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  • Strike partners with Bitstamp to bolster crypto purchases for EU users

    Strike partners with Bitstamp to bolster crypto purchases for EU users

    • Strike and Bitstamp have partnered to make Bitcoin and crypto buying accessible to more users in Europe.
    • Bitstamp will provide fiat-to-crypto conversion support for Strike.
    • Bitstamp has also partnered with Web3 platform Kryptos to help simplify crypto taxes for customers.

    Strike, a leading Bitcoin payments app launched by Jack Mallers, has partnered with crypto exchange Bitstamp to bring Bitcoin to more people in Europe. CoinDesk reported the story first.

    Bitstamp/Strike partnership

    On Wednesday, the two companies announced in a press release that they would collaborate to make crypto buying accessible and easier for customers in the European Union.

    Strike and Bitstamp are eyeing this partnership as one that offers an easier-to-use fiat-to-crypto on-ramp, which allows users to quickly and easily buy Bitcoin, Ethereum, Solana and other cryptocurrencies.

    Users have access to several on and off-ramps, including wire transfers, direct deposits, debit card and mobile money.

    Strike expanded to Europe in April

    The collaboration with Bitstamp follows Strike’s expansion into Europe. In April, the company announced its entry into the European market after a similar milestone in Africa.

    Accessible to eligible customers, the expansion meant users across the EU could send, buy, sell and withdraw BTC.  Users can withdraw Bitcoin to their self-custody wallets or send it to any Lightning wallet. The launch also introduced P2P transactions for Strike Europe users.

    Bitstamp’s partnership with the US-based Bitcoin payments firm comes after Robinhood announced its $200 million acquisition of the Europe-based crypto exchange in June.

    The crypto exchange has also announced a partnership with Web3 finance platform Kryptos to simplify crypto taxes for users across 15 countries, including the United Kingdom, Portugal and Australia.

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  • Stripe partners with Bitstamp to bolster crypto purchases for EU users

    Stripe partners with Bitstamp to bolster crypto purchases for EU users

    • Stripe and Bitstamp have partnered to make Bitcoin and crypto buying accessible to more users in Europe.
    • Bitstamp will provide fiat-to-crypto conversion support for Stripe.
    • Bitstamp has also partnered with Web3 platform Kryptos to help simplify crypto taxes for customers.

    Stripe, a leading payments platform that was launched by Irish entrepreneurs Patrick Collison and John Collison in 2010, has partnered with crypto exchange Bitstamp to bring Bitcoin to more people in Europe. CoinDesk reported the story first.

    Bitstamp/Stripe partnership

    On Wednesday, the two companies announced in a press release that they would collaborate to make crypto buying accessible and easier for customers in the European Union.

    Stripe and Bitstamp are eyeing this partnership as one that offers an easier-to-use fiat-to-crypto on-ramp, which allows users to quickly and easily buy Bitcoin, Ethereum, Solana and other cryptocurrencies.

    Users have access to several on and off-ramps, including wire transfers, direct deposits, debit card and mobile money.

    Bitstamp’s partnership with the global payments firm comes after Robinhood announced its $200 million acquisition of the Bitstamp platform in June.

    The Bitstamp crypto exchange has also announced a partnership with Web3 finance platform Kryptos to simplify crypto taxes for users across 15 countries, including the United Kingdom, Portugal and Australia.

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  • Bitcoin tumbles, tests $49,000, amid major crypto selloff

    Bitcoin tumbles, tests $49,000, amid major crypto selloff

    Bitcoin tumbles, tests $49,000, amid major crypto selloff
    • Bitcoin briefly tests $49k before rebounding to $51k amid a $270 billion crypto market selloff.
    • Concerns over the US recession and Japan’s rate hike trigger market turmoil.
    • FBI warns of rising crypto scams during increased market volatility.

    The cryptocurrency market has experienced a significant downturn today, shedding approximately $270 billion in value over 24 hours according to CoinGecko data. Leading this decline, Bitcoin plummeted by almost 20%, reaching $49,121, its lowest level since February at $53,091.

