(*_ The crisis surrounding China’s second largest property developer, Evergrande Group, triggered a sell-off in the cryptocurrency markets at the start of the week. Below is a summary:
Dubai World Trade Centre Authority will add support for cryptocurrency trading
On Wednesday, the UAE’s Dubai World Trade Centre Authority and the Securities and Commodities Authority reached an agreement that allows the listing, regulation, and trading crypto-assets within the country.
Helal Al Marri, Director-General at the DWTCA, explained that due to the rapid growth of the industry, it was necessary for the DWTCA to provide support for crypto products like NFTs. These products are expected to play a significant role in the future financial world. It is also expected that the SCA would provide regulatory guidance to assist in the adoption (issuing, and listing) these assets by all entities who wish to operate crypto assets within the DWTCA’s scope.
The FCA would have to supervise, inspect and investigate entities operating within the zone. In July 2021), the UAE stated that it would launch its CBDC by 2023..
Suex is sanctioned for illegal operations
The US Treasury Department made a unique move on Tuesday by securing Suex’s crypto exchange. It was concerned about Suex’s connection to ransomware offenders and money laundering. Because the exchange had processed ransom payments for at least eight ransomware variations, it was sanctioned.
The sanctions against the Czech-based crypto exchange come at a time President Biden’s government is struggling to get a grip on crypto and the laws surrounding it. Although ransomware attacks have historically been linked to extremist groups, some cases may involve nation-states. The Treasury Department discovered earlier this year that Evil Corp, a Russian intelligence agency, had connections to Evil Corp, a ransomware organization. This group was responsible for the ransom attack against Colonial Pipeline.
Further, the Treasury Department stated that although cryptocurrencies are legal, the technology used to facilitate payments in these currencies can be easily exploited by rogue actors to make large sums of money. Ransomware attacks have affected several institutions in the US in recent months. These ransomware attacks have caused losses of $400 millions in 2020, and more than 300% growth from 2019..
FTX expands its presence to Gibraltar
The crypto exchange FTX had a good week. On Monday, the exchange announced that it has been granted the legal go-ahead by the Bahamas to operate through its subsidiary. This was in addition to last week’s announcement about a similar arrangement with Gibraltar.
FTX was granted a license by the Gibraltar Financial Services Commission to operate as a provider of DLT services through its Zubr Exchange subsidiary. The approval was conditional on the resolution of issues raised by the regulatory feedback. Sam Bankman-Fried, CEO of FTX, had praised the move at the time as one that would push FTX toward compliance and trust for all its users worldwide.
In Bahamas, FTX’s affiliate, FTX digital markets, was registered with the securities commission as a digital asset company. Ryan Salame, the chief of FTX Digital markets, was announced. The company’s headquarters are in Nassau, Bahamas.
CEO bankman-fried has taken a positive approach to regulatory requirements. In recent days, he has been more pro-regulation. He argued that the absence of regulations would lead to illegal activity (scams), which would make it harder for regulators to crack down further on the industry.
Coinbase calls it quits on Lend program plans
Crypto exchange Coinbase had planned the scheduled release of a new Lend feature for months now, but the SEC intervention may have well led the Lend product to its demise. Coinbase announced that it will stop the launch of the Lend feature. It is currently trying to understand the regulatory obstacles. According to Coinbase, the exchange stated that hundreds of thousands of customers had signed up for the program even before launch.
The exchange assured its customers that they would continue to find innovative, trusted products and programs for them. The Coinbase decision came as Gary Gensler, the SEC chair, takes a more firm approach to crypto.
Gensler stated to the US Senate Banking Committee, that the crypto setup needed to speak to regulators. Gensler also pointed out that there was a high likelihood that some tokens could be securities due to the variety of these platforms. These securities must be registered under the law. The SEC was in agreement that Lend by Coinbase was a security feature, but Coinbase disagreed.
Turkish President declares war against crypto
Bloomberg reported that Recep Tayyip Erdan, the Turkish President, stated that Turkey was at war over cryptocurrencies. He also announced that Turkey had taken several measures to simplify their use, even though the country is preparing to launch its digital Lira. While the Turkish president spoke to students in 81, he said that he has no issues with the widespread use of digital assets. However, he stressed that the Turkish Lira’s sovereignty would need to be maintained.
Erdogan said that the country’s currency was a part of its national identity. Turkey is hostile to crypto. The Turkish central bank had banned crypto payments in April.
