The post South Korean crypto market experiences unusual trading volumes appeared first on AIBC.
]]>XRP and DOGE have seen a resurgence in popularity, fuelled by a combination of market dynamics and external influences. For XRP, the easing of regulatory pressure in the U.S. has provided a much-needed boost, as Ripple Labs, its parent company, continues to navigate legal challenges. On the other hand, DOGE’s growth has been tied to high-profile endorsements, particularly from Elon Musk, whose renewed interest in the token has rekindled investor enthusiasm.
Bitcoin, the perennial leader in trading volume, has taken a backseat as XRP and DOGE captured the spotlight. While BTC remains a staple in global portfolios, its trading volume on South Korean exchanges has been eclipsed by the excitement surrounding these altcoins.
Reports reveal that XRP and DOGE accounted for 30 percent of trading volumes on Upbit and nearly 20 percent on Bithumb over the past 24 hours. Upbit alone reported the highest XRP volumes globally, even surpassing trading activity on international platforms like Binance and Coinbase.
This spike in activity could partially be attributed to speculative trading, with South Korean traders historically known for driving euphoric market rallies. Additionally, concerns about wash trading, where automated programs artificially inflate volumes, have been raised, suggesting that some of the reported activity may not reflect genuine market demand.
XRP is currently trading above $1, marking its strongest rally in three years. Analysts note that momentum indicators suggest a bullish trend, with key support levels at $0.96 and $0.65, and resistance levels at $1.26 and $1.40. Currently trading at just under $0.40, DOGE has more than doubled in value over the past two weeks. Its futures products have also hit yearly highs, signalling strong interest from both retail and institutional investors.
South Korea has long been a hotspot for crypto speculation, with past instances of the Kimchi premium highlighting the region’s influence on global prices. This localised surge in XRP and DOGE trading volumes mirrors these historical trends.
The post South Korean crypto market experiences unusual trading volumes appeared first on AIBC.
]]>The post Nepal’s financial intelligence unit unveil crypto-related scams appeared first on AIBC.
]]>A staggering 64 percent of fraud cases reported to Nepalese authorities until May 2024 were cyber-enabled, with cryptocurrencies playing a significant role. As a subsidiary of the central bank, the FIU collaborates with various agencies, ensuring that financial institutions comply with anti-fraud and anti-money laundering regulations.
Fraudsters leverage crypto’s global accessibility, transferring illicit funds to offshore accounts to obscure their trail. Criminals convert stolen or illegal funds into cryptocurrencies, exploiting the lack of regulation and transparency. Scammers lure victims with promises of high returns, often targeting individuals through flashy advertisements or testimonials. Platforms like Facebook and Instagram are rife with fraudulent accounts promoting fake crypto opportunities.
Nepal’s ban on cryptocurrency trading inadvertently hinders the reporting of fraud cases, as victims fear legal repercussions. Victims often hesitate to report incidents, fearing ridicule or backlash. Nepal’s limited resources make it difficult to monitor and trace sophisticated crypto transactions effectively.
The FIU advocates for advanced monitoring tools to track suspicious transactions in real-time. Institutions must be equipped to recognize unusual patterns or large transactions involving crypto. Timely reporting can prevent further damage and help authorities act swiftly. Empowering citizens with knowledge about crypto risks can significantly reduce susceptibility to scams. Encouraging open communication between victims and law enforcement is vital for improving fraud detection.
South Korea’s policy of pre-registering businesses handling cross-border crypto transactions offers a valuable model for Nepal. Global cooperation is essential to address the borderless nature of cryptocurrency fraud. South Korea’s Finance Minister, Choi Sang-Mok, said the country would introduce reporting mandates on cross-border crypto transactions at a recent G20 meeting in the United States.
Nepal must update its policies to tackle the complexities of crypto-related fraud effectively. Enhanced collaboration between financial institutions, law enforcement, and international bodies is crucial for success.
