Bitcoin miner Bitdeer is reportedly in discussions with private credit firms to secure $100 million in funding to expand its mining capacity. It is believed that the cryptocurrency miner has engaged a financial adviser to assist with the negotiations. Negotiations Between Bitdeer and Lenders Continue The cryptocurrency mining firm Bitdeer Technologies Group is reportedly seeking […]
Source link
Bitget, a top 15 cryptocurrency exchange, is seeking to expand its operations in Latin America, a market traditionally dominated by incumbents like Binance and Bitso. Maximiliano Hinz, Bitget’s growth director for Latam, believes that the exchange can differentiate by focusing on serving beginner investors with tools like its copy-trading feature. Bitget Aims to Gain Traction […]
Source link
Bitfinex predicts the total market capitalization of the cryptocurrency market, currently at approximately $1.6 trillion, is poised to double — potentially reaching a staggering $3.2 trillion, according to its year-end Alpha report.
Despite the challenges faced in 2023, including regulatory hurdles and reputation concerns, the company remains optimistic about the resilience and potential growth of Bitcoin and other crypto assets.
Bitfinex’s expansion continues unabated amid this positive sentiment. The exchange recently launched a dedicated platform for Vietnamese customers in line with its commitment to global growth and accessibility.
A high percentage of Vietnam’s population uses cryptocurrencies, and the move reflects the company’s confidence in the crypto market’s potential and its strategy to deepen its presence in key markets.
According to Bitfinex, the market cap doubling prediction is bolstered by a range of metrics and sentiment indicators, which suggest a similar performance to previous market cycles. The company anticipates the crypto fear and greed index to swing towards “extreme greed,” correlating with new highs for Bitcoin during a mid-year bull market.
Institutional investors are expected to be pivotal in the coming growth trajectory. The anticipated launch of a spot Bitcoin ETF is seen as a catalyst for increased institutional investment, primarily favoring Bitcoin, at least in the first half of 2024. However, a shift towards higher-risk crypto assets might occur as the year progresses.
Meanwhile, the MVRV (Market Value to Realized Value) metric indicates current valuations similar to those in mid-2019 and mid-2016, suggesting potential price dips before sustained recoveries. Bitfinex expects Bitcoin’s price to fluctuate within the $44,000 to $45,000 range before a significant upward movement.
Bitcoin miners are already beefing up their operations in anticipation of the halving event, which will reduce the mining rewards by half.
The exchange said:
“Our analysis indicates that the market is currently in a healthy state, with continued growth in $BTC prices and limited anticipated selling by miners.”
Despite potential initial selling to fund upgrades, miner inflows to exchanges are expected to remain subdued, indicating limited selling pressure as Bitcoin prices rise, according to the exchange.
Global Bitcoin adoption continues to show promise, especially in markets like El Salvador, where it has been declared legal tender, and in Argentina, where citizens increasingly view crypto as a hedge against inflation and currency devaluation.
According to the exchange:
“Bitcoin adoption in certain key markets are also looking promising and we anticipate that the number of global crypto owners could escalate to up to 950 million.”
Bitfinex foresees intensified efforts to bolster Bitcoin infrastructure and public awareness in these regions, especially as the world tackles a deceleration in wage growth and a moderate increase in the unemployment rate to around 4.3 percent in 2024.
Inflation rates are projected to decline due to improved supply chains and a subdued global economy. However, geopolitical tensions and oil production cuts could pose risks of increased headline inflation.
If inflation remains high, it will become another catalyst for people to turn to Bitcoin as it cements its status as digital gold.
The open-source blockchain developer Iota announced on Nov. 29 that it is launching a foundation, the Iota Ecosystem DLT Foundation, based in Abu Dhabi, to focus on the growth of its distributed ledger technology (DLT) in the Middle East region.
According to the announcement, the new foundation will be supported by $100 million in Iota digital tokens, which will be vested throughout the course of the next four years.
One of the primary goals of the foundation is to push for accelerated growth of its DLT and “convert real-world assets into digital ones,” according to the company’s co-founder and chairman, Dominik Schiener.
“The market right now is being reshuffled so we have a big opportunity to position ourselves by focusing on onboarding institutions, offering them to work on-chain because now it’s more feasible to do that in the UAE.”
In addition to growing its technology to support developments in the Middle East region, the network will begin “tokenizing” assets.
