MANTRA (OM) Price Prediction 2024: Will OM Price Hit $0.25 Soon?

https://coinedition.com/mantra-om-price-prediction/

  • Bullish Mantra (OM) price prediction ranges from $0.149 to $0.24.
  • Analysis suggests that the Mantra (OM) price might reach above $0.187.
  • The Mantra (OM) bearish market price prediction for 2024 is $0.118.

What is Mantra (OM)?

Mantra (OM) is the token of the Mantra ecosystem, a decentralized finance ecosystem consisting of Mantra Finance, Mantra Chain, and Mantra DAO. 

According to the website, Mantra is the first of its kind, being a vertically-integrated and regulatory-compliant blockchain ecosystem. Mantra Finance is the leading provider of DeFi products, allowing users to trade on an institutional-grade secure platform. The Mantra Chain provides permissionless ability to build Web3 applications on the high-performance, scalable blockchain. 

Traders and investors can trade Mantra (OM) on many centralized and decentralized exchanges, including Binance, OKX, KuCoin, and Uniswap. 

Mantra (OM) Current Market Status

At the time of writing, Mantra (OM) is trading for $0.1515, showing a 7.14% decrease in the past 24 hours, according to CoinMarketCap. However, in the long term, the token was gaining value, as Mantra (OM) increased by 53.67% and 140.37% in the past seven days and the past month, respectively. 

Mantra’s (OM) market capitalization stands at $120,375,547, putting the token at number 310 in the ranking by market cap. As for the trading volume in the past 24 hours, it’s standing at $37,613,933, showing a 65.1% decrease from the previous day. 

The total supply for OM is 888,888,888, with a current circulating supply of 793,258,032 OM.

Mantra (OM) Price Prediction For 2024

OM/USDT 4-hour chart showing support and resistance levels and the RSI (Source: TradingView)

The Relative Strength Index (RSI) is a momentum indicator that traders use to determine the current trend of the price movement and determine if it is in the oversold or overbought region. When the RSI is valued below or at 30, it is considered an oversold region, and a price correction could happen soon. When the RSI is valued above or at 70, it is considered as the overbought region, and traders expect the price could fall soon.

For Mantra (OM), the RSI is valued at 53.2, a decrease after reaching beyond 70 between February 2 to February 4. The rise in the RSI in the past few days is reflected in the increase in OM’s price. OM might be going through a price correction at the moment and the price could fall more, potentially giving investors the chance to buy more OM. 

Currently, the RSI is in a neutral position, going below the signal, a sign that OM is bearish at the moment and trading below average. From January 4 to February 4, OM’s RSI surpassed the 70 mark three times.

By analyzing OM’s resistance and support levels, OM’s price tends to fall to its prior support level, rise but doesn’t gain enough momentum to break through the resistance, consolidate for a while, and then surpass the resistance level, labeling it the new support mark.

In the event that OM gains value, we could expect it to reach above its current resistance level of $0.187. If the market’s sentiment around OM is positive and bulls take control, we could see OM rising and reaching $0.24. On the flip side, if OM crashes, it may look for support at $0.149, and if it doesn’t hold up, the token may rely on its previous support level of $0.118. 

OM 4-hour chart showing Bollinger Bands and the MACD (Source: TradingView)

Bollinger Bands is a technical tool used to analyze price movement and volatility. Expanding bands show more volatility, while contracting bands show that the market is less volatile. Looking at the chart above, OM’s price is volatile, crossing the Simple Moving Average (SMA) line and possibly going lower. OM recently tested the upper band line multiple times and appears to be going through a price correction, and a possible decrease in price is expected. 

Looking at the Moving Average Convergence and Divergence (MACD), the 12-day EMA is currently below the 26-day EMA, giving a bearish sentiment to the price. OM’s recent price hike was reflected in the MACD chart between February 2 and February 4, as the 12-day EMA was higher than the 26-day EMA. 

OM/USDT 4-hour chart showing Aroon percentages. (Source: TradingView)

The Aroon indicator signals when there is a strong uptrend or downtrend. The Aroon indicator consists of two lines: Aroon Up and Aroon Down, the Aroon Up is usually demonstrated in orange, and the Aroon Down is shown in blue. 

Looking at the given chart, the Aroon Up was at 7.14%, while the Aroon Down was at 28.57%. The Aroon Down surpassing the Aroon Up could potentially signify an upcoming downtrend. 

Conclusion

After analyzing the charts and previous price movements, Mantra (OM) is currently facing a downtrend, but in comparison to its previous movements, it might rally soon, and this might be a good entry point for investors.

In 2024, Mantra (OM) might trade within $0.149 to $0.24 in a bull market, but if the bears took control, the token’s price might retrace to $0.118.

FAQs

What is Mantra (OM)?

Mantra (OM) is the token of the Mantra ecosystem, a decentralized finance ecosystem consisting of Mantra Finance, Mantra Chain, and Mantra DAO.

How to buy Mantra (OM)?

Mantra (OM) is available for trading at many exchanges, including Binance, OKX, KuCoin, and Uniswap.

What is the present all-time high for Mantra (OM)?

The highest price Mantra (OM) reached was $0.8606, which was recorded on March 15, 2021.

What is the present all-time low for Mantra (OM)?

Mantra’s (OM) all-time low was $0.01726, which was recorded on October 12, 2023. 

What will be Mantra (OM) price in 2024?

Bullish Mantra (OM) price prediction ranges from $0.149 to $0.24. 

Will Mantra (OM) surpass its ATH?

OM’s current price of $0.1515 is %82.62 lower than the ATH. However, Mantra (OM) might rally soon if the bulls seized control.

Can Mantra (OM) reach $0.25 soon?

If Mantra (OM) was able to break through its current resistance level, the price might reach $0.25 soon.

Is Mantra (OM) a good investment?

Although Mantra (OM) isn’t showing bullish momentum currently, the price might bounce back after reaching the bottom.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

SATS (1000SATS) Price Prediction 2024: Will 1000SATS Price Hit $0.0009 Soon?

https://coinedition.com/sats-1000sats-price-prediction-2024-will-1000sats-price-hit-0-0009-soon/

  • Bullish SATS (1000SATS) price prediction ranges from $0.0006 to $0.0009
  • Analysis suggests that the SATS price might reach above $0.00085.
  • The SATS bearish market price prediction for 2024 is $0.00036.

What is SATS (1000SATS)?

SATS is a BRC-20 token that pays homage to Satoshi Nakomoto, the pseudonyms creator of the number one crypto Bitcoin. The token’s name is an abbreviation of Satoshi, which is the small unit of Bitcoin. The token itself is described as a memecoin and is inscribed by an anonymous team.

One Satoshi (SATS) is equal to 0.00000001 BTC and SATS (1000SATS) is 1,000 times of SATS. Binance is one of the crypto exchanges that lists SATS and allows traders to trade the token with three trading pairs, 1000SATS/USDT, 1000SATS/FDUSD, and 1000SATS/TRY.

SATS (1000SATS) Current Market Status

At the time of writing, SATS is trading for $0.0004288, showing a 5.42% increase in the past 24 hours, according to CoinMarketCap. However, in the long term the token was losing value, as seen by the 12.18% decrease in the past seven days and 39.23% decrease in the past month.

SATS market capitalization stands at $900,207,022, putting the token at number 70 in ranking by market cap. As for the trading volume in the past 24 hours, it’s standing at $49,166,588, showing a 17.9% decrease from the previous day. 

SATS (1000SATS) Price Prediction 2024

The Relative Strength Index (RSI) is a momentum indicator that traders use to determine the current trend of the price movement and determine if it is in the oversold or overbought region. When the RSI is valued above or at 70, it’s considered an overbought region and traders expect the price could fall soon and that might be the case with SATS action in the past few days. Since January 24, the RSI was rising, getting close to the overbought region but the momentum didn’t gain strength and didn’t reach the 70 mark. 

SATS/USDT 4-hour chart (Source: TradingView)

For SATS, the current RSI is valued at 40.72, showing a neutral trend, after recovering from falling below the 30 mark on February 4. However, the RSI has just crossed above the signal line, showing that SATS is performing above average.

When looking at the chart above, it can be seen that since last week, SATS has been fluctuating between $0.000385 and $0.000531. SATS is struggling to break through $0.000531, bouncing back from the price three times and labeling that price as the new resistance level. 

A shift in the market has been noticed as $0.000531 is the prior support level for the token, but now the token is relying on $0.000385 for support. The RSI line and the price rebounding off of the support level could indicate a price increase. 

SATS/USDT 4-hour chart (Source: TradingView)

Bollinger Bands is a technical tool used to analyze price movement and volatility. Expanding bands show more volatility while contracting bands show that the market is less volatile. Looking at the chart above, we could see a trend where each fall was followed by a period of consolidation.

Since SATS has had a fall recently, there could be a period of consolidation, given that SATS continues its trend. The amplitude of the price range could be from $0.0003690 to $0.0004675. If either of these is broken, then SATS could be on an up or downtrend. 

In the event that SATS gains value, we could expect it to reach above $0.00085. On the flip side, if SATS crashes, it may look for support at $0.0003690 and if it doesn’t hold up, the token may need to find new support levels. 

Conclusion 

After analyzing the charts and previous price movements, SATS (1000SATS) may trade within $0.0006 to $0.0009 in a bull market, but if the bears took control, the memecoin’s price might retrace to $0.00036.

FAQs

What is SATS?

SATS (1000SATS) is a memecoin that pays homage to Satoshi, the smallest unit of Bitcoin. SATS is a BRC-20 token that was inscribed by an anonymous team.

How to buy SATS (1000SATS)?

Traders can go to Binance, CoinDCX, Nominex, and Phemex to trade SATS (1000SATS). 

What is the present all-time high for SATS (1000SATS)?

The highest price SATS (1000SATS) reached was $0.0009256, which was recorded on Dec 26, 2023.

What is the present all-time low for SATS (1000SATS)?

SATS (1000SATS) all-time low was $0.0003629, which was recorded on Jan 25, 2024.

What will be SATS (1000SATS) price in 2024?

Bullish SATS (1000SATS) price prediction ranges from $0.0006 to $0.0009. 

Will SATS (1000SATS) surpass its present ATH?

With its current price of $0.0004288, SATS has a long way to surpass its ATH of $0.0009256. The current price is 53.9% lower than the ATH. 

Is SATS (1000SATS) a good investment?

Although SATS (1000SATS) isn’t showing bullish momentum currently, the price might bounce back after reaching the bottom.

Can SATS (1000SATS) reach $0.0009 soon?

If SATS was able to break through its current resistance level, the price might reach $0.0009 soon.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

SEC Files to Dismiss Lawsuit Against Debt Box, Attempts to Avoid Sanctions?

https://coinedition.com/sec-files-to-dismiss-lawsuit-against-debt-box-attempts-to-avoid-sanctions/

  • The SEC filed a brief to dismiss the lawsuit against Debt Box.
  • Reportedly, the SEC’s dismissal is to evade facing possible monetary sanctions.
  • The filing asked for a dismissal without prejudice, leaving the door open for future lawsuits.

The U.S. Securities and Exchange Commission (SEC) filed a brief in the Debt Box case, revealing that the regulator intends to dismiss the lawsuit against the crypto company. 

In a January 30 filing to the U.S. District Court of Utah in the SEC’s case against Debt Box, the SEC determined that dismissing the lawsuit is the “best way to proceed.” The court filing said, “The Commission has determined that the best way to proceed is to dismiss this action without prejudice.” 

Fox Business Journalist Eleanor Terrett highlighted that the reason behind the SEC’s dismissal is to avoid facing possible sanctions from the court for misleading statements. The SEC believes that while their attorneys should have been “more forthcoming” with the court, the situation doesn’t require sanctions as an appropriate solution to address those issues.

Recently, the Debt Box defendants filed a reply brief asking the court to punish the regulator for deliberate misdeeds. Nevertheless, the SEC requested the court, if a sanction is necessary, not impose a penalty beyond dismissal without prejudice. 

Terret added that by asking the case to be dismissed without prejudice, the SEC is leaving a “door open for the agency to come back and file a new suit against Debt Box in the future.” Terret mentioned that a comment from the judge is expected and anticipated. 

Furthermore, Terret thought that a dismissal acceptance by the judge doesn’t equate to the agency escaping “scot-free.” The journalist said that the judge could choose to impose monetary sanctions on the agency for misleading the court. 

The Debt Box defendants called for monetary sanctions against the regulatory body, which the SEC disputed, claiming that the defendants are requesting monetary sanctions under Rule 11. The SEC argued, “But Rule 11 prohibits a court acting on its own initiative from ordering payment of a monetary penalty to an opposing party.” 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Invesco and Galaxy Reduce Their Bitcoin ETF Fees; 0.25% Instead of 0.39%

https://coinedition.com/invesco-and-galaxy-reduce-their-bitcoin-etf-fees/

  • Invesco and Galaxy are reducing the fees of their Bitcoin ETF (BTCO).
  • The Bitcoin ETF will charge an eventual expense ratio of 0.25% instead of 0.39%
  • The report highlighted that the fees will be waived for the first six months, or until the fund reaches $5 billion in assets.

