Kategorie: Crypto News

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Bitcoin trades above $46k ahead of SEC ETF decision: Will it rally higher?

Key takeaways

  • Bitcoin is trading above $46k as market experts expect the US SEC to approve a spot Bitcoin ETF soon.

  • Bitbot’s presale is launching in a week and the project seeks to make trading easier for users. 

The cryptocurrency market has been performing well over the last few hours, with Bitcoin trading above $46k. With the SEC expected to approve a spot Bitcoin ETF soon, BTC’s price could soar higher soon.

Bitcoin could soar if the SEC approves a spot Bitcoin ETF

Bitcoin, the world’s leading cryptocurrency by market cap, has been performing well over the last few hours. At press time, the price of Bitcoin stands at $46,239, up by more than 1% in the last 24 hours.

BTC’s price could soar higher over the coming hours if the US SEC approves the spot Bitcoin ETF applications. 

What is Bitbot? 

With the bear market now over, trading volume across centralised and decentralised exchanges has massively increased. However, the biggest challenge for many people is how to trade cryptocurrencies.

This is where Bitbot comes in. Bitbot is a self-custodial trading bot that enables users to trade via their cold wallets on Telegram. This is an innovative way of trading as Telegram remains one of the leading social media platforms for crypto users. 

Bitbot will offer users a wide range of powerful features to help them grow their trading portfolios through an ultra-intuitive interface built on top of institutional-grade technology. 

Bitbot’s development team have vast experience in various fields including traditional finance and blockchain. The team has a powerful mix essential to deliver a product that combines the innovation we’d expect for crypto traders with the approach to security seen in traditional asset trading.

With Bitcoin halving roughly three months away, Bitcoin’s price is expected to reach a new all-time high. When that happens, BTC’s trading volume will skyrocket and so will other altcoins.

Bitbot’s technological innovations

Bitbot could be an excellent tool for traders. If the tool gains massive adoption, its native token could become one of the biggest winners in the current bull run. 

What makes Bitbot an exciting project is that it prioritises security. The team has partnered with Knightsafe to offer a self-custody solution, hugely mitigating the typical risks associated with Telegram trading.

Furthermore, 

In addition, Bitbot will also use part of the funds raised from its presale to develop anti-MEV and anti-rug solutions for users to protect their assets. These solutions would help protect investors from bots artificially pumping transaction costs and block scam projects.

The Bitbot team is also working on a copy trading feature that would allow investors to copy the trades of the strongest performing wallets based on on-chain activities; predicted to be one of the most popular aspects of the product.

The Bitbot whitepaper contains more information about the project’s features, roadmap, and Solid Proof audit. 

Click here to read more about Bitbot’s upcoming presale. 

Could Bitbot be one of the top crypto investments this year? 

2024 could be an exciting period for the crypto market as the US SEC is expected to approve a spot Bitcoin ETF soon. Furthermore, the Bitcoin halving event is slated for April.

These events could see low-cap gems record massive growth and Bitbot could be one of such projects. 

Bitbot is laying the foundation to become an excellent project for cryptocurrency traders. According to the team, $100k raised from the presale has already been earmarked for a trading competition on the Bitbot website in a bid to encourage cryptocurrency trading. 

Bitbot’s presale is slated to commence on January 17th, with a starting price of $0.0100. Bitbot has a total supply of 1,000,000,000 tokens and 30% of tokens will be sold in a presale across 8 stages.

Furthermore, 20% of tokens will be held by the Bitbot development team to fund ongoing development while 14% will be for marketing & CEX listings.

The development team are working hard to see Bitbot become a billion-dollar market cap project. If that happens, early $BITBOT holders have a genuine opportunity to make 100X gains.

The post Bitcoin trades above $46k ahead of SEC ETF decision: Will it rally higher? appeared first on CoinJournal.

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Turkey’s crypto regulation is at the final stage: report

  • Turkey’s crypto regulation seeks to align the country’s anti-money laundering laws with the scope of the Financial Action Task Force (FATF) as it looks to get off the “grey list”.
  • Minister of Treasury and Finance Mehmet Simsek says the crypto asset regulation framework has reached the technical stage.

