Schlagwort: crypto business

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Crypto exchange Bit2Me to expand its presence in Spain and Latin America after raising $15m

Key takeaways

  • Bit2Me is set to expand its presence in Spain and Latin American countries.

  • This comes after the crypto exchange raised $15 million in its latest funding round. 

Bit2Me to expand its services in Spain and Latin America

Bit2Me, a leading Spanish crypto exchange, has revealed that it would be expanding its services in Spain and Latin America.

This latest cryptocurrency news comes after the crypto exchange raised $15 million in a funding round led by Investcorp.

According to the company, the investment round also saw participation from Telefónica Ventures, the investment arm of Spain’s largest telecommunications company Telefónica, Stratminds VC, Cardano and YGG Fund. 

Bit2Me will use the funds to grow its presence in Space and also accelerate its expansion in certain Latin American countries. 

Leif Ferreira, co-founder and CEO of Bit2Me commented that;

“This funding will boost our acquisition of new customers specially thanks to Investcorp, an international partner with significant financial muscle, and to Telefónica, who will give us more channels in Latin America.”

Bit2Me is building a presence in Latin America

Bit2Me is becoming an important cryptocurrency exchange in Latin America. In May last year, the company established a new office in Brazil that will tackle compliance tasks.

Two months later, the cryptocurrency exchange acquired a majority stake in the Peruvian peer Fluyez as it looked to expand its presence in some Latin American countries, including Chile, Uruguay, and Colombia. 

In February 2023, the cryptocurrency exchange also received approval from the Bank of Spain to be the first provider of virtual currency services and the custody of digital wallets. 

Bit2Me’s expansion plans come at a time when leading cryptocurrency exchanges Binance and Coinbase are facing regulatory challenges. The two exchanges were recently sued by the US SEC for allegedly violating securities laws in the country.

The post Crypto exchange Bit2Me to expand its presence in Spain and Latin America after raising $15m appeared first on CoinJournal.

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Bitcoin dips under $25k as bulls lose 7-month trendline – what next?

  • Bitcoin price fell below $25,000 after the Fed rate pause news.
  • An analyst points out that the decline saw bulls lose a 7-month trendline support and $20k-$22k could be next.
  • The main resistance zone is between $26k and $28.3k, which can be touched if BTC bounces back.

Bitcoin price broke below the $25,000 level overnight Wednesday as bulls failed to hold a key support zone, with the new price weakness coming after the US Federal Reserve’s interest rate pause decision.

Bitcoin had consolidated near $26k ahead of the Fed’s decision. However, as the markets reacted to the news, BTC dipped past $25,500, losing a major trendline that has acted as upside support for the past seven months.

Analyst share short term Bitcoin price prediction

Bitcoin’s decline below $25k now puts bulls at risk of further rot, a scenario that could crystalise if bears take control. In this case, downside pressure could allow sellers to target new lows.

Crypto analyst Captain Faibik says:

“$BTC Bulls have lost the 7-Month Major Trendline, Not a good Sign..!! Is it a TRAP or Bears are back in the Town? If it’s a trap and Bitcoin bounces back, reclaiming the 26.7k resistance, we could witness a Bullish Rally towards 31k. If Bears are back, Bitcoin may face more downward pressure, possibly testing the 20-22k area.”

Bitcoin price chart shared by Captain Faibik on Twitter

Another analyst, Ali, says BTC has its most important support area in the $22.7k-23.6k region. On the upside, the main resistance zone lies between $26k and 28.3k. This suggests a bounce could see Bitcoin reclaim this zone and possibly look to retest the $30k area.

“Bitcoin sits on thin ice! Notice the most important support zone is between $22,785 and $23,595 where 1.34 million wallets hold 450,000 $BTC. On the flip side, #BTC faces stiff resistance between $26,000 and $28,250 where 5.18 million wallets bought 2.1 million BTC,” the analyst tweeted.

While the sub-$25k level offers a buy the dip opportunity, crypto analyst Rekt Capital notes that the loss of $26,600 threatens turning it into stiff resistance. A rejection of this level after the Weekly Close below could mean “lower $20000s await.”

Bitcoin traded at $24,878 early Thursday morning, about 4% down as altcoins mirrored the losses. The total crypto market cap was down 3.8%, with Ethereum trading at $1,674 and XRP at $0.47 – down 6% and 7.3% respectively at the time of writing.

The post Bitcoin dips under $25k as bulls lose 7-month trendline – what next? appeared first on CoinJournal.

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EU lawmakers vote for landmark Artificial Intelligence regulation

  • The European Union Parliament has voted in favour of an AI Act.
  • If ratified, the law will require AI systems like ChatGPT to first undergo review before release to the public.
  • The regulation also seeks a ban on real-time biometric recognition.

The European Parliament has yet again made a landmark move with regard to regulation of the rapidly growing Artificial Intelligence (AI) industry.

This is after a critical vote in the European Parliament on Wednesday saw the approval of European Union’s AI regulation – the EU AI Act.

EU’s AI Act saw 499 lawmakers vote in favor, with 28 against. There were 93 abstentions. According to a CNBC report published June 14, the bloc’s vote now paves the way for the potential formalization of the first AI regulations into law in the West.