Investment management companies Invesco and Galaxy announced on Monday that they would be reducing the fees of their Bitcoin ETF (BTCO), according to Bloomberg. 

The report claimed that the Invesco Galaxy Bitcoin ETF will charge an expense ratio of 0.25%, a decrease from the original 0.39%. Moreover, the announcement highlighted that the fund’s fees will be waived for the first six months, or until it reaches $5 billion in assets. 

Regardless of this fee deduction, data showed that BTCO isn’t the cheapest Spot Bitcoin ETF on the market. ETF Research Analyst James Seyffart shared a “fee table” that showed Franklin Templeton’s Bitcoin ETF charging a 0.19% expense ratio post waiver. With the waiver lasting until August 2 or until the fund reaches $10 billion in assets, Franklin’s ETF is reportedly the cheapest fund. 

Bitcoin ETF Funds Fees. Source: James Seyffart on X

Bloomberg added that the shares of BTCO rose 2.8% on the day of the announcement, mirroring a similar increase in Bitcoin’s price. CoinMarketCap’s data showed that Bitcoin’s price increased by 2.9% in the last 24 hours, reaching $43,380 at the time of writing. 

In terms of inflows, BTCO is in the fifth position, according to Bloomberg, with a $283 million inflow. BlackRock and Fidelity have combined investor inflows of approximately $4 billion, which amounts to 70% of the total Spot Bitcoin ETF inflows.

The ETF with the highest fees is Grayscale Bitcoin Trust Fund, and recent reports showed that the firm holds 496,573.8166 Bitcoins as of January 29. Recently, Grayscale has sold 120,500 BTC, equivalent to almost $5.5 billion, since the ETF approvals. 

Crypto trader, known as Ash Crypto, believed that investors were withdrawing their money from GBTC due to Grayscale’s high management fees. Reports mentioned that Grayscale’s yearly management fees are five to six times higher than fees charged by other ETF issuers.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

$4B Bitfinex Bitcoin Hack To Become an Amazon Movie

https://coinedition.com/4b-bitfinex-bitcoin-hack-to-become-an-amazon-movie/

  • Amazon MGM Studio is developing a movie based on the Bitfinex hack.
  • The movie will focus on the criminals linked with the hack, Ilya Lichtenstein and Heather Morgan. 
  • The New York Times is involved in the movie’s production.

Entertainment company Amazon MGM Studio is developing a movie based on the true story of Ilya Lichtenstein and Heather Morgan, the criminals who were linked with the 2016 Bitfinex hack.

The married couple were charged with conspiracy to launder money in 2022 by the U.S. Department of Justice, pleading guilty to orchestrating a $4.5 billion money-laundering scheme related to the infamous hack. 

The movie is reported to be inspired by a 2022 article in the New York Times. The newspaper is also involved in the production, with American writer and director Hannah Marks, who will direct and write. Moreover, reports showed that “Riverdale” American actress Lili Reinhart and film producer Catherine Hagedorn will produce the movie. 

The movie, to be named “Razzlekhan,” takes its name from Morgan’s rapper stage name. Reportedly, Morgan was an aspiring rapper going by the name “Razzlekhan” while working in the cybersecurity field.

The couple admitted to stealing 120,900 Bitcoins, which were around $3.6 billion at the time and approximately $5.1 billion now. The reports claimed that Lichtenstein and Morgan agreed to forfeit their gains but, if convicted, could face up to 20 years in federal prison.

According to reports, Lichtenstein confessed to being the original hacker responsible for the 2016 cyberattack on the crypto exchange last year in August. U.S. Deputy Attorney General Lisa Monaco described the $3.6 billion as the “department’s largest financial seizure ever.”

In related news, a recent report by Chainalysis showed that the amount of funds stolen over the last year in crypto crimes decreased substantially compared to the year before. Per the report, 2023 saw a $1.7 billion loss, a 54.3% decrease from the year before.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

China’s Sinking Economy Leads Investors to Buy Crypto: Report

https://coinedition.com/chinas-sinking-economy-leads-investors-to-buy-crypto-report/

  • China’s sinking economy is reportedly leading investors to buy crypto. 
  • China’s economy has made investment on the mainland “risky,” according to a senior executive. 
  • Decrease in crypto activities in Eastern Asia is due to China’s crypto ban. 

The downturn in the Chinese economy and the plummeting of the Chinese stock markets are leading investors to move their money into cryptocurrencies, according to Reuters. 

A recent report highlighted Finance Senior Executive Dylan Run, who started to add more cryptocurrencies to his investment portfolio in early 2023 upon realizing that the Chinese economy was “going downhill.” 

Run reportedly used bank cards issued by small rural commercial banks to buy crypto through gray-market dealers, as crypto trading and mining have been banned in China since 2021. 

Moreover, Run’s crypto investments were up 45%, and he owned approximately 1 million yuan worth of crypto. The report claimed that Run’s crypto investments accounted for half of his investment portfolio, whereas 40% were in Chinese equities. 

A senior executive of a Hong Kong-based crypto exchange who declined to be identified shared with Reuters that China’s economy has “made investment on the mainland risky, uncertain, and disappointing.” 

Furthermore, Reuters reported that people in China were able to trade tokens on crypto exchanges or through over-the-counter channels. Moreover, investors in mainland China can choose overseas banks or exchanges to buy crypto assets. 

As for Hong Kong, reports said, “Chinese citizens are also using their $50,000 annual forex purchase quotas to move money into cryptocurrency accounts in the territory.” However, the money can only be used for purposes such as overseas travel or education. 

A previous report showed that China’s ban on several forms of crypto-related activities led to a decrease in crypto activities in Eastern Asia. Nevertheless, despite the ban, the Chinese crypto market reportedly recorded $84.6 billion in transaction volume between July 2022 and June 2023, surpassing Hong Kong’s volume. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Bitget Wallet Review: Everything You Need To Know About Bitget Wallet

https://coinedition.com/bitget-wallet-review/

Introduction

Bitget Wallet stands out as the ultimate Web3 multi-chain decentralized wallet, offering a secure and convenient trading experience tailored for all crypto users, including beginners.

With a proven five-year legacy, Bitget Wallet has earned the trust of over 12 million users across 168 countries globally. Its user-friendly features empower users to engage with decentralized applications and digital assets and fully embrace the opportunities provided by the Web3 ecosystem.

Established in 2018, Bitget Wallet aspires to be the premier gateway to the Web3 world. This multi-chain wallet seamlessly integrates a comprehensive suite of features within a single platform, including a trading platform, launchpad, NFT Market, OTC, DApp Browser, and more.

Formerly recognized as BitKeep, Bitget Wallet, Asia’s largest Web3 trading wallet, has forged strategic partnerships with industry leaders such as Bitcoin, Ethereum, TRON, BNB Chain, Solana, and Base.

In a strategic move in March 2023, Bitget Global, a prominent crypto derivatives trading platform, invested a substantial $30 million in BitKeep, acquiring a controlling stake. Following this, BitKeep underwent a transformative rebranding in August, emerging as Bitget Wallet.

Bitget Wallet Details

Websitehttps://web3.bitget.com/
Number of mainnets supported90+
Number of users worldwide12 million users
Number of supported coins/tokens   250,000
Number of supported fiat currencies45
Year founded2018
Number of countries supported168
Total swap trading volume$8 billion
RankingSeventh by user base
Version8.8
PlatformsAndroid, iOS, and browser extensions
CustodianshipNon-custodial
Languages supportedEnglish, French, Spanish, Arabic, Hindi, Japanese, Korean, Indonesian, Portuguese, Russian, Turkish, Vietnamese, Chinese (simplified), and Chinese (traditional).
PriceFree

History Overview:

Before adopting the name Bitget Wallet, the platform operated under the name BitKeep, founded in March 2018. It released an alpha version in May of the same year, securing a $2 million investment from Matrix Partners China.

In August 2020, BitKeep integrated DeFi functionality, marking a pivotal moment in the platform’s evolution.

The year 2021 witnessed significant milestones, including the launch of BitKeep Swap, cross-chain bridging, and BitKeep’s Chrome extension.

Building on its success, 2022 showcased remarkable growth with millions of dollars in investments and trading volumes. In March 2022, BitKeep Swap achieved a trading volume exceeding $5 million, with the daily transaction value of multi-chain swaps reaching $20 million. Around the same time, the NFT marketplace was launched.

May 2022 saw BitKeep raise $15 million in Series A funding, valuing the company at $100 million. In November of the same year, a secure asset fund was launched, safeguarding user assets with a fund of $1 million.

The year 2023 marked BitKeep’s transformation into Bitget Wallet, accompanied by the launch of Bitget Swap, the Bitget NFT marketplace, and an impressive user base exceeding 10 million worldwide.

Is Bitget Wallet Suitable for Beginners?

Bitget Wallet emerges as one of the best choices for beginners entering the Web3 realm. With all essential Web3 features seamlessly integrated into one platform, users can trust that Bitget Wallet caters to their needs.

Bitget Wallet Browser Extension Interface

Creating a wallet is a swift process, taking no more than a minute. Users can choose between the mobile application and browser extension versions. The initial steps involve creating a password and receiving a mnemonic phrase.

Users must secure their mnemonic phrase, as Bitget Wallet is a non-custodial wallet with no access to users’ assets in case of a lost mnemonic phrase.

Bitget Wallet boasts the capability to store over 255,400 cryptocurrencies across top chains, including Ethereum, Polygon, Binance Smart Chain, Avalanche, and Arbitrum.

The DApp browser facilitates easy access to a wide range of decentralized applications, allowing users to explore various applications within the DeFi sector.

Lastly, the NFT marketplace and DEX streamline the process of buying, selling, and trading digital assets, making these features ideal for beginners venturing into cryptocurrency and NFT trading.

Bitget Wallet Services:

Bitget Wallet:

Bitget Wallet stands out as Asia’s largest and one of the world’s leading all-in-one Web3 trading wallets. Offering a comprehensive suite of Web3 services, from non-custodial token management and token swaps to real-time market data, an NFT marketplace, and DApp browsers, Bitget Wallet caters to all the diverse needs of Web3 traders.

In 2023, Bitget Wallet achieved recognition as one of the top ten most popular hot wallets for crypto self-custody, securing the seventh position in terms of users on both browsers and mobile platforms.

Bitget Wallet Ranking

Bitget Wallet redefines the standard for Web3 wallets by becoming the go-to wallet for all Web3 activities. The wallet boasts being the first wallet to introduce a decentralized exchange market aggregator, leveraging real-time blockchain data to offer users the best trading prices available.

As a decentralized and non-custodial Web3 trading platform, Bitget Wallet ensures seamless and secure management of digital assets. With support for over 90 blockchains, including EVM-compatible chains, customized mainnets, and testnets, Bitget Wallet automatically aggregates and consolidates assets and transaction records across these chains, eliminating the need for users to navigate different network ecosystems manually.

The “DeFi Portfolio” feature enhances the user experience by efficiently managing staked assets on various DeFi protocols. Additionally, the Watch-Only feature enables users to track specific addresses without importing private keys, providing real-time notifications of transactions and empowering informed decision-making.

Moreover, Bitget Wallet enables direct staking of ETH/USDT assets within the wallet, offering users diverse options to grow their asset portfolios while earning passive income and contributing to the decentralization of the blockchain.

NFT Marketplace:

Bitget Wallet boasts a leading NFT marketplace and aggregator that spans eight different blockchains, ensuring broad Web3 accessibility and diverse asset options for users.

This marketplace supports unrestricted NFT listings from third-party platforms and allows the purchase of NFTs using various cryptocurrencies. Multi-chain NFT management and trading are facilitated across several chains, including Ethereum, BNB Chain, Polygon, Klaytn, Arbitrum, Optimism, and Ethereum Classic.

Artists benefit from the ability to create, manage, and upload NFTs individually or in bulk within the Bitget Wallet NFT marketplace. The platform also offers a royalty program for creators, where income is provided by the seller during the sale process in the secondary marketplace.

Bitget Wallet NFT Management Interface

The user-friendly interface of the NFT marketplace presents featured collections at the top, followed by NFT rankings. Users can filter NFTs based on chain, floor price, volume, sales, and owners.

Bitget Wallet NFT Marketplace

Trading NFTs on the Bitget NFT marketplace is straightforward. On the landing page of the Bitget Wallet website, users can access the NFT tab, choosing between the “Creators” and “Users” interfaces. “Creators” enable artists to upload their NFTs, while “Users” empower traders to buy and sell NFTs.

Bitget Wallet NFT Marketplace Interface

Upon choosing a desired NFT, users can access detailed information such as the NFT number, owners, price, traits, contract, token standard, and mainnet. A notable feature is the ability for users to buy NFTs with any token on the same chain.

Post-purchase, users can find their NFTs under “My Assets” in the Users window on the main NFT marketplace website page on the desktop. To sell an NFT, users can tap on the specific NFT, prompting a sell option to appear.

