South Korea Institutional Crypto Holdings Soar 250%

Audy Castañeda
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South Korea Institutional Crypto Holdings Soar 250%

South Korea’s KODA sees a 250% rise in its cryptocurrency holdings on anticipation of a spot Bitcoin ETF. The SEC’s approval of Bitcoin spot ETFs in January stoked enthusiasm in the global cryptocurrency market. South Korea’s SFS Governor will discuss cryptocurrency regulations with SEC’s Gary Gensler.

Korea Digital Asset (KODA), South Korea’s leading institutional cryptocurrency custodian, reported a nearly 250% increase in its crypto assets under custody in the second half of 2023.

This rise is closely related to the growing enthusiasm over the possible launch of local spot Bitcoin exchange-traded funds (ETFs).

Cryptocurrencies: Why South Korea Expects Local Bitcoin Spot ETFs

According to IBT, KODA crypto assets rose to approximately 8 trillion Korean won (~$6 billion), up from approximately 2.3 trillion Korean won (~$1.7 billion) at the end of the first half of the year.

Furthermore, this rise in cryptocurrency holdings coincided with a global uptick in enthusiasm in the cryptocurrency market. This was mainly due to the US Securities and Exchange Commission’s (SEC) moves to approve spot Bitcoin ETFs.

Before the SEC’s approval, the Bitcoin price had already skyrocketed 40%. Following the SEC’s approval of 11 Bitcoin spot ETFs, Bitcoin’s value continued to climb, surpassing the $50,000 milestone.

Additionally, KODA has consolidated its presence in the market by managing more than 200 cryptocurrency wallets and serving around 50 corporate customers. As of mid-2023, the company had a local market share of 80%, KODA said, citing a Korea Financial Intelligence Unit report.

Separately, South Korea’s Financial Supervisory Service (FSS) has revealed upcoming talks between its governor, Lee Bok-hyun, and SEC chief Gary Gensler. These talks, planned for the second quarter of 2024, will focus on the regulation of virtual assets and the potential for spot Bitcoin ETFs.

Aside from a meeting with the SEC chair, Lee is also expected to visit major financial markets in the U.S. such as New York.

Bitcoin Spot ETFs as a Driver of Crypto Holdings

The above indicates a forward-looking approach to cryptocurrency regulation and international cooperation.

However, South Korea’s Financial Services Commission (FSC) has urged local securities firms to exercise caution. Participating in Bitcoin ETFs listed abroad could conflict with current guidelines on virtual assets and the Capital Markets Act.

Cryptocurrencies: The Effect of Bitcoin Spot ETFs

Said caution reflects a balanced stance towards the adoption of crypto innovations, while ensuring regulatory compliance.

“Domestic securities firms that broker foreign-listed Bitcoin ETFs may violate the government’s current stance on virtual assets and the Capital Markets Act,” the FSC said.

Meanwhile, South Korea’s ruling People Power Party is considering allowing investments in crypto products approved by developed countries, including spot Bitcoin ETFs. This measure could represent a significant change in the country’s investment environment, affecting more than 11 million cryptocurrency users.

At the same time, South Korea is preparing to implement strict cryptocurrency regulations. The Virtual Asset User Protection Law, in force since July 2024, aims to crack down on illicit cryptocurrency activities, and introduces severe penalties for serious violations, including life imprisonment. This underlines South Korea’s commitment to a safe and orderly cryptocurrency market.

If a local spot Bitcoin ETF is approved in the country, Cho Jin-seok, KODA’s CEO, believes that the company will play a “key infrastructure role” in the institutionalization of digital assets. Cho Jin-seok believes that the company will play a “key infrastructure role” in the institutionalization of digital assets.

By Audy Castaneda

Bitcoin Price Analysis: What to Expect from BTC in the Short Term

Leonardo Perez
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Bitcoin Price Analysis: What to Expect from BTC in the Short Term

At the moment the sentiment is neutral and what is left to do is to refer to an analysis and try to figure out Bitcoin’s next movements.