The post Nepal’s financial intelligence unit unveil crypto-related scams appeared first on AIBC.
]]>The post FanDuel’s ex-founders introduce crypto sportsbook BetHog appeared first on AIBC.
]]>BetHog, a new crypto-based sportsbook and casino platform, has entered the market with $6 million in seed funding led by 6MV, a venture firm focusing on gaming and Web3 applications. The platform’s founders, Nigel Eccles and Rob Jones, are no strangers to the online betting world, having co-founded the successful sports betting company FanDuel.
BetHog is licensed in Anjouan, an island nation in the Indian Ocean known for its supportive regulatory environment. The choice of Anjouan enables BetHog to operate with more flexibility, though it currently excludes users from regions with strict betting regulations, including the US and much of Western Europe.
“The crypto casino market has seen dramatic growth over the past few years driven by innovations like provably fair games, robust VIP programmes and streaming,” said Nigel Eccles, who serves as co-founder & CEO of BetHog.
Eccles further stated, “With BetHog, my goal is to innovate even further by bringing unique and highly visual games to market. I want to offer users unique play-along and skill-based titles, combined with a robust VIP offering, but most of all, this is about maximising fun for our users.”
BetHog aims to offer skill-based games alongside traditional betting options. These games allow users to actively participate, rather than just place bets, creating an engaging and dynamic experience. Provably fair games are central to the appeal of crypto casinos, as they assure players of fairness through blockchain verification. BetHog builds on this transparency by offering exclusive VIP programmes.
BetHog accepts various major cryptocurrencies, including Bitcoin, Ethereum, USDT, and Solana, providing players with diverse options for funding their accounts. BetHog works with partners to apply AML checks on a risk-based model. This ensures that all crypto transactions meet regulatory standards, promoting a safe gaming environment.
At launch, BetHog offers bets on popular sports such as American football, soccer, cricket, and others. The platform supports numerous betting markets and features like same-game parlays to engage users. 6MV led BetHog’s initial funding round with other investors, including Will Ventures, Bullpen Capital, and prominent industry figures. Their support signals confidence in BetHog’s potential for growth.
BetHog’s entry into the crypto sportsbook space brings it into competition with BetDEX, a decentralised betting exchange also founded by ex-FanDuel executives. Both platforms are built on the Solana blockchain, but BetHog’s focus includes a wider array of gaming options. Both BetHog and BetDEX use Solana’s blockchain due to its fast transaction speeds and low fees. BetHog accepts SOL for player-to-player (PvP) gaming, providing secure and efficient transactions.
BetHog’s cutting-edge gaming approach and strong focus on security make it a promising contender in the expanding crypto casino and sportsbook market. As Bitcoin and other cryptocurrencies continue to rise in popularity, BetHog provides a thrilling preview of the future of online betting.
The post FanDuel’s ex-founders introduce crypto sportsbook BetHog appeared first on AIBC.
]]>The post Trump’s World Liberty Financial sells over 1 billion tokens appeared first on AIBC.
]]>World Liberty Financial released a ‘Gold Paper,’ which highlighted the project’s goals, rules and intentions that included the supply of 20 billion tokens upon launching. However, the project is still far from realising its target of raising $300 million from its token sale.
According to analytical platform Kryptocasinos.com, WLFI selling one billion tokens is “slightly underwhelming” in the context that it is supported by Trump, one of the biggest political figures worldwide. Experts at the platform said Trump’s affiliation represents a landmark moment for the crypto vertical.
In addition, they believe it is the step that is required to help raise awareness of digital currencies and propel their adoption. However, experts acknowledge that such an expansion is contingent on the “political and regulatory landscapes.”
The Kryptocasinos.com spokesperson said, “If World Liberty Financial and Trump’s influence can foster clear, supportive regulations that protect both investors and innovators, it could pave the way for the widespread use of digital currencies.”
