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 PRICE JUST SURGED TO .9K, IS K BTC NEXT? | Trillion Crypto Market Cap By 2023?
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Bitcoin Price Surges Past $9,900, Leaving Many Asking What’s Next?
After stagnating around $9,650 for some 36 hours, the BTC price surged as high as $9,945 in minutes.
This rapid 2% gain from $9,700 liquidated a mere $15 million worth of short-side positions on BitMEX.
As this move just took place, analysts have yet to formulate complex responses to the price action, though there are some already trying to extrapolate what Bitcoin’s 2% surge means for its short-term outlook.
Mexbt, a popular trader, noted that the cryptocurrency, having broken out of a short-term ascending triangle in this recent move, has a measured target of around $10,220 – 3.2% above the current price.
Notably, Bitcoin (BTC) has yet to confirm a four-hour close above the ascending triangle Mexbt drew, though there are good chances it will, setting Bitcoin up for such a move.
There’s also a new chart from Josh Rager, a well-known investor and content creator.
In this chart, which was accompanied by another one posted to Rager’s Telegram channel, the analyst largely implied that the cryptocurrency could head towards the top of the range just above $10,100.
A close above the range could set the stage for a move to fresh local highs above $10,500.
There’s also HornHairs, who wrote that Bitcoin is currently up against heavy resistance at $9,900, Monday’s high and the weekly open.
Though, he remarked that as long as $9,500 stays intact on a daily and weekly basis, he would be inclined to suggest that a move to $10,200, then to $11,000 will take place in the coming weeks.
CAN THE TOTAL CRYPTO MARKET CAP HIT $10 TRILLION BY 2023?
Popular YouTube crypto analyst, Benjamin Cowen, has been considering the logarithmic regression band for the total cryptocurrency market cap in his latest video, and based on his analysis, thinks that the total digital asset market cap could hit $10 trillion during the next bull run.
At current Bitcoin dominance levels, a $10 trillion total crypto market cap gives a BTC price of around $330,000, so that’s something to look forward to.
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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:
$BTC Macro Update:Price up against Monday’s Hi & current Weekly Open here at $9.9k. Again, as long as $9.5k weekly support & 1D bullish structure holds I expect the party to rage on to the upside. $10.2k then $11k.
Until $9.5k breaks on a 1D close, life is easier as a bull. pic.twitter.com/o5hO9xLCC9
— HornHairs 🌊 (@CryptoHornHairs) February 23, 2020
Volume in February is continuing to shoot up. That’s historically a really good sign about the market. It’s almost at the same level as in May now pic.twitter.com/QSDtiMp3sE
— Larry Cermak (@lawmaster) February 20, 2020
https://www.newsbtc.com/2020/02/23/the-simpsons-just-ran-bitcoin-segment-crypto-twitter-raving/
https://www.newsbtc.com/2020/02/23/bitcoin-bulls-eye-10000-market-weekend-recovery-upside-possible/
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Bitcoin Price Forming a Bull Cross; Now Targeting ,700 | BTC Starts Strongest Quarter Q2
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Following a brief selloff that led the Bitcoin price down to lows of $5,800 overnight, BTC has been able to post a strong and sustainable rebound that has since led it to climb towards $6,500, with bulls currently attempting to reclaim its previous position within the upper-$6,000 region.
It now appears that bulls are in the process of attempting to form an EMA bull cross, which could bolster its price action in the hours ahead.
Furthermore, bulls are also attempting to surmount a key resistance level that was recently established, leading one analyst to note that a weekly close above this level could lead the BTC price to rally up towards $7,700.
As for what could push Bitcoin above this resistance, Big Cheds – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that he believes it is flexing a “potential 8/34 EMA bull cross” on its 4-hour chart.
“Bitcoin 4 hour -Flexing a potential 8/34 EMA bull cross,” he noted while pointing to the chart seen below.
This formation could significantly bolster the crypto’s near-term price action if it is confirmed in the coming several hours.
As for how high a confirmed break of the current resistance that Bitcoin is facing could send it, one analyst is noting that he is eyeing a movement up towards $7,700.
Teddy, another popular cryptocurrency analyst on Twitter, recently shared a chart showing two potential paths for the crypto, noting that it is currently in the process of taking the bullish route.
“Looks like BTC picked the green way,” he said while pointing to the below chart.
The upside target seen on the chart he references exists at roughly $7,700, which would mark a notable climb from where BTC is currently trading at.
Bitcoin Starts Strongest Quarter Q2 With Price Down Just 10% YTD
Bitcoin (BTC) has in total suffered just 10% from the coronavirus outbreak which obliterated stocks and caused the United States to print $6 trillion.
That was according to the latest quarterly price data from monitoring resource Skew.com on March 31, which showed that for Q1 2020, BTC/USD is only down by around 10.7%.
At press time, the pair remained higher after seeking new support at $6,500 on Monday.
At those levels, the pair is just $700 lower than its position at the start of 2020, and $3,800 beneath its current year-to-date all-time high of around $10,300.
Bitcoin has advanced 75% in the two weeks since hitting its quarterly low — in a volatile period, that recovery at one point reached 90% as markets peaked at over $7,000 on some exchanges.
As such, Bitcoin now looks increasingly resilient as an investment option versus traditional markets, which are still trailing much more as a result of coronavirus.
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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://cointelegraph.com/news/bitcoin-starts-strongest-quarter-q2-with-price-down-just-10-ytd
https://cointelegraph.com/news/bitcoin-stocks-rise-as-us-economy-grinds-to-a-halt-furloughs-soar
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GLOBAL HASH WAR ‘WILL SEND BITCOIN TO $500K’, SAYS MAX KEISER!!!! BTC GOLDEN CROSS APPROACHING!!!!
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Bitcoin will soar to $500,000 because the US will start a war with Iran and Venezuela – of the BTC hash-rate rather than the military variety – and the first salvoes may soon be fired, according to Bitcoin O.G. Max Keiser of the Keiser Report and Orange Pill podcast.
Max says bitcoin represents the “reformation of free speech,” something governments deny citizens by controlling the currency they use.
“Bitcoin is the Mona Lisa of the 21st century: It’s self-aware, it is observing us through the quantum mechanical aspects of technology, and it’s channeling the eyes of God,” he says.
“So, this is God looking at us through the protocol and trying to figure out, ‘How do we fix this human species because they’ve gone way off track due to central banking?’”
He says: “The truth is, if you want individual sovereignty, if you want justice, if you want uncensorable, unconfiscatable, indestructible wealth, there’s only one way to go – and that’s Bitcoin.”
In other trending Bitcoin News today: Ukraine Passes Legislation To Recognize and Regulate Crypto!
The Ukrainian Parliament has adopted legislation regulating foreign and domestic cryptocurrency exchanges operating from within the country.
“It will become a powerful incentive for the further development of the crypto-sphere in Ukraine. Banks will open accounts for them and conduct transactions with a new class of assets. I am sure that society, business and the state will benefit from the legalization of the new sector of the economy.”
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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://cointelegraph.com/news/ukraine-passes-legislation-to-recognize-and-regulate-crypto
https://cointelegraph.com/news/bitcoin-price-to-hit-100k-in-2021-or-early-2022-standard-chartered
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