Hamad Sayah Al Mazrouei, the chief executive of the Registration Authority of the Abu Dhabi Global Market (ADGM), said the country aims to be “the leading jurisdiction for the blockchain industry.”
Related: Siemens and Microsoft partner to push AI adoption in industrial sectors
The Iota Ecosystem DLT Foundation became among the first blockchain-focused organizations to be approved by regulators from the ADGM.
This development comes less than a month after ADGM introduced comprehensive regulations on Nov. 2 targeting DLT foundations like Iota. The regulations claim to provide opportunities for organizations to expand into DLT in the region.
According to the new regulations, compliance includes disclosing the names of key figures, having a name that ends with “DLT Foundation,” a council consisting of two to 16 members, tokenholders being treated as beneficiaries, and not being allowed to conduct activities licensable by the ADGM.
This new framework also paves the way for decentralized autonomous organizations to legally operate and issue tokens to their members.
Magazine: This is your brain on crypto: Substance abuse grows among crypto traders
The web3 Metaverse “super app,” Upland, has extended its Series A funding, successfully securing an additional $7 million.
According to Upland, this latest investment round, which includes EOS Network Ventures as a new investor, brings the firm’s total funding to $25 million.
Riding a wave of increasing user engagement and steadily growing virtual property ownership, Upland seems poised to double down on the resurgence of metaverse hype. The app has registered over 3 million accounts on the EOS blockchain, with almost 300,000 virtual property owners, while continuously launching and enhancing features, including a new car racing app, in-game racing features, and a third-party developer platform.
The newly acquired funds aim to propel Upland’s mission to construct the world’s most expansive digital open economy and advance its innovation roadmap, such as introducing novel features and platform components utilizing AI.
Furthermore, the funding will bolster the company’s initiative to make its utility token, Spark, tradeable outside the Upland platform on Ethereum through a Token Tradability Event, marking its debut on external exchanges.
Last year, Upland raised $18 million last year, channeling funds to broaden its global footprint, develop new features, form strategic brand partnerships, and accelerate user acquisition. This move aligns with “Upland’s ability to offer a captivating web2 experience that seamlessly abstracts away the intricacies of blockchain technology while delivering the advantages of true asset ownership,” as EOS Network Ventures’ director, Yves La Rose, explained.
Upland is creating an immersive web experience mapped to the real world through its metaverse. The platform offers various activities for players and creators alike, including virtual property trading, world-building, and competitive car racing. Moreover, it allows entrepreneurs to operate virtual shops powered by UPX, Upland’s native currency, and Spark, a utility token that fuels value creation by its highly engaged community.
Upland is available from the App Store or Google Play. The recent announcement of plans to make Spark tradable on exchanges (converted to “Sparklet” on Ethereum) and the publication of a white paper, approved by an 87% majority of the community, can also be found on the Upland website.
One of the largest European crypto exchanges, Vienna-based Bitpanda has become one of the first foreign entities to receive a virtual assert service provider license in Norway. The announcement came on the company’s official X (former Twitter) account on Oct. 19.
Bitpanda holds a license in a number of European jurisdictions, such as Austria, Germany, France, Czechia and Sweden. According to the deputy CEO of Bitpanda, Lukas Enzersdorfer-Konrad, the registration marks another step in the company’s expansion in Europe:
“It is obvious that we in Europe need an investment platform that we can trust. At Bitpanda, we have set out to be that platform. Over the last 12 months, we have been the only European provider to receive licenses in Germany, Sweden and Norway. We now have more than 4 million users and enable Europe’s leading financial institutions and neobanks to offer digital assets.”
In May 2023, Norway, which remains outside the European Union, signaled that it could go its own way on crypto asset regulation. In its annual report, the central bank of the country stated that the upcoming pan-EU Markets in Crypto-Assets (MiCA) regulation “may not be adequate to all crypto regulatory needs.”
Related: UAE emirate launches new free zone for digital assets, Web3 and AI
Meanwhile, some major crypto exchanges continue to struggle with European regulators. In September, New York-headquartered Gemini decided to quit the Netherlands, citing the inability to meet regulators’ requirements. The problems don’t end within the European Union’s jurisdiction. The United Kingdom’s financial markets regulator, the Financial Conduct Authority, recently added 143 new entities to the warning list of non-registered asset providers.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: Ethereum restaking: Blockchain innovation or dangerous house of cards?
