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UK Watchdog’s Bitcoin Ban Slammed as ‘Misguided’

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Bitcoin Crackdown in UK Underscores Misguided Approach to Cryptocurrencies

The UK financial regulator’s Bitcoin crackdown underscores its misguided approach to cryptocurrencies – which are the future of money – says the CEO of one of the world’s largest independent financial advisory and fintech organizations.

The damning analysis from Nigel Green, chief executive and founder of deVere Group, comes as the UK’s Financial Conduct Authority (FCA) publishes its final rules banning the sale of derivatives and exchange-traded notes (ETNs) that reference certain types of crypto assets, such as Bitcoin, Ether and Ripple (XRP) to retail consumers.

Mr Green notes: “This move by the FCA underscores the regulator’s rather misguided approach to cryptocurrencies.

“Whilst the FCA is not stopping people buying Bitcoin or other cryptocurrencies directly, it is banning the sale of products based on their prices.

He continues: “The regulator does express some valid concerns in its new rules, which we welcome and support.

“However, rather than banning, the FCA should be regulating the booming and unstoppable sector.

“This market, thanks to its exponential growth, needs a robust and enforceable regulatory framework. It needs scrutiny.”

The deVere CEO adds: “The staggering pace of the digitalisation of economies and every aspect of our lives highlights that there will be a growing demand for digital, global, borderless money.

“Already digital currency is almost universally regarded as the future of money – and we need a joined-up approach to tackling those who undermine it.

“In this regard, most major financial institutions globally already have or are preparing to establish crypto desks. It is why more and more retail and institutional investors are piling into the market. And it is why tech giants, like Facebook, amongst others are getting involved.”

Mr Green concludes: “The tide is not going back. Traditional, fiat, paper currencies are not the future.

“Therefore, regulation – not a ban – is necessary. This will provide further protection for the growing number of people using cryptocurrencies, it will help stamp out criminal activity, the less potential risk there will be for the disruption of global financial stability, and the more opportunities there will be for economic growth and activity in those countries which introduce it.

“The FCA should be leading the way on the future of money.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Binance’s BNB Token Hits Record $717 as Co-Founder Zhao Begins Jail Sentence

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Binance’s BNB token surged to a record high of $717.48 last week as Changpeng Zhao, the company’s co-founder, commenced a four-month prison sentence.

This rally revealed Zhao’s unique status as the wealthiest individual ever to serve time in a U.S. federal facility.

Zhao, often referred to as “CZ” within the cryptocurrency community, reported to a California prison on Tuesday to begin his sentence.

The charges stem from his failure to adequately safeguard Binance, the world’s largest cryptocurrency exchange, against money laundering activities.

This legal battle culminated in Binance agreeing to a historic $4.3 billion fine to settle allegations with U.S. authorities, in addition to Zhao paying a $50 million personal fine.

Despite these challenges, BNB’s value has more than doubled since the beginning of the year, lifting its market capitalization to $109 billion, according to CoinGecko data.

Binance’s resilience during this period has been reflected in its assets under management, which have grown from approximately $80 billion in early January to $125 billion today.

Holders of BNB benefit from trading fee discounts on Binance and use the token to settle fees on the BNB Smart Chain, a blockchain that supports a variety of crypto applications, including games and decentralized exchanges.

This broad utility, along with strong demand, has driven the token’s impressive performance.

The recent surge in BNB’s price was hinted at by derivative market trading patterns observed in late May.

Spot demand for the token began to pick up in June, with buying activity consistently outpacing selling between June 2 and June 5, according to Kaiko analyst Dessislava Aubert.

BNB trades on more than a dozen centralized exchanges, distinguishing it from other exchange tokens that are typically limited to their respective platforms.

Nonetheless, Binance still accounts for 85% of BNB’s global trading volume.

Binance has faced intense scrutiny for alleged anti-money laundering and sanctions breaches, with accusations that it failed to prevent access by militant groups such as Hamas and Al Qaeda.

However, the company’s dominance in the crypto market remains unshaken, as evidenced by BNB’s meteoric rise.

Changpeng Zhao’s personal wealth, estimated at $38.5 billion, is largely tied to BNB. Despite the legal challenges, his net worth has increased by $4.1 billion in 2024, positioning him as the 40th richest person globally, according to the Bloomberg Billionaires Index.

Zhao’s holdings of BNB, though undisclosed, are significant, with a 2017 whitepaper from BNB’s initial coin offering indicating that 80 million tokens were allocated to the founding team.

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PEPE and MOG Tokens Rally on Rising Interest Following Ethereum ETF News

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In the world of cryptocurrency, sometimes it’s not just about the big names like Bitcoin and Ethereum.

Two lesser-known tokens, PEPE and MOG, have recently been making headlines for their consistent increase in value, driven by rising interest and optimism in the Ethereum ecosystem.