The main reasons for the ban were market volatility, regulatory uncertainty, and criminal activity associated with crypto. One month later, the Turkish government placed all cryptocurrency asset providers under existing anti money laundering and terrorist financing regulations. This was as per a Presidential Decree.
New Non-Custodial Telegram Trading Bot Bitbot Raises $300k In First 72 Hours Of Presale
New York, USA, January 24th, 2024, Chainwire Within 72 hours of its presale launch on the 17th of January, Bitbot raised an incredible $300,000. Bitbot aims to lead the market for Telegram trading bots, a rapidly growing segment of the trading app market that has seen a considerable $7 billion in lifetime trading volume. Telegram…
New York, USA, January 24th, 2024, Chainwire
Within 72 hours of its presale launch on the 17th of January, Bitbot raised an incredible $300,000.
Bitbot aims to lead the market for Telegram trading bots, a rapidly growing segment of the trading app market that has seen a considerable $7 billion in lifetime trading volume.
Telegram trading bots let traders manage a cryptocurrency trading portfolio within Telegram’s app. In practice, this means those investors with heavy telegram usage, which of the 800 million active Telegram users is substantial, no longer need to operate across two applications to manage their trades: an exchange and the Telegram app. Furthermore, Telegram trading bots offer all of the automated trading features seen in exchange apps, bringing the best of two worlds together into one seamless package.
Bitbot’s Technical Product Advisor, Andrew Jacobs, commented: “As we experience a pivotal point in Web3’s evolution, I’m happy to announce Bitbot’s launch. Our mission is to equip retail traders with powerful institution-grade tools in a simple and intuitive trading interface that is backed by robust security. We have a great team and I am looking forward to driving the product’s evolution and meeting the Bitbot community on our regular AMAs, which will be announced on our social channels throughout the presale.”
The Bitbot team is looking to act quickly with a comparatively small $4.3 million raise target, predicting a rapid presale, with prices starting at $0.0100 and ending at $0.0200, potentially offering 100% gains for the early investors prior to the project listing. An additional incentive is the attractive proposition that Bitbot token holders will receive 50% of the company’s profits distributed as a percentage of their holdings once it launches this year.
Bitbot (BITBOT) is available to buy on the official site.
Bitbot’s Push for Mass Market Adoption
Telegram trading bots enhance convenience by enabling users to execute the entire trading process within Telegram, the preferred messaging platform for crypto, bypassing the frequently convoluted user experience associated with exchanges.
Whilst trading volumes on Telegram trading bots have been impressive, it’s obvious that there is still a majority share left in the pie currently dominated by traditional cryptocurrency exchanges. Even Bitspay, consistently ranked among the top 70 exchanges on CMC, has a volume similar to that of all the Telegram trading bots combined. The sheer scale of the opportunity becomes evident in terms of the potential market share, and it’s this kind of potential that’s driving the product and development team and Bitbot to deliver a product suitable for mass adoption.
This is arguably one of the issues with Bitbot’s competitors. Telegram trading bots can be stubbornly complex, with many relying on user commands to operate them. Furthermore, a number of security issues have plagued even the biggest players in the market, leaving a sour taste for some but a potentially very sweet upside for the Bitbot brand.
Bitbot takes both of these issues head-on. Firstly, it gets rid of the need for complex commands by offering an intuitive in-app interface that will be immediately recognisable to exchange users.
Secondly, it offers non-custodial trading, meaning users can integrate Bitbot with their cold wallets and eliminate the uncomfortable need to give up their private keys for the bot’s powerful automated trading features to kick in. This is supported by the brand’s partnership with secure custody technology developer Knightsafe, and is thus far an unprecedented offering in the Telegram trading bot market, a truly unique and innovative approach focusing on institutional-grade asset security.
The bot offers a myriad of advanced features that will appeal to both beginner and advanced traders, from copy trading to automated sniping.
Tokenomics and Presale Roadmap
As per the project’s whitepaper, the Bitbot presale will run through Q1 and see the project list on exchanges in Q2 (unless the presale sells out early, which is possible at the current trajectory).
Allocation details include 30% reserved for the presale, 20% for the development team, 14% earmarked for marketing, 3% for liquidity, 2.3% available to the community (comprising rewards and airdrops), and 10% allocated to a treasury.
The 20% designated for the development team will undergo a 1-year vesting period, ensuring long-term commitment from the team.
