Kategorie: Crypto News

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Bitpanda becomes first European firm to secure Dubai VARA in-principle approval

  • Bitpanda has secured in-principle approval from Dubai VARA.
  • Dubai is emerging as a global crypto hub with a supportive regulatory environment.
  • Bitpanda plans to establish a regional headquarters in Dubai to expand globally.

Bitpanda, a prominent European digital asset platform, has achieved a significant milestone by securing in-principle approval from the Dubai Virtual Asset Regulatory Authority (VARA).

This approval positions the Austrian company as the first European crypto firm to gain entry into Dubai’s burgeoning digital asset market.

Dubai emerging as a crypto hub

Dubai has emerged as a global cryptocurrency and blockchain innovation hub, attracting leading firms worldwide. With its progressive regulatory framework, the United Arab Emirates (UAE) offers a secure and innovation-friendly environment for crypto businesses and investors.

Bitpanda’s approval underlines its adherence to the region’s stringent regulatory requirements, reflecting the firm’s commitment to compliance and transparency.

Following the in-principle approval, Dubai will serve as Bitpanda’s gateway to global markets, and plans are already underway to establish a fully operational regional headquarters in the city.

According to Eric Demuth, co-founder and CEO of Bitpanda, Dubai’s status as a crypto-friendly city and its vibrant ecosystem make it an ideal launchpad for the firm’s international ambitions.

“In Europe, we have built a reputation as the most trusted and regulated digital asset platform. Now, we are scaling this proven model globally, with Dubai and the UAE serving as our strategic launchpad for international expansion. The opportunities are immense, and we are uniquely positioned to seize them,” Demuth said.

Bitpanda still requires additional approval for full authorization

Despite receiving in-principle approval, Bitpanda must fulfil additional regulatory requirements to achieve full authorization to operate in the UAE.

Nevertheless, the company’s entry into Dubai signifies its commitment to playing a pivotal role in the region’s crypto ecosystem, contributing to the city’s reputation as a global leader in digital asset innovation.

With plans to collaborate with other financial entities in the UAE, Bitpanda is poised to solidify its presence in one of the world’s most promising crypto markets.

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Weekly Price Analysis: The Market Recovers from Technical Selloff

  • Despite a market-wide price decline at the start of last week, the crypto market recovered as Bitcoin closed the week at $102,800.
  • Bitcoin has now reached a new all-time high of $106,000.
  • Meanwhile, US spot crypto ETFs continue to log consecutive positive days of inflows.

Bitcoin

Bitcoin has logged new highs of $106,400 since its dip last week to $94,000, driven largely by positive ETF inflows as US spot Bitcoin ETFs record another week of consecutively positive daily inflows.

From Dec. 9 to Dec. 13, $2.17 billion flowed into the top 10 US spot BTC ETFs.

Current price action shows Bitcoin has broken its previous high of $104,000 and trades at $104,500 after reaching a new high of $106,600.

The Fed rate policy decision coming up on Dec. 18 could significantly impact price action. Expectations are hawkish with more controlled slashes moving into next year, which could negatively impact risky assets like Bitcoin.

Price technicals support a hawkish stance as Bitcoin’s price could push downward to grab liquidity at lower levels around $100,000.

Ethereum

The second-largest crypto rebounded from a weekly low of $3,500 to a local high of $4,000. Unlike Bitcoin, it has not broken the previous high formed at the $4,100 level.

Meanwhile, Ethereum spot ETF inflows remained positive throughout last week, totalling $854.8 million.

Ethereum trades at $3,950 at the time of publishing.

Solana

Unlike Bitcoin and Ethereum which have rebounded since last week, Solana’s price has declined since failing to close above its all-time high of $260 on the daily time frame.

Price action on intermediate time frames (H4/H1) shows rejection and sells from local supply zones which may continue until a logical demand zone at $160. Solana’s price will need to break above $247 on the H4 and eventually close above the all-time high on the daily time frame to resume its bullish motion.

Solana trades at $214 at the time of publishing.

Ripple

Ripple’s price action has been incredibly bullish following its legal wins and expected changes to the US regulatory landscape. The crypto surpassed its former all-time high of $1.99 and formed a new ATH of $2.90 on Dec. 3.

More recent price action shows a pullback from highs as the price formed a new local supply zone, rejected, and sold from it. A continuation of the current trend would see price take liquidity at the $1.90 level while a reversal would see price break above $2.65.

Ripple trades at $2.36 at the time of publishing.

The post Weekly Price Analysis: The Market Recovers from Technical Selloff appeared first on CoinJournal.

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Bitcoin reaches new all-time high of above $106,000

  • Bitcoin hit $106,400 in the early hours of December 16
  • Crypto trader believes the next three to four weeks are going to be significant for Bitcoin if history repeats
  • Investors believe Bitcoin reaching $120,000 by the end of 2024 is achievable

Bitcoin set a new all-time high above $106,000 following news that President-elect Donald Trump is considering plans to create a US Bitcoin strategic reserve.

In the early hours of December 16, Bitcoin topped more than $106,400, according to data from CoinMarketCap.

Bitcoin reaches over $106,000, setting a new all-time high. Source: CoinMarketCap

At the time of publishing, Bitcoin has retraced slightly to $104,700. Over the past year, the world’s largest crypto asset has risen nearly 148% in value. Bitcoin’s previous high was set on December 5, hitting close to $104,000.

News of Bitcoin’s rally comes as Trump announced he’s considering creating a US Bitcoin strategic reserve similar to its oil reserve. Speaking to CNBC last week, Trump said:

“We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead.”

In relation to a question about whether the US will create a Bitcoin strategic reserve, Trump said: “Yes, I think so.”

In a post on X, Ash Crypto wrote: “Bitcoin is breaking out. If history repeats, the next 3-4 weeks are going to be massive.”

Crypto-friendly administration

The incoming Trump administration is seen as more crypto friendly compared to Biden’s team.

During his campaign, Trump promised to make America the “crypto capital of the planet.” Since winning the US election, his team has already made significant appointments, many of whom are crypto-friendly.

Last week, Trump appointed Paul Atkins as the next Chair of the US Securities and Exchange Commission (SEC). He will be replacing Gary Gensler who is stepping down on January 20, 2025.

Trump also named David Sacks as the lead policy advisor on artificial intelligence and crypto, dubbing him the “White House AI and Crypto Czar.” In November, Trump announced that Elon Musk and Vivek Ramaswamy will lead the Department of Government Efficiency (DOGE) to “dismantle government bureaucracy.”

Speaking to the BBC, Peter McGuire from trading platform XM.com, said:

“The Bitcoin rally since the election has been parabolic and the FOMO – or fear of missing out – rally is gathering momentum. Many investors believe $120,000 is achievable by the end of the year and then in 2025 there’s talk of greater than $150,000 by mid-year.”

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BTC sets a new all-time high of $106k, iDEGEN’s presale hits $5m

Key takeaways

  • Bitcoin has reached a new all-time high price of $106,488 after adding 3% to its value on Sunday.
  • iDEGEN’s pre-market auction has officially surpassed the $5 million mark.

BTC hits $106k

Bitcoin, the leading cryptocurrency by market cap, set a new all-time high price of $106,488 a few hours ago. This latest development comes after Bitcoin added more than 3% to its value on Sunday.

At press time, the price of Bitcoin stands at $105,166, retracing slightly from its all-time high. The rally comes as analysts expect the U.S. Federal Reserve to cut interest rates later this week. 

What is iDEGEN?

Bitcoin has achieved a new all-time high while altcoins continue to rally higher. Furthermore, new projects in the ecosystem continue to attract funding from investors. iDEGEN is one of the projects in its presale stage that is attracting interest from investors 

iDEGEN combines the features of AI and memecoins to present a strong project with an equally active community. In their whitepaper, the team explained that the iDEGEN tool learns, evolves, and adapts based on what the community feeds it on X. This means that iDEGEN is powered by AI but ultimately raised by degens. 

It will launch as a memecoin, leveraging the growth of the meme coin ecosystem in recent years. The memecoin market is worth over $45 billion and is expected to grow larger in the coming months and years. 

iDEGEN has a simple working mechanism. Users feed the tool their data through tweets, tags, and comments. The tool absorbs the post and adds it to its knowledge base; that’s how it learns. Furthermore, the tool posts on X every 60 minutes and can generate and post memes. 