    Bitcoin price chart

    Ether also suffered a substantial drop of 21%, falling to $2,300, erasing its gains for the year. Other cryptocurrencies like Binance’s BNB and Solana have also suffered significant losses.

    Bank of Japa hikes its benchmark interest rate

    This dramatic downturn in the crypto market coincided with a broader selloff in equities, particularly in Asia-Pacific markets, exacerbated by Japan’s Nikkei 225 falling by as much as 7%.

    The Bank of Japan’s decision to hike its benchmark interest rate to the highest level in 16 years triggered this selloff, sending shockwaves through financial markets.

    The US Nasdaq also slid into correction territory, marking its worst three-week stretch since September 2022, further contributing to the decline in risky assets, including cryptocurrencies.

    The market’s reaction was influenced by Japan’s monetary tightening and the US Federal Reserve’s recent actions.

    Although the Fed opted to hold its benchmark rate steady, it did not indicate a rate cut in September, which many market experts had anticipated.

    This uncertainty added to the market’s anxiety, causing traders to price in a 100% chance of lower US base rates in September.

    Concerns of a potential US recession

    The selloff reflects growing concerns about a potential US recession, triggered by softer economic data and rising geopolitical tensions.

    Tony Sycamore, a market analyst at IG, highlighted that Bitcoin and other cryptocurrencies are risk assets and are highly susceptible to market volatility. He noted that Bitcoin is currently testing crucial support levels and must hold the $53,000 mark to prevent further declines.

    However, at press time Bitcoin was trading at $51,657, well below this support level, despite making a comeback from around $49k.

    FBI issues warning

    The cryptocurrency market’s volatility has also heightened security concerns. The FBI has issued a warning about scammers exploiting the market crash to steal users’ funds.

    The FBI advised users to be cautious of unsolicited messages or calls indicating account problems and urged them to verify any issues through official channels. The agency’s warning comes amid a significant increase in crypto-related fraud and hacking incidents.

    In the first half of 2024, hackers stole nearly $1.4 billion worth of crypto, more than double the amount stolen in the same period in 2023.

    This increase is attributed to the rising value of various tokens, including Bitcoin, Ethereum, and Solana. Ari Redbord, global head of policy at TRM Labs, noted that while the security of the cryptocurrency ecosystem has not fundamentally changed, the higher value of tokens has made them more attractive targets for criminals.

    As Bitcoin and other cryptocurrencies navigate these turbulent times, investors and users should remain vigilant about market conditions and potential security threats.

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  • Bitcoin falls to $62k as crypto mirrors stocks crash

    Bitcoin falls to $62k as crypto mirrors stocks crash

    • Bitcoin price dropped to its lowest level since mid-July with a dip to near $62k on August 1.
    • Stocks also plummeted as investors reacted to latest economic data and geopolitical tensions in the Middle East.

    Bitcoin price crashed 10% to trade to near $62k on Thursday as August began on a painful footing for cryptocurrencies and stocks.

    On August 1, the global cryptocurrency market cap fell to $2.3 trillion amid an overall 5.7% dump. BTC fell to lows of $62,300 across major crypto exchanges. The declines also hit Ethereum, which traded to lows of $3k and Solana that retreated sharply to touch $160.

    XRP, Dogecoin and Pepe also experienced sharp declines.

    Why did Bitcoin, crypto prices fall today?

    Losses across the crypto market came as the stock market nosedived, with the Dow Jones Industrial Average shedding more than 600 points and the S&P 500 falling 1.5%. According to CNBC, the bloodbath across stocks follows fresh investor jitters around possible economic contraction on weak data released on Thursday.

    Markets’ reaction also follows Wednesday’s Federal Reserve FOMC meeting, although analysts say the market has fully priced in a September cut. Geopolitical tensions in the Middle East was also on investors’ minds.

    What next for BTC, crypto?

    Commenting on the overall outlook ahead of the sharp sell-off, analysts at Singapore-based firm QCP Capital noted:

    “Crypto experienced a broad sell-off overnight and into this morning. The market remains on edge as traders pay close attention to daily ETH ETF outflows and further supply pressures from Mt Gox and US government.”

