Category: Cryptocurrency

Cryptocurrency is digital money that works online. It lets people send and receive payments directly without banks. It runs on secure networks called blockchains, making it fast and global.

Bybit is fined $2.4 million by the Dutch Central Bank for a regulatory violation.

In brief

De Nederlandsche Bank (DNB) fined cryptocurrency exchange Bybit $2.4 million for operating in the Netherlands without requiring registration. The fine is an example of how anti-money laundering regulations are strictly enforced in order to prevent illegal financial activities in the bitcoin industry.

X (formerly Twitter) post about Dutch Central Bank

Bybit’s breach of Dutch legislation resulted in their punishment

De Nederlandsche Bank (DNB), the central bank of the Netherlands, fined Bybit €2.2 million ($2.4 million) for providing bitcoin services in the country without the necessary registration. The Anti-Money Laundering and Anti-Terrorist Financing Act requires cryptocurrency providers to register with the DNB in order to prevent illicit financial activity, and Bybit was fined on October 22 for breaking this law.

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In order to prevent illicit money transfers, registration is required

Bybit’s noncompliance, according to DNB, made it more difficult for the business to record odd transactions, which is a crucial legal requirement in the Netherlands. Given that “Bybit was unable to report unusual transactions to the Financial Intelligence Unit-Netherlands during the period of non-compliance,” DNB emphasized the dangers associated with the absence of regulatory control in the cryptocurrency sector.

Consideration of Severity and Mitigation Measures in Fine

The fine amount, according to the central bank, is indicative of the “severity, extent, and duration of Bybit’s non-compliance.” However, DNB pointed out that Bybit’s efforts to resolve the matter resulted in a minor reduction in the punishment, since the company moved its Dutch clients to SATOS B.V., a local partner that possesses the required registration to serve Dutch clients.

Bybit’s Response and Committed Adherence

In reaction to the penalties, Bybit reaffirmed its commitment to regulatory compliance and acknowledged DNB’s ruling. The firm stated in a news release that “remediation efforts were initiated in 2022 to minimize potential financial damage.” Bybit CEO Ben Zhou emphasized the company’s dedication to “responsible growth” within the EU regulatory framework, saying, “We remain committed to working closely with European regulators to build a responsible and transparent ecosystem.”

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Trump’s Lead Over Harris Narrows on Polymarket as Bitcoin Dips to $68,000

Summary

As Election Day draws closer, the contest between Donald Trump and Kamala Harris is getting closer, according to polymarket statistics. Harris’s odds have increased while Trump’s have decreased, indicating a change in the mood of the market. The reduction happens at the same time that Bitcoin falls to $68,000 due to market volatility.

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Trump Loses His Polymarket Lead

Donald Trump’s probabilities have decreased from 66.9% to 54%, according to Polymarket, a blockchain-based prediction tool, while Kamala Harris’s odds have increased from 33.5% to 46.1%. This indicates a rising mistrust of Trump’s hegemony as the November 5 election approaches.

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Harris Gains Momentum in Iowa Poll

The latest Des Moines Register/Mediacom poll reveals Harris leading Trump by three percentage points in Iowa, a significant swing from prior polls. According to pollster Ann Selzer, Harris now holds 47% of the likely voter support versus Trump’s 44%.

The Epstein Tapes Reappear

Recorded interviews with Jeffrey Epstein about his acquaintance with Trump are a new aspect in the election. As both campaigns step up their outreach, the rediscovered tapes might affect voters’ opinions.

The Crypto Positions of Candidates Vary

Trump has demonstrated his support for cryptocurrencies by taking donations in the form of cryptocurrency and endorsing laws that benefit digital assets. However, Harris has advocated for a more cautious approach, despite the backing of prominent crypto personalities like Chris Larsen, a co-founder of Ripple.

Bitcoin Dips Amid Political Uncertainty

The political environment’s volatility is mirrored in the crypto market, with Bitcoin dropping to $68,000. Ethereum has also declined, showing how investor sentiment may be affected by the ongoing presidential race.

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STAKING AI Unveils No-Cost Crypto Staking, Bringing Staking Opportunities to Everyone

Summary

STAKING AI just dropped a game-changer with its new Free Crypto Staking Plan. This lets everyone from newbies to crypto pros in on earning staking rewards without risks of pushing any cash down. This daily, zero deposit staking option will make crypto more accessible to normies and even to the ones that don’t know crypto.

