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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STOCK-TO-FLOW CREATOR HAS ‘NO DOUBT’ BITCOIN WILL HIT 0K-8K ‘BEFORE’ DECEMBER 2021!!
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PlanB, the creator of the stock-to-flow (S2F) model, reiterated on Nov. 8 that the Bitcoin price is well on its way to hit $100,000.
The pseudonymous analyst expects the dominant cryptocurrency to achieve the $100,000 to $288,000 range by December 2021.
Bitcoin would have to increase by around 545% from the current price to surpass $100,000.
At that price point, the market capitalization of BTC would near $2 trillion, or roughly the same as Apple, the world’s most valuable company.
The S2F model attempts to predict the long-term price trend of Bitcoin by evaluating its supply.
Namely, it takes into consideration its fixed supply and the block reward halving, which reduces the rate at which new BTC is produced or “mined.”
The theory behind S2F is that as the supply of Bitcoin decreases over time and inflation would continuously rise.
These two factors could theoretically amplify the uptrend of the top cryptocurrency.
Based on Bitcoin’s supply curve and the halving cycles, S2F puts the expected valuation of BTC at $5.5 trillion.
The model predicts Bitcoin to reach a multi-trillion-dollar valuation before 2024.
The model reads:
“S2FX model estimates a market value of the next BTC phase/cluster (BTC S2F will be 56 in 2020–2024) of $5.5T. This translates into a BTC price (given 19M BTC in 2020–2024) of $288K.”
In a tweet, PlanB said he remains confident the S2F model’s $100,000 price projection for Bitcoin would materialize.
2021 is particularly important for Bitcoin because it follows a highly anticipated block reward halving in May 2020.
Six months ago, Bitcoin experienced its third halving in history.
This decreased the number of BTC mined each day by half, which would cause the circulating supply to drop over time.
The analyst wrote:
“People ask if I still believe in my model. To be clear: I have no doubt whatsoever that bitcoin S2FX is correct and bitcoin will tap $100K-288K before Dec2021. In fact I have new data that confirms the supply shortage is real. IMO 2021 will be spectacular. Not financial advice!”
So far, following the halving, Bitcoin has increased from $8,700 to $15,500, recording a 78.1% rally in six months.
On-chain analysts like Woobull.com creator Willy Woo say that the total supply of Bitcoin is lower than often thought.
While the total supply of Bitcoin is 21 million, there is a high number of BTC that is lost or dormant that can no longer be accessed.
Woo said:
“Total supply of Bitcoin will not be 21m, it’ll be around 17m as many coins died in the fight for being acknowledged as something valuable in the early days. This means 0.002 BTC per person on the planet.”
As such, PlanB expects Bitcoin to follow the S2F model as the available supply and the amount of new Bitcoin mined decreases over time.
In other trending Bitcoin News today:
“WHY THIS ANALYST THINKS BITCOIN HITS $17,000 IN THE NEXT WEEK”
Analysts are optimistic that Bitcoin could resume its ascent, potentially towards $17,000 or even $18,000 as the trends of this market remain positive:
“I think there’s a decent chance bitcoin breaches $17k and even into $18k in the next 10 days (next weekly candle). We are due for a decent mid timeframe blowoff and chill for a bit and wicking into the ATH cluster just feels so right…
The path to $18k or ATH wick seems the path of least resistance. Nobody wants to sell until then and everybody is buying dips. Easiest way to create market balance is to do it quickly then let the market chop around a bit.”
The aforementioned trader isn’t the only one calling for Bitcoin to hit $17,000 in the near future.
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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:
People ask if I still believe in my model. To be clear: I have no doubt whatsoever that #bitcoin S2FX is correct and #bitcoin will tap $100K-288K before Dec2021. In fact I have new data that confirms the supply shortage is real. IMO 2021 will be spectacular. Not financial advice! pic.twitter.com/GNSxLIt7NG
— PlanB (@100trillionUSD) November 8, 2020
Why This Analyst Thinks Bitcoin Hits $17,000 in the Next Week
https://cointelegraph.com/news/s2f-creator-has-no-doubt-bitcoin-will-hit-100k-by-december-2021
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,000: This Pattern Suggests Bitcoin Price Could Rally 135% in Coming Months | BTC News Today
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Bitcoin Price to Target $11,500 in the Short Term Because Of These Simple Factors
TradingShot – a well-respected technical analyst on TradingView – explained in a recent post that he is closely watching a recently formed inverse head and shoulders pattern for insight into where the BTC price will go next.
Based on this pattern, which he outlines, he believes that Bitcoin (BTC) will retrace towards $7,300 before rallying up to $11,500.
“I expect Bitcoin to retrace now back to roughly 7300 and price the top (inversed) of the Right Shoulder. Assuming the pattern is to a good degree symmetrical, I then expect a peak (before the May Halving) within $11000 – 11500,” he noted.
