Coinone updates its mobile app to provide better UX for crypto investors

In a recent report, Singaporean digital asset financial services firm Matrixport has made a bold forecast regarding the future of bitcoin prices and the potential rejection of spot bitcoin ETFs by the Securities and Exchange Commission (SEC) in the United States.Photo by André François McKenzie on UnsplashMinority viewWhile most ETF and crypto industry analysts in recent weeks have been suggesting a greater than 90% chance of the imminent approval of a spot bitcoin ETF coming from the SEC, Matrixport has had its say, speculating that the regulator will once again reject all such applications. In a note published to its website on Wednesday, the firm stated:”The current five-person voting Commissioners leadership critical for the ETF approval of the SEC is dominated by Democrats. SEC Chair Gensler is not embracing crypto in the U.S., and it might even be a very long shot to expect that he would vote to approve bitcoin spot ETFs.” The report emphasizes the dominant influence of Democratic leadership within the SEC, particularly Chairman Gary Gensler's cautious approach to crypto regulation. The Democrat-led administration in the United States has been decidedly anti-crypto in its policies throughout the ongoing term of U.S. President Joe Biden. Matrixport also suggests a potential delay in ETF approvals until Q2 2024, dampening hopes of an imminent market boost. Potential bitcoin price slumpShould the company be right in that speculation, it extrapolates that this turn of events will potentially lead to a substantial decline in bitcoin's value, with the bitcoin unit price possibly dropping to as low as $36,000. This revelation has sent shock waves through the market, prompting Matrixport to advise investors to take protective measures. The recommended strategies include purchasing put options or engaging in direct shorting of bitcoin to mitigate potential losses. With an ominous Jan. 5, 2024 deadline looming, traders could decide to hedge their long exposure by purchasing $40,000 strike put options expiring at the end of January or opting for outright short positions through options. Matrixport's report challenges the previously optimistic expectations surrounding bitcoin's future, highlighting the SEC's likely rejection of spot ETFs as a significant factor. Despite the platform's earlier bullish stance, it now expresses skepticism about the SEC's willingness to embrace cryptocurrencies. The firm contends that the current influx of funds into crypto, driven by expectations of ETF approval, could result in significant liquidations if the SEC denies the proposals. The report estimates that about $10 billion of the $14 billion additional investments might be linked to optimistic ETF prospects. Notably, Matrixport foresees a rapid 20% decline in bitcoin's price, reverting to a range of around $36,000 to $38,000 should the SEC reject the ETFs. Positive long-term outlookDespite the potential setback with the SEC, Matrixport maintains a positive long-term outlook for bitcoin, expecting the BTC price to end 2024 above the $42,000 mark, where it started the year. The analysis also considers historical trends in U.S. election years and bitcoin mining cycles for the potential rally. At the time of writing, the bitcoin unit price is down 4.75% over the course of the past 24 hours, now standing at $42,838. Investors are closely monitoring the upcoming SEC decision and may well be heeding Matrixport's advice to navigate potential market volatility.  

