2024-09-30 10:51

The review which will occur over the coming months could also pave the way for crypto exchange traded funds. Japan is set to review its rules for the crypto sector, Bloomberg reported on Monday. It will assess whether or not the nations approach of regulating crypto under the payments act is affective. Japan is set to review its rules for the crypto sector, Bloomberg reported on Monday, citing an anonymous official at the nations Financial Services Agency. The review will occur over the coming months and will assess whether or not the nations approach of regulating crypto under the payments act is affective. It could also pave the way for domestic funds investing in digital asset tokens. The regulator is looking to see if its existing crypto rules offer enough protection for investors. It may conclude that the act itself needs changes or crypto needs to be reclassified as a financial instrument and fall under the country's investment law, the Bloomberg report said. This could pave the way for lower taxes for digital assets, something the country has been exploring. Nations around the world have been looking to clarify their approach to crypto. The U.K. decided to make crypto a regulated activity last year and bring the sector under its financial services rules, Europe created bespoke rules for the crypto sector known as the Markets in Crypto Assets rules, while, South Africa recently opened up its licensing regime for the sector. CoinDesk reached out to the Financial Services Agency. https://www.coindesk.com/policy/2024/09/30/japan-plans-to-review-its-crypto-rules-bloomberg/

2024-09-30 10:15

Ether funds registered $87 million in net inflows to break a five-week losing streak while bitcoin products added $1 billion. Digital asset funds saw net inflows of $1.2 billion last week, their most since the week ended July 19. The growth marked the third consecutive week of inflows and was attributed to expectations of further interest-rate cuts in the U.S. Digital asset funds saw inflows of $1.2 billion last week, the largest total since the week ended July 19, according to crypto asset manager CoinShares. The additions marked the third consecutive week of inflows and were attributed to expectations of further interest-rate cuts in the U.S., CoinShares wrote in its weekly report on Monday. U.S.-based funds accounted for $1.17 billion of the $1.2 billion of inflows. The U.S. bitcoin exchange-traded fund (ETF) sector received a boost recently with the Securities and Exchange Commission's (SEC) approval of physically settled options tied to BlackRock's ETF (IBIT), the largest of the spot BTC funds in the U.S. by assets. "The approval of options for certain US-based investment products likely boosted sentiment, although trading volumes have not seen a commensurate rise, in fact, they declined slightly by 3.1% week-on-week," CoinShares wrote. Bitcoin funds saw over $1 billion of inflows. Ether products added $87 million to break a five-week losing streak and net "the first measurable inflows since early-August," according to the report. Read More: MicroStrategy 2X Leveraged ETF Sees Massive Inflows In First Week Of Trading As MSTR Outperforms Bitcoin https://www.coindesk.com/markets/2024/09/30/crypto-investment-products-saw-12b-of-inflows-last-week-most-in-10-weeks-coinshares/

2024-09-30 07:37

BTC is close to ending September up 9%, its best since 2013, ahead of a seasonally bullish October. Bitcoin is set to record a gain of at least 9% this September, defying its historical trend of negative returns for the month, with only two prior instances of positive growth since 2013. October traditionally favors bitcoin with only two negative months since 2013, and current market conditions, including global monetary policies and U.S. political support, suggest a continued bullish trend potentially pushing Bitcoin toward $70,000 from around $64,000. Bitcoin’s (BTC) historically worst month may have be its best one yet, with the asset on track to gain at least 9% this September, beating a trend that’s seen it end in the red eight times since 2013. And that’s putting the asset on a stronger footing going into October, the start of a generally bullish period with some traders targeting a run to as much as $70,000 in the coming weeks from the current $64,000 levels. A green September has always resulted in bitcoin closing higher in October, November and December. In contrast to September, there have just been two October months where bitcoin has ended in the red since 2013 - chalking gains of as high as 60% and an average of 22%. Seasonality is the tendency of assets to experience regular and predictable changes that recur during the calendar year. While it may look random, possible reasons range from profit-taking around tax season in April and May, which causes drawdowns, to the generally bullish “Santa Claus” rally in December, a sign of increased demand. September has recorded an average value depletion rate of 6.56% in bitcoin, as previously reported, leading to traders being generally defensive about betting on higher prices. But it gained amid a slew of global monetary easing policies, a weakening yen, increased institutional investments in bitcoin and both political parties in the U.S. - which influence market movements - showing a favorable sentiment toward the crypto market ahead of November elections. The trend is widely expected to continue. “With crypto correlations staying high to macro assets, particularly against the SPX, we consider the friendly macro background to remain a strong tailwind for crypto prices into Q4,” Augustine Fan, head of insights at SOFA, told CoinDesk in a Telegram message. “Furthermore, with the Kamala camp playing lip service to crypto 'support' as part of her campaign rhetoric, we remain bullish on price action in the near term, with targeted put-selling strategies likely to be popular as investors switch into a 'buy-the-dip' mode,” he added. https://www.coindesk.com/markets/2024/09/30/bitcoins-bearish-september-may-be-its-best-since-2013-ahead-of-bullish-october/

