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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TOP ANALYST PREDICTS MASSIVE BITCOIN TECH BUBBLE-STYLE BLOW-OFF TOP!! NEW BTC PRICE FORECAST!!
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Popular pseudonymous analyst Crypto Kaleo is predicting that Bitcoin and the stock market will go parabolic together before crashing in a blow-off top.
Kaleo says that rather than trying to call all of the minute BTC price action, he has his eye on a longer-term prediction that places Bitcoin up to 330% higher than current prices in a matter of months.
“I’m not sitting there stressing about every micro movement, I’m looking more zooming out for the macro price targets, and I still think BTC within the next six months, could go to $150,000 – $250,000.”
In other trending Bitcoin News today: Veteran Trader Tone Vays Says $100,000 BTC by End of Year Unlikely – Here’s His New Forecast!
Vays tells his 116,000 YouTube subscribers that while Bitcoin is unlikely to rise above a price of $100,000 in 2021, the target could be hit during the first three months of 2022.
“And while I still like for Bitcoin to break a $100,000 area by the end of the year, at the moment that is looking unlikely. But Q1 2022 is perfectly reasonable for that break of the $100,000 mark.”
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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/imf-warns-el-salvador-against-using-bitcoin-as-legal-tender-bitcoin-city/
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MARKET STUDY: There’s a 77% Chance Bitcoin Trades At ,000 This Week | BTC Halving 2020 TODAY!
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With the next Bitcoin Halving now less than 7 hours away, these are very exciting times for the Crypto market.
Just 72 hours ago, BTC was trading at $10,100, but the cryptocurrency has since sustained a strong drop leading into the BTC halving.
This culminated on Saturday evening and Sunday morning, when the Bitcoin price crashed from the $10,000 highs to $8,100 within the span of a few hours.
It was a strong drop that liquidated over $200 million worth of long positions on BitMEX. Bitcoin’s stark reversal from the highs has convinced many of a bearish case.
One prominent trader that last year predicted BTC’s 2019 bottom of $6,400 said that he expects yet another move to $6,400.
Though a market study by Market Science, a cryptocurrency data analytics and market research firm, has confirmed that such a drop may not happen.
Their study indicates that there’s a 77% chance Bitcoin trades at $10,000 within the next week. Because the Chicago Mercantile Exchange’s Bitcoin futures don’t trade on weekends, there are normally “gaps” formed on the charts on every Monday morning.
The crypto market is 24/7, meaning that from the CME close on Friday to the open on Monday morning, there can be volatility that creates such gaps.
Just today, Bitcoin formed a record $1,265 gap, as a top trader noted. This was formed because the Friday price action on the exchange closed at ~$10,000 while the Monday price action opened at $8,785.
It’s a potentially bullish sign for the Bitcoin market, a market study has suggested. Published on December 30th of last year, crypto research firm Market Science found that 77% of CME gaps fill, meaning price touches each portion of the gap, “in the subsequent week” after the gap forms.
The gap isn’t the only sign indicating Bitcoin will undergo a bullish reversal, analysts suggest.
One popular trader shared the chart below, indicating that there are remarkable similarities between Bitcoin’s price action for all of 2020 and that of the past three days: both periods have a four-phase distribution top, a capitulation crash, then a rapid recovery from the lows.
The fractal playing out in full, the trader suggested, will result in BTC returning to $10,000 in the coming two to three days.
In other trending Bitcoin News today:
Why Satoshi Nakamoto Created the Bitcoin Halving
The dwindling Bitcoin mining rewards are a central piece of Satoshi’s method for allowing new BTC to enter the supply and ensuring that supply doesn’t outpace demand, all the while carefully controlling and mitigating the effects of inflation.
He addressed the topic in an exchange with the late bitcoin pioneer Hal Finney via email back in 2008.
“The fact that new coins are produced means the money supply increases by a planned amount, but this does not necessarily result in inflation. If the supply of money increases at the same rate that the number of people using it increases, prices remain stable.
If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase. Coins have to get initially distributed somehow, and a constant rate seems like the best formula.”
