The Chinese government is reportedly launching an “ultra-large-scale blockchain infrastructure platform for the Belt and Road Initiative.” The platform will support the implementation of cross-border cooperation projects along the Belt and Road Initiative and provide the base for developing applications that showcase collaboration across borders. ‘Ultra-Large Scale Blockchain Infrastructure Platform’ The Chinese government has reportedly […]
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In a new development, VeChain (VET) has announced the introduction of its latest No-Code Tokenized Asset Marketplace-as-a-Service platform (MaaS), fueling optimism within the community of an impendent price uptick.
The announcement also featured the collaboration of the MotoGP racing team Gresini Racing as its first enterprise client. By collaborating with Gresini Racing, an enormous fan base will be offered digital collectibles through the MaaS platform.
With the launch of its No-Code Tokenized Asset Marketplace (MaaS) platform, VeChain has made tremendous progress toward increasing mass adoption of blockchain technology. VeChain’s continuous goal to promote widespread blockchain technology adoption by removing technological hurdles is consistent with this user-friendly strategy.
Since its founding, VeChain has created several use cases powered by blockchain applications. These include product authentification, creating new digital communication channels, provenance and sustainability traceability, and others. This demonstrates its understanding of the tremendous potential that its technologies have for Web 3.
Given the rise in demand for tokenizing Real-World assets (RWAs) solutions, the introduction of MaaS seems appropriate. Furthermore, NFC functionality and support for “Phygitals,” or real-world physical assets with NFT/digital counterparts, will be added later in the platform.
Specifically, this innovation was created to significantly influence the digital asset market. It aims to provide enterprise and individual builders with an “easy-to-use white-label NFT platform for digital asset sales” and transfers that require little to no programming.
MaaS applications are diverse and address the increasing need for platforms that enable asset tokenization. Blackrock‘s latest application for a Real World Asset (RWA) tokenization fund highlighted this path. So far, the No-Code Tokenized Asset Marketplace-as-a-Service platform (MaaS) is expected to be fully operational later this year.
Despite the launch of MaaS, VeChain (VET) is witnessing a daily downtrend of nearly 2%. However, in the weekly timeframe, the crypto asset has increased by over 5%, suggesting an upward move.
As of the time of writing, VET was trading at $0.0440, with its market cap dropping by 2.78% in the past day. Meanwhile, its trading volume is down by about 24% in the last 24 hours.
In August 2018, during a downside trend in the cryptocurrency market, VET made its market debut. However, following the 2021 bull run, VET rose to the top, peaking at $0.281 before the cycle ended.
Featured image from Shutterstock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Cetera Financial Group, a platform with $475 billion in assets under administration and $190 billion in assets under management, has approved four U.S. spot bitcoin exchange-traded funds (ETFs) for use in brokerage accounts on its platform. “We are prudently embracing bitcoin ETFs and we prioritized developing this important guidance to help our financial professionals implement […]
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Marathon Digital Holdings, one of the world’s largest public Bitcoin mining companies, has announced its work on Anduro, a multichain, layer two platform on top of Bitcoin. With Anduro, Marathon proposes the creation of several sidechains designed to expand Bitcoin’s standard functionality and attract activity previously directed to other chains. Marathon Announces Anduro to Expand […]
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Prominent digital asset financial services platform Matrixport has recently issued a bullish projection indicating a potential surge in Bitcoin’s (BTC) value. According to their analysis, Bitcoin may surpass its previously established two-year peak and climb to $63,000 by next month.
This bold prediction stems from a confluence of factors poised to exert significant influence on the trajectory of Bitcoin’s price in the coming weeks and months.
The primary driver behind Matrixport’s optimistic outlook is the live trading of Bitcoin spot Exchange-Traded Funds (ETFs). According to the report, these spot ETFs have opened the doors for more investors to engage in crypto trading through conventional financial channels.
Additionally, with the increasing demand for these spot ETFs and the daily trading volumes reaching noteworthy levels, signaling growing investor interest in Bitcoin as an asset class, this could help propel the flagship crypto to trade above $60,000 by next month, according to the report.
[1/3] Bitcoin ETF Flow – Up to 22 Feb 2024
All data in. +$251.4m net flow on 22nd Feb. A strong day. pic.twitter.com/IdrCmgq5u8
— BitMEX Research (@BitMEXResearch) February 23, 2024
Furthermore, the impending Bitcoin halving event, scheduled for April 2024, is anticipated to catalyze further upward momentum in BTC prices. Bitcoin halvings result in a reduction in the rate of new BTC generation, and historically, this leads to a decrease in supply, typically driving up Bitcoin’s value.
Matrixport’s report also mentions the influence of macroeconomic factors on BTC’s price. The expectations of interest rate adjustments following the Federal Reserve’s Federal Open Market Committee (FOMC) gatherings are anticipated to have a significant impact.
Furthermore, the forthcoming uncertainty surrounding the US presidential elections may instigate market fluctuations, leading investors to turn to alternative assets such as Bitcoin to safeguard against potential shifts in economic policies.
Meanwhile, despite Bitcoin experiencing a nearly 10% surge over the past 14 days, the asset has witnessed quite a retracement in the previous week, declining by 2.2%. It’s worth noting that despite this setback, the cryptocurrency’s market capitalization remains above the $1 trillion mark.
An analyst known as Mags has expressed an overwhelmingly bullish sentiment toward Bitcoin, noting that the asset has “never been this bullish.” Mags city’s historical patterns and bullish technical signals reveal that BTC has recently closed a weekly candle above the 0.618 Fibonacci level, a rare occurrence in the cryptocurrency’s four-year cycle.
#Bitcoin has never been this bullish
For the first time ever, BTC is deviating from the 4 year cycle by closing a weekly candle above the 0.618 level before the halving event.
The best part about this deviation is it’s a bullish one, with the rise in demand among institutional… pic.twitter.com/F9xpTbEZ1d
— Mags (@thescalpingpro) February 22, 2024
However, Mike Novogratz, CEO of Galaxy Digital, has cautioned against potential downside risks, speculating on the possibility of a regulatory setback or market sentiment shift that could lower BTC prices to the $45,000-$42,000 range.
Featured image from Unsplash, Chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Coinbase Global Inc. shares jumped 14% in the extended session Thursday after the crypto-trading platform swung to a quarterly profit and reported revenue well above Wall Street expectations, saying it benefited from “risk on” activity in the markets.
Coinbase
COIN,
earned $273 million, or $1.04 a share, in the fourth quarter, versus a loss of $557 million, or $2.46 a share, in the year-ago quarter.
Sales rose to $954 million from $629 million a year ago.
Analysts polled by FactSet expected Coinbase to report earnings of 2 cents a share on sales of $826 million.
In a letter to shareholders, Coinbase executives said that they saw “a sharp increase in crypto asset volatility,” akin to early 2023, and in crypto asset prices.
That was mostly thanks to around approvals for a bitcoin spot ETF and “broad expectations around improving macroeconomic conditions in 2024, which contributed broadly in the capital markets to ‘risk on’ activity,” it said.
“Coinbase is a fundamentally stronger company today than a year ago, and we are in a strong financial position to capitalize on the opportunities ahead,” the company said in the letter.
Coinbase said it continued to fight for “clarity” in the U.S. markets in relation to crypto, and that it is supporting the crypto-focused Fairshake
Super PAC and affiliates “with the goal of electing pro-crypto candidates in the 2024 election and by supporting Stand With Crypto’s efforts to engage 1 million crypto advocates and help drive pro-crypto policies.”
Coinbase is one of the main supporters of Fairshake, and the PAC recently came out in opposition to Democratic Rep. Katie Porter, who is running in the California Senate primary, scheduled for early next month.
The company guided for first-quarter subscription and services revenue between $410 million and $480 million, and that it has generated about $320 million of transaction revenue through Tuesday.
Expenses with technology and development as well as general and administrative expenses in the first quarter are seen increasing to $600 million and $650 million, Coinbase said.
Shares of Coinbase ended the regular trading day up 3.3%. The stock has skyrocketed 140% in the past 12 months, compared with an advance of about 21% for the S&P 500 index
SPX
in the same period. So far this year, however, the shares are down about 5%, contrasting with gains of more than 5% for the broader index.
KoinBay is a leading crypto platform that offers diverse trading options for both seasoned and novice users. Whether you’re looking for immediate digital asset acquisition or leveraging advanced crypto trading strategies, KoinBay caters to your needs with a user-friendly interface and competitive transaction fees.
This article delves into the different types of trading available on KoinBay, equipping you with the knowledge to make informed decisions and navigate the exciting world of cryptocurrency.
The most basic form of trading on KoinBay, spot trading, involves buying and selling cryptocurrencies for immediate delivery. You essentially aim to buy low and sell high so that you can capitalize on price fluctuations.
Key must-knows of the spot market include:
Spot trading involves understanding concepts like the current spot price, the trade date (when the trade is executed), and the settlement date (when the assets are transferred). Your spot account balance is easily accessible under the “Balances” section on the KoinBay homepage.
When placing spot trades, you can choose between:
For experienced traders seeking amplified drawings, KoinBay offers margin trading. This involves borrowing funds from the exchange to increase your trading capital and potentially magnify your gains. However, it also amplifies potential losses, so tread cautiously.
Before venturing into margin trading, ensure you’ve completed your KYC process and enabled 2FA for enhanced security.
Once approved, transfer funds from your exchange wallet to your margin wallet as collateral. Leverage is set at a fixed 5:1 ratio, meaning you can borrow up to five times your collateral amount.
The borrowing process is straightforward. Click “Borrow/Repay,” enter the desired amount, acknowledge the hourly interest rate, and confirm. Monitor your margin level, which is calculated as the total asset value divided by the total borrowed amount plus accrued interest. A margin level below 1.1 triggers automatic liquidation to repay the loan, minimizing potential losses.
For advanced traders seeking to speculate on future cryptocurrency prices, KoinBay offers futures trading. Futures contracts are agreements between two parties, essentially betting on whether the price of a specific cryptocurrency will rise or fall by a certain date. These contracts have specific requirements like units, pricing, and settlement dates.
KoinBay provides a dedicated interface for viewing your futures trading activity, including open positions, margin ratios, and profit/loss details. You can also access your order history, trade history, and transaction history for comprehensive tracking.
The convenient “Close-All Positions” function exists for exiting all open positions simultaneously in volatile market conditions. Profit and loss calculations are based on the last price for better trade management.
For those seeking diversified exposure to the cryptocurrency market, KoinBay offers Exchange-Traded Funds (ETFs). Similar to traditional ETFs, KoinBay ETFs track the performance of a basket of underlying cryptocurrencies, allowing you to join in a cross-section of the market with a single trade.
KoinBay currently offers a selection of leveraged ETFs, each focusing on specific cryptocurrencies or market indices.
Trading fees for KoinBay ETFs are similar to spot transactions, typically around 0.1%. However, a daily management fee is also applied, reflected in the ETF’s net value. This fee covers the costs associated with maintaining the underlying asset basket and rebalancing the ETF as needed.
KoinBay ETFs undergo regular rebalancing to maintain their target leverage ratio. This typically occurs daily at 00:00 UTC+8. Additionally, KoinBay may conduct irregular rebalances during periods of high market volatility to manage risk and prevent the net value from dropping significantly.
KoinBay’s diverse range of trading options caters to traders of all experience levels and risk appetites. From the simplicity of spot trading to the advanced strategies of margin and futures trading, this advanced crypto platform empowers you to confidently navigate the exciting world of cryptocurrency.
KoinBay is a leading centralized crypto exchange that strives to provide a reliable and user-friendly platform for crypto enthusiasts to trade and navigate the dynamic world of cryptocurrencies. With a focus on innovation and cutting-edge features, KoinBay empowers users to make informed trading decisions and seize opportunities in the crypto space.
Follow their social media for all the latest updates and announcements:
Twitter | Facebook | Instagram | LinkedIn | Telegram | YouTube
Disclaimer:
Please be aware that trading in cryptocurrencies involves substantial risk and is not suitable for every investor. The volatility of the crypto market can lead to significant losses. We strongly advise that you trade at your own risk and discretion. It is essential to seek advice from registered legal, financial, and investment professionals before making any trading decisions. Our platform does not provide any form of trading or investment advice. All information provided on our exchange is for educational purposes only and should not be construed as financial advice. Make informed decisions and consider your individual financial situation and risk tolerance before trading.
The post Different Types of Trading Available on the KoinBay Crypto Platform appeared first on CryptoSlate.
Vanguard has restricted its customers from purchasing Bitcoin ETFs, including the popular Grayscale Bitcoin ETF (GBTC), and reportedly plans to ban these products from its platform for being too risky.
Vanguard’s decision to ban all Bitcoin ETFs from its platform was first reported by a senior ETF analyst at Bloomberg. The company told customers:
“Currently we aren’t allowing those [GBTC] to be purchased as it doesn’t fit with Vanguard’s investment philosophy.”
Vanguard did not respond to a request for comment as of press time.
Vanguard initially had the option to buy GBTC but stopped supporting the product in 2022. Customers expected the platform to allow investing in Bitcoin ETFs after the SEC approved them for trading on Jan. 10.
However, they were unable to purchase GBTC when trading began on Jan. 11 and were quickly informed that they could only sell GBTC on the platform for now.
Customers initially speculated that the platform was hesitant because it was the ETFs’ first day of trading or “IPO day.” Meanwhile, some argued that this was part of the course as Vanguard has to take these products through compliance procedures before they can allow trading.
However, industry sources claim Vanguard does not plan to add the ETFs to its platform and will maintain the ban on these ETFs in the near future. The company has remained silent on the matter publicly but told customers who complained that it will not allow the purchase of GBTC for now.
This limitation echoes the restrictions imposed by Robinhood on GameStop (GME) trading, which previously led to significant controversy and debate about retail investors’ rights and market fairness.
The reaction on social media has been swift and divided, with critics expressing concerns that such decisions could render traditional investment companies irrelevant to younger investors, who are more inclined towards cryptocurrencies and digital assets.
Once the demographic shifts and generational wealth is transferred to the next generation, companies like Vanguard could become obsolete if they continue to resist emerging investment trends.
Supporters of cryptocurrencies have long championed the inclusion of digital assets like Bitcoin in mainstream investment portfolios. The approval of spot Bitcoin ETFs is seen as a watershed moment for the industry that will lead to increased institutional investment.
Some have viewed Vanguard’s decision to restrict access to these products as a form of market manipulation, while others think the company is deeply out of touch with emerging trends.
Ethereum Name Service’s native token ENS surged over 40% on Jan. 3 after Ethereum co-founder Vitalik Buterin spoke positively about the platform and said it was “super important” for the ETH ecosystem.
As of press time, ENS was trading at approximately $13.94, up 40.38% over the last 24 hours. The token has a market cap of around $423.20 million.
The token’s trading volume over the same period stood at roughly $364.28 million, indicating a high level of market activity.
Addresses linked to Ethereum names collectively control around $277 million in various cryptocurrencies, including ether, wrapped ether, USDC, and Uniswap tokens. The large sum is indicative of substantial financial activity within the ENS ecosystem.
Buterin’s endorsement of ENS, describing it as “super important,” has played a pivotal role in the upward trend.
He believes that Layer-2 blockchains must integrate ENS domains to enhance the user experience in decentralized finance (DeFi) as they need a trustless, Merkle-proof-based CCIP resolver. Such integration would allow ENS subdomains to be registerable, updatable, and readable directly on Layer-2 platforms.
Buterin also recently proposed a new tax on ENS domain names, aiming to ensure broader brand adoption and decentralized ownership of ENS addresses. The proposed tax involves a 3% annual fee based on the highest bid for a domain name.
This fee model is intended to discourage the hoarding of domain names for profit and encourage their use by entities who will actively use them, thus promoting wider adoption and potentially benefiting ENS token holders as the funds from these fees would support the DAO (Decentralized Autonomous Organization) associated with ENS.
Buterin also previously suggested alternatives to Harberger taxing ENS domains in 2022.
Instead of Harberger’s model, where asset owners set their asset’s value and pay a percentage of it in yearly taxes, Buterin proposed a demand-based recurring pricing model.
This model would see annual domain fees rise in proportion to a domain’s valuation, which in turn would increase based on open bids made by other users. The goal of this approach is to create a fairer and more dynamic pricing mechanism that reflects the actual demand and value of ENS domain names.
By providing $20 million, M&G is helping GFO-X create a properly regulated environment for safe access to crypto derivatives trading.
Global Futures and Options (GFO-X), a crypto derivatives trading platform based in the UK, has announced it received a $20 million investment from the asset management arm of pensions provider M&G Plc.
According to GFO-X, the investment was part of a $30 million series B funding round for the company. This confirms that M&G is the lead in the funding round. The funds will help GFO-X with its launch as it tries to innovate in the crypto sector and repair any lost trust or credibility.
The crypto company supports large institutional players that require a safe and regulated trading platform for secure access to crypto derivatives. According to an announcement, GFO-X already prides itself in a ‘regulation first’ approach, a method that has helped the company garner some trust with large institutional players.
M&G Portfolio Manager Jeremy Punnett says that the investment in GFO-X helps to create an enabling environment for investors to trade digital asset derivatives on a regulated platform. The Portfolio Manager also believes the UK has the potential to become a worldwide hub for crypto tech and investment. According to Punnett:
“The lack of regulated trading venues is materially hampering the growth of the crypto derivatives trading market…This investment enables GFO-X to scale its operations as the business is set to benefit from investors shifting their trading from unregulated to regulated venues.”
GFO-X CEO Arnab Sen also spoke on the investment. Sen said that as crypto enters mainstream finance, a proper market structure is essential to handle risks properly. This is crucial, so that mainstream finance does not suffer crypto problems. However, solving this problem requires cultivating a regulated financial market ecosystem with all of its complexities. Sen then adds that this is something GFO-X is willing to do with a “patient long term capital planner such as M&G.”
GFO-X is the first regulated and centrally cleared trading platform in the UK, authorized by the Financial Conduct Authority (FCA). According to the company:
“Our mission is to deliver enhanced liquidity, institutional connectivity and risk mitigation through high-performance technology and optimised contract specifications.”
In April, GFO-X announced a strategic partnership with the London Stock Exchange Group (LSEG)’s LCH SA clearing house, to allow users trade cash-settled Bitcoin index futures and options.
In September, Coinspeaker reported that the LSEG plans to incorporate blockchain technology into its operations. The LSEG, one of the world’s oldest stock exchanges, is considering the possibility that blockchain technology could improve the efficiency of its processes. Also, the LSEG wants to use blockchain to help clients better purchase, sell, or hold assets.
The LSEG hopes that blockchain can help to automate its operations. If successful, this would significantly reduce the need for paperwork and any intermediaries. Also, blockchain will help to improve transparency and reduce the risk of fraud. However, the stock exchange has clarified that its interest in blockchain technology is limited to improving its operations. It currently has no plans or interest in “building anything around cryptoassets.”
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