Kategorie: Crypto News

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Notcoin in focus as KangaMoon excites with bonus sale

  • Notcon (NOT) token’s price fell sharply after its debut on exchanges.
  • KangaMoon (KANG) is offering a bonus presale stage ahead of first CEX listing.

Analysts say the lackluster spot Bitcoin ETFs market means Bitcoin prices could see limited upside action in coming weeks and months.

What does this mean for newly-launched Notcoin and could KangaMoon offer a better investment opportunity?

Notcoin dumps after airdrop

Notcoin (NOT) is the native token of a tap-to-earn game project that aims to onboard millions of users to Web3.

The project went viral amid its debut on Telegram, and saw massive hype ahead of its trading debut this week. Much of this was down to listing announcements from top crypto exchanges Binance, OKX and Bybit among others.

Indeed, Notcoin traded at a Fully Diluted Valuation (FDV) of $1 billion as the token made its debut across exchanges. However, NOT price has tanked 67% since and currently trades around $0.006753.

Binance’s cancelling of support for the NOT/BTC pair also added to the downside pressure. 

Notcoin is however likely to record a decent bounce if the broader gaming ecosystem picks up new traction following a dismal 2024. Bitcoin‘s performance could also add to the dynamics.

KangaMoon emerging as top meme-inspired cryptocurrency

The meme coin space has seen some big moves for Solana, BNB Chain and Ethereum meme tokens.

While a few meme coins exhibit massive growth potential, most others are largely weak copycats that derive momentum from nothing but hype.

Utility sets KangaMoon apart from most of these other meme coins.

As a project, KangaMoon integrates GameFi and Play-To-Earn (P2E). There’s also a SocialFi element that means users can earn more as they interact, share and connect.

The native in-game currency and network reward token when the P2E game launches will be KANG. Presale participants can earn KANG right away by joining in challenges and contests – a factor that already sees KangaMoon boast a growing community of users.

Is KangaMoon a better opportunity?

KangaMoon (KANG) is one of the tokens expected to dominate the meme coin market. The project’s presale has so far raised more than $6.7 million.

KangaMoon’s smart contract has been audited by both Solid Proof and InterFi, a fact that adds to the confidence crypto enthusiasts and investors are showing in this project.

After rallying through the presale stages, KangaMoon is now offering those who might have missed out another chance with a bonus sale round. The current KANG price in this phase is $0.025.

As the limited bonus round quickly sells out, this might be a great time to join the community.

KangaMoon’s rigorous audits and team transparency are also positive factors, as is news that KANG is poised for its CEX listing debut on BitMart.

Compared to other meme coins, KangaMoon’s community-driven P2E game focus and utility stand out. The project’s total supply of 1 billion KANG also means it has the potential to explode higher amid market demand.

Investors however need to take into account other market dynamics and conditions.

You can learn more about KangaMoon here.

The post Notcoin in focus as KangaMoon excites with bonus sale appeared first on CoinJournal.

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US Senate votes to overturn SEC rule, allowing regulated firms to hold Bitcoin

  • 60-38 in the Senate voted in favour of overturning the SEC rule.
  • Bipartisan support signals a potential shift in crypto regulation.
  • Presidential veto possible.

In a landmark decision, the US Senate has voted to overturn a key Securities and Exchange Commission (SEC) rule that barred regulated financial firms from holding Bitcoin and other cryptocurrencies.

The legislation, known as H.J. Res. 109, previously passed in the US House with bipartisan support and the Senate’s support signals a potential shift in the regulatory landscape for digital assets in the United States.

Bipartisan support for H.J. Res. 109 reversal

The decision to overturn the SEC’s Staff Accounting Bulletin (SAB) No. 121 garnered significant bipartisan support in both the House and the Senate.

The rule, which had been in effect for two years, prohibited regulated financial institutions from holding cryptocurrencies.

However, lawmakers have moved to invalidate this restrictive regulation with a vote of 60-38 in the Senate and a 228–182 vote in the House.

Supporters of the legislation argue that allowing regulated firms to hold cryptocurrencies will provide consumers with more options and opportunities in the rapidly evolving digital asset market. They contend that regulated institutions are well-equipped to handle the risks associated with cryptocurrency custody, given their existing compliance frameworks and security protocols.

Potential presidential veto

After the overwhelming support for overturning the SEC rule in Congress, the legislation now faces its final test on the desk of US President Joe Biden.

While the White House has indicated that the measure may be vetoed, citing concerns about disrupting the SEC’s work to protect investors in crypto-asset markets, proponents remain hopeful that Biden will recognize the importance of allowing regulated firms to engage in cryptocurrency custody.

Critics of the SEC’s rule argue that it stifles innovation and hampers the ability of financial institutions to meet the growing demand for cryptocurrency services. They point to the recent approval of spot Bitcoin Exchange Traded Funds (ETFs) by the SEC as evidence of the increasing mainstream acceptance of cryptocurrencies and the need for regulatory flexibility in this rapidly evolving space.

Senate decision met with enthusiasm

The decision to overturn the SEC rule has been met with enthusiasm by industry stakeholders, who see it as a positive step towards greater institutional adoption of cryptocurrencies. Many believe that allowing regulated financial firms to hold cryptocurrencies will help to legitimize the asset class and attract more institutional investors.

However, some industry experts caution that regulatory clarity is still needed to ensure the long-term stability and growth of the cryptocurrency market. They emphasize the importance of striking a balance between innovation and investor protection to foster a healthy and sustainable ecosystem for digital assets.

The post US Senate votes to overturn SEC rule, allowing regulated firms to hold Bitcoin appeared first on CoinJournal.