Turkey has advanced the legal framework for crypto regulation to the final stage, Mehmet Simsek, the country’s Minister of Treasury and Finance, said on Wednesday.

A report by local media outlet Anadolu Agency states that once finalised, the legislation will see Turkish authorities and regulators apply the clarity the law gives to promote blockchain development and to protect crypto users.

Crypto legislation to align with international practices

According to Simsek, interest in crypto assets has grown significantly across the Turkish population, particularly with regard to buying and selling of crypto assets on cryptocurrency exchanges and trading platforms. 

This, however, has come with various risks, including fraud on some exchanges. The government official also highlighted the potential for manipulation and risks of wild price movements.

The regulatory framework reaching the technical stage means the country is a step closer to aligning its crypto regulatory landscape with international practices.

The legislation will also see Turkey’s crypto regulation align with the international requirements as captured by the Financial Action Task Force (FATF).

Among regulatory requirements to be rolled out with the final implementation will be the obligation for cryptocurrency trading platforms to register for and obtain licences. Simsek also noted that Turkey was looking to align its regulatory rules with international law as applied to founders, and managers. The legal obligations will also extend to capital management.

As CoinJournal highlighted in November last year, Turkey’s crypto asset law is part of the country’s effort to persuade FATF to remove it from the “grey list”.

Added to the list in 2021, Turkey’s appearance means it’s one of the countries currently having an insufficient crackdown on anti-money laundering (AML) and terrorism financing.

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BitGo receives in-principle approval in Singapore

  • Singapore’s financial regulator has granted crypto custody firm BitGo an in-principle approval.
  • The licence allows BitGo to operate as a Major Payments Instutition (MPI) provider in the country.

Digital asset custody provider BitGo has received a regulatory nod from the Monetary Authority of Singapore (MAS). The crypto company said in an announcement on Wednesday that Singapore‘s financial regulator had granted it the in-principle approval to operate as a Major Payment Institution (MPI).

The approval expands BitGo’s “global footprint and provides APAC with regulated, secure and trusted solutions,” the firm noted in a post on X.

With the MPI licence, BitGo has the greenlight to offer its services in the country as it awaits a full licence from the regulator. When this happens, BitGo will expand its services to include digital payment tokens.

BitGo, which also has regulatory approval from Germany’s BaFin, is bidding to join major crypto players including Coinbase, Ripple and Crypto.com in securing a full MPI licence from MAS. Coinbase recently highlighted Singapore as a key market in the APAC region.

Notably, Singapore’s nod to the wallet provider comes a few days after Hashdex named it as the custodian for its spot Bitcoin ETF.

In August 2023, BitGo announced it had secured $100 million in its Series C funding round, with this raised at a $1.75 billion valuation. The company said it would use the funding on strategic acquisitions and as it looks to position itself as a top crypto wallet and security infrastructure provider.

In October, it revealed a partnership with institutional digital asset infrastructure platform Copper. The alliance is geared towards enabling institutional access to spot and derivative exchanges from regulated cold storage.

The post BitGo receives in-principle approval in Singapore appeared first on CoinJournal.

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BlockGuard and Pixelette Technologies forge a strategic DeFi partnership

  • BlockGuard and Pixelette form a strategic DeFi partnership.
  • Asif Ashiq Rana, Pixelette’s CEO, joins BlockGuard as an advisor, bringing expertise in blockchain and AI.
  • The collaboration focuses on BlockGuard’s vision for transparent, efficient, and accessible Web3 risk management.

Web3 platform BlockGuard has inked an equity partnership with Pixelette Technologies, a leading London-based blockchain and IT firm.

The collaboration not only marks a significant step for BlockGuard but also brings aboard Asif Ashiq Rana, Pixelette’s CEO and a key figure advising the British government on blockchain and AI matters, as an advisor.

Pixelette Technologies’s 5% equity stake in BlockGuard

As part of the strategic partnership, Pixelette Technologies has secured a 5% equity stake in BlockGuard. This move aligns with Pixelette’s commitment to exploring innovative technological avenues, particularly in the realms of AI and blockchain.

