Schlagwort: crypto business

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Crypto custody firm Copper withdraws UK registration

  • Copper has withdrawn its application to register in the UK.
  • The crypto custody firm first failed to register in 2022 amid changes around crypto asset firms by the UK’s Financial Conduct Authority.

Copper Technologies Ltd., a crypto custody firm based in the United Kingdom, has dropped its plans for registration with the country’s Financial Conduct Authority (FCA).

In a report on Friday, Bloomberg said the London-based firm, whose chair is the former UK Chancellor of the Exchequer Philip Hammond, has instead elected for an overseas footprint. Copper’s pivot comes as the company looks to build its business with new hubs across the globe, with new CEO Amar Kuchinad spearheading the growth strategy.

Founded in 2018, Copper has grown to become one of UK’s largest crypto-focused businesses.

Part of the growth has come since the company failed to secure registration with the FCA in 2022. In the last few years, Copper has secured licenses or regulatory approvals in Switzerland, Hong Kong, and Abu Dhabi in the United Arab Emirates.

The crypto custodian has also disclosed plans to expand its services into the United States, a decision hinged on the pro-crypto environment expected under President Donald Trump.

Firms failed to meet regulatory standards

Copper drops its FCA license application amid the UK regulator’s report that most of the applications for licensing by crypto firms did not meet set regulatory standards. In its report in September, the financial markets regulator pointed out that this assessment affected about 90% of firms that applied.

The FCA rejected or saw about 87% of applicants withdraw over failures related to money laundering controls. The UK regulator has licensed only four crypto firms in the past year, with 9 rejected and 15 withdrawn. According to the FCA, 44 crypto firms had secured money laundering registration as of its annual report.

“We recognise the importance of providing an effective and efficient authorisations service if we want the UK to be the best place in the world for financial services to thrive. We continue to play a leading role internationally by shaping the global standards on crypto, sustainability, and non-bank finance to name but a few,” Nikhil Rathi, chief executive officer of the FCA, commented.

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Bitcoin and Dogecoin in focus as iDEGEN fires on all cylinders

Artificial intelligence (AI) is reshaping the crypto space and savvy investors are keen on grabbing the integrated opportunities. Investor interest in AI-themed meme coins has soared in recent months, pushing the market’s market cap to $6.74 billion as highlighted on CoinGecko.

Among the AI meme coins on investors’ radar is iDEGEN; the one-of-a-kind social experiment with wild results. With less than two weeks before it hits the public shelves, an overwhelming number of early adopters are amassing $IDGN tokens. The craze is beyond a Bitcoin-led rally, it’s an evolution founded on community and FOMO. 

BTC records steady inflows despite crashed reserve dreams

Bitcoin price was subject to profit-taking for the second consecutive session on Thursday after hitting a fresh record high of $108,577.25 earlier in the week. The sell-off saw the top crypto drop below the psychological zone of $100,000 to trade at $99,266.51 as at the time of writing. 

On Wednesday, the Fed Chair stated that the US central bank has no interest in building a Bitcoin reserve. Speaking on the matter, Jerome Powell indicated, “we are not allowed to own bitcoin”. His remarks were in response to a query by a reporter on whether he sees value in the US government owning a BTC reserve similar to the US oil reserve. 

Even so, Bitcoin’s fundamentals are still strong. Notably, Bitcoin spot ETFs have recorded steady inflows over the past 15 sessions with the cumulative net inflows exceeding $37 billion. The consistent inflows reflect heightened investor interest and a long-term bullish sentiment.  

iDEGEN’s craze intensifies ahead of its listing 

The crypto space is ever evolving and iDEGEN is here to push the limits. As a groundbreaking project, its appeal lies in its absence of rules, fair pricing model, and the unlimited power accorded to its community. 

Similar to other meme coins, the success of this experiment largely lies on its virality. Aware of this principle, its creators has left its development to Crypto Twitter. 

Every 60 minutes, the AI agent posts on X, assimilating all the chaos thrown its way by the degens in the form of tweets, tags, and comments. This approach has generated immense curiosity and engagement; prompting sales of over 1 billion $IDGN tokens in less than a month. Subsequently, the project has raised over $7 million since its launch on 26th November.

iDEGEN’s concept of ‘by the community, for the community’ has also been bolstered by its fair pricing model. Potential investors not only want to be part of the project, but they can afford to own a piece of it. 

As opposed to the random figures offered by the creators of most meme coins, iDEGEN has ensured its holders get the price they asked for. To do so, $IDGN’s token price drops by 5% if no purchase is made within 5 minutes and rises by 5% if buys are made in two successive intervals of 5 minutes. 

Upon its listing on 1st January 2025, the unsold tokens will be destroyed with a 10% premium added to $IDGN’s final presale price. At the time of this publication, the token was up by 921% at $0.201. Learn more about iDEGEN here.

Dogecoin price: Elon Musk is at it again with a $1 prediction  

Dogecoin price has dropped by about 35% since 8th December when it rallied to a three-year high. The pullback corresponds with BTC’s profit-taking and easing of the crypto fear & greed index. While the index remains at the greed end of the spectrum, it was at 75 on Thursday compared to the prior session’s 81 and last month’s 90. 

In addition to persistent bullish sentiment, Dogecoin price is finding support in Elon Musk’s appointment in the newly formed Department of Government Efficiency. What’s more, the billionaire AI bot, Grok AI, has predicted that the meme coin may hit $1 in early 2025. In the past, remarks by Musk have heightened investor interest and bolstered Dogecoin price.   

 

 

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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.

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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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