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Match-Trader launched prop trading tournaments and unveiledthe latest improvements on its platform, including automated paymentconversions. According to the company’s statement, the platform also launched a suite of tools to optimize trading experience. This includesusing new API endpoints for automation to enhance operational control and makethe platform attractive for new traders. Prop Trading TournamentsMatch-Trader’s new prop trading tournaments reportedlyallow participants to sharpen their skills through simulated trades, includingclear rules on daily and maximum losses, evaluation metrics, and enticingrewards for top performers. Brokers can reportedly use these tournaments toattract new users and retain active traders as players compete in astructured, risk-managed environment.According to the company, this gamified approach couldmake trading more accessible and prepare new traders for live marketconditions. For traders aiming to advance through differentfunding levels, the dynamic account allows traders to move through fundedphases by hitting custom profit targets, with the option to either scale theiraccount or withdraw profits."Prop Trading Competitions create an engaging environment where traders can experience the platform under realistic conditions by participating in free tournaments and testing their skills without incurring costs," Match-Trader mentioned. A new notification system enhances the social tradingexperience by providing timely alerts for essential account events. Automatedmessages and push notifications keep users updated on account milestones, suchas insufficient funds, subscription fees, or loss triggers. The Match2Pay dashboard now allows for manualdeposits, making it easier for brokers to fund their account balances and coverclient withdrawals. This flexibility helps manage available funds moreefficiently, particularly when clients request withdrawals exceeding thecurrent balance.Deposit Auto-ConversionThe deposit auto-conversion feature further simplifiescurrency management by automatically converting client deposits into thebroker’s preferred currency. For example, a broker with a preference for USDcan receive BTC deposits while crediting the client’s account in GBP. Data-driven decision-making is easier than ever with the Platform Logs tab's CSV export capability. This feature lets brokers export data for external analysis, creating comprehensive reports that help them better understand performance metrics.Match-Trader also introduced automated staking on theTRX network, a feature that autonomously collects and re-stakes rewards withoutrequiring manual intervention. Additionally, Match-Trader expanded its support fornew tokens by integrating USDC BASE, ETH BASE, and BTC BEP20. This reportedlyallows brokers to attract a wider range of clients interested in diversepayment methods. This article was written by Jared Kirui at www.financemagnates.com.
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Financial services company CMC Markets announced itsintention to apply for accreditation as an NZX Trading and Clearing Participantin 2025. The application will be lodged with NZ RegCo, the entity responsiblefor enforcing compliance with NZX’s market rules.CMC Markets Pursues NZX ParticipationThe announcement took place at NZX’s Capital Markets Centrein Auckland. CMC Markets Chief Executive and Founder Peter Cruddas and GeneralManager for New Zealand Chris Smith attended the event alongside NZX ChiefExecutive Mark Peterson.Peterson commented on CMC Markets’ plans, indicating thatNZX welcomes the company’s participation. He stated that the move reflects theappeal of New Zealand’s capital markets and provides more investmentopportunities for overseas clients using CMC Markets’ trading services.Smith highlighted CMC Markets’ commitment to replicating itssuccess in Australia in the New Zealand market. He mentioned that establishinga strong foundation is essential before scaling operations.20 Years in New ZealandCruddas noted that CMC Markets has operated in New Zealandfor nearly 20 years and expressed a commitment to the local market. Hereferenced the company's success as an ASX participant in Australia since 2007and indicated plans to expand B2B partnerships through advanced technologysolutions.CMC Markets aims to build a solid foundation in New Zealand,mirroring its success in Australia, which has proven highly profitable for theLondon-listed broker. In the last fiscal half-year, thefirm generated over £62.3 million in revenue from Australia, exceeding itsUK earnings, as reported by FinanceMagnates. This marked the second consecutive half-year period whereAustralian revenue outpaced the UK, following H2 FY23, when Australia broughtin £45.4 million compared to the UK's £39.3 million.“In Australia, we have been a successful ASX participantsince 2007 servicing hundreds of partners and over a million local retailinvestors. The next stage of our growth in New Zealand is expanding our B2B partnershipswith our leading, world class technology solutions,” Cruddas commented.This article was written by Tareq Sikder at www.financemagnates.com.
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The United Kingdom’s Starling Bank has introduced a newfeature in its app designed to help protect customers from bank impersonationscams. This feature, known as the ‘call status indicators,’ is visible on thehome screen and payment screen.The call status indicators provide real-time informationabout whether a customer is receiving a genuine call from Starling. They willindicate if the bank has never called the customer or provide details aboutwhen the last call occurred.Bank Impersonation Scams Persist FinanciallyWhen users open the Starling app to initiate a payment, theywill see one of several messages. These include: “We’ve never called you,”“We’re calling you now,” “You’re on a call with Starling,” “We aren’t callingyou,” or “No recent calls".Starling Bank launches in-app bank impersonation detector https://t.co/KuVNb7UHYW pic.twitter.com/sCPSMxHNt3— Tech.eu (@tech_eu) October 31, 2024Despite a reported 84% of UK adults being aware of bankimpersonation scams, these scams continue to have a significant financialimpact. They result in losses totaling approximately £78.9 million each year.Rising Loan Losses Prompt Legal ActionStarlingBank has increased legal actions against borrowers who have defaulted onloans, many of which were supported by UK government pandemic lending programs,as reported by Finance Magnates.This response comes as the digital bank faces rising loan losses and aregulatory inquiry into its financial crime controls.Since May, Starling has filed winding-up petitions against24 companies for unpaid debts. Most of these companies have shown littlebusiness activity, with some never filing accounts. Additionally, Starling reported increasing defaults in its£830 million small business loan portfolio, primarily backed by governmentguarantees. The Financial Conduct Authority is investigating the bank'santi-money laundering systems.This article was written by Tareq Sikder at www.financemagnates.com.
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Devexperts, a software company specializing in capitalmarkets solutions, has introduced new features in its AI-powered virtualassistant, Devexa. These updates, aimed at wealth managers, provide tools forcustomer support and portfolio analysis. The added functions include historical performance charts,asset allocation views, and real-time market value tracking, all accessiblewithin Devexa’s existing widget.Devexa Adds Multi-Platform SupportDevexa operates with AI-based capabilities, such asKnowledge Base Automation and natural language processing, to offer supportthrough various digital interfaces, including websites, apps, and customerportals. This integration spans popular communication platforms likeTelegram, Discord, WhatsApp, and Facebook Messenger, where users can accessinformation directly.“Devexa has traditionally focused on supporting brokerages,enhancing their customer support and engagement services,” commented Jon Light,Head of OTC at Devexperts. “The addition of these wealth management-focused features isvery welcome, demonstrating Devexa’s flexibility and the breadth of herapplication potential. Devexa is easily integrated with any digital userinterface so can readily complement existing system to offer customers aheightened experience, whilst also enabling them to make more informeddecisions.”Collaboration for Copy Trading ServicesSince 2002, Devexperts has developed technology for capitalmarkets, including DXtrade, a multi-asset trading platform for investmentsacross stocks, commodities, and cryptocurrencies. The company is headquartered in Ireland and has adevelopment team of 900 engineers across offices in the United States, Germany,Bulgaria, Singapore, Portugal, Turkey, and Georgia.Recently, DXtrade, a white-label trading platform developedby Devexperts, partneredwith Traders Connect, a cloud-based trade copier, as reported by Finance Magnates. This collaboration is intended to address the increasingdemand for copy trading services among brokers and traders utilizing theDXtrade CFD platform. The integration will enable brokers using DXtrade toprovide their clients with access to Traders Connect's cloud-based copy tradingsolution.This article was written by Tareq Sikder at www.financemagnates.com.
