Crypto.com, a Singapore-based cryptocurrency exchange, has delayed its planned expansion into South Korea following concerns raised by local regulators about potential money laundering activities.
The South Korean authorities, after reviewing the data submitted by Crypto.com, initiated an “emergency on-site inspection” due to Anti-Money Laundering (AML) issues identified.
A representative from the Financial Services Commission (FSC) conveyed the regulatory concerns to the media, stating, “We found concerns related to the prevention of money laundering activities in the submitted materials.”
The inspection by the Financial Intelligence Unit (FIU), which is part of the FSC, started on April 23, a few days before the exchange’s intended launch date in South Korea.
This proactive regulatory action underscores the stringent oversight in the South Korean financial sector, particularly concerning AML protocols.
Prior to these developments, Crypto.com had successfully obtained a virtual asset business license (VASP) in South Korea by acquiring a local cryptocurrency exchange, OKBit.
This was part of the platform’s efforts to penetrate the South Korean market, which is known for its tough regulatory environment for international exchanges.
Responding to the regulatory intervention, a spokesperson from Crypto.com announced the postponement of their launch originally scheduled for April 29.
The company expressed its commitment to compliance and cooperation with South Korean regulators: “Korea is a difficult market for international exchanges to enter, but we are committed to working with regulators to advance the industry responsibly for Koreans.”
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They also emphasized the intention to use the delay to ensure that Korean regulators are fully aware of Crypto.com’s AML measures, stating, “We will postpone our launch and take this opportunity to make sure Korean regulators understand our thorough policies, procedures, systems, and controls.”
Furthermore, South Korean financial authorities are taking additional steps to strengthen market integrity by planning to impose restrictions on the listing of digital assets associated with hacking incidents unless the root causes are clearly identified.
New regulatory guidelines will also demand that all foreign digital assets seeking listing in South Korea must publish a white paper or technical manual specifically for the local market.
However, tokens that have been listed on a licensed exchange for more than two years might be exempt from these new requirements.
The Financial Supervisory Service has been active in shaping these guidelines since late 2023, collaborating with stakeholders like the Digital Asset Exchange Association to ensure comprehensive regulatory frameworks that enhance transparency and protect investors.
Token issuers failing to disclose essential information risk being delisted from exchanges, reinforcing the country’s commitment to stringent regulatory oversight.
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The pervasive influence of venture capitalists (VCs) on newly-launched cryptocurrencies is considered detrimental to their long-term sustainability and market performance, despite the initial liquidity they bring.
According to a popular crypto analyst known as Route 2 FI, in an April 22 Substack post, he criticized the role of VCs and the process of permissionless token listing:
“Permissionless token listing and money-hungry VCs are bad for the individual token long term. Every year 100 new tokens launch.
“Diluting existing ones. It’s now April 2024, and inflows into altcoins seem way more selective and not enough to offset big unlocks.”
He further highlighted the problem with high fully diluted valuations (FDV) in token launches, which are appealing for early adopters due to potential large airdrops but are marred by the substantial unlocking schedules for early VC investors.
These schedules often lead to significant price drops as the market cannot sustain the inflated initial valuations. Route 2 FI expressed skepticism about the viability of such investments:
“I think most new VC scam coins (high FDV coins) eventually will dump hard AF. And that you can use this to your advantage in pair trading or in situations where you want to hedge.”
The total market cap of altcoins, excluding Bitcoin, had risen significantly by 38% year-to-date to $1.05 trillion, as per TradingView data.
Nonetheless, this growth is overshadowed by the potential risks associated with large VC unlocks.
The lack of sufficient demand to absorb the increased circulating supply results in downward pressure on prices.
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This scenario is exacerbated by the potential exit of early buyers and developers, diminishing community trust and reducing total value locked (TVL) in the protocols, as Route 2 FI elaborated:
“At some point, the supply will outnumber the demand and we will start spiraling downwards due to massive inflation.
“Early buyers will get trapped, which leads to bearish sentiment among the community, reduced TVL in the protocol, devs (if any) leaving for greener fields, and team members quitting.”