As a testament to this commitment, Asif Ashiq Rana, Pixelette’s CEO, expresses excitement about the collaboration, stating that the entire team is thrilled to contribute to BlockGuard’s vision through top-tier development solutions.

BlockGuard’s vision and Pixelette’s expertise converge

BlockGuard, at the forefront of revolutionizing risk management in the Web3 space, emphasizes transparency, accessibility, and efficiency for global investors. With a focus on long-term asset growth and stability, BlockGuard offers decentralized professionally managed funds, a gold-backed token, and advanced financial planning software leveraging blockchain and AI. Pixelette Technologies, known for bleeding-edge solutions in AI, blockchain, and the metaverse, is set to play a pivotal role in building BlockGuard’s tokenized gold system and an enhanced blockchain infrastructure.

As Asif Ashiq Rana steps into an advisory role, BlockGuard not only gains a valuable equity partner but also taps into Rana’s extensive experience, including his position as the Managing Director at the award-winning think tank, Big Innovation Centre (BIC). This collaboration signifies a convergence of expertise and innovation, propelling BlockGuard’s DeFi vision into the promising landscape of 2024 and beyond.

This strategic partnership between BlockGuard and Pixelette Technologies not only solidifies their commitment to advancing DeFi solutions but also sets the stage for future developments in the dynamic intersection of AI, blockchain, and decentralized finance.

The post BlockGuard and Pixelette Technologies forge a strategic DeFi partnership appeared first on CoinJournal.

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Celsius initiates recovery of large pre-bankruptcy withdrawals

  • Celsius Creditors withdrawing $100k+ pre-bankruptcy face legal action and must comply for future distributions.
  • Celsius’ post-bankruptcy Bitcoin mining focus approved; Ethereum unstaked for timely creditor repayments.
  • Legal challenges persist; CEO Alex Mashinsky faces fraud charges; $4.7B FTC settlement hinges on successful bankruptcy completion.

In a strategic move amidst its post-bankruptcy revival, Celsius, the crypto lending platform, has taken a bold step to recover from its financial turmoil. The company is now demanding a 27.5% return on substantial withdrawals made just before its bankruptcy filing.

This marks a crucial development in Celsius’ ongoing efforts to navigate regulatory challenges and fulfil its commitments under the reorganization plan. The lender recently said it would unstake $470M Ethereum in readiness for creditor repayments.

Celsius enforces 27.5% return of funds from creditors

Celsius recently issued notifications to creditors who withdrew over $100,000 within 90 days before the company declared bankruptcy on July 13, 2022. These account holders are now facing the requirement to return 27.5% of the funds they withdrew during that critical period.

Legal actions may be initiated against those who do not comply with this directive. Compliance, however, makes these creditors eligible for future distributions according to Celsius’ reorganization plan.

This stern approach underscores Celsius’ commitment to managing its financial crisis effectively. Alan R. Rosenberg, a partner at Markowitz Ringel Trusty & Hartog law firm, explained that creditors falling under the “withdrawal preference exposure” category must make a choice – settle with the estate by paying 27.5% of the withdrawn amount or accept the reorganization plan without opting out of the releases.

Celsius’ bankruptcy journey and legal challenges

Celsius declared bankruptcy in July 2022, revealing a staggering $1.2 billion deficit in its balance sheet. Despite creditors approving a reorganization plan in September 2023, Celsius and its CEO, Alex Mashinsky, faced legal challenges from the SEC, FTC, and CFTC. Mashinsky, charged with fraud, awaits trial in the fall. Celsius agreed to a $4.7 billion settlement with the FTC, contingent upon completing its bankruptcy proceedings.

This latest notice to creditors is a crucial step in Celsius’ broader strategy to stabilize its financial position. The company is addressing the aftermath of large pre-bankruptcy withdrawals, showcasing the challenges faced by the cryptocurrency industry in achieving regulatory compliance and financial stability.

As Celsius actively pursues its post-bankruptcy Bitcoin mining strategy, these developments highlight the complex and evolving nature of the crypto landscape, where legal scrutiny and financial restructuring intersect.

The post Celsius initiates recovery of large pre-bankruptcy withdrawals appeared first on CoinJournal.