Deribit, a leading cryptocurrency exchange specializing in options and futures, has announced its move to Dubai following the acquisition of a new regulatory license.
This strategic relocation is propelled by the successful attainment of a Virtual Asset Service Provider (VASP) license issued by Dubai’s Virtual Asset Regulatory Authority (VARA) to Deribit’s local subsidiary, Deribit FZE, on April 2.
This newly granted license enables Deribit to broaden its service offerings in Dubai, including spot trading and crypto derivatives like futures and options.
However, the exchange must meet all of VARA’s conditions and localization requirements before the VASP license becomes operational.
Deribit anticipates revealing its launch strategies, terms, and operational commencement date shortly.
Upon becoming operational, Deribit aims to cater to institutional and qualified investors within Dubai while maintaining service for its retail clientele through its Panamanian broker affiliate, a member of the Dubai-based Deribit FZE, until further announcements are made.
In a significant move signaling its commitment to the Dubai market, Deribit will transfer its global headquarters from Panama to Dubai and has appointed Luuk Strijers, its former chief commercial officer, as the new CEO.
John Jansen, co-founder of Deribit, remarked that acquiring the conditional VASP license from VARA represents a commitment to ensuring a safe and transparent trading platform, enhancing Deribit’s position as a preferred platform for traders.
Despite attempts to obtain further comments from Deribit regarding the VARA license, there was no immediate response.
Founded in 2016, Deribit has risen to prominence in the cryptocurrency derivatives market, competing closely with industry behemoths like Binance and Bybit.
As of April 2, CoinMarketCap ranks Deribit as the fifth-largest derivatives exchange globally, with daily trading volumes reaching $1.9 billion.
VARA, established in March 2022, serves as Dubai’s chief regulator for cryptocurrency-related activities, overseeing all zones within the Emirate except the Dubai International Financial Centre.
Since its inception, VARA has granted multiple crypto trading licenses to leading companies, including Binance and OKX, underlining Dubai’s growing stature as a hub for digital asset trading and innovation.
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On April 2, Ethena Labs executed a significant airdrop event, dispensing $450 million in ENA tokens across various eligible wallets.
Notably, the largest share of this airdrop was captured by a single wallet, identified as 0xb56, which received a staggering 3.3 million Ethena tokens.
This allocation was valued at approximately $1.96 million, as per analysis from Arkham Intelligence.
This distribution was part of a broader initiative by Ethena Labs, detailed in an April 2 X post, which saw the complete allocation of a 5% $ENA share to claim smart contracts, with the team highlighting, “The full 5% of $ENA has already been distributed to the claim smart contracts.
“The core contributors will be working around the clock to support with any questions on the claimable $ENA.”
This generous airdrop was quickly followed by the listing of the Ethena token for trading on major centralized crypto exchanges such as Binance, Bybit, KuCoin, HTX, MEXC, and BitMart, starting from 8:00 am UTC.
Despite this expansion, the Ethena token experienced a decline, falling over 15% within 24 hours to a trading price of $0.5824.
Currently, ENA ranks as the 110th-largest cryptocurrency, boasting a market capitalization of $836 million, according to CoinMarketCap.
Earlier achievements of Ethena Labs include the launch of the USDe synthetic dollar on the public mainnet on February 19.
This move positioned it as the top-earning decentralized application (DApp) by March 8, offering an impressive 67% annual percentage yield (APY).
READ MORE: Dogwifhat Surges to Become Third-Largest Meme Coin, Overtaking Pepe Token in Market Cap
The yield has since adjusted to 35.4%, benefiting over 123,000 users and securing a total value locked (TVL) of $1.6 billion.
The USDe market cap has witnessed significant growth, rising 1.9% in the last week and 135% over the past month to reach $1.58 billion, per DefiLlama.
Additionally, the Ethena token was recently featured for farming on Binance’s launch pool.
However, the ecosystem faced challenges, notably on March 29, when a counterfeit ENA token led to a $290,000 exploit in BNB.
This incident, initially misattributed to the authentic Ethena token by PeckShield, a security firm, underscored the vulnerabilities within the crypto space, though the real Ethena token remained uncompromised.
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In an effort to capitalize on the burgeoning interest in meme tokens within the cryptocurrency market, BNB Chain, a leading smart contract blockchain, has launched a unique initiative to lure memecoin developers.