    According to QCP, the long term picture remains bullish for Bitcoin. Key catalysts could be the upcoming US election and direction of the quest for a sovereign Bitcoin reserve for the US.

    “The establishment of a U.S. or sovereign “put” on BTC prices may have significant implications, potentially making accumulation on dips a strategic investment approach,” QCP Capital added in the note posted on Telegram.

    BTC traded around $63,007 at 2:40 pm ET on Thursday, up from intraday lows.

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  • M2 crypto exchange to allow UAE residents to trade crypto using bank accounts

    M2 crypto exchange to allow UAE residents to trade crypto using bank accounts

    M2 crypto exchange to allow UAE residents to trade crypto using bank accounts
    • M2 enables UAE residents to trade BTC and ETH directly with bank accounts.
    • Integration supports dirham deposits, withdrawals, and market-responsive trading.
    • UAE has strict regulations to ensure consumer protection and market transparency.

    In a significant development for the digital asset market in the United Arab Emirates (UAE), M2, a prominent crypto exchange, has announced that UAE residents can now buy and sell Bitcoin (BTC) and Ethereum (ETH) directly using their bank accounts.

    This new integration facilitates the direct conversion of UAE dirhams into BTC and ETH through M2’s spot market, marking a milestone in the accessibility of virtual assets in the region.

    M2 users can seamlessly convert dirhams into BTC and ETH and vice versa

    In an announcement shared with Cointelegraph, the M2 exchange highlighted that the new feature will enable users to convert dirhams into Bitcoin and Ether seamlessly through the trading pairs listed on M2’s spot markets.

    Additionally, the platform supports the deposit and withdrawal of dirhams, offering users greater flexibility in managing their assets.

    The M2 team emphasized that this integration would enable users to “swiftly adapt to market changes,” allowing them to easily convert their local currency into crypto.

    This is particularly beneficial for everyday investors who may not be fully immersed in the complexities of the trading environment.

    According to M2, the higher levels of familiarity and significant trading volumes of BTC and ETH make these cryptocurrencies ideal entry points for new investors looking to enter the digital asset space.

    UAE has the strictest regulatory framework globally

    Regulated by the UAE government, which is known for its stringent consumer protection measures, this move reflects the country’s commitment to safeguarding its residents in the evolving crypto landscape.

    The UAE has established a reputation for having one of the strictest regulatory frameworks globally, prioritizing consumer protection. In 2022, Dubai’s Virtual Asset Regulatory Authority (VARA) mandated greater transparency in crypto advertisements to better protect consumers.

    Moreover, in 2023, the UAE introduced a federal law aimed at preventing fraud in the crypto market, imposing fines of up to 10 million AED ($2.7 million) for violations.

    Commenting on the integration, Kimmel, an executive at M2, noted that the ADGM’s licensing process was demanding due to its high standards for multilateral trading facility permits. However, he affirmed that this rigorous due diligence ensures that licensed platforms meet the country’s security and transparency standards, thereby fostering trust among UAE users.

    Despite the challenges associated with the licensing process, the UAE continues to be a strategic region for the crypto industry.

    Favourable tax policies, access to global markets, and a safe environment for innovation make the UAE an attractive destination for crypto businesses.

    This new development by M2 is set to further enhance the accessibility and appeal of virtual assets in the UAE, making it easier for residents to participate in the burgeoning crypto market.

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  • Crypto gambling — how does the future of secure gambling look?

    Crypto gambling — how does the future of secure gambling look?

    Online gambling is a huge part of the casino world, but there is a small percentage of players who worry about its security — welcome, cryptocurrency casinos. It’s 2024, and although crypto casinos are nothing new, there is a wide range of some of the huge household names now utilizing this form of payment to stay ahead. It used to be that security processes were a major block for many players online, as when you gamble online you are putting your data, funds, and personal information in the hands of the online casino. Luckily, we’re in a new era of technology and the security methods that these brands now use are second to none. 

