2023-11-26 12:42

SINGAPORE - FOMO Pay, a payment solutions provider that has partnered with blockchain firm Ripple, has obtained a Money Service Operator (MSO) License in Hong Kong. The license will enable FOMO Pay to offer payment and remittance services within the region. The company, which is already licensed by the Monetary Authority of Singapore (MAS) for transfer services, is forging ahead in its mission to establish a comprehensive financial network. This network aims to deliver high-quality solutions that support business expansion and financial innovation. Allen Vincent, a senior manager at FOMO Pay, emphasized the company's dedication to enhancing financial innovation. "We are set on cultivating a comprehensive financial network that provides top-notch solutions facilitating business growth," said Vincent. With the new MSO License, FOMO Pay is poised to extend its reach and influence in the Asian financial market, leveraging its partnership with Ripple to enhance its service offerings. https://www.investing.com/news/cryptocurrency-news/ripple-partner-fomo-pay-secures-hong-kong-mso-license-93CH-3243164

2023-11-25 17:47

Copyrighted Image by: Reuters. The cryptocurrency sector is abuzz with speculation on the potential impact of a Bitcoin spot exchange-traded Fund (ETF) approval, particularly in light of recent legal and market events. The U.S. Department of Justice's settlement with Binance for $4.3 billion and the subsequent stepping down of CEO Changpeng Zhao have been pivotal, yet Bitcoin's price has shown remarkable tenacity. In the wake of these developments, Bitcoin surged past the $38,000 mark, reaching its highest valuation in eighteen months. This rally comes despite a 20% drop in Binance Coin following the DOJ settlement. The resilience displayed by Bitcoin has fueled discussions about the future of cryptocurrency prices and the influence of an approved ETF. Industry opinions on Bitcoin's trajectory remain mixed. While Trader Bitcoin Jack remains skeptical of an immediate rise to $42,000 and suggests a possible retest of the $30,000 support level, Samson Mow of Jan 3 offers a more bullish forecast, suggesting that Bitcoin could soar to $1 million post-ETF approval. Coinbase (NASDAQ:COIN) has also weighed in, predicting that an approved Bitcoin ETF would likely draw billions in institutional inflows, as traditional investors often prefer ETFs over direct cryptocurrency purchases for their investment strategies. Throughout 2023, alongside Bitcoin's rise, Ethereum and XRP have also seen significant increases in value. The optimism for 2024 is largely hinged on the potential approval of a Bitcoin ETF. Industry leaders like Tom Farley from Bullish anticipate that such an approval would drive broader adoption and a substantial influx of capital. The partnership between BlackRock (NYSE:BLK) and Coinbase on a spot ETF initiative has prompted Wall Street firms to consider strategies for tapping into the vast wealth management market valued at $48.3 trillion. Adding to the momentum is Grayscale's legal victory against the Securities and Exchange Commission (SEC), which may signal a regulatory shift towards favoring crypto funds. Despite Laurence Latimer from Dinara expressing caution regarding adoption rates, there's a general consensus that an ETF could significantly boost demand and elevate cryptocurrency prices. For clarity, a Bitcoin ETF is described as a fund traded on stock exchanges that aims to reflect the price of Bitcoin. It is expected to attract institutional investors to the crypto markets while also presenting risks associated with regulation and volatility. In summary, while there are differing views on how quickly and to what extent a Bitcoin ETF will affect the market, there is growing confidence among many experts that it will be a positive catalyst for both adoption and price appreciation within the cryptocurrency space. https://www.investing.com/news/stock-market-news/bitcoin-etf-optimism-grows-amid-regulatory-developments-and-market-resilience-93CH-3243115

2023-11-25 17:42

In the latest cryptocurrency trading update, digital currencies displayed mixed performances. KILT Protocol experienced an 8% surge, while other cryptocurrencies like Aidi Finance saw only marginal changes in their values. Zoo Token decreased to $0.065, and CareCoin dropped to $0.0809. Notably, Kitty Inu's price climbed significantly to $95, and Hokkaido Inu also enjoyed a slight increase. Lego Coin held steady at $.0049, whereas Jeff in Space dipped to $.75. Lumi Credits rose to $.0085, and AXIA Coin saw a marginal decrease to $.43. The Future Of Fintech token, which began circulating on December 7, 2021, remained static at $0.26 or an equivalent amount in Bitcoin on major exchanges today. The token showed no change from the past week and currently has a market capitalization of $811.50 million with a modest trading volume of $1.30 for the day. Future Of Fintech targets the DeFi, Metaverse, and NFT sectors within Binance’s BNB ecosystem. The FOF tokens are used for project exchanges but cannot be directly purchased with USD; interested parties need to acquire Ethereum or Bitcoin through exchanges such as Gemini, GDAX, or Coinbase (NASDAQ:COIN) before they can trade for FOF tokens. Investors and enthusiasts can find more details about Future Of Fintech's role in decentralized finance on their official website fofmine.com or by following their social media presence on Twitter (@fofcoin). https://www.investing.com/news/cryptocurrency-news/cryptocurrency-market-sees-mixed-results-with-kilt-protocol-and-kitty-inu-up-93CH-3243114