The blockchain has announced a funding pool of up to $1 million, specifically earmarked to incentivize developers who choose to build their memecoin projects on its network.
This initiative is part of BNB Chain’s broader strategy to stimulate the expansion of the memecoin sector on its platform.
The company conveyed through a statement to Cointelegraph its ambition to bolster the memecoin ecosystem’s growth, underscoring its commitment to fostering innovation in this niche.
Developers keen on leveraging this opportunity are invited to participate in the “Meme Innovation Campaign” set by BNB Chain.
This campaign, running from April 10 to May 9, is designed to encourage the deployment of memecoin projects on the network.
BNB Chain emphasizes the campaign’s role in bridging creativity, Web3 culture, and innovation, encouraging both experienced developers and newcomers to explore the potential of blockchain technology in realizing their creative ideas.
READ MORE: Finerca Revolutionizing Trading Education for Today’s Market Dynamics
However, the competition stipulates several challenging criteria that participants must meet.
A notable requirement is achieving a minimum trading volume of $2 billion for memecoins to be eligible for the lowest tier of rewards, with a $30 billion trading volume threshold set for the top prize of $1 million.
Other prerequisites include undergoing at least one security audit and making the project code publicly available on BscScan, along with a requirement for the project to have more than 1,000 new tokenholders and an active presence on social media platforms such as Telegram and Discord.
The move by BNB Chain comes against the backdrop of a significant uptick in the popularity of meme-focused tokens in the crypto realm, with the total market capitalization of these tokens reaching $70 billion on April 1.
This surge was fueled by the rise of new tokens like Dogwifihat (WIF) and Book of Meme (BOME), alongside gains in established meme tokens such as Pepe and Bonk (BONK).
BNB Chain is not alone in its quest to support memecoin development; other blockchain networks, including the Avalanche Foundation, have also introduced initiatives to foster the growth of memecoins, offering substantial rewards to liquidity providers for selected memecoin projects.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin’s price drop is leading to a significant reset across several key metrics, as the market’s leverage gets a forceful clear-out.
Currently, Bitcoin (BTC) hovers around $66,000, following a sharp 5% decline within an hour, as indicated by data from Cointelegraph Markets Pro and TradingView.
Despite a 7% decrease in value for April, this pullback could be beneficial for the overheated market by testing and reinforcing support levels.
A substantial liquidation event accompanied the recent price dip, amounting to $400 million for Bitcoin and altcoins combined, according to Cointelegraph.
This event has led to a noticeable shift in market dynamics, with funding rates turning negative, as highlighted by CoinGlass.
This shift suggests that the market is undergoing a purge of excessive leverage, critical for setting the stage for new price discoveries.
Popular trader Jelle remarked on the social platform X, “BTC & ETH margined contracts already into the negatives. All leverage must be destroyed before price discovery.”
QCP Capital, in its “Asia Morning Color” update, pointed out the swift nature of this market correction, attributing it to significant liquidations on platforms popular with retail traders like Binance.
These liquidations caused perpetual funding rates to drop dramatically, essentially recalibrating spot prices within the $60,000 to $72,000 range.
READ MORE: Dogwifhat Surges to Become Third-Largest Meme Coin, Overtaking Pepe Token in Market Cap
Despite the compression in perpetual funding rates, the rest of the forward curve remains elevated, leading to speculation about further adjustments in the market.
The market’s current state is further characterized by Bitcoin’s Relative Strength Index (RSI) returning to a neutral midpoint of 50 on daily timeframes, a critical threshold for maintaining uptrends.
Historically, Bitcoin has shown optimal performance when the RSI exceeds 70, a sign of being “overbought.”
This dynamic underscores the importance of RSI levels in gauging Bitcoin’s market stance.
Additionally, Bitcoin’s potential for an upcoming breakout is hinted at by the narrowing of Bollinger Bands on daily charts, a phenomenon noted by analyst Matthew Hyland who drew parallels to a similar pattern observed in February.
This tightening of the bands, not seen since Bitcoin’s rally from $45,000, alongside previous reports from late December 2023 on RSI and Bollinger Bands, suggests a looming acceleration in the bull market.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Crypto.com, a leading centralized cryptocurrency exchange, is poised to expand its reach by launching its cryptocurrency trading application in South Korea on April 29.