     If we were to look at the history of online casinos, we would see that traditional platforms struggled to build robust security methods, which left players susceptible to fraud and hackers. However, that fear is one of the past, as all online casinos that are worth playing on have to be regulated and in turn, adopt a fortress-like level of security. It not only puts you as the player in safe hands but offers up a new way of using decentralized funds, that are transparent and completely controlled by you. We’re going to be taking a look at how one of the safest forms of online gambling is evolving, and what measures shape where it’s got to today. Ever worried about online casinos before? Well, you won’t now! 

     Blockchain — what is it?

     

    If you were looking for one advancement to thank in this evolving secure digital landscape, then it would most definitely be blockchain. Although to many it sounds unmeasurably confusing, it’s a piece of technology that works wonders in online gambling. Blockchain is a decentralized digital piece of technology that acts as a record sheet for transactions. It is a secure, transparent piece of tech that, in summary, is a digital ledger/database. It stores the transactions in things called blocks, which are then linked by a chain… sounds obvious, right?

     Each and every block that is formed on this digital ledger then contains an individual yet unique cryptographic node that cannot be modified as the chain goes on. Therefore, in summary, as the chain progresses, it becomes inevitably stronger and unable to be hacked or tampered with. It’s also getting more valuable all the time.

     It is the undisputed heavyweight in all security processes and stands as the backbone of anything cryptocurrency-related. 

    But how does it keep your information safe in gambling?

     

    1. Immutability — This means that it is unable to be changed, ever. When a piece of data has been recorded on the ledger (blockchain), it is then unable to be altered. This creates a transparent record in a casino, showing that all bets have been safely placed and will never be tampered with.
    2. Decentralization — Like everything with crypto, when using crypto in a casino, it becomes completely decentralized. This cuts out any third parties such as banks, and therefore reduces potential threats. Although you may think your funds are safe with the central banks, they are far more susceptible to hackers than if they were placed in a virtual crypto wallet — hence why they’re the future of online gambling.
    3. Fairer — Above all else, when you’re gambling online, one of the most important requests is fairness. Blockchain makes sure that all the algorithms in a casino’s interface are fully leveled out, meaning that crypto pokies are guaranteed to be treated equally with all their pay-ins, pay-outs, and hand/slot automation. 

     

    The future of privacy and transparency

     

    Online gambling is only growing exponentially because both crypto and blockchain are putting support in place for its players. Crypto gives the player a whole new level of anonymity, while blockchain dishes up transparent records for safeguarding their data. This opposes the older methods of online casinos, as pre-crypto users would use traditional payment methods that resulted in your data being shared, and potentially hacked. Before crypto was utilized by online casinos, players would have to input a lot more personal data — which would put them at risk of identity fraud. Now, the online player uses a virtual wallet that is decentralized and secure from all threats. 

     The role of cryptocurrency is growing and the future of it is only getting more resilient against security worries. As of early 2024, there are 13,217 cryptocurrencies in existence, with new ones appearing all the time — and this is expected to grow by the end of the year. We’re in an era where technological changes are inevitable, and to stay ahead as a business, you need to adopt change. This makes customers in online gambling feel safe, and encourages them to utilize the platforms that prioritize their safety above all else. 

     With every bet you place being recorded on the blockchain and every payout you receive being fully untraceable — secure gambling is not just the future, it’s the now. 

     

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  • Crypto Fear and Greed Index hits 30, lowest level in 18 months

    Crypto Fear and Greed Index hits 30, lowest level in 18 months

    • Crypto Fear and Greed Index is currently in the “fear” zone with a score of 30.
    • This is the lowest sentiment measure for Bitcoin (BTC) in nearly 18 months.

    The Crypto Fear and Greed Index, a measure of market sentiment for Bitcoin (BTC) and the broader crypto market, has dropped to 30, the lowest score it has reached in over one and half years.

    While BTC has traded lower during the current market cycle and the Crypto Fear & Greed Index has fallen into the “fear” zone, this is the first time it has done so since January last year.

