This week, cryptocurrency exchange Coinbase has captured the attention of the financial world with two major updates. In a move aimed at enhancing user experience, the company has announced the integration of Apple Pay into its Onramp app services. This exciting development is set to make cryptocurrency transactions significantly more accessible for millions of users, streamlining the process and encouraging broader adoption of digital currencies. On the other hand, Coinbase has also made headlines by withdrawing its pre-application to enter the Turkish cryptocurrency market. This decision marks a notable shift in its international expansion plans. Coinbase Fully Integrates Apple Pay into Onramp App Services, Elevating Crypto Accessibility In a move that signals further convergence between traditional finance and the cryptocurrency ecosystem, Coinbase, the leading US-based cryptocurrency exchange, announced the full integration of Apple Pay into its Onramp app services. This development, effective from Dec. 2, allows users logging into apps built on Coinbase’s Onramp platform to seamlessly transact using Apple Pay. The integration simplifies crypto transactions for millions of Apple Pay users, presenting a significant leap in user accessibility and convenience. Coinbase has positioned this as a key feature requiring no additional setup from app developers, making it a plug-and-play enhancement to its Onramp ecosystem. Apple Pay and the Evolution of Crypto Payments Apple Pay’s foray into cryptocurrency isn’t unprecedented, with integrations already established across platforms like Binance, BitPay, and MetaMask. However, its incorporation into Coinbase’s services holds particular significance due to Coinbase’s dominance in the US cryptocurrency exchange market. Social media platforms, including X, have been abuzz with optimism following the announcement. Influencer Asser Fawzi encapsulated the sentiment, describing the move as a potential “tipping point” for broader crypto adoption, citing the ease and security associated with Apple Pay as major factors that could bring new users into the digital asset space. Coinbase Onramp aims to streamline cryptocurrency adoption for users and developers by removing technical barriers. Apple Pay’s integration aligns with this mission, leveraging iOS’s extensive user base to provide a familiar and secure entry point for Web3 transactions. This step could prove especially disruptive to traditional financial systems as it offers: Ease of Use: Apple Pay’s intuitive interface reduces the friction often associated with crypto transactions. Enhanced Security: The integration adds a layer of trust for crypto-curious users hesitant about blockchain’s perceived complexity. Regulatory Compliance: Coinbase Onramp supports transactions in over 60 fiat currencies while adhering to regulations, fostering a sense of legitimacy. Zero Fees for USD Coin (USDC): Users benefit from free on-ramp and off-ramp transactions involving USDC, Coinbase’s native stablecoin pegged to the US dollar. The Onramp service already supports over 100 cryptocurrencies and more than 20 blockchains, making it a versatile tool for developers and users. Apple Pay’s ubiquity in traditional finance systems means its integration with Coinbase could be a turning point in the mainstream adoption of digital assets. As Coinbase Onramp simplifies blockchain interactions for average users, the crypto industry could witness a shift in demographics, welcoming users less familiar with the intricacies of blockchain technology. Experts believe this move could foster deeper trust and understanding of cryptocurrencies, addressing key adoption bottlenecks by providing secure and seamless payment options. The integration of Apple Pay with Coinbase Onramp represents more than just a technological update—it’s a paradigm shift for the cryptocurrency sector. By marrying the accessibility of traditional payment systems with the revolutionary potential of blockchain, Coinbase is setting the stage for a new wave of adoption. As developers and users begin to leverage these capabilities, the industry may see greater trust and participation from mainstream consumers. However, challenges such as regulatory scrutiny and uneven global market penetration remain hurdles Coinbase and its peers must navigate carefully. Whether this move becomes the much-needed catalyst for mass adoption or simply another step in crypto’s slow march toward the mainstream, one thing is certain: Coinbase is solidifying its position as a bridge between the worlds of traditional and digital finance. Coinbase Withdraws Application for Turkish Crypto Market Amid Unclear Circumstances In a related development, Coinbase has officially withdrawn its pre-application to enter the Turkish cryptocurrency market. According to documents released by the Turkish Capital Markets Board (CMB), Coinbase also requested liquidation of its position in the country, marking a sudden halt to its previously announced expansion plans. This development follows a broader trend of companies reassessing their strategies in Turkey’s rapidly growing cryptocurrency ecosystem. While Coinbase has yet to provide specific reasons for its decision, the move has sparked widespread speculation about the challenges and opportunities in one of the world’s most active cryptocurrency markets. Coinbase initially filed its pre-application with the CMB in August, joining over 90 enterprises vying to tap into Turkey’s burgeoning crypto scene. The country ranks fourth globally in terms of cryptocurrency trading volume and holds the 11th spot on the 2024 Global Crypto Adoption Index by Chainalysis. This market appeal stems from Turkey’s unique economic dynamics, where rapid inflation and currency devaluation have driven citizens to seek financial stability through cryptocurrencies. The Turkish lira's volatility has made Bitcoin, stablecoins, and altcoins popular hedging instruments among the population. Despite this favorable backdrop, Coinbase’s decision to withdraw its application and request liquidation signals potential underlying issues. While the exact motives remain undisclosed, several factors could have influenced Coinbase’s decision: Regulatory Challenges:Turkey has been tightening its regulatory framework for cryptocurrency exchanges, requiring them to meet stringent compliance standards. These include anti-money laundering measures, tax reporting obligations, and minimum capital requirements. Navigating these regulations could have presented significant operational challenges for Coinbase. Market Competition:The Turkish crypto market is already crowded, with established local players like BtcTurk and Paribu commanding a significant share. Additionally, international exchanges such as Binance and KuCoin have made inroads, intensifying competition. Economic Uncertainty:While crypto adoption in Turkey