Studio369 has announced the third Closed Beta (CB3) period for its PvP mech shooter, Metalcore, set to commence on June 27th. This latest beta phase will introduce several new features, including session-based PvP scenarios, a faction war-centric PvE mission, and faction-based social hubs. The update also includes an enhanced in-game economy, allowing players to purchase […]
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DOJ and FBI Unveil Charges Against 3 UK Nationals in NFT Rug Pull Scam
The U.S. Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) have unveiled charges against three UK nationals for a fraudulent non-fungible token (NFT) scheme involving “Evolved Apes,” promising a game development. “They allegedly took investor funds, never developed the game, and pocketed the proceeds.” US Charges 3 UK Nationals in NFT Rug […]
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US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000
JP Morgan and Wells Fargo, two of the largest banks in the United States, have announced their investments into Spot Bitcoin ETFs, unveiling their exposure to BTC, the world’s largest cryptocurrency. This significant development comes amidst the persistent downturn in the crypto market, resulting in BTC’s price dipping slightly above ,000.
US Financial Banks Expose Spot Bitcoin ETF Holdings
American financial services companies, Wells Fargo and JP Morgan, have revealed their exposure to BTC by disclosing their adoption of Spot Bitcoin ETFs in a recent filing. This decision to invest in BTC ETFs marks a notable change from the banks’ previous cautious approach to cryptocurrencies.
Wells Fargo revealed in its new filing to the United States Securities and Exchange Commission (SEC) that it currently holds 2,245 shares of Grayscale Bitcoin Trust (GBTC), valued at 1,207, which it has since converted into an ETF. Additionally, the American bank holds 37 shares of the ProShares Bitcoin Strategy ETF (BITO), valued at ,195.
On the other hand, JP Morgan, which holds about .9 trillion in Assets Under Management (AUM), has revealed its total Spot BTC ETF holdings in an SEC filing. The bank reported that it had purchased about 0,000 worth of shares of BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and ProShares Bitcoin Strategy ETF (BITO).
Moreover, JP Morgan also owns about 25,021 shares valued at ,000 in cryptocurrency ATM provider, Bitcoin Depot. The investment company also unveiled its exposure to Spot BTC ETFs just hours after Wells Fargo’s announcement.
Despite the regulatory uncertainty and the market’s continuous volatility, institutional interest in cryptocurrencies, particularly BTC, has been growing rapidly. Bloomberg senior analyst, Eric Balchunas also forecasted that more financial services companies would likely follow JP Morgan and Wells Fargo’s footsteps to unveil holdings in Spot Bitcoin ETFs as market makers or Authorized Participants (APs).
BTC Price sUFFERS More Declines
Despite the increasing interest from traditional financial institutions seeking exposure to BTC, the price of the cryptocurrency has shown a surprising lack of bullish momentum. Since its halving event on April 20, BTC has been trading sideways, witnessing continuous declines that have pushed its price down to around ,000 previously.
The cryptocurrency, which recorded an all-time high above ,000 in March, has seen a 14.20% drop over the past month. Additionally, Bitcoin gave up a large portion of its gains before the halving and is currently trading at ,494, according to CoinMarketCap.
Blockchain analytics platform, Santiment, revealed that the ongoing lack of interest in BTC and the broader market sentiments could be a strong sign that the cryptocurrency is getting close to its bottom.
Philippines Regulator to Unveil Cryptocurrency Regulatory Framework in Second Half of 2024
Emilio B. Aquino, chairperson of the Securities and Exchange Commission in the Philippines, announced plans to introduce a regulatory framework for cryptocurrency in the latter half of 2024. Aquino expressed optimism that tech giants Apple and Google will promptly comply with the SEC’s request to remove Binance’s applications from their app stores. Safeguarding the Interests […]
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South Korea to Unveil Guidelines Barring the Listing of Hacked Coins
South Korean authorities are reportedly planning to release updated guidelines for virtual asset trading. These guidelines will prohibit the listing or relisting of coins that have previously been hacked. Additionally, the guidelines will require issuers of “foreign” virtual assets to release a whitepaper or a technical manual specifically for the Korean market. Guidelines for ‘Foreign’ […]
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Historical Trends Unveil Bitcoin Peak Timing in Current Bull Cycle
Since the price of Bitcoin broke its previous all-time high, it has shown immense momentum, surging even higher, surpassing the ,000 price mark, while leading the charge to what is considered the “biggest bull run in history.”
Bitcoin Lengthening Cycles Beyond Previous All-Time High
Many crypto analysts predict the world’s largest cryptocurrency will peak within the next few months following the surge. Some have even pinpointed the exact timeframe in which this might happen in this bull cycle.
Rekt Capital, a cryptocurrency analyst and trader, has shared his insights on Bitcoin’s potential to top this bull cycle within the same timeframe as previous bull cycles.
