Sustained Bitcoin ETF inflows may buoy price despite slowing spot buying

A more sustained run of spot Bitcoin ETF inflows may counteract Bitcoin spot market buying slowing, says Bitfinex analysts.

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Crypto Biz: Crypto fever hits wealth managers

This weeks Crypto Biz explores the launch of new crypto ETFs, CleanSparks acquisition of new mining sites, another round of conflict between Bitfarms and Riot, and more.

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Trump Election Victory Could Send Bitcoin to $125,000, Says Standard Chartered Analyst

A Trump win could fuel a Bitcoin rally, though new all-time highs are expected regardless of the 2024 election outcome.

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Standard Chartered Bank Launches Bitcoin and Crypto Custody Service in UAE

The international banking group has been granted a licence by the Dubai Financial Services Authority, allowing it to custody its clients' digital assets.

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BitGo deploys wrapped BTC on Avalanche and BNB Chain

Crypto custodian BitGo is now using LayerZeros OFT Standard to deploy its WBTC across more than 80 chains. 

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Standard Chartered begins UAE crypto custody services with BTC, ETH

Standard Chartered was approved by the Dubai Financial Services Authority to offer crypto custody solutions in the UAE. 

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Standard Chartered Subsidiary Bank Launches Bitcoin ETFs Trading

Mox, a Hong Kong virtual bank owned by Standard Chartered, launched Bitcoin and crypto ETF trading. This makes Mox the first virtual bank in Hong Kong to offer such product.

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The Real Price Impact For XRP: Expert Shares Timeline For Expected Surge, Heres When

Due to regulatory hurdles, XRP failed to initiate a significant rally alongside other notable cryptocurrency assets like Bitcoin and Ethereum in the 2021 bull cycle. There has been much speculation about when the altcoin will surge again. However, a market expert has recently shared insights into when the actual price impact for XRP will develop, indicating a positive future for the crypto asset. Real Price Impact For XRP On The Horizon SMQKE, an observer and researcher of Current Tech Shift, has disclosed the period for the much-anticipated rally for XRP to come to light, emphasizing the key developments that may influence the value of the digital asset in the future. Related Reading: Crypto Analyst Predicts 42,263% Breakout For XRP Price To $280, Heres The Roadmap The expert bases his prediction on the recent developments around the Ripple-Russia Presentation, which implies that major confirmation was provided that all of the big banks that have teamed up with Ripple, including leading banks that are crucial to the system, such as Standard Chartered, Santander, and Bank of America, are currently running in test mode. “If these major banks are still in the testing phase, it means they have not yet fully integrated Ripples technology into their daily operations,” he added. Because of this, SMQKE believes that XRP has been unable to move significantly despite its potential utility. XRP may be struggling to undergo a major price upswing, but SMQKE asserts that this development is encouraging for XRP’s future because systemically important banks are participating in the ongoing testing. As a result, the researcher is confident that after the tests are over and the big banks have transitioned to full-scale adoption of Ripple’s technology, the real price effect for XRP will take place.  This is because once these tests are successfully concluded, there will be a greater need for XRP as a utility asset in financial transactions, potentially resulting in a sharp increase in the altcoin price. Current State Of The Market In A “Wait And See” Phase According to the expert, the market could be in a “wait and see” phase. This is because investors might be delaying pushing up XRP’s price until they see definite evidence of widespread acceptance and regulatory certainty around the asset. Related Reading: XRP Set To Explode? Top Analyst Predicts $33 Rally The legal litigation between Ripple and the United States Securities and Exchange Commission (SEC) has been a major roadblock for the potential of XRP. SMQKE’s insights suggest that investors await the lawsuit’s conclusion before pouring massive capital into the crypto asset market. If the lawsuit ends and Ripple’s technology integration tests with big banks go live, there is a good chance that the value of XRP will witness a notable price rally, possibly to new all-time highs. Featured image from Adobe Stock, chart from Tradingview.com

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DARKTIMES Introduces Medieval Brawler Royale on Sui Blockchain

DARKTIMES, a medieval brawler royale game, leverages Sui blockchain for enhanced Web3 player engagement and asset ownership. (Read More)

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New node certification could coax more institutions into Ether staking 

A consortium of big crypto companies, including Coinbase, has just launched a new certification scheme for Ethereum node operators called NORS. 