is high, the nation’s broader economic instability could pose risks for foreign businesses, particularly those in highly volatile sectors like digital assets. Strategic Reprioritization:A statement from a Coinbase spokesperson suggests that the withdrawal aligns with a broader strategy to adapt to evolving market conditions. The spokesperson noted:“Coinbase continually assesses potential markets for expansion as part of our commitment to providing safe, reliable, and accessible cryptocurrency services worldwide. Our strategy remains adaptive to evolving market conditions, regulatory landscapes, and our internal priorities.” The Bigger Picture: Challenges in Turkey’s Crypto Landscape Coinbase is not alone in reassessing its position in Turkey. Recent reports indicate that at least 14 applicants, including prominent exchanges like Bitget, have withdrawn their submissions to the CMB. This trend comes amidst what some analysts describe as growing friction between regulators and the crypto industry. Turkey has taken proactive steps to regulate the space, introducing new laws and oversight mechanisms. However, these measures, while aimed at ensuring consumer protection and financial stability, have also created an environment of heightened scrutiny and operational hurdles for incoming players. Despite these challenges, Turkey remains a critical market in the global crypto landscape. Its large, tech-savvy population, combined with a strong demand for alternative financial instruments, positions it as a key player in shaping the future of cryptocurrency adoption. Coinbase’s decision to pull back from Turkey may be a temporary pause rather than a permanent exit. As the global regulatory environment for cryptocurrencies continues to evolve, companies like Coinbase are likely to adopt a cautious and measured approach to international expansion. For Turkey, the withdrawals by Coinbase and other major players bring attention to the need for a balanced regulatory framework that encourages innovation while ensuring compliance. With its high adoption rates and growing ecosystem, the Turkish market remains a lucrative opportunity for exchanges willing to navigate its complexities. In the meantime, local players and established global exchanges already operating in Turkey are expected to strengthen their positions, capitalizing on the reduced competition from new entrants.

2024-12-03 15:37

The cryptocurrency market is buzzing with excitement as Bitcoin inches closer to the landmark $100,000 price point , signaling a potential watershed moment for digital asset enthusiasts and investors alike. Amid this thrilling bull run, Artemis - whose Google Sheets and Excel plugins are used by asset management firms and crypto hedge funds like VanEck, Franklin Templeton, and Pantera Capital - has stepped up with a special offering: expanding its free monthly calls to 100,000, giving users access to the same powerful tools utilized by leading institutional investors. Bitcoin’s Journey to $100K Bitcoin’s meteoric rise in recent weeks has reignited global interest in the cryptocurrency market. Having firmly established itself as a store of value and a hedge against traditional market volatility, Bitcoin's approach toward the $100,000 mark represents more than just a psychological barrier. It suggests growing adoption among retail and institutional investors, fueled by ETF (exchange-traded fund) approvals and optimism surrounding regulatory clarity in the US following Donald Trump’s presidential election victory. As investors scramble to capitalize on Bitcoin's bullish trajectory, the need for accurate and efficient portfolio management tools has never been more apparent. Artemis Overview Artemis is a comprehensive platform designed to streamline access to essential metrics in the crypto space. By consolidating data from various sources into a single dashboard or spreadsheet, it eliminates the need for users to navigate multiple websites for individual CSV files. This centralized approach enhances efficiency and simplifies the data retrieval process for users. The platform prioritizes accuracy by collaborating closely with protocols and institutional investors. Artemis also ensures that the metrics provided are derived from reliable data sources, and the team is transparent about their methodology, fostering trust and credibility in the information shared. Artemis features a no-code interface as well, empowering crypto analysts to work with data without the need for programming skills. Users can subsequently create dashboards, build charts, and export data easily, allowing them to focus on analysis rather than technical complexities. Inspired by traditional financial tools like CapIQ, Bloomberg, and FactSet, Artemis also offers a familiar interface that enhances usability. With integrated spreadsheet plugins and chart builders, the platform is designed to support research efforts, making data entry a secondary concern for users. Choose How You Access Market Data Artemis offers multiple avenues for users to access its comprehensive crypto metrics, catering to various preferences and technical skills. One of the most user-friendly options is through the Terminal, which allows users to evaluate, compare, and analyze trending chains and decentralized applications (dApps) without any coding knowledge. This no-code approach makes it accessible for anyone looking to gain insights into the crypto market. For those who prefer working with spreadsheets, Artemis provides extensive market data through Microsoft Excel and Google Sheets. This option is ideal for users who are comfortable with traditional data manipulation and want to leverage familiar tools to analyze crypto metrics effectively. Additionally, users can access Artemis data via Snowflake Data Sharing. This feature enables seamless integration of favorite data sets, making it easy to share and collaborate on insights with others. Lastly, the API option allows for the integration of Artemis data into various applications and systems, providing real-time market insights for developers and businesses looking to enhance their platforms with up-to-date information. Artemis Offering 100K Free Calls as BTC Attempts $100K Challenge With Bitcoin on the verge of the historic $100K milestone, Artemis is celebrating by increasing its monthly call limit from 10,000 to 100,000 calls in the free version of its plugin. This initiative aims to empower traders and hodlers with the tools they need to stay on top of their investments during this pivotal market phase. Artemis Sheets Plugin The Artemis Sheets plugin seamlessly integrates with Google Sheets, providing users with real-time data feeds, customizable portfolio dashboards, and automated tracking features. From novice investors to seasoned traders, this tool has become an invaluable resource for anyone navigating the complexities of cryptocurrency investments. How to Get Started with Artemis Sheets For those eager to enhance their crypto management toolkit, getting started with Artemis Sheets is straightforward: 1) Download the Plugin: Access the Artemis Sheets plugin directly through the Google Workspace Marketplace . Installation is quick and user-friendly, allowing immediate integration with your Google Sheets. 