cryptocurrency
Dubai regulators enforce new rule that mandates crypto marketers add risk disclaimer
Published
1 month agoon
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adminUnited Arab Emirates’s Virtual Assets Regulatory Authority new rule will require crypto firms to add a disclaimer, warning potential customers about the risks that come with investing in digital assets.
According to a Bloomberg report, companies that want to market their digital assets in the UAE must include a disclaimer to their produce that states “virtual assets may lose their value in full or in part, and are subject to extreme volatility,” starting Oct. 1.
In the updated marketing guidelines for virtual assets, companies that provide incentives for virtual assets or related products in the UAE must acquire a compliance confirmation from VARA.
For example, they must be able to prove that the bonus will not be used to “divert or mislead” investors from properly assessing the risks related to the investment product.
VARA Chief Executive Officer Matthew White hopes that “providing clear and actionable guidance” can guarantee virtual asset service providers will be able to build trust and transparency while operating in the UAE.
In recent years, Dubai has become one of the most favorable cities for crypto marketers, thanks to its crypto-friendly tax regulations and large venture capital investment prospects.
A report published by Bitget research revealed that in 2024, an average of 500,000 crypto traders are reside in the Middle East. The number is expected to skyrocket towards 700,000 by the end of the year.
Last month, a landmark Dubai court ruling recognized cryptocurrency as a valid form of payment under employment contracts.
In October 2023, United Arab Emirates launched RAK Digital Assets Oasis, the region’s first economic free zone that accommodates cryptocurrency, web3, blockchain, and artificial intelligence. The zone offers a business-friendly regulatory environment with tax benefits.
As of March 2024, more than 100 entities had received licenses to operate in the RAK DAO, including Indian crypto exchange CoinDCX.
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cryptocurrency
Bitcoin, crypto stocks surge as Harris congratulates Trump
Published
4 hours agoon
November 6, 2024By
adminCrypto stocks surged sharply on Nov. 6 as Donald Trump’s victory for a second term as U.S. president bolstered the market’s bullish outlook.
While cryptocurrencies have ripped in the lead up to the election as betting odds showed Trump was headed for victory, things got juicy on Election Day. Bitcoin (BTC) shot to above $75,000 before taking a breather.
The Trump trade, which relates to conviction that markets would rip if the Republican candidate won, engulfed not just the top coin, but also altcoins. Ethereum (ETH) has jumped above $2,700, Solana (SOL) is eyeing $190 and Dogecoin (DOGE) broke $0.20.
Meanwhile, stocks of crypto related companies, including Coinbase, MicroStrategy and Riot soared pre-market, continuing higher during the U.S. trading session. This came as Vice President Kamala Harris called Trump to congratulate him. Harris was expected to give her concession speech later in the day.
At the time of writing, Coinbase shares had increased by 30% to $253.58, marking a 50% gain over the past month and a 193% rise over the past year.
MicroStrategy, the largest corporate holder of Bitcoin, saw its stock rise nearly 13% on the day and 40% over the last 30 days. MSTR has outperformed most stocks, delivering a return of over 460% in the past year.
Other stocks making notable gains included Bitcoin mining companies Marathon Digital, Riot Platforms, CleanSpark, and Hut 8. Marathon (MARA) was up 19%, Riot (RIOT) +21%, CleanSpark (CLSK) +20%, and Hut 8 (HUT) +9%, following positive quarterly results.
Robinhood, which offers crypto trading, also recorded significant gains, while Block Inc. was up on the day. Robinhood (HOOD) has gained 20% so far, and Block (SQ) has risen more than 7%.
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Bitcoin
BlackRock’s IBIT records largest outflow day as Bitcoin ETFs log third consecutive day of outflows
Published
20 hours agoon
November 6, 2024By
adminOn Nov. 5, BlackRock’s spot Bitcoin exchange-traded fund, BITB, recorded its largest net outflow day since inception, with $44.2 million leaving the fund.
Since its launch in January, BlackRock’s BITB has experienced only six days of outflows, with the previous largest single-day outflow of $36.9 million on May 1.
According to data from Farside Investors, the 12 spot Bitcoin ETFs recorded a net outflow of $116.8 million on Nov. 5, extending their outflow streak to three consecutive trading days. However, these outflows were significantly lower than the $541.1 million recorded on Nov. 4, which marked the second-largest outflow day for these investment products.
Across the sector, outflows were dominated by Fidelity’s FBTC, which saw $68.2 million withdrawn, leading the day’s redemptions. Other funds also posted notable outflows, including ARK Invest and 21Shares’ ARKB, which saw $12.5 million in redemptions, Franklin Templeton’s EZBC with $6 million, VanEck’s HODL with $3.9 million, and Valkyrie’s BRRR, which reported $1.3 million in net outflows.
In contrast, Biwise’s BITB was the only spot Bitcoin ETF to log net inflows, with $19.3 million entering the fund. Grayscale’s GBTC and several other spot Bitcoin ETFs saw zero flows for the day.
Bitcoin defies ETF outflows, surges to record high
Despite ETF outflows extending for a third day, Bitcoin’s price rose sharply overnight.
CoinGecko data shows Bitcoin (BTC) reaching an unprecedented $75,000 in a potential reaction to election news that former President Donald Trump might be gaining momentum in early voting.
The flagship cryptocurrency later retreated slightly, trading up 8.7% at $74,563 at the time of reporting.
Bitcoin’s performance has remained strong, especially following its previous all-time high of $73,797 set on March 14, though it has mostly traded below $70,000 for much of the year.
While Bitcoin ETFs experienced significant outflows, U.S.-based spot Ethereum ETFs had a quieter day, registering zero net flows on Nov. 5, according to Farside Investors. However, Ethereum (ETH) mirrored Bitcoin’s upward price momentum, gaining 6.7% to trade just above $2,600.