But first, it moves to trilogue negotiations, with parliament expected to defend its strong position on the matter in negotiations that will involve the European Commission and the EU Council of Ministers.

Ban on remote biometric identification

The EU’s approach to the AI regulatory framework comes at a time the sector is seeing massive growth and adoption, particularly after the explosive reception that ChatGPT, a generative AI tool by OpenAI, received globally. 

Concerns over the potential impact of unchecked developments has prompted various governments and regulatory bodies to seek policy guidelines. If passed into law, the Act will required AI tools to be reviewed and approved before they are released to the public.

Lawmakers also affirmed the ban on real-time remote biometric identification (RBI).Also banned is predictive policing, internet-scrapped facial recognition, and emotion recognition software, Euractiv reported.

The EU parliament’s vote is the first major move towards this by a tier 1 jurisdiction. The US has recently met with players within the industry, while the UK has also sought to take measures, with Prime Minister Rishi Sunak advocating for AI safety regulation on Monday.

An AI Act for the EU comes after the adoption of MiCA, the crypto rules that are set to go into effect in 2024.

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MakerDAO votes to decrease GUSD held in DAI stablecoin reserve

  • MakerDAO could soon remove $390M of Gemini’s GUSD stablecoin from its reserves.
  • The DAO is currently voting to decrease the maximum amount of GUSD held in Maker’s DAI stablecoin reserve to $110M.
  • MakerDAO’s reserve currently holds roughly 88% of total GUSD supply.

MakerDAO, a decentralized lending platform and DAI stablecoin issuer may soon sell $390 million of the Gemini Dollar (GUSD) stablecoin issued by the Gemini cryptocurrency exchange.

The Peg Stability Module (PSM) being voted on by the MakerDAO’s community, would reduce the maximum amount of GUSD from $500 million held in Maker’s DAI stablecoin reserve to just $110 million.

At press time about 94% of those who had cast their ballots, with less than 24 hours until the vote’s conclusion, support the proposal to lower GUSD.

Gemini Dollar (GUSD) future

Given that Maker controls about 88% of the stablecoin’s $568 million circulating supply, the vote will significantly impact the future of GUSD, whose metrics have been relatively stable. Maker supports the $4.5 billion DAI’s value by holding cryptocurrencies like Circle’s USDC and GUSD in its reserve and making investments in physical assets like bonds.

MakerDAO receives a 2% annual reward from Gemini for using the token as a reserve asset. Gemini is the issuer of GUSD. However, the proposal argued that by investing in short-term US Treasuries, which currently offer a yield of around 5%, the platform could benefit from better revenue opportunities.

The proposal states:

“Reducing GUSD exposure could allow for better capital efficiency by deploying funds into higher revenue-generating opportunities.”

The vote to reduce GUSD from DAI’s reserve comes just days after the DAO voted to drop MakerDAO drop Pax Dollar (USDP) stablecoin from its reserves.

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XRP retreats to support after Hinman documents release hype

  • XRP price has dipped to near $0.50 after jumping to above $0.55 on Tuesday.
  • The gains followed the eventual release of documents related to a speech by former SEC official Willian Hinman.
  • Analysts say XRP’s spike might have been a “sell the news event” although upside potential remains if market conditions align.

The price of XRP, the cryptocurrency of blockchain company Ripple, has declined to support at $0.50 after the momentum that pushed it above $0.55 on Tuesday faded dramatically a day later.

XRP’s rally had been propped largely by the hype surrounding the release of key documents from a 2018 speech by then SEC official William Hinman. 

While the token became crypto mega caps’ largest gainer as the documents were finally released to the public, today saw the coin flip -8.4% earlier to give up the upside ground.

The dip, which comes as the broader crypto market mirrors action on Wall Street amid investor anxiety of what comes next after today’s Fed rate decision, threatens to push XRP beneath the critical support area.

XRP price: analysts’ take

On Tuesday, crypto investor and analyst Scott Melker pointed out that XRP had “one of the clearest charts.”

This is because the price had broken downtrend, before retesting the area as well as the 50 MA as support. He noted that bulls faced a clear resistance at $0.5597, which is where XRP retreated from and likely marked the “sell the news” point following the release of the Hinman files.

Melker predicted that XRP/USD would look to retest $0.915 if the upside momentum held. That appears to be in danger with the price of XRP down 4.5% in the past 24 hours as of 10:40 am ET. Any further declines could see bears target recent support in the $0.46 region.

However, XRP is still within a symmetrical triangle on the weekly chart and crypto YouTuber and trader Crypto Rover says a breakout is imminent. As a continuation pattern, the potential flip upwards is suggested by the move to the upper converging trendline.

XRP price chart. Analyst Crypto Rover says breakout is imminent. Source: Crypto Rover on Twitter

Should positive sentiment permeate the markets, likely from a new development that favours Ripple in its battle against the SEC, XRP could break out and target the psychological $1.

On the flipside, a reversal/breakdown will impact the token’s price and welcome fresh bearish pressure.

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