Bitget Swap:

At the core of Bitget Wallet lies Bitget Swap, a robust and user-friendly trading feature supporting cross-chain transactions across nearly 30 mainnets. By consolidating liquidity from hundreds of decentralized exchanges, Bitget Swap provides users with optimal prices across the network, along with an extensive array of trading pairs and candlestick charts.

Bitget Swap Interface

Bitget Swap excels in supporting cost-effective cross-chain transactions and gas borrowing services, striving to offer users the most convenient and comprehensive trading experience available.

With a range of innovative features, including gas-free trading, automatic slippage adjustments, multiple trading modes, and more, Bitget Swap stands out as an easily accessible yet powerful trading feature within Bitget Wallet.

Currently, Bitget Swap supports 90+ popular blockchains and over 25,000 coins, ensuring the broadest multi-chain trading options. Users can seamlessly swap different tokens from various blockchains in a single step, eliminating the need to change trading channels or undergo repeated authorization checks. This approach ensures a cost-effective and convenient method for users to perform their cross-chain transactions.

Bitget Swap’s versatility extends to various trading modes, including instant swaps, limit orders, futures trading leveraged from Bitget, and the user-friendly “Quick Buy” OTC service.

The “Quick Buy” service is an inclusive on-ramp feature that integrates six different third-party channels, such as MoonPay and Alchemy Pay, enabling users to purchase cryptocurrencies using fiat through diverse, accessible payment methods.

Users can directly buy and sell tokens through Bitget Wallet’s browser extension, performing essential functions like sending, receiving, swapping, and purchasing cryptocurrencies. For those interested in buying cryptocurrencies with fiat, this can be achieved through the “buy” options.

Bitget Wallet Browser Extension Features

Bitget Wallet supports more than 40 fiat currencies, including United States Dollars (USD), Euro (EUR), Indian Rupee (INR), Russian Ruble (RUB), Japanese Yen (JPY), Chinese Yuan (CNY), South Korean won (KRW), and United Arab Emirates Dirham (AED).

Supported Fiat Currencies on the Bitget Wallet

After selecting a currency, users can choose from third-party channels such as Moonpay, Banxa, AlchemyPay, Tansak, and BG P2P, offering a variety of payment options from Apple Pay and Google Pay to Visa, MasterCard, and bank transfers.

DApp Browser:

Decentralized applications (DApps) operate autonomously through smart contracts on a decentralized blockchain. Bitget Wallet’s integrated DApp Browser showcases over 20,000 DApps spanning various sectors, including decentralized finance (DeFi), game finance (GameFi), non-fungible tokens (NFT), bridges, exchanges, mining, tools, social applications, and loans.

Users can seamlessly switch between mainnets while interacting with DApps, enjoying the convenience of staying updated on the latest and most trending DApps through the platform’s dynamic “Hot Searches” spotlight.

Bitget Wallet DApp Browser

Security:

Bitget Wallet places a paramount emphasis on security, providing users with a trustworthy, secure, and reliable means to manage their digital assets. Operating on a decentralized and non-custodial model, Bitget Wallet ensures users have full control over their funds.

The platform has implemented a comprehensive 360° “GetShield” security strategy, encompassing integrated risk alerts for DApps and tokens, transaction approval checkers, compatibility with hardware wallets, and the use of Multi-Party Computation (MPC) wallets.

Protection Fund:

To further safeguard users, Bitget Wallet has instituted a risk protection fund. In the unfortunate event of asset loss due to issues originating from the platform, the protection fund, totaling $300 million, is deployed to ensure full asset protection.

This fund not only strengthens risk mitigation capabilities but also reassures users regarding the security of their assets and transactions. Users facing losses can easily apply to the protection fund within 30 days of the incident by contacting the platform through their support email.

Double Encryption Storage Mechanism (DESM):

Bitget Wallet employs the Double Encryption Storage Mechanism (DESM), a robust security feature designed for the encryption and storage of mnemonic and private keys. Multiple encryption algorithms, including message digest encryption, symmetric encryption, and asymmetric encryption, are combined to ensure the utmost safety of users’ assets and private keys.

The DESM algorithm’s encryption process involves steps such as users setting the transaction password, storage in the cloud with SHA256, and key calculation for symmetric encryption through SHA256. The final step includes encryption with the Advanced Encryption Standard (AES256), one of the most secure encryption algorithms available today.

Security Audit:

Bitget Wallet prioritizes security by collaborating with leading security firms such as Slowmist and Certik. Certik, Bitget’s security auditing partner, conducts comprehensive security audits for features like Swap and the NFT marketplace protocol.

This commitment to security extends to continuous engagement with third-party professional security auditing platforms, ensuring the ongoing fortification of security measures for user transactions.

Bitget Wallet Security Partners

Comprehensive Asset Storage Solution

Bitget provides users with MPC wallets and hardware wallet storage solutions to enhance platform security. MPC, or multi-party computation, distributes private keys across locations, minimizing the risk of compromise. The MPC wallet eliminates single-point failure threats, enhances security beyond traditional methods, and allows for company-level security and control sharing.

Additionally, Bitget supports the import of Keystone hardware wallets using QR code mode, offering an offline solution for wallet asset management. Keystone hardware wallets stand out due to their advanced security features, including three secure element chips, biometric authentication, and offline transaction signing.

Comprehensive Trading Environment Testing

In collaboration with the security service platform Go+, Bitget Wallet identifies malicious addresses and DApps through the secure address library. This collaboration bolsters Bitget Wallet’s safety, security, and privacy features, preventing asset losses caused by theft, blackmail, malicious mining, and hidden contracts in malicious addresses or DApps.

Integration of Flashbots

The integration of Flashbots on Bitget Swap is instrumental in enhancing overall transaction privacy and security. Flashbots mitigate negative externalities posed by Maximal Extractable Value (MEV) on the Ethereum blockchain, contributing to a more secure and private trading environment within Bitget Swap.

Pros and Cons

After carefully examining the wallet, the following table lists the advantages and disadvantages:

ProsCons
User-friendly interfaceThe browser extension has fewer features than the mobile version
A wide array of cryptocurrency and fiat support 
Integrated swap with auto finding the best DEX with best prices to swap in real-time 
Efficient cross-chain trading 
Extra security features 
Educational resources 
Global reach and large active user base 

Final Score

Services offered4
Variety of cryptocurrencies4
Security4
Review score4

Summary

In conclusion, Bitget Wallet stands out as a comprehensive crypto wallet, offering robust security features and a diverse range of Web3 activities within a unified platform. With a simple user interface catering to beginners and advanced users, Bitget Wallet allows users to seamlessly buy, swap, and trade cryptocurrencies.

Notably, the platform supports NFT trading and provides access to over 20,000 DApps across various sectors. Boasting a global reach and a substantial user base exceeding 10 million, Bitget Wallet is a popular choice for cryptocurrency enthusiasts.

Additionally, the platform’s commitment to user education is evident through its academy, which provides valuable learning guides for users.

FAQs

Where is Bitget Wallet based?

Bitget Wallet is part of the crypto exchange Bitget, and the company works out of regional hubs globally.

What coins are supported by Bitget Wallet?

Bitget Wallet supports more than 40 cryptocurrencies, including but not limited to Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Arbitrum (ARB), Solana (SOL), Tether (USDT), USD Coin (USDC), Pepe (PEPE), PancakeSwap (CAKE), Tron (TRX), and many more.

How secure is Bitget Wallet?

Bitget Wallet prioritizes security with a comprehensive 360° “GetShield” security strategy. This includes integrated risk alerts for DApps and tokens, transaction approval checkers, compatibility with hardware wallets, and the use of MPC wallets.

Is Bitget Wallet custodial?

No, Bitget Wallet is a decentralized, non-custodial wallet. This means that users have complete control over their digital assets, and the wallet does not hold custody of users’ funds.

Can I buy crypto with fiat currencies in Bitget Wallet?

Yes, users can buy cryptocurrencies with fiat currencies using Bitget Wallet. The wallet supports more than 40 fiat currencies, including United States Dollars (USD), Euro (EUR), Indian Rupee (INR), Russian Ruble (RUB), Japanese Yen (JPY), Chinese Yuan (CNY), South Korean won (KRW), and United Arab Emirates Dirham (AED).

Users can choose from various third-party channels, such as Moonpay, Banxa, AlchemyPay, Tansak, and BG P2P, and can use payment methods like Apple Pay, Google Pay, Visa, MasterCard, and bank transfers.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Senator Elizabeth Warren’s Opinions Face Backlash From X’s “Community Notes”

https://coinedition.com/senator-elizabeth-warrens-opinions-face-backlash-from-xs-community-notes/

  • Senator Elizabeth Warren got “community noted” after claiming nations were using crypto to dodge U.S. sanctions. 
  • Rogue nations were undermining U.S. national security, according to Warren.
  • Community note highlighted that fiat is the preferred currency for financial crimes.

Senator Elizabeth Warren got “community noted” after claiming nations were using cryptocurrencies to dodge United States sanctions. 

Community notes on X were introduced to “create a better informed world,” according to X’s help center. The feature allows users to add context to potentially misleading information. 

Warren stated that “rogue nations” were benefiting from crypto and undermining U.S. national security. Moreover, Warren added, “It’s time for crypto to follow the same anti-money laundering rules as everyone else.” 

A community note on Warren’s statement countered her opinion, asserting that fiat is the preferred currency for financial crimes. The community note cited the U.S. Treasury Department’s February 2022 National Money Laundering Risk Assessment Report.

Additionally, the anti-crypto senator mentioned that she proposed legislation to regulate crypto and make it adhere to anti-money laundering rules. Warren said, “I’ve got a bill to make it happen.”

Warren’s controversial bill, named the Digital Asset Anti-Money Laundering Act, has received criticism from many crypto figures. Coinbase CEO Brian Armstrong criticized Warren’s anti-crypto bill, stating, “Being anti-crypto is a really bad political strategy going into 2024.”

Furthermore, the senator labeled crypto as a “new threat,” alleging that crypto is being utilized for terrorist financing and drug trafficking. Moreover, Warren claimed that North Korea is using cryptocurrency to pay for half of its nuclear weapon program.

Recently, Warren shared her opposition to the U.S. Securities and Exchange Commission’s (SEC) approval of the spot Bitcoin ETF launch. Coin Edition reported that the senator claimed, “There’s no doubt that the SEC made the wrong decision here.”

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Grayscale Dumping Bitcoin Holdings? Here’s Why

https://coinedition.com/grayscale-dumping-bitcoin-holdings-heres-why/

  • Grayscale’s high management fees led investors to flock to other ETF issuers, according to a crypto trader. 
  • Grayscale reportedly had to sell Bitcoin holdings to pay back investors.
  • The initial days of Bitcoin ETF trading saw Grayscale facing a $579 million loss.

Crypto influencer and trader known as Ash Crypto shared his perspective on the reasons behind Grayscale “dumping” Bitcoin

The trader believes that before the spot Bitcoin exchange-traded fund (ETF) approval, the Grayscale Bitcoin Trust (GBTC) used to redeem its shares by providing investors with equivalent value in USD. 

Grayscale did so without selling the Bitcoin holdings, which allowed the investment firm to accumulate a significant amount of Bitcoin, making it one of the largest Bitcoin holders

According to the crypto trader, investors were withdrawing their money from GBTC for two main reasons, one of which was Grayscale’s high management fees. Grayscale is reportedly charging a 1.5% yearly management fee, which is five to six times the fees charged by other ETF issuers. 

Moreover, the second reason is that some investors bought GBTC at a 40% discount, but the percentage has now been reduced to zero, resulting in investors exiting their positions. The two reasons, in Ash Crypto’s opinion, led GBTC to sell its Bitcoin holdings to pay back investors. 

Bitcoin ETF Draws $1 Billion. Source: James Eagle

In terms of the ETF issuers, data showed that Grayscale lost $579 million in the first two days of trading Bitcoin ETFs, while in general, the overall market drew $1 billion. 

Flows for the Bitcoin spot ETFs revealed that BlackRock was behind $508 million of the flow, Fidelity for $442 million, Bitwise for $240 million, and Ark 21Shares for $116 million.

Ash Crypto claimed that a long-term perspective is crucial, as for a few weeks, “Bitcoin can go sideways or even go down.” The crypto trader added that once the price settles, investors will pull their money from GBTC and put it into other ETFs that have a low management fee. He concluded, “Remember, this is a long-term game, and you need to have patience; otherwise, you will lose your BTC to Wall Street.”

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Coincall Exchange Review 2024: Everything You Need To Know

https://coinedition.com/coincall-exchange-review/

Introduction

Crypto options trading is poised for accelerated growth, marking a pivotal moment in its trajectory, according to data. Currently, crypto options trading constitutes a mere 1% of the total trading volume, a stark contrast to the 53% contribution observed in the traditional finance market.

The latest centralized exchange in the market, Coincall, has embarked on a mission to develop the most user-friendly crypto options exchange, catering to both retail and professional traders. With the active global crypto trader community surpassing 50 million, the exchange anticipates a staggering tenfold growth within three years for its options trading platform.

The main goal of Coincall is to streamline the trading experience for individuals interested in the field. The exchange envisions a financial landscape where comprehending and participating in the trading world is no longer the exclusive domain of financial experts.