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Since its launch in 2010, IronFX has grown into a worldwide broker serving over 1.5 million clients. Based on its professional trading conditions and customer-focused approach, the well-known online trading brand has developed a trusted name in 180 countries across Europe, Asia, the Middle East, Africa and Latin America.Here are seven ways IronFX continues to show its commitment to gaining and keeping trader trust. Setting the Bar HighThe broker has forged ahead and continues to set the industry standard for excellence. Having won over 40 prestigious awards, including the Top 100 Trusted Financial Institution 2024, such recognition underscores their commitment to maintaining its high standards.Financial ComplianceThe firm upholds its reputation for openness and first-rate customer service in a number of ways. To begin with, at the core of the company’s business is a steadfast commitment to fair, professional trading. The broker takes measures to ensure that all trading conditions such as spreads and price quotes are transparent for its clients. In addition, it operates within strict compliance towards financial regulations. Market IntelligenceIronFX's insights and analysis of market developments further bolster its environment of transparency. These highlight the broker's reputation for financial experience and knowledge. The analytical team regularly shares trading news content like:● the economic events of the day, ● analytical articles, ● videos, ● and podcasts. Special features include market outlooks and analysis of monetary policy impacts on currencies.This supplementary market information can assist traders to participate and trade with greater confidence. Based on its track record for industry expertise, IronFX has become well-known in the financial press with features in publications like Reuters and Bloomberg, to mention a few.Responsive Global Customer SupportThe responsive customer service provided by the company is another aspect of its outstanding offering. Its multilingual support system is available 24/5 so that traders from diverse backgrounds receive the help they need in over 30 languages. Access to round-the-clock support services shows that the broker is well-experienced with the global reach of its customer base. IronFX understands the importance of flexibility in the trading experience, ensuring that clients have the ability to withdraw their funds at any time with no delays, enhancing control over their investments. Quick withdrawal responses add to the company’s client-centric approach. Up-to-date TechnologyThe financial service provider is dedicated to providing the most current trading solutions to its clients. The broker’s platforms include MetaTrader 4 and WebTrader, amongst others. These award-winning platforms are well-known for fast execution and efficient trading. Most importantly, traders can respond swiftly to market fluctuations and opportunities.The offer of hundreds of authorised trading instruments in six asset classes is another factor to consider. These include forex, metals, indices, commodities, futures, and shares. Such a diverse selection provides traders with a wide range of options to diversify their portfolios. Taking trading opportunities on various market trends is as quick as a mouse click.On top of this, the industry leader offers bespoke trading conditions. Clients are able to optimise their trading strategies according to their individual preferences. With over 500 trading instruments and competitive spreads, traders can choose from a wide array of options. This level of customisation enhances the trading experience. It's another reason why traders across the globe continue to choose this broker.Multi-layer SecurityIronFX places a high priority on client fund safety. The broker takes stringent measures to protect clients’ investments. For example, the segregation of client funds which ensures traders’ funds are kept in separate accounts from operating capital.Additionally, the company employs secure banking protocols and…
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Global fintech and bespoke liquidity provider Finalto is pleased to have received nominations in five categories the Finance Magnates London Summit (FMLS) Awards 2024.Finalto are proud Wi-Fi Sponsors of this year’s prestigious FMLS event, which is scheduled for 18-20 November in London.A vote of confidenceFinalto was nominated as Best Multi-Asset Broker, Best B2B Liquidity Provider, Best White Label Solution, Best Multi-Asset Trading Platform and Best FX Trading Platform.Finalto Group CEO Matthew Maloney said: “We’re pleased to receive nominations in such a broad range of award categories. It’s a testament to the work our teams across departments do to provide a truly integrated and customised offering to each client, enabling us to offer award-winning technology and services that meet clients’ requirements under any conditions.” The FMLS Awards voting round starts on Friday, 1 November. Winners will be announced at the Awards Ceremony on 20 November 2024.Finalto has enjoyed success at successive FMLS Awards, winning Best White Label Solution in 2023 and taking home the Best B2B Liquidity Provider at FMLS 2022.Insights from the C-suiteMaloney will be participating in the FMLS ‘signature C-suite talk’, which gathers industry-leading chief executives to discuss the trends that will define the future of the sector.This year’s panel will cover topics ranging from the disruptive role of neobanks to the state of multi-asset trading in 2025 – and much more.The executive roundtable represents a rare opportunity to engage directly with chief executives at the cutting edge of financial markets technology and services.Attendees can catch Maloney and his fellow CEOs at the ‘Executive Roundtable: Industry Trendsetters’ panel, scheduled for 19 November 2024 at 12:25, at the FMLS Centre Stage.Supporting industry innovation Finalto is the Official Wi-fi Sponsor of this year’s FMLS edition, which includes networking events, presentations and learning sessions.Paul Groves, Finalto UK B2B CEO, said that Finalto is passionate about supporting innovation and industry knowledge sharing. “The Finance Magnates London Summit is always a highlight of the calendar, providing an opportunity to connect with industry leaders, experts, and clients. As a technology-first, service-driven business, it’s important for us to support, and engage with, forums for sharing insights that continually meet evolving needs and take advantage of new technologies to provide a better, more efficient and more secure customer experience,” Groves added.Attendees will find Finalto at Stand 53 at this year’s FMLS, held at Old Billingsgate, London, from 18 to 20 November 2024.This article was written by FM Contributors at www.financemagnates.com.
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Theproprietary trading firm The Trading Pit (TTP) announced today (Thursday) itsstrategic expansion plans, starting with the addition of NinjaTrader platformto its futures challenges offering. This platform enjoys significant popularityin the US, UK, and Canada - the key regions where the prop firm is focusing itsexpansion efforts.Prime Futures ChallengesNow Features NinjaTraderUnlike mostprop firms, The Trading Pit offers futures trading programs alongside CFDchallenges. Through their "Prime Futures Challenges," traders canaccess three evaluation types and funded accounts up to $150,000. Previously,traders could execute positions through TradingView and Tradovate platforms.Now, The Trading Pit has enhanced its offering by integrating NinjaTrader, aspecialized futures trading platform."Inaddition to NinjaTrader, traders will enjoy seamless access to the TradovateTrading platform, all with the same user account," commented Daniela Egli, the CEO of TheTrading Pit.Theannouncement was teased yesterday (Wednesday) on X (formerly Twitter), with FinanceMagnates later confirming the news through the firm's official Discordchannel.Count the ninjas and prepare for something exciting! 🥷🎆Prime Futures Challenges are getting a new feature! 👏Stay tuned to not miss anything⏰ We’ll share the details soon!#thetradingpit #proptrading #ninjatrader pic.twitter.com/W3mXrYB3KV— The Trading Pit (@TheTradingPit_) October 30, 2024Strategic Move for MarketExpansionTheNinjaTrader integration aligns with The Trading Pit's broader expansionstrategy. According to Egli, the firm is preparing to strengthen its presencein North America, particularly in the US and Canada, as well as the UK -markets where NinjaTrader has established a strong user base.Thisdevelopment coincides with NinjaTrader's recent appointment of a former CMEfutures trader as SVP of their Live platform. Anthony Crudele will lead thecompany's flagship livestream program, providing real-time trading insights fortraders across all experience levels.With 1.8million users worldwide, NinjaTrader is gaining increased recognition in retailtrading. While MetaTrader 4 and 5 from MetaQuotes remain dominant in retailtrading, NinjaTrader's popularity is growing significantly, particularly withinthe prop trading sector.Departures from TheTrading PitDespite TheTrading Pit’s recent expansion efforts, the firm has experienced severalhigh-profile departures in recent months, as reported by Finance Magnates.Multiple C-level executives have exited, raising interest within the financialindustry.Oneprominent departure was Themis Christou, the former Chief Marketing Officer atThe Trading Pit and Tickmill, who has since co-founded a new marketing brand.His startup, Uveler Marketing, focuses on corporate clients, offeringspecialized services like SEO, AI-driven solutions, web development, andbranding.In August,Periklis Hanna announced his resignation as Head of Marketing at The TradingPit.May alsosaw the announcement of other notable leadership changes within the company.Key figures Christoph Radecker and Thomas Heyden were among those departing.Radecker, one of The Trading Pit’s co-founders, left to pursue new venturesoutside the company. Likewise, Heyden, who had served as CEO of The TradingPit’s Liechtenstein office since September 2022, exited to explore newprofessional opportunities.This article was written by Damian Chmiel at www.financemagnates.com.
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Riot Platforms (NASDAQ: RIOT), the third largest Bitcoin mining company on Wall Street, reported a significantly wider net loss in the third quarter despite higher revenue, as the cost of mining each BTC soared and power-related benefits diminished.Riot Posts 93% Wider Lossas Bitcoin Mining Costs Surge Post-HalvingThecompany's net loss expanded to $154.4 million, or $0.54 per share, compared toan $80 million loss in the same period last year. The deterioration came evenas total revenue jumped 65% to $80 million, driven primarily by higher Bitcoinprices and increased operational capacity.The cost tomine one Bitcoin skyrocketed to $35,376 in the quarter, a dramatic shift fromthe negative cost of $22,741 in the same period last year. When including theBTC miner depreciation, the cost is even higher, reaching $75,506 and rising 124%from $27,484 reported in 2023.This issignificantly higher than thecurrent market average, which, according to CoinShares, stood at $49,500last quarter. Just a month ago, BTC mining difficulty reacheda record high of 92.67 trillion, further cutting into miners' profitmargins.The surgereflects the impact of April's Bitcoin halving event, which cut mining rewardsin half, combined with rising network difficulty and significantly reducedpower credits. However, Jason Les, the CEO of the Wall Street BTC miner, tried to stay positive and looked for a brighter side in the latest report.“Riotrecorded $84.8 million in revenue this quarter, representing a 65% increaseover the same quarter in 2023, driven by a 159% year-over-year increase indeployed hash rate to 28 EH/s,” said Les. “This significant increase indeployed hash rate allowed us to produce 1,104 Bitcoin this quarter, in-linewith our Bitcoin production in the third quarter of 2023.”BTC Mining MarginsContinue to FallPowercredits, a crucial component of Riot's business model, dropped to $12.4 millionfrom $49.6 million year-over-year, representing a 75% decrease. This declinesignificantly impacted the company's mining margins, which fell to 42% ($28.4million) from 181% ($56.4 million) in the previous year.“Bitcoin miningcost of revenue consists primarily of direct production costs of miningoperations, including electricity, labor, and insurance, but excludingdepreciation and amortization,” the company added.The companyalso faced increased operational expenses, with selling, general andadministrative costs rising by $37.9 million, driven by higher stock-basedcompensation, advisory fees, and legal costs.Riot Platforms Reports Third Quarter 2024 Financial Results, Current Operational and Financial Highlights. $84.8 million in Total Revenue and Deployed Hash Rate of 28 EH/s.“I’m pleased to announce Riot’s results for the third quarter 2024, the first full quarter past the… pic.twitter.com/bbEno5GOkz— Riot Platforms, Inc. (@RiotPlatforms) October 30, 2024Riot is notthe only one publicly-listedBitcoin miner from Wall Street, which experienced a visibly higherproduction costs. BitFuFu (NASDAQ: FUFU), announced a week ago, thatit plans to acquire a majority stake in an Ethiopian mining facility in aquest to find cheaper energy. For BitFuFu the production costs increased by180% over the past year, shrinking the profit by 75%.Despitethese challenges, Riot revised its hash rate growth projections, now targeting34.9 EH/s by the end of 2024, down from previous guidance of 36.3 EH/s, citingdelays in Kentucky facility expansion.As ofSeptember 30, Riot held 10,427 Bitcoin worth approximately $660.3 million andmaintained a strong financial position with $355.7 million in cash and $190.1million in marketable securities.This article was written by Damian Chmiel at www.financemagnates.com.
