Schlagwort: crypto business

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Coinbase plans major expansion in countries with “clear crypto rules”

  • Coinbase targets expansion across the EU, UK, Brazil and Singapore among other jurisdictions with clear regulatory trajectory.
  • The exchange also has plans for major partnerships with banking providers and seeks to expand its products and services, including derivatives.

Coinbase, the leading US-based cryptocurrency exchange, has announced plans for its second phase international expansion, with targeted markets including the EU, UK, Australia, Brazil, Canada and Singapore.

The crypto company said in a blog announcement that the near-term priority is to acquire licenses in the highlighted countries and regions, with these jurisdictions said to have shown increased regulatory clarity for the crypto sector.

Coinbase targets countries with a clear regulatory path

According to a senior Coinbase exec, the fresh push for international expansion is part of the exchange’s plans to operationalize a strategy based on regulation, innovation and user trust. The exchange says 83% of G20 members and top tier financial jurisdictions are moving forward with clear rules for crypto, while the US lags behind.

“We see the enactment of clear rules; innovation of more efficient, more accessible products and services; and user trust created through these products and services as our formula for long-term growth,” said Nana Murugesan, VP of International and Business Development at Coinbase.

The steps make up “Phase II” of the Nasdaq-listed company’s “Go Broad, Go Deep” strategy that seeks to diversify business even as the exchange keeps pace with developments in the regulatory landscape. This builds on the success seen in the past six months, a timeline that had the EU, UK and the others show remarkable pace in enacting clear crypto rules. Coinbase is indeed finalizing its selection of where to locate its MiCA hub within the EU.

“We will start keeping a scorecard on the regulatory progress with crypto in each of these countries and jurisdictions. Brazil taking the G20 chair in December 2023 presents a significant opportunity to maintain and help direct this momentum,” the crypto exchange behemoth noted.

As well as seeking regulatory approval and instituting compliance with the Travel Rule (where applicable), the exchange will expand its products and services, including derivatives. Other developments include striking of new partnerships with banks and payment providers to help expand access to on- and off-ramps.

The US Securities and Exchange Commission (SEC) sued Coinbase in June, alleging that the company was operating an unregistered broker. The company has vowed to aggressively defend itself against the SEC.

The post Coinbase plans major expansion in countries with “clear crypto rules” appeared first on CoinJournal.

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Crypto firm LBRY files to challenge ruling it violated US Securities Law

  • The SEC filed a lawsuit in a New Hampshire court arguing that LBRY’s LBC tokens were tokens and not cryptocurrencies.
  • The SEC won a case in November 2022 and LBRY said that it would close.
  • LBRY was also ordered to pay a fine of $111,614.

The cryptocurrency firm LBRY has announced its intention to appeal a previous New Hampshire court’s finding that it had neglected to register with the SEC. LBRY announced on its X (previously Twitter) account that it intended to appeal the decision.

According to the 2021 SEC’s lawsuit, the blockchain-based file-sharing network sold native LBRY credits (LBC), without registering as a securities dealing company. LBRY has, however, insisted the sold LBC was not securities, and thus the company did not violate federal securities laws as claimed by the SEC.

The SEC was awarded a victory by a New Hampshire judge in November, and the final judgment was submitted on July 11. After the decision, LBRY said that it would close.

The court ordered LBRY to pay a $111,614 fine. The regulator decreased that from $22 million in May due to the company’s “near-defunct status.” Additionally, the corporation was “permanently restrained and enjoined from” directly or indirectly taking part in any unregistered crypto securities offering or breaking federal securities laws.

Similar SEC claims regarding the sale of $1.3 billion in XRP tokens had been made against blockchain company Ripple Labs. Legal professionals have argued that a federal judge’s ruling in favour of Ripple in July – that programmatic sales of XRP to retail investors through exchanges did not violate securities law, but direct sales of the cryptocurrency to institutional investors did – may give hope to other businesses involved in related cases.

The post Crypto firm LBRY files to challenge ruling it violated US Securities Law appeared first on CoinJournal.

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Crypto price prediction: XDC Network, Cronos, Astar

  • Cryptocurrencies moved sideways this week as Bitcoin remained below $26,000.