In the broader context, the notion of an “altseason,” where altcoins surge following Bitcoin’s peaks, might be changing.
Despite over 300 noteworthy projects, the lack of enough liquidity could signal the end of this recurrent trend. Route 2 FI reflected on the new market dynamics:
“We hear a lot about altseason, but this time around I think things will be different… But ask yourself who is going to buy all these tokens.
“Unless institutions or retail are coming in masses, it will just be a forever PvP fight.”
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The impending debut of spot Bitcoin and Ether exchange-traded funds (ETFs) in Hong Kong won’t extend market access to investors in mainland China, as per insights from Bloomberg data analyst Jack Wang.
After Hong Kong gave the nod to spot BTC and ETH ETFs, three Chinese asset management firms—China Asset Management, Harvest Global Investments, and Bosera—set the stage for the spot crypto ETFs via their Hong Kong subsidiaries by April 30.
Despite the close affiliations of ETF issuers with mainland China, they won’t be facilitating Bitcoin or Ether exposure for investors in that jurisdiction.
“Mainland Chinese citizens will not be able to participate in this,” Wang affirmed during a Bloomberg webinar on April 24, referencing a directive from the Chinese State Council in September 2021 that prohibits financial institutions from engaging in crypto-related transactions.
“Even for the futures-based crypto ETF listed in Hong Kong—I actually tried to set a trade—the brokers will just directly reject the trade,” Wang noted, emphasizing the immediate disconnect of Chinese investors from this product.
READ MORE: Hong Kong Approves First Wave of Spot Bitcoin and Ether ETFs for Trading
Wang further asserted that the launch of spot Bitcoin and Ether ETFs in Hong Kong won’t catalyze any positive changes in mainland China’s regulatory landscape nor open up the crypto market to Chinese investors.
“I would say it’s 100% not going to happen at least,” the analyst remarked.
Thomas Zhu, head of digital assets at China Asset Management, highlighted the potential eligibility of mainland Chinese investors to acquire crypto ETFs in Hong Kong contingent upon forthcoming regulatory adjustments.
Amidst buoyant anticipation surrounding the impending spot crypto ETF launch in Hong Kong, Bloomberg analyst James Seyffart underscored the dominance of Bitcoin ETFs in the United States, surpassing the total assets of all ETFs in Hong Kong.
“The U.S. ETF market is almost $9 trillion in assets—that’s trillion with a ‘T’. The entire Hong Kong ETF market is around $50 billion.
Mainland China ETFs are around $325 billion. We’re talking literal orders of magnitude differences in size and impact,” Seyffart elaborated in an X post on April 12.
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Despite facing various challenges, Bitcoin maintained its position above $63,000 on April 26. Outflows from spot Bitcoin exchange-traded funds (ETFs), regulatory concerns, and scrutiny from U.S. senators did not deter its stability.
Farside Investors reported that spot Bitcoin ETFs in the U.S. experienced a net outflow of $218 million on April 25, following a $120 million outflow the previous day.
Franklin Templeton was the sole provider to register inflows on April 25, suggesting that the trend of withdrawals was not solely due to high fees at Grayscale GBTC.
On April 25, U.S. Senators Elizabeth Warren and Bill Cassidy wrote to the U.S. Department of Justice and the Department of Homeland Security, seeking details on measures to address pseudonymous cryptocurrency payments related to child abuse material.
They referenced a Chainalysis report and emphasized the importance of punishing those involved in such illicit activities.
Despite these challenges, Bitcoin bulls find optimism in deteriorating global macroeconomic conditions.
The U.S. Personal Consumption Expenditures (PCE) rose by 2.8% year-over-year in March, exceeding the target set by the U.S. Federal Reserve.
This inflation rise is concerning, especially as first-quarter U.S. gross domestic product (GDP) growth was lower than expected at 1.6%.
Market expectations suggest that the Fed may maintain higher interest rates for an extended period.
George Mateyo, chief investment officer at Key Wealth, noted that while the prospects of rate cuts remain, they are not assured, and the Fed may require weakness in the labor market before considering cuts.