Click here to read more about the iDEGEN project.

iDEGEN’s pre-auction market crosses the $5 million milestone

The iDEGEN pre-market auction is attracting more investors, raising millions of dollars in the process. The team has sold nearly 1 billion $IDGN tokens, raising $5 million in the last few weeks. 

iDEGEN uses the pre-market auction method to help attract more investors. Using the pre-market auction method, the price adjusts every five minutes based on market activity. 

According to the team, the price will remain steady for the next period if an investor purchases $IDGN tokens within five minutes. However, if purchases occur consecutively, the price will rise by 5%. Finally, if no one buys the tokens within five minutes, the price will drop by 5%.

The iDEGEN pre-market auction will end on January 1, 2025, and the $IDGN token will then be listed on crypto exchanges. 

Should you buy the $IDGN tokens now?

Bitcoin has just hit a new all-time high, and interest in cryptocurrencies is currently growing. iDEGEN will launch on the first day of 2025 and could be one of the best-performing projects of the year. 

The project’s huge potential means it could be a smart decision to invest in iDEGEN during its presale. iDEGEN is an interesting project that combines AI and meme coins. It could become one of the leading meme coin projects on the Solana blockchain. 

For transparency, the iDEGEN website has a live pre-market listing price, allowing investors to track the token’s progress accurately before its launch on trading platforms.

The post BTC sets a new all-time high of $106k, iDEGEN’s presale hits $5m appeared first on CoinJournal.

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Nasdaq to Add MicroStrategy to the Nas100 Index

  • The Nasdaq exchange has announced its yearly reshuffling of the top 100 largest non-financial companies by market capitalisation and will add MicroStrategy to the list for the first time.
  • The growth in MicroStrategy’s stock price, fueled by Bitcoin’s positive performance, has ballooned its market value, allowing it to qualify for inclusion.
  • MicroStrategy’s stock will be exposed to passive investment opportunities by being included in Invesco’s QQQ and other ETFs that invest in the Nasdaq’s top companies.

The Nasdaq 100 index tracks the 100 largest companies on the Nasdaq exchange. The companies included are usually recipients of passive fund flows from popular ETFs.

With a market capitalisation of $97.94 billion, MicroStrategy is the 40th largest company on the Nasdaq exchange, largely due to its massive Bitcoin treasury. The company’s share price has risen 505% since the start of the year, ballooning its market capitalisation from roughly $15 billion on Jan. 2 2024 to its current value.

MicroStrategy’s stock rise

MicroStrategy’s tremendous stock price run is driven by its Bitcoin buying efforts, which have spanned from August 2020 to December 2024 and have transformed the company into a quasi-Bitcoin ETF.

In total, the company has spent $23.41 billion on Bitcoin at an average price of $58,200 mainly by issuing debt notes. Its Bitcoin stash is worth $42 billion at market prices at the time of publishing.

More exposure to investors

MSTR’s inclusion in the NAS100 will expose it to more investors and funds that invest in the Nasdaq index. The largest fund that does this is Invesco’s QQQ trust with an AUM of $352 billion, but other funds holding billions of dollars also invest in the companies in the NAS100, like the iShares NASDAQ 100 UCITS ETF.

However, it is worth noting that not all companies in the Nasdaq 100 carry equal weighting. For example, Invesco’s QQQ ETF allocates roughly 53.1% of its portfolio to the top 10 companies on the Nasdaq exchange, while the remainder is distributed among the other 90 companies.

Nonetheless, 0.1% of a $352 billion pie is still significant.

It’s not all positive news

While the Nasdaq’s annual rebalancing will include MicroStrategy, the criteria for companies’ inclusion in the index is the major source of their market value.

MicroStrategy remains a provider of business intelligence technology and solutions, however, if a greater part of its value comes from its Bitcoin holdings, then it could be reclassified as a financial company and removed from the Nasdaq 100.

Bitcoin trades at $102,800 as of publishing while Nasdaq’s rebalancing will take effect on Dec. 23.

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