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WTF happened 53 years ago today Why the Nixon shock is still affecting us all

In his 1971 speech ending the gold standard, Richard Nixon promised to stabilize the dollar, but instead, nearly everything has gone up in price.

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Web3 users reached an all-time high of 10M in Q2: DappRadar

The second quarter saw a record number of Web3 unique daily active wallets, but DappRadar cautioned the growth may be due to temporary airdrops.

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Bahamas Unleash DARE Act On Crypto Regulation

Bahamas’ Securities Commission has legalized the Digital Assets and Registered Exchanges Act [DARE], marking a new standard in crypto asset regulation. Building upon the foundation established by the DARE Act, 2020, the regulator’s main focus was to ensure the new law aligns with global standards set forth by the International Organization of Securities Commissions standards […]

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Bahamas unveils DARE 2024 law to restore crypto hub status post-FTX

The Bahamas Securities Commission has announced the passage of new crypto legislation nearly two years after FTX’s collapse. The Digital Assets and Registered Exchanges Act, 2024 (DARE 2024) aims to provide regulatory clarity for the country’s digital assets industry and re-solidify its position as a pro-crypto hub. Christina Rolle, the executive director of the Securities […]

The post Bahamas unveils DARE 2024 law to restore crypto hub status post-FTX appeared first on CryptoSlate.

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Basel Committee finalizes crypto exposure rules for banks

The committee is unveiling the standards later in July, culminating a yearslong process.

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Ledger CEO explains what makes a wallet secure as Ledger Flex launches

Ledger CEO Pascal Gauthier claimed that Stax and Flex feature the only secure touchscreens in the world, saying that screens on mobile devices are not secure.

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Animoca, Standard Chartered team up in HKMA stablecoin sandbox

The Hong Kong Monetary Authority has selected three parties for assessment in its stablecoin issuers sandbox.

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Crypto Analyst Predicts XRP Price To Hit $1.03 Soon, Warns Of Initial Dip

The XRP price has staged an impressive rally in recent days, but this came to an abrupt end yesterday. After rising to as high as $0.6378, it plummeted by more than 11% temporarily. Nevertheless, the popular crypto analyst Dark Defender (@DefendDark) remains bullish in the short-term, even if the dip could widen further in the short term. XRP Price Could Eclipse The $1 Mark Again According to him, the XRP price is in a promising short-term uptrend towards the $1.03 mark. This analysis is based on the 4-hour timeframe and shows a complex interplay of market dynamics and technical patterns that suggest a bullish outlook for the cryptocurrency. The chart shared by Dark Defender shows XRP’s significant rally, marked by a 67.56% increase from a low of $0.3814 to a recent high of $0.6378. The forecast uses Elliott Wave Theory and Fibonacci retracement levels to predict the price target. Both technical analysis tools are often used to predict potential price levels based on past market behavior. Elliott Wave Theory, which forms a central component of Dark Defender’s analysis, posits that market prices unfold in specific patterns, called waves, that are repetitive in nature. According to this theory, a typical cycle includes eight wavesfive in the direction of the prevailing trend followed by three corrective waves, which Dark Defender identifies on the XRP chart. Related Reading: XRP Surges 39% As Sharks & Whales Push Supply Share Past 85% The impulse sequence observed in XRP’s recent uptrend consists of five upward waves labeled (1) through (5). This sequence shows a strong bullish move from the local low to yesterdays high. Each wave peaked higher than the last, reflecting increasing optimism among investors. Following the impulse, the chart delineates an ABC corrective pattern, which is characteristic of a temporary reversal in price following the rapid gains of the impulse waves. Wave A signifies the initial drop from the peak, wave B reflects a partial retracement upwards, and wave C, which is anticipated but not yet completed, typically falls below the end of wave A, indicating a further potential decrease in price. Dark Defender’s chart marks the beginning of this corrective phase, suggesting that wave C could bring the price down to around $0.499 before the market resumes its upward trajectory. The ABC wave can take 2 days to complete & can extend to $0.499, the crypto analyst noted. Related Reading: Pro-XRP Lawyer Debunks Ripple-SEC Settlement Rumor For Tomorrow To complement the Elliott Wave analysis, Dark Defender employs Fibonacci retracement levels, which are drawn between the recent low and high points on the chart to predict potential support and resistance levels. Notably, a 261.8% extension level at $0.5891 is highlighted as an interim resistance point. Further extensions, like a 161.8% level at $0.8763, serve to identify additional barriers the price might test if the bullish momentum continues. However, Dark Defender’s short-term price target is significantly higher. According to him, XRP could revisit the $1 mark, which was narrowly missed after the summary judgment in the Ripple vs. SEC case in mid-July last year. Minor resistance at $0.87 before $1.03. I’ll make sure to keep you posted, the analyst wrote. Moreover, the chart features an Ichimoku Cloud, indicating that the current price is above the cloud, which is traditionally interpreted as a bullish signal. This suggests that despite the expected corrective dip, the overall market conditions favor a bullish outlook in the short-term. At press time, XRP traded at $0.58. Featured image created with DALL·E, chart from TradingView.com