Bitcoin price is trading at $51,160 recently and is slightly bearish since this Friday. In recent days, BTC has slowly moved away from the $52,000 level. Consequently, its price adopted some stability, which was good for several altcoins.

However, today there are downward movements that have reached $50,800, so it is legitimate to ask ourselves about the next direction its price will take.

The first impression is that the glare of the halving and the ETFs is passing, at least among investors, since the event has a large number of mentions in the media. However, we should not take anything for granted and that is why the technical analysis that we will carry out is important to avoid subjective judgments.

At the moment, approximately $3.6 billion in BTC options expire today. So this day is crucial to analyze the strength of the Bitcoin price at this point.

While this event is happening, we see that the 24-hour trading volume in BTC is 24,171 million, with a decrease of 6.7% in the last 24 hours.

In the case of ETFs, we see daily decreases in capital inflows. However, last week ETF trading volume increased to 1.2 billion. As of Thursday, ETFs recorded net inflows of $251 million.

Bitcoin Chart Analysis

Mixed sentiment is also seen on the Bitcoin price charts from oscillators and moving averages such as the RSI and MACD. The signals denote that the price will continue to move in a neutral zone in the short term.

The 20, 100 and 200 EMAs were positioned above the price in previous hours, which is a clear sign of neutrality and the slight decline that may increase.

However, they are still quite close to them, which denotes that there is still underlying strength on the part of buyers and that the possibility of the bullish outlook is viable.

Furthermore, as the price approaches the 50 EMA, we can test how strong the current level is and breaking below it could return BTC to the $50,000 level. In this case, the support level of $50,176 should be a reference, which serves as an area where there would probably be a rebound.

Meanwhile, $53,015 can be classified as an important resistance and its break would invalidate the aforementioned bearish perspectives. In this case, it could be projected to higher levels such as $55,000 and some analysts even mention $63,000.

How Far Will the Upcoming Halving Boost Bitcoin?

The halving is one of the columns that maintain the current stability in the price, since historically it has had a positive impact (although not always immediately).

Some analysts point out that the current $607 million that enters the Bitcoin network daily is part of the halving effect. Compared to the offer, this amount is 13 times larger. One aspect to consider is that it is not possible to know for sure if this will continue after the halving.

Other analysts point out relevant macroeconomic facts such as the position of the United States Federal Reserve regarding interest rates. Investors are waiting for a decrease in interest rates to enter Bitcoin and other cryptocurrencies.

This is a particular scenario, since the factors that previously boosted the price of the largest cryptocurrency today promote its neutral sideways trend.

By Leonardo Perez

Chainlink (LINK) Stabilizes Price at $20 as Pyth Network Looks to Catch Up; Rebel Satoshi ($RBLZ) Emerges as a Profit Opportunity

Audy Castañeda
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Chainlink (LINK) Stabilizes Price at $20 as Pyth Network Looks to Catch Up; Rebel Satoshi ($RBLZ) Emerges as a Profit Opportunity

PYTH bulls expect rallies to $0.70.

Crypto experts believe that Chainlink (LINK) and Pyth Network (PYTH) will continue their bullish trends. Meanwhile, Rebel Satoshi ($RBLZ) is gaining traction as one of the most rewarding investments in the broader market. Here’s a closer look at the facts.

Chainlink Bulls Expect Massive Price Rallies

Crypto analysts praise LINK as one of the best altcoins to buy today, based on Chainlink’s ranking by market capitalization and huge growth potential. According to a recent Chainlink price prediction, LINK is poised to resume its uptrend and rise above $23.50 in the next term.

Chain link increased whale activity is one of the main factors behind this optimistic forecast. For example, Lookonchain reported on February 17 that 83 separate wallets had withdrawn a total amount of 11,097,687 LINK Tokens (worth over $216.4 million) from Binance over the previous fortnight.

However, the LINK price has decreased by 9.07% over the past week, from $20.28 to $18.44. Therefore, Chainlink bears warn that Chainlink’s inability to consolidate above the $20 threshold could lead to declines below $16.50 during the next LINK price movements.

Could Pyth Network Soar to $0.70?

