The recently hacked tokenization platform, Holograph, has unveiled a token-burning process to eliminate one billion illegally minted HLG tokens. The Holograph team stated that this process, which has resulted in the burning of more than 53 million tokens so far, is expected to reduce the total number of tokens in circulation to 10 billion. Holograph […]
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Philippines Securities Regulator Requests Apple and Google to Remove Binance Apps
The Securities and Exchange Commission (SEC) of the Philippines has requested that tech giants Apple and Google remove Binance apps from their respective app stores. The SEC chairman stated that the blockade on Binance, coupled with the removal of its app, curbs the further spread of its unlawful activities in the country. Binance Apps Pose […]
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Bitcoin Whales Remove A Staggering $2.3 Billion From Exchanges, Is It Time To Buy?
Bitcoin whales have been very active in the past few days as the crypto continues to trade below ,000. Notably, on-chain data has shown a trend of accumulation among Bitcoin whales, with large bouts of the cryptocurrency leaving crypto exchanges into private wallets. These massive transfers appear to have piqued the interest of a few investors who are keeping a watchful eye, as this accumulation pattern points to a price increase up ahead.
According to various posts by whale transaction tracker Whale Alerts, Bitcoin whales have recently transferred .3 billion worth of BTC in a span of 24 hours, indicating their bullish sentiment. Similarly, crypto analyst Ali Martinez recently revealed that over 25,000 BTC worth approximately .60 billion had been transferred into accumulation addresses.
Bitcoin Whale Accumulation Signal Price Surge Ahead
Bitcoin has largely traded below ,000 since March 15, struggling to regain the momentum that saw it shooting past ,000 earlier in the month. Interestingly, Bitcoin fell to as low as ,766 last week, representing a 16% decline from its all-time high.
Meanwhile, Spot Bitcoin ETFs saw consistent outflows throughout the week which was spearheaded by Grayscale’s GBTC and weak inflows into BlackRock’s IBIT and Fidelity’s FBTC. This decline became much of a concern for investors as it signaled the bullish sentiment surrounding BTC might finally be coming to an end.
However, on-chain data is now telling a different tale of a strong bullish sentiment from Bitcoin whales. Data from Whale Alerts show large amounts of BTC leaving crypto exchanges, one of which was a transfer of 8,136 BTC worth 7 million from Coinbase into a new private wallet. Shortly after, 8,172 BTC worth 9 million were transferred from Coinbase into another new private wallet. Interestingly, the different alerts from the whale tracker added up to .3 billion worth of BTC to and from crypto exchanges on March 22.
Analyst Ali Martinez noted that these transfers added up to .6 billion being added into accumulation addresses, the largest inflow so far this year.
Yesterday, over 25,000 #Bitcoin, valued at approximately .60 billion, were transferred to accumulation addresses, marking the highest inflow to these $BTC wallets so far this year! pic.twitter.com/mAIHkG9ROC
— Ali (@ali_charts) March 23, 2024
According to CryptoQuant data, this accumulation trend has seen the Bitcoin reserves on exchanges on a downtrend since March 21. At the time of writing, the Bitcoin exchange reserve is at 1.98 million BTC.
Basically, whale accumulation tends to swing the balance into bullish among other traders. Fundamentals surrounding Bitcoin like the upcoming halving point to price growth in the near future, making it an ideal time for investors to position themselves in the market.
At the time of writing, Bitcoin is trading at ,478. A key price level to watch is ,000. If Bitcoin breaks above this resistance level, it could continue surging higher with the accumulation trend.
Apple and Google Remove Several Major Crypto Exchanges From App Stores in India Following Regulatory Crackdown
Apple and Google have removed several major crypto exchanges from their app stores in India after the Indian Financial Intelligence Unit flagged nine crypto service providers as operating illegally in the country. Various telecom networks and internet service providers in India are also blocking the websites of affected crypto exchanges.
India Continues Crackdown on Uncompliant Crypto Platforms
Tech giants Google and Apple have taken action against several major crypto exchange apps in India following the crackdown on offshore crypto exchanges by Financial Intelligence Unit India (FIU IND).
