As a seasoned researcher with a decade of experience in the dynamic world of crypto, I find myself constantly amazed by the rapid evolution and growth this industry is witnessing. This week, we saw regulatory developments taking center stage, with the U.S. CFTC poised to oversee crypto exchanges and Hong Kong exploring tax waivers for crypto investors. This could potentially pave the way for broader adoption of digital assets, a development I’ve been eagerly anticipating.
This past week in the world of cryptocurrency was marked by a focus on regulatory matters. Notably, the Commodity Futures Trading Commission (CFTC) in the United States appears ready to supervise crypto exchanges, while Hong Kong is considering tax exemptions as a means to entice more crypto investors.
Key businesses such as SOS Ltd, Rumble, and MicroStrategy have increased their Bitcoin holdings substantially, indicating a growing trend of corporate Bitcoin acceptance amidst market fluctuations. Meanwhile, ZA Bank in Hong Kong debuted crypto trading for individual customers, while the Supra mainnet was activated. Furthermore, developments within DeFi and Web3 are broadening the range of applications for blockchain technology. Let’s explore this topic further.
Bitcoin
Japanese investment company, Metaplanet, unveiled intentions to gather around 9.5 billion yen (roughly equivalent to $62 million) via a share buying campaign, with the aim of increasing its Bitcoin assets.
On Friday, approximately $13 billion worth of options expired, and now, the market is keeping a keen eye on Bitcoin’s price movements as it may experience significant volatility following this event due to its anticipated impact.
In an action that saw a substantial increase in its stock worth, the Chinese financial company SOS Ltd has decided to put $50 million into Bitcoin. This strategic move follows a growing tendency among corporations to adopt Bitcoin, spurred on by positive changes in regulations.
Media-streaming service Rumble is planning to invest as much as $20 million from its savings into Bitcoin, mirroring wider business and institutional Bitcoin adoption and strengthening its connections within the cryptocurrency sphere.
On Monday, it was revealed that MicroStrategy had bought an enormous $5.4 billion worth of Bitcoin. One might assume this news would lead to an increase in MicroStrategy’s stock price. However, quite the opposite has happened; since reaching its high of $540, MicroStrategy’s stock (MSTR) has dropped by 25%. In pre-market trading, it could potentially drop even further to around $376.
Ethereum
In a groundbreaking move, ZA Bank, Hong Kong’s pioneering and leading digital bank, has made history by being the first bank in Asia to facilitate cryptocurrency trading, such as Ethereum and Bitcoin, directly to individual customers.
DeFi
Collaborating with StackingDAO, Velar aims to boost market liquidity and aid “Stackers” by introducing a fresh stableswap trading pair for STX/stSTX tokens. This new pair can be traded immediately via our decentralized exchange platform.
Altcoins
A Dogecoin millionaire has shifted a large chunk into the DTX Exchange at an average of $0.1. His projections calculate a 24,900% rise in DTX price in 2025 as it hits exchanges like Coinbase and Binance.
2024 saw remarkable achievements for the Sui blockchain, significantly enhancing its standing within the realm of decentralized finance.
Business
According to reports, the creator of Tron, Justin Sun, has declared an investment of $30 million towards Donald Trump’s cryptocurrency endeavor named World Liberty Financial.
Web3
The mainnet of Supra was officially released, enabling the creation of their own SUPRA token. Simultaneously, this token became available for trading on prominent cryptocurrency platforms such as ByBit, Gate.io, Kucoin, and MEXC.
The artificial intelligence research facility, YeagerAI, unveils its Intelligent Oracle solution, offering immediate data access for various distributed applications (dApps).
Regulation
The new government led by Donald Trump is considering transferring the oversight of cryptocurrency exchange platforms and direct marketplaces for recognized digital currencies to the Commodity Futures Trading Commission (CFTC).
By 2026, the United Kingdom’s Financial Conduct Authority (FCA) intends to establish thorough regulations for cryptocurrencies. These rules will prioritize transparency, prevent market manipulation, and require decentralized platforms to disclose data. Simultaneously, they aim to nurture innovation within the rapidly expanding digital asset industry.
Former CFTC Chair Chris Giancarlo has predicted that the SEC will drop the case against Ripple.
It’s being proposed that Hong Kong may eliminate taxes on profits made from cryptocurrency investments for hedge funds, private equity firms, and family offices, in an effort to boost its status as a premier destination for wealth management.
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2024-12-01 16:15