PYTH price has fallen by 19.05% in the last week, from $0.65 to $0.53. Experts believe, though, that the latest developments within the Pyth Network field could soon allow PYTH to consolidate its forces and rise towards the $0.70 level.

Therefore, Pyth Network bulls suggest PYTH as the top crypto to buy in 2024 based on evaluating the token as a valuable long-term investment.

On the other hand, bears claim that Pyth Network’s inability to deliver substantial near-term rewards could result in steeper declines within PYTH’s upcoming price movements. In the worst case scenario, Pyth Network holders should prepare for expected corrections to $0.40.

In recent news, Pyth Network announced the launch of real-time pricing for 13 Bitcoin ETFs on February 20. Additionally, Pyth Network previously launched its STRK/USD Price Feed on over 50 blockchains.

Rebel Satoshi Emerges as the Leader of the Decentralized Crypto Revolution

Many successful traders have adopted $RBLZ as the best cryptocurrency to invest in 2024 due to Rebel Satoshi’s exceptional future potential. Furthermore, this meme coin project aims to usher in a new era in cryptocurrency trading through its focus on decentralization and community development.

Therefore, $RBLZ adopters play an important role in the satoshi rebel community and make valuable contributions to Rebel Satoshi’s ecosystem. Additionally, $RBLZ users get exclusive access to 9,999 rare NFTs and the chance to earn great rewards by completing interactive quests.

The ERC-20 $RBLZ token offers huge rewards for staking and has already raised $2.1 million. The token has completed its smart contract audit and is currently available for only $0.024 in the final round of the rebel satoshi Presale, the Recusants Round 5.

Early $RBLZ investors can receive significant profits when the token soon reaches the $0.025 target and launches on DEX on March 4. Additionally, The Rebel Satoshi pre-sale target marks an impressive 150% increase from the Round 1 price figure of $0.010.

Top experts acknowledge that Rebel Satoshi has the potential to eclipse opponents like LINK and PYTH and reach the top of the market. It seems viable to diversify the investment portfolio with $RBLZ, but not without first doing your own research on the pros and cons of making a significant investment in this area.

By Audy Castaneda

Trump’s U-turn on Bitcoin: Former President Shares Surprising New Vision

Leonardo Perez
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Trump’s U-turn on Bitcoin: Former President Shares Surprising New Vision

Donald Trump backs away from his previous skepticism, hinting at a positive shift towards Bitcoin

In a Wednesday television interview on Fox News’ The Ingraham Angle, former US President Donald Trump articulated a more open stance toward Bitcoin, signaling a possible shift in his previously critical stance.

When asked by host Laura Ingraham about his views on being a popular digital currency, Trump acknowledged BTC growing trend adoption, despite maintaining his preference for the US dollar.

Trump’s U-turn on Bitcoin

Trump’s response to Ingraham’s question was nuanced and acknowledged the growing interest in Bitcoin. “Well, a lot of people are doing it. I always liked a coin, you could call it a coin. I liked the dollar. But a lot of people are doing it.”

He further stated the following:

“And frankly, it’s taken on a life of its own, it probably needs to be regulated a little bit, as you know. But many people are adopting it. And I see more and more people who want to pay. [with] Bitcoin. You are seeing something that is interesting. So I can live with it one way or another. I’ve always liked a really powerful thing. And that is called a dollar.”

This comment is particularly noteworthy when contrasted with Trump’s historic stance on digital currencies. As president in 2019, Trump was overly critical of BTC and other cryptocurrencies, dismissing them as non-genuine money and criticizing their volatility and “up in the air” basis.

Additionally, his administration was known for its efforts to block the approval of one-time Bitcoin ETF applications and its attempts to ban self-hosted wallets, citing concerns about the use of cryptocurrencies to facilitate illegal activities. While the precise reasons for Trump’s U-turn remain ambiguous, it seems plausible to consider the influence of Vivek Ramaswamy as a catalyst for this U-turn, given his successful efforts to persuade Trump about the potential dangers posed by cryptocurrencies. central banks (CBDC).

