News
Crypto Whales Gobble Nearly $300,000,000 Worth of XRP in Just 10 Days, Says Analyst
Published
5 hours agoon
By
adminDeep-pocketed investors have been busy accumulating massive amounts of XRP since September 20th, according to a popular crypto analyst.
Ali Martinez tells his 72,900 followers on the social media platform X that crypto whales bought $286.7 million worth of XRP, the token used to operate Ripple Labs’ payments platform, within 10 days.
“Ripple whales have bought over 470 million XRP in the past 10 days [as of September 29th]!”
XRP is trading for $0.61 at time of writing, down 3.4% in the last 24 hours.
Next up, the analyst says Bitcoin (BTC) may be forming a cup-and-handle pattern on the weekly chart.
A cup-and-handle formation is typically viewed as a bullish continuation pattern, suggesting that an asset is taking a breather after a steep rally before taking out a key resistance level.
“Current price action is just noise! If Bitcoin is truly forming a cup-and-handle pattern, the long-term bullish target could range between $194,000 and $352,000!”
The analyst also says that based on historical price data Bitcoin may finish the year in an uptrend.
“Historically, when Bitcoin closes September in the green, the final three months of the year have seen even bigger gains!”
Bitcoin is trading for $63,254 at time of writing, down 2.9% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Canada
Gemini follows Binance and OKX in departing Canada
Published
11 hours agoon
October 1, 2024By
adminCrypto exchange Gemini has announced its exit from the Canadian market, joining several other platforms that have left due to the country’s strict regulatory environment.
Canadian customers of the Winklevoss-founded exchange reported receiving an email urging them to withdraw their funds by Dec. 31, giving them 90 days to move their assets.
According to the Sept. 30 notice, all Canadian accounts will be closed by the given deadline “with limited exceptions.” Users have been asked to withdraw their crypto and fiat balances.
The move comes as a surprise, considering that the exchange previously described Canada as an “essential market” for its international expansion. Gemini’s decision to exit Canada mirrors that of other major platforms like Binance, OKX, dYdX, and Bybit, all of which have struggled to navigate the regulatory environment.
These exchanges have cited the complexity and cost of compliance with Canadian regulations as primary factors in their decision to leave the market.
Currently, some global platforms, such as Coinbase, Crypto.com, and Kraken, are among those still operating within Canadian borders.
Restrictive regulations
Notably, the regulatory environment began tightening in February 2023 when the Canadian Securities Administrators required all crypto exchanges operating in the country to sign legally binding pre-registration undertakings. This came on top of existing restrictions, including the prohibition on offering margin trading to Canadian users.
The regulations were aimed at bolstering investor protections and bringing more transparency to the crypto sector but also imposed strict limitations on certain activities within the crypto market.
Since the CSA considers some stablecoins to be securities or derivatives, exchanges were prohibited from offering stablecoins or value-referenced crypto assets through contracts without prior approval. This regulation was one of the most challenging for platforms to comply with.
Some exchanges, such as Bybit and KuCoin, were also hit with fines from the Ontario Securities Commission for operating without proper registration.
Although Gemini initially complied with these regulations by submitting its pre-registration in April 2023, it ultimately decided to cease operations in Canada.
With exchanges like Gemini bowing out, Canadian users have fewer ways to access the decentralized market as crypto regulations get tighter by the day.
On April 17, 2024, the Canadian government introduced a new Crypto-Asset Reporting Framework, set to be enforced in 2026, which will require all cryptocurrency service providers, including exchanges, brokers, and ATM operators, to report detailed transaction data annually.
Further, the framework requires service providers to disclose client-specific information, such as names, residential addresses, and taxpayer identification numbers.
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Bitcoin ETF
Bitcoin ETFs Continue Inflow Streak as BTC Remains Flat Amid China Holiday
Published
13 hours agoon
October 1, 2024By
admin“Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance. But we are not on any preset course,” Powell said. “The risks are two-sided, and we will continue to make our decisions meeting by meeting.”
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Blockchain
Australia’s ANZ joins Project Guardian on tokenized assets
Published
14 hours agoon
October 1, 2024By
adminAustralia’s ANZ Bank is partnering with the Monetary Authority of Singapore, Chainlink Labs, and ADDX to explore tokenized assets and blockchain interoperability.
ANZ Bank, one of Australia’s “Big Four” banks, has become the first Australian bank to join Project Guardian, an initiative by the Monetary Authority of Singapore aimed at exploring how real-world assets can be represented as digital tokens on blockchains, according to a press release from ANZ.
This move allows ANZ to work with Chainlink Labs (LINK) and ADDX to test the exchange of tokenized assets, such as commercial paper, between private blockchains.
ANZ adopted Chainlink’s cross-chain interoperability protocol to simulate tokenized asset purchases. This move followed insights from the Swift blockchain interoperability project started in June.
Tokenization refers to the process of turning traditional assets, like money market funds, into digital tokens that can be used on blockchain networks. It converts real assets into digital tokens, allowing them to be traded more easily, like stocks or cryptocurrencies.
ANZ aims to determine whether these digital versions of real-world assets can move more efficiently and securely across different blockchain networks. The bank hopes this will help improve how money and goods flow across the Asia-Pacific region.
Interoperability
Tokenized assets often face interoperability issues, meaning different blockchains can’t easily communicate. Interoperability is a barrier to tokenization, often creating isolated networks that don’t inherently communicate with each other.
ANZ plans to use its experience with digital assets, such as its Australian Dollar stablecoin, to help customers navigate this evolving digital finance landscape.
According to the release, Project Guardian, launched in 2022, promotes collaboration between regulators and the financial industry to enhance liquidity and efficiency in financial markets through tokenization.
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