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French securities regulator, AMF, issues warning on Bybit

  • The AMF has blacklisted Bybit since May 2022 due to regulatory infractions.
  • French investors urged to prepare for potential service halt.
  • Besides France, Bybit faces global scrutiny and it has already pulled out of Canada and UK.

The French Securities Regulator, Autorité des Marchés Financiers (AMF), has issued a renewed cautionary notice to investors regarding the cryptocurrency exchange Bybit.

The warning stems from Bybit’s non-compliance with French regulations, specifically its failure to register as a digital asset service provider (DASP), rendering its operations illegal in France.

Possible abrupt exit of Bybit from France

Investors are urged to exercise vigilance and prepare for the potential abrupt cessation of Bybit’s services in France.

The AMF emphasizes that it retains the authority, as per the Monetary and Financial Code, to pursue legal action, including blocking Bybit’s website.

Furthermore, retail investors are advised to take preemptive measures to ensure continued access to their assets, should the platform become inaccessible.

This cautionary stance mirrors similar regulatory actions taken against Bybit globally. In March, Hong Kong’s Securities and Futures Commission (SFC) categorized Bybit as an unlicensed exchange and added it to its list of suspicious platforms. This move by the SFC reflects concerns regarding Bybit’s lack of compliance with licensing requirements.

Bybit’s regulatory woes

Although Bybit has applied for licenses in countries like Hong Kong, its history of regulatory challenges extends beyond France. Last year, the exchange withdrew from both Canada and the United Kingdom, citing regulatory pressures. These exits underscore the significant regulatory hurdles Bybit faces in various jurisdictions.

For French investors, the AMF’s warning serves as a critical reminder to prioritize regulatory compliance and due diligence when engaging with cryptocurrency exchanges.

Bybit’s illegal operation in France raises concerns about investor protection, highlighting the importance of adhering to regulatory frameworks.

In light of these developments, French investors are advised to exercise caution and consider alternative platforms that comply with local regulations.

Additionally, staying informed about regulatory updates and heeding warnings from financial authorities can help mitigate risks associated with unlicensed cryptocurrency exchanges like Bybit.

The post French securities regulator, AMF, issues warning on Bybit appeared first on CoinJournal.

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Why is Solana meme coin Bonk (BONK) surging?

  • Bonk price rose sharply after South Korea exchange Bithumb announced listing of BONK in the KRW market.
  • The Solana meme coin reached a two-week high as Bitcoin led the crypto market bounce.

Bonk (BONK), the first dog-themed meme coin on Solana, has picked up significant upside in the past 24 hours.

According to market data from CoinGecko, BONK price is up 9% and trading at $0.00002623 – the meme coin’s highest level in two weeks.

Why did the BONK price spike today?

Bonk’s performance in the past 24 hours aligns with an upward flip in crypto prices.

These came as markets reacted to the latest US inflation data that showed softer-than-expected CPI readings. As stocks jumped to weekly highs, Bitcoin surged past $66k to see analysts predict a potential bullish run to $74k.

The positive sentiment buoyed most altcoins, with Ethereum breaking above $3,000 and Solana surging above $160.

BONK price mirrored other meme coins, which saw slight gains as mega caps spiked.

On Thursday, Bonk extended gains amid news that Bithumb, the second-largest cryptocurrency exchange in South Korea, had announced BONK listing. 

The platform will open trading for BONK in the Korean won (KRW) on May 16 at 17: 00 pm. Bithumb will also list Zeta Chain (ZETA).

With South Korea one of the top crypto markets, Bonk’s listing on Bithumb looks set to enhance not just visibility but also liquidity for the meme coin. Trading volume was up 30% in early trading Thursday.

BONK price could break higher and retest levels seen in March and April. Bullish momentum is also likely to strengthen if the broader market continues higher.

The post Why is Solana meme coin Bonk (BONK) surging? appeared first on CoinJournal.

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Bitcoin price: Here’s why QCP Capital expects BTC run to $74k

  • Bitcoin surges past $66k after US CPI data triggers buyside pressure
  • Here’s why QCP Capital analysts say BTC could run to $74k

Bitcoin price surged past the $66,000 mark on Thursday to hit highs last seen in April amid a fresh dose of bullish sentiment.

BTC price reached $66,699 on US-based crypto exchange Coinbase, extending gains seen when markets soared on softer-than-expected US inflation data released on Wednesday.

Bitcoin price outlook: QCP Capital says bulls can reclaim the ATH

According to analysts at QCP Capital, the bullish momentum currently surrounding Bitcoin could see prices run to highs of $74,000.

The market reaction to the US Consumer Prices Index (CPI) data release, as well as the broader traction for spot Bitcoin ETFs, are potential catalysts.

“US CPI numbers triggered a break out of the range across risk assets. BTC has since traded back above 66k. ⁠We expect bullish momentum here that could take us back to the highs of 74k. The desk saw sizable buyers of 100-120k BTC Calls for Dec 2024 on this move higher in spot,” the Singapore-based platform said in a note on Thursday.

The analysts also pointed to the increased institutional demand for the flagship cryptocurrency. The last few days have seen large asset managers file their 13Fs, disclosing huge positions in spot Bitcoin ETFs.

For instance, Susquehanna, Morgan Stanley and the State of Wisconsin Investment Board have disclosed huge holdings of BTC ETFs. Asset managers Millennium and Schonfeld have invested roughly 3% and 2% of their assets under management (AUM) respectively into spot Bitcoin ETFs.

“The stars seem to be aligning on this breakout with significant sovereign and institutional adoption, abating inflation and upcoming US elections. Is this the resumption of the bull market?” the QCP traders pondered.

At the time of writing, the benchmark cryptocurrency was up more than 5% in 24 hours, with trading volume at over $37.8 billion and showcasing a 24-hour increase of 93%.

BTC price reached its all-time high of $73,737 on March 14.

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