The move signifies a strategic expansion for the company, granting South Korean retail investors access to a diverse portfolio of over 150 cryptocurrencies and nonfungible tokens (NFTs) through the Crypto.com app.
Eric Anziani, the president and CEO of Crypto.com, emphasized the importance of the South Korean market in the company’s growth strategy.
In an announcement made on April 2, Anziani lauded the progressive stance of South Korean regulators towards the cryptocurrency sector and expressed enthusiasm for future collaborations aimed at fostering industry growth responsibly.
The transition to the new platform marks the end of services for crypto exchange OK-Bit, which Crypto.com acquired in 2022.
From April 29, OK-Bit will cease its operations, coinciding with the launch of Crypto.com’s app.
This move is tailored exclusively towards retail investors, reflecting the regulatory landscape in South Korea where institutions have been prohibited from investing in cryptocurrencies since 2017.
Furthermore, due to the non-recognition of cryptocurrencies as financial assets by the country’s financial regulators, institutions are also barred from engaging in crypto-related exchange-traded funds.
The launch is a crucial component of Crypto.com’s broader strategy to cement its presence in key global markets, including North America, Western Europe, the United Kingdom, and Asia.
The company has been laying the groundwork for its expansion in South Korea since at least 2022, securing necessary registrations under the Electronic Financial Transaction Act and as a virtual asset service provider.
However, this expansion occurs amidst increasing regulatory scrutiny in South Korea.
The Financial Intelligence Unit (FIU) of South Korea has announced stricter regulatory measures for crypto exchanges, including the potential expulsion of platforms considered unsuitable for the market.
These measures are part of a broader effort to enhance screening procedures in the crypto sector and to prevent the entry of unfit exchanges into the economy.
Additionally, a proposed amendment by South Korea’s Financial Services Commission (FSC) could further tighten controls, requiring new crypto firm executives to secure regulatory approval prior to assuming their roles, a move that underscores the evolving and increasingly regulated landscape of cryptocurrency trading in South Korea.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Tether, the entity behind the Tether stablecoin, has significantly increased its Bitcoin holdings, purchasing 8,888 Bitcoin valued at $618 million on March 31.
This move boosts Tether’s Bitcoin portfolio to 75,354 units, acquired at an average price of $30,305 each, now valuing approximately $5.2 billion.
This acquisition reflects a substantial unrealized profit of over 128%, amounting to $2.94 billion, as per CoinStats data.
This strategic investment aligns with a period marked by growing institutional interest in Bitcoin, spurred by the U.S. approval of spot Bitcoin exchange-traded funds and the anticipation of the Bitcoin halving event.
The latter is expected to slash the block supply issuance by half in just 19 days.
As a result of its latest acquisition, Tether has ascended to the position of the seventh-largest Bitcoin holder globally, trailing behind Binance’s cold wallet—the largest with more than 248,597 Bitcoin, worth $17.31 billion.
Tether announced its intent to allocate 15% of its net profits towards Bitcoin investments, aiming to diversify the assets backing its stablecoin.
This announcement came shortly after Tether’s USDT reached a milestone $100 billion market cap on March 4, reflecting a 9% growth since the beginning of the year.
The crypto market observed a minor dip with Bitcoin’s price decreasing by 1.23% in the 24 hours leading to 8:45 am UTC, settling at $69,523.
READ MORE: Bitcoin Surges to $70,000, Eyes Record Highs Amid Positive Economic Remarks from Fed Chair Powell
However, Bitcoin has consistently maintained its position above the $69,000 mark since March 25, even amidst significant market events like the largest quarterly options expiry on March 29.
Analysts suggest that Bitcoin’s resilience in flipping its previous all-time high of $69,000 into support indicates the end of the pre-halving correction period.
According to Rekt Capital, a well-known crypto analyst, “Bitcoin is now peaking beyond this old all-time high, potentially positioning itself for this pre-halving retracement to be over.”
The anticipation around the halving event is high, with Bitcoin setting new all-time highs before such events, an unprecedented occurrence in its history.
Despite its robust price performance, experts like Basile Maire, co-founder of D8X decentralized exchange, believe that the halving’s impact is not yet fully accounted for in Bitcoin’s current valuation.
