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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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  • Bitcoin (BTC) regains momentum just in time for the upcoming 0DOG exchange listing

    Bitcoin (BTC) regains momentum just in time for the upcoming 0DOG exchange listing

    • At press time, Bitcoin trades at $67,260 marking a 3.57% rise over the past day.
    • Bitcoin transaction volumes remain subdued despite the resurging BTC value.
    • Bitcoin Dogs await token claiming and exchange listing with bated breath.

    Bitcoin (BTC) has surged back into the spotlight, with its price hitting a high of $67,744 in the past 24 hours.

    This surge in value comes just in time for the much-anticipated exchange listing of 0DOG, the native token of Bitcoin Dogs.

    BTC price moves out of consolidation

    The recent Bitcoin price surge comes after a period of consolidation and uncertainty in the cryptocurrency markets that followed Bitcoin’s ascent to its new ATH of $73,750.07 11 days ago.

    Analysts attribute Bitcoin’s recent price surge to several key factors. One significant factor is the growing interest from institutional investors and Wall Street in spot Bitcoin ETFs listed on Nasdaq. This influx of institutional capital into the cryptocurrency markets has contributed to the upward momentum of Bitcoin’s price.

    Furthermore, the concentration of trading volume within these ETFs has led to a surge in Bitcoin’s value.

    However, despite the soaring price, on-chain transaction volumes in terms of US dollars remain subdued compared to the levels witnessed during the bull market of 2021. This discrepancy suggests a prevailing sentiment among investors to hold onto their Bitcoin, anticipating further price appreciation.

    In addition, even with Bitcoin hitting a record high of $73,750, there is a noticeable decline in economic transactions on its blockchain.

    Analysts from Blockware Solutions highlight a discrepancy between the soaring price and the muted on-chain dollar volume. Current data shows average transfer volumes to be under $200,000, a stark contrast to the 2021 bull market where figures exceeded $1 million.

    However, Blockware Solutions analysts further speculate that a significant Bitcoin price movement will precipitate an increase in on-chain volume as seasoned Bitcoin holders may begin moving assets to exchanges for sale.

    The data also shows a growing portion of Bitcoin that has remained inactive for 3 to 4 years, reflecting the confidence of long-term investors. Projections from experts suggest that Bitcoin’s price could ascend to six figures in the near term. For instance, Standard Chartered projects that it will breach $150,000 in 2024.

    Bitcoin Dogs: investors await exchange listings

    As Bitcoin jumps back into the limelight, Bitcoin Dogs, a Bitcoin-based dog-themed project, has garnered significant attention in the recent past with its unique platform where dog lovers and crypto enthusiasts come together to trade, collect, and engage in various activities within the Dogeverse.

    Central to the Bitcoin Dogs ecosystem is its native token, 0DOG. This token serves as a utility and governance token within the platform, allowing users to participate in various activities such as trading, staking, and governance decisions.

    Additionally, Bitcoin Dogs features Non-Fungible Tokens (NFTs) representing digital collectibles of virtual dogs, adding a layer of gamification and collectibility to the platform.

    The recent conclusion of the 0DOG token presale marks a significant milestone for the Bitcoin Dogs project. The presale, which lasted for a record 30 days, witnessed overwhelming participation from the cryptocurrency community, resulting in a successful fundraising effort.

    Following the presale, participants will soon be able to claim their 0DOG tokens and engage in trading activities on the platform.

    The success of the presale underscores the growing interest and confidence in the Bitcoin Dogs project, highlighting its potential for future growth and adoption.

    Investment outlook: Bitcoin vs Bitcoin Dogs

    As Bitcoin continues to regain momentum and reach new highs, investors are faced with the question of whether now is a good time to invest in Bitcoin or Bitcoin Dogs.

    Well, while past performance is not indicative of future results, the bullish sentiment surrounding Bitcoin’s price trajectory and the promising prospects of projects like Bitcoin Dogs may present attractive investment opportunities for those looking to diversify their portfolios in the cryptocurrency space.

    However, as investors navigate these exciting developments, careful consideration of market trends and project fundamentals will be essential in making informed investment decisions in the ever-changing landscape of digital assets.

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  • IoTeX, Bitcoin and Solana surge as Pullix emerges as a unique hybrid DeFi exchange

    IoTeX, Bitcoin and Solana surge as Pullix emerges as a unique hybrid DeFi exchange

    IOTX logo on a mobile phone screen
    • IoTeX’s IOTX token is up 163%, driven by an on-chain metrics surge.
    • Pullix’s ongoing presale raises $1.4M; platform introduces innovative “Trade-to-Earn” model.
    • Solana hits a 19-month peak above $102, surpassing XRP in market cap ranking.