2023-11-25 17:34

Copyrighted Image by: Reuters In a notable reversal, Jim Cramer, the host of CNBC's Mad Money, has shifted his stance on Bitcoin, now encouraging those with confidence in its future to invest in the cryptocurrency. This pivot comes as Bitcoin recently surpassed the $37,000 mark, marking a significant year-to-date increase of 125.30%. Following Cramer's revised guidance today during CNBC's Lightning Round, there was an immediate uptick in Bitcoin prices, highlighting his influence on market sentiment. Cramer's change of heart is particularly striking considering his previous advice. In December 2022, he urged investors to sell Bitcoin when it was trading at $17,150—a position proven to be less favorable as Bitcoin's value has since climbed by over 115%. The rise in the cryptocurrency's price is contributing to gains for Bitcoin mining companies as well. CleanSpark (NASDAQ:CLSK) Inc., for instance, saw its shares jump by 7.28% in a single day and 21% over the past five days, attributed to operational expansions and efficiency improvements ahead of an anticipated halving event. Other mining entities like Riot Platforms (NASDAQ:RIOT) and Hut 8 Mining Corp are experiencing similar positive momentum. The cryptocurrency market is currently awaiting a decision from the U.S. Securities and Exchange Commission (SEC) regarding a spot Bitcoin ETF, which could potentially fuel further growth. This situation underscores the volatile nature of the crypto market and the challenges it poses to traditional financial analysts' ability to make accurate predictions. Cramer's latest advice reflects a growing recognition of cryptocurrency as a viable investment option for those who believe in its long-term potential. https://www.investing.com/news/cryptocurrency-news/jim-cramer-endorses-bitcoin-investment-amid-market-surge-93CH-3243112

2023-11-25 17:31

Copyrighted Image by: Reuters Forbes has recently exposed the existence of four covert state-operated Bitcoin mining sites in Bhutan, a revelation made possible through satellite imagery from Planet Labs, Satellite Vu, and Google (NASDAQ:GOOGL) Earth, as well as insider disclosures. These facilities are strategically located near Dochula Pass with its sacred memorial shrines, Trongsa's rugged landscape, Dagana, and the deserted Education City initiative. They are believed to have begun operations around 2020 and are equipped with sophisticated mining units directly linked to hydroelectric plants. The Himalayan kingdom is currently grappling with economic challenges, including a drop in tourism and high youth unemployment rates. Furthermore, the nation is experiencing a brain drain due to increased emigration rates. In response to these pressures, King Jigme Khesar Namgyel Wangchuck has championed cryptocurrency mining initiatives similar to those in El Salvador. Bhutan's hydroelectric power, which was predominantly exported to India, is now fueling these energy-intensive operations. Consequently, the nation's electricity imports have surged to $20.7 million this year. The strategic placement of these mining centers across remote areas indicates Bhutan's substantial investment in cryptocurrency as a means of economic support. This move is part of a broader trend as countries with abundant renewable energy resources explore digital currencies to bolster their economies. The king's initiative reflects a strategic pivot as Bhutan adapts to global economic shifts while seeking new avenues for financial stability. https://www.investing.com/news/cryptocurrency-news/bhutan-revealed-as-home-to-secret-staterun-bitcoin-mines-93CH-3243110

2023-11-25 17:27

Global - The cryptocurrency industry is facing a significant transformation as regulatory scrutiny intensifies. In the latest developments, Binance, one of the world's largest cryptocurrency exchanges, has reached a staggering $4.3 billion settlement with the U.S. Securities and Exchange Commission (SEC) over compliance issues. The settlement came shortly after Changpeng Zhao, Binance's CEO, pleaded guilty to anti-money laundering (AML) charges on Tuesday and agreed to step down from his position, incurring a personal fine of $50 million. The SEC has been actively targeting major crypto exchanges for operating as unregistered securities entities. Earlier this week, Kraken was also in the spotlight for similar reasons, dating back to September 2018. The crackdown on Kraken had previously led to the exchange ceasing its staking services in February and paying a $30 million penalty following an agreement with the SEC. Despite these regulatory challenges, Bitcoin's price has shown stability, suggesting a resilient industry. Eric Demuth of Bitpanda sees the fines as indicators of maturity within the regulated digital asset era. Similarly, Bryan Daugherty from the BSV Association believes that recent SEC actions could pave the way for more stringent global crypto regulations. The interest in cryptocurrencies continues unabated, according to Jorge Lesmes from NTT DATA, even as the industry grapples with fraud threats. Meanwhile, Nick Henderson-Mayo of VinciWorks has criticized the use of cryptocurrencies for illicit activities but recognizes these challenges as part of the sector's evolution. Amidst these regulatory actions against companies like Binance, Coinbase (NASDAQ:COIN), and Kraken, there is also an ongoing inquiry by the SEC into PayPal (NASDAQ:PYPL)'s stablecoin project. The debate extends to Congress, where opinions are divided between those advocating for SEC regulation and those who prefer oversight by the Commodity Futures Trading Commission (CFTC). Senators Stabenow and Boozman have proposed granting regulatory power over cryptocurrencies like Bitcoin to the CFTC. The cryptocurrency vernacular continues to evolve with terms such as "BTFD," "FUD," and "mining," reflecting both strategies and concerns within the community. Notably, Dogecoin has seen an unexpected rise in market value despite its satirical origins, while Ethereum's software continues to manage Ether transactions efficiently. As Richard Teng steps up as Binance's new CEO amid these shifting sands, the industry is bracing for a period of rigorous compliance and adaptation to new regulatory frameworks that could shape its future trajectory. https://www.investing.com/news/cryptocurrency-news/binance-ceo-steps-down-amid-43b-settlement-with-sec-93CH-3243108