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Coinbase (Nasdaq: COIN) missed Wall Street’s Q3 2024 revenue estimate of $1.26 billion, reporting $1.2 billion. Its earnings per share of $0.28 also fell short of analyst expectations of $0.45. The crypto exchange’s EBITDA of $449 million also missed expectations by $20.2 million.Coinbase Faces “Softer Market Conditions”The missed estimates impacted the company’s share price, which dropped by almost 5 percent in after-hours trading. In a letter to shareholders, Coinbase attributed the slowdown to “softer market conditions.”The total revenue of the exchange declined by 17 percent quarter-over-quarter, with transaction revenue at $573 million, down 27 percent. Although the company recorded a pre-tax loss of $121 million on its crypto asset investment portfolio, it achieved a net income of $75 million.pic.twitter.com/13VmI6CGe8— Brian Armstrong (@brian_armstrong) October 31, 2024Influencing Crypto PolicyDespite these misses, the California-based exchange committed another $25 million to Fairshake, a political action committee for the digital asset industry. The lobby group will use the funds to support pro-crypto candidates leading up to the 2026 midterm elections.We get the U.S. election results in 6 days, and no matter how you slice it, it will be the most pro-crypto congress ever.But we're not slowing down post-election.Today I'm announcing that @coinbase has committed another $25M to support Fairshake PAC, which they will use…— Brian Armstrong (@brian_armstrong) October 30, 2024“We’re not going to slow down post-election,” said Coinbase’s Chief Executive Officer Brian Armstrong during the exchange’s earnings call on Wednesday. “We know we need pro-crypto legislation passed in this country.”Notably, Coinbase is also engaged in two legal cases with the Securities and Exchange Commission (SEC): one in which the regulator accused the exchange of breaching existing regulations, and another where Coinbase is challenging the agency to clarify its crypto rulemaking.Furthermore, the exchange’s board authorised a share buyback program of up to $1 billion. This program has no set deadline, meaning the firm will repurchase shares based on market conditions.“The timing and amount of any repurchases will depend on market conditions, and any repurchases will be made at our discretion,” the shareholder letter stated. “This program does not obligate us to repurchase any specific dollar amount or number of shares of our Class A common stock, and the program may be modified, suspended, or discontinued at any time.”This article was written by Arnab Shome at www.financemagnates.com.
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XTB released its preliminary and operating financialresults for the third quarter, highlighting growth in client acquisition andprofit during the period. The publicly listed Polish fintech company attracted over108,000 new clients, a 60% increase year-over-year. It also reported aconsolidated net profit of PLN 203.8 million, nearly doubling its earnings fromthe previous year. Revenues and ProfitsXTB's financial results for Q3 2024 revealed aconsolidated revenue of PLN 470.2 million, marking a 67.3% increase compared tothe same quarter in 2023. The firm attributed the significant revenue growth toheightened market volatility observed in July and August, which reportedly facilitatedsustained trading activity. Additionally, the active client base surged 68.7%, reaching 474,100 individuals. The volume of CFD transactions dipped slightly to 1,912,400 lots, down from 2,011,500 lots in the same period last year. However, profitability per lot increased, rising from PLN 140 to PLN 246.XTB’s revenue mix further showed a shift intrading interests, with CFDs based on indexes now contributing 44.9% of totalrevenues, a significant jump from 25.4% the previous year. This shift reflectedthe rising profitability of indices like the US 100, German DAX, and US 500.Operating ExpensesOperating expenses in Q3 2024 increased to PLN 208.5million, a rise of PLN 43.5 million from the previous year. Key areas ofexpenditure included salaries, marketing, and commissions paid to paymentservice providers. The management board anticipates operational costs mayrise by approximately 20% throughout 2024, driven by ongoing client acquisitionefforts and geographical expansion.The company aims to maintain its trajectory byacquiring an average of 65,000 to 90,000 new clients quarterly. With a total of129,700 new clients in Q1, 102,600 in Q2, and over 108,100 in Q3, XTB iswell-positioned to meet its ambitious targets.XTB's management board reportedly plans to recommenddividend payments between 50% to 100% of the standalone net profit, contingentupon factors such as future profitability and capital adequacy ratios. As of Q3 2024, XTB's total capital ratio stood at anotable 207%, indicating a strong capacity to manage risk while fosteringgrowth.This article was written by Jared Kirui at www.financemagnates.com.
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Coinbase and Visa introduced real-time crypto depositsvia Visa debit cards to offer instant access to digital currencies for US andEU customers. Instant Crypto TransfersThe collaboration between the two giant entities promises toimprove how people manage their cryptocurrency investments. With eligibleVisa debit cards, users can reportedly deposit funds into their Coinbase accountsinstantly, eliminating previous delays that slowed down transfers. According to the official statement, the new feature enables crypto traders to buy, sell, or tradecrypto in real-time, significantly lowering the barriers to entry and making iteasier for newcomers to navigate the market."We are thrilled to be partnering with Coinbaseto help service their customers’ money movement needs," Yanilsa GonzalezOre, the Head of Visa Direct, North America for Visa, mentioned. "Providing real-time account funding using VisaDirect and an eligible Visa debit card means that those Coinbase users with aneligible Visa debit card know that they can take advantage of tradingopportunities day and night.”According to Visa, the collaboration links thecryptocurrency space with traditional financial services. It reportedlyallows Visa debit cardholders to integrate their cards with their Coinbaseaccounts for immediate transfers.Regulatory ClarityWhile this partnership expands Coinbase's reach inboth the US and the EU, regulatory frameworks in these regions play asignificant role, Coindesk reported. The European Union has been proactive in establishingclearer regulations for the crypto industry, such as the recently adoptedMarkets in Crypto-Assets regulation.Recently, Coinbase and Tether introduced blockchain andartificial intelligence tools aimed at enhancing privacy and autonomy indecentralized space. According to the entities, the new tools seek to improvehow developers interact with blockchain technology by giving them more controland privacy.The new software also allows developers to createpeer-to-peer (P2P) AI applications useful across various devices, includinglow-cost mobile phones and high-end servers. In a statement, Paolo Ardoino, Tether's CEO, noted that theSDK is highly modular and can support different models that customize AIfunctions to various needs. Besides that, all data and processes run on-device toenhance by ensuring that all the aspects are decentralized and secure in theP2P infrastructure.This article was written by Jared Kirui at www.financemagnates.com.
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The landscape of trading has long been dominated by traditionalbrokerages and prop trading firms that often rely on demo accounts to attractpotential traders. However, Bullrush, a trading gamificationplatform, is stepping into the spotlight with what is perhaps a unique businessmodel that seeks to engage traders in a more interactive and competitivemanner. By combining elements of gaming withtrading competitions, Bullrush aims to reshape the trading experience,appealing to both seasoned traders and newcomers alike through paid-entry competitions,educational resources and challenges, the creation of a community and more.The Bullrush Model: Paid Entry vs. Funded AccountsOne of the most significant distinctions between Bullrush andconventional trading companies is its approach to account funding. Traditionalbrokerages typically offer free demo accounts that allow users to trade withoutany financial risk. This model is designed to entice users to eventuallytransition into live trading accounts. On the other hand, the prop trading firms are relying on two models: demo account trading and real account trading. Demo account model dominates, as only a handful are offering the other one. However, for both requires traders to purchase and qualify challenges to access funded accounts. Bullrush's model, however, is different.In contrast, Bullrush operates on a paidentry model, where participants pay to join trading competitions. The companyalso offers free contests, but the core of the business is pay-to-play.As Trent Hoerr, CEO of Bullrush, explained, “The entire business modelis paid for entry competitions that people go and compete against each other.We are not trying to sell another product. This is the product.” By eliminatingthe concept of funded accounts, Bullrush allows participants to engage inskill-based challenges and compete for cash prizes. This shift in paradigmoffers a more immediate and tangible reward for traders, enhancing their experienceand engagement.Gamification: The Key to User Retention?The gamification aspect of Bullrush is not just a marketing gimmick; it claims to tap into the psychology of their existing and potential users, thus making tradingmore appealing and enjoyable. Bullrush introduces game-like rewards, leaderboards,and achievements to create an engaging environment for participants. As Hoerr noted, “Gamification is a net benefit for the tradingindustry,” indicating a broader trend that resonates with users who seek acompetitive outlet and who aren’t just looking to trade, but also wanteducation and community. Hoerr envisages a community of gamer-traders, peoplewho enjoy being part of something larger, and who compete against each other inan engaging environment.As a result, unlike conventional trading platforms that often feeltransactional and impersonal, Bullrush fosters a community of participants whoare driven by competition and shared experiences. Users can earn experiencepoints, badges, and certificates, further incentivizing them to stay activewithin the platform.Interesting, regulators are clamping down against trading firms, offering gamified services. Robinhood was probably the first to receive indirect head for gamifying trading. Earlier, the Cypriot regulator also warned against trading gamification, while its Italian counterpart was the latest to label prop trading as "video game.""We're Going to Fish Where the Fish Are Right Now"Bullrush allows participants from over 130countries, according to Hoerr, who also claims that the platform has seen significant interest fromAsia, particularly in countries like Indonesia, the Philippines, Thailand, andVietnam, where gamification aligns closely with cultural preferences forcompetitive gaming and betting.This geographical diversity not only highlights the universal appeal ofBullrush's model but also points to the potential for growth in regions wheretraditional trading methods may not resonate as strongly. By engaging with aglobal audience, Bullrush is positioned to tap into emerging markets andbroaden…
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The NAGA Group AG has released its half-year report,presenting unaudited financial results for the first six months of 2024. Thisperiod included the completion of a merger with Key Way Group, owner ofCAPEX.com. The merger contributed to nearly doubling NAGA’s registered users,total deposits, and trading volume.NAGA Reports Strategic Revenue ShiftNAGA reported revenue of EUR 31.7 million in H1 2024 on apro-forma basis, compared to EUR 36.0 million in H1 2023. According to the firm, the increasefollowed a strategic shift aimed at improving profitability and operationalefficiency, including the elimination of unprofitable business units. “In the first half of the year, we worked on finalizing themerger from a legal and regulatory perspective,” said Octavian Patrascu, CEO ofThe NAGA Group AG.“The first operational synergies are already paying off.These positive effects will continue to materialize in 2025 as we are committedto the growth of The NAGA Group.”Direct expenses dropped by 30% to EUR 6.2 million, whilepersonnel costs were reduced by 18% to EUR 5.7 million. Operating expenses alsosaw a 23% decrease, reaching EUR 5.8 million. These reductions contributed toan 85% increase in EBITDA, which rose to EUR 2.8 million.NAGA Introduces Trading Hub, Partners with DortmundNAGA has launched anew website known as the "Everything Money" hub, which integratestrading, investing, cryptocurrencies, and payment services into one platform,as reported by Finance Magnates.This consolidation aims to simplify financial management for users by offeringaccess to various services in a single location. The redesigned site balancesdetailed information with a user-friendly interface, catering to both seasonedtraders and beginners.In another development, NAGAGroup has formed a partnership with German football club Borussia Dortmund(BVB). This sponsorship agreement grants NAGA exclusive rights to use the BVBPartner logo and promotes its brand to millions of fans at Signal Iduna Park.The deal, covering the current and future Bundesliga seasons, includes brandvisibility on LED advertising boards during home matches.This article was written by Tareq Sikder at www.financemagnates.com.
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The retailfutures trading platform NinjaTrader has appointed futures trading expertAnthony Crudele as Senior Vice President of NinjaTrader Live. With this move,the company, which serves over 1.8 million users, aims to expand its existingeducational offerings.Futures Trading PlatformNinjaTrader Taps Industry Veteran Anthony CrudeleCrudele, a29-year industry veteran and former CME floor trader, will spearhead thecompany's flagship livestream program, which provides real-time tradinginsights and platform guidance to traders of all experience levels.“Thefutures market is thriving, making now an ideal time to join a teampassionately dedicated to empowering traders eager to delve into this dynamicasset class,” said Anthony Crudele, Senior Vice President of NinjaTrader Live.With thismove NinjaTrader wants to strengthen its position in the retail futures tradingspace. The company's CEO Martin Franchi emphasized the alignment betweenCrudele's expertise and NinjaTrader's mission to democratize futures tradingeducation.“Hisexpertise will strengthen NinjaTrader’s educational offerings while equippingtraders with the trading knowledge not easily accessible elsewhere,” saidMartin Franchi, CEO at NinjaTrader. “As the futures space continues to grow, weare focused on prioritizing user experience and reinforcing our position as aleader in the retail investing landscape through interactive content with someof the best in the business.” Crudelebrings substantial digital content experience, having pioneered the futurestrading podcast space with his Futures Radio Show in 2014. His content will beavailable across NinjaTrader's digital platforms, including its accountdashboard, website, and YouTube channel.Wave of Executive HiresIn additionto Crudele, NinjaTrader recently appointed Tobin McDaniel as its new President,marking a continuation of the executive hiring wave that began several monthsago. McDaniel, bringing 15 years of experience in retail trading and investing,most recently led SoFi Invest and held senior roles at Charles Schwab, where hespent over a decade advancing services for self-directed investors.Earlierthis year, the company welcomed four additional executives to support itsgrowth objectives. Ryan Pitylak, Executive Vice President of Growth, focuses onenhancing trader education and partnerships, building on his experience withZenBusiness. Aditya Nishandar joined as Chief Technology Officer, leveragingexperience from Goldman Sachs and Carta Liquidity to drive technologyadvancements. JohnO'Neil, General Manager of Evaluation Services, is set to improve offerings forretail proprietary traders, drawing on his background at FXCM. Michael Krafft,the new Vice President of Product, is tasked with developing user-centricapplications, backed by his work at TrueML, Alight Solutions, and AmericanExpress.Meanwhile,NinjaTrader’s affiliate, NinjaTrader Clearing, LLC (NTC), recently received a$983,425 fine from the Commodity Futures Trading Commission (CFTC) for failingto supervise employee handling of accounts associated with a fraudulent scheme.This article was written by Damian Chmiel at www.financemagnates.com.
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As WhiteBIT approaches its 6th anniversary in November, the exchange continues to reinforce its role as a prominent player in Europe’s cryptocurrency sector, driven by a focus on user experience, security, and strategic partnerships. WhiteBIT, one of Europe’s largest centralized crypto exchanges, is proud to announce it has reached a major milestone, exceeding 5 million users. In the past year, WhiteBIT added over 1 million new users, more than doubling its user base since 2022. The platform's trading volume exceeded $1 trillion across spot and futures markets, and its B2B services now support over 1,000 business clients. This growth reflects the increasing trust in WhiteBIT as a secure platform for digital asset trading among investors. “Our mission from the start has been to make cryptocurrency accessible, secure, and trusted across Europe and beyond. Hitting 5 million users is more than just a number—it’s a validation of our efforts. We keep focusing on continuous innovation and fostering trust in the digital economy,” comments Volodymyr Nosov, CEO of WhiteBIT.Growth Fueled by Strategic PartnershipsPartnerships have been a cornerstone of WhiteBIT’s growth strategy. Collaborations with major football clubs and organizations, such as FC Barcelona, FC Trabzonspor, and the Ukrainian national football team, as well as FACEIT in e-sports have bolstered its brand presence. Moreover, WhiteBIT has established an alliance with Georgia’s Hash Bank.For its institutional clients, WhiteBIT has partnered with Fireblocks, a leader in digital asset management, which strengthens its services for businesses looking to expand in the crypto space.Expanding Ecosystem and Technological AdvancementsWhiteBIT has also made strategic advancements in blockchain technology, unveiling its rebranded blockchain, Whitechain, which has already processed 50 million transactions and facilitated 25,000 NFTs. Additionally, WhitePool, the exchange’s Bitcoin mining pool, has ranked among the top 15 mining pools worldwide and is now one of the largest mining pool backed by a centralized exchange.Global Expansion and Commitment to SecurityWhiteBIT has been rapidly expanding its presence beyond Europe, establishing offices in Australia, Georgia, the UK, and Turkey. With a team of over 1,100 professionals globally, WhiteBIT is steadily growing its international footprint while staying rooted in its Ukrainian origins.In its growth, security remains a top priority for WhiteBIT. According to cer.live, the exchange consistently ranks among the top five most secure platforms. Its robust security protocols, including WAF firewalls, strict AML policies, and mandatory KYC procedures, recently earned WhiteBIT the Hacken Security Award 2024 at TOKEN2049 in Singapore.WhiteBIT continues to lead in blockchain innovation, fostering technological progress and championing the global cryptocurrency community. As the exchange grows, WhiteBIT empowers users and businesses to embrace digital assets while bridging the gap between traditional finance and the evolving world of cryptocurrency.About WhiteBITWhiteBIT (https://whitebit.com/), established in 2018, is one of the largest centralized crypto exchanges in Europe. It offers over 600+ trading pairs, 300+ digital assets, and supports 9 national currencies. WhiteBIT is an official partner of the Ukrainian national football team, FC Barcelona, FC Trabzonspor, and FACEIT. The exchange is dedicated to advancing blockchain technology and ensuring compliance with regulatory standards in all jurisdictions where it operates.This article was written by FM Contributors at www.financemagnates.com.
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BGC Group reported record third-quarter results,marked by significant revenue growth across all asset classes and geographicregions. BGC Group’s revenue for the third quarter hit $561million, reflecting a 16% year-over-year increase driven by growth across assetclasses and geographic regions. The company experienced a pre-tax adjusted earnings increase of over 24%, boosted by growth in traditional and emerging markets.Strong Results Across All SegmentsBGC’s strong performance was bolstered by its Fenicsdivision, which reported revenues of $142.1 million, a 13.3% jump from the sameperiod last year. Fenics Growth Platforms, including FMX and PortfolioMatch,saw substantial gains, highlighting BGC’s push into the electronic tradingspace.BGC’s recent acquisition of Sage Energy Partners andits agreement to purchase OTC Global Holdings underscore its strategic shifttowards energy and commodity markets. The company expects both acquisitions to contributemore than $450 million annually in revenue. The company plans to integrate these assets into itsportfolio by the end of Q1 2025, aligning with its vision of expanding inhigh-growth sectors. BGC has acquired Sage Energy Partners and plans toclose its acquisition of OTC Global Holdings by early next year. These dealsare expected to add over $450 million to annual revenue, boosting BGC’spresence in energy and commodities markets. This quarter also saw impressive performance in BGC’sFenics business, particularly FMX, its new futures exchange, which aims toreshape U.S. Treasury and FX trading.BGC’s FMX platform achieved record daily volumes inboth the US Treasury and FX markets. The average daily volume (ADV) for FMX US Treasurytrading reached $53 billion, a 40% increase compared to last year, while its FXtrading ADV climbed over 38% to surpass $9 billion. Regional Revenue Growth Breaking down its regional performance, BGC reportedgrowth across all major markets, with the Americas, EMEA, and APAC regionsposting revenue increases of 19.0%, 16.5%, and 8.3%, respectively. Thisbroad-based growth was reflected in several key revenue areas, including Rates,ECS, and Foreign Exchange, all of which reportedly posted double-digit gains. The Rates division led the way with a 19.6% increase,supported by higher trading volumes across asset classes, while ECS revenuesrose by 21.3%, driven by the company’s expanding energy business andenvironmental solutions.In the FX segment, revenues climbed by 15.4%,primarily fueled by emerging markets and high demand for G10 options. Equities experiencedmodest gains at 1.3%, as growth in US and European derivatives counterbalancedsofter demand in Asian markets.Meanwhile, BGC’s subscription-based data and networkbusiness, including its Lucera division, grew by 34%, reflecting a robustdemand for trading infrastructure services.BGC’s total adjusted EBITDA grew by 11.4% for thequarter, underscoring its strong financial position and ability to reinvest instrategic growth areas. The company’s quarterly dividend of $0.02 per sharewill be paid to shareholders on December 4, 2024.This article was written by Jared Kirui at www.financemagnates.com.