READ MORE: Bitcoin Transactions Surge to All-Time High Following Halving: Runes Protocol Leads the Way
Lawrence MacDonald, founder of “The Bear Traps Report,” projected that interest payments as a percentage of federal spending in the U.S. would increase to 12.3% in 2024.
Recent government bond auctions showed a tepid response from investors, with the five-year U.S. Treasury yield reaching its highest levels in nearly six months on April 25.
Bitcoin investors are cautious about the unsustainable trajectory of U.S. government fiscal policies, as lower interest rates to alleviate debt burden could lead to higher inflation.
The situation is not unique to the U.S.; Japan, the world’s fourth-largest economy, experienced a significant devaluation of its currency, the yen, reaching its lowest level since 1990, and a lower-than-expected inflation rate of 1.8% in April.
Geiger Capital, a user on the X social network, highlighted that the Bank of Japan (BOJ) is restricted from raising interest rates due to the country’s staggering 265% debt-to-GDP ratio.
While a weaker yen benefits exports, it hampers domestic consumption.
Moreover, as the largest holders of U.S. Treasurys, Japanese investors’ actions significantly impact the global economy.
In summary, Bitcoin’s price faced challenges from outflows in U.S. spot ETFs, regulatory pressures, and global economic downturns.
Nonetheless, some analysts believe that worsening global economic conditions may prompt additional stimulus measures by central banks, potentially benefiting Bitcoin due to its scarcity and resistance to censorship.
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Bitcoin experienced a decline leading up to the Wall Street opening on April 26, with prevailing trading conditions restraining bullish momentum.
According to data from Cointelegraph Markets Pro and TradingView, BTC retraced from its peak of $65,300 to the daily close.
The market remained ensnared within a stubborn trading range, influenced by problematic macroeconomic indicators and underwhelming performance from US spot Bitcoin exchange-traded funds (ETFs).
These ETFs witnessed net outflows exceeding $200 million the previous day, dampening what initially seemed a promising week start.
James Seyffart, an ETF analyst at Bloomberg, highlighted the downturn, noting, “5 ETFs saw outflows for a total of -$217 million. Franklin was the only ETF with an inflow at $1.9 million.”
As a subdued sentiment pervaded the crypto sphere, some observers speculated on the prolonged absence of a clear Bitcoin price trend.
READ MORE: Robinhood Broadens Cryptocurrency Reach: New Yorkers Gain Access to SHIB, AVAX, and COMP Trading
However, Michaël van de Poppe, founder and CEO of trading firm MNTrading, countered this narrative, foreseeing substantial divergence in altcoins leading to anticipated gains.
He remarked, “Bitcoin is still stuck in a range. I don’t think we’ll see much happening from here for the coming 3-6 months. Slow sideways, perhaps a grind. Expecting way more from Altcoins.”
On April 26, Bitcoin’s dominance in the overall crypto market stood at 55%, down from its recent peak of 57% on April 13 — the highest level in two years.
Meanwhile, renowned trader and analyst Rekt Capital, monitoring BTC price performance post-block subsidy halving, set a two-week timeframe for any significant downturns.
He cautioned, “In this cycle, Bitcoin has entered the Post-Halving ‘Danger Zone’ (purple) and is very near the Range Low.
“If additional downside volatility below the Range Low is to occur, it would be during these upcoming two weeks.”
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The meme coin market, exemplified by Shiba Inu (SHIB), appears set for exponential growth, as indicated by Andrew Kang, co-founder of Mechanism Capital.
Kang predicts a potential 100-fold increase in market capitalization for Shiba Inu and similar tokens.
Institutional investors are gradually increasing their allocation to meme coins, moving from less than 1% to potentially 15% or more.
Kang emphasizes the importance of “Kelly optimizing,” implying maximizing bets before this anticipated surge, rather than after.
Venture capitalists (VCs) are driving this momentum, recognizing meme coins as profitable ventures.
Notably, Symbolic Capital Partners has disclosed substantial investments in SHIB, exemplifying a broader trend of VC firms entering the meme coin space.
Symbolic Capital Partners’ stake in SHIB, valued at $1.64 million and totaling 65.97 billion tokens, illustrates VCs’ confidence in the future prospects of meme coins.