In January, Trump publicly opposed CBDC development, a stance that aligns with his criticism of government-controlled financial systems. He argues that CBDCs could lead to greater government oversight and a reduction in personal financial freedoms.

Bitcoin Community Reactions

The BTC community on X reacted to Trump’s comments with a mix of skepticism and optimism. Perianne Boring, founder and CEO of the Digital Chamber of Commerce, demanded a more definitive statement of support, criticizing Trump’s response as evasive:

“This is an indirect non-response. Let’s not forget that the trump admin blocked spotlight Bitcoin ETF apps and tried to ban self-hosted wallets! Trump needs to provide a clear statement of support.”

Meanwhile, Robert J Salvador, CEO of DigiBuild, noted Trump’s lack of understanding of Bitcoin, however, highlighting the importance of his commitment to the issue. “Trump doesn’t understand Bitcoin, he never has. But it’s good that the Republican candidate is talking about it,” he commented.

Tony Edward of the Thinking Crypto Podcast and Joe Consorti, an analyst at The Bitcoin Layer, noted the change in Trump’s tone, interpreting it as an acknowledgment of the growing influence and acceptance of BTC. “This is a very different tone, it’s softer, than what Donald Trump tweeted about Bitcoin when he was president. Bitcoin is breaking down psychological barriers that seep into society, pop culture, and more. You can no longer ignore it or laugh at it.” commented Edwards.

All the while, the consortia highlighted Trump’s recognition of BTC as a currency, stating that “Trump does not consider Bitcoin and the dollar to be opposed to each other, he is quite indifferent about it. He did good”. Recently, BTC was trading at $51,243.

By Leonardo Perez

BNB Price Rising Analysis: About to Reach $400?

Audy Castañeda
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0
BNB Price Rising Analysis: About to Reach $400?

BNB price just crossed a key level after drawing “golden cross” pattern on its charts, what to expect next?

As Bitcoin volatility decreases, BNB price is trading at $380. The Binance Smart Chain token follows a strongly bullish path from Tuesday, February 20, at $346 to current levels.

This cryptocurrency is actually trading in a much longer positive trend on an annual basis and recovers from the decline caused by SEC pressure in mid-2023. That is why this rise represents a recovery from $206, the lowest minimum in a year.

Many factors aligned in these months and weeks so that the price of BNB today presents significant increases, but today specifically the main motivation is the announcement of the burning of BUSD and TUSD tokens, an event announced by Binance yesterday via X:

“Today, Binance will burn a significant number of $BUSD and $TUSD B-tokens. The equivalent amount of tokens used as collateral on their native networks will then be released.”

Weeks before the series of SEC disputes against Binance and qualifying BNB as a security, BNB was trading as high as $343. Subsequently, pressure from the organization sent it to the aforementioned $206.

BNB not only managed to recover to the highs before the crash, but even surpassed those highs. This panorama is a sign that BNB regained the confidence of investors and went further, awakening their enthusiasm again.

BNB Rising Price Chart Analysis

Charts of the recent BNB price surge highlight the formation of the famous “golden cross.” That is, when the 50 EMA crossed the 200 EMA. Generally, this cross is interpreted as a strong bullish signal and this was reflected in the BNB price.

After this pattern occurred, the price of BNB grew steadily and consolidated at increasingly higher levels. As soon as the price broke $338, the price increased its upward potential to today’s levels.

On a yearly basis, BNB charts show the inverted bullish “shoulder, head and shoulder” pattern. As soon as this pattern was completed, the price broke above the first “shoulder”, showing that it was indeed undervalued at those levels where the inverted head was formed.

Given this optimism, it is now essential to find out where a correction can be seen. In this context, the psychological level of $400 seems too strong to break and, therefore, the correction could occur before reaching it.

In case the price retraces, the 20 EMA and around $336 can be set as support. It is also possible to use the 50 SMA as fairly strong support around $315. If the bears manage to push the price to lower levels, then this would mean a trend reversal.

So far, the bulls remain in control: the moving averages and the RSI in the overbought zone confirm the strong control of the buyers at this time.

