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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IS $100K BITCOIN STILL POSSIBLE IN 2021?!!!!!
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Crypto trader and market analyst Lark Davis is looking to the past to see if Bitcoin could hit six figures this year.
Davis says that the current BTC price action is reminiscent of Ethereum’s 2017 bull run.
“Is there precedent for an asset having a massive run up, then a long brutal corrective period followed by a spectacular blow off top later that year? Yes, of course.
Ethereum did almost [exactly] that in 2017, ended the year 237% higher than the ‘top’.”
In other trending Bitcoin News today: Ukraine Unveils Roadmap to Integrate Cryptocurrencies by 2024
Government and business representatives have produced a roadmap to transform Ukraine into a leader in cryptocurrency integration. The authors of the new strategy want to see half of Ukrainians using digital currencies by 2024. The East European nation is expected to regulate its crypto space by the end of this year.
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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://news.bitcoin.com/ukraine-unveils-roadmap-to-integrate-cryptocurrencies-by-2024/
https://cointelegraph.com/news/bitcoin-traders-watch-32k-ahead-of-friday-s-330m-btc-options-expiry
https://cointelegraph.com/news/3-reasons-why-traders-think-bitcoin-price-bottomed-at-29-500
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JPMORGAN SAYS GOLD WILL SUFFER FOR YEARS BECAUSE OF BITCOIN! BTC TO K BY MAY 2021, SAYS THE MOON!
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Bitcoin advocate, The Moon Carl who has 146,000+ YouTube subscribers, told his 70,000+ Twitter followers that he predicts the BTC price to hit $50,000 by May, 2021.
This virtually means he expects the Bitcoin price to grow 250% in the next 5 months.
Stock-to-flow model predicts a $100,000 BTC by December of 2021 so The Moon Carls bullish Bitcoin prediction is right in alignment with this popular model.
In other breaking Bitcoin News today:
JPMorgan Says Gold Will Suffer for Years Because of Bitcoin
The rise of cryptocurrencies in mainstream finance is coming at the expense of gold, says JPMorgan Chase & Co.
Money has poured into Bitcoin funds and out of gold since October, a trend that’s only going to continue in the long run as more institutional investors take a position in cryptocurrencies, according to the bank’s quantitative strategists including Nikolaos Panigirtzoglou.
JPMorgan is one of the few Wall Street banks that’s predicting a major shift in gold and crypto markets as digital currencies become increasingly popular as an asset class. The trend poses a problem for bulls in precious metals markets over the coming years if investors move, even a small slice, of their allocations away from gold and into crypto.
“The adoption of bitcoin by institutional investors has only begun, while for gold its adoption by institutional investors is very advanced,” wrote the JPMorgan strategists.
The Grayscale Bitcoin Trust, a listed security popular with institutions, has seen inflows of almost $2 billion since October, compared with outflows of $7 billion for exchange-traded funds backed by gold, according to JPMorgan.
JPMorgan’s calculations suggest Bitcoin only accounts for 0.18% of family office assets, compared with 3.3% for gold ETFs. Tilting the needle from gold to bitcoin would represent the transfer of billions in cash.
One way to play the theme is buying one unit of Grayscale and selling three units of the SPDR Gold Trust, the bank said.
“If this medium to longer term thesis proves right, the price of gold would suffer from a structural flow headwind over the coming years,” wrote JPMorgan’s strategists.
In other tending Bitcoin news:
MicroStrategy CEO Increases Convertible Senior Notes Offering to $635M to Buy More Bitcoin
Michael Saylor just doesn’t give a f—. As we reported, the company’s share dived 17% after Citi released its bearish report on MicroStrategy, where the analyst questions Saylor’s focus on Bitcoin.
While Citi analysts called Bitcoins’ rally “overextended,” it has been the Bitcoin investment that helped the company shares rise to a level not seen since 2000. In 2020, BTC has rallied more than 150% on top of 2019’s 90% gains.
MicroStrategy CEO announced today the pricing of the offerings of the convertible senior notes.
As per the official announcement, the offering amount has been bumped up to $550 million from the previous $400 million as shared in Monday’s announcement. The official announcement reads,
“MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $537.2 million (or approximately $634.9 million if the initial purchasers exercise in full their option to purchase additional notes).”
But of course, the most interesting part of it all is that the company intends to invest the net proceeds from the sale of notes in Bitcoin per its Treasury Reserve Policy. Bitcoin advocate Max Keiser said,
“Michael_saylor /MicroStrategy is making a speculative attack on the Fed/USD like Soros/Druckenmiller did against the BoE/GBP in 1992, ejecting it from the ERM.”
“Saylor has pulled the pin and tossed a grenade into the Fed’s boardroom.”
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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:
Citi: “You’re crazy with this Bitcoin thing. You’re downgraded!” 👉🏻😵
MicroStrategy: “We have *so* much investor interest we’re upping our offering from $400M to $550M. Oh, and investors can buy another $100M on top of that if they want.”
— Ellie Frost (@BlockBytch_) December 9, 2020
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BITCOIN PRICE PREDICTION TO K “SOON-ISH” by Binance CEO Changpeng Zhao | BTC News Today
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Changpeng Zhao, the CEO of major cryptocurrency exchange Binance, shared a Bitcoin price prediction saying a BTC price of $16,000 per Bitcoin will happen “soon-ish,” in a tweet sent on Nov. 1.
Zhao explains that price predictions are easy, but getting the timing right is hard. He said: “Lol, price predictions are easy.
It’s just hard to be right about the timing. We will see $16k soon-ish.
1.4 billion people working on it as we speak.”
The message was an answer to the tweet of another user who pointed out that the prediction of an anonymous 4chan user predicting Bitcoin’s price would hit $16,000 by the end of October turned out to be wrong.
The given prediction also stated that BTC will hit $29,000 in the first quarter of next year, $56,000 in Q3 2020 and $87,000 in Q4 2020.
In other BTC News today, a custom technical signal that has predicted the 42% Bitcoin price jump to $10,500 flashes again, implying that BTC may soon mount higher.
The indicator doesn’t show where Bitcoin is headed, but there are some analysts expecting the cryptocurrency to reenter the $10,000 range in coming trading sessions.
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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.
News Resources From Today’s Show:
Lol, price predictions are easy. It’s just hard to be right about the timing. We will see $16k soon-ish. 1.4 billion people working on it as we speak. https://t.co/mf9hKpP6Js
— CZ Binance (@cz_binance) November 1, 2019
Bitcoin Signal That Preceded 42% Price Jump to $10,500 Flashes Again
https://cointelegraph.com/news/bitcoin-price-will-see-16-000-soon-ish-predicts-binance-ceo-cz
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