According to Rekt Capital, when Bitcoin breaks its old peak, it usually executes a “Bull Market Top” between 266-315 days. Given that BTC surpassed its previous all-time high last week, 266-315 days might be the approximate time of the next bull market peak.
Specifically, this could happen around late November 2024 or very late January 2025. Even though this cycle is accelerating, Bitcoin’s days above its old peak seem to be taking longer.
The post reads:
Bitcoin broke its old All Time Highs last week, the next Bull Market Peak may thus occur in 266-315 days. That is very late November 2024 or very late January 2025. However, as fast as this cycle may be, it appears that the amount of days that Bitcoin spends beyond past all-time highs is actually lengthening.
Drawing attention to the preceding bull cycles, the expert further emphasized that before topping out in 2013, “BTC’s surge lasted for 268 days.” Also, in 2017, it “topped out in 280 days,” indicating an increase of 14 days.
Meanwhile, in 2021, the crypto asset “rallied for 315 days before reaching its peak,” indicating a 35-day increase compared to 2017. Therefore, this historical trend shows that BTC has exceeded past peaks by an average of 14 and 35 days.
As a result, by adding the initial bull market peak timeframe of 266-315 days with the 14-35 days, Rekt Capital has pinpointed the coin to top out within 280 and 350 days. In particular, this could take place in the middle of December 2024 or in the middle of February 2025.
Is BTC Breaking Its Preceding Pinnacle Too Early?
Dennis Porter, the Chief Executive Officer (CEO) of Satoshi Action Fund, has revealed his optimistic view regarding BTC’s latest milestone. Porter mentioned that the asset reaching a new height marks the first time it has happened ahead of the halving event.
According to the CEO, Bitcoin is witnessing a massive “fund inflow from institutional players not seen in the past.” He added, “many states are now seeking to enact legislation supporting BTC.” Thus, he has urged the community to remain unwavering, as “history is being made.”
South Africa Regulators to Unveil Document Categorizing Stablecoins as a ‘Particular Type of Crypto Asset’
In 2024, the Intergovernmental Fintech Working Group, a consortium of South African regulators that unveiled a position paper on crypto assets in 2021, is expected to “publish additions to include stablecoins as a particular type of crypto asset.” The consortium is also considering the impact of tokenisation on domestic financial markets and is expected to […]
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Bit.Store and Gate Pay Unveil Gate MiniApp Collaboration for Enhanced Crypto Card Services
PRESS RELEASE. Bit.Store, a leading innovator in cryptocurrency card solutions, is thrilled to announce its strategic partnership with Gate Pay, one of the world’s premier cryptocurrency exchanges. This collaboration introduces a groundbreaking Gate MiniApp on Gate.io, designed to seamlessly integrate Bit.Store’s card services within the Gate Pay Ecosystem, offering users an unparalleled experience in managing their crypto finances.
Revolutionizing Crypto Payments:
The Gate MiniApp empowers Gate.io users to effortlessly apply for Bit.Store’s Virtual Cards, directly within the Gate.io platform. This integration not only simplifies the card application process but also enhances the user experience with features like rapid top-ups and withdrawals through Gate Pay, adding and deleting cards, and access to Bit.Store’s full suite of card functionalities.
Streamlined Payment Flow:
- Easy Application: Users can swiftly apply for Bit.Store cards without leaving the Gate.io environment.
- Visa and Mastercard Compatibility: The virtual cards come with the support of leading card networks like Visa and Mastercard, along with multi-card BINs, offering a broad spectrum of usage.
- No KYC Requirement: Streamlining the process further, applying for these virtual cards does not require a Know Your Customer (KYC) process, ensuring quick and hassle-free access.
- Instant Top-Ups: Leveraging GatePay, users can quickly top up their Bit.Store cards, ensuring funds are readily available.
- Effortless Management: The Mini App allows for straightforward card management, including adding or removing cards as needed.
About Gate Pay
Gate Pay is an advanced cryptocurrency payment solution tailored to meet the demands of Web3 for both merchants and individual users. This dynamic platform offers the flexibility to send and receive payments across the globe, supporting transactions in over 30 leading cryptocurrencies. With its ability to enable real-time conversions among more than 1,700 cryptocurrencies, Gate Pay ensures seamless and efficient transactions. Contact us at gatepay@gate.io.
About Bit.Store:
Bit.Store is your gateway to seamless cryptocurrency integration in the real world. Committed to safeguarding privacy and ensuring user-friendly accessibility, our virtual and physical cards allow for crypto conversions, enabling secure and simple spending across online and offline in-store platforms. Bit.Store redefines the ease of crypto asset management — store, spend, and earn with confidence and simplicity. Contact us at support@bit.store.
A Game-Changer in Crypto Finance:
This partnership between Bit.Store and Gate Pay is more than just a collaboration; it’s a transformative shift in how users interact with their crypto assets. By bringing Bit.Store’s card services into Gate Pay, we’re not only simplifying the process of spending crypto but also opening up a world of possibilities for users.