Kang’s projections hint at institutional interest propelling meme coins to unprecedented market cap levels, potentially increasing by tenfold to 100-fold.
READ MORE: Hong Kong Approves First Wave of Spot Bitcoin and Ether ETFs for Trading
If realized, this would mark a significant shift in cryptocurrency investment strategies, with institutional portfolios pivoting towards meme coins.
The disclosure of substantial SHIB holdings by VC firms reflects a broader trend of institutional involvement in cryptocurrencies, extending beyond traditional assets like Bitcoin and Ethereum.
This trend signifies a growing acknowledgment of the disruptive potential of meme coins.
With SHIB’s current market capitalization standing at $14.61 billion, Kang’s forecast could propel it to a staggering $1.46 trillion, surpassing established cryptocurrencies’ market shares.
Assuming SHIB’s market supply remains constant, a $1.46 trillion market cap would translate to a per-SHIB price of $0.00247, a significant increase from its current value of $0.0000247.
In summary, the projected surge in meme coin market capitalization, led by Shiba Inu, presents a remarkable opportunity in the crypto sphere.
With institutional interest reaching unprecedented levels, we are on the cusp of a transformative period that could redefine digital investments.
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AI Shiba Coin (AISHIBC) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
AI Shiba Coin (AISHIBC), a Solana memecoin that was launched today, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and AI Shiba Coin presents a similar opportunity.
AI Shiba Coin has market cap below $10,000 at the moment, meaning that when it just reaches a modest market cap of $200,000-$500,000, early investors would generate returns of 2,000%-5,000% in a matter of days or hours.
The exciting memecoin is poised to rally 8,300% in the coming two days, and AI Shiba Coin could potentially reach a multi-million dollar market cap within a few weeks.
Currently, AI Shiba Coin can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy AI Shiba Coin on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for AI Shiba Coin by entering its contract address – BHKw9yYrRnqfGM72hN4N9NLqXcJ6MRfbX48G2VfyURqx – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like AISHIBC.
Bitcoin transactions soared to a historic pinnacle, registering a remarkable 926,842 transactions, merely three days post the Bitcoin halving event.
On April 23, Bitcoin witnessed an overwhelming surge in daily transactions, surpassing its previous high of 731,000 transactions recorded in December 2023, as per data from Glassnode.
This milestone was achieved in the aftermath of the Bitcoin halving on April 20, coinciding with the introduction of Bitcoin Runes, a novel protocol facilitating the issuance of fungible tokens within the Bitcoin network.
Constituting the majority of transactions on the Bitcoin network, Runes accounted for a striking 68% of all Bitcoin transactions. Dune data revealed a total of 3.6 million transactions related to Runes.
Nazar Khan, co-founder and CEO of TeraWulf, highlighted the significance of block space on Bitcoin, citing Runes and Ordinals as testament to this value:
“Runes and Ordinals are demonstrating the value of block space… The Bitcoin network is the most decentralized, secure, and robust network that exists, so there will be use cases and value derived from that block space.”
READ MORE: Hong Kong Approves First Wave of Spot Bitcoin and Ether ETFs for Trading
Despite the record-breaking transaction volume, Bitcoin’s price remained relatively subdued, hovering just above the $64,000 mark. CoinMarketCap data indicated a decline of over 9% in the cryptocurrency’s price on the monthly chart.
However, the true potential for Bitcoin Runes may only materialize in the coming months, according to insights from Ignas, a pseudonymous decentralized finance (DeFi) researcher.
In an April 17 X post, Ignas suggested that while Runes had garnered significant attention within the Bitcoin community, the actual market opportunity might unfold after the initial surge of investor excitement subsides:
“Runestone, RSIC, and PUPS are already pumping, promising holders shiny new Rune token airdrops. And FOMO threads keep coming. But, like the NFT frenzy post-JPEG reveal, the market could soon cool off.”
Ignas cautioned that due to their initial lack of utility, Runes could experience trading dynamics reminiscent of volatile memecoins shortly after their launch.