A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›
Welcome! 👋 You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
J&J’s $40 Billion Split-Off Sets Stage for Pharma, Medical Tech Expansion
Source link
The numbers: The Philadelphia Federal Reserve said Thursday its gauge of regional business activity rose to 12 in August from negative 13.5 in the prior month. Any reading above zero indicates expanding activity. This is the first positive reading after 11 straight months of contraction.
The rise in the Philly Fed index was higher than expected. Economists polled by the Wall Street Journal forecast a negative 10 reading in August.
The measure on six-month business outlook dropped 25 points in August to 3.9, its lowest level since May.
Key details: The barometer on new orders jumped 31.9 points to 16 in August. The shipments index rose 18.2 points to 5.7.
The prices paid index rose 11 points to 20.8.
The index for future general activity dropped 25 points to 3.9, its lowest reading since May. Capital spending intentions dropped 13.1 points to -4.5, leaving them just above the cycle low of -5.4, reached in April.
Big picture: Economists have been looking for a bottom in manufacturing activity and the data may be tentative signs of one.
Demand has been weak and manufacturers are struggling with higher interest rates.
Regional readings have been volatile. Earlier this week, the Empire State index showed manufacturing weakened sharply in New York State. The New York Fed’s general business conditions index fell 20.1 points to negative 19 in August.
The New York and Philadelphia Fed indices are two of the first regional manufacturing gauges that offer timely reads of the manufacturing sector.
The national ISM factory index contracted in July for the ninth straight month, rising to 46.4% from 46.% in the prior month.
What are they saying? ” We need much more convincing signals before we believe that the outlook for manufacturing is materially improving,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
“A sustained improvement in domestic capital spending is needed if manufacturing is to escape its current rut, given the lack of any meaningful external boost from China’s re-opening,” he added,
Market reaction: Stocks
DJIA
SPX
opened higher on Thursday. The yield on the 10-year Treasury note
BX:TMUBMUSD10Y
rose to 4.31%.
Bitstamp, one of the world’s longest-running cryptocurrency exchanges, is moving forward with its global expansion ambitions, reportedly working to raise new funds to scale operations.
Crypto exchange Bitstamp started the fundraising process in late June, with Michael Novogratz’s Galaxy Digital Holdings acting as an adviser, Bloomberg reported on Aug. 7.
The firm plans to use the raised capital to launch derivatives trading in Europe in 2024 and expand several of its served markets in Asia. Bitstamp is also looking to scale its services in the United Kingdom, the report notes.
Bitstamp’s global CEO Jean-Baptiste Graftieaux reportedly said that the company is now exclusively focused on raising money to expand the services to retail and institutional crypto clients. He added:
“Bitstamp is not for sale, and we are not actively looking to sell the company.”
The crypto exchange did not immediately respond to Cointelegraph’s request for comment.
The news comes a few months after major blockchain firm Ripple acquired a minority stake in Bitstamp in the first quarter of 2023. Novogratz’s Galaxy also acted as an adviser on the deal, which was publicly announced in late May.
Bitstamp’s latest efforts to scale its business come in line with its global expansion plans announced in 2018 when the firm was acquired by South Korean NXC-backed NXMH.
Back then, Bitstamp co-founder Nejc Kodrič claimed that he and another Bitstamp co-founder, Damijan Merlak, “were not looking to sell” and “were definitely not looking for investment’ because they “didn’t need to raise the capital.” However, Kodrič still took the opportunity to cash out on most of his Bitstamp stock while keeping 10% and remaining CEO.
Related: Gemini plans Asia-Pacific expansion as part of ‘next wave of growth for crypto’
Founded in 2011 in Slovenia, Luxembourg-based Bitstamp was once a major venue for Bitcoin (BTC) trading, serving as an option to then-dominant Bitcoin exchange Mt. Gox. Bitstamp is now one of the world’s largest crypto exchanges, with about $127 million in trading volume in a recent 24-hour period, according to data from CoinGecko.
The news came one day before Bitstamp announced some trading restrictions on its platform in the United States.On Aug. 29, Bitstamp will halt trading of tokens like Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), The Sandbox (SAND) and Solana (SOL). The firm cited “recent market developments,” adding that holding and withdrawing tokens will be unaffected.
Update for our US users
Starting August 29: AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL trading will be halted after evaluating recent market developments.
Execute any open trades. Holding and withdrawing tokens afterwards will be unaffected.
More info:…
— Bitstamp (@Bitstamp) August 8, 2023
In June, Bitstamp’s U.K. arm joined the list of registered firms under the country’s Financial Conduct Authority.
Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M