To achieve this vision, Coincall places a strong emphasis on providing user-friendly investment products to simplify the onboarding process for new investors. The exchange prides itself on modern interfaces and a comprehensive academy designed to empower novice traders with knowledge, enabling them to make informed decisions and trade more effectively.

Websitehttps://www.coincall.com/
Available on mobileYes, Android and IOS
Number of supported coins/tokens+70
Number of supported spot trading pairs4
Founded year2023
Trading typesSpot trading, options trading, futures trading, altcoin options trading, and non-liquidation futures trading.

Coincall’s Website Homepage Interface

History Overview

The team behind Coincall boasts over nine years of collective experience in the crypto industry, with key members hailing from prominent financial institutions such as JP Morgan, Binance, OKX, and Bybit. Notably, the founding team possesses extensive expertise in crypto options trading, having established one of the top proprietary trading teams and managed assets exceeding $300 million

Coincall proudly declared itself the fastest-growing options exchange in 2023, garnering attention from 104,330 traders within a mere 181 days of its launch. Impressively, the options trading volume exceeded 100 million in just 86 days, underscoring the platform’s rapid and substantial impact on the market.

Trending Options and Futures Trading Crypto

Key Features

Spot Trading

On Coincall’s Spot Trading interface, users can see real-time candlestick charts, an order book, open orders, and order history, with the option to buy or sell the assets. The supported cryptocurrency pairs are BTC/USDT, ETH/USDT, XRP/USDT, and TRX/USDT.

From the interface, traders can choose to buy or sell with three different order types, limit, market, or post only.

Coincall’s Spot Trading Interface

Traders using the platform can make trading decisions based on their preferences and strategies, as Coincall supports three distinct order types:

Limit Orders: Users can set specific price levels at which they are willing to buy or sell a particular asset. This order type allows for precise control over the execution price.

Market Orders: Traders can execute orders at the current market price. This type of order ensures swift execution, as it is fulfilled at the best available price in the market.

Post Only Orders: This order type enables traders to post limit orders to the order book without immediately executing them. It ensures that the order will only be added to the order book and not match with existing orders. This can be useful for users looking to add liquidity to the market.

Spot Order Types

Coincall’s spot trading interface provides users with a user-friendly experience and a range of options to tailor their trading strategies to their specific needs.

Options Trading

Coincall’s options operate under the European-style options framework, wherein they are automatically exercised at the time of expiration. This style contrasts with American-style options, as European options can only be exercised on the expiration date and not before.

Traders on the Coincall exchange enjoy the convenience of not having to manually exercise options. The system handles the exercise process automatically on the expiration day.

Notably, Coincall’s options contracts are cash-settled, meaning that there is no physical delivery of the underlying asset upon settlement. Instead, the settlement occurs in cash.

Both buyers and sellers have the flexibility to close out their positions before the option contract reaches expiration. By opting for an early closure, they can capitalize on the premium spread, which represents the difference between the buying and selling prices of the option.

Coincall’s options platform supports four transaction types: buying call options, buying put options, selling call options, and selling put options. The supported cryptocurrencies for these options are Bitcoin (BTC) and Ethereum (ETH).

 BTC Options (Calls and Puts)ETH Options (Calls and Puts)
Contract underlyingBTC/USD IndexETH/USD Index
Settlement currencyUSDUSD
Contract export Current day, next day, third day, current week, next week, third week, current month, next month, third month, quarter, next quarter, third quarter, and fourth quarterCurrent day, next day, third day, current week, next week, third week, current month, next month, third month, quarter, next quarter, third quarter, and fourth quarter
Minimum trading unit0.01 BTC0.1 ETH

There are two versions of Coincall’s options trading interface. There is a Pro version for professional options traders and a Lite version that offers a simplified interface and process for options beginners.

Coincall’s Options Trading Pro Interface

The options trading page covers an account overview, where users can see their account data, total assets, available balance, and unrealized profit and loss. The interface also features a real-time candlestick chart that revolves around the four data points—the opening price, the highest price, the lowest price, and the closing price.

The options chain is one of the most important sections of options, as it displays market information of options contracts, including underlying price, strike price, mark price, greeks, trading volume, leverage, ask/bid size, ask/bid price, etc.

Perpetual Futures

Perpetual futures, commonly referred to as perpetuals, represent a derivative contract allowing traders to speculate on the future price of an asset without the constraints of an expiration date. This sets them apart from traditional futures contracts, which come with predetermined expiration dates. Perpetual futures, in contrast, can be held indefinitely.

One notable advantage of engaging in perpetual futures trading is the increased flexibility they offer, including higher leverage and enhanced liquidity. Traders can maintain positions for an extended period without being bound by a fixed expiration date.

Leverage on Coincall’s Futures Trading

The Coincall platform facilitates perpetual futures trading through two distinct interfaces tailored to professional and novice traders. This dual-interface approach ensures that traders, regardless of their experience level, can seamlessly and effectively participate in perpetual futures trading.

Non-Liquidation Futures

Traders often fear the risk of liquidation when trading futures contracts. Crypto futures involve agreements where traders can buy or sell a cryptocurrency at a predetermined price on a future date. However, in times of heightened market volatility, if a trader lacks sufficient funds in their trading account to cover potential losses, their positions may face liquidation.

In response to this common concern, Coincall has introduced an innovative solution known as “Non-Liquidation Futures.” This product addresses the high risks associated with liquidation, where even if the cryptocurrency’s price rebounds to its original level, the losses incurred during liquidation are irreversible.

The non-liquidation futures are a cryptocurrency contract settled in Tether (USDT). The exchange clarified that the underlying asset of the non-liquidation futures is the corresponding crypto’s options.

Coincall’s Non-Liquidation Futures Interface

The primary objective of this product is to enable investors to capitalize on both upward and downward movements in cryptocurrency prices by either buying long or selling short non-liquidation futures. It’s important to note that, as of now, the exchange supports only buying long, and efforts are underway to develop futures for selling short.

Altcoin Options Trading

Coincall has made an innovative move in the market by introducing options trading for 10 altcoins, positioning itself as the world’s first exchange to offer this feature. Traders can now engage in options trading for a diverse range of altcoins, including Solana (SOL), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink (LINK), Kaspa (KAS), Polygon (MATIC), Filecoin (FIL), Ripple (XRP), Tron (TRX), and Dogecoin (DOGE).

This expansion in Coincall’s offerings not only broadens the range of cryptocurrencies available for options trading but also provides traders with additional opportunities to diversify their portfolios and capitalize on market movements across various altcoins.

Coincall’s Altcoin Options Trading

Take Profit (TP) and Stop Loss (SL) Orders

Implementing Take Profit (TP) and Stop Loss (SL) orders is widely recognized as an effective risk management strategy in trading. A Take Profit order allows traders to secure profits when their market predictions align with actual movements, while a Stop Loss order serves as a protective mechanism, enabling traders to minimize losses when the market moves unfavorably.

The automated orders help traders manage risk and reward by planning and letting the system execute the orders automatically, eliminating the need for constant monitoring.

Coincall’s TP and SL orders help traders engage in momentum trading and limit their losses in a volatile market. Once the mark price reaches the predefined trigger price to “take profit” or “stop loss,” the orders will be placed automatically at the predefined order price.

Security

First CEX With 100% Third-Party Fund Custody

Coincall is the first centralized exchange to store all customer assets with third-party custodians. The exchange itself never stores any funds, increasing the assets’ security. The third-party custodians are Copper, Cobo[1] [2] , and Clearloop.

Coincall’s Fully Custodied CEX

Copper is one of the leading crypto custodians, providing crypto asset custody to more than 500 institutions, including Deribit, Bybit, and OKX. Copper operates a cryptocurrency custody and prime broking platform for digital assets.

Copper uses Multi-Party-Computation (MPC) technology to deliver secure custody to institutional clients. The MPC technology allows multiple parties to share data for computing tasks without revealing each other’s data. This technology enables Copper’s clients to acquire, store, and trade digital assets without sacrificing privacy.

Moreover, leading crypto custodian Cobo[1] [2]  is one of Coincall’s trusted custodians, a well-known custodian who has been in the market for six years now. With more than one million registered users and more than 100 billion transactions, Cobo is the perfect safe to store crypto assets.

Thirdly, Clearloop, Copper’s off-exchange collateral management and settlement solution, helps institutional clients mitigate risks and increase capital efficiency by settling trades while traders’ assets remain secure in Copper’s segregated custodian account.

Coincall Bug Bounty Program

To improve the exchange’s security, Coincall introduced the Bug Bounty Program. The program bolsters the security and reliability of the platform by inviting all ethical hackers, security researchers, and community members to strengthen the exchange’s security and help uncover potential vulnerabilities in the system.

The Coincall Bug Bounty Program came to be because the exchange believes that through collaborative efforts with the community, they can ensure a safer trading environment. The exchange offers rewards for identifying and responsibly disclosing security issues.

KYC

Know your customer (KYC) is the first stage of anti-money laundering due diligence. KYC procedures aim to identify and verify a customer’s identity in order to reduce identity theft and fraud.

Coincall exchange requires KYC to be completed to ensure that the exchange complies with legal and regulatory requirements, enhances the security level of users’ accounts, and better combats money laundering and terrorist financing.

Getting KYC verified at the Coincall exchange proves to be beneficial for traders, as there are a few advantages to getting verified. After getting KYC verified, users gain a deposit option, a higher withdrawal limit, qualify for campaign rewards, and will have futures and options trading.

KYC Verification Advantages

Depending on the user, there are two types of KYC verification at the Coincall exchange, individual and institutional. The personal/individual KYC verification procedure consists of three levels, basic, level one, and level two. The documents required for verification are a personal ID card and a passport or driving license.

Any non-individual accounts on Coincall have to be verified with an institutional KYC. The key requirements for the verification differ from the individual KYC, and Coincall explains the whole process in a detailed guide, helping institutional investors trade with ease.

Deposit/Withdrawal/Trading Fees

Coincall’s options and futures trading have different fees that vary by product and are calculated as a percentage of the underlying asset of the contract.

Trading Fees

A trading fee will be charged after opening or closing a position. Each transaction’s trading fee is calculated based on the underlying asset’s spot index price at the time of order completion.

 Maker Fee RateTaker Fee Rate
Futures0.02%0.06%
Bitcoin and Ethereum Options-0.02%0.10%
Altcoins Options0.02%0.06%
Spot0%

Delivery Fees

The exchange charges delivery fees whenever the options are exercised, and they’re calculated based on the settlement price at the time of order completion.

ProductsTypesFee Rate
OptionsDaily0
OptionsWeekly/Monthly/Quarterly0.015%

Deposit and Withdrawal Fees

Coincall doesn’t charge any fees for deposits. However, the exchange does have a minimum deposit requirement and some withdrawal fees.

CoinNetworkMinimum DepositWithdrawal Fees
USDTEthereum0.017.5
USDTTron0.012
TRXTron0.0121
XRPXRP Native0.010.4

Coincall Academy

Coincall Academy offers free education for traders, with teachers available in the community to help beginners and advanced traders with all their trading inquiries. Moreover, Coincall hosts weekly lessons and live streams on the Coincall Academy website. The website is available in English, Spanish, Korean, Japanese, and Chinese.

The academy provides guides for beginners and advanced traders. For beginners, the Coincall Academy has a separate guide for everything traders need to know about option trading, covering all information from what options trading is, when to trade options, the advantages of options trading, and the types of options trading.

The advanced traders guide section covers more advanced guides such as implied and realized volatility and a few other technical terminologies. Moreover, the academy covers a “Practical Strategies” section, helping traders benefit from the Coincall exchange to the maximum and trade with profit. Strategies such as selling call options, selling put options, bull spread, bear spread, buying put options, and buying call options are all covered in the Coincall Free Academy.

Pros and Cons

ProsCons
Non-liquidation futures trading No fiat currency deposits or withdrawals
Beginner and advanced trading tools 
Variety of trading types 
Free academy and guides for beginner and advanced traders 
Zero spot trading fees 

Final Score

Services offered5/5
Cryptocurrency support4/5
Fees4/5
Security3/5
Review score4/5

Summary

As one of the latest crypto exchanges in the market, Coincall offers innovative trading tools for beginners and advanced traders, helping them trade easily and securely. The exchange boasts of having 100% third-party fund custody, making it the first centralized exchange to not hold any users’ funds.

The team behind the Coincall exchange is a talented and experienced team with more than nine years of experience in the crypto industry. A team that previously founded one of the top proprietary trading teams that ranked number one globally on Binance’s total PnL leaderboard in 2020 and 2021.

Spot trading, options trading, futures trading, and non-liquidation futures trading are all trading options on the Coincall exchange. Each trading type on the exchange features a lite and a pro version, making the exchange user-friendly for both beginners and advanced traders.

One of the key services of the exchange that distinguishes it from the rest is altcoin options trading. Users can trade up to 70 altcoins on the Coincall exchange.

Frequently Asked Questions (FAQs)

What cryptocurrencies can I trade on Coincall?