2) Explore Templates: To simplify the setup process, Artemis offers a variety of pre-designed templates tailored for different portfolio management styles. These templates can be viewed and downloaded from the Artemis website , helping users quickly customize their tracking experience. Among the available templates, the Simple Blockchain Comps Table allows users to monitor essential market metrics for leading Layer 1 (L1) and Layer 2 (L2) chains. This tool is particularly useful for those looking to gain insights into the performance of various blockchain networks. Another valuable resource is the Simple DeFi Comps Table, which focuses on tracking key metrics for top decentralized finance ( DeFi ) protocols. This template provides users with a comprehensive overview of the DeFi landscape, enabling them to make informed decisions based on current data. For those interested in more experimental tools, the Experimental ARTDUNE Function enables users to pull Dune data directly into their spreadsheets, facilitating advanced data analysis. Additionally, the Valuation Cross-Chain Dashboard offers a comprehensive set of fundamental and financial metrics across L1 and L2 chains, making it easier to assess the overall health of the market. Other notable templates include the Valuation DEX Fundamentals, which tracks valuation multiples across leading decentralized exchanges (DEXs), and the Portfolio Tracker Crypto Tracker, designed to help users monitor their investments on a single page. With these templates, users can effectively manage their crypto portfolios and stay updated on market trends. 3) Leverage Free Features: With 100,000 calls, users can enjoy extensive access to Artemis’ robust data capabilities without upfront costs. This feature ensures that even casual investors can benefit from professional-grade tracking tools. Why Artemis Sheets Stands Out As the crypto market grows more sophisticated, so do the demands of its participants. Artemis Sheets addresses these challenges with a suite of innovative features, including: Real-Time Market Data: Stay updated with live price feeds and market metrics for a wide range of cryptocurrencies. Customizable Dashboards: Build personalized views to monitor your portfolio, including profit/loss calculations, asset allocations, and historical performance charts. Automation and Alerts: Set up automated data pulls and receive alerts for key market movements, helping you act swiftly in response to market volatility. This level of functionality, coupled with the accessibility of Google Sheets, makes Artemis a go-to solution for crypto enthusiasts worldwide. Crypto Portfolio Tracking in the Age of $100K Bitcoin The $100,000 price point for Bitcoin represents more than just a milestone; it symbolizes the maturation of the cryptocurrency market. However, as the market evolves, so too do the tools needed to navigate it effectively. Portfolio management is no longer a passive activity—it requires active monitoring, strategic adjustments, and data-driven decision-making. With Artemis, users can keep pace with these demands, transforming their Google Sheets into a powerful crypto dashboard. Whether an investor is tracking the rise of Bitcoin, analyzing altcoin trends, or managing a diverse portfolio, Artemis ensures they're equipped to make informed decisions. The Future of Crypto Tracking As Bitcoin edges closer to $100,000 and beyond, the tools that empower investors to track, analyze, and optimize their portfolios will play a critical role in shaping the crypto investment landscape. Artemis, with its focus on accessibility and innovation, is poised to be a key player in this evolution. For crypto enthusiasts, this is a moment to not only celebrate Bitcoin’s achievements but also seize the opportunity to enhance their trading and tracking strategies. By leveraging the free 100,000 calls offered by Artemis, investors can take their portfolio management to the next level—just as Bitcoin takes its place in the history books.

2024-12-03 14:39

The cryptocurrency market is currently experiencing significant shifts in investment trends, with Ethereum (ETH) and XRP standing out as pivotal forces driving this transformation. In the year 2024, investment funds focused on ETH achieved remarkable milestones, breaking previous records by attracting an impressive $2.2 billion in net inflows. This surge in investment suggests a renewed sense of confidence among investors regarding the potential of this digital asset. At the same time, XRP has also made headlines, witnessing its largest-ever inflows, which approached nearly $100 million. This surge in interest comes amid growing anticipation surrounding potential regulatory advancements and exciting new product launches that could further enhance XRP's market position. Ethereum ETFs with Staking Yield Could Revolutionize US Crypto Market: Bernstein Report United States-based Ethereum exchange-traded funds (ETFs) may soon offer staking yield, a move that could significantly enhance their appeal to investors, according to a Dec. 2 report by Bernstein Research. The report suggests that under a more crypto-friendly leadership within the Securities and Exchange Commission (SEC), Ethereum staking yields could gain regulatory approval, setting the stage for a transformative development in the burgeoning cryptocurrency ETF market. Ethereum staking involves locking Ethereum (ETH) as collateral with a network validator on the Ethereum blockchain. This process enables stakers to earn payouts from network fees and other rewards. However, staking also comes with the inherent risk of ”slashing,” where ETH collateral may be forfeited if the validator engages in improper behavior. As of Dec. 2, ETH staking yields an approximate annualized return of 3.1%, according to StakingRewards.com . Bernstein analysts predict that staking yields could climb to 4–5% during periods of elevated activity on the Ethereum blockchain, adding a significant incentive for ETF issuers and investors alike. The SEC’s current restrictions prevent spot Ethereum ETFs from staking ETH for additional yield, despite numerous requests from leading issuers such as Fidelity, 21Shares, and Franklin Templeton. However, with US President-elect Donald Trump set to take office on Jan. 20, 2025, the regulatory landscape may be poised for a seismic shift. Trump has vowed to position the United States as the “world’s crypto capital,” a vision that aligns with his reported intention to appoint crypto-friendly leaders to key