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.
You Might also like
-
BITCOIN CAN HIT $400,000 IN 2021 AS ‘RISK-OFF RESERVE ASSET’ SAYS BLOOMBERG INTELLIGENCE!!
💰 Crypto’s Next $1 Trillion Coin: http://teeka.cryptonewsalerts.net
Bitcoin still gets criticized for being too volatile, but one Bloomberg analyst believes that BTC is conversely becoming a “risk-off” choice for investors.
In a tweet on March 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that this year marked a watershed moment for the largest cryptocurrency and that a $400,000 Bitcoin price would ‘rhyme’ with history.
McGlone uploaded a chart of the BTC/USD average price and the Bitcoin Liquid Index, a price ticker specially created for institutional use.
“Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view,” he wrote.
A potential price peak this year, with previous behavior as context, could be as much as $400,000 per bitcoin, the chart shows. This dwarfs other estimates, such as that of stock-to-flow, which calls for an average of $288,000 between now and 2024.
While McGlone did not provide exact details of the factors behind Bloomberg’s view, the idea of Bitcoin reducing, rather than increasing portfolio risk is the talking point of the year among corporates. New reports of treasury allocations to BTC appear frequently, with appetite unfazed by price action.
“My mission right now is to fix the balance sheets of the world,” Michael Saylor, CEO of MicroStrategy, one of the largest Bitcoin treasury investors, said in an interview with TIME this week.
In other trending Bitcoin News today:
Here’s How Bitcoin Dolphins, Sharks and Whales Are Playing the Crypto Markets, According to Top Analyst Willy Woo
On-chain analyst Willy Woo is providing his take on how large Bitcoin (BTC) holders are attacking the market.
As Bitcoin takes a dive to the low $50,000 range this week, new crypto whales are entering the market, according to Woo.
“Some bearish scares over whales selling down, here’s more complete picture. Chart: BTC held by dolphin/shark/whales (100-10,000 BTC).
Whales becoming dolphin/sharks, new buyers coming in, cohort is still accumulating, they usually sell in the middle of the bull run. Still bullish.”
Woo points out that although it may appear as though whales have been parting with their BTC at an alarming rate causing the recent sell-off, the Bitcoin being sold on the market are newer supplies likely held by entities that are taking profits after the largest crypto asset’s huge run up.
“This is a new species of whale; hedge funds. Likely selling down for end of quarter rebalancing after such a good run from $10,00 BTC last year. Doesn’t look like the typical OGs selling (which they do on every bull season rally). The coins being sold lately are relatively young.
Bitcoin addresses are forensically clustered into wallets held by individual participants before extracting this view. Beware that looking at just raw address balances, which I’ve seen posted elsewhere can be misleading.”
🔥 Daily Letter: http://letter.cryptonewsalerts.net
🔥 Blog/Podcast: http://CryptoNewsYes.com
🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net
🔥 Subscribe on Spotify: http://spotify.cryptonewsalerts.net
🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net
🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes
🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net
🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net
🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net
🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
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:
#Bitcoin in Transition to Risk-Off Reserve Asset: BI Commodity — Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view. pic.twitter.com/Ycr1LSqEAJ
— Mike McGlone (@mikemcglone11) March 26, 2021
A Tesla is the new pizza
10 years from now people will be amazed that someone spent a whole #Bitcoin for a Tesla
— Max Keiser (@maxkeiser) March 25, 2021
Law of averages gives #Bitcoin an $83,000 price target for April.
Avg over 10 years in April +51%
— Danny Scott (@CoinCornerDanny) March 27, 2021
Pizza Day 2.0: Buying A Tesla With Bitcoin Could Be A Mistake
https://cointelegraph.com/news/bitcoin-can-reach-400k-in-2021-as-risk-off-reserve-asset-bloomberg
https://cointelegraph.com/news/stock-to-flow-creator-doesn-t-think-bitcoin-s-bull-market-is-done
Post Views: 453 -
Bitcoin Super Cycle Could Bring BTC to Bitcoin Super Cycle Could Bring BTC to $1,000,000 in Four to Five Years | Altcoin Season Has Arrived,000,000 in Four to Five Years | Altcoin Season Has Arrived
➡️ Tap into OPM (Other People’s Money): http://opm.cryptonewsalerts.net
Dan Held thinks Bitcoin (BTC) could skyrocket to $1 million in four to five years due to what he anticipates will be an unprecedented influx of institutional investment.
Held, Kraken’s head of business development, sat down with Cointelegraph’s YouTube channel to expand on his belief in a potential Bitcoin super cycle.
“I think this [bull run] versus other cycles will be much stronger because we will have institutional money flowing in. We’ll have much more developed architecture, we’ll have much better marketing…
We could very much see Bitcoin go through what I would call a super cycle. So a lot of people are predicting Bitcoin goes from $10,000 to $100,000 or $200,000 or $300,000.
Well, what happens when the whole world wakes up to Bitcoin’s value prop of being this decentralized store of value that’s not seizable? If socialism rises, if taxes rise, I could see tons of people flowing trillions and tens of trillions of dollars into Bitcoin, so Bitcoin might not just stop there, it could go to $1 million.”
Held says 90% of his personal financial portfolio is in Bitcoin.
He says he definitely wouldn’t recommend that portfolio construction for most other investors, and the value of his BTC has grown exponentially through the years in relation to his traditional investments.
The Kraken executive also says he doubts blockchain technology is well-suited for any other application aside from powering the Bitcoin network.
“When we look at Bitcoin, a lot of people go, ‘How about this thing called blockchain? Couldn’t we take this tech called blockchain and repurpose it for everything? We’ll put a blockchain on the moon, we’ll put a blockchain on food, we’ll put blockchain on industrial stuff.’
