Day: December 27, 2023

South Korea Takes Major Step towards Cryptocurrency Transparency: 5,800 Officials to Disclose Holdings in 2024

By compelling influential political leaders and bureaucrats to share their virtual currency investments, South Korea hopes to heighten transparency surrounding public-sector finances. South Korea is set to begin disclosing the cryptocurrency holdings of top public officials beginning in 2024, marking a monumental push toward transparency and accountability in government services. According to an announcement from the Ministry of Personnel Management, approximately 5,800 elected officials and government employees will need to report their crypto assets next year. The disclosures are part of South Korea’s public ethics and transparency initiative system, which…

Grayscale Files Amended ETF Application Following Silbert’s Resignation

The amended ETF application came after a series of meetings between Grayscale and the SEC in December. Leading asset manager Grayscale Investments has filed an amended S-3 application seeking to convert its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF. Bloomberg analyst James Seyffart confirmed the reapplication with the Securities and Exchange Commission (SEC) on Tuesday, just a few hours after the CEO of the firm’s parent company, Barry Silbert, resigned. Grayscale Finally Yields to SEC’s Pressure The amended application came after a series of meetings between Grayscale and…

Bitzlato suspends Bitcoin withdrawals

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Bitzlato has suspended the withdrawal of Bitcoins (BTC) from the platform indefinitely amid legal problems in France. On Dec. 27, the crypto exchange platform Bitzlato announced the suspension of special balance withdrawals and technical customer support. The administration called it a “temporary measure” to prepare for upcoming court hearings regarding the seized assets of users in France. “We are faced with the need to suspend special balance withdrawals and technical support.” Bitzlato At the same time, users of the web version and the Bitzlato app received access to a partial…

BTC Price at $43K, ‘Smart Money’ Bets Big on Bitcoin Ahead of Potential BTC ETF Approval

The “smart money index”, which measures the net bullish bets by institutional players through Chicago Mercantile Exchange (CME) Bitcoin futures, has reached an all-time high of over 13,700 in recent days. Large investors have taken large long positions in the Bitcoin (BTC) futures market, indicating that institutional capital is flooding into the coin in anticipation of the SEC potentially approving a spot Bitcoin exchange-traded fund (ETF). Meanwhile, Bitcoin is trading today at around $43,000. According to data from MacroMicro, a leading derivatives analytics firm in Taiwan, the “smart money index”,…

Mt. Gox Creditors Accidentally Paid Twice in Rehabilitation Settlement

The accidental double payment of settlement funds to Mt. Gox creditors adds a new chapter to the saga of one of the crypto industry’s earliest and most remarkable failures. In a recent development, multiple reports on Reddit indicate that some creditors of the infamous Mt. Gox crypto exchange have received settlement funds twice due to a system glitch. The revelations have led to discussions, debates, and even humor within the crypto community. Mt. Gox Creditors Email Admission The issue came to light when Reddit user u/rlycreativename shared the contents of an…

Hong Kong to limit investors in purchasing stablecoins

Hong Kong authorities have proposed accepting and regulating fiat-pegged stablecoins (FRS). According to the document, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) will allow retail investors to purchase stablecoins, but note that their issuers must obtain a special local HKMA license. To obtain a license, companies must fully support all stablecoins in circulation with reserves equal to the face value, segregation and custody of reserve assets, disclosure, and regular reporting. They will also need to open an office in Hong Kong with…

US Recession 2024 Becomes Hot Debate among Economists Sharing Mixed Views

2024 could be a slower year for the business landscape in the US economy, however, many economists are positive that the US recession could be thwarted with a soft landing. Bulls made a strong comeback this year in 2023, and as the year ends, the Fed has given major signals of interest rate cuts in 2024. This has kept the markets upbeat and investors bullish on Wall Street. Does this mean that the US economy is completely out of the woods? Well, not entirely as economists share mixed opinions of…

Crypto Trading Firm Expects Bitcoin To Crash To $36,000, Here’s Why

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A recent market update by the trading firm QCP Capital has provided insights into how Bitcoin’s price would react if a Spot Bitcoin ETF gets approved in January. The firm predicts that there could be a major retracement before any move to the upside. Bitcoin Could Retrace To $36,000 QCP Capital predicts that Bitcoin could retrace to around $36,000 before an uptrend resumes. At the same time, they expect Bitcoin to face a topside resistance between the $45,000 and $48,500 region. These projections are based on what they expect to…

Shimmer Adds Cross-Chain Messaging Through LayerZero to Enable Transactions on Different Blockchains

Initial connection to other blockchains through the Shimmer bridge, a tool that transfers value between different blockchains including Ethereum, Binance Smart Chain, Polygon, Avalanche, Fantom, Base, Arbitrum and Optimism, takes place today. This connectivity broadens the horizon for ShimmerEVM, enabling an exchange of assets and information across any application built on blockchains supported by LayerZero, an interoperability protocol. Source