Traders can utilize Coincall’s variety of cryptocurrency options, as the platform offers BTC, ETH, XRP, and TRX for spot trading and BTC and ETH for non-liquidation futures. Additionally, there are almost 70 cryptocurrencies for futures trading, such as BTC, ETH, SOL, DOGE, XRP, LTC, ADA, LINK, MATIC, TRX, ALGO, PEPE, BNB, UNI, SEI, and AAVE.
 
As for options trading, there are 12 cryptocurrencies, such as BTC, ETH, SOL, DOGE, XRP, MATIC, LINK, and TRX.

What are the fees for trading on Coincall?

The fees vary depending on the trading market type. For makers, the fees are as follows: futures: 0.02%, BTC and ETH options: -0.06%, altcoin options: 0.02%, and zero trading fees for spot trading. As for takers, futures fees are 0.06%, BTC and ETH options are 0.015%, altcoin options are 0.06%, and zero trading fees for spot.

What types of trading markets are available on Coincall?

Coincall boasts of having many types of trading markets on its platform. Options trading, altcoin options trading, futures trading, spot trading, and non-liquidation futures trading.

Can I use Coincall on my mobile?

Yes, other than the desktop version, Coincall is available for Android and iOS users.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Spot Bitcoin ETFs Face Restriction in Singapore Despite SEC Approval

https://coinedition.com/spot-bitcoin-etfs-wont-be-listed-in-singapore-mas/

  • Singapore has announced its decision not to permit the listing of spot ETFs in the country. 
  • Singapore asserts that crypto, including Bitcoin, does not meet the criteria for qualified ETF assets.
  • Retail investors in Singapore can still trade spot Bitcoin ETFs listed overseas through local brokerages.

The Monetary Authority of Singapore (MAS) announced that it would not permit a spot Bitcoin exchange-traded fund (ETF) to be listed in the country, according to local news. 

This move contrasts with the recent approval by the U.S. Securities and Exchange Commission (SEC) for the launch of several spot Bitcoin ETFs in the United States. Singapore asserts that cryptocurrencies, including Bitcoin, do not meet the criteria for qualified assets within the context of ETFs.

However, reports indicate that capital market intermediaries licensed by the MAS can offer overseas market-related investments while ensuring adequate risk disclosure and appropriate customer suitability assessments. 

“Retail investors can still trade spot Bitcoin ETFs listed overseas through local brokerages,” the local news reported. A spokesperson from the regulatory authority clarified that collected investment schemes (CIS), which fall under the Securities and Futures Act regulation, include ETFs but don’t include Bitcoin or any other cryptocurrency. 

According to the spokesperson, the local brokerages have limitations on the types of assets, and Bitcoin and other digital payment tokens weren’t deemed qualified for retail investors. The reason behind the disqualification, per the spokesperson, is the cryptocurrencies’ high volatility. 

“Cryptocurrency trading is inherently highly volatile and speculative, unsuitable for retail investors. Those who still choose to trade Bitcoin ETFs in overseas markets should exercise extra caution,” the spokesperson added. Moreover, investors should consider the additional risks associated with trading in overseas markets. 

In recent news, the spot Bitcoin ETFs amassed $10 billion in trading volume three days after their approval. Senior ETF analyst Eric Balchunas explained that of the 500 ETFs introduced in 2023, their total volume traded amounted to only $450 million.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Tether (USDT) Emerges as Go-to Currency for Scammers, UN Warns of Growing Threat

https://coinedition.com/tether-usdt-emerges-as-go-to-currency-for-scammers-un-warns-of-growing-threat/

  • Tether is increasingly favored by money launderers, according to the United Nations.
  • Tether’s appeal to criminals lies in its speedy and irreversible transactions. 
  • The lack of cryptocurrency regulations is identified as a key factor driving criminals towards Tether.

Stablecoin Tether (USDT) is increasingly becoming the payment method of choice for money launderers, according to a report by the United Nations Office on Drugs and Crime.

The report reveals that Tether has emerged as a leading choice among fraudsters and money launderers operating in Southeast Asia. With a market capitalization exceeding $94 billion, Tether is described as a central player in the growing landscape of scams.

The UN report sheds light on a prevalent tactic used by scammers who establish fake romantic connections online to gain victims’ trust, subsequently convincing them to transfer substantial sums using Tether.

The report notes, “Law enforcement and financial intelligence authorities have reported the rapidly growing use of sophisticated, high-speed money laundering . . . teams specializing in underground tether.”

Tether’s appeal to money launderers and criminals lies in its ability to facilitate speedy and irreversible transactions on a blockchain, as highlighted by Erin West, a criminal prosecutor and cybercrime expert. West explains, “Tether is the mechanism of choice . . . it’s fast and transactions cannot be retracted. Once money is moved, it’s moved. You can’t pull it back.”

Jeremy Douglas from the UN’s Office on Drugs and Crime attributes the criminal preference for Tether to the absence of cryptocurrency regulations. He remarks, “Cryptocurrency regulations are way behind [the illicit activity] or practically non-existent, and organized crime groups who use and feed off vulnerabilities and weaknesses know this.”

The report cites an incident from November of the previous year, where Tether froze $225 million worth of tokens linked to a human trafficking syndicate in Southeast Asia.

Tether recently announced an initiative aimed at safeguarding the crypto ecosystem. This initiative includes the introduction of a wallet-freezing policy to enhance security measures. Additionally, the stablecoin operator has reportedly collaborated with U.S. authorities to mitigate the illicit use of tokens on the platform.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Wintermute’s OTC Trading Surges 400%, Defying Overall Crypto Volume Slump

https://coinedition.com/wintermutes-otc-trading-surges-400-defying-overall-crypto-volume-slump/

  • Wintermute experienced a remarkable 400% surge in OTC trading in 2023.
  • Payment-related assets were reportedly the most traded crypto after Bitcoin and Ethereum.
  • Ethereum was the Layer 1 with the most OTC trading volume, per the report.

Crypto market maker Wintermute has reported a 13% decline in overall volumes on exchanges in 2023; however, its over-the-counter (OTC) volumes have surged by 400%.

Despite the general market downturn, Wintermute has experienced continued growth in 2023, as outlined in a recently published report. In detail, Wintermute stated that in the first half of 2023, OTC trading volumes initially experienced a decrease,  but the second half saw a significant increase in OTC trading volumes.

“We saw a significant increase in trading activity, with the number of traders growing over 6x, making up over 29M trades,” the report claimed. Moreover, Wintermute saw the largest OTC volume week in the second half of 2023, surpassing $2 billion. 

The market maker reportedly traded 206 unique assets and 495 pairs in OTC in 2023, a 20% increase from the first half of the year. The report showed that payments-related assets were the most traded cryptocurrency category after Bitcoin and Ethereum, which held the first and second positions across all periods. According to the report, the growth in the payments category was partially driven by XRP after the court ruling. 

Additionally, OTC trading volumes for Layer 1 assets experienced an initial decline in the first half of 2023 but rebounded with a 350% surge in the second half. The Layer 1 ecosystem with the most OTC trading volume was Ethereum, with a 68% market share, according to the report. 

Following Ethereum, the report showed that Solana, Avalanche, Cardano, and Polkadot were among the top five Layer 1s in terms of volumes in the second half of 2023. In contrast, Layer 2s saw approximately 30 times less trading activity compared to Layer 1s, with Polygon, Arbitrum, and Optimism ranking as the top three. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Crypto Advocate Foresees $570B Bitcoin Inflow Post ETF Approval

https://coinedition.com/crypto-advocate-foresees-570b-bitcoin-inflow-post-etf-approval/

  • Analyst predicts Bitcoin ETF approval could attract $570 billion from registered investment advisors.
  • 88% of advisors were reportedly waiting for a spot ETF to offer Bitcoin exposure to clients, according to Melker.
  • Investment adviser Rick Ferri counters Melker’s projections, calling them “overblown.”

Bitcoin and cryptocurrency advocate Scott Melker recently suggested that if only 0.5% of the total assets managed by registered investment advisors (RIAs) were invested in a Bitcoin ETF, it would equate to $570 billion.

Melker highlighted that RIAs collectively oversee $114 trillion in assets, underscoring that Bitcoin’s total market capitalization currently stands at $860 billion.

Moreover, the crypto analyst claimed that 88% of RIAs said they were waiting for a spot ETF to offer any exposure to clients to Bitcoin. However, investment adviser Rick Ferri contested Melker’s expectations, deeming them “overblown.”

Ferri, drawing on his 35 years of advisory experience, questioned the belief that advisers would rush to embrace a Bitcoin ETF once offered by Wall Street. He argued, “If an adviser really wanted BTC, they would already own it through GBTC.”

Melker’s remarks were prompted by Bruce Fenton, a prominent investor, who shared that a Bitcoin ETF could significantly alter the financial market landscape. Fenton noted the existence of numerous brokers, financial advisers, and RIAs not currently involved in or well-versed in Bitcoin, predicting a radical shift soon.

Fenton stated that financial advisors need to “keep up with what customers and the public are talking about,” noting that Bitcoin should belong in many more portfolios based on its performance and correlation with markets over the last decade. 

Fenton further asserted that major investment firms would invest billions in marketing Bitcoin-based investments to clients. This would involve chief economists discussing it, public education on its necessity, and the creation of “the best ads we’ve ever seen.”Recently, the U.S. Securities and Exchange Commission (SEC) has set a critical deadline for potential issuers, allowing spot Bitcoin ETFs to start trading as soon as January 11.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Greeks.live Shares Data on Bitcoin and Ethereum Options Expiry

https://coinedition.com/greeks-live-shares-data-on-bitcoin-and-ethereum-options-expiry/

  • Greeks.live shared the option trading data for Bitcoin and Ethereum for January 5.
  • 22,000 Bitcoin options are about to expire with a put call ratio of 0.62.
  • 255,000 Ethereum options are about to expire with a put call ratio of 0.54.

Crypto options trading expert Greeks.live shared the option data for Bitcoin and Ethereum for January 5. According to the data, 22,000 Bitcoin options and 255,000 Ethereum options are about to expire with a put call ratio of 0.62 and 0.54, respectively. 

Greeks.live shared on X that 22,000 Bitcoin options are about to expire with a max pain point of $43,500 and a notional value of $960 million. Meanwhile, 255,000 Ethereum options are about to expire with a max pain point of $2,300 and a notional value of $580 million. 

The announcement added that the market suffered a massive sell-off this week when the Bitcoin spot ETF failed to pass as expected. As a result, a large amount of high leverage that had been accumulated in the prior period was liquidated, causing sharp volatility in the market. 

The report claimed that short-term implied volatility (IV) has sharply increased. Moreover, the market is reportedly actively speculating on the approval of ETFs, with IVs reaching 80% or more.

Greeks.live noted that the next week is crucial as it is the deadline for the approval of ETFs, and significant market movements are expected regardless of the outcome. “Things will always come to a head whether [the ETFs] are passed or not,” stated the trading expert.

Greeks.live concluded by claiming that the crypto derivatives market is currently anticipating ETF approval. Furthermore, the data predicts that this week’s “dramatic volatility” may not happen again soon with the current funding rates and leverage levels in the market.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Bitcoin Price To Go Down? Expert Raises Concerns Amid ETF Expectations

https://coinedition.com/bitcoin-price-to-go-down-expert-raises-concerns-amid-etf-expectations/

  • Markus Thielen expressed concerns about the current state of the Bitcoin market.
  • Matrixport expected a strong rally in 2023’s fourth quarter; however, by mid-December, warned about a consolidation in prices.
  • One of Matrixport’s trading models indicated a bearish signal for Bitcoin for the first time since August.

Markus Thielen from Matrixport expressed concerns about the current state of the Bitcoin market, particularly concerning the U.S. Securities and Exchange Commission’s (SEC) decision on a Bitcoin ETF.

Matrixport, one of the world’s largest digital asset platforms, shared a recent interview between Thielen and CoinDesk Podcast, highlighting Bitcoin’s recent price movements as the market anticipates the Bitcoin ETF approval decision. 

According to the notification, Matrixport issued a client-only research note on January 3. It highlighted an opportunity to insure portfolios for 1.6% using put options over the next ten days.

Initially, Matrixport expected a strong rally in the fourth quarter (Q4) of 2023. However, by mid-December, they warned about a consolidation in prices. The firm maintained a positive outlook for the new year, but the outlook turned bearish on January 3, with one of their trading models indicating a bearish signal for Bitcoin for the first time since August.

Together with the weakness in the stock market, we reversed course and expected the weakness to impact Bitcoin, too.

Thielen claimed that the shift in outlook was influenced by the weakness observed in the stock market. Moreover, he noted that positioning in the market was overextended, with the funding rate at multi-year highs and open interest significantly elevated.

This situation made profit-taking more likely, according to Thielen.Thielen recently predicted that drastic consequences could occur should the SEC follow through with a rejection. He expected a save of liquidations in the perpetual long Bitcoin futures market, potentially triggering a 20% price drop and pushing Bitcoin back down to $36,000 – $38,000.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Top Five Cryptocurrency Exchanges in the Middle East Region

https://coinedition.com/top-five-cryptocurrency-exchanges-in-the-middle-east-region/

Entering the crypto industry and navigating through the diverse landscape of Web3 services can be a formidable challenge for both new users and experienced traders. The vast array of cryptocurrencies demands a suitable platform that facilitates the trading of digital assets.