Bitbot’s Impressive Journey In the Crypto Market
Unibot and Banana Gun, competing trading bots, swiftly gained prominence, with Unibot’s token price passing $230 in just three months of launch. Investors in Unibot’s presale reportedly saw gains of around 200x, according to a recent CoinDesk article.
Bitbot hopes to follow in their footsteps and its impressive raise has been aided by its community, which rapidly grew over 90K followers on X and over 5100 members on its Telegram within a week of the presale’s announcement. The project is now already in Stage 2, with the token priced at $0.011 and only 9,200,000 tokens left before the price increases by 5% for Stage 3.
Bitbot hopes to attract presale investors on the heels of the recent Bitcoin ETF acceptance and increased trading activity in the cryptocurrency market. This has drawn a significant social following and been picked up by notable crypto publications like Invezz who have already listed Bitbot among their top cryptos for 2024.
Bitbot is a new Telegram trading bot that aims to put institutional-grade trading tools in the hands of retail users, to enable them to trade using a variety of advanced features including sniping and copy trading.
Audited by Solid Proof, Bitbot focuses on security and follows the motto, “your keys, your assets.” To this end the project has partnered with Knightsafe to deliver the world’s first non-custodial telegram trading bot, mitigating against counterparty risk and reinforcing this with anti-MEV and anti-rug technology.
For more information and to buy Bitbot (BITBOT) users can visit Bitbot’s website.
Share this article
Ethereum Classic, Blur, and Rebel Satoshi: experts share their price predictions for early 2024
Experts are bullish on Blur (BLUR) in 2024, predicting a surge for the DeFi coin price to 2.3500 by the end of the first quarter. Price predictions for Ethereum Classic (ETC) inspire hope among investors. Top ICO experts advise investors to get in on Rebel Satoshi ($RBLZ) for the best ROI. According to crypto market experts, the…
- Experts are bullish on Blur (BLUR) in 2024, predicting a surge for the DeFi coin price to 2.3500 by the end of the first quarter.
- Price predictions for Ethereum Classic (ETC) inspire hope among investors.
- Top ICO experts advise investors to get in on Rebel Satoshi ($RBLZ) for the best ROI.
According to crypto market experts, the recent Bull Run suggests that investors in top crypto coins may find success in a few projects, such as Rebel Satoshi, as well as certain top DeFi projects, such as Blur and Ethereum Classic.
Let’s look at what sets $RBLZ apart from the crowd of altcoins, like BLUR, ETC, as one of the best cryptos to buy in early 2024.
Analysts predict a significant uptick for BLUR
As of December 18, OKX’s NFT platform outperformed the 24-hour trading volume of Blur, a well-known NFT marketplace. However, two weeks later, the Blur marketplace has recovered, accruing more volume to claim second spot among the NFT marketplaces in terms of volume.
Following these developments, the value of BLUR has risen. The value of Blur on December 18 was $0.4324. Since then, the BLUR token price has risen to $0.6664 on January 19, indicating a 54.12% increase. Experts are pleased with these developments and have predicted that the price will rise further to $2.3500 by the end of the first quarter.
On the contrary, in their price forecasts, some other BLUR analysts have cited price volatility as the reason why BLUR will decline in value to $0.1600 by the end of the first quarter.
ETC surges after the dissolving of ETHW Dev team
Recent news reports from the Ethereum Classic ecosystem claim that the Ethereum Proof of Work’s main development team was dissolved on December 19 to transition to community governance. This has translated to a proposal for a similar action for Ethereum Classic.
The value of ETC on December 19 was $19.71. In the two weeks since then, the DeFi coin price has risen to $24.75 on January 19, indicating a 25.57% increase in ETC’s valuation.
Regarding the ETC price prediction, experts on Ethereum Classic have expressed satisfaction over these developments and have predicted that the value of ETC will see a further rise to $40.00 by the end of March.
Conversely, some other analysts of Ethereum Classic have cited the lack of partnerships in the Ethereum Classic ecosystem as the reason why ETC could decline in value to $15.50 by the end of March.
Rebel Satoshi (RBLZ) continues to rise in presale
Rebel Satoshi has distinguished itself as an interesting investment option among a sea of cryptocurrency meme currencies. This meme coin, inspired by Satoshi Nakamoto and Guy Fawkes, has piqued investors’ interest even in the pre-sale stage. Rebel Satoshi’s native token, $RBLZ, aims to usher in a new era of decentralization. Its goal is to create a community that allows underdogs to collectively oppose centralized systems.