financial regulatory roles. Bernstein analysts anticipate that this change in leadership could accelerate the approval of staking yields for Ethereum ETFs, a move that would provide investors with a more lucrative and diversified product offering. Ethereum Fundamentals and Market Sentiment Ethereum, often regarded as the second-most prominent cryptocurrency after Bitcoin, has experienced fluctuating performance in recent years. However, the report highlights a notable resurgence in investor interest, as evidenced by record-breaking inflows into Ethereum investment funds. In 2024, ETH-focused funds witnessed net inflows totaling $2.2 billion, surpassing the previous record of $2 billion set in 2021. This trend signifies a renewed sense of optimism among investors, according to CoinShares. Matthew Sigel, VanEck’s head of digital asset research, projects an ambitious future for Ethereum. Sigel anticipates that the Ethereum network could generate up to $66 billion in annual free cash flow by 2030, potentially driving the price of ETH to a staggering $22,000 per token. “Ethereum fundamentals look strong, and the recent inflection in ETF inflows indicates a solid revival of interest,” Bernstein noted. The potential approval of staking yields for Ethereum ETFs marks a pivotal moment for the cryptocurrency market in the United States. By incorporating staking rewards, ETFs would not only offer exposure to the price movements of ETH but also provide investors with a steady yield, bridging the gap between traditional finance and decentralized finance (DeFi). This development could position Ethereum ETFs as a preferred investment vehicle for both retail and institutional investors, fostering greater adoption and liquidity within the crypto ecosystem. As the cryptocurrency market continues to evolve, the anticipated introduction of staking yields in Ethereum ETFs represents a landmark opportunity to redefine investment strategies. Under a Trump administration that prioritizes a pro-crypto regulatory environment, the United States could emerge as a global leader in digital asset innovation, setting a precedent for other jurisdictions. The path forward hinges on regulatory clarity and the ability of the crypto industry to demonstrate the robustness and security of staking mechanisms. For now, all eyes are on the SEC and its forthcoming leadership to shape the future of Ethereum ETFs and the broader cryptocurrency market. Ethereum Investment Funds Break Record in 2024 as Altcoins Gain Momentum ETH investment funds have shattered their previous record, with net inflows of $2.2 billion in 2024, surpassing the cryptocurrency’s 2021 peak of roughly $2 billion, according to a Dec. 2 report by CoinShares. This milestone marks a significant shift in market sentiment toward Ethereum, reflecting a resurgence of investor confidence in the digital asset. CoinShares attributed the record inflows to a “dramatic turnaround in sentiment” for Ethereum. The milestone was reached during a year of heightened investor interest in cryptocurrency-backed financial products. Total inflows into cryptocurrency investment products reached over $37 billion in 2024, setting a new annual record. In the week starting Nov. 26 alone, cryptocurrency investment products recorded net inflows of $270 million. Ethereum was a standout performer, with inflows of $634 million during the period, signaling growing investor preference for ETH over Bitcoin. The latest CoinShares report revealed a shift in investor focus from Bitcoin (BTC) to Ethereum. Bitcoin experienced outflows of $457 million during the same week, marking its first significant outflows since September 2024. This pivot from BTC to ETH could indicate the early stages of an “altcoin rotation,” where investors shift focus from Bitcoin to other cryptocurrencies. Felix Hartmann, founder of Hartmann Capital, described the trend as a sign that Wall Street is “officially joining the fun” in the altcoin market. The enthusiasm for Ethereum was further highlighted by crypto commentator Ethereum Vibin, who noted in a post on X that “ETH ETF flows have flipped BTC ETF flows for the first time.” The rotation toward Ethereum gained additional momentum after a landmark victory for Ethereum’s decentralized finance (DeFi) ecosystem in a United States court. This legal win bolstered confidence in Ethereum’s broader applications beyond cryptocurrency trading. XRP Gains Ground Amid Ethereum’s Surge While Ethereum dominated inflows, Ripple’s XRP also experienced a record-breaking week. XRP investment products saw inflows of nearly $100 million, the largest in its history. CoinShares attributed the surge to excitement around the possibility of an XRP exchange-traded fund (ETF) and growing optimism about Ripple’s role in a pro-crypto regulatory environment under President-elect Donald Trump. The influx of capital into XRP propelled it past Solana (SOL) in market capitalization on Dec. 1. Shortly thereafter, XRP also surpassed Tether’s USDt (USDT), becoming the third-largest cryptocurrency by market cap. This milestone marks a significant achievement for Ripple, as the company positions XRP as a cornerstone of blockchain-based payments. Ripple’s stablecoin project, RLUSD, has also drawn significant attention. The dollar-pegged, overcollateralized stablecoin project is anticipated to launch in early 2025, further fueling investor optimism. The strong inflows into Ethereum and XRP indicate the growing interest in alternative cryptocurrencies as the market evolves. Ethereum’s DeFi ecosystem and staking capabilities, coupled with the possibility of ETF approvals, make it an attractive option for investors seeking diversified exposure. Meanwhile, XRP’s ascent shows the increasing importance of blockchain technology in payments and stablecoin development. Ripple’s focus on regulatory compliance and strategic partnerships may further solidify its position in the cryptocurrency market. Bitcoin’s outflows, though notable, do not signal waning interest in the leading cryptocurrency. Instead, they reflect a natural rotation of capital as investors explore opportunities in other digital assets. Bitcoin remains the dominant cryptocurrency by market cap, and its institutional adoption continues to grow. The record-breaking inflows into Ethereum funds and the growing traction of XRP signal a transformative period for the cryptocurrency market. With the anticipated pro-crypto policies of President-elect Trump’s administration, 2025 could bring further regulatory clarity and expanded opportunities for cryptocurrency investment products. As altcoins like Ethereum and XRP gain momentum, the cryptocurrency market appears poised for a new wave of innovation and adoption. Whether this marks the beginning of a sustained “alt season” or a temporary rotation remains to be seen, but the signs point to an exciting year ahead for digital assets.

