Crypto Assets Council (BACC), reps from top crypto exchanges, Indian Institute of Management Ahmedabad, among others.

„There was overall consensus among MPs that there should be regulation instead of banning it. Now there are two ways of looking at it. Either 90 per cent of it is banned, and 10 per cent is allowed or vice versa. That’s the trade-off discussion which has been pending. And for that, we have to go point-by-point,“ a source told Financial Express.

Uncertainties on who should lead the regulation

In the meeting, industry reps told the parliamentary panel that enforcing a ban might not help much with security concerns and the need to protect investors from financial crime. They suggested setting up regulations to cover the crypto sector, though no specific regulator was earmarked to be the watchdog on the digital assets.

It is expected that this meeting will be followed by others in the future, given the crypto situation in India. Digital assets have been a topic of controversy owing to some of their facets. One of the standout facets is the astronomical returns that crypto services are promising users.

Just a few days ago, Prime Minister Narendra Modi led a high-level meeting where crypto and related issues were discussed.  Among the top concerns flagged in the meeting were the over-promising and lack of transparency around the digital assets. A strong view was held that ‚misleading‘ information around crypto, which often targets gullible youth via false advertising and over-promises, needed to be handled.

India’s apex bank is cynical about cryptocurrencies

In the lead-up to the Monday consensus, Reserve Bank of India (RBI) governor Shaktikanta Das reiterated the government’s position on crypto last week. Das insisted that crypto presented a threat to any financial system’s macroeconomic and financial stability unless regulated.

The governor was also skeptical of the mammoth numbers being floated around that have been claimed to represent the market value of the assets. There has also been a lack of clarity on where the crypto situation in India lies in the past. March 2020 saw the Supreme Court nullify a ban on crypto issued via a circular from the RBI two years earlier. The April 2018 circular had prohibited banks and other regulated entities from providing services related to virtual currencies.

The post India’s crypto panel yet to agree on which regulator should oversee the sector appeared first on Coin Journal.

Veröffentlicht am

Loopring (LRC) astronomical rise continues as more details of GameStop partnership emerge

Loopring (LRC) is on a mission to the moon as it set a new all-time high of $3.04 this week.

With a 24-hour trading volume of $6.1 Billion, LRC is the second most traded pair on Binance. 

Here is a breakdown ate a few recent Loopring updates attributed to the recent price rise.

What Is Loopring

Loopring is a layer 2 scaling solution built on top of the Ethereum network to allow users to trade digital assets with far less fees.

For new users, the biggest challenge is the amount of fees associated with each transaction.

Gas fees can cost rise to $100, which to most new traders consider irrational. However, Loopring aims at reducing the fee per transaction.

Loopring Price Rise 

Loopring (LRC) price rise is largely attributed to its rumored partnership with GameStop.

As reported last night, some leaks mentioning GameStop surfaced in Loopring GitHub code.

It is also not a wonder that Loopring’s former Head of Business Matthew Finestone is currently the Head of Blockchain development for GameStop.

There is also a popular thread on cryptocurrency today about Loopring, titled “Does LRC have a lot of long-term potential?” The comments agreed that ETH and LRC will continue to rise. Since LRC is not a fully known crypto compared to ETH, there’s potential for higher price gains

It’s also clear that many people are buying LRC without really understanding what it is, but there was some discussion about whether LRC is cheaper to use than ETH.

Claims were that they only paid $0.5 in fees to swap ETH to USDT using Loopring exchange.

Earlier today Loopring retweeted Byron’s tweet addressing the issues with current NFT marketplaces and how Ethereum Layer 2 can solve these issues.

High fees are the biggest detriment to crypto’s current growth. It increases the barrier to entry and de-incentivizes activity.

Loopring has a lot of potential and their layer-2 scaling solution is exactly what the market needs.

One of the biggest challenges in the crypto’s growth is the high fees deterring market activities. What the market needs is the Loopring layer-2 scaling solution.

The post Loopring (LRC) astronomical rise continues as more details of GameStop partnership emerge appeared first on Coin Journal.

Veröffentlicht am

Pepperstone head of research: ‘Fast money’ is behind Bitcoin and Ether rally

  • Pepperstone’s Chris Weston says most clients are net-long on Ether

  • Ethereum is primed for $5k and Bitcoin could soon hit $70,000

Bitcoin’s surge above $68,000 and Ethereum’s run to a new all-time high above $4,800 is down to the influx of new money.

According to Pepperstone’s head of research Chris Weston, the inflow of capital into crypto is driving prices higher as demand explodes.

“Crypto is where the fast money is at. Ethereum is trending like a dream and I’d be long and strong here,” Weston told Reuters on Tuesday.

Ethereum climbed as high as $4,857 in early deals Tuesday, hitting the landmark price level amid a 16% spike in daily volume. According to Weston, most clients are bullish about ETH, with over three quarters holding long positions to suggest another leg up to $5,000 is more than likely.

“Clients are net long, with 79% of open positions held long, and I can sense the $5k party could get going soon,” he added.

Crypto analyst Benjamin Cowen called Ethereum “an absolute beast” and expects further gains well into 2022.

Bitcoin has also benefited from strong demand over much of 2021, with data showing increased institutional adoption and positive regulatory conditions contributing to the more than 340% price surge this past year.

This week, upward momentum has been accelerated by inflation fears across the stock market, with money flowing into safe-haven assets.

On Monday, ARK36 fund manager Mikkel Morch told CNBC that current price action could see BTC top $70,000. He points to why there might be no major pullback for Bitcoin, noting:

“The uptick doesn’t seem to be leverage-driven but rather results from the increased demand on the spot market where there’s currently very little sell-side liquidity”.

However, crypto analyst Michael van de Poppe thinks it’s good to be cautious.

“Euphoria going through the roof. Yes, the market is easy, but be aware of the fact that markets can turn the other way quite fast. Don’t forget to take profits.”

The post Pepperstone head of research: ‘Fast money’ is behind Bitcoin and Ether rally appeared first on Coin Journal.

Veröffentlicht am

Analyst: Ethereum is ‘an absolute beast’

  • ETH/USD hit highs of $4,782 on Monday morning

  • ETFs and institutional adoption key to the continuation of the uptrend

Ethereum has broken above $4.700 for the first time ever, setting a new all-time high as the entire crypto market hit a record $3 trillion in market capitalisation.

Ether reached $4,782 as shown by data from CoinGecko and currently trades around $4,745 as bulls plot a new assault on higher prices.

According to crypto analyst Benjamin Cowen, Ethereum is yet to peak and is an “‘absolute beast’.” In a video analysis of the current market cycle, Cowen says Ethereum’s price is likely to rise even further, continuing its parabolic rally into 2022.

Ethereum’s pace looks unstoppable at the moment

Ethereum has steadily climbed from its March 2020 lows, with prices tracking a long term trendline going back 18 months to when ETH/USD traded around $100.

“We hit the trendline [again] at $1,700 and more or less at $2,500 or $2,600 and it its possible we hit it again multiple times in the future”

Crypto prices don’t move in a straight line and the analyst notes this in the video, expecting Ether prices to go sideways as buyers accumulate towards a new breakout.

According to Cowen, its possible ETH/USD will not touch the trendline until January. Many people expect the next bear market to start in early 2022, but the analyst thinks Ethereum will maintain a bullish outlook for much longer.

The analyst says Ethereum’s upgrade to a proof-of-stake network, possible ETF on the asset, and increased institutional adoption as some of the key price drivers.

 “At the end of the day, Ethereum is an absolute beast…And this pace, this pace that Ethereum’s on, is likely not stopping anytime soon. That’s the point.”

It’s possible for ETH to go down to $4k, or $3k, Cowen says. However, the market is not that extended and a breakdown beyond these support levels looks unlikely.

“The only way I would imagine us getting into a pretty brutal bear market would be if were to go up too quickly you know, imagine Ethereum had a run to $20k or something like that really quickly…that wouldn’t be good and we probably  would need to spend quite time being bearish.”

The post Analyst: Ethereum is ‘an absolute beast’ appeared first on Coin Journal.