Altcoin
Standard Chartered Becomes First Bank to Launch Spot Bitcoin, Ethereum Trading
![](https://coin2049.io/wp-content/uploads/2024/06/Standard-Chartered-Becomes-First-Bank-to-Launch-Spot-Bitcoin.webp.webp)
Global banking giant Standard Chartered deepens crypto push and announces plan to open trading desk for spot Bitcoin and Ethereum. As a result, it has become the first bank to enter spot crypto trading.
Recently, Mastercard and Standard Chartered Bank Hong Kong successfully completed their first live experiment on the tokenization of deposits using the Mastercard Multi-Token Network (MTN). The company making a stronger push into different crypto-related fields.
Standard Chartered Enters Spot Crypto Trading Space
In a major crypto development, Standard Chartered on June 21 said it is close to starting a trading desk for Bitcoin and Ethereum. The new crypto-focused operations will be part of the bank’s FX trading unit. The trading desk will be available to run from London, reported Bloomberg.
“We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” said Standard Chartered.
The move was welcomed by crypto industry leaders including Binance CEO Richard Ten as it indicates the mainstream adoption of crypto is picking pace. Standard Chartered through its owned companies Zodia Custody and Zodia Markets has offered crypto-tailored solutions including crypto custody and institutional crypto trading.
Zodia Custody has also announced expanding the list of supported digital assets for comprehensive custody solutions. It has added USDe to its custody platform today.
Also Read: Ripple Lawsuit Referred To Magistrate Judge For Settlement
Bitcoin and Ethereum To Rally?
Traders reacted immediately to the news, bringing some upside momentum to both Bitcoin and Ethereum prices.
BTC price rebounded 1% after the news but still down 2% in the past 24 hours, with the price currently trading at $64,151. The 24-hour low and high are $63,529 and $66,451, respectively. Furthermore, the trading volume has increased by 37% in the last 24 hours.
Meanwhile, ETH price also reversed upside after dropping to a low of $3,446. The price currently changing hands at $3,514, down 2% in the last 24 hours. Also, the trading volume has increased by 15% in the last 24 hours, rasing speculation of a recovery in the crypto market.
Also Read: Shiba Inu Coin Burn Rate Spikes 530%, Will SHIB Price Rally?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
XRP Price Readying For $2? Whales Fuel Speculations Shifting 120M Coins
![](https://coin2049.io/wp-content/uploads/2024/06/XRP-Price-Recover-1.jpg)
The Ripple Labs-backed cryptocurrency, XRP, has again turned heads across the broader crypto market. On-chain data suggests whales have shuffled nearly 120 million coins in the past 24 hours, stirring speculations over the XRP’s future price movements.
Notably, a recent optimistic buzz surrounding the token is its potential to scale $2 ahead. The massive whale activity, emerging amid this highly optimistic buzz for the Ripple-backed coin, has captured global attention.
120M Coins Shuffled: What’s The Scoop?
According to data offered by Whale Alert on X, a total of 120.18 million XRP was shifted by whales over the past day. These transactions encompassed accumulations and dumps in hand.
Notably, the renowned XRP whale …Rzn collectively shifted 63.89 million coins to the CEXs Bitstamp and Bitso via two transactions. Meanwhile, two addresses, rhWj9gaovw and rfQ9EcLkU6, collectively accumulated 56.29 million XRP from Binance, one of the world’s leading cryptocurrency exchanges.
These transactions have sparked a range of market sentiments for the asset, particularly amid the anticipation of a potential $2 price target in the coming months. A recent report by CoinGape Media pointed out that market enthusiasts have joined the chorus of praise for an XRP bull run to $2 ahead, adding to the excitement.
Simultaneously, XRP traded in the green territory today, aligning with the broader crypto market movement.
Also Read: BlackRock Bitcoin ETF IBIT Sees Zero Inflows for Fifth Day But Here’s the Twist
XRP Price Springs
As of writing, XRP price noted gains worth 1.86% over the past day to trade at $0.4758. Its 24-hour lows and tops were $0.4657 and $0.477, respectively.
Coinglass data showed a 2.04% surge in XRP’s Futures OI to $594.38 million, aligning with its price upswing. However, the derivatives volume tanked by 7.60%, sparking contrasting sentiments among market participants.
Besides, the RSI moved along 40, hinting at broader neutrality with slight downside pressure.
Nonetheless, broader industry sentiments remain positive regarding long-term prospects for the token. Concerning this, a recent post by Bitrue ambassador Brett Hill on X claimed that the ‘XRP price in the next few months will surpass $2,’ further solidifying optimism around the token.
Also Read: Robert Kiyosaki Labels Bitcoin ETF ‘Fake’, Here’s Why
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Wall Street Embraces Altcoins with New Solana ETF: Pompliano
![](https://coin2049.io/wp-content/uploads/2024/06/Solana-coins2.webp.webp)
Anthony Pompliano hails VanEck‘s move to launch a spot Solana ETF, signaling a significant shift on Wall Street toward alternative cryptocurrencies. This proposal arrives shortly after the SEC’s nod to spot Bitcoin ETFs, suggesting a growing acceptance of digital assets beyond the traditional stalwarts.