The new decentralised finance had started selling its public token from 15 October. WLFI is spearheaded by Zachary Folkman and Chase Herro. Folkman and Herro have previously worked on DeFi platform Dough Finance, where a July exploit saw crypto?assets worth $2 million being drained.
Donald Trump took a more proactive approach towards cryptocurrency with the launch of World Liberty Financial, saying, “I think crypto is one of those things we have to do.”
This marked a turnaround from three years ago, when he said Bitcoin seemed like a “scam” and a threat to the US dollar. It is also in stark contrast to the Biden administration, where the White House has been leading a crackdown on crypto?firms in recent years.
Recent clampdowns include Sam Bankman-Fried, the founder and CEO of FTX, receiving 25 years in jail for fraud and Binance’s Changpeng Zhao getting four months in prison and the company paying a hefty fine.
The post Trump’s World Liberty Financial sells over 1 billion tokens appeared first on AIBC.
]]>The post Binance bets big on Thailand for crypto expansion appeared first on AIBC.
]]>Thailand is among the top 20 markets that Binance operates in out of the more than 100. Conlan said, “Thailand, as a country, has taken a pioneering approach to crypto and is trying to introduce regulations and a framework in the right way. I think that is what ultimately is going to help this industry thrive and drive forward.”
Latest data finds that Thailand’s crypto penetration rate stands at 12 percent, with the global benchmark at 6 percent. Conlan praised Thailand for taking a “pioneering approach to crypto” and continuing to work to establish regulations and a framework “in the right way.”
Binance has grown exponentially in the past six months, gaining 60 million users worldwide. The crypto exchange, which has over 240 million users globally, attributes this growth to the increased institutional adoption and positive developments like ETF approvals.
This comes as the country itself seems to be betting on crypto. Siam Commercial Bank recently launched Thailand’s first stablecoin-powered cross-border payment system. The bank has partnered with SCB 10X and Lightnet to use stablecoins to facilitate faster, more efficient international transactions.
Stablecoins are cryptocurrencies whose value is pegged to another asset, such as a fiat currency or gold, to maintain a stable price. Designed to track the value of currencies or assets like the dollar, they are primarily used as bridge currencies in and out of the crypto economy.
In August, Thailand’s financial regulators launched a Digital Asset Regulatory Sandbox to promote broader crypto adoption in the country. The initiative was backed by a public hearing in May, it will help develop Thailand’s digital asset market by allowing participants to test crypto services under flexible regulations.
The post Binance bets big on Thailand for crypto expansion appeared first on AIBC.
]]>The post U.S. crypto market soars following Trump victory appeared first on AIBC.
]]>The U.S. crypto market experienced a remarkable surge in stock values following a major political shift and a record-breaking Bitcoin high. With a sweeping election win by Donald Trump, crypto-focused companies closed the trading day with double-digit gains. His victory, combined with a potential GOP-controlled Congress, sets the stage for crypto-friendly policies and new legislative efforts.
After Trump’s victory, the crypto market responded with enthusiasm. Investors are hopeful that a Republican-led government could push forward pro-crypto bills that had previously stalled. The election outcome provided a sense of political stability for crypto, encouraging traders and investors to dive in, driving up the stocks of major crypto companies.
Coinbase Global Inc., one of the most significant crypto exchanges in the United States, closed the day up by 31.11% at $254.3. As a major donor in the election cycle, Coinbase’s strong stance on the market reflects confidence in the new political climate. The company is now up by an impressive 62.1% for the year, according to Google Finance.
Robinhood, a popular trading platform known for its accessible crypto options, saw its stock jump 19.6% in the same trading session. MARA Holdings Inc., formerly known as Marathon Digital, is a prominent Bitcoin mining company. MARA’s stock rose 19.6% following the election news. MicroStrategy Inc., a company well-known for its substantial Bitcoin holdings, also saw a 13% rise in stock value.
Bitcoin’s record high of $76,509.56 contributed to the stock surge. As the world’s leading cryptocurrency continues to climb, its value attracts investors and further boosts crypto-related stock prices, creating a ripple effect across the industry.