    Crypto Fear & Greed Index drop to 30

    As Bitcoin price slipped below $60,000 on Monday, June 24, the index score nosedived more than 20 points to drop into the “fear” zone.

    The decline means the Bitcoin Fear & Greed Index is currently trending at levels last seen in January 2023. At the time, Bitcoin price was trading around $17,000 after the market reaction to the industry’s most shocking collapse so far – the implosion of the FTX crypto exchange.

    Crypto Fear & Greed Index score is 30, now in “Fear” zone. Source: Alternative.me

    In May this year, Bitcoin price fell to lows of $56,500 and the index’s score dipped from neutral to fear.

    A bounce in price saw sentiment improve significantly to push the Fear & Greed Index to 74. “Greed” dominated then as Bitcoin broke above $71k, but that score flipped neutral and within hours on June 24, reached the 30 mark.

    Mt. Gox repayments and German government selling

    Catalysts for the latest declines include the Mt.Gox repayments news.

    A notice on Monday indicated that the exchange will begin repaying customers who’ve waited since the 2014 hack. Mt.Gox customers will receive Bitcoin and Bitcoin Cash. 

    Over $8.5 billion worth of BTC is with the exchange’s trustee. In April, analysts at K33 Research warned that Mt.Gox’ Bitcoin repayments could impact prices.

    Also attracting negative sentiment is the selling of Bitcoin by the German government. After sending 1,700 BTC to exchanges last week, including Coinbase and Kraken, Germany is at it again. 

    On Tuesday, Lookonchain shared on-chain data tracking wallets linked to the 50,000 BTC seizure the German government made early this year. The details show another 400 BTC deposited in CEXs.

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  • Tether partners with RAK DAO to advance crypto education and adoption in UAE

    Tether partners with RAK DAO to advance crypto education and adoption in UAE

    The collaboration, solidified through the signing of a Memorandum of Understanding (MoU), marks a significant step towards fostering blockchain education and adoption in the region.

    Driving Crypto Adoption and Education

    In alignment with RAK DAO’s mission to promote web3 innovation and spur economic growth, Tether will collaborate closely to facilitate the integration of cryptocurrency payments within the region.

    Additionally, the partnership will see the development of comprehensive educational programs through Tether Edu, catering to individuals across various proficiency levels. These initiatives will cover a spectrum of cutting-edge topics including Bitcoin, blockchain, peer-to-peer technologies, stablecoin adoption, and real-world cryptocurrency applications.

    Paolo Ardoino, CEO of Tether, expressed enthusiasm about the collaboration, underscoring the transformative potential of Bitcoin and blockchain technology in the region. He emphasized Tether’s commitment to working alongside RAK DAO to materialize this vision.

    RAK DAO’s Vision for Blockchain Innovation

    Dr. Sameer Al Ansari, CEO of RAK DAO, echoed Ardoino’s sentiments, highlighting the partnership as a pivotal moment in RAK DAO’s journey towards becoming a leading blockchain innovation center.

    By harnessing the power of Bitcoin technology and cryptocurrencies, RAK DAO aims to drive economic growth, foster financial inclusion, and cement its position as a global leader in the digital economy.

    This partnership comes amidst Tether’s recent announcement regarding the implementation of a robust transaction monitoring system for USDT, aimed at safeguarding against illicit activities associated with the stablecoin.

    With Tether’s expertise in stablecoin issuance and RAK DAO’s dedication to blockchain innovation, this collaboration is poised to significantly accelerate the adoption and understanding of cryptocurrency technology in the UAE’s Ras Al Khaimah region.

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  • Crypto investment products see first inflows in over a month

    Crypto investment products see first inflows in over a month

    • Digital assets investment products saw $130 million in inflows, the first after four weeks of outflows.
    • Bitcoin remains above $62k and saw inflows of $144 million this past week.

    As Bitcoin shows fresh resilience above $62,000, latest market data reveals that digital asset investment products recorded inflows for the first time in over a month last week.

    On Monday, digital assets manager CoinShares published its weekly report on crypto investment products.