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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:
While price moves more sideways, this creates an environment where large leverage traders have an easier time strategically liquidating the bulk of traders from their positions. Like the cascading 4k->14k short squeeze of 2019. Equals more volatility.https://t.co/cBaDPzmZjQ
— Willy Woo (@woonomic) May 9, 2020
Market Study: There’s a 77% Chance Bitcoin Trades At $10,000 This Week
https://marketsscience.com/gap_study.html
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BLOOMBERG: BITCOIN COULD HIT 0,000 OR DROP TO ZERO!! BTC CAN SURPASS #post_titleM IN THE NEXT 3-5 YEARS!!
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Bitcoin has the potential to surpass $1 million in the next three to five years, says Raoul Pal, calling BTC the “biggest trade of our lifetimes.”
In September’s crypto outlook newsletter, Bloomberg’s analyst Mike McGlone observed that the Bitcoin price could either be heading to the $500,000 mark, or it could fail.
McGlone has continued to reiterate that in his view, Bitcoin is set to become digital gold.
He emphasized once again how Bitcoin’s limited supply and increasing demand were key adoption indicators, and drew comparisons to the 2017 bull run:
“Much of the broad crypto-asset market echoes 2017’s excesses, but the foundation is firming due to expanding decentralized exchanges (DEXs) and finance (DeFi).
Limited supply vs. increasing demand is the bottom-line for Bitcoin, with macroeconomic underpinnings that support its march toward the market cap of gold, at a price of $500,000 by some estimates. Or it could fail.”
The estimates that the analyst refers to are likely based on assumptions that Bitcoin’s market capitalization will eventually reach parity with gold’s $9 trillion.
Dividing that number by the maximum supply of Bitcoin of 21 million produces $428,571.
A similar sentiment was recently voiced by The Morgan Creek Digital co-founder Anthony Pompliano.
Zero to five hundred thousand provide a pretty good margin of error, unlikely Bloomberg will be proven wrong anytime soon.
In other trending Bitcoin News today:
Bitcoin (BTC) Is the Best Reserve and Collateral Asset Ever Created, Says Global Macro Investor CEO
The CEO of Global Macro Investor, Raoul Pal, says Bitcoin (BTC) is the best reserve and collateral asset ever created.
In a new report on the leading cryptocurrency, the former Goldman Sachs hedge fund manager says he thinks BTC, with its permanently limited supply, is the “hardest” form of money created.
He says as a reserve asset, it is superior to gold in every metric due to its decentralized nature and provable transaction history.
Pal, who predicted the 2008 financial crisis, notes that, in the current macroeconomic structure, government bonds serve as the “bottom of the pyramid” in terms of collateral for the world and the U.S. Treasury.
“That used to work just fine until the central banks became fearful of allowing the business cycle to run unimpeded. Thus, when debt loads became unsustainable, meaning that the weakest borrowers couldn’t get access to enough collateral, instead of the price of collateral rising, thus forcing firms to go bust, central banks began to increase the supply of collateral and reserves (quantitative easing).”
However, this devalues the collateral over the longer term and leads to debt spirals, Pal explains. Bitcoin, however, doesn’t have this problem, according to the investor.
“Bitcoin is pristine collateral. The greatest form of collateral. Its blockchain ownership structure reduces the huge black swan of risk of who owns what. It is all recorded and more importantly, provable.”
Pal notes that all BTC needs to become the preeminent form of collateral is a yield curve indicating future value, something that is already happening with the breakout of decentralized finance (DeFi).
“The revolution in DeFi is doing just that, establishing a forward curve of future value. It is only at the money-market phase right now (short-term yield curve) but over time we will establish the time preference for Bitcoin over 30 years or more, just like bonds.”
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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:
In the post-Halving bull cycles, bitcoin can often correct 25% (even 40% + in 2017), throwing off the short-term traders (or giving swing traders a shot at the short side). Each of those was a buying opportunity. DCA opportunity ahead? 🙏🤞#Bitcoin pic.twitter.com/tL443DyX63
— Raoul Pal (@RaoulGMI) September 3, 2020
I wrote a very long GMI Monthly this weekend (143 pages, 15,500 words). The core focus was this month on crypto, which I think its the worlds best trade and of which Im irresponsibly long.
Here are a couple of pages with some top-down thoughts.. #Bitcoin pic.twitter.com/xltojJtQn1
— Raoul Pal (@RaoulGMI) August 31, 2020
https://cointelegraph.com/news/bloomberg-bitcoin-could-hit-500k-or-drop-to-zero
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