Trump’s pro-crypto position is among the factors driving this stock rally. His campaign emphasised a strong stance on developing and supporting the cryptocurrency sector. Trump’s promise to create a strategic Bitcoin stockpile signals a shift in the U.S. approach to crypto, potentially giving the U.S. an edge in the global crypto market.
Another significant bill on the GOP agenda is the stablecoin regulatory framework. This bill, which previously stalled in Congress, would establish regulations for stablecoins, ensuring their stability and utility in the financial market. If passed, it could pave the way for safer, more reliable stablecoin investments.
Several factors are keeping the market optimistic. Trump’s election promises, the possibility of passing favourable crypto laws, and Bitcoin’s recent highs all contribute to the bullish sentiment. Investors anticipate that this momentum will continue as the political landscape aligns with the interests of the crypto industry.
Analysts are divided, with some expecting continued growth while others caution about potential overvaluation. However, many agree that a pro-crypto administration could lead to long-term benefits for the sector.
For investors, the current climate represents a significant opportunity, especially with Bitcoin’s continued growth. Keeping a close eye on policy developments and market reactions can help investors make informed decisions.
The post U.S. crypto market soars following Trump victory appeared first on AIBC.
]]>The post Crypto betting’s impact on Trump vs. Harris presidential election appeared first on AIBC.
]]>As the 2024 U.S. presidential election heads into its final stretch, the race between Republican candidate Donald Trump and Democratic contender Kamala Harris has captured global attention. In an era marked by unprecedented political shifts and economic volatility, new factors like crypto prediction markets and financial predictions are shaping public perception. Platforms like Polymarket and Kalshi allow people to bet on the race’s outcome, but these markets have also influenced how many view the candidates’ odds.
Prediction markets, particularly those based on cryptocurrency, have grown popular in political analysis circles. Unlike traditional polling, these markets reflect a collective anticipation and sometimes react more sensitively to real-time events. Their data has become a valuable, if unconventional, resource for political analysis.
Donald Trump has branded himself the crypto president to appeal to younger, crypto-savvy voters. With crypto enthusiasts largely populating platforms like Polymarket, his odds initially climbed as he aligned his platform with digital finance and independence from centralised institutions.
Throughout October, Trump’s odds of winning soared to 67% on Polymarket, reflecting strong momentum for his campaign. Several factors contributed to this peak, including Trump’s appeal to the crypto community and concerns over the economy. Kamala Harris’s odds improved after an Iowa poll conducted by Ann Selzer, a respected pollster, placed her three points ahead of Trump among likely voters. This unexpected boost shifted prediction market odds, giving her campaign new momentum.
Elon Musk, CEO of Tesla and SpaceX, recently warned of a looming financial crisis, a message that resonated with both Trump supporters and economic conservatives. This financial emergency warning reflects rising concerns over market stability and may indirectly impact how voters and prediction market bettors view Trump’s policies.
Polymarket’s betting system uses the USDC stablecoin, which is pegged to the U.S. dollar. While it attracts international users, U.S.-based users are restricted from participating directly due to regulations. Despite these limitations, Polymarket has seen over $3 billion wagered on the election outcome, underscoring the platform’s influence and popularity among crypto enthusiasts outside the U.S.
As of the latest data, Trump’s odds of winning on Polymarket have fallen to 54%, with Harris trailing closely at 45%. Meanwhile, Kalshi’s platform shows a similar trend with Trump at 52% and Harris at 48%. This narrowing gap between Trump and Harris highlights the uncertain outcome of this election, as well as the influence prediction markets have on perceived candidate viability.
Notably, one France-based user bet $30 million on Trump winning the election. The individual stated that the wager isn’t about influencing the election but rather about financial gain. Such high-stakes betting highlights the prediction market’s allure to big investors, making it a high-stakes, globally watched arena.