    The details showed the industry saw $130 million in inflows for the week ending May 10. It’s the first time the metric reads positive since the first week of April – a run of four weeks of outflows.

    Notably, Bitcoin saw inflows of $144 million, while short-Bitcoin ETPs recorded outflows of $5.1 million.

    The majority of the inflows were seen in the US, with $135 million. Hong Kong saw $19 million in inflows. Elsewhere, Canada and Germany recorded outflows of $20 million and $15 million respectively.

    ETP volumes remain low

    While the week saw inflows overall, CoinShares’s head of research James Butterfill wrote in the company blog that ETP volumes have continued to decline.

    For instance, the market saw ETP volumes of $8 billion last week, while it averaged $17 billion in April.

    “These volumes highlight ETP investors are participating less in the crypto ecosystem at present, representing 22% of total volumes on global trusted exchanges relative to 31% last month,” Butterfill noted.

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  • After melting the charts, the OG of crypto may need a breather

    After melting the charts, the OG of crypto may need a breather

    Crypto markets have been running wild, and Bitcoin ($BTC) has been moving like a small cap in loose monetary conditions. People might not want to hear this, but things need to cool off before another leg up.

    Time for a pull-back? After melting charts, the OG of crypto may need a breather. Here’s what you could buy in the meantime. Presales offer a harbour from volatility, and regarding what crypto to buy today, Galaxy Fox ($GFOX) is garnering a lot of attention. This presale gem could let investors dodge the incoming dip and pick up right where they left off with the arrival of meme mania chapter two.

    Bitcoin ($BTC) time for a pull-back?

    Bitcoin has been melting the charts, and February represented its second-largest candle in history- the largest by a longshot in dollar terms. TradFi money has been driving this wild price action, and institutional demand has been racing ahead of issuance from miners. Demand overtaking supply is the most basic recipe for price appreciation.

    While $BTC is undoubtedly a top crypto to buy this cycle, it is not immune to short-term pullbacks, and there could be a decent retracement loading. Bitcoin has climbed nearly 50% in the last month, and the RSI shows it is massively overbought. Most forget when $BTC moves aggressively to the upside, that it can move just as fast to the downside. Institutional buyers are notoriously more sophisticated than retail, and retail will be culled in these short-term fluctuations.

    Sharp drawdowns and liquidation flushes are part and parcel of any bull market, and 20% corrections are expected in crypto. A pullback could be coming, and diving into an ICO like Galaxy Fox could allow investors to diversify their risk exposure while potentially benefiting from future upside.

    Galaxy Fox ($GFOX)

    Galaxy Fox has been sailing toward $4 million, with many investors waking up to the jam-packed value proposition of harbouring in presales. Investors could get to lock in the current value of their assets, dodge the dip, and then pick up where they left off in several weeks with the retail launch. Small caps launching in bullish conditions have always performed well. Galaxy Fox might be no exception.

    It is leading the third generation of memecoins and has gone a step further to deliver value for its token holders. $GFOX boasts all the standard functionality of any memecoin: deflationary tokenomics and high-octane upside. But has additionally integrated a play-to-earn game and an ecosystem.

    Galaxy Fox’s Web3 runner game is a global competition between players to end the season in the top 20% of the leaderboard. Those who do earn part of the prize pool and the protocol’s NFT collection offer in-game stats bonuses for anyone who wants to stack the deck in their favour. GameFi has been taking off recently, and this has helped fuel $GFOX’s oversized presale success.

    However, it is the tokenomics model that is convincing some investors that $GFOX might be a top crypto to invest in. Staking rewards let investors earn, the token burn increases value via scarcity and paired together, stakers are earning rewards in an asset with a falling supply.

    Closing thoughts

    Bitcoin is still a leading crypto to buy this cycle, but regarding what crypto to buy today, $GFOX is drawing the attention of some investors. This presale coin could help investors dodge the incoming drawdown and unlock massive upside in the coming months.

    Learn more about $GFOX here:

    Visit Galaxy Fox Presale | Join the Community

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