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Darwinex Zero launched a new model that offers tradersa long-term commitment by providing €100,000 in virtual capital that reportedlyremains intact regardless of market volatility. According to the company, the permanent allocation feature focuses on enabling traders to access a long-term trading opportunity while rewarding consistent performance without deadlines, unliketraditional proprietary firm tests. Explaining the new service, Darwinex Zero said:“A permanent allocation is a mutual commitment. You commit to long-termperformance, and we allocate virtual capital to you forever. Here’s how it works: Set your performance goal, buy a€100,000 Permanent Allocation option, and once you hit that goal, yourallocation is permanent.” Darwinex Zero mentioned that permanent allocationsrepresent a unique investment in traders. Instead of facing frequent resets orpenalties, traders can buy a €100,000 permanent allocation option that becomesan enduring asset. Permanent AllocationsThe feature allows users to set their desired performance objective, andonce they reach their goal, the allocation is locked in permanently. This way,any profits over the activation quote earn the trader a 15% performance fee,creating a consistent income stream aligned with long-term growth.Traders today often face high-pressure environmentswith tight deadlines, which can lead to risky strategies and account failures.Permanent allocations aim to remove these obstacles. “Even during a drawdown or market downturn, yourallocation stays in place, paying you 15% performance fees on profits aboveyour activation quote, in short, any profit that you generate above youractivation quote on your allocated €100,000 capital will pay you in performancefees on a high-watermark basis,” the company explained on X.https://t.co/0BQupGSRHg— Darwinex Zero (@DarwinexZero) October 31, 2024Once purchased, the allocation option remains in the trader's ownership, and there is reportedly no reset or requalificationrequired. The company explained that traders can activate their allocation even if they face a downturn, monetizing their recovery without having to chase high-risk returns. The model reportedly aligns the provider’ssuccess with the trader’s, creating mutual support rather than profit fromaccount resets.How It Works in PracticeOne consideration is that long-term traders can buy only one permanent allocation option for each DARWIN they own, reportedly to promote commitment.The company added that failing to keep up withsubscription payments could result in losing the allocation, though migratingto Darwinex can help save on these fees. The permanent allocation model can reportedlybe used alongside other capital programs.The firm also explained that permanent allocationsare available to traders once their DARWIN completes the Calibration Phase andmeets basic criteria, such as no open trades with closed markets. This article was written by Jared Kirui at www.financemagnates.com.
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The US-basedBrokerage-as-a-Service technology company DriveWealth has secured a brokeragelicense from the Bank of Lithuania, expanding its global operations into theEuropean Economic Area.DriveWealth SecuresEuropean Brokerage License, Establishes Lithuanian HubThe categoryB financial license enables DriveWealth to establish its European headquartersin the Lithuanian capital, Vilnius, adding to its existing regulatory presencein the United States and Singapore. The new entity, operating as DriveWealthEurope, will serve as the company's base for the operations on the OldContinent.“Achievingthis license from the Bank of Lithuania marks a pivotal milestone in our globalexpansion strategy,” said Michael Blaugrund, CEO, at DriveWealth. “Lithuania’scommitment to innovation made it the best fit for setting up our European hub.We look forward to working with the Bank of Lithuania and leveraging thesupport of their financial ecosystem to offer DriveWealth’s platform to abroader clientele.”Thecompany's platform, which enables fractional share trading, has gained some tractionrecently through partnerships with digital wallets, broker-dealers, andconsumer brands globally. The Lithuanian license will allow DriveWealth tofurther develop its presence in Europe and introduce market-specific products.Accordingto the release, the European entity will work together with Invest Lithuania,the domestic agency that aims to promote foreign investments in the country,working closely with the Bank of Lithuania."DriveWealth'sdecision to establish their European hub in Vilnius further strengthensLithuania's position as a leading fintech destination in Europe," statesElijus Čivilis, General Manager at Invest Lithuania. "This move not onlyvalidates our efforts to create a nurturing environment for financialinnovation but also highlights the caliber of our talent pool and regulatoryframework."Earlier this year, DriveWealth partnered with Blue Ocean Technologies to expand equities trading services. This collaboration aims to provide investors with extended access to trading services and market data, especially in the Asia-Pacific region and other global markets.A few months ago, the UK’s Bud, a financial data intelligence platform, also expanded to Lithuania after receiving an AIS Provider license.Lithuania Attracts Financial Sector CompaniesThe Invest Lithuania report, "Fintech Landscape," notes that by the end of 2023, Lithuania hosted 276 fintech firms, marking a steady rise from only 55 in 2014. Among the early entrants into this market is the UK-based neobank Revolut. Lithuania has excelled in attracting blockchain and cryptocurrency-focused companies, with the proportion of these firms increasing from 8% in 2022 to 13% in 2023. One such firm is the crypto bank Meld, which recently secured a virtual asset service provider license and launched tokenized real-world asset (RWA) services in March. The market has also welcomed Bitget, a crypto exchange that has concentrated its recent expansion efforts on Europe.This article was written by Damian Chmiel at www.financemagnates.com.
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Digitalinfrastructure giant Equinix (NASDAQ: EQIX) reported strongthird-quarter results and announced a major expansion of its AI capabilitiesthrough a new $15 billion joint venture, marking its 87th consecutive quarterof revenue growthEquinix Revenue Climbs 7%as AI Drives Data Center DemandThe companypostedrevenues of $2.2 billion for the quarter ended September 30, representing a7% increase year-over-year. Net income reached $297 million, or $3.10 pershare, while adjusted EBITDA rose 1% quarter-over-quarter (QoQ) to $1.048billion.Althoughnet income grewby 7% year-over-year from $276 million reported in the same quarter lastyear, it declinedon a quarter-over-quarter basis. In the second quarter of 2024, thecompany’s net income was slightly higher, reaching $301 million.Equinix alsorevealed plans to nearly triple its xScale data center portfolio through ajoint venture with CPP Investments and GIC. The partnership will focus onbuilding new facilities across multiple US campuses to support growing AI andhyperscale workloads."Our87th consecutive quarter of revenue growth was also a record-breaking one forgross bookings, with strong results across our three regions," said CEOAdaire Fox-Martin. "We see continued robust demand for AI-enabling digitalinfrastructure from a highly diverse set of customers of varying sizes,industries, and regions."Operational HighlightsThecompany's global expansion continues with 57 major projects currently underwayacross 35 markets in 22 countries. These include 13 xScale projects that willadd more than 22,000 cabinets of retail capacity and over 100 megawatts ofxScale capacity by the end of 2025.Equinix'sxScale portfolio has already secured 385 megawatts in global leasingcommitments, with nearly 90% of its operational and under-construction capacitynow leased. The company recently acquired a 200-acre land parcel in Atlanta forits first multi-hundred-megawatt xScale campus.#Equinix, the world’s digital infrastructure company™, today announced another solid quarter of revenue growth driven by exceptional gross bookings and a strong market position. Read today's earnings press release for more details. https://t.co/w5dcbFJBpQ pic.twitter.com/AXzxwe3Mhh— Equinix, Inc. (@Equinix) October 30, 2024Financial OutlookFor thefull year 2024, Equinix raised its guidance, projecting revenues between $8.75 and$8.79 billion, representing approximately 7% growth over the previous year. Thecompany expects adjusted EBITDA of $4.09 to $4.13 billion, maintaining a 47%margin.“This $36million increase from previously issued guidance is due to $12 million ofbetter-than-expected operating performance and a $24 million positive foreigncurrency benefit when compared to the prior guidance rates,” the companycommented.The digitalinfrastructure provider also strengthened its sustainability commitments,issuing over $750 million in green bonds during the quarter, bringing its totalgreen bond issuance to approximately $5.6 billion.In Q2 2024,the publicly listed digital infrastructure firm executeda major leadership transition. President and CEO Charles Meyers moved intothe role of Executive Chairman, while Adaire Fox-Martin, President of GoogleCloud Go-to-Market, assumed the position of President and CEO. Additionally, MerrieWilliamson, a seasoned executive with over 20 years of experience atMicrosoft and Intel, joined Equinix as Chief Customer and Revenue Officer(CCRO) a month earlier. This article was written by Damian Chmiel at www.financemagnates.com.