With the 2024 election rapidly approaching, the race between Trump and Harris has become a showcase of the power of prediction markets and financial uncertainty. As Trump and Harris vie for the White House, these markets provide a rare lens into the economic and political factors shaping voter expectations.
The post Crypto betting’s impact on Trump vs. Harris presidential election appeared first on AIBC.
]]>The post Consensys CEO blames SEC’s ‘abuse of power’ for 20% job cuts appeared first on AIBC.
]]>Founded in Brooklyn in 2014 by Joe Lubin, Consensys has evolved into a leading company in the blockchain space, dedicated to building applications on Ethereum, the second-largest blockchain network.
In a blog post, Joe Lubin announced a restructuring effort that would result in layoffs affecting over 160 employees from a total of around 828, which is about 20 percent of the staff. Lubin cited macroeconomic headwinds and ongoing legal costs as the primary drivers for the decision. The company intends to streamline its operations and allocate resources towards its most strategic initiatives.
Lubin expressed his disappointment with the Securities and Exchange Commission (SEC) and its approach to regulating the crypto industry. He stated, “Multiple cases with the SEC, including ours, represent meaningful jobs and productive investment lost due to the SEC’s abuse of power and Congress’s inability to rectify the problem.”
The SEC’s increased scrutiny has been a major thorn in Consensys’ side. The agency has been actively filing lawsuits against leading companies within the crypto industry, alleging violations of securities laws. The legal battles, along with the associated expenses, have made it difficult for Consensys to operate smoothly.
The company recently took the bold step of suing the SEC to clarify Ethereum’s status as a non-security. Although the case was dismissed, the company continues to be involved in ongoing legal disputes that drain both time and resources.
Consensys has been impacted by global economic uncertainties, which have resulted in funding constraints and a tightening of resources. The ongoing regulatory disputes have only exacerbated these issues. The crypto industry has faced heightened scrutiny and fluctuating market conditions, making it difficult for even the most prominent players to thrive.
Gary Gensler, the SEC’s head, has maintained that existing laws are sufficient for the regulation of digital assets. This stance has led to numerous lawsuits against crypto companies, creating a murky legal landscape. Critics argue that the SEC has not provided enough clarity, resulting in a regulation by enforcement approach.
The ongoing regulatory ambiguity has emphasised the need for clear guidelines that foster innovation while protecting investors. Despite the challenges, Consensys is not backing down. Joe Lubin outlined the company’s vision of evolving into a decentralised network state, a new kind of digital-first organisation driven by blockchain principles.
Consensys remains committed to advancing MetaMask and other tools in its ecosystem. The company is focusing on enhancing the utility and accessibility of its products, with a continued emphasis on security and decentralisation.
The post Consensys CEO blames SEC’s ‘abuse of power’ for 20% job cuts appeared first on AIBC.
]]>The post Binance unveils first crypto exchange platform for wealth managers appeared first on AIBC.
]]>Binance has taken a major step to connect traditional finance with the cryptocurrency world by launching Binance Wealth. This new platform is designed for wealth managers and their high-net-worth clients, offering an easy and efficient way to enter the crypto market. By providing a system that allows for discretionary control similar to traditional wealth management, Binance Wealth is set to transform the delivery of financial advisory services in the crypto industry.
Binance Wealth is the first crypto exchange solution designed to help wealth managers guide their high-net-worth clients in gaining exposure to digital assets. Wealth managers play a central role in this exchange, supporting their clients through onboarding, document verification, and investment recommendations.
To use the Binance Wealth platform, wealth managers must apply for access. After a successful application, they are granted the ability to onboard their clients by submitting KYC and KYB documentation. Wealth managers can seamlessly submit the required documentation for their clients, ensuring a smooth transition into the platform. This process ensures a secure and compliant experience for all participants.
Catherine Chen, Head of Binance VIP & Institutional, emphasised the importance of providing a traditional infrastructure for wealth managers. According to Chen, unlocking capital inflow is essential for mainstream adoption of digital assets, and Binance Wealth is designed to do just that by lowering entry barriers for market participants.