PEPE, featuring a frog-themed design, and MOG, adorned with a cat motif, have experienced unprecedented gains, reaching record highs on Monday.

The surge in value can be attributed to last week’s approval of key ether (ETH) exchange-traded fund (ETF) filings in the U.S., which has prompted some traders to view meme tokens like PEPE and MOG as potential beta bets.

Over the past 24 hours, PEPE has soared by 11% while MOG has seen an astonishing 45% jump in value. These gains are significant, especially considering the broader market context.

While Bitcoin (BTC) experienced a slight decline of 1%, Ethereum rose nearly 5%, leading the charge among major tokens. The CoinDesk 20 index, which tracks the largest tokens excluding stablecoins, saw a marginal decrease of 0.3%.

The surge in PEPE and MOG prices has been accompanied by a surge in trading volumes and open interest in futures contracts.

PEPE’s trading volumes across spot and futures markets surpassed $1.8 billion, compared to its usual range of $400 million to $600 million.

Similarly, futures data indicates a notable increase in open interest for both PEPE and MOG-tracked instruments, signaling the entry of new capital into the market.

Despite the bullish momentum, data from Coinalyze shows that the long-to-short ratio for PEPE is skewed in favor of bears, with 54% of traders betting against further price rises.

This suggests a degree of caution among investors, indicating that the market sentiment is not entirely one-sided.

The rally in PEPE and MOG tokens began when analysts raised the likelihood of Ethereum ETFs being approved for trading in the U.S. These tokens are considered by some traders as leveraged bets on the Ethereum ecosystem’s growth, hence their significant price appreciation in response to positive developments in the ETH market.

Since 2023, meme tokens like PEPE and MOG have gained prominence as beta bets on the ecosystems they are based on.

As the Ethereum network continues to expand and gain mainstream acceptance, tokens like PEPE and MOG are riding the wave of optimism, attracting attention from investors looking to capitalize on the potential upside of the Ethereum ecosystem.

The recent surge in PEPE and MOG tokens underscores the dynamic nature of the cryptocurrency market, where even obscure tokens can experience explosive growth under the right conditions.

As traders continue to monitor developments in the Ethereum ecosystem, the fate of tokens like PEPE and MOG will remain closely tied to the broader trends in the digital asset space.

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Kabosu, the Dog Behind Dogecoin, Dies at Age 17

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Kabosu, the Shiba Inu whose viral image became the face of the cryptocurrency Dogecoin, has died at the age of 17.

Her owner announced the sad news in a heartfelt blog post on Friday. Kabosu’s image, featuring her expressive, quizzical look, has become one of the most recognizable and beloved memes on the internet.

“We will be holding a farewell party for Kabo-chan on Sunday, May 26th,” the blog post read.

The farewell will take place at Flower Kaori in Kotsu no Mori, Narita City, from 1 pm to 4 pm. Fans of Kabosu are invited to attend and pay their respects to the dog who has brought joy to millions around the world.

Kabosu first rose to fame in 2010 when her owner, Atsuko Sato, a Japanese kindergarten teacher, posted a series of photos of her on her personal blog. One particular photo, showing Kabosu with her paws crossed and a bemused expression, quickly went viral.

The image spawned the “Doge” meme, characterized by multicolored text in Comic Sans font representing the dog’s inner monologue in broken English.

In 2013, software engineers Billy Markus and Jackson Palmer created Dogecoin as a parody of the burgeoning cryptocurrency market, using Kabosu’s iconic image as its logo. What started as a joke soon gained a substantial following, and Dogecoin became a legitimate digital currency.

It was used for tipping online content creators, raising funds for charitable causes, and even sponsoring sports teams.

Kabosu’s influence extended beyond Dogecoin. Her image inspired the creation of numerous other dog-themed cryptocurrencies, such as Shiba Inu (SHIB) and Floki (FLOKI).

These tokens have collectively become a significant part of the cryptocurrency market, demonstrating Kabosu’s lasting impact.

Kabosu’s legacy is not only limited to her contribution to internet culture and cryptocurrency. She has also been a symbol of positivity and resilience.

Adopted from a shelter in 2008, Kabosu’s story highlighted the importance of pet adoption and the joy that rescued animals can bring into our lives.

As news of Kabosu’s passing spread, tributes poured in from around the globe. Fans and cryptocurrency enthusiasts took to social media to share their favorite “Doge” memes and express their gratitude for the happiness Kabosu brought into their lives.

“Rest in peace, Kabosu. You brought so much joy to the world,” one Twitter user wrote, echoing the sentiments of many others.

Kabosu’s farewell party on May 26th is expected to be a celebration of her life and the indelible mark she left on internet culture. While she may be gone, Kabosu’s legacy will undoubtedly live on through the countless memes, the thriving Dogecoin community, and the fond memories of her fans worldwide.

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