STAKING AI, one of the big names in PoS infrastructure space announced the release of its brand new Free Crypto Staking Plan. This plan provides crypto users with a risk-free entry into the staking world, where zero deposits are made which means it allows users to earn without any upfront investment. This plan mostly enhances new players’ staking experience and it is also beneficial for seasoned crypto users.

In short, this free crypto plan offers daily staking opportunities that doesn’t require any deposits, this makes it an ideal choice for anyone new to staking. STAKING AI says this mission will help expand blockchain’s access through its secure infrastructure and unique staking solutions.

Users require to sign up with their respective email, username and optional referral code to start accessing STAKING AI’s staking network which covers major assets and various staking plans. With such simple sign up users can enjoy Crypto Staking without risks. The company’s top tier setup guarantees non-stop access, worldwide reach and full time node support.

The platform also gives non-custodial delegation services, which basically means users have full control over their staked assets throughout the staking process. Additionally they use high quality PoS networks managed by a big international teams who work round-the-clock ensuring platform’s security.

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Pakistan Offers Legislation to Acknowledge Digital Currency

Summary

In an effort to establish a central bank digital currency (CBDC), the State Bank of Pakistan (SBP) has suggested that digital currencies be officially recognized as legal money. The framework, if implemented, will drastically change the country’s position on cryptocurrencies by giving the SBP the ability to keep an eye on digital assets and punish unapproved issuers.

X (formerly Twitter) post regarding Pakistan’s legislation

A Novel Approach to Digital Currency Recognition

To enable digital currencies to be accepted as official forms of currency, the State Bank of Pakistan has proposed changes to the State Bank of Pakistan Act. Adoption of this idea would allow the SBP to issue digital currency, which would fundamentally change the country’s view of digital assets.

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Legal Cryptocurrency Tender Status

According to the suggestion, it would be lawful for Pakistan to accept digital currencies like Bitcoin as payment methods. In contrast to the SBP’s previous cautious approach to virtual assets, legal tender status allows these digital currencies to be used for debt payments, products, and services.

Penalties and SBP Oversight for Unauthorized Issuers

The proposed framework grants the SBP the power to regulate both digital and conventional currency and includes provisions for punishing unlicensed digital currency producers. The goal of this monitoring is to further solidify the SBP’s authority over the nation’s financial system by reducing the issuance of unregulated digital currency.

Modification of Policy Concerning Dual Nationals in Executive Roles

The plan would also let dual nationals to occupy key roles within the SBP, reversing previous restrictions. In keeping with this measure are the government’s broader economic reforms aimed at modernizing Pakistan’s banking sector and attracting more expertise.

A Step Toward Digital Finance Modernization

The shift in Pakistan’s approach to digital assets supports the government’s economic goals, including projected GDP growth of 2.5-3.5%. As global finance becomes increasingly digital, Pakistan aims to keep pace by updating its regulatory framework to support a digital financial landscape.

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Top AI Bot Truth Terminal Struggles to Go Live with Its Own Website

Summary

Crypto influencers hype up AI bots whenever they get their chance and rightfully so because AI bots and AI managed funds are no doubt incredible advancement in artificial intelligence but these bots still require humans for performing basic tasks. The most popular AI agent Truth Terminal has faced same problem as this incredibly intelligent AI couldn’t even set up a website without human intervention.

AI is being more and more mainstream everyday and consequently talks about AI agents buzz over the internet every now and then. Crypto influencers and big investors praise these bots whenever they get the chance. Among these AI agents, one of the most popular ones is Truth Terminal, known profoundly for being the first AI millionaire. This powerful AI bot couldn’t make its own website live without any helps from humans, this proved AI bots are not fully independent and actually need human intervention.

According to Andy Ayrey, the programmer behind Terminal of Truths, the bot could not create its own website and so Terminal of Truths created a website and also co-registered a domain name for memecoin Goatseus Maximus (GOAT). Although there is no proof, it is said that the bot actually tried to register a domain name for the GOAT website via GoDaddy using Ayrey’s 2-factor authentication procedures but, not only did these actions require human involvement to enable this in the first place, it also needed a person to fix a DNS issue at GoDaddy.

To make events even worse, Andy’s X account got hacked and he apparently managed to steal Terminal of Truths’ website and used that to steal from innocent victims who believed blindly on the hacker thinking its the bot’s marketing strategy.