What is a Cryptocurrency Exchange?

Cryptocurrency exchanges serve as the go-to platforms for buying, selling, and trading crypto, much like traditional stock exchanges. Cryptocurrency exchanges play a crucial role in assisting investors and traders in transactions involving popular cryptocurrencies such as Bitcoin, Ethereum, Tether, and many others. However, the abundance of exchanges in the market can make it overwhelming for newcomers to decide which one to choose.

Types of Cryptocurrency Exchanges

Centralized Exchanges

Centralized cryptocurrency exchanges serve as intermediaries between buyers and sellers, distinguishing themselves from traditional stock exchanges by focusing on digital assets, including cryptocurrencies and NFTs. These platforms dominate digital asset trading volumes due to their accessibility for beginners and the array of services offered, such as spot trading, margin trading, leverage trading, and copy trading. Leading industry players, including Binance, Coinbase, Bitget, and KuCoin, operate as centralized exchanges.

Advantages of Centralized Cryptocurrency Exchanges

●     Beginner-friendly:

   Centralized exchanges provide user-friendly interfaces and guidelines, enabling novice investors to navigate the platform without prior technological knowledge.

●     Great Liquidity:

   These exchanges contribute significantly to crypto transactions, ensuring liquidity that facilitates instant buying and selling. Higher liquidity reduces volatility, a crucial factor in the inherently volatile crypto market.

●     Security:

   Centralized exchanges mitigate the risk of private key loss, a common concern for cryptocurrency holders. By safeguarding investors’ holdings, these exchanges enhance the security of digital assets.

Disadvantages of Centralized Crypto Exchanges

●     Custody of Digital Assets:

While centralized exchanges offer a safeguard against private key loss, the risk of exchange failure, hacking, or fraud remains, potentially jeopardizing users’ digital assets.

●     Transaction Fees:

   Centralized exchanges often impose higher transaction fees compared to decentralized counterparts. Despite these fees, many users opt for centralized exchanges due to their service variety, convenience, and accessibility.

Decentralized Exchanges

Decentralized exchanges (DEXs) function as peer-to-peer marketplaces connecting buyers and sellers. Unlike centralized exchanges, DEXs are non-custodial, granting users control over their private keys. Instead of relying on intermediaries, DEXs employ smart contracts that automatically execute trades based on predefined conditions.

Advantages of Decentralized Exchanges

●     Trustless Transactions:

   DEXs eliminate the need for users to know or trust a platform, as smart contracts execute trades independently, ensuring trustless transactions.

Disadvantages of Decentralized Exchanges

●     Intimidating for Beginners:

   Decentralized exchanges may pose a challenge for novice traders and those less familiar with the technology, requiring a steeper learning curve.

●     Liquidity:

   The majority of transactions occur on centralized exchanges, leading to reduced liquidity for decentralized ones. Additionally, DEXs often lack support for fiat currencies and withdrawals into bank accounts, limiting their functionality.

Top Five Cryptocurrency Exchanges in the Middle East

This article provides an overview of the top five exchanges in the Middle East. We will delve into their features and highlight what sets each exchange apart from the others, offering valuable insights for traders seeking a platform that aligns with their specific needs and preferences.

Binance:

Launched in June 2017, Binance has become the world’s largest crypto exchange by trading volume, exceeding $76 billion in daily trading volume as of August 2022, with a user base of over 90 million customers worldwide.

The exchange grew into one of the largest cryptocurrency exchanges in the world within 180 days of its launch. Binance offers users the opportunity to trade hundreds of cryptocurrencies on spot, margin, and futures markets.

Moreover, the crypto company provides a wide variety of Web3 services, including Binance Earn, where users can earn interest on their crypto; Binance P2P, where traders can sell and buy cryptocurrencies; Binance Launchpad, a place to buy or earn new tokens; and Binance NFT Marketplace, where users can trade stake and loan NFTs.

Bitcoin claims the leading spot as the number one cryptocurrency on the platform, accounting for 28.9%. Following closely is USDT, with a 24.79% dominance on the exchange, and Binance’s native token, BNB, holds 11.03% of the overall token allocation on the platform.

Pros and Cons

ProsCons
High trading volumeRegulatory concerns
Simple user interfaceIntimidating for beginners
Large selection of trading options 

FAQs

●     Is Binance good for beginners?

While Binance boasts a straightforward user interface, some may perceive the platform as slightly advanced, especially for novice traders.

●     What are the disadvantages of Binance?

Binance faced regulatory concerns and lawsuits from the United States Securities and Exchange Commission (SEC).

●     Does Binance have its own token?

Binance Coin (BNB) is the native cryptocurrency of the Binance platform. While the token was initially built on the Ethereum network, it has since migrated to Binance’s own blockchain, known as Binance Chain.

Bitget:

Established in 2018, Bitget ranks among the top five exchanges in the Middle East, boasting over 20 million registered users and a listing of more than 550 cryptocurrencies. While it offers both spot and futures trading, Bitget is renowned for its leading copy trading platform, particularly beneficial for beginners navigating market complexities.

Bitget’s user-friendly copy trading platform has attracted over 80,000 traders since its launch. Currently hosting more than 130,000 elite traders and 650,000 followers and realizing over $430 million in profits, the platform showcases top traders based on return on investment (ROI), all-time profits, and followers’ profits.

Notably, Bitget also provides bot copy trading, allowing users to automate their trades effortlessly. This feature simplifies strategy forecasting, as users are not required to make precise market predictions. The platform boasts flexibility and risk reduction by allowing traders to set their desired price range while the bot handles the rest.

Bitget has an average daily volume of $10 billion and is a trusted platform for new and experienced traders. The BGB token is the native utility token of Bitget and can be used by traders for staking, social trading, profit sharing, or receiving discounts on trading fees.

Additionally, Bitget has expanded its support for Arabic speakers in over eleven Middle-Eastern and North African countries, allowing trades in over twelve Middle-Eastern currencies, through its mobile app and website, enhancing accessibility for Arabic-speaking audiences, facilitating smoother learning processes, and improving communication for cryptocurrency transactions.

The expansion aligns with Bitget’s commitment to the Middle East, where it already supports Fiat gateways for seven currencies. Users in the region can access a range of features, including P2P, Earn, Futures, and Copy-trading, with zero fees for buying and selling through Bitget P2P, emphasizing a seamless trading experience and better regional support overall.

Bitget understands the risks and challenges associated with online transactions and aims to protect users’ assets and create a more secure trading environment. Bitget requires mandatory Know-Your-Customer (KYC) procedures and has an anti-phishing code in its emails to help users distinguish authentic Bitget emails.

Pros and Cons

ProsCons
High-security measuresRestricted in certain countries
Variety of Web3 services and platforms 
One of the best copy trading platforms 
Low trading fees 

FAQs

●     How many cryptocurrencies are supported on Bitget?

Bitget supports over 550 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Litecoin (LTC), Ripple (XRP), Chainlink (LINK), Cardano (ADA), and Polygon (MATIC).

●     Is Bitget secure?

Bitget is considered one of the most secure crypto exchanges due to several implemented security measures. The exchange has incorporated an anti-phishing code in its emails, segregates users’ funds into distinct cold and hot wallets, and maintains a substantial protection fund exceeding $350 million.

●     What is a BGB token?

Bitget Token (BGB) is the native utility token for the Bitget exchange. It was introduced with the primary purpose of offering users within the platform a means of payment within its ecosystem.

BGB holds utility in various capacities, including staking, engaging in social trading activities, and obtaining discounts on trading fees.

●     How can traders buy crypto?

Bitget supports fiat currencies through Mastercard, Visa, Union Pay, Google Pay, Apple Pay, and bank deposits.

Coinbase:

A U.S.-based crypto trading platform where users can easily buy, sell, and store cryptocurrencies. Established in 2012, the exchange is one of the five top crypto exchanges in the Middle East.

Coinbase claims to be “building the crypto economy,” a more fair, accessible, efficient, and transparent financial system enabled by crypto.

One of the key factors that distinguishes Coinbase is its commitment to being the most trusted crypto platform. The exchange boasts of having high standards for what assets to list, which services to provide, and who has access to their products.

Users can earn crypto through staking on the exchange and a “learn-to-earn” program. The educational program helps users learn about cryptocurrencies and how they work, and they will earn crypto in return. Coinbase created educational tutorials to teach users about different cryptocurrencies.

Like many other crypto exchanges, Coinbase has a wallet where traders can store and manage their digital assets, including crypto and NFTs. The wallet supports hundreds of thousands of tokens and dApps, enabling users to explore the decentralized web on their phone or browser.

Pros and Cons

ProsCons
Offers many withdrawal options, including PayPalHigher fees than other exchanges
Beginner-friendlyLimited advanced options for expert traders
Trusted by U.S. regulators 

FAQs

●     Where is Coinbase located?

Coinbase is headquartered in San Francisco, California, the United States.

●     Is Coinbase a good choice for beginner traders?

Coinbase makes it easy for both beginners and experienced users to trade and store cryptocurrencies.

●     What are the disadvantages of trading on Coinbase?

One disadvantage of Coinbase is the perceived high fees compared to its competitors, according to many reviewers.

KuCoin:

KuCoin, one of the top five cryptocurrency spot exchanges, according to CoinMarketCap, boasts 30 million global investors and support for more than 700 coins. Established in 2017, the exchange is known as the “people’s exchange” due to its low trading fees and user-friendly interface, which attract beginners and advanced traders.

KuCoin supports various fiat currencies and cryptocurrencies, making trading assets easier. With support for over 50 fiat currencies through the P2P market and credit/debit card channels, KuCoin offers a seamless exchange experience for users in more than 200 countries.

One of the notable features of KuCoin is its high security. The exchange stores assets in independent wallets, has advanced private key management, and has a trusted computing environment. The platform also features 24/7 wallet address monitoring with suspicious behavior alerts.

New users are rewarded for signing up on the KuCoin exchange. The exchange stated its commitment to giving new users rewards, including USDT and coupons worth up to 700 USDT. Users who complete their sign-up, make their first deposit/crypto purchases, first purchases, and engage in pro trading are eligible to receive the rewards.

The native token, KCS, provides users with reduced trading fees. The platform offers competitive trading fees, starting at 0.1% for their spot trading tool. The exchange offers spot trading, bot trading, and futures trading.

Moreover, one of the exchange’s services is KuCoin Pool, a mining pool that provides users with one of the lowest mining fees in the industry with optimized algorithms for higher mining efficiency. The platform is committed to providing various Web3 services and has launched a crypto wallet named “Halo Wallet,” the first social crypto wallet that connects users to Web3.

Pros and Cons

ProsCons
Low trading and withdrawal feesNot beginner-friendly
Offers advanced trading features 

FAQs

●     Where is KuCoin based?

KuCoin Exchange is a cryptocurrency exchange headquartered in the Seychelles.

●     How many cryptocurrencies does KuCoin support?

More than 700 cryptocurrencies are currently supported on the KuCoin exchange.

●     Does KuCoin have its own token?

KuCoin’s native token is KCS, and it functions as a means of payment for trading fees on the KuCoin exchange. Users can utilize KCS to trade at a reduced fee, providing them with a cost-saving advantage on the platform.

OKX:

A global leader in digital asset exchanges, OKX offers Web3 financial services to millions of traders in over 180 regions, with offices in Dubai, Turkey, Hong Kong, Singapore, and Australia.

Users can trade hundreds of tokens and trading pairs on spot, margin, and derivatives markets on the OKX exchange. Moreover, the exchange offers options, futures, perpetual swap trading, lending, and mining services.

Ranking third in cryptocurrency derivatives exchanges, OKX boasts 221 markets, with open interest totaling $4 billion and total assets surpassing $12 billion. The exchange provides a crypto hot wallet, an NFT marketplace, and decentralized applications (dApps) as part of its “portal to Web3” services.

The exchange lists over 350 cryptocurrencies and supports more than 500 trading pairs, solidifying its position as one of the top five crypto exchanges in the Middle East. OKX provides intelligent pre-built bot trading services, enabling users to automate their trading strategies and earn around the clock.

OKX’s bot trading currently has more than 400 thousand global bot traders, $158 million in bot trading earnings, and 9.63 million bots created worldwide.

Pros and Cons

ProsCons
One of the top crypto derivatives exchangesNot available in the United States
Low trading fees for spot and futures trades 

FAQs

●     How many cryptocurrencies does OKX support?

OKX supports more than 350 cryptocurrencies and more than 500 trading pairs.

●     Where is OKX based?

OKX maintains a headquarters in Seychelles with additional offices around the world.

●     What options for trading are available on the OKX exchange?

The OKX exchange offers a diverse range of trading options, including copy trading, spot trading, futures trading, options trading, OTC (Over-the-Counter) trading, margin trading, and trading bots.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Bitcoin ETF Approval Inches Closer as SEC Readies Final Decision Date

https://coinedition.com/bitcoin-etf-approval-inches-closer-as-sec-readies-final-decision-date/

  • Fox Business reporter suggests that the approval of a Bitcoin Spot ETF early this week is unlikely to occur. 
  • The United States Securities and Exchange Commission must review the filed S-1 forms.
  • The SEC is set to specify a final date, effective within 24-48 hours after this review.