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Everyday Transactions
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International Remittances and Aid
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Revolutionizing Online Gambling
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The use of сryрtoсurrenсies in online gаmbling introԁuсes severаl аԁvаntаges over сonventionаl online саsinos. Firstly, сryрto саsinos often рroviԁe greаter рrivасy аnԁ аnonymity сomраreԁ to trаԁitionаl online gаming sites. Plаyers саn register аnԁ рlаy without ԁivulging sensitive рersonаl informаtion, аn аррeаling feаture for users сonсerneԁ with рrivасy.
Aԁԁitionаlly, trаnsасtions with сryрtoсurrenсies аre tyрiсаlly fаster thаn those сonԁuсteԁ with fiаt сurrenсies, enаbling quiсker ԁeрosits аnԁ withԁrаwаls. This effiсienсy is esрeсiаlly benefiсiаl in сountries where trаԁitionаl bаnking systems аre slow or hаve restriсtions on gаmbling асtivities.
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Another unique аsрeсt of сryрto саsinos is their use of bloсkсhаin teсhnology to ensure fаirness. Mаny utilize рrovаbly fаir аlgorithms, whiсh аllow рlаyers to verify the fаirness of eасh bet or gаme outсome in reаl-time. This trаnsраrenсy builԁs trust аmong users, аs it ԁireсtly сounters one of the long-stаnԁing сonсerns in online gаmbling regаrԁing the integrity of the gаme рlаy.
Investment and Wealth Management
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The Tech Sector
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Privacy and Security
Certаin сryрtoсurrenсies offer enhаnсeԁ рrivасy feаtures thаt аre аttrасting users who seek аnonymity online. Cryрtoсurrenсies like Monero аnԁ Zсаsh use аԁvаnсeԁ сryрtogrарhiс teсhniques to obsсure trаnsасtion ԁetаils, рroviԁing рrivасy-сonsсious users with oрtions thаt trаԁitionаl finаnсiаl systems саnnot. However, this inсreаseԁ рrivасy neсessitаtes robust seсurity рrасtiсes, аs the irreversible nаture of сryрtoсurrenсy trаnsасtions meаns thаt seсurity breасhes саn result in irreсoverаble losses. Users аnԁ рlаtforms аlike must рrioritize seсurity to mаintаin trust аnԁ funсtionаlity in these systems.
Future Prospects
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Conclusion
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Starting Wednesday, New Yorkers gain access to trade Shiba Inu (SHIB), Avalanche (AVAX), and Compound (COMP) on Robinhood, expanding the platform’s offerings for Empire State residents to a total of 11 cryptocurrencies.
The move signifies Robinhood’s extension of trading opportunities for New York residents.
In a recent announcement, the platform unveiled the addition of Shiba Inu, Avalanche, and Compound to its list of tradable tokens in the Empire State, joining the existing options such as bitcoin (BTC), ether (ETH), dogecoin (DOGE), bitcoin cash (BCH), chainlink (LINK), litecoin (LTC), ethereum classic (ETC), and aave (AAVE).
The revelation came through an email sent to New York residents, as reported by The Block.
READ MORE: DAO Maker Faces Backlash Over Unfulfilled Compensation Promises Following $7M Hack
Robinhood’s decision to expand its cryptocurrency offerings in New York echoes its previous moves in the space.
Last June, the platform made headlines by delisting three token cryptocurrencies — Cardano (ADA), Polygon (MATIC), and Solana (SOL) — following a declaration by the U.S. Securities and Exchange Commission (SEC) regarding their status as securities.
Following the announcement, the prices of AVAX, SHIB, and COMP experienced slight declines, according to data from The Block.
AVAX is currently trading at $37.48, with SHIB and COMP priced at $0.000026 and $58.35, respectively.
Despite the minor dips, the addition of these tokens to Robinhood’s New York offerings opens up further avenues for trading and investment for Empire State residents.
In summary, Robinhood’s decision to enable trading of Shiba Inu, Avalanche, and Compound for New Yorkers marks an expansion of its cryptocurrency offerings in the state, providing investors with access to a wider range of digital assets on the platform.
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