BeInCrypto’s comprehensive Europe Crypto Roundup covers the latest news and trends shaping the continent’s crypto landscape. With reporters across key markets like Germany, France, and the UK, we provide in-depth insights into evolving regulatory environment, adoption rates, major industry events, and market movements. 

This week’s roundup covers Societe Generale’s partnership with Bitpanda, Kraken’s acquisition of a Dutch broker to boost its European expansion, and other major stories.

Dutch Regulator Warns of Crypto Pump-and-Dump Risks 

The Dutch Authority for the Financial Markets (AFM) has issued a warning about the dangers of cryptocurrency pump-and-dump schemes, just ahead of new European Union regulations under the Markets in Crypto-Assets Regulation (MiCA). MiCA, which will come into effect on December 30, will explicitly ban crypto market manipulation tactics schemes across the Europe.

According to an official press release, the AFM will oversee the enforcement of these new rules in the Netherlands. The regulator has investigated several pump-and-dump schemes and plans to enforce strict measures once MiCA takes full effect.

A pump-and-dump scheme involves artificially inflating the price of a cryptocurrency by spreading misleading or exaggerated information. Promoters typically buy the asset at a low price, generate hype to attract public investment, and then sell their holdings at the inflated price.

Read more: What Is Markets in Crypto-Assets (MiCA)?

Hanzo van Beusekom, a member of the AFM’s executive board, highlighted that pump-and-dump schemes “undermine trust” in the crypto market, which is “essential for the long-term potential of digital assets.”

Societe Generale Forge Partners with Bitpanda for Euro Stablecoin

Global banking giant Societe Generale has teamed up with Bitpanda to expand the role of stablecoins in the financial system. The partnership focuses on promoting Societe Generale’s euro-denominated stablecoin, EUR CoinVertible (EURCV), through its blockchain subsidiary, Societe Generale-FORGE.

Bitpanda will help drive mainstream adoption of the EURCV, which will play a key role in the European crypto industry. According to Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, euro-based stablecoins will be critical for integrating traditional finance with digital assets.

“Fully regulated stablecoins are the bridge that will make it possible. We will work with Societe Generale-FORGE to bring that future one step closer,” he stated.

Stablecoins act as the primary link between fiat currencies and the world of cryptocurrencies. Providing investors with access to regulated stablecoins is a crucial step for attracting more investment into the crypto market.

Societe Generale’s EURCV stablecoin will be compliant with the MiCA regulations and will be listed on Bitpanda’s trading platform. As of 2023, Societe Generale ranks as the world’s 19th largest banking group, managing over $1.7 trillion in total assets.

Assetera Launches Secondary Tokenized Real-World Asset Market on Polygon

Assetera, Europe’s first regulated blockchain-based secondary market for tokenized real-world assets (RWAs), is set to launch on Polygon. Regulated by the Austrian Financial Market Authority, Assetera will use its own smart contracts on the Polygon blockchain.

The platform will cater to retail, professional, and institutional clients, offering tokenized financial instruments such as securities, money market instruments, fund units, and derivatives. In addition, Assetera will provide tokenized RWAs like real estate and art.

All trading will be conducted directly on the Polygon network, using stablecoins for purchase, clearing, and settlement via atomic swaps. The platform will operate 24/7 without manual intervention.

Read more: How To Invest in Real-World Crypto Assets (RWA)?

Assetera will support both custodial and non-custodial wallets, with plans to introduce bank-managed wallets. The platform has partnered with Sumsub, Chainalysis, and Fireblocks to ensure Anti-Money Laundering (AML) compliance.

Kraken Acquires Dutch Broker BCM to Boost European Expansion

Kraken has acquired Coin Meester (BCM), one of the Netherlands’ oldest registered crypto brokers, as part of its ongoing push to expand across Europe. This acquisition strengthens Kraken’s presence in the Dutch market and enhances its ability to operate with a registered Virtual Asset Service Provider (VASP) license in France and Poland.

Brian Grahan, Kraken’s managing director for Europe, highlighted the importance of the acquisition in a September 24 announcement.

“The completion of the BCM acquisition is a key milestone in our European expansion, allowing us to leverage our strong footprint and market-leading position in euro volume and liquidity to significantly grow our market share in the years ahead,” he stated.

Kraken has ramped up its European expansion over the last two years, preparing for the upcoming regulatory framework. The exchange can now offer regulated VASP services directly or through partnerships in several countries, including Germany, Spain, Italy, Belgium, Ireland, France, Poland, and the Netherlands.

After recently breaching the $65,000 mark, Bitcoin’s (BTC) price may have hit a brick wall. While this recent price increase indicates strong bullish momentum, historical patterns suggest that BTC could pull back before the rally continues.

This on-chain analysis highlights the indicators affirming this forecast and what investors should expect in the near term.

On-Chain Metrics Reveals It’s Time to Take a Break

Bitcoin’s price rise to $65,497 is contrary to the expectations investors had at the beginning of September when most predicted it would be a bearish month. However, according to the price Daily Active Addresses (DAA) divergence, BTC could drop before making any attempt to retest $70,000.