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“Currently, over 20% of our global brokerage client base is either offering or in the process of releasing Pairs CFDs,” said 26 Degrees’ Group Chief Commercial Officer, James Alexander, to Finance Magnates following his company’s recent launch of Gold Pairs CFDs, adding: “That’s a significant number, and we expect it to become even more prominent in 2025 and beyond.”“We Expect to See Demand Continue to Grow”Alexander compared the demand for these instruments to the roll-out of Equity CFDs via API in 2017 and 2018. “Back then, very few broker clients offered Equity CFDs; now, the vast majority of major brokers have some form of Equity CFD offering,” he said. “In our opinion, Pairs CFDs will be no different.”26 Degrees, previously known as Invast Global, launched Pairs CFDs last July, enabling the trading of index vs. index, commodity vs. commodity, or equity vs. equity, similar to forex pairs. Although the concept of such an instrument was not new, it was the first company to launch them.“Interest since we launched Pairs CFDs has been strong, and we expect demand to keep growing as more brokers understand the simplicity of Pairs and bring this unique product to market for their own clients,” Alexander added.“Any initial hesitation around the introduction of Pairs as a new product quickly fades once the simplicity, benefits, and implementation process are clearly laid out—a process we’ve already guided many brokers through.”“The US 100 vs Japan 225 Has Been the Most Popular”According to 26 Degrees, these new products provide traders with a simpler and more efficient trading experience than traditional instruments, featuring a single price ratio between the two assets. This ratio adjusts according to changes in the assets’ prices, allowing traders to manage risk through a single trade rather than two separate positions.Additionally, these Pairs CFDs can be structured to increase or reduce volatility, depending on the instruments' correlation. According to the company, they also offer greater margin efficiency than trading each asset separately with two positions.Revealing the most popular Pairs, Alexander said, “Among the Indices-focused Pairs, the US 100 vs Japan 225 has been the most popular, while on the Equity CFD Pairs side, Nvidia vs Oracle has attracted the most trader interest. Given the recent volatility in both the Japanese Index and Nvidia over recent months, it is unsurprising that these two Pairs have taken the top spots.”At launch, the company offered 20 Pairs CFDs. Recently, it added several Gold Pairs against major indices, such as the US 30, US 100, Japan 225, China A50, and US Crude Oil.“Since we first began discussing Pairs CFDs with clients, we’ve seen strong interest in Gold-related pairs, which has only intensified with Gold’s recent rally,” added Alexander. “We are expecting a lot of interest in the newly released US 100 vs XAU Pair with the upcoming U.S. election, so these rankings may shift in the coming weeks.”Notably, Gold has consistently been one of the top-traded instruments. Alexander also highlighted that his company is “seeing continued growth in Equity Index volumes globally,” and the new Gold Pairs CFDs will combine these assets.“The Retail Market in Japan Is Expanding”Elaborating on the geographical demand for Pairs CFDs, Alexander said, “The Japanese market specifically has shown a keen interest and is a strategic focus for us,” adding, “This is evident with the number of Pairs we offer against the Japan 225 Index and, more recently, the Japan 2000 Index in Osaka.”“The retail market in Japan is expanding to include a much broader range of instruments and asset classes,” he continued. “Although USD/JPY remains a dominant focus for traders in Japan (much like XAU does globally), we feel that a broader diversification of available instruments is hugely beneficial for both traders and the brokers that serve them.”“Interestingly, we’ve noticed distinct regional preferences for certain types of Pairs. For instance, Japanese brokers have shown a…
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TheSwiss-based digital asset banking group Sygnum has successfully converted itsYield Core crypto fund into a Luxembourg Reserved Alternative Investment Fund(RAIF) structure, moving towar institutional-grade crypto investment offerings.The fund, which manages nearly $30 million in assets, focuses onyield-generating strategies in cryptocurrency markets.Sygnum Converts $30Million Crypto Fund to Luxembourg RAIF StructureThetransition, approved by 99% of existing investors, enhances the fund'sgovernance framework and eliminates counterparty risk through direct assetownership. The fund has demonstrated positive performance so far with a Sharperatio of 2.7 over two years."Thismove not only increases investor protection and convenience but alsostrengthens our international distribution," said Markus Hämmerli, Head ofLiquid Strategies atSygnum. "Yield Core’s transition into the Luxembourg RAIF structure isan important step in our ongoing efforts to provide, amongst others,best-in-class crypto yield solutions to our growing investor base.”The fundemploys market-neutral strategies including lending, funding arbitrage, andliquidity provision in the crypto space. Under the new structure, itcan expand into key markets such as Singapore, targeting professional andinstitutional investors seeking diversified yield sources.The restructuring addresses the growing demand for regulated crypto investment vehicles, particularly from institutional investors looking for alternatives to traditional fixed-income products in the current market environment. Investorscan access the fund through Sygnum Bank or other custodial banks, with plansfor expanded distribution in select jurisdictions.The growinginterest is confirmed by 2024’s first-half report, in which the company reported an increase in assets under management to $4.5 billion and a 500% rise in derivativestrading volumes."Asthe authorized AIFM, we are proud to support Sygnum in providing investors witha secure and regulated pathway into the virtual asset class,” says StephanEdelmann, Managing Director of Hauck & Aufhäuser Innovative Capital. “Wehave not only extended Luxembourg's well-established AIF structures to thisinnovative field, but we have also created a unique opportunity for investorsto access this emerging asset class with confidence and compliance.”EU Expansion under MiCALast month,the Zurich- and Singapore-based digital assets banking group announced that ithad secureda cryptocurrency license in Liechtenstein. This license was awarded to itslocal subsidiary, enabling it to offer regulated digital asset services,including brokerage, custody, and banking.Theservices will operate under Liechtenstein’s Token and Trusted TechnologyService Providers Act. With this license, Sygnum is also positioned to seek aCrypto-Asset Service Provider (CASP) license under the European Union's Marketsin Crypto-Assets Regulation (MiCA) once Liechtenstein adopts the regulation,expected in the first quarter of 2025. The CASP license would allow Sygnum toexpand its services throughout the European Union. MiCA, aregulatory framework tailored to the cryptocurrency sector, allows licensedcompanies in one country tooperate across all 27 EU member states and European Economic Area countries,including Liechtenstein. Switzerland, where Sygnum is headquartered, is outsidethis regulatory jurisdiction.This article was written by Damian Chmiel at www.financemagnates.com.
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Retail traders have moved well beyond the days of chasing only high leverage and low spreads. Standard regulatory protections no longer suffice as FX/CFD clients increasingly expect added layers of financial security. Now, firms can secure these safeguards, starting from $30,000 annually (depending on the number of clients). In fact, around 40 companies within Lloyd's of London now offer private insurance for client funds, reflecting a broader industry shift toward heightened financial accountability.Insurance BeyondRegulatory RequirementsAdditionalinsurance services for client funds are growing in popularity in the FX/CFDsector. Only in the past several months, they have been added to the offerings of VTMarkets, EC Markets, Hantec Markets and ATFX. Specialized “Excess of Loss” (or EoL) insurance aims to protect clients in case of brokerinsolvency, providing an additional layer of confidence for traders with largerbalances. According to information obtained by Finance Magnates, Lloyd'shas issued more than three dozen policies for FX/CFD-related firms.“Eachpolicy is tailored specifically to the broker's unique risk profile, clientdemographics and operational needs,” Lloyd’s commented for Finance Magnates. “Customization ensures that the coveragemeets the precise requirements of each firm.”VT Marketsemphasizes that additional insurance is a key part of its approach to clientsafety. “While regulatory guarantee funds provide a baseline level ofprotection, this policy offers an extra layer of security, particularly forclients with higher account balances,” the broker commented.Althoughthis makes sense, additional client fund insurance is not yet a standardpractice across the industry. Many brokers still rely solely on regulatoryprotection schemes like CySEC's Investor Compensation Fund or the UK'sFinancial Services Compensation Scheme (FSCS), which provide compensationlimits of up to €20,000 and £85,000 per person, respectively.“CySEC’sInvestor Compensation Fund, established in 2002, is required for any CIF underthe regulator. The fund protects investors in case of failure by one of theirmembers,” saidNiki Nikolaou, Director of Contentworks Agency. “Whatwas once considered adequate protection is now just the baseline.”However,these caps may fall short, particularly for qualified professional traders withhigher net worth, who often seek more comprehensive protection.“Typically,investor protection funds cover a limited amount. EC Markets’ insurance, bycontrast, extends this coverage up to $1 million per Claimant, providing asubstantial safety buffer,” said Nick Xydas, Group Marketing Director of ECMarkets. “This additional layer of protection ensures that our clients arecovered even in scenarios where losses might exceed the limits of traditionalinvestor protection funds.”Recently,several companies have started offering additional insurance for clients'funds. In 2023, EC Markets added this option, providing coverage up to $1million per claimant. In August, ATFXintroduced a similar Client Fund Insurance, also covering up to $1 million.VT Markets followed suit in October, offering clients the same coverage amount.However, $1million is not the industry standard. For instance, Hantec Markets introducedcoverage of up to $500,000 per claimant a few months ago, while WindsorBrokers states on its website that it protects clients up to €5 million.When and How MuchThis means each client can potentially claim up to the maximum insured amount, contingent on the specifics of an insolvency event. However, each insurance policy carries an overall coverage limit intended to allow all clients to recover funds. In insolvency cases, this setup may result in trades recovering only part of their assets, though still more than traditional compensation funds would provide.Analyzingthe current EC Markets agreement with Lloyd’s also reveals a clause on a“retention” of $20,000. What does this mean? Among other things, it impliesthat investors with smaller portfolios (essentially most retail investors) won'tbenefit…
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The cooperation of Nishad Singh, the former chief engineer at the now-collapsed FTX, with the authorities was advantageous, as he was sentenced to time served along with three years of supervised release yesterday (Wednesday). He has also been ordered to forfeit $11 billion.Singh previously pleaded guilty to six counts of fraud and conspiracy for his role in the $8 billion fraud led by Sam Bankman-Fried, the former CEO of the exchange, who is now serving a 25-year prison term. Singh faced a possible 75-year sentence but chose to cooperate with the investigation and testified against his former boss, Bankman-Fried.Why Did Former FTX Chief Engineer Nishad Singh Receive No Prison Time?*Limited Involvement in the FTX Fraud*Singh reportedly did not learn that Alameda was misappropriating funds from FTX until September 2022, just two months before the collapse. By then, the bulk of the $8… pic.twitter.com/nSQHXLWtUb— FTX Historian (@historian_ftx) October 30, 2024The Sentencing of FTX FelonsBankman-Fried, who orchestrated FTX's dubious practices along with its affiliate Alameda Research, became a central target of the prosecutors and was the first to receive sentencing in connection with the case. He recently appealed his conviction, alleging judicial bias.Other senior associates, including Singh, also pleaded guilty and assisted in the investigations against the FTX founder. Caroline Ellison, who was Bankman-Fried’s former girlfriend and the CEO of Alameda, served as a key witness in the prosecution of the FTX founder, receiving a two-year prison term.Ryan Salame, the former co-CEO of FTX, also pleaded guilty but did not testify against Bankman-Fried. He received a seven-and-a-half-year prison sentence, sparking attention with an unusual LinkedIn update regarding his imprisonment.Only the sentencing of Gary Wang, the co-founder and former technology chief of FTX, remains, scheduled for November 20.Limited Involvement of Singh“You did the right thing,” New York Judge Lewis Kaplan stated during Singh’s sentencing. “You immediately and truthfully, as far as I can see, fully disclosed to the government the wrongdoing you were aware of, which they quite clearly were not.”The judge also noted that Singh’s role in the illegal activities of FTX was “more limited than, certainly, Bankman-Fried and Ellison.” Prosecutor Nicolas Roos also commended Singh before the judge for coming forward.According to Singh’s lawyer, Andrew Goldstein, his client became involved in Bankman-Fried’s scheme at a later stage, after nearly all the billions of dollars in customer funds had already been misappropriated.This article was written by Arnab Shome at www.financemagnates.com.