2024-12-03 12:39

South Kora’s crypto trading volume boom also surpassed the nation’s stock market by 22% on the same day. Ripple’s XRP led the altcoin rally by soaring to a yearly high of $2.80. Other altcoins like DOGE, XLM, ENS, and HBAR also saw impressive gains. This increased activity coincided with South Korea’s decision to delay crypto taxation until 2027. Meanwhile, DWF Labs announced its relocation to Abu Dhabi to expand its Web3 footprint, and Coinbase withdrew its application to enter Turkey’s growing crypto market. South Korean Investors Dive Into Altcoins South Korea's crypto market experienced a remarkable surge after retail trading volumes reached $18 billion in 24 hours. This allowed the crypto market to outpace the nation’s entire stock market by 22%, according to a Dec. 2 report by 10x Research. Markus Thielen, the founder of 10x Research, shared that this was the second-highest trading volume of the year for South Korean retail investors, driven largely by high-momentum altcoins. Among the standout performers, Ripple’s XRP accounted for about $6.3 billion of the trading volume, followed by Dogecoin (DOGE) at $1.6 billion, Stellar (XLM) at $1.3 billion, Ethereum Name Service (ENS) at $900 million, and Hedera (HBAR) at $800 million. Thielen noticed that these tokens, which are often referred to as “dino coins” by crypto natives because of their longstanding presence in the market, saw big gains over the past week. XRP, ENS , and HBAR surged by about 89%, 74%, and 152%, respectively. BTC funding rate vs Korea crypto trading volumes (Source: 10xResearch ) The report also shed some light on a divergence between Bitcoin's relatively mild funding rate, sitting at 15% annualized, and the explosive trading activity in altcoins. Thielen interpreted this as a strong indicator that the crypto market entered an ”alt season,” where momentum-driven trends dominate trading. Ripple’s XRP has been at the forefront of this rally after it climbed from $0.50 to a new yearly high of $2.80 in just a month. This growth propelled XRP to become the third-largest crypto asset by market cap after it jumped past both Solana (SOL) and Tether (USDT). XRP’s price action over the past month (Source: CoinMarketCap ) South Korea Delays Crypto Tax to 2027 The rise in altcoin trading may be related to the news that South Korea's crypto tax launch was delayed yet again, and is now set to take effect in January of 2027. The decision was announced after lawmakers reached an agreement to postpone the measure for an additional two years. The ruling People’s Power Party (PPP) secured the delay despite opposition from the Democratic Party (DP), which wanted to amend the tax plan. The DP's proposal to raise the annual tax threshold for crypto traders to 50 million won (or approximately $36,000) failed to gain traction, and left the government’s original amendment intact. DP floor leader Park Chan-dae announced the agreement at a Dec. 1 press conference , and mentioned that there is a need for more institutional preparation before taxing crypto traders. Park’s comments agreed with earlier statements from DP leader Lee Jae-myung, who argued that crypto taxation was not yet systematically feasible. The decision now allows the DP to redirect its focus to other legislative battles, including the taxation of dividend income and inheritance tax reforms. Park Chan-dae speaking at the Dec.1 press conference This latest delay was the third time South Korea’s crypto tax was postponed since lawmakers initially approved it in December of 2020. It was originally set to launch in January of 2021, but the tax’s implementation was first pushed back to January 2023, then to January 2025, and now to 2027. The DP recently tried to adhere to the 2025 timeline while raising the tax threshold to align with stock market trading rules, claiming that the majority of investors would avoid taxation under their proposal. However, the PPP resisted these efforts and prevented the rival bill from moving forward. The repeated delays caused a lot of frustration among South Korean crypto traders. One investor even called the situation a “complete mess” and blamed both the government and opposition for poor handling of the issue. However, many crypto investors still welcome the tax postponement. Abu Dhabi Becomes DWF Labs' New Home Crypto is making headlines in other countries as well. Well known Web3 venture capitalist and crypto market maker, DWF Labs, announced plans to relocate its headquarters to Abu Dhabi, UAE. The move was confirmed by founder and CEO Andrei Grachev on X, and its main goal will be to improve the firm's involvement in real-world assets (RWA) and to expand financial services across the Middle East. The company's structure already includes regional offices in Singapore, Dubai, and Switzerland. Both Abu Dhabi and Dubai, which are both part of the UAE, have been competing to attract businesses by offering unique regulatory frameworks and economic zones. DWF Labs is currently listed as an ecosystem partner of Dubai’s Crypto Centre in the Dubai Multi Commodities Centre (DMCC), which houses a number of major crypto companies like Bybit, Solana, and Binance. Ripple also operates in the UAE from the Dubai International Financial Centre (DIFC). Here it benefits from tailored digital asset regulations introduced earlier this year. Abu Dhabi’s virtual asset ecosystem is concentrated in the Abu Dhabi Global Market (ADGM), which is a financial hub known for its independent legal framework based on English law and its progressive crypto regulations. It was first introduced in 2018. The ADGM also recently adopted comprehensive DLT Foundations Regulations in 2023. Companies like Blockdaemon, M2, Laser Digital, and even traditional financial giants like BlackRock have established operations there. DWF Labs emerged in 2022 as an offshoot of a high-frequency trading