On Saturday, Google removed major crypto exchanges like Binance and Kraken from Google Play Store in India while Apple pulled crypto exchange apps from its App Store a few days earlier. In addition, various telecom networks and internet service providers in India have also started blocking the websites of affected crypto exchanges.
In December last year, India’s Financial Intelligence Unit issued “compliance show cause notices” to nine offshore crypto firms. The government explained that all crypto service providers operating in India are required to register with the FIU IND as a reporting entity and comply with the rules set forth by the Prevention of Money Laundering Act 2002. The Ministry of Finance stated at the time that 31 crypto service providers have registered with the FIU IND.
The nine crypto firms that received a notice from the FIU IND are Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
Commenting on Apple removing its app, before Google implemented a similar policy, Binance Customer Support detailed on X Friday:
We are aware of an IP block affecting a number of crypto firms, including Binance. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India. Existing users who already have the Binance app are not affected.
“The ongoing situation is not unique to Binance and impacts other web3 industry players as well. We are working hard to inform constructive policy-making that seeks to benefit every user and all market participants. All user funds are safe,” Binance Customer Support noted.
What do you think about Apple and Google removing crypto exchange apps flagged by the FIU from their app stores? Let us know in the comments section below.
Crypto Payments Firm Wyre Shuts Down — Users Told to Remove Assets From Platform
Wyre, the San Francisco-based crypto payments firm, has said it is winding down operations “in order to protect the best interests” of its users and stakeholders. The firm urged users with assets on its platform “to continue to withdraw them via Wyre’s dashboard until Friday, July 14th.” A statement released by the firm said parties interested in acquiring Wyre or its subsidiaries should contact 88 Partners via email.
No Pressure From Regulatory Agencies
United States-based crypto payments firm Wyre said on June 16 that it is winding down operations. According to a statement, Wrye’s decision to shut down was made in order to “protect the best interests” of its stakeholders and customers. The payments firm insisted that the move was not forced on Wyre by some regulatory agency.
The firm’s decision to wind down comes more than six months after the CEO Ioannis Giannaros denied reports the payments platform had shut down. At the time, Giannaros instead claimed that Wyre was scaling back.
Users Urged to Remove Assets From Platform
However, in the statement announcing the payment platform’s shutdown, Wyre cited market conditions as one of the reasons why it was winding down. The statement also informed users of the next steps they should take.
“If you have assets on the Wyre platform, you can continue to withdraw them via Wyre’s dashboard until Friday, July 14th. After then, we will have a separate process to recover assets remaining on the platform. We will post details on the process on our website and blog. We will share more information over the coming weeks,” the payments service provider said.
Wrye also instructed individuals or companies interested in acquiring the crypto payments firm or any of its subsidiaries to contact 88 Partners via email.
As reported by Bitcoin.com News in Sept. 2022, Wyre’s woes seemingly started after the U.S. tech company Bolt abruptly pulled out of a deal to acquire the San Francisco-based crypto payments service provider for .5 billion. This was followed by reports in early January which stated that Wyre had modified its withdrawal policy in response to deteriorating market conditions.
What are your thoughts on this story? Let us know what you think in the comments section below.
Crypto Exchange Binance to Remove Privacy Coins From 4 European Markets
Multiple reports have revealed that Binance, the crypto exchange with the highest trade volume, has announced the removal of 12 privacy-focused cryptocurrencies from its markets in Spain, France, Poland, and Italy. Commencing on June 26, 2023, users residing in these four countries will no longer have the option to purchase or trade these privacy coins on Binance’s trading platform.
Binance to Delist 12 Privacy Coins in Spain, France, Poland and Italy
Binance has recently informed its customers in France, Spain, Italy, and Poland via email that it intends to remove 12 distinct privacy coins from these markets. Among the privacy coins set to be delisted are dash (DASH), verge (XVG), beam (BEAM), monero (XMR), navcoin (NAV), firo (FIRO), horizen (ZEN), secret (SCRT), zcash (ZEC), pivx (PIVX), decred (DCR), and mobilecoin (MOB).