Fox Business reporter Eleanor Terret has indicated that the approval of a Bitcoin spot ETF early this week is unlikely to occur. In a post on X, she asserted that the United States Securities and Exchange Commission (SEC) must review the filed S-1 forms.

Terret explained that the SEC needs to review all the changes made to the S-1 forms filed and provide comments on them. She mentioned, “From what I understand through conversations I’ve had with issuers, the SEC still has to review all the changes made to the S-1s filed on Thursday/Friday AND make comments on them.”

According to Terret’s insights, the SEC is likely to inform issuers of a final date for filing Form S-1 after this round of review and make it effective within the subsequent 24-48 hours. This timeline mirrors the approval process observed for Ethereum futures last October.

Terret added, “The agency will, after this round of reviews, communicate to the issuers a date they want the final S-1s to be filed and make them effective in the subsequent 24-48 hours.”

Despite Terret’s optimism about the next two weeks being exciting for the crypto market, the broader crypto community appears less enthusiastic. Some members expressed skepticism, speculating that the SEC might delay approval and devise excuses. One member remarked, “I would think Gary would try to drag this out as long as he can, like he does with everything else.

“In contrast, Gabor Gurbacs, an advisor for the American investment firm VanEck, recently shared his long-term bullish outlook on Bitcoin ETFs. He noted that the ETF launch could initially trigger a net inflow of around $100 million in funds, predominantly from institutional investors, characterizing it as mostly recycled money.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

OKX Delists Multiple Trading Pairs, Including Monero and Zcash

https://coinedition.com/okx-delists-multiple-trading-pairs-including-monero-and-zcash/

  • OKX announced the delisting of multiple spot trading pairs, including Monero and Zcash. 
  • The delisted trading pairs failed to meet the platform’s listing criteria. 
  • The exchange also suspended deposits and withdrawals for various tokens.

OKX, the global cryptocurrency spot, and derivatives exchange, has recently announced the delisting of multiple spot trading pairs, citing user feedback and adherence to the OKX Token Delisting Guidelines as key factors behind the decision.

According to OKX, removing these trading pairs results from a continuous evaluation process, wherein the platform regularly reviews the performance and listing qualifications of all trading pairs. The exchange specified that certain pairs failed to meet the platform’s listing criteria, leading to their upcoming delisting. 

“Based on feedback from users and the OKX Token Delisting / Hiding Guideline, we will be delisting several trading pairs that do not fulfill our listing criteria,” stated OKX.

Delisted Spot Trading Pairs on OKX (Source: OKX Announcement)

Per the announcement, the affected trading pairs KSM/USDC, FLOW/USDC, JST/USDC, KNC/USDC, ANT/USDC, FSN/USDT, ZKS/USDT, CAPO/USDT, and CVP/USDT will be delisted on January 4, 2024, 8:00–8:30 a.m. UTC. 

Additionally, another set of spot trading pairs, such as XMR/BTC, XMR/ETH, XMR/USDT, XMR/USDC, DASH/BTC, DASH/USDT, ZEC/BTC, ZEC/USDT, ZEC/USDC, ZEN/BTC, and ZEN/USDT, is scheduled for delisting on January 5, 2024, during the same time frame.

OKX advises traders to cancel any existing orders related to these trading pairs before the specified delisting times. Failure to do so may result in automatic cancellation by the system, as highlighted in the announcement. 

In addition to the delisting, the exchange suspended the deposits for various tokens, including Fusion (FSN), ZKSpace (ZKS), IL CAPO OF CRYPTO (CAPO), PowerPool (CVP), Monero (XMR), Dash (DASH), Zcash (ZEC), and Horizen (ZEN), starting on December 27, 2023, at 8:00 a.m. UTC. Moreover, withdrawals for these tokens will be suspended starting on March 5, 2024, at 8:00 a.m. UTC.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Celsius Network Granted Approval to Enter Bitcoin Mining Industry

https://coinedition.com/celsius-network-granted-approval-to-enter-bitcoin-mining-industry/

  • The U.S. bankruptcy court has approved Celsius’ plan to transition its focus to Bitcoin mining.
  • Celsius will be led by U.S. Bitcoin Corp., parting ways with the originally selected bidders.
  • The approved bankruptcy plan frees up $225 million worth of crypto, benefiting customers.

The U.S. bankruptcy court has granted approval for cryptocurrency lender Celsius’s Network to pivot to Bitcoin mining, according to a Reuters report. 

A U.S. bankruptcy judge has approved the request, ruling that the company could deviate from the previously approved bankruptcy plan. The judge cited that the creditors and customers “were no worse off under the new restructuring.” 

According to the U.S. Bankruptcy Judge Martin Glenn in Manhattan, the bankruptcy plan, which was approved in November, contained enough flexibility to allow Celsius to switch to a backup plan. The switch was deemed reasonable after Celsius reached a “road block” with the U.S. Securities and Exchange Commission.

Furthermore, in light of becoming a Bitcoin mining company, Celsius will no longer be associated with certain selected bidders for the new company. The responsibility of operating the newly formed creditor-owned mining business will fall under the purview of U.S. Bitcoin Corp.

Initially, the U.S. Bitcoin Corp. was going to manage Celsius alongside other companies in a consortium of bidders known as Fahrenheit. 

Reuters reported that the U.S. Department of Justice argued that the change required Celsius to put a proposal up for a new vote by creditors. The U.S. bankruptcy judge claimed that the mining plan was “not the deal that the creditors voted on” in a November 30 court hearing. 

Additionally, the bankruptcy plan frees up $225 million in cryptocurrency assets, according to Reuters, that would have been used to fund the new business line, which was rejected by the SEC. As a result, customers will have the opportunity to benefit from this sum, according to the judge. 

Moreover, Judge Martin Glenn mentioned that customers would also receive equity shares in the new Bitcoin mining business.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Thunder Terminal Got Hacked, 86 ETH and 439 SOL Lost

https://coinedition.com/thunder-terminal-got-hacked-86-eth-and-439-sol-lost/

  • On-chain trading platform Thunder Terminal was hacked with 86 ETH and 439 SOL on December 27.
  • The exchange reassured customers that neither private keys nor wallets were compromised.
  • Hackers demanded 50 ETH, or else they would delete all user data they claimed to possess.

On-chain trading platform Thunder Terminal announced that the funds are safe after the exchange got hacked with 86 ETH and 439 SOL. Hackers, however, claimed that they had all the users’ data and were demanding 50 ETH or else they would delete it. 

On December 27, Thunder shared that at 12:11:47 AM (UTC), suspicious withdrawals started to happen while a malicious actor got access to a MongoDB connection URL. MongoDB is a cloud database provider. The hackers reportedly used the URL to pull session tokens and execute withdrawals on behalf of the trading platform users. 

Thunder claimed that it had managed to stop the malicious act in nine minutes, saying, “At 12:20:35 AM UTC, the last malicious withdrawal happened.” Thunder stated that all session tokens and all kinds of access to transaction signing were revoked for security reasons. 

The exchange reassured customers that neither private keys nor wallets were compromised. Additionally, they explained that the exploit happened through withdrawal requests that their server considered authorized due to the leaked session tokens. Thunder said:

We do not store any private keys, so the attacker does not have access to any wallets. Desktop wallets were not affected. Less than 1% of wallets on our platform were affected as a result of this attack.

Interestingly, the hackers claimed that the funds weren’t safe and the private keys were compromised. As an input data message in the Ethereum transaction hash, the hackers said, “All lies. Also, we have all the user data. 50 ETH and we will delete the data.”

The amount lost from the incident was 86.5611512804 ETH and 439.12232317 SOL, according to Thunder. Moreover, the on-chain trading platform stated that all lost funds will be refunded in full, and affected users will be given 0% fees and $100K in credits each. 

Furthermore, Thunder stated that they have taken measures to prevent further malicious withdrawals and future access to session tokens. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Barbie Girl Celebrates Artists in Creative Beauty Contest With 10B BBG Rewards

https://coinedition.com/barbie-girl-celebrates-artists-in-creative-beauty-contest-with-10b-bbg-rewards/

Barbie Girl memecoin proudly announces the debut of its first beauty contest, the Barbie Glitz N Glam Beauty Contest, offering artists a remarkable platform to showcase creativity and seize rewarding opportunities.

In a recent announcement, Barbie Girl shared comprehensive details about the beauty contest, promising to appreciate diverse artworks and provide artists with the chance to get recognized for their creative work. Commencing on December 25, artists were invited to participate in the preliminary round of the Barbie Glitz N Glam Beauty Contest.

The preliminary round marks the beginning of the first step of the creative contest, where participants can transform Barbie into their artistic masterpiece. The top 10 creations from the preliminary phase will each be rewarded with an impressive prize of 1 billion Barbie Girl memecoins (BBG).

Moreover, Barbie Girl added that the selected top 10 artworks will secure a spot in the second and final stage of the contest, the New Year’s finale. The New Year’s finale promises the audience an ultimate glam showdown, with the chosen top 10 competing for the grand prize.

Barbie Girl extends an invitation to all artists, creators, and Barbie enthusiasts to be part of this glamorous beauty contest. A contest where artists can show their creativity and be in the running for significant crypto rewards.

About Barbie Girl (BBG):

As one of the latest memecoins in the crypto sphere, Barbie Girl was launched on October 31, garnering widespread popularity with its 4 trillion BBG airdrop.

For detailed information and participation, refer to the official announcement here: https://twitter.com/BarbiegirlBBG/status/1737368022032036333

Website: https://barbiegirl.io/

Buy page: https://buy.barbiegirl.io/

X (formerly Twitter): https://twitter.com/BarbiegirlBBG

Telegram Community: https://t.me/barbiegirllover

Smart contract: https://bscscan.com/token/0x82ff813de8a9a75f054ad6e6a0c1ceb1be98c426

Disclaimer: The information presented in this article is part of a sponsored/press release/paid content, intended solely for promotional purposes. Readers are advised to exercise caution and conduct their own research before taking any action related to the content on this page or the company. Coin Edition is not responsible for any losses or damages incurred as a result of or in connection with the utilization of content, products, or services mentioned.

Delphi Digital’s Report Anticipates a Promising Year for Web3 Gaming

https://coinedition.com/delphi-digitals-report-anticipates-a-promising-year-for-web3-gaming/

  • Delphi Digital shared a report titled “The Year Ahead for Gaming 2024.”
  • The Philippines, Nigeria, and Pakistan are the top three main markets for blockchain games. 
  • In 2023, blockchain gaming saw 23 times more on-chain transactions than DeFi protocols.

Delphi Digital recently published a report titled “The Year Ahead for Gaming 2024,” claiming that the main markets for blockchain games are the Philippines, Nigeria, Pakistan, Singapore, Vietnam, South Korea, Hong Kong, China, and the United Arab Emirates. 

Stacy Muur, a Web3 marketer, shared key insights from Delphi Digital’s report in an X post. The insights highlighted the stability of the total combined market capitalization of 183 projects, which ranged between $4 billion and $7 billion throughout the year. Despite being 86% lower than the all-time high in 2022, Muur emphasized the significant potential for growth.

Additionally, Muur noted that the OP Stack framework has emerged as the preferred choice for fully on-chain crypto gaming developers. The OP Stack, an open-source development stack, simplifies the development of Layer 2 chains for developers.

Moreover, reports indicate a growing interest from major gaming companies in entering the Web3 market. In addition, Web3 developers were becoming more drawn to Web3 mobile gaming due to improved onboarding procedures and “more relaxed regulations.”

Furthermore, data revealed a rise in the total number of gaming-focused networks, with 76 new networks, including general-use L1s and L2, emerging in 2023. Notably, blockchain gaming generated on average 23 times more on-chain transactions than DeFi protocols during the same period.

Muur added that approximately 1.2 million daily unique active wallets are currently engaging with gaming protocols, resulting in a daily transaction range of 15 to 25 million.

“AI-driven generation agents will create entirely new player experiences,” according to the report. The report mentioned Parallel, AI Arena, Geppetto AI, AVALON, and TODAY as projects at the intersection of artificial intelligence and crypto gaming

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

The SEC Is Moving the US in the Wrong Direction: Ripple’s CEO

https://coinedition.com/the-sec-is-moving-the-us-in-the-wrong-direction-ripples-ceo/

  • Notable crypto entities, including Ripple and Coinbase, actively support the campaign.
  • Three political action committees, backed by crypto executives and investors, have raised $78 million.
  • Ripple’s CEO leads a concerted effort to support pro-crypto candidates in the upcoming 2024 U.S. election cycle.

Ripple’s CEO, Brad Garlinghouse, has expressed the team’s commitment to supporting candidates with a pro-innovation and pro-crypto stance in the upcoming 2024 U.S. election cycle.

Garlinghouse’s statement comes in response to recent news revealing that three political action committees, backed by crypto executives and investors, have successfully raised $78 million.

