Author: cointechies

OKX Ventures invests in USUAL, a cutting-edge decentralized stablecoin backed by real-world assets. The investment arm of the well-known cryptocurrency exchange OKX, OKX Ventures, has officially announced its investment in Usual Protocol, a decentralized stablecoin issuer that aims to change the financial landscape. The goal of OKX Ventures, a fund with an initial investment of $100 million, is to identify blockchain startups with significant potential. Its investment portfolio includes a variety of projects in blockchain infrastructure, Layer 2 scaling solutions and DeFi breakthroughs, including Sei Network, Arbitrum, SSV, LayerZero and zkSync. By leveraging decentralized governance and incorporating real-world assets such…

The delisting of Fantom and the formal launch of Sonic tokens with a token swap ratio of 1:1 in 2025 are both announced by Binance. Binance has officially announced its support for the Fantom (FTM) to Sonic rebrand and token swap, scheduled for early 2025. The exchange will stop processing FTM deposits and withdrawals on January 13, 2025 at 3:30 UTC and delist all FTM trading pairs, including FTM/BTC, FTM/USDT, and FTM/ETH. After that, trading in the new Sonic (S) coin will open on January 16, 2025, when pairs including S/BTC, S/BNB and S/USDT go live. The FTM tokens are…

India could lose over $2 billion in tax revenue from cryptocurrency transactions in the next five years as its tax policies push traders to offshore platforms, according to a recent report. Indian technology think tank Esya Center’s December report shows that the government has already failed to collect over INR 6,000 crore (around $724 million) in tax revenue from virtual digital assets since July 2022 as traders moved to offshore Exchanges migrated to avoid compliance burdens and high tax rates. After lifting a 2018 shadow ban, India imposed a 30% capital gains tax on cryptocurrency transactions, not allowing users to…

Bitcoin, the world’s largest cryptocurrency, has come under renewed pressure after falling more than 7% last week. This marked the first significant weekly decline since President-elect Donald Trump’s victory in the November 5 election. The sharp decline is attributed to a combination of several factors, including the Federal Reserve’s recent hawkish stance on interest rates and general market unrest regarding cryptocurrency exchange-traded funds (ETFs). Source: BNC Bitcoin Liquid Index In recent weeks, the global cryptocurrency market capitalization has fallen below the $3.5 trillion mark, losing about $500 billion, according to the Federal Reserve’s December 17 statement. Bitcoin, which rose to…

South Korea’s largest crypto exchange Upbit plans to stop trading support for Bitcoin Gold from January 23, 2025. Users can still withdraw BTG for 30 days after the delisting date. According to the notice published on December 24, Bitcoin Gold (BTG) will no longer be available for trading on the Upbit exchange starting January 23, 2025 at 2:30 p.m. KST. This means that all buy and sell orders requested after January 23rd will be automatically canceled by the exchange. Additionally, BTG-related services, including airdrops, wallet upgrades, and hard forks, are no longer supported by BTG. Since December 10, the exchange…

Former Goldman Sachs executive Raoul Pal expects the crypto market to recover by the end of 2024. In a new interview with crypto trader Scott Melker, the macro guru says that based on historical precedent, Bitcoin (BTC) and other digital assets could see bigger gains in the last week and half of December. A rally at this time of year is often referred to as a “Santa Claus rally,” a financial term that describes a calendar effect on traditional stocks, which have historically risen on the last five market trading days of the year in December and the first two…

Amid the ongoing turmoil in the Shiba Inu market, crypto analysis account Rose Premium Signals identifies several key levels to watch. After a strong showing in November 2024 and early December 2024, the leading dog-themed memecoin Shiba Inu (SHIB) has slowed down his role significantly a market-wide correction The trigger was statements from the Federal Reserve. As market uncertainty prevails, an analyst has provided insight into key levels the community should keep an eye on. Important Shiba Inu Levels At the time of writing, Shiba Inu is trading at $0.00002238, up 20% from Friday’s low of $0.00001853. However, the asset…

Spot Bitcoin exchange-traded funds in the United States saw outflows for the third day in a row as Bitcoin struggled to recover to $100,000 following the Fed’s hawkish rate cut. According to data from SosSoValue, the 12 spot Bitcoin ETFs recorded $226.56 million in inflows on December 23, excluding their three-day outflow streak that saw over $1.18 billion leave the funds. The majority of outflows came from Fidelity’s FBTC, which saw outflows of $145.97 million, while Grayscale’s GBTC followed suit, withdrawing $38.39 million from the fund. Other BTC ETFs that saw negative inflows include the following: Invesco Galaxy’s BTCO: $25.56…

Singapore’s stance on crypto licensing is stronger than Hong Kong, where regulatory hurdles have slowed the city’s progress. Singapore is signaling progress toward becoming a global hub for crypto business, Bloomberg has learned, as the city-state issued 13 new crypto licenses in 2024, doubling the number granted last year. The licenses went mainly to large exchanges like OKX and Upbit, as well as other companies like Anchorage, BitGo and GSR. At the same time, Hong Kong has experienced delays in its catch-up efforts as the licensing process progresses slowly, the report said, adding that both cities aim to attract digital…

Independent Reserve (IR), Singapore’s first licensed cryptocurrency exchange, has taken a significant step with the listing of Ripple’s new USD-backed stablecoin Ripple USD (RLUSD). This makes IR the first exchange in Singapore to offer RLUSD to its customers. Starting today, Independent Reserve Singapore users can trade RLUSD on the platform’s order book and over-the-counter (OTC) space. This new offering enables IR customers in Singapore to access cross-border liquidity solutions that are faster, more cost-effective and increase global transaction speed. RLUSD is a US dollar-pegged stablecoin available on both the XRP Ledger and Ethereum networks. It can be used in various…