  • XDC Network, Cronos, and Astar were among the biggest gainers.

Cryptocurrency prices had a relatively muted performance this week as a sense of fear spread in the market. Bitcoin was stuck at $26,000 while American indices like the Dow Jones, Nasdaq 100, and S&P 500 retreated. The US dollar index (DXY), on the other hand, staged a strong recovery as it soared to the highest level in five months.

XDC Network price forecast

XDC Network has had one of the best performances this year. It jumped from a low of $0.024 in January and peaked to a high of $0.093 in August. Recently, however, the token has pulled back and is now ~40% below the highest level this year. It is now consolidating at the 25-period and 50-period exponential moving averages. 

The token has also moved slightly above the important support level at $0.045, the highest level in April this year. At the same time, its volatility has slumped, as evidenced by the falling Average True Range (ATR) indicator, which has fallen to the lowest level since July 25th. 

Therefore, the outlook for the XDC Network is bearish, with the initial support being $0.50, the lowest level on August 26th. Traders should focus on the resistance at $0.067 since a move above that level will see it continue its bullish trend to $0.08.

Cronos price prediction

Cronos, formerly known as Crypto.com coin, has been in a bearish trend as demand for the coin wanes. Its DeFi ecosystem has also seen outflows as the total value locked (TVL) slipped from over $4.4 billion to less than $500 million. Tectonic and VVS Finance are no longer the popular DeFi protocols they were earlier on.

Cronos price found a strong support at $0.050, where it struggled to move below in June and August of this year. It remains below the 50-day moving average and the descending trendline shown in green. The Stochastic Oscillator has also tilted upwards. 

Therefore, the CRO price outlook is neutral for now. More downside will be confirmed if the price drops below the support at $0.05. If this happens, the next level to watch will be at $0.45. The alternative scenario is where it rises and retests the descending trendline at $0.057.

How to buy Cronos

AVATrade

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LiquidityX

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Astar Network price forecast

Astar Network is a leading blockchain on Polkadot’s ecosystem. Recently, the ASTR token has been in a bullish trend after it bottomed at $0.0322 on June 10th. Precisely, the coin has jumped by more than 70% to the current $0.06. 

Along the way, the coin has formed an ascending channel shown in green. It has also jumped above the 23.6% Fibonacci Retracement level while the Stochastic Oscillator has drifted upwards. Therefore, the Astar token price will likely continue rising as buyers target the key resistance point at $0.070, the highest point on August 23rd, and the 38.2% retracement level.

The post Crypto price prediction: XDC Network, Cronos, Astar appeared first on CoinJournal.

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Ethereum volatility falls below Bitcoin as volume lags


Key Takeaways

  • Volatility has picked up in the last two weeks but remains low compared to normal levels
  • Ethereum’s realised volatility has now dipped below Bitcoin’s
  • Suppressed trading volumes are a big reason why volatility is lacking
  • August brought the lowest trading volume since October 2020

Ask anybody to describe the cryptocurrency markets, and there is a strong chance that the word “volatile” will be mentioned. 

The nascent asset class is well known for aggressive price moves. However, it has not lived up to that reputation this year. Despite Bitcoin having increased 55% since the new year, the rise has been characterised by a slow and steady climb rather than sudden jumps as we have seen so often in the past. 

A glance at its volatility, plotted on an annualised basis over a rolling 30-day window, shows this below. While the volatility has risen in the last two weeks amid news of the positive ruling on Grayscale’s case against the SEC, as well as other ETF-driven narratives, it is still lagging far below what we have come to expect from Bitcoin. 

To be clear, realised volatility in the mid-30s is still extremely elevated when compared to other asset classes, so nobody is arguing that Bitcoin is now stable. Yet when compared to what we have seen over the years from Bitcoin, it is certainly unusual. 

Perhaps the best way to sum up the placid nature of the crypto market is to compare the volatility of Bitcoin and Ethereum. Bitcoin tends to lead the crypto market, with altcoins trading like levered bets on the world’s largest crypto. While Ethereum may be too large at this point to qualify as an altcoin, it has nonetheless tended to display higher volatility than its bigger cousin. This gap has come down in 2023, however, as the below chart shows. 

In fact, Ethereum’s realised volatility is actually currently below that of Bitcoin. The next chart zooms in the 2023 period, showing this “flippening”. 

It is the fourth time this year that Ethereum has printed volatility below Bitcoin. The previous three times saw a swift regression, so it may happen again. Either way, the gap has been oscillating close to zero since the start of the year.

Why is volatility so low?

For many, Bitcoin – and crypto as a whole – must shed its habit of violent volatility. Should the asset achieve its goals of becoming a reputable store of value or a digital equivalent of gold, its value cannot fluctuate as much as it has for much of its existence. 

Hence, it may be tempting to paint the dropoff in volatility in a positive light. However, that may be misguided. In truth, volatility and volume move hand in hand. And crypto volume has collapsed in the last two years. 

August exchange volume came in at $423 billion, less than half of what it was at this time last year. 

The $423 billion of volume last month was the lowest of any month since October 2020, before Bitcoin exploded into mainstream consciousness with a relentless run-up past its then-all-time high of $20,000. 

The next chart shows exchange volume going back over the last two years, with volumes around $2 trillion at this time in 2021 – 5X last month’s figure. 

While the earlier points regarding Ethereum trading with lower volatility may be dismissed by some as an argument that Ethereum is maturing and separating itself from the rest of the non-Bitcoin market, the suppressed volume is undoubtedly concerning for the market as a whole. It is also part of the reason why volatility is so low. 

It feels inevitable that volatility and volume will pick back up. This is where ETFs, macro clarity, sentiment pickup and an overall brightening of the picture will help. And more likely than not, these will all occur, it is just a matter of when. With April 2024 now only seven months away, there is also Bitcoin’s fourth halving coming down the tracks – although it remains to be seen what effect that may have. 

But for the moment, volatility and volume are both trickling along, far below what we had come to expect from this corner of the financial markets. remains to be seen

The post Ethereum volatility falls below Bitcoin as volume lags appeared first on CoinJournal.

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Ledger partners with HAYVN to bring secure off-ramping to customers

  • Ledger has partnered with regulated crypto network HAYVN to bring a robust off-ramping service to customers.
  • The partnership will benefit Ledger Live users, who will safely convert their crypto to fiat.
  • Among HAYVN clients are businesses, corporates, governments, family offices, and Individuals.

Crypto hardware maker Ledger has teamed up with HAYVN, a regulated financial institution focused on crypto in a strategic partnership that will see Ledger Live customers benefit from safe and robust access to off-ramping rails.

With this collaboration, Ledger clients will be able to securely convert crypto to fiat, the companies said in a press release shared with CoinJournal.

Ledger Live customers to access safe off-ramping

HAYVN, which is regulated in multiple countries and jurisdictions, including Australia, Lithuania, the Cayman Islands and Abu Dhabi, delivers services across payments, trading, custody, and asset management among others.

Businesses, corporates and other institutional customers have access to multi-currency fiat transactions, available via the platform’s global banking infrastructure. Governments, family offices and individuals also tap into HAYVN’s services. Meanwhile, Ledger Live offers customers the possibility to buy crypto with fiat as well as direct crypto deposits to their hardware wallet.

“This partnership with Ledger allows thousands of Ledger Live clients to safely convert to fiat. Such scale will increase confidence across the entire digital asset industry,” Christopher Flinos, the CEO of HAYVN, said.

According to details in the press release, HAYVN’s partnership with Ledger will also include the onboarding of the Ledger Enterprise solution. The company plans to leverage the solution to manage client assets and to boast its security and governance.

Ledger’s Sebastian Badault, VP of Enterprise Revenue, noted that the wallet maker’s objective for Ledger Live is to deliver a platform that allows users to “access the services they want in the manner they want.”

HAYVN’s strong compliance record is crucial to that goal, the Ledger exec noted. Other than adding to the off-ramp options available to users, the partnership increases access to self-custody. Tapping into Ledger Enterprise shows HAYVN’s commitment to strong governance and security, Badault added.

Crypto payments support for merchants on HAYVN Pay launched in November last year following a partnership with WooCommerce. In August this year, HAYVN Pay inked a deal with Gayo Aviation to bring crypto payments to the luxury travel company.

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