Chen stated, “As investors worldwide recognise the potential of digital assets, we are responding to wealth managers and their clients asking for a solution to more easily access crypto. Unlocking capital inflow is key to making digital assets mainstream, but there has long been a lack of traditional infrastructure for the private wealth segment to gain exposure to crypto. This exchange will reduce the entry barrier for more market participants to access this new asset class and help bridge crypto and traditional finance.”
Binance Wealth offers a host of benefits that closely resemble those of traditional financial advisory services. For wealth managers and their clients, the platform provides an experience that mirrors familiar TradFi structures. One of the standout features of Binance Wealth is the ability to invest in a wide range of tokens beyond just Bitcoin and Ethereum. This diversification opportunity allows wealth managers to help clients build well-rounded crypto portfolios.
Binance Wealth supports multiple investment options, including both trading and earn/staking products. This flexibility accommodates clients with varying preferences, whether they are interested in active trading or more passive, yield-generating investments. By offering a user experience similar to traditional advisory services, Binance Wealth ensures that wealth managers and their clients feel comfortable and confident in their crypto investments.
Binance Wealth is not the only solution offered by Binance to support institutional users. The platform is complemented by other innovative offerings, such as the banking triparty solution, which helps institutional investors manage their trading collateral securely. As more wealth managers embrace the opportunities presented by Binance Wealth, the future of crypto investments looks brighter than ever.
The post Binance unveils first crypto exchange platform for wealth managers appeared first on AIBC.
]]>The post Russia’s new crypto law expands state control over digital assets appeared first on AIBC.
]]>The new law is part of Russia’s ongoing efforts to regulate digital currencies, increase oversight, and potentially leverage cryptocurrencies to mitigate the effects of international sanctions. By expanding the scope of oversight, Russia aims to reduce reliance on foreign currencies like the US dollar and ensure the security and transparency of digital transactions.
One of the most prominent aspects of this law is the government’s ability to impose restrictions on cryptocurrency mining activities based on regional requirements. The legislation allows the government to define specific circumstances under which mining operations can be prohibited. This gives the authorities greater flexibility in responding to local issues, such as energy shortages, environmental concerns, or even economic challenges.
In addition to targeting mining operations directly, the law also grants the Russian government the authority to regulate the infrastructure providers that support mining. This includes controlling companies that provide hardware, software, or energy to miners, thereby tightening the entire ecosystem of cryptocurrency production.
The new law also addresses mining pools groups of miners who combine resources to increase efficiency. The legislation grants the government power to stop these mining pools from operating in specific regions. This control could help authorities manage and monitor mining activities more effectively, curbing illegal operations and ensuring compliance with national laws.
Under this legislation, multiple federal agencies, beyond Rosfinmonitoring (Federal Financial Monitoring Service), will gain access to digital currency identifiers. These identifiers are used to track digital transactions, which could be linked to illegal activities like money laundering or financing terrorism. This expansion will enhance Russia’s capacity to monitor and regulate crypto transactions comprehensively.
The responsibility for maintaining the national mining register has been shifted from the Ministry of Digital Development to the Federal Tax Service. This change signifies a more centralized and stringent approach to monitoring mining activities.
While individual miners can avoid registration if their electricity consumption remains within a defined limit, companies and individual entrepreneurs are now required to comply with new registration guidelines.
The gradual development of crypto regulations in Russia shows a dual approach: tightening control over mining and crypto infrastructure while simultaneously enabling the use of digital currencies to circumvent sanctions. This duality suggests a pragmatic strategy aimed at leveraging crypto’s potential while safeguarding national interests.
As Russia advances its crypto regulations, its stance may influence global cryptocurrency trends, especially in countries exploring the use of state-backed digital currencies.
The post Russia’s new crypto law expands state control over digital assets appeared first on AIBC.
]]>