Schlagwort: crypto business

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South Korea won’t allow crypto ETFs despite US approval, official says

  • South Korea’s Financial Services Commission (FSC) will not allow crypto ETFs despite SEC’s approval of spot Bitcoin ETFs.
  • An FSC official says the ban on financial instutitions with regard to cryptocurrencies remains.

Despite the eventual approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC), it does not change South Korea’s regulatory approach on these products.

An official of South Korea’s Financial Services Commission (FSC) told a local news outlet on January 11, a day after the SEC’s spot Bitcoin ETF approval, that financial institutions are banned from investing in cryptocurrencies.

TAccording oto the FSC official, there are no policy changes regarding virtual currencies and that the US move isn’t new. Spot ETFs have been allowed in Hong Kong, Germany, Canada and other jurisdictions. But that does mean South Korea will follow suit.

Also, as it stands, the law does not allow financial institutions to launch ETFs or participate in the buying, selling or trading of crypto in the country. The South Korean government continues to stand firm as it looks to “stabilize the financial market and protect investors,” the official said. 

Notably, financial institutions have been banned from holding and investing in cryptocurrencies since December 2017.

Will SEC allow ETH, XRP ETFs?

The FSC official’s remarks come as the crypto market shifts focus from the spot Bitcoin ETFs to Ethereum spot ETFs.

Multiple issuers have already applied to list a spot ETF based on the world’s second-largest cryptocurrency by market cap. There is also speculation on what SEC’s approval means for XRP, which was declared not a security by a US court in July 2023.

Market reaction has seen prices of Ethereum spike to above $2,600, buoying altcoins as Bitcoin hovered near $46,000. XRP price has crossed above $0.60, while Ethereum Classic is one of the biggest gainers in the past 24 hours after its price jumped more than 35% to trade near $30 on Thursday.

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Robinhood plans to list Bitcoin ETF soon as this new hybrid exchange joins the race

  • Robinhood to list SEC-approved Bitcoin ETFs, aligning with the convergence of crypto and finance.
  • Pullix, powered by PLX token, introduces a hybrid crypto exchange.
  • The PLX token pioneers “Trade-to-Earn” in the DeFi space.

In a major development for the crypto space, trading app Robinhood is gearing up to list spot Bitcoin exchange-traded funds (ETFs) after the recent approval by the SEC. This move comes as a response to the SEC’s historic decision to green-light 11 spot Bitcoin ETFs, marking a pivotal moment in the world of cryptocurrency trading.

Meantime, as Robinhood sets its eyes on the Bitcoin ETF market, a new hybrid cryptocurrency exchange platform called Pullix scheduled for launch this January is making waves in the crypto space.

Robinhood’s foray into Bitcoin ETFs

Robinhood CEO Vlad Tenev took to social media to share the platform’s eagerness to list the 11 newly approved spot Bitcoin ETFs. Emphasizing Robinhood’s pioneering role in offering spot crypto trading, Tenev expressed the company’s thrill about the SEC’s decision and outlined plans to make these ETFs available on the Robinhood platform.

This strategic move aligns with Robinhood’s ethos of providing early access to cryptocurrencies and seamlessly integrating digital assets with traditional finance. Tenev believes that this milestone not only brings transparency to the crypto market but also creates opportunities for advanced risk management tools, benefitting users managing their digital asset investments.

Robinhood, known for democratizing access to financial markets, aims to bridge the gap between traditional finance and the emerging crypto landscape. With educational materials on Bitcoin, ETFs, and risk management strategies, the platform positions itself as a facilitator for mainstream engagement with digital assets, expecting this trend to continue with SEC-approved Bitcoin ETFs.

Pullix: the new hybrid crypto exchange

In parallel to Robinhood’s Bitcoin ETF announcement, another player is entering the crypto arena – Pullix. This new decentralized finance (DeFi) protocol introduces a hybrid exchange, seamlessly combining the strengths of centralized and decentralized exchanges into a unified platform. Pullix’s native token, $PLX, takes centre stage as a “Trade-to-Earn” cryptocurrency, allowing users to earn a share of the daily revenues generated by the exchange.

Pullix’s innovative approach addresses liquidity problems in the DeFi space, offering a unified platform for seamless access to liquidity and global asset trading. With a commitment to user security, Pullix ensures that users retain custody of their assets, eliminating the need to trust third parties with their funds. The platform offers a range of features, including margin trading, institutional tools powered by AI, and a unique revenue-sharing mechanism through the $PLX token.

Should you invest in Pullix (PLX) now?

The PLX token is positioned as a game-changer in the crypto market, introducing a “Trade-to-Earn” model where users earn instant rewards for trading on the platform. Holders of $PLX not only benefit from trading but also participate in the daily revenue of the exchange, earning a fixed passive income by providing liquidity to automated market makers.

The tokenomics of $PLX are designed to promote utility, encourage trader engagement, guarantee sustainability, and foster platform growth. With a fixed supply, token-burning mechanisms, and staking rewards, Pullix aims to create a well-balanced ecosystem where every stakeholder experiences mutual benefits. The platform’s unique features, including deep liquidity, leverage, and privacy-focused user accounts, contribute to its appeal in the competitive DeFi space.

If interested, you can visit Pullix’s official website and participate in the ongoing PLX token presale. The presale stage is currently in its sixth stage and has raised more than $3.3 million. The PLX token is going for $0.08 although the price is scheduled to rise in the next 15 days as it enters the next presale stage.

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Ethereum Classic soars as momentum takes Ethereum above $2,600

Ethereum Classic (ETC) is one of the top performing coins in the past 24 hours, coming close to breaking above the $30 mark after surging +30% in the period. ETC price reached an intraday high of $29.25 across major exchanges, with trading volume increasing 220% to over $948 million.

Ethereum (ETH) spiking to above $2,623 on Wednesday has given the altcoin new impetus. 

While ETC price currently sits around $27.80, it looks poised for a new leg as the crypto market reacts to the eventual approval of the spot Bitcoin ETF by the US Securities and Exchange Commission (SEC). 

ETC price outlook amid spot ETF approval 

As Bitcoin looks to strengthen above $46,000 following an initial slip on approval news, Ethereum (ETH) and Ethereum Classic (ETC) are taking the top altcoin market by storm. Market trader Christopher Inks noted:

Part of the upbeat mood is down to market’s expectations on what next for Ethereum. Various issuers, including BlackRock and Grayscale, that just scored the Bitcoin ETF, also eye an Ethereum spot ETF. The world’s second-largest cryptocurrency by market cap is likely next to get the SEC’s nod. 

Although Ethereum Classic currently has no such applications filed, the anticipation is high with regard to what Bitcoin’s approval and potential Ethereum nod could mean.

Upside momentum for Ethereum Classic is also building up ahead of its Spiral hard fork, set to activate on block 19,250,000 on January 31, 2024. Spiral is a compatibility upgrade that will see the ETC network become compatible with EVM standards enabled by the Ethereum Foundation’s Shanghai upgrade.

As traders and investors take a bullish outlook on Ethereum Classic, it’s possible a breakout above $30 could bring the $50 mark into play. Positive sentiment amid further altcoin rallies would put bulls in control.

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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.

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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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