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Robinhood (Nasdaq: HOOD) saw substantial gains from its crypto offerings, with crypto trading volume on the platform doubling to $14.4 billion, resulting in a 65 percent increase in revenue from this segment, totalling $61 million.A Profitable QuarterAccording to figures released yesterday (Wednesday), the American trading platform generated $637 million in revenue for the third quarter of 2024, marking a 36 percent increase. Of this, transactions-based revenue grew to $319 million, up 72 percent.Although crypto revenue posted the largest gains, options trading remained Robinhood’s primary revenue generator, contributing $202 million, a year-over-year increase of 63 percent. Revenue from equities trading also rose by 37 percent to $37 million.The platform’s net income increased to $150 million, which translates to $0.17 in diluted earnings per share (EPS). In the same quarter last year, Robinhood reported a net loss of $85 million.Falls Short of Market ExpectationsDespite the strong overall figures, the retail broker’s shares dropped by nearly 12.5 percent after-hours, falling short of Wall Street expectations. According to the Zacks Consensus Estimate, the market anticipated Robinhood to generate $661.21 million in revenue for the quarter and an EPS of $0.18.On a media call, Robinhood’s Chief Financial Officer, Jason Warnick, explained that the gap between market expectations and actual results was due to analysts overlooking “contra revenue” from the brokerage’s match promotions.The brokerage also clarified that its net revenue was impacted by a $27 million reduction due to matches paid to customers on transfers and deposits.“We entered 2024 aiming for another year of profitable growth,” Warnick added.The California-based platform also reported a year-over-year increase of 1 million in the number of funded accounts, bringing the total to 24.3 million. The number of investment accounts reached 25.1 million.The platform’s average revenue per user also improved by 31 percent to $105.This article was written by Arnab Shome at www.financemagnates.com.
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AI-enabled identity fraud is rising as criminalsincreasingly target social media platforms in the lead-up to the 2024 USpresidential election. Recent findings from AU10TIX’s Q3 2024 Global IdentityFraud Report show a 28% surge in social media-based fraud attacks, up from just3% earlier this year. This concerning trend underscores the evolvingsophistication of fraud tactics, particularly as AI-generated bots and deepfaketechnology are employed to manipulate public discourse and exploit weak pointsin verification systems.AI-Driven FraudThe explosive growth in fraud, particularly on socialmedia, is rooted in the ability of AI to industrialize identity theft.Fraudsters are using automated tools to create thousands of fake accounts, manyemploying advanced generative AI elements to evade detection. These attacks have reached new heights, with Septembermarking a peak in fraudulent activity. According to the report, some of thesefraudulent accounts even spread disinformation ahead of the election, adding adangerous dimension to online interactions.The Q3 2024 report highlights a sharp increase infraud attempts aimed at social media platforms, particularly those thatincorporate deepfake technologies. Fraudsters now create entirely synthetic selfies tomatch fake identities, bypassing traditional verification methods with ease.These deepfake "selfies" are now sophisticated enough to outsmartmany automated Know Your Customer systems.Fraudsters vs. Security SystemsThe growing use of AI in fraud is creating an armsrace between criminals and companies. AI-driven bots can now launch large-scaleattacks, and the rise in synthetic selfies, completely fabricated usingdeepfake technology, is a direct response to increasingly sophisticated securitymeasures. While AI-powered fraud tools help fraudsters stay ahead, businessesmust adopt equally advanced AI solutions to defend themselves.Traditional document verification is no longer enough.Companies need to analyze user behavior and traffic to spot abnormal patternsand detect fraud. Interestingly, while social media fraud spiked in Q3,fraud in the payments sector saw a significant drop from 52% in Q2 to 39% inQ3. AU10TIX attributes this decline to self-regulationefforts and law enforcement action, though it notes that criminals are shiftingtheir focus to less regulated markets like cryptocurrency, which accounted for31% of all fraud attacks in the third quarter. Despite these challenges, the payments industry has reportedlymade notable progress in reducing fraud, but crypto remains a growing target.This article was written by Jared Kirui at www.financemagnates.com.
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Publiclylisted Bitcoin (BTC) miners from Wall Street are grappling with escalatingproduction costs, with the average expense to mine one token reaching $49,500in the second quarter, highlighting the growing challenges in thecryptocurrency mining sector.Bitcoin Miners FaceProfitability Squeeze as Production Costs SoarTheincreasing costs, driven by rising electricity prices and record-high miningdifficulty levels, have forced many mining operations to pivot their businessstrategies. When accounting for depreciation and stock-based compensation, thetotal cost surges to $96,100 per bitcoin, putting significant pressure onminers' profit margins.“TheBitcoin mining industry has faced significant challenges this year, withrevenues and hash prices declining,” CoinSharescommented in the newest report. Overall market activity “has pushed miningdifficulty levels to new highs, intensifying the issue of high production costs.”Miningcompanies are implementing various approaches to combat these rising expenses.For example, TeraWulf has positioned itself as an industry leader in costreduction, achieving production costs of $18,700 per Bitcoin through strategicpower contracts, including a fixed-rate agreement with a nuclear facility at$0.02 per kilowatt-hour. Their success stems from a fixed-cost power agreementwith a nuclear facility at $0.02/kWh, valid until August 2027.BitFufuhas taken a different approach, optingto acquire a majority stake in an 80-megawatt (MW) cryptocurrency miningfacility in Ethiopia. The US company aims to leverage East Africa’slower-cost energy to counter diminishing profit margins in the BTC miningindustry. According to the company’s latest report, its production costs surgedby 170%.AI Integration andInfrastructure EvolutionIn responseto these challenges, mining companies are increasingly diversifying theirrevenue streams, with several incorporating artificial intelligence (AI) operationsinto their business models. Core Scientific has emerged as a pioneer in thistransition, securing a significant 12-year, $8.7 billion deal with Coreweavefor AI infrastructure.In 2023, FinanceMagnates reported that followinga challenging 2022, cryptocurrency miners began turning to high-performancecomputing (HPC) and AI: both highly energy-intensive sectors. Areport from VanEck in August this year confirmed this shift, with MatthewSigel, VanEck’s head of digital assets research, noting that a pivot from BTCmining to HPC and AI could potentially generate $38 billion in value for miningcompanies by 2027.“AIcompanies need energy, and Bitcoin miners have it,” Sigel commented. “As themarket values the growing AI/HPC data center market, access to power—especiallyin the near term—is commanding a premium.”Thistransition has been apparent since last year. For example, HIVE Blockchainrebranded to HIVEDigital to reflect its evolving business model, which now includes both BTCmining and support for HPC and AI industries. The company anticipates that thisdiversification will doubleits revenue and has announced plans for a new hydroelectric data center tosupport these operations.Bitcoin HODL-ing LooksMore ProfitableAcomparative analysis of mining versus direct Bitcoin investment revealsinteresting dynamics (check the infographic above). A standard 1 MW mining project utilizing advanced equipment like the Canaan Avalon A1566 requires approximately $740,000 in initial investment. With Bitcoin projected to reach$130,000 by late 2026, operators could achieve full capital recovery within 27months, assuming stable electricity costs at $0.045 per kilowatt-hour.However,for mining operations to match the returns of direct Bitcoin investment, miningfee revenue would need to increase dramatically to approximately 70% of totaldaily issuance over the next four years. Given the historical average of 5%, this represents a significant challenge.Industry OutlookThe miningnetwork's growth trajectory suggests significant expansion ahead. Currentmodeling indicates the network hashrate will approach 765 EH/s by year…
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A growing number of internet users wish todelete their personal data online, according to a recent survey covering 2024. Two years after a similar survey was conducted in 2022,the latest findings reveal a rise in people wanting to delete their personaldata from the internet. The survey, by NordVPN and Incogni, mentioned that this trendis due to fears of hacking and frustrations with data exploitation.Privacy or Exposure? Nearly a third of respondents would opt to deletetheir digital presence. This trend is especially pronounced in North America,with 44% of Americans and 41% of Canadians saying they'd like to erase theironline presence. The primary concern is financial data security. Acrossthe board, many feel that the internet has become a risky place for personalinformation, with 45% of participants citing the fear of hacking as a topreason to consider deleting their online selves.Beyond financial data, respondents are increasinglywary of how companies use their personal details. In countries like Spain, thisfeeling of exploitation was a dominant concern, while Germans expressed aunique perspective: they simply see no need for their names to be online atall.Around 64% of respondents want their financialinformation hidden, while 42% are concerned about their personal emails andtexts. In Germany, intimate life details and criminal records are also high onthe privacy priority list.Interestingly, despite these concerns, only 41% wouldpay for online anonymity. Countries like France and Italy, where privacy fearsare significant, show that most people are not ready to spend money to shieldtheir browsing habits. The desire to delete oneself from the internet seemsto be a generational issue. Millennials and Gen Z show the strongestinclination to vanish from the web, while Baby Boomers are far less likely tofeel the need to disappear. However, the divide isn't consistent everywhere. InSpain and France, internet users across all age groups show similar levels ofconcern, reflecting a broader societal shift toward greater digital privacyawareness.Data Brokers CompaniesA new aspect of the 2024 survey focused on awarenessof data brokers companies that collect and sell personal data. Alarmingly, only18% of respondents know what a data broker is. Awareness is lowest in France and Spain, where just13% are familiar with these companies. In contrast, Italy shows the highestawareness, with 25% knowing about data brokers' activities.Since 2022, the desire to erase digital footprints hasgrown in several regions. In Canada and Germany, concern over personal data hasintensified, with more people wanting to delete their information from the web.In the UK, respondents are increasingly worried abouttheir financial details falling into the wrong hands, while in Spain, usersfeel more exploited than ever by data-harvesting companies.This article was written by Jared Kirui at www.financemagnates.com.
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FBS, a leading global broker, explores the essential role of cryptocurrencies in hyperinflated economies. In the recently published article, FBS experts analyze the benefits of digital currencies in countries like Venezuela, Argentina, Zimbabwe, Nigeria, and Brazil, where national currencies continue to suffer rapid devaluation.As inflation surges in these regions, digital currencies are recognized for their potential to preserve wealth and facilitate transactions outside traditional banking systems. According to FBS analysts, cryptocurrencies offer a flexible, accessible solution, particularly for those facing restrictions on foreign exchange. The adoption of cryptocurrencies — particularly Bitcoin and stablecoins — has increased as individuals, businesses, and governments seek alternatives to maintain financial stability and autonomy.FBS highlights how different economies leverage digital assets:In Venezuela, where inflation has surged, Bitcoin is being used by individuals and enterprises as a store of value, providing stability amidst currency collapse.In Argentina, stablecoins pegged to the US dollar offer residents a haven from the peso’s depreciation, especially as regulatory restrictions tighten.Zimbabwe’s population similarly turns to Bitcoin and other cryptos to navigate financial instability driven by hyperinflation and limited access to global banking.In Nigeria, digital currencies like Bitcoin provide a stable alternative to the naira, especially valuable as inflation and currency restrictions affect everyday transactions.In Brazil, residents increasingly rely on stablecoins to secure assets against the volatile real, underscoring the value of digital currencies in Latin America.The FBS article underscores the transformative impact of cryptocurrencies on daily life and regional economies. It acknowledges, however, that while digital assets can provide temporary financial relief, they cannot resolve systemic issues alone. Sustainable economic recovery ultimately requires broad reforms, with cryptocurrencies serving as a critical tool in the meantime.Disclaimer: This material does not constitute a call to trade, trading advice, or recommendation and is intended for informational purposes only.About FBSFBS (https://fbs.com) is a licensed global broker with over 15 years of experience and more than 90 international awards. FBS is steadily developing as one of the market’s most trusted brokers, with its traders numbering more than 27,000,000 and its partners exceeding 700,000 around the globe. The annual trading volume of FBS clients is over $8.9 trillion.This article was written by FM Contributors at www.financemagnates.com.
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Although Bitcoin (BTC) fell short by $200of establishing a new ATH against the US dollar, it achieved thismilestone against several other fiat currencies. Most importantly, against theeuro, where the crypto asset surpassed €68,000 for the first time in history.Bitcoin with a New ATH (Kind Of)The leading cryptocurrency reached €68,000on major exchanges, including Binance, marking its first all-time high againstthe European currency since March. This breakthrough comes as Bitcoindemonstrates remarkable strength against several major fiat currencies,reflecting growing institutional adoption and market confidence.Against the US dollar, Bitcoin tested the$73,600 level on Binance this week. This means it came within less than $200 ofthe previous ATH established on March 14 at $73,794.Although the euro is the second mostimportant currency in the global trading system, it doesn't carry the sameweight in the cryptocurrency market. Hence, setting an ATH on the BTC/EUR chartisn't as significant for investors as the BTC/USD pair.The 350 million citizens of the Eurozone just experienced a new all-time high for #bitcoin: €67,443. pic.twitter.com/F4yn3feISZ— Tuur Demeester (@TuurDemeester) October 29, 2024Historical data shows that the vastmajority of trading volume occurs on dollar pairs or with dollar-basedstablecoins such as FDUSD, USDT, and USDC. The highest trading volume on theBTC/EUR pair is generated by Bitstamp and Binance exchanges, where it amountsto barely $40 million daily for each. In comparison, trading volume in Koreanwon on the BTC/KRW pair on Upbit and Bithumb exchanges reaches nearly $400million daily, ten times more."In the context of increasingvolatility in the cryptocurrency market, Bitcoin has surprised investors byreaching an intraday high of nearly five months, climbing to an impressivefigure of around $73,600," said Antonio Di Giacomo, Senior Market Analystat XS.com. "This surge has brought the mostwell-known cryptocurrency close to its all-time high of approximately$73,800.00 dollars. Analysts point out that speculation surrounding thepotential victory of Donald Trump in the upcoming U.S. elections has been acrucial factor behind this increase."The digital asset's performance extendsbeyond the eurozone, with new records being established against multiple othermajor currencies. The Australian and Canadian dollars have also witnessedunprecedented Bitcoin valuations, highlighting the cryptocurrency's growinginfluence in traditional financial markets.Bitcoin to $200KMajor financial institutions are closelymonitoring Bitcoin's performance, with several predicting further upsidepotential. Bernstein Research maintains an optimistic outlook, projectingpotential valuations reaching $200,000 by late 2025."By 2024 end, we expect Wall Street toreplace Satoshi as the top Bitcoin wallet," commented Bernstein. "Tenglobal asset managers now own ~$60Bn wrapped as regulated [exchange-tradedfunds] compared with $12Bn in September 2022."Legendary Research Broker Bernstein Has Just Published One of its Famed "Black Books" on #Bitcoin!160 Pages Explaining Why BTC Will Hit $200k by the end of 2025 and How Listed #Bitcoin Miners Will Continue to Consolidate the Industry. @gautamchhugani 👏 pic.twitter.com/lDnAvWeYIe— matthew sigel, recovering CFA (@matthew_sigel) October 23, 2024Trading volumes have also remained robust,with daily activity exceeding $47 billion. The cryptocurrency's technicalindicators suggest sustained momentum, with support levels consolidating aroundkey psychological barriers."The recent increase in Bitcoin'sprice to levels close to its all-time high has been influenced by politicalspeculation in the United States and the actions of large investors,"added Di Giacomo. "As elections approach, uncertainty and expectationsregarding the future regulatory framework for cryptocurrencies are factors thatwill continue to impact the market."Today (Wednesday), 10X Research alsopresented a positive forecast for Bitcoin, suggesting that the cryptocurrencywill reach $100,000 by…
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As the United States gears up for anothersignificant presidential election, the intersection of politics andcryptocurrency has emerged as a critical area of focus. The candidates, former PresidentDonald Trump and Vice President Kamala Harris, offer contrasting visions forthe future of digital currencies and blockchain technology. This divergence isnot only shaping the political landscape but also influencing financialmarkets, particularly the rapidly growing cryptocurrency sector.The Crypto Landscape Amidst PoliticalUncertaintyCryptocurrency, once a niche interest, hasevolved into a major financial force. Its decentralised nature and potentialfor high returns have attracted a wide range of investors, from tech-savvymillennials to institutional giants. However, the regulatory environmentremains uncertain, with policymakers grappling with how to integrate thesedigital assets into the existing financial system.In this context, the upcoming U.S.presidential election could be a turning point. The candidates' differingapproaches to cryptocurrency regulation and adoption could have profoundimplications for the industry. As such, the election is not just a politicalcontest but a referendum on the future of digital finance.Wall Street's Bet on TrumpWall Street's apparent preference for aTrump victory is rooted in his administration's historical approach toregulation and taxation. Trump's presidency was marked by a deregulatoryagenda, which many investors believe could benefit the cryptocurrency industry.Lower taxes and fewer regulations could create a more favourable environmentfor crypto businesses, potentially spurring innovation and growth.This sentiment is reflected in the behaviourof prediction markets, where Trump's odds of winning have surged. Platformslike Polymarket and PredictIt have seen significant bets placed on a Trumpvictory, with some investors wagering millions of dollars. These markets, whichallow users to bet on the outcome of events using cryptocurrency, have become abarometer of investor sentiment.One week until the election.🟥 Trump • 66% chance🟦 Harris • 34% chanceGet accurate, real-time election odds on the world's largest prediction market #Polymarket— Polymarket (@Polymarket) October 29, 2024The enthusiasm for Trump among cryptoinvestors is not surprising. During his previous term, Trump expressed scepticismabout cryptocurrencies but refrained from implementing harsh regulations. Hisadministration's focus on economic growth and deregulation aligns with theinterests of many in the crypto community, who view excessive regulation as abarrier to innovation.Harris and the Promise of InnovationIn contrast, Vice President Kamala Harrisrepresents a more cautious approach to cryptocurrency. While she has not beenas vocal about her stance on digital currencies, her campaign has emphasisedthe importance of innovation and technology. Harris has promised to encouragethe development of emerging technologies, including artificial intelligence anddigital assets, while ensuring consumer protection and financial stability.Harris's approach reflects a broaderDemocratic strategy of balancing innovation with regulation. Her administrationwould likely prioritise consumer protection and financial stability,potentially leading to stricter regulations on cryptocurrencies. This couldinclude measures to prevent fraud, protect investors, and ensure the stabilityof the financial system.Despite these potential challenges,Harris's focus on innovation could also benefit the crypto industry. Byfostering a supportive environment for technological development, heradministration could encourage the growth of blockchain technology and digitalassets. This could lead to new opportunities for entrepreneurs and investors,even if it means navigating a more complex regulatory landscape.The Role of Prediction MarketsThe divergence between traditional pollsand prediction markets highlights the unique dynamics of this election. Whilemany polls show a close race between Trump and Harris, prediction markets…
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