“The U.S. cannot afford to continue taking a back seat on the global stage,” said Garlinghouse. Ripple’s CEO claimed that the regulatory overreach is harming the crypto industry in the U.S. 

Garlinghouse stated that the U.S. Securities and Exchange Commission is moving the country in the “wrong direction.” Moreover, Garlinghouse added that other countries took “full advantage of the lack of U.S. leadership.”

The campaign supporting these political action committees has garnered widespread backing from prominent figures in the crypto sphere, including crypto exchange Coinbase. The head of U.S. policy at Coinbase remarked, “This is demonstrating a very serious commitment from the crypto industry to engage in the 2024 elections.”

Coinbase CEO Brian Armstrong recently expressed anticipation for changes in the U.S. crypto regulatory landscape post the 2024 elections. Armstrong envisions Coinbase obtaining licenses and regulations from the Commodity Futures Trading Commission (CFTC) and the SEC, emphasizing the exchange’s commitment to the U.S. market.

Furthermore, Garlinghouse claimed that the crypto industry needs advanced leaders who will champion innovation and spearhead paths toward responsible regulation. “2024 is the time to go back to first principles by encouraging initiatives to promote transparency, innovation, and a compliance-first approach,” concluded Garlinghouse. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

3AC’s Su Zhu To Be Released; Faces Questions on Fund’s Collapse

https://coinedition.com/3acs-su-zhu-to-be-released-faces-questions-on-funds-collapse/

  • Three Arrows Capital co-founder Su Zhu is set for release for good behavior. 
  • Zhu faced questioning in a two-day hearing in a Singapore court, addressing the collapse of the crypto hedge fund.
  • The legal proceedings between Zhu and the liquidator’s representatives are characterized as a civil matter.

Co-founder Su Zhu of bankrupt hedge fund Three Arrows Capital is reportedly expected to be released this month based on standard provisions for good behavior.

As reported by Bloomberg, Zhu faced questioning in a Singapore court about the fund’s collapse in a two-day court for the first time. The hearing required Zhu to respond to lawyers for Teneo, the liquidator for the bankrupt crypto hedge fund. 

The court session aimed to gather crucial details about the fund’s failure and the location of its assets. According to Bloomberg, this inquiry provides the liquidators with their “best chance yet to gather information as they seek to recoup billions of dollars for creditors.”

Zhu was arrested on September 29 at Singapore Changi Airport while attempting to leave the country following the Singapore Court’s committal order. Bloomberg stated that Zhu was jailed for four months but is set to be released on standard provisions for good behavior. 

Furthermore, Bloomberg added that the proceedings between Zhu and Teneo’s representatives were a civil matter as the founder hasn’t faced any criminal charges in Singapore. People familiar with the matter claimed that details obtained from the questions in court would be shared with creditors to maximize recoveries. 

In a related development, Kyle Davies, a co-founder of the hedge fund alongside Zhu, faced penalties from Dubai authorities in August for their crypto firm, OPNX. Reports revealed that Davies and Zhu failed to settle outstanding penalties, resulting in a $54,451 fine.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Binance and Zhao Counter SEC’s Notice and Legal Tactics

https://coinedition.com/binance-and-zhao-counter-secs-notice-and-legal-tactics/

  • Binance and Zhao question the SEC’s notice, claiming it lacks relevance.
  • Defendants criticize the SEC’s use of Zhao’s plea agreement, asserting it is “deeply misguided.” 
  • The SEC selectively omits crucial information, according to the filing.

Binance and former CEO Changpeng Zhao filed a response to the U.S. Securities and Exchange Commission’s (SEC) recent notice of supplemental authority filed on December 8, describing it as an “impermissible supplemental brief that identifies no new authority.”

The filing response claimed that the SEC’s notice was improper and impermissible, citing that the SEC failed to demonstrate the relevance of the resolutions with the Department of Justice to the SEC’s claims against Binance and Zhao.

In the SEC’s notice, reference was made to the recent plea agreement between Zhao and U.S. officials after Zhao pleaded guilty to breaching anti-money laundering rules, suggesting that these developments provided additional grounds for the court to reject the joint motion.

The SEC accused Binance and Zhao of knowingly taking steps to circumvent U.S. law.  The defendants countered this argument, saying that the SEC’s attempt to conflate different statutory schemes by calling them all U.S. law is unavailing. 

The defendants criticized the SEC’s use of the plea deal as “deeply misguided,” arguing that the facts in the agreements with the Department of Justice did not necessarily imply fair notice of the SEC’s theory that the crypto assets in question were securities. They emphasized that violating the Bank Secrecy Act, as indicated in the plea agreements, did not automatically support the SEC’s position.

Moreover, the defendants disputed the SEC’s assertion that Binance admitted to using a U.S.-based technology service provider, contending that the SEC selectively omitted relevant information. According to the defendants, the full context of the statement revealed that the service provider hosted and operated Binance.com in Japan.

The defendants concluded by claiming that the SEC’s notice should be disregarded and that it didn’t undermine any of Binance’s or Zhao’s arguments for dismissal. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Sam Bankman-Fried Deviated From the Planned Defense Strategy: SBF’s Lawyer

https://coinedition.com/sam-bankman-fried-deviated-from-the-planned-defense-strategy-sbfs-lawyer/

  • Defense attorney David Mills labeled Bankman-Fried’s cross-examination as the most challenging he had ever seen.
  • The FTX founder reportedly deviated from the planned legal strategy during his testimony.
  • Mills acknowledged that even with a better performance by SBF, the jury might still have found him guilty.

In the legal defense of Sam Bankman-Fried, attorney David Mills asserted that the founder of FTX exhibited the most challenging cross-examination performance he had ever witnessed.

Bloomberg reported that Bankman-Fried “went off-script when he took the stand” and deviated from the lawyers’ planned strategy while testifying, particularly in the manner of answering the prosecutors during cross-examination.

Despite Mills acknowledging that a better performance by SBF may not have altered the jury’s guilty verdict, he pointed out that pre-trial rulings by the judge and the powerful testimony from prosecution witnesses made the case “practically unwinnable for the defense.”

Mills, a professor at Stanford Law School, confirmed that he would not be involved in any appeal for FTX’s founder, emphasizing that his initial strategy aimed to convince the jury that the Bankman-Fried’s actions were part of a sincere effort to save FTX.

Defending the fallen crypto exchange founder proved challenging for Mills due to the impactful testimony of three prosecution witnesses. Alameda Research CEO Caroline Ellison, FTX Co-Founder Gary Wang, and Engineering Chief Nishad Singh all testified that SBF directed them to commit fraud.

Mills expressed the formidable challenge of contesting a case when multiple founders align to accuse an individual, even if their credibility is in question. He stated, “Even if they’re all lying through their teeth, it’s really, really hard to win a case like that.”  

Furthermore, Mills highlighted Bankman-Fried’s repeated claims of not remembering certain statements, which he believed made his client appear evasive. Mills concluded, “You’ve got five people who say one thing; one person says another thing. Well, you’ve got no shot—zero.”

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

FTX Clashes with US Tax Authorities Over ‘Enormous’ $24B Tax Demand

https://coinedition.com/ftx-clashes-with-us-tax-authorities-over-enormous-24b-tax-demand/

  • FTX is contesting a substantial $24 billion tax bill imposed by the Internal Revenue Service’s (IRS) tax authorities.
  • The proposed tax amount lacks substantiation and is not readily determinable, according to FTX.
  • IRS’s proposed tax bill would significantly impede the chances of creditors obtaining any meaningful recovery.

The Internal Revenue Service (IRS) in the United States has put forth a tax bill of $24 billion against the bankrupt cryptocurrency exchange, FTX. FTX, in response, has contested the proposed amount, arguing that it is “enormous” and lacks substantiation. The exchange claims that the IRS’s assertions lack merit and a valid basis.

FTX, currently undergoing bankruptcy proceedings, contends that the proposed tax bill would significantly hinder the chances of most creditors, who are victims of fraud, of any meaningful recovery.

The proposed tax bill “would effectively prevent most of FTX’s creditors—themselves victims of fraud—from obtaining any meaningful recovery. It just makes no sense that a company that lost many billions of dollars would have a substantial tax liability, much less one for $24 billion,” FTX said in the court filing. 

The cryptocurrency exchange challenged the IRS’s claims, asserting that the amount specified was not readily determinable and could not be estimated.

Furthermore, FTX also criticized what it referred to as the U.S. official’s “Alice in Wonderland” argument, asserting that it lacked legal support. The burden, according to FTX, lies with the debtors to disprove the IRS’s unexplained $24 billion claims.

Moreover, FTX added that the tax authorities gave the impression that several complicated issues were “necessary to determine the Debtor’s tax liability” and that determining the amount could take months to resolve. 

“This issue is not complicated at all. The Debtors petitioned for bankruptcy because they lost massive sums of money, and those enormous losses do not give rise to any tax liability, much less a multi-billion dollar tax liability,” said FTX.In October, FTX and affiliated debtors announced a proposed settlement for customer property disputes that may see customers reclaim 90% of their lost assets in 2024.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Charles Hoskinson Unintentionally Boosts an NFT; Ethereum Sees Decline in NFT Volume

https://coinedition.com/charles-hoskinson-unintentionally-boosts-an-nft-ethereum-sees-decline-in-nft-volume/

  • Charles Hoskinson unintentionally boosted the popularity of the Freya NFT project. 
  • The Freya NFT project experienced a remarkable increase of 648% within two days.
  • Data reveals Bitcoin as the number one chain in terms of NFT sales volume.

The founder of Cardano, Charles Hoskinson, inadvertently sparked a surge in interest for the NFT project named Freya when he shared a now-deleted picture on X featuring himself and his dog, whose name is Freya.

In the post, he tagged an account associated with a dog-themed NFT project that shared the same name as his pet. While initial reports suggested that Hoskinson tagged the account accidentally, the NFTs associated with Freya experienced a notable uptick in trading, driven by the misconception that Hoskinson was connected to the project.

In a subsequent post on X, Hoskinson clarified his lack of involvement with “fan projects like Freya or other NFT plays.” He explained that people had created artwork featuring him and his dog, but he asserted that he had no affiliation with the Freya project.

According to data from the asset tracking platform on Cardano Taptools, Freya witnessed an impressive surge of 648% within a span of two days. 

The NFT landscape has seen additional noteworthy developments, with Ethereum registering a decline in sales volumes. Data from NFT data aggregator CryptoSlam ranked Bitcoin as the number one chain in terms of NFT sales volume, surpassing Ethereum and Solana over the past seven days.According to The Block’s data for the week of December 3-10, Bitcoin recorded an NFT trading volume of $121.28 million, while Ethereum and Solana posted volumes of $96.69 million and $61.47 million, respectively.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

5,000 SPVs Established in Abu Dhabi by Wealthy Individuals in 2023

https://coinedition.com/5000-spvs-established-in-abu-dhabi-by-wealthy-individuals-in-2023/

  • Notable high-net-worth individuals, including Changpeng Zhao, are choosing Abu Dhabi’s international financial center to establish SPVs. 
  • Bloomberg reports a remarkable surge in the number of SPVs in the Abu Dhabi Global Market, with the count surpassing 5,000.
  • High-net-worth individuals are reportedly drawn to Abu Dhabi due to its safeguards for ring-fencing assets from foreign jurisdictions.

Changpeng Zhao, Gautam Adani, hedge fund billionaire Ray Dalio, and Russian steel magnate Vladimir Lisin are among the high-net-worth individuals who have established special purpose vehicles (SPVs) in Abu Dhabi’s international financial center this year.

According to Bloomberg, Abu Dhabi is emerging as a “new wealth hub” where the world’s wealthiest individuals secure their assets overseas. Furthermore, data reveals that the number of SPVs in the Abu Dhabi Global Market has surged to over 5,000, compared to just 46 in 2016.

For the uninitiated, SPVs are separate legal entities that can be used to isolate financial risk, securitize assets, and perform separate financial transactions. 

While the data does not disclose the source of the assets transferred by individual billionaires, the report suggests that the wealth influx reflects global shifts in how the world’s rich “are protecting their money.”

Bhaskar Dasgupta, a former Abu Dhabi free zone corporate adviser, lauded the Abu Dhabi Global Market as an ideal destination for setting up SPVs, noting a significant upward trend. “We’re seeing more high net worth individuals moving from the BVI, Caymans, Mauritius, and Singapore to here,” said the adviser.

People familiar with the matter stated that Abu Dhabi appeals to high-net-worth individuals “because of its safeguards to ring-fence assets from foreign jurisdictions and the ability to benefit from the UAE’s double tax treaty network.”

According to reports, the former CEO of Binance, Zhao, set up multiple SPVs in Abu Dhabi. Binary Finance Group Holdings, Alphanest Holdings, and CZ Labs Holdings are some of the SPVs that Zhao set up this year. 

In related news, Binance has announced the withdrawal of a license application that allowed the platform to operate a collective investment fund in Abu Dhabi. Initially, the Abu Dhabi Global Market permitted Binance to offer cryptocurrency custodial services to clients in Abu Dhabi in 2022.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.