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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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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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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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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Standard Chartereds Zodia Markets Plans to Acquire Alan Howard-Backed Crypto Firm: Report

Zodia Markets, Standard Chartered's crypto subsidiary, is in talks to acquire Elwood Capital Management, a crypto company backed by hedge fund billionaire Alan Howard, Bloomberg reported, citing people with knowledge of the matter.

Although the deal has not been officially confirmed yet, it is reportedly expected to be closed before the end of this month. However, the financials and other details of the deal remain unknown.

An OTC Crypto Service Provider

Elwood Capital offers over-the-counter crypto trading and settlement services. It operates with licenses as a virtual asset provider and investment business based on the island of Jersey, an offshore territory of Britain.

The acquisition deal looks strategic as it would provide Zodia Markets with access to new licenses and open new markets. Zodia Markets can also expand its services to OTC settlements.

Zodia Markets is the crypto exchange arm set up in 2021 by the British multinational lender, Standard Chartered, as a joint venture between its venture capital subsidiary and Hong Kongs BC Technology Group. However, the services were shuttered earlier this year due to the struggling demand for cryptocurrency products.

Last year, Zodia Markets closed its Series A funding round, raising $36 million. It also received virtual asset service provider registration in Ireland last year, a crypto asset registration from the UKs Financial Conduct Authority in July 2022 and in-principal approval from Abu Dhabi Global Markets in September 2023.

Standard Chartereds Growing Presence in Crypto

Notably, Zodia Custody is an unrelated entity that provides cryptocurrency custodial services and is jointly owned by Standard Chartered, SBI Holdings, Northern Trust, and National Australia Bank. Interestingly, Standard Chartered is also reportedly looking to launch a dedicated Bitcoin trading desk, which, if materialised, would make it one of the first financial institutions to be directly involved with spot crypto trading.

Meanwhile, Brevan Howard Asset Management, the hedge fund of Alan Howard, is also focused on crypto as it listed several private holdings for sale in February, with the intention of reinvesting the earnings into its crypto subsidiary, Brevan Howard Digital.

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Crypto enthusiasts warn against naira trade ban on exchanges

Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the Nigerian government has turned its focus to platforms providing cryptocurrency services.

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Bitcoin to Hit $150,000 if Trump Wins Presidency, Predicts Standard Chartered

Standard Chartered says Bitcoin could reach $80,000 later this month.

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Standard Chartered Is Building a Spot BTC, ETH Trading Desk: Bloomberg

We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability, Standard Chartered said in an emailed statement, according to the report. Source: CoinDesk

The post Standard Chartered Is Building a Spot BTC, ETH Trading Desk: Bloomberg appeared first on Crypto Breaking News.

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Binance CEO welcomes Standard Chartered move to launch Bitcoin trading desk

Binance CEO Richard Teng has welcomed Standard Chartered into the crypto industry after reports revealed that the banking giant was preparing to launch a spot trading desk for Bitcoin and Ethereum. This move would make the bank one of the first major traditional financial institutions to offer direct trading services for the top digital assets […]

The post Binance CEO welcomes Standard Chartered move to launch Bitcoin trading desk appeared first on CryptoSlate.

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