Analyst: Post-Halving Momentum Likely to Lead BTC to $20,000 TradingShot doesn’t believe that $11,500 is where Bitcoin’s 2020 rally will end, however, as he further goes on to note that post-halving momentum could lead the crypto to its previously established all-time highs around $20,000.
“The Halving will then take effect and after an initial consolidation I expect the 20k ATH to be tested before the end of the year,” he bullishly explained.
In addition to leaning on the inverse head and shoulders pattern and the upcoming mining rewards halving as bullish catalysts, he also references BTC’s position within another macro parabolic channel as a reason to be bullish.
The culmination of all these factors does seem to suggest that the crypto will soon see a significant extension of the uptrend it has been caught within over the past several weeks.
In other Crypto news today, 3 top Cryptocurrency analysts, Peter Brandt, Tom Lee and Mati Greenspan all remain Bullish on Bitcoin right now.
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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:
Charts are constantly morphing. The idea of drawing a chart boundary definition to be fixed forever was discounted by serious traders 80 years ago. Often, the exact configuration is clear only after the fact. #FACT
— Peter Brandt (@PeterLBrandt) January 24, 2020
Wouldn’t trust trendlines… As everyone is drawing them as per their own bias. It can be drawn multiple ways on many Tfs. Market structure is bearish on weekly… unless proven otherwise. Wouldn’t look at daily for a trend change. The bread n butter is weekly for btc.
— Sanchit (@SanchitLuthra87) January 24, 2020
$20,000: This Pattern Suggests Bitcoin Could Rally 135% in Coming Months
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BITCOIN COULD BE WORTH MILLIONS OF DOLLARS EACH SAYS NORWEGIAN OIL BILLIONAIRE!! $200M BTC FUND!!
💰 BlockFi: Up To $250 Bitcoin Bonus: https://blockfi.com/cryptonewsalerts
Billionaire Kjell Inge Rokke’s company, Aker, has established a new business dedicated to Bitcoin. Rokke believes that BTC could “become the core of a new monetary architecture” and each coin could be “worth millions of dollars.” His new company “will keep all its liquid investable assets in bitcoin.”
Norwegian oil billionaire Kjell Inge Rokke has spoken in favor of bitcoin. His company, Aker ASA, which controls oil and oil service companies, announced Monday that it has established a new business, Seetee AS, to tap into the potential of the cryptocurrency.
Listed on the Oslo Stock Exchange, Aker is a Norwegian holding company engaged in offshore fishing, construction, and engineering. Established in 2004, the company is controlled by Rokke with 67% ownership through TRG Holding.
In its announcement, Aker described Seetee as “a new company dedicated to investing in projects and companies throughout the bitcoin ecosystem and which will keep all its liquid investable assets in bitcoin.” Seetee is starting with 500 million kroner ($59 million) in capital, which Rokke called “an amount we aim to increase significantly over time.”
Following the announcement, Rokke expressed his view on bitcoin and the new enterprise launch in a shareholder letter published on Seetee’s website. The billionaire wrote:
“We will use bitcoin as our treasury asset and join the community. In bitcoin speak, we will be hodler.”
Initially, Seetee will focus on four areas. The first is “investing in and owning bitcoin.” The second is “joining the bitcoin and broader blockchain community and establishing partnerships with leading players.” The third is “launching bitcoin verification operations,” and the fourth is “building and investing in innovation projects and companies in the bitcoin and blockchain ecosystem.”
Seetee will actively partner with other companies in order to accelerate its initiatives, the announcement adds, noting that the company has “entered into a collaboration agreement with Blockstream,” which “will initially focus on mining operations.”
Rokke further opined:
“Bitcoin may still go to zero. But it can also become the core of a new monetary architecture. If so, one bitcoin may be worth millions of dollars.”
He added: “The direction is clear: finance will be disrupted as surely as fossil fuels will be. The question is not if, but when.”
In other trending Bitcoin News today:
BITCOIN FIRM NYDIG GETS $200M INJECTION FROM MORGAN STANLEY, SOROS
Earlier today, NYDIG, a leading provider of investment and financial solutions for Bitcoin, announced that they were receiving $200 million in growth capital funding led by strategic partners Morgan Stanley, Soros Fund Management, FS Investments, Stone Ridge Holdings, Mass Mutual and New York Life. FinTech Collective and Bessemer Venture Partners, who previously funded NYDIG, also took part.
NYDIG will be working with these firms on Bitcoin-related strategic initiatives spanning investment management, insurance, banking, clean energy, and philanthropy.” He also promised that through the $200 million investment from their strategic partners, NYDIG would deliver “an explosion of innovation in Bitcoin products and services.”
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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:
Top 4 stories on ZH today.
Inflation/hyperinflation is here now! #Bitcoin tops $1 trillion and is headed to a $4 trillion+ market cap ($220,000 per coin) in 2021 – as flight-capital jumps the fiat ship and finds safe haven in Bitcoin pic.twitter.com/zOruSWdMh1
— Max Keiser (@maxkeiser) March 9, 2021
Bitcoin Firm NYDIG Gets $200m Injection from Morgan Stanley, Soros
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