Bybit, a prominent cryptocurrency exchange, has announced its decision to cease operations in France due to recent regulatory developments. Effective August 2, 2024, Bybit will restrict all accounts held by French residents to a “Close-Only” mode, preventing new positions from being opened or new funds from being deposited. This move comes in response to the Autorité des Marchés Financiers (AMF), France’s financial regulator, which has been tightening its oversight of cryptocurrency platforms.
The AMF had previously blacklisted Bybit in 2022, citing the exchange’s failure to register as a Digital Asset Services Provider (DASP). This blacklisting has now culminated in Bybit’s decision to exit the French market. The exchange has instructed its French users to close all open positions and withdraw their assets by August 13, 2024, after which any remaining positions will be automatically liquidated.
Bybit’s departure from France highlights the increasing regulatory scrutiny faced by cryptocurrency exchanges in Europe. The AMF’s actions are part of a broader effort to curb illicit activities such as money laundering and to protect retail investors. Bybit has expressed its intention to return to the French market once it secures the necessary regulatory licenses.
This development is a significant blow to Bybit, which had recently surpassed Coinbase to become the world’s second-largest exchange by trading volume. The exchange’s exit from France underscores the challenges that cryptocurrency platforms face in navigating complex regulatory environments. As the industry continues to evolve, exchanges like Bybit will need to adapt to ensure compliance and maintain their market positions.
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BITCOIN IS HEADING TO $500K SAYS GALAXY DIGITAL’S MIKE NOVOGRATZ – HERE’S WHEN!! BTC HITS NEW ATH!!
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Mike Novogratz, CEO of crypto management firm Galaxy Digital, is revealing when he thinks Bitcoin will hit his target of $500,000.
In a discussion with Michael Saylor on the WORLD.NOW event hosted by MicroStrategy, Novogratz proposes that Bitcoin will continue to perform well, more so as a store-of-value asset rather than as a currency.
“I think we’ve hit a tipping point in this network effect I talked about, and my base case is: if I look at Bitcoin as a percentage of gold, I think Bitcoin is going to be digital gold. I know a lot of people disagree with me. They’ll think, ‘No, it going to be money. It’s going to be the blockchains of all blockchains,’ I just don’t think so. I think it’s got a beautiful lane as a store of value. It was perfectly designed as a store of value.”
Seeing it as a store of value asset, the Galaxy Digital head says he believes the largest crypto asset will continue to catch up to gold’s $10 trillion market capitalization as it prints gains of over 10x in as little as three years.
“I think of it as, ‘What percentage of market cap is gold?’ We’re about 6% of the gold market cap. My sense is by the end of the year we are easily 10%. So that gets you to Bitcoin $55,000-$60,000. I know as soon as we get to 10%, we’re going to say, ‘Well why 10? Why not 20?’ And when we get to 20%, we’re going to be 50%, and then we’re going to be 100%.
So I would be $60,000 end of this year, and I’m $500,000 probably like 2024-2025… It doesn’t happen overnight. It happens with more and more education, with more and more seminars like this, with more and more communities buying into the idea.”
In other trending Bitcoin News today:
Roses Are Red, Violets Are Blue, Bitcoin Hits $49K And A New All-Time High Too
The Bitcoin price achieved a new record above $49,500 on Valentine’s Day on Feb. 14, rising to as high as $49,600 on Coinbase.
There are three main reasons Bitcoin surged to a new all-time high, high stablecoin inflows, clean break of the $38,000 resistance area, and a prolonged consolidation phase.
Throughout the past several days, despite Bitcoin’s consolidation below $38,000, on-chain analysts pinpointed the continuous increase in stablecoin inflows.
According to data from CryptoQuant, a data analytics platform, the Stablecoin Supply Ratio (SSR) rose significantly as it rallied from the mid-$30,000 region.
The SSR indicator shows the ratio of the market cap of Bitcoin relative to the aggregated market cap of stablecoins.
When the price of Bitcoin rises in tandem with the SSR ratio, then it means it is likely being driven by sidelined capital re-entering the market.
This trend is highly optimistic because it shows that the rally was not just driven by an over-leveraged futures market. In fact, it was genuine demand from the spot market that led the uptrend.
Atop the high stablecoin ratio, analysts also pinpointed the decline in selling pressure coming from miners.
The combination of the lower selling pressure from miners and the increasing stablecoin inflows into exchanges catalyzed the ongoing Bitcoin rally.
Bitcoin was consolidating under the $38,000 resistance area for a prolonged period. This presented a risk to the short-term bull cycle of Bitcoin.
When the price of Bitcoin hovers under a key resistance area for a long time, it increases the probability of BTC dropping to a lower support area to tap lower liquidity.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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After the Bitcoin halving in May 2020, miners make half the $BTC they used to make.
Today, miners earned $4m in 1 hour, making it the biggest hourly revenue in history. h/t @glassnode
That’s how fast BTC has risen in the span of 9 months.
— Joseph Young (@iamjosephyoung) February 12, 2021
https://www.theblockcrypto.com/linked/94750/jpmorgan-bitcoin-btc-trading-client-demand-coo-comments
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Mike McGlone Calls Major Bitcoin Breakout | At This Rate Grayscale Will Own 3.4% of ALL BTC by January
➡️ Teeka Tiwari – Investment of the Decade: http://2020.cryptonewsalerts.net
Bloomberg Intelligence commodity strategist Mike McGlone says Bitcoin is set for a major breakout, with the leading cryptocurrency targeting $13,000 in the near term.
McGlone says he expects weeks of consolidation to end as Bitcoin’s volatility hovers at a level where big breakouts tend to erupt.