    While IoTeX, Bitcoin, and Solana witnessed considerable gains in the past few weeks, a new hybrid DeFi exchange Pullix is making waves with its PLX token presale.

    Read along as we explore the recent market movements as we head into 2024 and the promising features of Pullix, currently in its presale stage.

    IoTeX: bridging physical and digital realms

    IoTeX (IOTX), the native token of the IoTeX network, a decentralized platform facilitating machine-to-machine interactions, has experienced a remarkable surge. The token has gained 109.27% in the last month to trade at $0.05255 at the time of writing. It is trading 162.93% higher over the past year, making it among the very few cryptocurrencies to sustain a bullish trend.

    IOTX price chart

     

    Recent on-chain metrics reveal a surge of over 90% in IoTeX’s native token, IOTX, within the past week. A notable catalyst for this breakout is the platform’s increased activity and adoption, exemplified by processing over 1 million transactions in a single day on December 19th.

    IoTeX’s innovative hardware integration in security and oracle sectors, including products like Ucam home security cameras and Pebble data oracles, is capturing the attention of investors.

    Bitcoin hits $44K

    Bitcoin (BTC), the pioneering cryptocurrency, hit a daily high of $44,075.15 for the first time in over a year. 

    Bitcoin price chart

    While the asset experienced some retracement, the overall trajectory remains positive buoyed by the high anticipations of a spot Bitcoin ETF approval by January 10 and the upcoming Bitcoin halving event. 

    In a review of 2023, Kaiko Research stated that “Bitcoin is set to close the year as one of the best-performing assets, up more than 160% and outperforming all major traditional assets even in risk-adjusted terms,” second only to semiconductor giant Nvidia.

    Solana’s soaring success

    Solana, a high-performance blockchain platform, has outshone other larger-cap altcoins, reaching a 19-month peak above $102. The SOL token price has surged by 765.76% in the past year joining the likes of IoTeX for a consistent bullish surge throughout the year.

    Solana price chart

     

    This surge has propelled SOL to surpass XRP as the fifth-largest cryptocurrency. Other notable gainers in the market include Avalanche (AVAX) and Polkadot (DOT), both experiencing significant price increases.

    Pullix: redefining crypto trading with a hybrid approach

    While the larger crypto market surges towards 2024, Pullix, is set to redefine crypto trading with its innovative hybrid exchange. Combining the strengths of centralized and decentralized exchanges, Pullix introduces a unique “Trade-to-Earn” concept through its native token $PLX.

    The PLX token presale has seen substantial interest, raising $1,387,783 with 85.4% of tokens already sold.

    Investors holding PLX tokens enjoy various benefits, including passive income through staking, trading fee discounts of up to 60%, and exclusive rewards derived from the platform’s daily revenue.

    Should you invest in Pullix? Evaluating the prospects

    As Pullix gains momentum in its presale, investors may wonder whether it’s a worthwhile addition to their portfolios. Maybe the platform’s commitment to transparency, a crypto deposit-only system, and no KYC requirements could be a consideration when thinking about whether or not to invest in it.

    In addition, staking PLX offers a chance for users to earn passive income, and the innovative buy-back and burn mechanism creates scarcity, potentially driving up token value.

    However, as with any investment, investors must conduct thorough research, considering the risks and rewards involved especially with the highly volatile cryptocurrency market.

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  • ImmutableX spiked 34% after major crypto exchange lists IMX

    ImmutableX spiked 34% after major crypto exchange lists IMX

    • ImmutableX (IMX) price rose more than 30% after a top exchange listed the altcoin.
    • While IMX still tops other crypto gainers in top 50 this past week, it has retreated from near $0.78, to $0.65 amid profit taking.

    ImmutableX (IMX) was among the hottest coins this week, skyrocketing more than 34% to top the list of gainers across the top 50 coins by market capitalization. With mega cap altcoins largely constrained, the price of IMX rose to near $0.78 – the highest level since August 2. 

    Listing on one of the world’s largest cryptocurrency exchanges might have triggered the buying pressure.

    Korean listing triggers IMX buyers

    Immutable is billed as the “future of Web3 gaming,” with decent traction for the ecosystem seen over the past several months. The launch of the Immutable zkEVM Testnet has added to this outlook as developers find it easier to build Web3 games.

    IMX has however not seen much upside amid broader crypto malaise since Bitcoin’s retreat from the $31k area. This week has however witnessed a massive spike in buy pressure – a scenario likely triggered by news of the listing of IMX/KRW on leading South Korea crypto exchange Upbit.

    But according to blockchain sleuth Lookonchain, IMX rising saw major deposits to exchanges soon after – including from top blockchain gaming company Animoca Brands.

    At the time of writing, the cryptocurrency was seeing some downside pressure amid profit taking. IMX/USD traded around $0.65 on major cryptocurrency exchanges. According to data from CoinGecko, the altcoin had shed just over 1% in the past 24 hours.