2024-09-30 05:53

Crypto Finance Asset Management AG has been renamed as Matrixport Asset Management AG (MAM). Matrixport has acquired Swiss-based Crypto Finance Asset Management AG in all-cash deal. The firm has been renamed Matrixport Asset Management AG (MAM). Singapore-based crypto financial services platform Matrixport has announced an all-cash acquisition of licensed Swiss crypto asset manager and former Deutsche Boerse Group subsidiary, Crypto Finance (Asset Management) AG. The Switzerland-based entity, now renamed Matrixport Asset Management AG (MAM), offers institutional-grade digital assets investment solutions, including the first FINMA-approved crypto fund. The acquired company was part of Crypto Finance, which falls under the Deutsche Boerse Group. FINMA is the Swiss Financial Market Supervisory Authority, an independent regulator of the European nation's financial markets. Matrixport has $6 billion in assets under management. The regulatory-compliant acquisition expands Matrixport's footprints in Europe, reflecting the firm's "steadfast commitment towards continually collaborating with regulators to review existing regulations and refine virtual assets specific regulations in the years to come," Matrixport's Chief Compliance Officer & Head of Regulatory, Christopher Liu, said in the press release. Stefan Schwitter, the former head of Crypto Finance Asset Management AG and now the CEO of MAM, said global clients stand to benefit from both firms' expertise. CORRECTION (Sept. 30, 06:35 UTC): Corrects headline and story to clarify Matrixport has bought the asset management arm of Crypto Finance. https://www.coindesk.com/business/2024/09/30/crypto-services-provider-matrixport-buys-deutsche-boerse-unit-crypto-finance/

2024-09-30 05:33

BTC has registered its first three-week winning trend since February. BTC has registered its first three-week winning trend since February. Dealers have seen massive call buying activity at the $75,000 strike price and beyond and put selling, according to Amberdata. Bitcoin (BTC) has notched its first three-week winning streak since February, according to data source TradingView. The upswing has been characterized by traders buying call options, offering an asymmetric upside potential above $75,000. The leading cryptocurrency by market value rose over 3% in the seven days to Sept. 29, extending over 7% price increases that occurred in each of the previous two weeks. China's large stimulus announcement and inflows into the U.S.-listed spot ETFs, equivalent to more than a month's supply of newly mined BTC, likely helped the cryptocurrency maintain the upward trajectory. As prices rose, dealers saw massive call buying activity at the $75,000 strike price and beyond on crypto exchange Deribit, according to order flow tracked by Amberdata. Investors also sold put options. "This flow pattern suggests a bullish outlook for spot prices (due to the put selling) while also anticipating an acceleration in price movement," Amberdata's Director of Derivatives, Greg Magadini, said in a note shared with CoinDesk. A call option gives the holder the right but not the obligation to purchase the underlying asset, BTC, at a predetermined price at a later date. A call buyer is implicitly bullish on the market, while a put buyer is bearish, looking to hedge against price swoons. The bullish flow of increased call buying and put selling suggests expectations that prices will soon break out of a six-month-long corrective trend, referred to as the "expanding triangle" by veteran analyst Peter Brandt. A potential break out would mean the broader uptrend from October 2023 lows under $30,000 has resumed. "A break above $75K could lead to a swift rally through all-time highs toward $100K, where the last tranche of call buyer activity is concentrated in the December 27, 2024, expiration," Magadini said. https://www.coindesk.com/markets/2024/09/30/bitcoin-bulls-eye-75k-and-higher-as-btc-registers-three-week-winning-streak/

2024-09-30 05:16

The former minister called on Beijing to study the industry in light of Republican candidate Donald Trump's comments on crypto. China's former minister of finance, Zhu Guangyao, has called on Beijing to pay more attention to the crypto markets in a speech at a summit hosted by Tsinghua University. Zhu also said that the government must recognize the risks and harm crypto poses to capital markets. China's former minister of finance, Zhu Guangyao, said at a forum hosted by Tsinghua University that the government should study crypto more closely, given remarks made on the U.S. campaign trail. Crypto "has negative impacts, and we must fully recognize its risks and the harm it poses to capital markets," Sina News quoted him as saying. "However, we must also study the latest international changes and policy adjustments, as it is a crucial aspect of digital economy development." Sina reports that Zhu pointed directly at Republican Candidate Donald Trump's remarks as a need for further action by Beijing. At the Bitcoin Conference in Nashville in July, Trump said that the U.S. must embrace the crypto industry fully, or "China will do it." Crypto, he said at the time, is "the steel industry of 100 years ago. You're just in your infancy. One day, it probably will overtake gold. There's never been anything like it." Zhu also noted that the Securities and Exchange Commission (SEC) had approved bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs) despite initial opposition. While mainland China remains cautious on crypto, Hong Kong – which maintains a semi-autonomous system of government and market regulations – has embraced it, listing bitcoin and ether ETFs, while some members of its mini-legislature actively court the industry to open up shop in the city. https://www.coindesk.com/policy/2024/09/30/chinas-former-minister-of-finance-calls-crypto-a-crucial-aspect-of-digital-economy/