The price DAA checks whether user engagement increases with a coin’s value. When the price increases alongside active addresses, it is a buy signal, and the cryptocurrency’s value can increase.

At press time, Bitcoin’s price DAA had plummeted to -54.89%. This decline indicates that market participants have reduced their interaction with the coin. As such, the recent uptrend might be weak, as this is a sell signal.

Read more: How To Get Paid in Bitcoin (BTC): Everything You Need To Know

Furthermore, the coin’s performance has impacted holders’ profitability. On September 16, 79.92% of Bitcoin holders were in the money. However, based on the Historical In/Out of Money (HIOM), which compares addresses making money at different price ranges, 91.97% are now in the money.

Historically, when the ratio hit such levels, some holders take profits, leading Bitcoin’s price to decrease. For instance, a similar thing happened in July when the holders in profits were about 93%. 

A few days later, it declined to 78%. Another scenario took place on August 25 when the percentage was 88.35%, and the decline in Bitcoin price later led to 76.23%. Therefore, if history rhymes with the current condition, BTC could be set for a short-term drawdown. 

BTC Price Prediction: $60,000 Coming

While the price is expected to produce a positive return, the daily chart shows that Bitcoin’s attempt to reach $69,000 has encountered an obstruction. This indicates that bears are trying to overthrow bullish dominance.

If the price drops below $65,000, the $65,838 region will be a major resistance zone. However, buyers will likely try to defend BTC from going below support at $63,093. The chart below shows that this potential defense could fail.

Read more: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading

As such, Bitcoin’s price could decrease to $60,348 within a few days. On the other hand, a close above $65,838 will tilt the trend in bulls’ favor. In that scenario, Bitcoin might jump to $68,236.

In 2024, losses from crypto hacks have already exceeded the total for all of 2023, setting a new record. The rise in cyberattacks shows the growing dangers in the space and the need for urgent solutions.

According to a report shared exclusively with BeInCrypto, Cyvers was crucial in detecting all reported crypto attacks in Q3 2024, with about half of these caught only by their system. Using AI-powered monitoring, Cyvers’ real-time alerts helped stop further financial losses, showing how important advanced tools are in protecting digital assets.

Crypto Hacks in 2024 Hit Record Highs, Exposing Major Security Weaknesses

The first three quarters of 2024 have seen losses from crypto hacks hit $2.114 billion, surpassing the total for all of 2023. This marks a sharp 72% increase compared to the same period last year, highlighting the growing vulnerability of both centralized and decentralized platforms.

Key Numbers:

• Jan-Sept 2023: $1.23 billion lost
• Full year 2023: $1.69 billion
• Jan-Sept 2024: $2.114 billion

Centralized finance (CeFi) platforms, in particular, have faced a huge rise in attacks, with incidents up nearly 1,000% year-on-year. Meanwhile, decentralized finance (DeFi) platforms have seen a 25% drop in losses, though they remain exposed due to complex smart contracts and protocols.

CeFi Hacks on the Rise

CeFi platforms have been hit hardest in 2024, with a 984% increase in crypto hacks. The second quarter of 2024 alone saw $401 million in losses across five major incidents.

The most notable was the DMM Bitcoin exchange breach, which resulted in a $305 million loss. Turkey’s BtcTurk was also hit for $55 million, alongside other exchanges like Lykke and FixedFloat.

Read more: 15 Most Common Crypto Scams To Look Out For

This wave of CeFi attacks signals a growing need for better security controls and regulatory action to prevent further losses.

DeFi Platforms See Fewer Losses but Remain at Risk

DeFi platforms saw a 25% reduction in losses compared to the same period in 2023. Still, $171.3 million was lost across 62 incidents in Q2 2024, with Ethereum and BNB Chain continuing to be key targets for attacks due to their large ecosystems.

Vulnerability Breakdown

• Access Control Breaches:
  • 2023 (Jan-Sept): $742.6 million
  • 2024 (Jan-Sept): $1.62 billion (99% increase)
• Smart Contract Exploits:
  • 2023 (Jan-Sept): $429.6 million
  • 2024 (Jan-Sept): $380.4 million (19% decrease)

Crypto Hacks Statistics

The total number of hacking incidents has surged:

• 2023 (Jan-Sept): 44 incidents
• 2024 (Jan-Sept): 131 incidents (197% increase)

These include:

• Smart Contract Exploits: Up from 28 in 2023 to 79 in 2024 (182% increase)
• Access Control Breaches: Up from 16 in 2023 to 51 in 2024 (218% increase)

The report urges the need for stronger cross-chain security and better real-time threat detection. As crypto faces more advanced attacks, including those driven by AI, stronger security measures and faster regulatory action are critical to safeguarding assets.

Read more: A Guide to the Best AI Security Solutions in 2024

Although DeFi has seen fewer losses, the entire industry is still at high risk. Improving security and taking more proactive steps will be essential to prevent future losses and protect the growing crypto market.