Tag: Trading

Hong Kong Poised to Launch Bitcoin ETFs Amid Rising Crypto Interest

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In a move that has the potential to spark a new wave of cryptocurrency investment, Hong Kong has just opened its doors to applications for Bitcoin exchange-traded funds (ETFs). Even in light of China’s prohibitions on cryptocurrency, industry professionals in the gaming and cryptocurrency sectors predict approval as early as the end of June.

The Hong Kong Monetary Authority and the Securities and Futures Commission both announced in December that they will be considering applications for spot cryptocurrency exchange-traded funds. If approved, these new ETFs would provide Hong Kong’s retail investors with a new way to engage with crypto assets.

Appropriation, according to experts, would occur before the end of June, which is when crypto spot ETNs would be introduced on the London Stock Exchange. The total effect would be limited, however, since these London-based securities would only be accessible to institutional investors.

Interestingly, the gaming and crypto communities may soon have access to more thrilling investment alternatives in the ever-changing cryptocurrency market if Hong Kong decides to start accepting spot Bitcoin ETFs.

The Obstacles

There are a few distinctive obstacles that Hong Kong spot Bitcoin ETFs must overcome, notwithstanding the advantages. At the end of the first quarter of 2023, the average daily trading volume in the United States was $166 billion, but in Asia it was just $20 billion, highlighting the fact that ETFs are a young market in the area.

Moreover, the Chinese government’s public security agency has been expanding its crackdown on cryptocurrency scams and money laundering groups. This persistent hostility to cryptocurrency might be another obstacle in the way of the licensing of exchange-traded funds in Hong Kong.

Anyone predicting a cryptocurrency market surge would undoubtedly hear people drawing parallels to the tulip bubble, the first known speculative bubble, which occurred in the late 17th century and was characterized by a dramatic increase in the price of flowers followed by a precipitous decline. Interestingly, tulip forwards contracts had more dramatic price swings than the spot price. Having spot Bitcoin ETFs accessible makes the tulip analogy less relevant if anything.

Due to the digital token’s 50% gain so far in 2024, which has outperformed other major assets, Bitcoin ETFs will further polarize opinions on cryptocurrencies. New digital services are popping up at a dizzying rate, making it unlikely that anybody will have a chance to take a deep breath and contemplate.

Coco’s Unique Crypto Casino Breaks New Ground in the World of Online Gambling

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Cryptocurrency is an ever-evolving industry where cutting-edge platforms are continually pushing boundaries. Coco, one of the newest crypto casinos, has taken the industry by storm, processing $36 million in transactions in its first 12 hours of operation. This success may be credited to the platform’s one-of-a-kind services, one of which is a native token known as COCO. Since it was first listed, the price of COCO has skyrocketed by more than 1,200%, making it one of the most successful cryptocurrencies in history.

As the cryptocurrency market as a whole struggles with lackluster volatility, investors have been on the lookout for new profit opportunities. To meet this demand, Coco’s casino has integrated the Ethereum blockchain to provide a spectacular on-chain betting experience.

Great Defining Offerings

One of its features is a slot machine that was modeled after Milady NFTs, and it also has a machine that is devoted to two popular meme coins: pepe (PEPE) and dogecoin (DOGE).

Coco takes pride in being able to demonstrate that it is a “provably fair” casino, which differentiates it from other casinos in the industry. Using the extremely secure SHA256 method, each game generates a seed and transmits its hash. Players may be confident that their funds will be handled honestly and securely since the platform generates a new seed before each game to verify the authenticity of all transactions.

Another Fad or A Truly Disruptive Force

There is no denying the effect Coco’s introduction has had on the industry. Data from etherscan shows that in only the first 12 hours after becoming up, the casino processed transactions totaling $36 million. Moreover, the original listing price of the COCO native token was less than $0.007; nevertheless, it has since surged to 8 cents, which has resulted in an amazing market capitalization of $8.8 million.

Not only has Coco gained attention, but there are other crypto casinos as well. Real hamster races on the blockchain platform Hamsters.gg have also attracted the interest of the cryptocurrency trading community. Bets on the platform are accepted in Binance’s own currency, BUSD, which is tied to the US dollar, and may be placed using Ethereum or BNB Chain tokens.

It is no surprise that as Bitcoin and Ethereum grow in popularity, more and more gaming sites are beginning to support these virtual currencies. Still, the new cats in the sector are definitely demanding attention as well.