In the end, the hype for AI bots and their supposed independence is not as bright as we thought. However, with so many questionable claims surrounding this bot, some people are convinced the whole story might just be a hoax.

Polkadot’s 300% Surge Prediction Grabs Attention, But CYBRO’s AI Edge Dominates the Market Buzz

Summary

Polkadot making it big with a potential 3x gain on the horizon but CYBRO’s AI game is putting it in the spotlight. The hype is real as both sides battle it out for the top spot. Its got everyone wondering: who is going to dethrone other? This showdown might shake up the entire crypto scene and its interesting to see who wins.

CYBRO

CYBRO is changing the landscape of DeFi by utilizing the power of artificial intelligence to maximize their earning potential on the Blast Blockchain. Even in its early stage it crossed a staggering $3 million mark in its presale. CYBRO token has cemented itself as the power platform in the crypto scene and is poised to become indispensable in the crypto world. Considering its current undervaluation, expert believe this token has 1200% growth potential, making it a must have for savvy investors.

Polkadot (DOT)

The side is not so bright on Polkadot as it has been in a slump for the past 6 month which led to its drop by over 42%. It is currently trading in the price ranging from $3.77 to $4.55 and its scarily close to its support level at $3.41. Indicators are hinting this is all due to overselling of the token. The RSI is sitting at 43.53, and the Stochastic at 22.68, which could mean it’s hitting bottom soon.

But even though this seems hopeless, the 10-day and 100-day moving averages are nearly the same at $4.17 and $4.14 which means that its stable and the MACD indicator is only slightly negative which means that even though the momentum is weak there is a chance for comeback.

Therefore, Polkadot (DOT) might be eyeing a 300% boost, but CYBRO’s got the edge with its AI-driven DeFi platform on the Blast blockchain. The showdown has already begun and investors are watching closely on both sides, its interesting to see where this will go.

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Solana Breaks Records Across the Board – Is SOL About to Skyrocket?

Summary

Solana is absolutely booming right now, hitting some major heights that are getting investors all pumped up. With such insane improvements in how fast it handles transactions and a serious boost in active users, Solana is popping off like a rocket. This momentum could mean big things for SOL itself, pointing towards some serious gain if this keeps up.

Solana, a high-performance blockchain platform designed to support dApps (Decentralized apps) and crypto projects at lighting speed has recently made it to impressive heights across various metrics, sparking enthusiasm among investors. The networks’ improvement is most seen in transaction speed and user adoption. These indicate a strong growing trajectory and it only suggests upward momentum in the future. This rise is also setting a stage for rise of Solana’s native token SOL.

During the last week of October, Solana (SOL) started getting massive gains, increasing by almost 8.07%. Its price rose as high as $181.04 during that time but this momentum shifted downwards as by October 26 its price reached $160, despite bitcoins effort to push altcoins similar to Solana. As the time of writing, trading volume for Solana has jumped by 38% in the past 24 hour, reaching $3.89 billion. With a circulating supply of 470 Million SOL and a market cap of almost  $81,149,286,215, SOL is comfortably placed at number 5 in the crypto market.

Forexeko by Avenix Fzco: Revolutionizing Forex with AI-Powered Strategies for the Modern Era

Summary

Avenix Fzco just dropped a major bomb in forex game. Introducing Forexeko, their new Expert Advisor that is ready to shake up XAUUSD trading on MetaTrader 4. Especially designed for its M30 timeframe, this new EA introduces a whole new level of AI strategies to the table, ultimately making trading gold feel like a power move in the fast lane.

Avenix Fzco is a company that has its primary focus on developing technology- driven solutions for the financial and forex trading markets. They are known for their tools like Expert Advisors (EAs) and other AI – powered applications that help traders to fully automate their strategies and provide them with optimized trading decisions. The algorithms used by their AI also help a lot in crypto trading, meaning its possible for Avenix Fzco to expand itself into crypto trading in the future. Many financial techs already predict its crossover with crypto market in order to make forex and crypto trading easier.

They revealed their new EA, Forexeko recently and its getting positive reviews from all sides. It is developed especially for trading gold (XAUUSD) on the MetaTrader 4 platform. It is a type of trading software that that uses algorithms and AI-driven strategies to automatically analyze the market and make trades for users. It is designed for M30 timeframe which basically means it targets a 30 minute trading interval. This timeframe will offer a balanced approach between rapid trade execution and in depth market analysis.