Furthermore, Bitcoin’s achievement of closing seven consecutive monthly green candles marks a historic first, underscoring the cryptocurrency’s strong momentum.
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The Tron Foundation, responsible for the layer-1 blockchain Tron, has filed a motion with a New York federal court to dismiss a lawsuit brought by the United States Securities and Exchange Commission (SEC), contesting the regulator’s attempt to govern activities primarily outside the U.S.
In a statement on March 28, Tron emphasized, “The SEC is not a worldwide regulator,” criticizing the SEC’s endeavors to enforce U.S. securities laws on actions that mainly occur abroad.
In March of the previous year, the SEC launched legal action against Justin Sun, the founder of Tron, alongside the BitTorrent Foundation, and Rainberry Inc., its parent company based in San Francisco, which Tron acquired in 2018.
The SEC’s lawsuit alleges that the sale of Tron and BitTorrent (BTT) tokens constituted unregistered securities offerings.
Tron, headquartered in Singapore, argues in its dismissal motion that the SEC’s lawsuit targets “foreign digital asset offerings to foreign purchasers on global platforms,” over which the SEC lacks jurisdiction.
The foundation asserts that the token sales occurred entirely outside the United States and were specifically designed to exclude the U.S. market, pointing out that the SEC failed to prove any initial sales to U.S. residents.
Furthermore, Tron disputes the SEC’s claim regarding subsequent secondary sales of tokens on U.S.-based platforms, labeling these allegations as “tenuous at best.”
It also challenges the notion that the tokens meet the criteria for investment contracts under the Howey test, a standard for defining securities in the U.S.
READ MORE: Bitcoin Surges to $70,000, Eyes Record Highs Amid Positive Economic Remarks from Fed Chair Powell
In addition, the SEC accuses Justin Sun of engaging in deceptive trade practices, including “manipulative wash trading” and undisclosed payments to celebrities like Soulja Boy and Akon for promotion.
Tron counters these accusations by stating the SEC has not substantiated these claims with specific facts, particularly any that would imply victims in the United States.
Tron further criticizes the SEC for its broad allegations and lack of detailed factual claims, suggesting that the accusations against it rely too heavily on generalizations and fail to outline the precise basis for fraud claims.
The foundation also invokes the major questions doctrine, arguing that the case should be dismissed based on principles that regulatory authority must be explicitly granted by Congress, a stance previously taken by other crypto entities in similar disputes with the SEC.
The SEC is expected to respond to Tron’s dismissal motion within two weeks, though the commission had not commented on the motion at the time of the report.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
A sudden drop in Bitcoin’s value by 5% on Tuesday triggered significant losses for traders with leveraged positions in cryptocurrencies, culminating in over $165 million in financial setbacks within a brief period.
This dramatic fall occurred early on March 2 UTC, with Bitcoin’s price plummeting from $69,450 to as low as $65,970 in under 30 minutes, according to TradingView data.
The sharp decrease in Bitcoin’s value led to the liquidation of leveraged positions exceeding $165 million, as reported by Coinglass.
This included over $50 million in Bitcoin long positions and more than $40 million in Ether longs, which constituted the majority of the losses.
Additionally, Dogecoin and Solana’s SOL saw around $6 million and $4 million in long positions liquidated, respectively, following behind Bitcoin and Ether in terms of impact.
Concurrently with the market downturn, Bitcoin exchange-traded funds (ETFs) experienced a significant withdrawal of funds, totaling $86 million, thereby ending a four-day streak of net positive inflows, based on FarSide data.
Notably, BlackRock’s ETF emerged as the top-performing fund with net inflows of $165.9 million, while Fidelity’s inflows amounted to $44 million.
However, these gains were offset by a substantial $302 million in outflows from Grayscale’s GBTC, resulting in net daily outflows of $85.7 million across all funds.
In the midst of these market movements, the US dollar-pegged stablecoin Tether (USDT) also experienced volatility, briefly deviating from its $1 peg to $0.988, as indicated by CoinGecko data.
The cause of this fluctuation remains uncertain, with speculation about whether it was due to an API error among data trackers or an actual drop in currency value.
Other price trackers did not register this depegging. Despite inquiries, Tether’s response to the situation was not immediately available.
This series of events underscores the volatility inherent in the cryptocurrency market, highlighting the risks associated with leveraged trading and the sensitivity of digital assets to market shifts.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Innovation. Technology. Security. These are the backbones of what makes blockchain great. But it’s a part of finance that also enjoys its trends. The magic happens when an innovative trend becomes the next big thing.
RWAs. Options. LSTs. What were once fleeting trends grew to become the staples leading the charge into this bull cycle. Now, Cega is taking its turn, launching a gold-linked options product. It can potentially reshape DeFi by combining what users know, what they want, and something truly new.
The product fuses the traditional allure of gold as a secure asset with the high-yield potential inherent in DeFi options, a blend poised to redefine how investors approach yield generation. Because yield is what users are hungry for in this space. And to be successful, you have to give the people what they want. Here’s how this product, and others like it, are improving the space.
The Rise of Real World Assets (RWAs) and Liquid Staking Tokens (LSTs) in Crypto
Real World Assets (RWAs) and Liquid Staking Tokens (LSTs) are two of the latest developments in DeFi. These innovations are gaining popularity among investors and users alike due to their potential for providing higher yields and diversification opportunities.
RWAs refer to traditional assets such as real estate, commodities, and even fiat currencies that are tokenized and brought onto the blockchain. This allows for greater accessibility, liquidity, and efficiency in trading these assets while also opening up new investment opportunities for users.
On the other hand, LSTs are a form of staking where users can earn rewards by locking up their tokens to support a particular network or protocol.
These tokens represent a user’s stake in the network and can be traded or used as collateral for loans. For example, going to AAVE, lending rETH, and borrowing ETH against it, makes it difficult to be liquidated. rETH’s value is always higher than ETH, no matter how much it rises or dips. The only scenario that would put a loan at risk is a de-pegging event.
Both RWAs and LSTs are exciting developments in DeFi that have the potential to attract traditional investors to the world of crypto, while also providing more options and opportunities for current users.
Cega’s Newest Product
Cega’s initiative to link real-world assets (RWAs) with DeFi reflects a groundbreaking stride towards integrating gold’s stability and historical reliability with the avant-garde earning mechanisms of decentralized finance.
The allure of earning up to an 83% Annual Percentage Yield (APY) on staking currencies such as ETH, stETH, wBTC, or stablecoins like USDC is an enticing proposition for any investor.
Even more intriguing is the proposition that yields are paid in the staked currency, preserving the asymmetric upside potential attracting investors to these assets in the first place.
What Users Need – A Safety Net
However, the innovation doesn’t stop with impressive yields. Cega has deftly introduced a safety net for investors through downside protection features, ensuring that significant market dips won’t wipe out investments.
This assurance, attributed to a technical innovation known as a barrier option, plays a pivotal role in mitigating investment risks.
Pulling Away From the Competition
What sets RWAs, LSTs, and now Cega’s offerings apart is the democratization of finance. Historically, the realm of structured investments and exotic options was a fortress held by traditional finance powerhouses, accessible only to those within its walls.
Many new DeFi strategies represent a breach in this fortress. The once-exclusive financial tactics are now available to the broad DeFi community. Ideas like this not only make DeFi a great place to be; they’re the foundational principle of the financial freedom that drew so many early users to crypto.
The essence of these new products is in their ability to provide safer, higher-yield opportunities without compromising the principal’s security.
Linking the stability of gold, real estate, or other tokens – then giving them the liquidity of digital assets – offers a balanced portfolio strategy, particularly in times of market uncertainty. In a space full of volatility, they are the heroes Defi needs right now.
The Decentralized Future We’ve Waited For
The products mentioned today are more than just a financial innovation. It’s a gateway to a more inclusive, secure, and high-yield DeFi environment. Now that the world at large has fully embraced NFTs and GameFi, it’s time to take it to the next level.
Backed by giants like Dragonfly Capital and Pantera Capital, Cega is undeniably leading the charge towards a new era in decentralized finance – one where traditional and digital finance not only meet but synergize for greater investment opportunities. And that’s one example of one protocol going above and beyond.
There are many others out there. Rocket, Lido, and Stader are providing great opportunities in the space. As the market heats up, it’s important to perform due diligence and resist the temptation to throw money at worthless meme tokens.
Focus on projects that combine value for their users, unparalleled security, and a relentless drive to help usher in the future of inclusive finance for everyone.
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