You need to sprinkle it like Salt Bae, sprinkle some blockchain dust on it and it will magically give off some efficiencies. Satoshi purposefully built blockchain tech to build Bitcoin. Blockchain tech sucks. It’s terrible. It makes so many trade-offs to build Bitcoin that it is basically ineffective for almost anything else.”
In other trending Bitcoin News today:
Top Bitcoin (BTC) Strategist Proclaims Altcoin Season Has Arrived, Names Four Crypto Assets to Watch and One Ready to Retreat
Crypto analyst Nicholas Merten says he believes a new altcoin season has officially arrived.
On the latest episode of DataDash, Merten says that for the first time in two-and-a-half years, the collective altcoin market has broken through a key line of resistance against Bitcoin (BTC).
“We’ve obviously had a breakout here and the momentum has been building up here. We talked about this for the last few weeks to watch out for this and we finally have gotten it…
For this to continue climbing, what are we really going to need here? Is it going to be a lot of small-cap plays?
“In the short term, we need to start seeing some of the large-caps move. I’m talking about Etherium, Litecoin –some of these larger, more established cryptocurrencies, to really solidify the breakout…
The monthly [chart] has been signaling this since back here in September when ETH set its last low.”
Merten is particularly bullish on iExec (RLC), Chainlink (LINK), Cosmos (ATOM), and REN, but he thinks that Cardano (ADA) is headed for a pullback after sustaining a huge rally from about 2 cents in March to a high of 13 cents on Tuesday.
“We can see here that in the short term ADA is a little bit overextended. It’s had a great rally here so it might be time for it to play a little bit of catch-up.”
Follow Us:
🔥 Blog/Podcast: http://CryptoNewsYes.com
🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net
🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net
🔥 Subscribe on Stitcher: http://stitcher.cryptonewsalerts.net
🔥 Subscribe on TuneIn: http://tunein.cryptonewsalerts.net
🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes
🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net
🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net
🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net
🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
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:
Forex Analyst Explains Why Chainlink Price Could Surge 80% Higher
Post Views: 410 -
4 Crypto Newcomers May Outrun Bitcoin (BTC) and Ethereum (ETH) to Become Best Investments of 2020
➡️ Tap into OPM (Other People’s Money): http://opm.cryptonewsalerts.net
Popular Crypto researcher Lark Davis aka ‘The Crypto Lark’ thinks a number of decentralized finance (DeFi) projects that are not built on Ethereum have significant growth potential to outperform Bitcoin (BTC) as well as ETH in 2020.
He specifically highlights the upside of four little-known crypto assets that he believes could see big growth in the short term.
“I believe that DeFi outside of Ethereum is likely to be a big growth area in the coming months even if we still have great DeFi projects launching on Ethereum.”
Davis calls out Kava (KAVA), Band Protocol (BAND), Switcheo (SWTH) and Nash (NEX) as his top picks.
Kava is a cross-chain, DeFi lending platform.
Its token is trading at about $1.97 at the time of writing, and it has seen 4x gains since mid-May.
Despite its already-skyrocketing value, Davis says the token still has “massive potential for long-term price appreciation.”
“The team and the backers of Kava are very, very strong as well. In my opinion, this has all the makings to be as big as Ethereum’s MakerDao, which at its height had a market cap over $1 billion.”
Band Protocol is a Cosmos blockchain native and cross-chain data oracle network that competes with Chainlink.
Its token is currently trading at about $2.42 at time of writing and has increased about 120% in price since the beginning of July.
Says Davis, “BAND already has a big, growing list of high-profile partners, people like Binance and Wanchain and Elrond and Fantom and Kava, of course.”
SWTH and NEX are both decentralized exchange tokens.
Davis says they have upside potential because Switcheo is launching a new derivatives exchange and upgrading their token model, and Nash just launched a zero-fee fiat on-ramp for users in the European Union.
Davis does warn, however, that both are competing with tons of other decentralized exchanges, which could impact their growth.
In other trending Bitcoin News today:
Bitcoin Price Must Now ‘Reclaim $9,400 Quick’ to Stop Bears – Trader
Bitcoin (BTC) must reclaim $9,400 as soon as possible in order to change its bearish course, says Cointelegraph Markets analyst filbfilb.
In an update on social media on July 16, the popular trader warned that the situation facing Bitcoin was fast becoming make or break.
“BTC Bulls need to reclaim $9400 quick sharp,” he wrote in comments on a long-term price chart.
Attention focused on BTC/USD being stuck in a compression cycle which has lasted for multiple weeks.
Compression refers to a pattern of higher lows and lower highs, with a trading corridor narrowing before a breakout.
For Bitcoin, the danger lies in a potential climax occurring in bearish territory as denoted by the Bollinger Bands volatility indicator.
Bollinger Bands consist of an upper and lower band surrounding a middle band and have historically captured both bullish and bearish moves by Bitcoin.
“Coming to the end of consolidation/compression now.. doing so below the middle of the bbands is not typically a good sign,” filbfilb continued. Should $9,400 reappear, he added, the outlook would be open to reinterpretation: “Reclaim that level and happy to reconsider bearish bias.”
Follow Us:
🔥 Blog/Podcast: http://CryptoNewsYes.com
🔥 Subscribe on YouTube: http://CryptoNewsAlerts.net
🔥 Subscribe on iTunes: http://itunes.cryptonewsalerts.net
🔥 Subscribe on Stitcher: http://stitcher.cryptonewsalerts.net
🔥 Subscribe on TuneIn: http://tunein.cryptonewsalerts.net
🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes
🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net
🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net
🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net
🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
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-price-must-reclaim-9-400-quick-sharp-to-stop-bears-trader
Post Views: 387