“Due to local regulatory requirements, Binance is no longer able to offer privacy-enhanced cryptocurrencies in France,” an email to French customers details. “Starting from June 26, 2023, users residing in France will no longer be able to buy or sell the [specific] privacy coins on our platform,” the notice adds.
On Wednesday, the leading privacy coins experienced a 3.2% decline in value against the U.S. dollar. The combined market capitalization of all existing privacy coins currently sits at approximately .73 billion, with monero (XMR) taking the lead. XMR has experienced a 2.4% loss today, while the second-largest privacy coin by market capitalization, DASH, has seen a drop of 3.5%. However, despite these losses, the top five privacy coins, based on market capitalization, are displaying positive performance according to seven-day statistics.
Privacy coins have encountered delistings due to regulatory concerns on multiple occasions in the past. In 2021, prominent cryptocurrency exchanges in South Korea made the decision to remove several of the top privacy coins from their platforms. This trend was also witnessed in Japan back in 2018, and it gradually spread across various Asian countries in 2019. The recent news of Binance’s delisting of privacy tokens comes in the wake of its withdrawal from the Canadian market and its challenges with a domestic payment provider in Australian markets.
What are your thoughts on Binance’s decision to delist privacy coins in Spain, France, Poland, and Italy? Share your thoughts and opinions about this subject in the comments section below.
US Lawmaker Introducing Legislation to Remove SEC Chairman Due to ‘Long Series of Abuses’
A U.S. lawmaker has announced that he is introducing legislation to remove the Securities and Exchange Commission (SEC) chairman in order to “correct a long series of abuses.” The SEC, under Chair Gary Gensler, has been heavily criticized for its enforcement-centric approach to regulating the crypto industry.
Lawmaker Seeks to Remove SEC’s Chairman
U.S. Congressman Warren Davidson (R-OH) has revealed that he is introducing legislation to remove the chairman of the U.S. Securities and Exchange Commission (SEC). The lawmaker from Ohio tweeted Friday:
To correct a long series of abuses, I am introducing legislation that removes the chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board (where authority resides). Former chairs of the SEC are ineligible.
Rep. Davidson’s tweet was in response to a statement by SEC Commissioner Hester Peirce, published Friday, regarding crypto regulation after the securities watchdog reopened a 30-day public comment period for an amendment to the regulatory definition of “exchange” to include decentralized finance (defi) platforms under the SEC’s control.
“Today’s Commission tells entrepreneurs trying to do new things in our markets to come in and register,” Peirce wrote. “When entrepreneurs find they cannot, the Commission dismisses the possibility of making practical adjustments to our registration framework to help entrepreneurs register, and instead rewards their good faith with an enforcement action.” The pro-crypto commissioner, who is also known in the crypto space as “Crypto Mom,” further stressed:
Today’s Commission treats the notice-and-comment rulemaking process not as a conversation, but as a threat.
Besides Commissioner Peirce, many have criticized SEC Chairman Gary Gensler for his enforcement-centric approach to crypto regulation. Congressman Davidson and several other lawmakers have repeatedly urged the securities regulator to stop stifling innovation and crippling the crypto industry.
The securities watchdog has recently ramped up its enforcement actions against cryptocurrency firms. On Monday, the SEC charged crypto exchange Bittrex with violations of securities laws. The agency also recently charged Kraken over its staking program and sent a Wells notice about potential violations to Coinbase.
Do you think the SEC chairman should be removed? Let us know in the comments section below.
Swiss Government Moves to Remove Legal Barriers for Blockchain Development
The Swiss Federal Council has adopted a revised proposal to remove legal hurdles still holding up blockchain innovation, and will pass the legislation to the parliament.
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Dutch Court Orders Facebook to Remove Fake Bitcoin Ads
n A Dutch court ruled that Facebook must pull fake BTC investments ads exploiting John de Mols imagen
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BitMEX Updates BTC Price Indices to Remove Insufficient Trade Volume
n BitMEX plans to significantly adjust the weights of the indices used for its crypto derivatives contractsn
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