“Bitcoin a Caged Bull Set for Breakout, Eying $13,000 Resistance — The more disdain from bulls should be for the better, keeping the price tilted upward for the consolidating crypto. Declining Bitcoin volatility reflects maturation toward a digital version of gold.”
In other trending Bitcoin News today:
At This Rate Grayscale Will Own 3.4% of All Bitcoin by January
Grayscale Investments has added 19,879 BTC to its Bitcoin Trust in the last week, purchasing Bitcoin faster than the tokens can be mined.
Grayscale Investments has purchased almost half a billion dollars in Bitcoin since the May block reward halving, and this week bought BTC around three times faster than miners could produce blocks.
According to a June 25 tweet from crypto analyst Kevin Rooke, the investment firm bought 19,879 Bitcoin (BTC) — $184 million worth — in the last week for its Bitcoin Trust, bringing its total number of coins to roughly 400,000.
“Unbelievable. Grayscale added 19,879 BTC to their Bitcoin Trust since last week (53,588 BTC since the halving). Bitcoin miners only produced 7,081 BTC since last week (39,544 BTC since halving). That’s almost 400,000 BTC under management for $GBTC”
Rooke stated that not only is Grayscale buying massive amounts of the cryptocurrency, but it’s now doing so at a rate roughly 280% of the new Bitcoin mined.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Unbelievable.Grayscale added 19,879 BTC to their Bitcoin Trust since last week (53,588 BTC since the halving).Bitcoin miners only produced 7,081 BTC since last week (39,544 BTC since halving).
That’s almost 400,000 BTC under management for $GBTC pic.twitter.com/aMtSGHZnz2
— Kevin Rooke (@kerooke) June 25, 2020
#Bitcoin a Caged Bull Set for Breakout, Eying $13,000 Resistance —
The more disdain from bulls should be for the better, keeping the price tilted upward for the consolidating crypto. Declining Bitcoin volatility reflects maturation toward a digital version of gold. pic.twitter.com/2CqGEx95JS— Mike McGlone (@mikemcglone11) June 26, 2020
Coinbase Will Now Pay You to Learn About These Five Altcoins
https://cointelegraph.com/news/at-this-rate-grayscale-will-own-34-of-all-bitcoin-by-january
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BITCOIN COULD SURGE TO M WITHIN FIVE YEARS, SAYS CRYPTO HEDGE FUND MANAGER! TRUMP OR BIDEN VS BTC?
➡️ Leverage OPM (Other People’s Money): http://opm.cryptonewsalerts.net
Morgan Creek Digital Assets co-founder and partner Jason Williams says Bitcoin could meteorically rise nearly 17,900% in five years as BTC solidifies its position as a safe haven asset.
In a Norwegian Block Exchange interview, Williams offers his bull scenario for the world’s leading cryptocurrency.
“Bitcoin could hit $1 – $3 million dollars in the next five years. People have no idea what it will look like when large banks and countries start holding Bitcoin in their treasury.”
The crypto hedge fund manager highlights Bitcoin’s scarcity as a key characteristic that will attract more institutional players and continue to drive the value of the king cryptocurrency.
In the last few months, institutional players in the form of publicly traded companies have announced their entry into BTC with multi-million-dollar investments.
In September, business intelligence company MicroStrategy upped their BTC investments to $425 million. Last month, payments giant Square revealed that it made a $50 million BTC acquisition.
With more institutions flocking into the number one cryptocurrency, Bitcoin Treasuries reveals that publicly traded companies have increased their BTC holdings from over $6.9 billion in mid-October to $10.7 billion this month.
In April, when Bitcoin was trading around $6,000, Jason Williams predicted that BTC would surpass its all-time high of $20,000 this year.
In other trending Bitcoin News today:
Trump Or Biden? Max Keiser Explains Why Bitcoin Will Be The Ultimate Winner After the US Elections
Famous TV host Max Keiser explains how Bitcoin will emerge as the ultimate winner, despite who wins the 2020 US Presidential elections.
Max says, “With Trump, who at least understands something about capitalism, the ascent of Bitcoin would be slower as I believe he would calm markets by having the US enter the global hash war that Iran now leads in a Sputnik-like call to enter the Hash Race moment.”
Keiser added that the US needs to strive for a “big slice of Bitcoin’s global hash rate before our competitors do. I know of several countries that will soon announce major sovereign underwritings of BTC hash rate to try and oust Iran’s position.”
Keiser’s views see BTC sharply explode in value in case Biden emerges the winner come Sunday.
“As I’ve said, a Biden win would accelerate Bitcoin’s advance as panic-buying from those looking to escape the socialists, money printers, and MMT’ers goes into hyperdrive.”
“It will be like the 1938’s Kristallnacht (also known as the Night of Broken Glass or the November Pogrom), jack-booted armed thugs will go door-to-door stealing property in the name of social justice.”
Bitcoin is bigger than the elections, asserted Keiser.
It’s an asset that has no real “correlation with anything – stocks, bonds, currencies, gold, commodities, or property – and certainly no political parties or political outcomes, here in the US or anywhere in the world.”
Bitcoin is correlated only to Bitcoin. Despite the outcome of the upcoming elections, Bitcoin will still be backed “by an insatiable hunger.” It’s a cosmic scale hunger because “Bitcoin is the Big Bang of money.”
“To be clear, I don’t mean BTC is backed by energy. What I’m saying is, it’s backed by code that’s unstoppably programmed to consume all available energy on Earth and beyond, to create absolute monetary scarcity to elevate humanity to a more pure spiritual state of existence. Transcendence on this scale takes synchronization and massive amounts of energy.”
Keiser also said that no matter who’s the US president, Bitcoin is on its way to take out gold as the ultimate monetary store of value and doubled-down on his 40x-80x price prediction.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
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