The Bit.Store Mini App on Gate.io is set to redefine the standards of convenience and accessibility in the crypto card space. Stay tuned for more updates on this exciting partnership and get ready to experience the future of crypto payments with Bit.Store and Gate Pay.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Hong Kong Regulators Unveil Public Consultation Paper on Stablecoin Regulation
Hong Kong Monetary Authority (HKMA) and Financial Services and the Treasury Bureau have released a public consultation paper to gather residents’ opinions on the proposed regulatory regime for stablecoin issuers. The HKMA also announced the introduction of a sandbox arrangement whose purpose will be to convey supervisory expectations and guidance on compliance to prospective stablecoin issuers.
HKMA’s Sandbox Arrangement
On Dec. 27, the Hong Kong Monetary Authority (HKMA) and Financial Services and the Treasury Bureau (FSTB) released a public consultation paper to gather residents’ opinions on the proposed regulatory regime for stablecoin issuers. The consultation period began on the day of the announcement and will end on Feb. 29, 2024, the two bodies said in a joint statement.
In addition to releasing the consultation paper, the HKMA announced that it will introduce a sandbox arrangement whose purpose will be to convey supervisory expectations and guidance on compliance to prospective stablecoin issuers. The sandbox arrangement will also enable the regulator to get prospective stablecoin issuers’ perspectives on the proposed regulatory requirements.
Commenting on the two developments, Christopher Hui, the Secretary for Financial Services and the Treasury, said:
With the implementation of the licensing regime for VA [virtual assets] trading platforms from June this year, the legislative proposal to regulate FRS [fiat-referenced stablecoin] is another important measure facilitating Web3 ecosystem development in Hong Kong.
Hui added that by having the necessary licensing and enforcement parameters, Hong Kong will be able to oversee stablecoin issuers in line with international standards.
Eddie Yue, the CEO of HKMA, while his organization is supportive of innovation, it is still required to put in place “guardrails and standards to enable the long-term, sustainable, and responsible development of the virtual asset ecosystem.”
Yue added that the public consultation process, as well as the sandbox arrangement, show that the HKMA is on course to achieve this goal. The joint statement said the consultation paper can be found on the websites of both the FSTB and the HKMA.
What are your thoughts on this story? Let us know what you think in the comments section below.
Marathon Digital and Nodal Power Unveil Methane-Fueled Bitcoin Mining Pilot in Utah
On Thursday, Marathon Digital, a publicly traded bitcoin mining company, announced its partnership with Nodal Power, revealing plans to initiate an innovative 280-kilowatt (kW) bitcoin mining pilot project in Utah. The project harnesses biogas, specifically methane from a landfill, to fuel the pilot’s BTC mining operations, which are reported to be fully energized.
Eco-Friendly Bitcoin Mining
Marathon Digital, listed on Nasdaq under the ticker MARA, has announced a new partnership with Nodal Power. Nodal Power is recognized for developing and operating assets in the renewable energy sector, focusing primarily on biogas. The gas-to-bitcoin firm just raised million in a seed round backed by strategic investors.
Marathon detailed on Thursday that the pilot project with Nodal Power is part of a “broader initiative” by the firm. The company wants to validate the benefits of capturing methane from landfills to power its fleet of bitcoin (BTC) mining rigs. The press announcement cites the United Nations Environment Programme (UNEP), which details that methane is 80 times more harmful than CO2.
Additionally, Marathon cited the U.S. Environmental Protection Agency (EPA), underscoring the agency’s perspectives on issues related to municipal solid waste emissions. The statement outlined that landfills contributed to over 14% of the U.S.’s total methane emissions in 2021. Using biogas as energy to power bitcoin mining operations reduces emissions and mitigates the risks associated with methane.
“At Marathon, we are constantly seeking innovative ways to diversify our operations, lower our energy costs, and leverage the unique aspects of Bitcoin mining to better the environments in which we operate,” Fred Thiel, Marathon’s chairman and CEO stated.
The partnership with Nodal Power follows the news that the firm is charting a course to garner up to 0 million via assorted equity offerings, aiming to amplify its bitcoin holdings. The news was reported by theminermag.com on October 26 and it detailed that the firm reported with the SEC laying out its plan for intermittent securities sales.
“This decision to embark on another round of share dilution aligns with Marathon’s expansion and ‘hodl’ strategy to strengthen its position as the largest public mining firm with the most substantial Bitcoin reserves among its peers,” theminermag.com author reported.
On Thursday, MARA shares are up more than 5% against the U.S. dollar and 13.67% over the last 30 days. Year-to-date, MARA has risen more than 163% higher against the greenback. Six-month market statistics, however, show MARA is down a hair over 9% since the first week of May 2023.
What do you think about the partnership between Marathon and Nodal Power to test a gas-to-bitcoin mining pilot in Utah? Share your thoughts and opinions about this subject in the comments section below.