Will BNB Reach $400 Before March?

The most optimistic analysts predict that the BNB price will reach $400 before March. However, this level is not easy to achieve after the long bullish rally experienced by this token. The outlook would change if BTC gains new upward momentum. As Bitcoin Halving approaches, its price stabilizes.

It therefore seems appropriate to question whether the gains around the enthusiasm generated by the halving have already been achieved.

This consideration is short-term and in a long-term assessment the expansion of the Binance Smart Chain and its achievements in its adoption should also be considered. For example, the fact that it recently surpassed one million active users. A great milestone that reflects the potential that this network has.

By Audy Castaneda

Crypto Exchange Kraken Takes on the SEC Head-On

Leonardo Perez
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Crypto Exchange Kraken Takes on the SEC Head-On

In a federal court in San Francisco on February 22, Kraken filed its motion to dismiss the SEC lawsuit.

Cryptocurrency exchange Kraken dismissed the SEC’s lawsuit, calling it a “troubling precedent” of overreaching authority.

The exchange claims that the lawsuit filed by the agency does not have any restrictive principles and gives the agency broad authority that it considers excessive.

Cryptocurrency Exchange Kraken Dismisses SEC Lawsuit

Crypto exchange Kraken has filed to dismiss a lawsuit filed in November by the U.S. Securities and Exchange Commission (SEC), arguing that it sets a “dangerous precedent” for the agency’s mandate.

In a related blog post, Kraken said the SEC’s theory — that an investment contract can exist without post-sale obligations and without issuer-buyer interactions — “has no limiting principles.” It would also give the agency too much authority over transactions, potentially paving the way for lawsuits under private securities law.

The SEC sued Kraken last year, accusing it of illegally making millions of dollars from trading “cryptocurrency securities” and providing “exchange, broker, dealer and clearing agency” services without required registration. Kraken was also accused of poor internal controls, which resulted in $33 billion of customer assets being mixed with company funds.

Kraken argued in its motion to dismiss that the SEC failed to prove that cryptocurrencies traded on its platform were “investment contracts” under US securities laws. This is because there was no agreement between Kraken customers and cryptocurrency issuers.

The exchange also said that the SEC’s definition of a security could lead to “any simple sale of assets for purported speculative purposes” being considered a security and that securities laws have never given the agency such broad authority. Kraken invoked the big questions doctrine, a 2022 Supreme Court decision, arguing that Congress should pass laws instead of delegating authority to regulators.

Kraken Submits New Information Requests: Impact on Cryptocurrencies in the UK

Kraken recently implemented a number of new information requests for its customers in the UK, particularly in relation to transactions involving self-custody wallets.

In an email communication sent to some users, the exchange warned that failure to submit the requested information could lead to temporary blocking of accounts until the necessary information is provided. This announcement has raised significant questions about privacy, regulation, and the future of cryptocurrency transactions.

The request for information represents a substantial change compared to the traditional approach of cryptocurrency exchanges, which generally do not require such specific details from self-custodial wallet owners.

To ensure the authenticity of communications, it has been confirmed that customers must verify ownership of their self-custody wallets used in transactions with Kraken.

Regulatory Pressure, Transparency and Decentralization

Some experts point out that the change described above is the beginning of a period of increased surveillance in the United Kingdom. The timing of the announcement coincides with broader regulatory developments in the European Union.

The recently updated Funds Transfer Regulation (FTR) imposes similar requirements for transactions involving service providers in the EU and will be fully implemented by the end of 2024. Kraken, in response to these new regulations, has taken proactive measures to maintain compliance in the UK and ensure greater oversight in the cryptocurrency industry.

Industry critics argue that the increase in regulatory pressure threatens the fundamental principles of decentralization and anonymity, on which the essence of cryptocurrencies is based.

On the other hand, supporters believe that such rules will help identify illegal activities such as money laundering and terrorist financing. In fact, they claim that this will improve transparency, verify the identity of users and monitor transactions, which generates greater trust and responsibility in the cryptocurrency ecosystem.

By Leonardo Perez

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