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New data on the amount of Bitcoin being scooped up by crypto whales and retail traders signals the bottom is in, according to on-chain analyst Willy Woo.
Woo is taking a close look at the flow of BTC to and from crypto exchanges.
He says despite sideways price action, investors appear to be buying coins on exchanges and sending them to private wallets at a healthy pace.
“As price grinds sideways-bearish, coins are being scooped off the exchanges at a very bullish rate…
The latest sizing of withdrawals vs deposits are at local highs at levels that signal a bottom, whales are scooping.”
In other trending Crypto News today: Highly Anticipated Ethereum Hard Fork Locked In for Launch!
The highly anticipated London hard fork designed to overhaul the controversial Ethereum fee structure is rolling out soon, according to a project team member.
Tim Beiko, the lead coordinator of several Ethereum upgrades, says the hard fork should land on August 4th.
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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://dailyhodl.com/2021/07/08/highly-anticipated-ethereum-hardfork-locked-in-for-launch/
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Bybit Stops Operating in France Due to Regulatory Challenges
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.