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  • ASTR pares gains after major exchange listing

    ASTR pares gains after major exchange listing

    • Astar (ASTR) price rose to highs of $0.059 after news of listing on Bithumb.
    • ASTR has however pared some of the gains to trade near $0.053 amid profit taking.

    Astar (ASTR) rose to a multi-week high on Thursday, reaching an intraday peak of $0.059 as market reaction to news of a major exchange listing buoyed bulls.

    However, with sellers still largely present, ASTR has pared most of the daily gains and currently traded near $0.053. Per data on CoinGecko, the cryptocurrency’s price has a 24-hour and seven-day upside of 2.5% and 4.4% respectively at the time of writing (11:30 am ET).

    Astar price soared after Bithumb listing news

    A tweet from Sota Watanabe, founder of Astar Network, on Thursday highlighted the native ASTR’s listing on Bithumb, one of the largest cryptocurrency exchanges in South Korea. With the news came the buying pressure, a scenario that catapulted ASTR/USD from lows of $0.052 to near $0.060.

    Notably, the spike in the USD pair came even as Bithumb added support for ASTR/KRW, driving volume across the country.

    The listing on the Korea-based exchange comes after Astar Network, which is Japan’s leading blockchain, launched its highly anticipated zero knowledge (ZK) layer 2 chain Astar zkEVM on Ethereum. 

    Astar’s L2 scaling solution is powered by the Polygon CDK. According to the Astar and Polygon teams, the new ZK-powered chain brings transaction speed, scalability and security to businesses and enterprises. It’s part of the roadmap to delivering global adoption for Web3.

    ASTR also recently listed on Swyftx, one of the leading crypto exchanges for Australia and New Zealand. The token also recently debuted on Huobi.

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  • Celsius moves $59M MATIC, LINK, other altcoins to exchange

    Celsius moves $59M MATIC, LINK, other altcoins to exchange

    • Celsius has moved over $59 million of altcoins to FalconX ahead of possible liquidation.
    • The crypto lender plans to convert the tokens to BTC or ETH.
    • Celsius’s largest altcoin holding is its native CEL token, currently worth over $106 million.

    Celsius Network moved millions of dollars’ worth of altcoins on Monday, among them Polygon (MATIC), Chainlink (LINK) and Aave (AAVE).

    As CoinJournal reported in June, the US bankruptcy court recently allowed Celsius to proceed with plans to liquidate multiple coins and tokens beginning July 1, 2023. 

    The crypto lender had indicated it would be converting these into Bitcoin (BTC) and Ether (ETH) as part of the preparation towards reimbursing customers impacted by the crypto company’s bankruptcy filing in July 2022.

    Celsius moves Polygon, Chainlink and Aave tokens to FalconX

    According to on-data from crypto security platform Arkham Intelligence, Celsius deposited $59.4 million worth of various tokens to institutional crypto trading platform FalconX. Per Arkham data, Celsius transferred $13.6 million worth of MATIC, $10.7 million in LINK, and $7.3 million in AAVE to an address controlled by FalconX.

    The Data Nerd shared details of the transfers:

    The transactions followed earlier transfers involving $8.5 million worth of LINK, $7.8 million of SNX (a Synthetix native token) and $3 million in BNB token. Other tokens sent to the FalconX wallet address include 0x Protocol (ZRX), 1inch (1INCH) FTX Token (FTT) and Tether Gold (XAUT).

    Blockchain sleuth Lookonchain also highlighted that FalconX had started depositing the received tokens onto Binance – suggesting the sale was on.

    After these transfers, Dune Analytics data shows the Celsius portfolio still holds over $106 million worth of its native token CEL, $47 million in other altcoins (including $16.5 million in MATIC and $12.7 million in AAVE) and over $29 million in stablecoins ($24 million in USDC and $2 million in USDT).

    While Celsius moves ahead with plans to convert the altcoins into BTC or ETH, blockchain firm Kaiko recently noted that the Celsius team might find it difficult to liquidate a number of tokens due to their illiquidity. One of these is CEL, which has next to zero liquidity.

    Elsewhere, analysts at Kaiko say the potential sell-off pressure from the liquidations could impact downward pressure on some of the tokens.

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  • Schwab-backed crypto exchange EDX Markets goes live

    Schwab-backed crypto exchange EDX Markets goes live

    new crypto exchange edx markets goes live
    • EDX officially launched trading in bitcoin, ether, litecoin, and bitcoin cash today.
    • The crypto exchange has also completed a second funding round with new investors.
    • EDX has plans of launching a clearinghouse business later this year as well.

    Investors can now trade bitcoin, litecoin, ether, and bitcoin cash on a new digital assets marketplace – EDX Markets.