firm, and boasts an impressive portfolio that is valued between $72 billion and $77 billion. It also consists of over 700 projects. Coinbase Abandons Turkish Crypto Expansion Plans Meanwhile, Coinbase withdrew its pre-application to enter the Turkish crypto market, according to documents released by the Turkish Capital Markets Board (CMB). The company initially joined more than 90 other enterprises seeking entry into Turkey’s growing crypto market but now requested a liquidation of its application. The reasons behind Coinbase’s decision have not been revealed yet. A Coinbase spokesperson stated that the company routinely evaluates markets for expansion, and mentioned that its strategy is guided by market conditions, regulatory environments, and internal priorities. This aligns with Coinbase’s mission to deliver accessible and secure crypto services globally. Coinbase applied for entry into the Turkish market in August, and joined other well known crypto firms like KuCoin and Gate.io. However, by the end of November, at least 14 companies, including Coinbase and Bitget, withdrew their applications. Despite these withdrawals, Turkey is still a major player in the crypto space. It ranks as the fourth-largest market globally by trading volume and holds the 11th spot on Chainalysis’s 2024 Global Crypto Adoption Index .

2024-12-03 11:43

It is still unclear exactly what the government plans to do with the BTC, but some people in the crypto space are speculating that Trump may be fulfilling his Bitcoin reserve promise. Meanwhile, Bitcoin ETFs saw $6.4 billion in November inflows, driven by BlackRock’s iShares Bitcoin Trust. Marathon Digital invested $600 million in Bitcoin between Oct. 1 and Nov. 30, while MicroStrategy further solidified its position as the largest corporate Bitcoin holder with a 15,400 BTC purchase last week. Silk Road Bitcoin Moved to Coinbase Prime Wallet The United States government moved approximately $1.9 billion worth of Bitcoin (BTC) that was seized from the Silk Road marketplace to a Coinbase Prime wallet, according to blockchain records and data from Arkham Intelligence . On Dec. 2, a wallet linked to the U.S. government transferred around 19,800 Bitcoin, valued at close to $1.9 billion at the time, to a Coinbase Prime deposit address. This Bitcoin was originally seized during a 2021 investigation into James Zhong, who was later convicted of wire fraud connected to the Silk Road. US Government transferring Bitcoin to Coinbase wallet (Source: Arkham Intelligence ) The Department of Justice announced in 2022 that more than 50,000 Bitcoin were confiscated from Zhong, including some that was stored on a single-board computer hidden under blankets in a popcorn tin. While the authorities have moved many of these coins across wallets, the U.S. government still holds about $18 billion worth of Bitcoin. It remains unclear whether this recent transfer is part of a broader strategy to sell or trade the funds. Discussions among lawmakers, including Senator Cynthia Lummis and President-elect Donald Trump, have raised the idea of establishing a ”strategic Bitcoin reserve” for the United States. The U.S. Marshals Service, which oversees the seizure of cryptocurrencies and other criminal assets, announced a partnership with Coinbase Prime in July for the custody of such tokens. This happened despite Coinbase facing a civil suit filed by the Securities and Exchange Commission (SEC) in June of 2023. The Silk Road marketplace was once a hub for illicit transactions involving weapons, drugs, and stolen credit card information, and was dismantled after the arrest of its founder Ross Ulbricht. He was sentenced to life in prison without parole in 2015, and has since received a lot of support from the crypto community for a commutation of his sentence. President-elect Donald Trump also pledged to commute Ulbricht’s sentence on the first day of his second term. Bitcoin ETFs See $6.4 Billion Inflows in November In November, United States investors channeled close to $6.4 billion into spot Bitcoin exchange-traded funds (ETFs). During this month, Bitcoin’s market price also surged by 45% to reach new highs. The month-long rally saw Bitcoin prices climb from $68,000 to $99,000, thanks to very strong bullish sentiment. Spot BTC ETFs collectively attracted $6.87 billion in investments , offset by outflows that totaled $411 million. Bitcoin ETF flow (Source: Farside Investors ) BlackRock’s iShares Bitcoin Trust ETF dominated the inflows by securing $5.6 billion and accounting for almost 87% of the monthly total. Other major contributors included Fidelity’s Wise Origin Bitcoin Fund with $962 million, Grayscale’s Bitcoin Mini Trust ETF with $211.5 million, and the VanEck Bitcoin ETF with $71.2 million. These figures proved just how much investor confidence in Bitcoin’s price trajectory is growing. Outflows were primarily driven by the Grayscale Bitcoin Trust ETF, which saw $364 million withdrawn, followed by the Bitwise Bitcoin ETF with $40.4 million and the Valkyrie Bitcoin Fund with $6.8 million. Despite these outflows, the market maintained its strong optimism. Crypto fear and greed index (Source: Alternative ) The Crypto Fear & Greed Index also hit a yearly high of 92 on Nov. 22. While the index dipped slightly in December, it still reflects overwhelmingly positive investor confidence. Marathon Digital Invests $600M in Bitcoin ETF investors were not the only ones who stocked up on Bitcoin recently. Marathon Digital invested more than $600 million in Bitcoin over the past two months, according to a filing with the United States SEC on Dec. 2. The company revealed the acquisition of 6,484 Bitcoin between Oct. 1 and Nov. 30 at an average price of $95,352 per BTC. This amounted to a total cost of $618.3 million. Marathon also announced plans to issue $700 million in convertible senior notes due in 2031 through a private offering. The proceeds will be used for additional Bitcoin purchases and repurchasing existing convertible notes due in 2026. Some public companies that own BTC (Source: BiTBO ) As the largest publicly traded crypto mining company by market cap, Marathon Digital is the second-largest corporate Bitcoin holder after MicroStrategy, according to BitcoinTreasuries. On Nov. 26, the company called for the United States to accelerate its Bitcoin accumulation strategy as it believes in the importance of securing Bitcoin reserves for economic and national security. Marathon compared the importance of holding Bitcoin to maintaining gold reserves, and argued that these assets provide stability in the event of declining confidence in the dollar. Despite advocating for Bitcoin accumulation, Marathon sold 63% of its mined Bitcoin in May of 2024, very shortly after Bitcoin’s fourth halving reduced the mining block reward from 6.25 BTC to 3.125 BTC. The sale involved 390 Bitcoin out of the 616 BTC that were mined that month. While President-elect Donald Trump promised to add Bitcoin to the U.S. Treasury reserve, some experts, like Galaxy Digital CEO Mike Novogratz, are skeptical about the likelihood of a Bitcoin strategic reserve being established during his term. MicroStrategy Bought 15,400 BTC in a Week MicroStrategy also boosted its position as a leading corporate Bitcoin holder by buying 15,400 BTC between Nov. 25 and Dec. 1, funded through $1.5 billion raised from a stock sale under its at-the-market equity program. The purchase was completed at an average price of $95,976 per Bitcoin, according to a Dec. 2 filing with the United States SEC. During the same period, MicroStrategy sold 3.7 million shares of its Class A common stock, which generated $1.48 billion in net proceeds to fund the acquisition. As of Dec. 1, MicroStrategy and its subsidiaries hold a total of 402,100 BTC, which is valued at close to $38.4 billion at current market prices. The firm spent $23.4 billion on Bitcoin purchases at an average price of $58,263 per coin, which is a 64% gain on its investments. This latest acquisition happened after an even larger purchase the week prior, when the company bought 55,000 BTC for $5.4 billion at an average price of $97,862. That transaction was funded through a combination of a private offering of 0% convertible senior notes due in 2029 and proceeds from the equity program. In addition to expanding MicroStrategy’s Bitcoin holdings, executive chairman Michael Saylor urged Microsoft to also adopt a similar Bitcoin-centric strategy. Saylor pitched the idea to Microsoft’s board, and claimed the tech giant could increase its market cap by almost $5 trillion by aggressively adopting Bitcoin. He suggested Microsoft convert its dividend payouts, stock buybacks, cash flows, and debt into Bitcoin, which he argued could add hundreds of dollars to the company’s stock price and create trillions of dollars in enterprise value.

2024-12-03 07:49

The cryptocurrency markets are currently experiencing significant and pivotal developments, particularly as XRP continues to draw considerable attention with its record-breaking gains and heightened institutional interest. Following an astonishing return of 297% in November 2024, XRP has skyrocketed to its highest levels since 2017, igniting a wave of optimism among analysts who are now setting ambitious price targets for the altcoin. This surge in value is not just a fleeting moment; it suggests a broader trend of growing confidence in the cryptocurrency space. In addition, WisdomTree has recently joined the expanding roster of asset managers that are filing for a spot XRP exchange-traded fund (ETF). This move is in response to the increasing demand for regulated investment products that are directly tied to XRP, indicating a shift in how institutional investors are approaching the cryptocurrency market. As interest continues to build, the landscape for XRP and similar assets is evolving rapidly, promising exciting opportunities ahead. XRP Soars in November, Achieving Record-Breaking Gains Since 2017 XRP, Ripple’s native cryptocurrency, has been the talk of the town in November 2024, registering a monumental 297% monthly return on investment (ROI), its highest since December 2017. The token's November close at $1.95 not only marks a seven-year high but also a decisive breakout above its 2021 peak, solidifying its bullish trajectory. Over the past 24 hours, XRP has surged an additional 14%, further fueling market speculation. Analysts now believe this altcoin has the potential to reach unprecedented levels. Jacob Canfield, an independent crypto trader, has set an ambitious target of $6.60 for XRP, citing Fibonacci extensions and historical performance relative to Bitcoin during previous market peaks. Highlighting Bitcoin’s current value—approximately five times its 2017 price when XRP reached its previous all-time high of $3.40—Canfield explained: “This would put the price around $6.60, exactly 2X the value of its previous high. I think this is probably the ideal FOMO target and would stop thinking double digits or higher and is very logical.” Similarly, Tony Edward, founder of the Thinking Crypto podcast, has placed XRP’s potential target between $5 and $8, while recommending a more conservative profit-taking strategy. Neel, a crypto educator, pointed out that XRP's rally is a signal of increasing retail investor participation, driven by heightened media attention and its appeal to mainstream audiences. On-Chain Data Reveals Whale and Retail Accumulation XRP’s price surge has been mirrored by robust on-chain activity. Data from analytics platform Santiment reveals that XRP wallets holding between 1 million and 10 million tokens have accumulated 679.1 million XRP—valued at $1.6 billion—over the past three weeks. Additionally, the number of non-empty XRP wallets has surpassed 5.5 million for the first time in the cryptocurrency’s eight-year history. This surge in wallet activity suggests a growing interest among both retail investors and whales, further supporting the bullish momentum. XRP’s futures market has also seen remarkable growth, with open interest (OI) reaching a new all-time high of $3.99 billion as of Dec. 2, 2024. This represents a staggering 100% increase from Nov. 28, when OI stood at $2.06 billion. The combination of rising spot accumulation, increased futures activity, and surging trading volumes paints a clear picture of the renewed interest in XRP among traders and investors alike. Ripple's ongoing legal victories and institutional partnerships have contributed to the positive sentiment surrounding XRP. With little resistance remaining on higher time frames, market experts predict a continued upward trend, particularly if XRP can maintain a close above $1.99 by the year’s end. Such a close would mark its highest yearly finish in history, further solidifying its bullish narrative. As XRP’s price and on-chain metrics continue to break records, the altcoin finds itself at a pivotal moment. Analysts remain cautiously optimistic about its trajectory, citing strong fundamentals, increasing adoption, and growing market momentum. Whether XRP can achieve the ambitious targets set by experts like Jacob Canfield and Tony Edward remains to be seen, but one thing is clear: XRP is once again at the forefront of the crypto market, captivating investors and traders worldwide. WisdomTree Files for a Spot XRP ETF, Joining Growing Industry Movement Meanwhile, WisdomTree, a prominent asset manager and one of the first companies to issue a spot Bitcoin exchange-traded fund (ETF) in the United States earlier this year, has taken another major step in the cryptocurrency space. On Dec. 2, WisdomTree filed a Form S-1 with the US Securities and Exchange Commission (SEC) to launch a spot ETF backed by XRP, Ripple's native cryptocurrency. This move positions WisdomTree as the fourth company in the United States to file for a spot XRP ETF, reflecting a burgeoning interest in XRP-based investment products. The proposed fund, named the WisdomTree XRP Fund, is designed to give investors exposure to XRP’s price performance. Shares of the fund are expected to be listed on the Cboe BZX Exchange. According to the filing, the fund will create and redeem shares using a cash-create method or in exchange for cash. WisdomTree may explore an in-kind model, which could allow for more efficient share transactions, pending additional approvals from regulatory authorities. In its filing, WisdomTree revealed that affiliates of Coinbase Global, a leading cryptocurrency exchange, will play a pivotal role in the fund's operations. Coinbase will serve as both the XRP custodian and the fund’s prime execution agent, ensuring seamless management of XRP transactions. The filing emphasized Coinbase's critical role in the US spot XRP exchange-traded product ecosystem. WisdomTree has a history of relying on Coinbase for cryptocurrency custody and execution, including its WisdomTree Bitcoin Fund (BTCW), which debuted alongside other Bitcoin ETFs on Jan. 11, 2024. WisdomTree’s filing adds to the growing competition among asset managers vying to launch the first spot XRP ETF in the United States. Three other firms—Bitwise, Canary Capital, and 21Shares—have already submitted their own filings with the SEC. Bitwise: Bitwise was the first to file for a spot XRP ETF, submitting its Form S-1 on Oct. 2. The company is no stranger to the ETF market, having debuted its Bitwise Bitcoin ETF (BITB) earlier this year. Canary Capital: Following Bitwise’s lead, Canary Capital filed for the Canary XRP ETF on Oct. 9. The firm has positioned itself as an emerging player in the cryptocurrency investment space. 21Shares: In partnership with ARK Invest, 21Shares filed its Form S-1 for the Core XRP Trust on Nov. 1. Unlike the other ETFs, this trust does not provide direct exposure to XRP but offers investors an opportunity to access the market indirectly. The flurry of XRP ETF filings comes at a pivotal time for Ripple and XRP. XRP recently reclaimed its position as the third-largest cryptocurrency by market capitalization, buoyed by its legal victory against the SEC and a series of bullish market developments. The interest in spot XRP ETFs indicates a growing demand for institutional-grade investment products tied to cryptocurrencies beyond Bitcoin. Analysts believe that a successful launch of a spot XRP ETF could further solidify XRP’s position in the market and attract a broader base of investors. Regulatory Hurdles Remain While the interest in spot XRP ETFs is mounting, the approval process remains uncertain. The SEC has historically been cautious with cryptocurrency ETFs, citing concerns over market manipulation, liquidity, and custody solutions. However, the approval of multiple spot Bitcoin ETFs earlier this year suggests a shift in the SEC’s stance, raising optimism for XRP-focused products. If approved, WisdomTree’s XRP ETF and similar offerings could serve as a significant catalyst for XRP adoption. By providing investors with a regulated and accessible way to invest in XRP, these funds have the potential to drive liquidity, increase market participation, and bolster confidence in the broader cryptocurrency ecosystem. WisdomTree’s filing for a spot XRP ETF sheds some light on the increasing institutional interest in cryptocurrencies beyond Bitcoin. With several firms now competing for SEC approval, the race to launch the first US spot XRP ETF is heating up. As regulatory developments unfold, the launch of such a product could mark another milestone for both XRP and the cryptocurrency market as a whole. Investors and industry observers will undoubtedly be watching closely as the SEC evaluates these groundbreaking proposals.

2024-12-03 07:34