Worldcoin, the startup co-founded by OpenAI CEO Sam Altman, has encountered setbacks in its eye-scanning initiatives just six months after its international expansion. A recent report by TechCrunch indicates that the company’s signature orb eye-scanner is no longer available to users in the Indian market. According to that report, the Worldcoin Foundation clarified that its activities have also been suspended in France and Brazil. The company clarified that its offerings in those markets were only intended to be limited-time product previews as opposed to long-term roll-outs.Photo by Big G Media on UnsplashTemporary service haltIn India, the World App is experiencing widespread adoption, but the orb-verified proof of personhood services has been temporarily halted. The pause aims to allow the protocol to develop and implement a bespoke, safe and orderly process to meet the growing demand. The setback comes after Tools for Humanity, the organization behind Worldcoin, announced the expansion of World ID, its digital identity program linked to iris scans, in July. The startup had ambitious plans, intending to make 1,500 orbs available in over 35 cities globally. Recently, the company unveiled a program offering $5 million in grants to developers utilizing its eye-scanning technology. Regulatory investigationsSam Altman and his co-founders established Worldcoin in 2020 to help individuals prove their digital identity amidst the rise of AI. Over the years, Worldcoin has secured $250 million in funding from notable venture capitalists, including Andreessen Horowitz. However, the startup has faced regulatory challenges, including investigations by French and German regulators and an Argentinian government agency. Altman, himself, has navigated recent challenges. In November, the OpenAI board temporarily removed him as CEO, reinstating him two weeks later. More recently, Fortune reported that Altman quietly received $75 million from the University of Michigan for a new venture capital fund, raising questions about transparency, particularly following the launch of OpenAI’s signature product, ChatGPT. Asian tourIn recent weeks, the project development team behind Worldcoin had engaged in a tour of Asia. The objective of that mission was to gather market feedback prior to engaging in greater efforts to expand the reach of its World ID verification system within the region. To gauge market receptiveness to its product offering, the tour included meetups in major Asian cities such as Hong Kong, Seoul, Singapore and Tokyo. Up until mid-November, the Asian region accounted for 1.4 million World App sign-ups.The introduction of World ID 2.0 by the company on Dec. 13 led to a surge in the price of WLD. Over the course of the 48 hours that followed, it jumped from $2.47 to $4.23, a 71% increase. At the time of writing, the token unit price stood at $3.66. As Worldcoin navigates these challenges, the cryptocurrency industry will closely monitor developments, recognizing the broader implications for the startup’s innovative approach to digital identity verification.

The Dubai Financial Services Authority (DFSA), the financial regulatory agency of the Dubai International Financial Center (DIFC), a special economic zone, has approved two stablecoins under its crypto regulatory framework. The two stablecoins, USD Coin (USDC) and EURC, are both issued by blockchain-focused financial services firm Circle. While USDC is a U.S. dollar-backed stablecoin, EURC is a euro-backed stablecoin. In a press release published on the Circle website on Feb. 24, the company announced details regarding the approval. The stablecoins are the first to be recognized and approved by the DFSA.Photo by Christoph Schulz on UnsplashStablecoin integrationThe development means that firms based in the DIFC are now free to integrate either stablecoin into digital asset applications and products focused on areas such as payments and treasury management. A number of Circle executives took to social media to comment on the development. Circle Co-founder and CEO Jeremy Allaire outlined on X that the approval means that financial institutions in Dubai “are now able to transact in markets with USDC and EURC.” In legally recognizing the two stablecoins, Allaire pointed out that the DFSA had joined regulators in the European Union (EU) and Canada.  Last Summer, Allaire announced that Circle’s stablecoins complied with the EU’s Markets in Crypto Assets (MiCA) regulation. In December, Circle became the first stablecoin issuer to meet Canadian listing regulations. Dante Disparte, Circle’s chief strategy officer and head of global policy, pointed out that a trend is emerging requiring the pre-clearing of stablecoins prior to them entering into circulation or gaining regulatory approval. “In always-on finance, reciprocity is key,” he added.  Meanwhile, the firm’s EU Strategy & Policy Director, Patrick Hansen, underscored the significance of the approval. Hansen pointed to the fact that the DIFC is home to 6,000 registered entities, including 800 authorized financial firms. An ‘edge’ over TetherEugene Cheung, Chief Institutional Business Officer at Hong Kong-based digital asset platform OSL, said that the approval was “massive for institutional adoption,” while giving Circle an “edge” over Tether within the $157 billion stablecoin market. While Circle has always taken a regulatory-compliant approach, competitor Tether has struggled with compliance. In Europe, 10 companies have been approved to issue stablecoins under MiCA regulations, but Tether is not among them. This has led to a number of exchanges delisting Tether’s USDT in Europe. The DIFC was first established in 2004. The economic free-zone caters to firms operating within the Middle East, South Asian and African regions. The number of businesses registered within the free zone has increased by 25% since 2023. In November 2022, the DIFC recognized Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). The following year, it added Toncoin (TON) and Ripple’s XRP, together with ZETA, the native token of the ZetaChain network. In 2024, the DFSA amended its crypto regulations to allow foreign funds to invest in recognized crypto tokens, while enabling domestic qualified investor funds to invest in unrecognized tokens.Although the regulatory approach taken by the authorities in Dubai accommodates stablecoins, algorithmic stablecoins are prohibited.