Wall Street Grows Keen on Altcoins
As VanEck introduces its Solana Trust, Wall Street’s enthusiasm for cryptocurrencies is expanding. By offering direct exposure to Solana, the fund taps into the recent SEC approvals for similar Bitcoin (BTC) and spot Ethereum ETFs. The VanEck Solana Trust plans to value its shares daily based on prices from select trading platforms. Anthony Pompliano, a well-known figure in cryptocurrency circles, argues that this move exemplifies the broader acceptance of altcoins in major financial markets.
Despite the optimism, regulatory challenges remain a concern. Bloomberg’s ETF analyst James Seyffart cautions that while the filing has been made, the absence of a formal 19b-4 filing suggests a potential launch date by mid-March 2025. This timeline reflects the intricate dance between innovation and regulatory compliance, indicating that patience is required while the wheels are in motion.
The proposal has sparked a mix of reactions among industry experts. Anthony Pompliano views the ETF as proof that altcoins are becoming a staple on Wall Street, potentially making public markets more volatile and risky. This perspective aligns with a broader view that institutional interest in digital assets is diversifying beyond Bitcoin and Ethereum.
Contrarily, some voices in the industry express skepticism. For instance, a user known as @AlyseKilleen shared on social media that the sentiment toward altcoins might wane among NYC financial circles. She notes that ARK Invest’s shift from an Ethereum ETF could signify a broader reevaluation of the enthusiasm for altcoins. This divergence of views underscores the complex and evolving narratives surrounding cryptocurrency investments.
Solana Network Reaches $4 Billion Value Locked
The Solana (SOL) network currently boasts nearly $4 billion in total value locked. This robust activity, coupled with a similar scale in its stablecoins market cap, attracts a growing number of developers and projects. Such metrics highlight Solana’s strong position in the cryptocurrency landscape.
Further bolstering the credibility of altcoins, the US SEC recently announced that it would no longer pursue investigations into Ethereum for securities law violations. This development is likely to impact the regulatory environment for other cryptocurrencies, including Solana, suggesting a possible smoother path forward for similar initiatives.
Also Read: Wormhole Integrates World ID on Solana With New Grant
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Binance Revamps Fee Structure, Tightens VIP Broker Perks
![](https://coin2049.io/wp-content/uploads/2024/06/binance3.jpg)
Binance cryptocurrency exchange will revise its fee structure effective July 1. This marks a significant shift away from the favorable conditions previously offered to prime brokers, potentially redirecting traders directly to Binance’s platform.
Binance Revises Fee Structure for Prime Brokers
Under the new fee structure, Binance will adjust the privileges that prime brokers once enjoyed through the Link Plus program. This program previously allowed brokers to offer reduced trading fees based on aggregated trading volumes, thereby securing more attractive rates for their clients than based on individual trading volumes alone. This change aims to streamline trading fees, which could diminish the competitive edge brokers held and encourage traders to deal directly with Binance.
Furthermore, the modification in fee structure is expected to impact brokers like Bequant, which had integrated the favorable fee tiers into its business model. Now, these brokers might have to reassess their strategies as their ability to offer lower fees was a key component of their appeal to traders.
Also Read: TRON Founder Justin Sun Dumps 173M TRX To Binance, Price Dip Ahead
Firm Acts Against User Account Misuse
Additionally, the exchange has announced a series of measures intended to enhance the security and integrity of its trading platform. The firm has implemented new initiatives to thwart misuse and ensure compliance with its standards. These changes underscore Binance’s ongoing commitment to safeguard user transactions and maintain a secure trading environment.
The company has also taken action against specific exploitations where users have manipulated account features to gain undue advantages, such as superior fee rates or higher API limits. By closing these loopholes, the cryptocurrency exchange reinforces its dedication to fair and secure user trading conditions.
In line with its efforts to comply with global regulations, Binance has been actively securing necessary certifications and licenses. A notable step in this direction is the recent acquisition of the Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). Following this, Binance introduced procedures on June 26 for UAE residents to transition their accounts from the global Binance exchange to the Binance FZE exchange. This move aligns with regulatory requirements and localizes Binance’s services to meet specific regional standards.
Also Read: Bybit Sees Heavy Executive Restructuring Post Notcoin Saga: Report
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
-
Blockchain2 months ago
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Market2 weeks ago
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
Regulation2 months ago
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Regulation2 months ago
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Altcoin1 month ago
10 Years Old Dogecoin Stash Sale Leaves DOGE Owner With Million-Dollar Loss
-
Altcoin2 months ago
Bitcoin, ETH, XRP, SHIB Price To Rally After Israel-Hamas Ceasefire Declaration
-
Altcoin1 week ago
Vitalik Buterin Spotlights Innovative Idealist DApps in Web3
-
NFT2 weeks ago
New And Upcoming NFT Projects
✓ Share: