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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4 REASONS WHY BITCOIN PRICE CONTINUES TO CRASH | BTC K – K Zone Next Year
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The Bitcoin price has continued its cataclysmic November, with BTC dropping further overnight to $6,500, levels not seen since this May.
In today’s show, we examine the following 4 Reasons Why Bitcoin Price Continues to crash:
In other Cryptocurrency news today…
Market analyst says, “The BTC price is headed for $20,000 – $25,000 zone next year.”
The Crypto market has been a disappointment lately. Lackluster bitcoin price action has intensified overall selling activity. But things are in for a welcome change, as BTC is expected to explode next year.
Crypto Michael shared on twitter:
$BTC #BITCOIN All in all, the long-term trend is still fine, aside from a parabolic explosion earlier this year (which is an outburst to the upside). Keeping the trend intact -> market is fine. Onwards to $20,000-25,000 in 2020.
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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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Whatever movements there are now (whether we go back to $7,800 prior to any further downwards movements), I do believe that the asset $BTC is one of the few bullish assets macro wise for the coming years.
Bottoming $6,200-6,500? Hell yes, I’ll be happy. Stack some more BTC.
— Crypto Michaël (@CryptoMichNL) November 24, 2019
$BTC #BITCOINAll in all, the long-term trend is still fine, aside from a parabolic explosion earlier this year (which is an outburst to the upside).Keeping the trend intact -> market is fine.
Onwards to $20,000-25,000 in 2020. pic.twitter.com/uednu3jgo4
— Crypto Michaël (@CryptoMichNL) November 23, 2019
Not making reference to manipulation. Bitmex is now collecting in fees as much as 7% as all miner issuance combined, maybe slightly less given how fees are not flat. A large percentage is sold into the market. A significant sum for a single entity.
— Alex Krüger (@krugermacro) November 25, 2019
Added liquidity can only help price, but $BTC doesn’t respond to macro variables.It is such an illiquid/fragmented market that in the absence of mass influx of new buyers, actions of a few determine direction. Micro, not macro.
Only narrative still standing is the halving/s2f.
— Alex Krüger (@krugermacro) November 24, 2019
Bitcoin Price Headed For $20k – $25k Zone Next Year: Analyst
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CITIBANK REPORT: BITCOIN MOON TARGET SET TO PEAK AT 8K IN DECEMBER 2021!! SENATOR EMBRACES BTC!!
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With Bitcoin turning bullish, the mainstream institutions are also taking a special interest in the leading cryptocurrency.
The latest is Citibank, whose bitcoin technical analysis sees lofty price targets at over $300k per BTC by the end of 2021.
Thomas Fitzpatrick, Global head of CitiFXTechnicals product, the author of the report, traces the historical price performance of Bitcoin, which reflects that timeframes for the rally are getting longer, which puts this rally to peak in December 2021 at $318k.
“Improbable though that seems it would only be a low to high rally of 102 times (the weakest rally so far in percentage terms),” with arguments in favor of Bitcoin at their most persuasive ever, he wrote.
The report notes how Bitcoin is all about “unthinkable rallies followed by painful corrections” but a type of pattern that sustains a long term trend.
As such though it’s to be seen if such lofty levels will be hit, “the price action we are looking at clearly suggest the potential for a major move higher nonetheless in the next 12-24 months,” reads the report whose snippets were first shared by trader and economist Alex Kruger.
Although “this kind of technical analysis is of little value,” Kruger noted, “what matters here is Citi’s clients being exposed to the bitcoin moon.”
Citibank compared the digital asset’s first rally that took it to the mainstream with gold, which similarly “was allowed to float in the early 1970s after 50 years of trading in a $20-$35 range.”
And that was a “structural change in the modern-day monetary regime” ushering in a world of fiscal indiscipline, deficits, and inflation. As for Bitcoin, its move happened in the aftermath of the Great Financial crisis.
In 2020, with all the MMT, gold is likely to gain from this, but the author of the report noted that gold has restrictions such as storage, non-portable, and could possibly be even called “yesterday’s news” in terms of a financial hedge.
“Bitcoin is the new gold,” reads the report.
The leading digital asset has a limited supply, is easy to move across borders, and offers opaque ownership. But the author also says that Bitcoin may be subject to more regulatory constraints going forward.
The report further mentions CBDC, which though a much more effective mechanism for distributing stimulus, “makes capital confiscation easier.”
In both the scenarios, Bitcoin will give us the digital equivalent (Bitcoin versus Fiat digital) of what we saw in the 20th century when the financial regime changed (Gold versus FIAT paper).
In other trending Bitcoin News today:
Incoming Senator Hopes To ‘Bring Bitcoin Into The National Conversation’
In a clip that has been widely circulating on Twitter, the soon-to-be-senator representing Wyoming — possibly the highest ranking US official to ever speak so glowingly of the digital currency — cited her experience as a former state treasurer for why she believes in Bitcoin’s future.
“I’m a former state treasurer and I invested our state’s permanent funds, so I was always looking for a good store of value, and Bitcoin fits that bill. Our own currency inflates; Bitcoin does not. It’s 21 million Bitcoin will be mined, and that’s it, it is a finite supply. So I have confidence that this will be an important player in store of value for a long time to come.”
The Senator also appeared to brush off GMA3 host Sara Haines’ implication that Bitcoin could be used for money laundering or tax evasion, choosing not to address these charges at all.
As Cointelegraph has previously reported, Lummis is an early adopter of Bitcoin, having first picked up the currency in 2013 following a tip from her son-in-law, Will Cole, who works at cryptocurrency services firm Unchained Capital.
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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:
MINDBLOWING
Grayscale just bought another 15,114 #Bitcoin which has increased the overall holdings to 506,000 $BTC. This accounts for more than 2 percent of the global Bitcoin supply.
— The Moon 🌙 (@TheMoonCarl) November 15, 2020
3/ Given current trajectory, I expect price to approach the 350dma x 2 around $22-24k.
Maybe we need to correct there for a while due to FOMO kicking in having breached ATH? pic.twitter.com/xcyuxuSewS
— Philip Swift (@PositiveCrypto) November 12, 2020
Why Bitcoin Could Rally to $24,000 Before Seeing Its First Major Retrace
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Bitcoin Price Is Likely to Plunge to #post_titleK, Says Silk Road Founder | BTC Halving 2020 Countdown
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Forget about $100,000. ‘Dread Pirate Roberts’ Ross Ulbricht expects the Bitcoin price to plunge to $1K before another bull run.
Ross Ulbricht, the founder of the infamous Silk Road dark web marketplace, has spotted ‘a strong signal’ for lower BTC price.
According to his new price analysis that relies on the Elliott Wave theory, the Bitcoin (BTC) price could plunge to as low as $1,200.
Ulbricht states that BTC is currently in the last stage of its first cycle degree bear market. Wave II is comprised of three primary-degree waves, with wave C being the largest one.
It is not clear how low wave II can go, but Ulbricht notes that the two previous bear markets resulted in 86 percent and 94 percent drawdowns, which means that there is more pain in store for the bulls. Hence, he notes that a similar price plunge could take Bitcoin all the way down to $1,200.
According to Ulbricht, it’s hard to estimate the duration of this bear market, but, based on the historical data, it could end this June.
‘Estimating the extent and duration of wave II is difficult and imprecise. There is no limit to how low it can go (except $0) because wave I started at $0.’
Ulbricht also says that Bitcoin could invalidate this bearish scenario is its price surges back above $14,000 (its 2019 high). However, this turnaround seems ‘unlikely to him.’ ‘
If the price rises above the peak near $14,000, we will have to reevaluate our interpretation, but at this point that seems like a very unlikely scenario.’
Back in December, Ulbricht predicted that BTC could surge to $100,000 in 2020, but the drop below the start of wave 2 ($4,200) on March 12 made such a bullish scenario improbable.
However, if BTC were to drop to this level, Ulbricht would view it as a ‘major buying opportunity’ before the start of wave 3.
Bitcoin (BTC) Halving Searches Breakout With Biggest Event in Crypto Just 30 Days Away
The Bitcoin halving countdown has reached the one-month mark with estimates targeting 29-31 days left to go.
The BTC halving event will reduce the amount of new Bitcoin entering the circulating supply by dropping mining rewards by 50%.
The event has triggered increasing interest as central banks resort to money printing to counter the economic blow of coronavirus.
“Bitcoin halving countdown”, “Bitcoin halving price chart” and “Bitcoin halving clock” are all currently trending on Google as breakout searches in the US. “Bitcoin halving prediction”, “Bitcoin halving price prediction” and “Bitcoin halving 2020” are all breakout searches worldwide.
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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:
https://medium.com/@RossUlbricht/bitcoin-by-ross-9-a-strong-signal-for-lower-prices-87d2cdcdba95
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