Rebel Satoshi‘s native coin, $RBLZ, has set presale records as the Early Bird Round 1 and Rebels Round 2 sold out completely in 10 and 15 days, respectively. Additionally, in the just finished Citizens Round 3, $RBLZ traded for $0.020. Over 120 million $RBLZ tokens have been sold thus far, with the Monarchs Round 4 of the Rebel Satoshi presale currently underway, seeing $RBLZ valued at $0.022.
This pricing provides a 120% ROI for those who bought $RBLZ at the $0.010 Early Bird Round price. When $RBLZ reaches its listing price of $0.025 in February, it will reward early investors with a 150% ROI.
Share this article
BIS unveils 2024 strategy: focus on CBDCs and tokenization
BIS’s 2024 Strategy Unveiled: CBDCs and Tokenization Key Focus. Project Promissa to digitize Promissory Notes using blockchain tech. Project Aurum advances CBDC privacy in retail payments with HKMA. The Bank for International Settlements (BIS) is set to make significant strides in digital currency research, emphasizing central bank digital currencies (CBDCs) and tokenization in its 2024…
- BIS’s 2024 Strategy Unveiled: CBDCs and Tokenization Key Focus.
- Project Promissa to digitize Promissory Notes using blockchain tech.
- Project Aurum advances CBDC privacy in retail payments with HKMA.
The Bank for International Settlements (BIS) is set to make significant strides in digital currency research, emphasizing central bank digital currencies (CBDCs) and tokenization in its 2024 strategy.
The BIS Innovation Hub has outlined a comprehensive program, featuring six new projects, exploring cybersecurity, financial crime, CBDCs, and green finance. Among the key initiatives are the second phase of Project Aurum and the launch of a blockchain-based tokenization project, Project Promissa.
Project Promissa: revolutionizing financial instruments with tokenization
Project Promissa, a collaborative effort involving BIS, the Swiss National Bank, and the World Bank, aims to usher in a new era for financial instruments. Focusing on digitizing promissory notes, a traditional yet paper-based financial commitment, the project leverages blockchain technology to enhance transparency and simplify management.
This proof-of-concept platform is set to revolutionize the handling of promissory notes by digitizing them, aligning with the BIS’s commitment to exploring innovative solutions in the realm of tokenization. The initiative is anticipated to conclude its proof-of-concept phase by early 2025.
Project Aurum: advancing CBDC privacy in retail payments
Building on the success of its wholesale interbank system and retail CBDC prototype in 2022, Project Aurum, conducted jointly by BIS and the Hong Kong Monetary Authority (HKMA), progresses into its next phase.
The project explores the privacy aspects of retail payments using CBDCs. With the HKMA’s achievements in developing a robust foundation for Aurum, the research now delves deeper into understanding the intricacies of privacy in retail CBDC payments. This initiative aligns with the broader BIS strategy, highlighting the pivotal role of CBDCs in the evolving landscape of digital currencies.
BIS’ additional initiatives
Alongside tokenization and CBDC-focused projects, BIS introduces four other initiatives – Project Leap, Project Symbiosis, Project Hertha, and Project NGFS Data Directory 2.0 – addressing cybersecurity, green finance, and financial crime.
These projects underscore BIS’s commitment to a multifaceted approach to shaping the future of financial technology. Additionally, the continued focus on projects like Mandala, Pyxtrail, and Cambridge showcases BIS’s dedication to innovation, automation, and experimentation across diverse aspects of the financial industry.
Share this article
Bitcoin2 years ago
Digital Currency Group wraps up $600 million debt capital raise
Bitcoin2 years ago
Where to buy Dogelon Mars after falling 15% on Thursday
Bitcoin2 years ago
Are you a Star Atlas fan?
Bitcoin2 years ago
MANA has risen 16%: Here’s where you can buy MANA Coin
Bitcoin2 years ago
Indian Government Answers Questions about Bitcoin Transactions, Karnataka Scam and Legality of Crypto Trading
NFT2 years ago
DRepublic launches a combined NFT platform, ‘MetaCore’ Using EIP-364
Ethereum2 years ago
Ethereum prices skyrocket but Ether Gas Fees surge, fueling costly transfers
Bitcoin2 years ago
Salvadoran Ecologist Claims Nayib Bukele’s Volcano-Powered Bitcoin Mine Will End in Environmental Disaster’