    EDX Markets is backed by financial giants

    On Tuesday, the crypto exchange that has support from a bunch of Wall Street behemoths, including Fidelity, Charles Schwab and Citadel Securities launched trading in the said digital assets.

    EDX Markets had first revealed plans of launching a non-custodial exchange last year in September. In a press release this morning, its CEO Jamil Nazarali said:

    EDX’s ability to attract new investors and partners in the face of sector headwinds demonstrates strength of our platform and demand for a safe and compliant crypto market.

    It is noteworthy that neither of the four crypto assets available to trade on EDX were dubbed “securities” in the recent complaints the U.S. SEC has filed against Binance and Coinbase.

    EDX will soon launch a clearinghouse business

    In its press release, EDX Markets also confirmed today that it has completed a second round of funding with new investors. CEO Nazarali added:

    We are committed to bringing the best of traditional finance to cryptocurrency markets, with an infrastructure built by market experts to embed key institutional best practices.

    A non-custodial crypto exchange is known to be safer than the custodial wallet. On Tuesday, EDX Markets revealed plans of introducing a clearinghouse business in the coming months as well.

    The news arrives only days after BlackRock officially filed to launch a Spot Bitcoin ETF in the United States (read more), suggesting the long-term institutional demand remains intact despite the FTX fiasco and the ongoing regulatory crackdown.

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  • Kaspa price gives up gains as top exchange delays KAS listing

    Kaspa price gives up gains as top exchange delays KAS listing

    • Kaspa price rose to highs above $0.031 before giving up gains to sit around $0.030.
    • The upside momentum for the altcoin was derailed as major exchange Uphold announced it was delaying the listing of KAS.
    • Uphold says the delay is due to a technical issue that will soon be sorted out.

    Kaspa (KAS) was among the biggest gainers earlier today as cryptocurrencies looked to bounce following Bitcoin’s sharp decline overnight Wednesday.

    In the past 24 hours, as BTC looked to reclaim $29,000, the price of Kaspa rose more than 10% to break above $0.031. The upside saw KAS bulls begin to eye the token’s all-time high near $0.043 reached on 2 April 2023.

    That attempt to put bears in their place is on hold though as one of the major catalysts for the altcoin going up was the impending listing on a major US crypto exchange

    Uphold delays listing of Kaspa (KAS)

    On Thursday, Uphold, which was set to be the first centralised crypto exchange in the US to list KAS, announced it would be delaying the listing. The multi-asset digital asset platform said the “difficult decision” had been taken due to technical issues.

    But despite the delay, Dr. Martin Hiesboeck, the Head of Research at Uphold, has assured KAS holders that the issue was “minor” and will soon be solved. He tweeted:

    “As we’re expecting *high demand*, we’ve taken the difficult decision to delay this listing due to some technical issues – to ensure you get a smooth and fair trading experience and best execution. Won’t be long, it’s a minor thing we’ll sort out soon.”

    He offered to explain everything on the Twitter Space.

    After seeing a double digit uptick in price, with weekly gains rising to over 30%, Kaspa price is just in the green in the past day (at the time of writing) and about 28% higher over the week.

    Currently, KAS can be traded on multiple exchanges, including MEXC Global, Gate.io and BingX. The token’s recent momentum has come amid a flurry of listings, including on LBank and Bitget.

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  • Peer-to-peer crypto exchange Paxful to suspend operations

    Peer-to-peer crypto exchange Paxful to suspend operations

    • Paxful will temporarily halt operations.
    • The exchange’s CEO however stated that they are not sure if it will resume operations.
    • This is the second peer-to-peer crypto exchange to shut down.

    Paxful CEO Ray Youssef has published a post on the exchange’s website stating that the peer-to-peer (P2P) exchange will be suspending its marketplace. Ray went ahead to state that they are not sure if the exchange will resume operations.

    This is the second popular P2P exchange to shut down in 2023 after LocalBitcoins announced shutting down in February.

    Key staff departures and regulatory challenges

    The CEO cited key staff departures and regulatory challenges in the post saying:

    “This will probably come as a big shock to many. While I cannot share the full story now, I can say that we unfortunately have had some key staff departures. Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S. While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere.”

    The CEO said that the biggest priority at the moment is safeguarding customer funds and advised customers to withdraw where possible. He has gone ahead to recommend withdrawing to self-custody wallets like Exodus and Muun.

    Ray also stated that Paxful will be offering an easy migration to other P2P alternatives for non-US customers. He highlighted three P2P exchanges namely Noones, Bitnob and Yellow Card.

    The Paxful Wallet will however remain operational for customers to retrieve their funds.

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  • Shib Generating – SHG – MEMECOIN EXCHANGE

    Shib Generating – SHG – MEMECOIN EXCHANGE

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