Gemini Looking to Revolutionize the Crypto Derivatives Platform for Traders Worldwide

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US-based bitcoin exchange Gemini has established a new department called Gemini Foundation. This platform will change the game by facilitating international participation in the spot and derivatives markets. The first product to be offered on the platform will be a Bitcoin perpetual contract with the value expressed in GUSD, which is Gemini’s stablecoin tied to the US dollar. Shortly after that, it is anticipated that Gemini will provide an Ethereum perpetual contract.

The Gemini Foundation offers its qualified customers a once-in-a-lifetime chance to leverage their cryptocurrency holdings to speculate on the price of an underlying asset without owning it. This ground-breaking idea gives cryptocurrency traders more leeway to adapt quickly to market shifts, making it easier for them to make money.

For a start, the platform will be accessible to customers in Singapore, Hong Kong, India, Israel, and Thailand, as well as several other countries in Central and South America and Asia. Traders in these areas have access to both the spot market and the futures market, expanding their potential for profit.

Dealing With Regulatory Hurdles

Gemini’s intention to launch its cryptocurrency derivatives platform in jurisdictions outside the United States is noteworthy given the regulatory hurdles faced by centralized cryptocurrency firms in the country. Following disasters like the FTX implosion and the TerraUSD collapse in 2022, the Securities and Exchange Commission (SEC) has filed regulatory charges against several cryptocurrency firms. The fact remains, however, that many centralized U.S. crypto businesses have had a rough few months.

In response, Gemini has announced its intention to relocate its engineering hub and developers to India, where the evolving crypto environment in South Asia is fostering a supportive atmosphere for cryptocurrency innovations. This is a significant move for the crypto industry, as it demonstrates that countries outside the US are becoming more receptive to crypto.

Implications for Crypto Gamers

An intriguing new option has opened for crypto gamblers and investors with the opening of the Gemini Foundation’s crypto derivatives platform outside the United States. Users that qualify are given the opportunity to trade in the spot market as well as derivatives markets via the platform. This gives them exposure to the price of the underlying asset without actually needing to own it. This allows them to speculate on the price of their preferred cryptocurrency without worrying about keeping or moving around any physical tokens.

Addiction Specialists Point Out Dangers of Crypto Trading

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Young males trading bitcoin have begun to seek therapy for symptoms linked with problem gambling, according to gambling addiction advocates. Four or five males, most of them young, have reported a lack of control over their crypto trading in the last two years.

Now, is it possible to become hooked on cryptocurrency trading? Well, the concept is divisive, but it is certainly not out of the realm of possibility. That is especially in the lucrative addiction-treatment market which has been growing as gambling and related industries expand across the globe.

Crypto, of all things, has made its way to rehabilitation facilities. Services related to trading addiction now include a $90,000-per-week facility. If that seems to be too pricey there are also alternatives like the comparatively low-cost teletherapies.

A very small percentage of people who experiment with technologies like Bitcoin will ever run into issues. That might make taking addiction seriously a bit of a hassle. Moreover, the exact clinical terminology is also a still point of contention.

Special Scientific Attention

As niche as it may seem, addiction to crypto trading is getting quite a bit of attention from many activists and mental health specialists. A rising number of experts are looking into the world of cryptocurrencies. In their guidelines, they have marked them as a potential source of problems, like gambling but perhaps more devious in some ways.

Our brains have an insatiable need for money. The high from certain drugs and the joy of purchasing a lucrative piece of crypto are both governed by the same reward circuits. In fact, an extended variant of one cerebral receptor, dopamine receptor No. 4, has even been linked to a proclivity for financial risk-taking, according to studies.

To make it even worse, many established digital currencies have taken on the appearance of respectable investments, notwithstanding the lunacy that may exist in the realm of cryptocurrency. As such, many individuals can justify speculative wagers that are often nothing more than a gamble. Furthermore, crypto-trading takes place around the world, 24 hours a day, 7 days a week, and is accessible to lots of people through computers and even mobile devices.

“Excessive crypto trading and high-risk stock trading could be forms of gambling and lead to gambling disorder.”

– Lia Nower, director of the Center for Gambling Studies at Rutgers University –

It will be very interesting to see where all the studies and efforts to rationalize crypto lead. The sector is growing rapidly and any kind of checks and balances that make it safer for everyone will certainly be well-appreciated.