Cryptocurrency

El Salvador Bolsters Bitcoin Reserves to Over $500 Million

Monday. December 30 at 3:00 AM

1 min. read

El Salvador in Central America has increased its Bitcoin reserves to more than $500 million by purchasing additional coins, bringing its total holdings to over 6,000 units. President Nayib Bukele has solidified Bitcoin as the country's primary treasury asset. This move showcases El Salvador's adoption of cryptocurrency in its financial strategy. The nation now holds 6,000.77 Bitcoin, valued at $569.3 million, marking a 108.02% increase in its crypto investment. El Salvador joins a select group of countries with significant Bitcoin reserves, following the United States, China, the United Kingdom, Ukraine, and Bhutan. Despite facing criticism, the government remains committed to expanding its BTC holdings, with plans to continue buying and holding Bitcoin for its Strategic Bitcoin Reserve. El Salvador made history by becoming the first nation to declare Bitcoin as legal tender, starting its adoption in September 2021 and steadily increasing its crypto assets.

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Ether Futures Open Interest Surges to Record High

Saturday. January 18 at 6:00 AM

Ether's futures open interest has reached a record high of 9 million ETH as of Jan. 17, indicating a growing appetite for leveraged positions despite recent price fluctuations. Major exchanges like Binance, Bybit, and Gate.io dominate the market, with CME lagging behind in institutional adoption. The increase in open interest does not guarantee bullish sentiment, as it depends on the balance between long and short positions. Metrics like the annualized premium for ETH futures and the delta skew for options contracts suggest optimism among professional traders. Additionally, the stable funding rate for retail traders in Ether perpetual contracts indicates a balanced market sentiment. The overall macroeconomic landscape, including expectations of Federal Reserve interest rate cuts and the involvement of World Liberty Financial in crypto markets, further support a positive outlook for ETH, potentially leading to a price test of $4,000 in the near future.

Cryptocurrency

Impact of DORA Regulations on EU Cryptocurrency Businesses

Saturday. January 18 at 1:00 AM

Cryptocurrency businesses in the European Union are now required to adhere to new cybersecurity regulations under the Digital Operational Resilience Act (DORA) effective from Jan. 17. DORA mandates virtual asset service providers (VASPs) to enhance their cybersecurity and resilience practices. To comply, EU financial entities must maintain a detailed register of contractual agreements with third-party IT service providers for secure infrastructure and risk management. These regulations, part of the Markets in Crypto-Assets Regulation (MiCA), aim to bolster resilience against cyber threats and IT failures, ensuring investor protection and market integrity. Industry experts from firms like MoonPay and Gemini exchange have emphasized the significance of DORA compliance. The regulations will not only impact VASPs but also crypto asset issuers, potentially leading to a consolidation of service providers to meet stringent security standards. Overall, DORA is expected to enhance operational resilience and safeguard investors in the evolving crypto landscape.

Cryptocurrency

Analysis of Sonic Price Movement

Friday. January 17 at 9:00 PM

Sonic (formerly FTM) price has increased by 1.8% in the past 24 hours, accompanied by a 500% surge in trading volume to $114 million. Technical indicators such as the ADX and EMA lines suggest a strengthening uptrend, potentially testing key resistance levels if momentum is sustained. However, bearish signals from the BBTrend indicator indicate mixed conditions, advising traders to be cautious about a possible reversal. Sonic's ADX has risen to 35.6, indicating a strong trend, supported by a recent golden cross formation. The current trend strength and the potential for a new golden cross suggest further price gains if buying pressure continues. Conversely, a negative BBTrend value of -6.8 signals increasing bearish pressure, potentially leading to a downtrend. Mixed signals from the ADX and BBTrend advise caution, as failure to maintain upward momentum could result in a price decline. A break below $0.74 support level could lead to further downside towards $0.61.

Cryptocurrency

BitMEX Fined $100 Million for AML Violations

Friday. January 17 at 8:00 PM

BitMEX, a cryptocurrency trading platform, has been fined $100 million for violating US anti-money laundering (AML) regulations. The penalty was imposed due to BitMEX's failure to comply with the US Bank Secrecy Act (BSA), allowing illicit transactions on its platform for several years. The company's lack of proper Know Your Customer (KYC) procedures enabled users to bypass regulations and engage in illegal trading. The penalty also extends to BitMEX's developers, emphasizing the personal and financial risks faced by CEOs of non-compliant exchanges. Despite the fine being lower than the initial request, BitMEX's parent company is on a two-year probation to enhance compliance practices. This case sets a precedent for stricter cryptocurrency regulations in the industry, highlighting the importance of regulatory frameworks for exchanges.

Cryptocurrency