The recent surge in Bitcoin's price on the Kraken exchange could signal a market reversal, according to believers of the "Kraken magic" theory, suggesting that large-scale purchases on regulated platforms indicate a whale's confidence in the asset's future performance. However, caution is advised as relying solely on price anomalies on one exchange may not accurately predict broader market trends.
ARK Invest CEO Cathie Wood predicts that the market capitalization of cryptocurrencies will increase by over 2,100% in less than seven years, driven by institutional investment and the potential approval of a Bitcoin exchange-traded fund (ETF), with the total crypto market cap potentially reaching $25 trillion by 2030.
The crypto market analyst at Bloomberg Intelligence predicts that the unlocking of billions in capital flowing into US-based ETFs could make 2024 a significant year for digital assets despite the US Securities and Exchange Commission's stance on crypto.
The market is underestimating the potential impact and value of Spot Bitcoin ETFs, with analysts arguing that approval would lead to significant financial inflows and buying pressure, and that it is a good time to enter the market and start building a crypto portfolio, despite regulatory challenges. Ethereum could also benefit from a futures-based ETF listing, but there is caution about the SEC potentially classifying ETH as a security. Overall, the global crypto adoption is dependent on market maturity, regulatory intervention, and consistent long-term adoption.
Bit Trade, the provider of Kraken crypto exchange in Australia, is facing civil proceedings from the Australian Securities and Investments Commission (ASIC) for allegedly failing to comply with design and distribution obligations for its margin trading product, resulting in losses of approximately $8.35 million for Australian customers since October 2021.
Crypto exchange Kraken has obtained a virtual asset service provider registration in Spain and an e-money institution license in Ireland, allowing it to offer various services across Europe. Kraken is expanding its operations in response to the EU's regulatory approach to crypto.
Kraken plans to offer securities trading in the US and UK, Gemini invests $24 million for expansion in India, Binance reopens exchange services in Belgium, and Argentine oil company Tecpetrol ventures into crypto mining using excess gas power.
Kraken has announced plans to acquire Netherlands-based cryptocurrency exchange Coin Meester B.V. as part of its European expansion, following the implementation of the EU's regulatory framework for crypto-assets.
Cryptocurrency exchange operator OK Group plans to rebrand its venture Okcoin to OKX, following the rebranding of another part of its business, OKEx, in December 2022.
Crypto exchange Kraken will share data on tens of thousands of users, including information on cryptocurrency transactions above $20,000, with the IRS as ordered by a federal judge, marking a victory for privacy advocates and preventing a greater incursion on users' personal data.
Cryptocurrency exchange Kraken will suspend transactions for Tether, Dai, Wrapped Bitcoin, Wrapped Ether, and Wrapped Axelar in Canada starting from November, following recent regulatory changes in the country.