Forexeko has also undergone intense testing and rigorous optimization. Therefore, the release of Forexeko is looking for a change in the trading industry as a whole.

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Ellipsis Labs Gets $21M to Create a Blockchain Atlas with a Finance Focus

SUMMARY

The decentralized exchange Phoenix on Solana was developed by Ellipsis Labs, which has raised $21 million in a fundraising round headed by Haun Ventures. The money will go toward building Atlas, a new blockchain that will facilitate safe, effective financial applications. The goal of Atlas, which was developed with support for Solana Virtual Machines and Ethereum’s Layer-2 settlement, is to lay the foundation for the next wave of decentralized banking by combining fast transactions with strong security.

Funding to Advance Blockchain Capabilities

Ellipsis Labs, known for its decentralized exchange platform Phoenix on Solana, has secured $21 million in a recent funding round. Key investors like Electric Capital and Paradigm contributed to this round, which was led by Haun Ventures. The development of Atlas, a blockchain tailored to meet the unique requirements of financial applications, will be fueled by this financing.

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Atlas: A Blockchain with Financial Focus

Atlas is engineered as a finance-focused blockchain, optimized for applications requiring efficient transaction processing, low costs, and timely data updates. Launched in September 2024, Atlas aims to enhance the functionality of on-chain finance and attract mainstream users by providing essential tools for decentralized financial applications.

Solana Compatibility with Ethereum’s Security

Atlas integrates Solana Virtual Machine compatibility, allowing Solana-based apps to function on its platform. As a Layer-2 solution on Ethereum, Atlas gains access to Ethereum’s settlement layer security as well. With this combination, Solana’s speed and Ethereum’s dependability are intended to be perfect for financial transactions.

Proven Success with Phoenix on Solana

Ellipsis Labs made a significant impact with Phoenix, an on-chain orderbook that has contributed to the growth of Solana’s decentralized finance (DeFi) ecosystem. Based on this achievement, Atlas puts Ellipsis Labs in a position to grow its role in DeFi and attract both individual users and institutions. The financing round demonstrates the investors’ faith in the company’s prospects.

Steady Support from Top Blockchain Investors

The $21 million round adds to Ellipsis Labs’ previous investments, with backers like Paradigm, which led a $20 million Series A in April 2024, and Electric Capital, which led a $3.3 million seed round in 2023. Strong faith in the potential of Ellipsis Labs’ Atlas vision is shown in the continued interest from investors.

Paving the Future for On-Chain Finance

Ellipsis Labs envisions Atlas as a catalyst for redefining blockchain-based financial services by offering an efficient platform for decentralized applications. The latest funding will support this vision, addressing issues around performance and accessibility that have limited blockchain finance.

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CryptoQuant CEO Predicts Bitcoin Will Become a Currency by 2030

Summary

CryptoQuant CEO Ki Young Ju believes Bitcoin will become considerably stable and less volatile by the next halving event in 2028, making the way for mass adoption. He also states the growing difficulty of Bitcoin mining and large institutional involvement may reach a point in future where Bitcoin will be used as a currency, he predicts this to happen by 2030.

Rising Mining Difficulty: A Positive Sign

The difficulty of mining Bitcoin has skyrocketed by 378% over the past three years, according to the data provided by CryptoQuant. Ki Young Ju, A CEO said that this surge is due to entry of large scale mining companies, backed by institutional investors.While this has made things difficult for small miners to compete but he views this as a positive development, suggesting it will lead to something greater providing stability in Bitcoin ecosystem.

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Institutional Influence in Bitcoin Mining

This institutional power is being driven by significant Bitcoin mining firms like Riot Platforms, Marathon Digital, and CleanSpark. In order to help pro-crypto candidates, these businesses recently established a political action committee and started a $2 million digital advertising campaign in strategic states. The crypto mining company TeraWulf also revealed plans to raise $350 million to fund its operations, underscoring the expanding significance of institutional investors in the Bitcoin market.

Bitcoin as Currency by 2030

Ju thinks that Bitcoin will be sufficiently developed to function as a low-volatility currency by the time of the 2028 halving event. He highlights that Bitcoin was initially intended to be “peer-to-peer electronic cash,” not merely a store of value, as Satoshi Nakamoto had intended. Ju believes that by 2030, stablecoins and more regulation will allow Bitcoin to play this role.

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