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Standard Chartered, Animoca Brands, and HKT Collaborate in HKMA Stablecoin Issuer Sandbox

Standard Chartered, Animoca Brands, and HKT are joining forces in the HKMAs stablecoin issuer sandbox to explore digital asset innovations. (Read More)

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Banking Giant's Crypto Arm Snaps Up OTC Trading Powerhouse

StandardChartered-backed Zodia Markets has agreed to acquire Elwood Capital ManagementLtd (ECML), the digital asset over-the-counter (OTC) trading business of ElwoodTechnologies, in a deal announced today (Wednesday). The acquisition, set to becompleted by August, will expand Zodia Markets' regulated presence and enhanceits services to institutional clients worldwide.

Zodia Markets AcquiresElwood's OTC Trading Business

ElwoodTechnologies, a provider of digital asset execution and portfolio managementsoftware, is divesting its OTC trading arm to focus on its coresoftware-as-a-service (SaaS) offerings. The sale aligns with Elwood's plan todevelop its execution management system (EMS) and portfolio management system(PMS) for institutional clients.

Today'sannouncement confirms last week's reports that ZodiaMarkets is preparing for an acquisition, as reported by Bloomberg.

Thissale marks an important new chapter for Elwood and strengthens our position asa leading provider of execution and portfolio management software for globalinstitutions that trade and manage digital assets, said Chris Lawn, CEO ofElwood. The sale of our OTC trading business supports Elwoods strategic planto build a world-class end-to-end EMS and PMS software platform and allows usto fully dedicate our resources to the SaaS business.

Zodia Markets is pleased to announce that it has agreed to acquire Elwood Capital Management Ltd, Elwoods Digital Asset OTC trading business based in Jersey and regulated by the Jersey Financial Services Commission. https://t.co/IQN8WMf8AL #ZodiaMarkets #OTC #DigitalAssets pic.twitter.com/mejcEL5IvW

For ZodiaMarkets, the acquisition represents a next step in its expansion strategy. Thedeal will provide the company with licenses for virtual asset service providerservices and investment businesses in Jersey, enhancing its ability to offerOTC settlement services.

Thetransaction comes as Standard Chartered, Zodia Markets' parent company, isreportedly exploring the establishment of its own trading desk for Bitcoin andEthereum. This move could position Standard Chartered as one of the firstglobal financial institutions to engage directly in cryptocurrency spottrading.

Thisacquisition is a significant progression to create greater diversification inour service offering and footprint, enabling scale and accelerating productcapability, commented Usman Ahmad, Co-Founder and CEO of Zodia Markets. Buildingon our exceptional growth in the first half of the year, we are well-positionedto further capitalize on the global institutional demand for digital assetsolutions.

Followingthe completion of the transaction, ECML will be rebranded as Zodia MarketsJersey Ltd. The deal is expected to boost Zodia Markets' daily OTC tradingvolumes, which currently range from $50 million to $60 million.

A fewmonths ago, ZodiaMarkets also partnered with Fireblocks, an enterprise platform specializingin digital asset operations and blockchain-based innovation. The strategiccollaboration, announced today (Thursday), aims to tackle existing challengesin the correspondent banking landscape while enhancing operational efficiencythrough the utilization of digital assets.

RegardingStandard Chartered, the bank announced its latestcollaboration two months ago, forming an agreement with Clearstream toenable users to access funds domiciled in the United Arab Emirates (UAE). Thiscollaboration aims to enhance fund processing and execution. It also aligns withrecent regulatory changes from the Securities and Commodity Authority of theUAE.

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