According to CoinGecko data, the global crypto market capitalization increased by 6.6% over the past day, reaching $2.58 trillion.
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Bitcoin
Bitcoin Could Rally to $80,000 on the Eve of US Elections
Published
1 day agoon
November 5, 2024By
adminBitcoin has experienced wild price swings since Vice President Kamala Harris announced her candidacy for the U.S. Presidential election in July 2024.
The largest cryptocurrency attempted to test its previous all-time high of $73,738 on Oct. 29, 2024, with no success. Traders expect higher volatility closer to elections and in the aftermath of the event. Crypto prediction markets like Polymarket and Kalshi provide insight into crypto traders’ views.
Polymarket sees about $3.21 billion in trading volume as participants wager on the winner of the November elections. Harris’ opponent, former U.S. President Donald Trump, is a clear favorite, with 61.1% bets in his favor, on Polymarket.
Kalshi, a prediction market regulated by the U.S. Commodity Futures Trading Commission places the odds of Trump’s win at 56.8% against Harris’ 43.2%. The betting contract has drawn $234.98 million as of November 5, 2024.
The efficacy of betting markets in predicting a winner in the election remains debatable, however it sheds light on the sentiment among crypto traders.
Trump rallied crypto traders’ support with his pro-crypto approach to regulation, and speech at the Nashville Bitcoin Conference. The former U.S. President shared his plans for a national Bitcoin reserve and proposed making the States a world leader in BTC mining. The former President’s plan is that the U.S. will hold 100% of the Bitcoin in its possession.
Harris’ “Opportunity Agenda for Black Men” is a proposal that reflects the Vice President’s stance on crypto, while much detail is left out, it points at a measured approach to the asset class.
U.S. markets won’t be open late on Tuesday, as states tally votes, however crypto is a major exception and a Trump win could push Bitcoin closer to the $80,000 level according to data from BTC derivatives markets.
Derivatives data points at a run to the range between $60k – $80k
Deribit’s Bitcoin Volatility Index shows a consistent rise in volatility since September 26, 2024, however the metric failed to see a major move like one noted during President Joe Biden’s exit from the Presidential election, in July, and the U.S. markets correction in August.
For the weeks following the elections, data from Deribit exchange highlights the $60,000 to $80,000 range, as the one that collects the peak open interest, or outstanding futures contracts for both bullish and bearish bets of traders.
Bitcoin Spot Exchange Traded Fund inflow data from Farside Investors shows a net outflow of $541.10 million on Nov. 4. This marks the second consecutive day of institutional investors pulling capital from the asset, likely preparing for the volatility in the aftermath of the election.
Combining data from the prediction market and Farside Investors’ BTC ETF flows, it is observed that institutional investors expressed confidence in Bitcoin and increased their capital flow when the odds of a Trump win were higher, nearly 67%, on October 30. Bitcoin ETFs received a net of $893.3 million in inflows on the same day.
In March, (BTC) Bitcoin hit its all-time high of $73,738 in response to the large volume of capital inflow to U.S. based Spot Bitcoin ETFs. At the time of writing, on Tuesday, November 5, Bitcoin hovers around the $69,000 level, less than 10% away from the all-time high.
Technical analysis: Bitcoin eyes rally to new ATH
Key events since July 2024 have aided the price swings observed in Bitcoin. The BTC/USDT daily chart from TradingView shows BTC’s attempt to test its previous all-time high post Harris’s announcement of her proposal for crypto.
Derivatives data highlights the importance of the $60,000 to $80,000 range for Bitcoin price. The asset traded within this range throughout the events since July, with the exception of its August 5 decline to $49,000.
BTC is in a short-term uptrend, starting Aug. 5 and the token could extend its gains, forming higher highs and higher lows, post the eve of the elections, in the aftermath. Bitcoin’s previous all-time high at $73,738 is a key resistance and a successful break past this level could push BTC closer to its $80,000 target.
Bitcoin is still undervalued ahead of the election
Crypto.news talked to experts ti get insights on Bitcoin price.
“With the US Election taking place today, many believe that the price of crypto will be immediately swayed by the candidate who wins, since they have varying stances on the future of digital assets, with Trump historically being more inclusive of digital assets than Harris. While this may be true in the short term, traders should also consider that the price of crypto goes beyond what party directly supports and relies more heavily on policies they will implement around inflation, global political discourse, and the availability of investment opportunities within the digital assets space.”
BingX spokesperson
The BingX executive believes that the current cycle is one of the worst-performing ones, post the Bitcoin halving, leading to the belief that BTC is still undervalued.
“If we look at other market sentiment indicators, crypto-related stocks have been climbing, with MicroStrategy, and Robinhood both up in the month before today’s election. In general, the digital asset community should expect to see the price of digital assets rise solely based on historical indicators.”
“If the elected candidate is supportive of crypto, it could boost market confidence; if not, it could introduce some uncertainty. The uncertainty surrounding the election outcome could trigger market fluctuations. Investors should closely monitor election developments and market reactions and be prepared to manage risks accordingly.”
Ryan Lee, Chief Analyst at Bitget Research
“Politics is a secondary factor, and historical analysis suggests that one or two major catalysts typically drive bull markets.” Thielen explains how it would be absurd, “to assume that when Fed Chair Bernanke maintained low interest rates in 2011, your neighbor suddenly decided to use Bitcoin to buy contraband on the Silk Road exchange,” meaning looking for direct correlation between election outcomes and Bitcoin price reaction may be less than ideal.
Markus Thielen, CEO at 10x Research
The executive argues that the primary driver of the Bitcoin rally is the institutional adoption of BTC, sparked by BlackRock’s application for a Spot BTC ETF earlier this year.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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