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Huobi Empowers HT Ecosystem With 1.95M Token Burn In Q2 2023

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Huobi, the renowned cryptocurrency exchange, has recently announced its burning of a staggering 1,950,555 Huobi Tokens (HT) during the second quarter of 2023. This development comes as part of Huobi’s commitment to enhancing the value and sustainability of HT. 

By burning 20% of its revenue, which amounted to approximately $26.91 million in Q2, Huobi aims to reduce the circulating supply of HT and strengthen its market position.

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As of July 15, 2023, the exchange has burned an impressive 298,940,224 HT. The circulating deflation rate for the quarter was calculated at 0.9066%, demonstrating the impact of the burning mechanism. The current circulating supply of HT stands at 159,153,756 HT, derived from the existing supply of 201,050,000 HT.

In a significant announcement, the exchange has revealed its plans to upgrade the HT burning mechanism. In response to community feedback and to align with industry norms, it will transition from monthly to quarterly burning. 

Huobi’s Commitment To Transparency & Improvement

This change increases transparency and allows for a more comprehensive disclosure of HT burn data. Going forward, the burn figures for each quarter will be released on the 15th of the first month of the subsequent quarter.

The HT burning mechanism allocates 20% of the exchange’s revenue toward the burning process. Its revenue comprises trading fees from various platforms, interest on loans, withdrawal fees, and revenue from different products and services. By transitioning to quarterly burns, Huobi aims to improve the transparency and effectiveness of the process.

Huobi has been making waves beyond its burning mechanism as well. The exchange has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), an organization focused on bolstering security risk management and establishing Hong Kong as a leading hub for virtual assets and digital finance. 

Additionally, the exchange has partnered with Gala Games, intending to collaborate on Web3 development and integrate with the Gala layer-1 blockchain.

Nevertheless, as the exchange continues to innovate and adapt, it acknowledges the vital role played by its community. By actively engaging with users and embracing industry best practices, Huobi remains committed to building a stronger and more prosperous future for HT. 

With the unwavering support and contributions of its community members, Huobi aims to solidify its position as a top-tier cryptocurrency exchange.

Related Reading | Bitcoin’s Resilience In Action: Bulls Record The Highest “Buy” Level At $30.2K

XRP’s Triumph: Possible Turning Point for the Bear Market in Cryptocurrencies

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2022 presented formidable challenges for the cryptocurrency industry(XRP), with the entire market enduring a prolonged period of bearish conditions. Despite some signs of recovery this year, the bearish sentiment continued to prevail. Nevertheless, recent developments, particularly those occurring in the past few months and notably this week, have instilled a growing belief that the bear market could be reaching its conclusion.

The Bear’s Retreat: Key Reasons

  • XRP’s Victory
    Ripple was involved in a lengthy legal battle with the Securities and Exchange Commission (SEC) regarding the classification of XRP. The SEC aimed to classify XRP as a security rather than a cryptocurrency. However, a pivotal moment arose when Judge Analisa Torres ruled in favor of Ripple, determining that XRP should not be considered a security. This triumph not only weakens the SEC’s authority to categorize all tokens as securities but also undermines their case for classifying the token most likely to be deemed a security.
    According to Greg Moritz, the COO of Alt-Tab Capital, if centralized crypto projects are not considered securities, it could lead to the Commodity Futures Trading Commission (CFTC) becoming the primary regulator for the industry. This shift in regulatory dynamics is generally favored by the crypto community. The evolving regulatory landscape holds promising prospects for the industry’s future.
  • Macroeconomic Shifts
    Arthur Cheong, the founder of DeFiance Capital, suggests that the most challenging phase of macroeconomic tightening has already passed. He points out that the Consumer Price Index (CPI) is on a decline, and interest rates have turned positive. Just recently, the U.S. inflation rate dropped to 3%. This development has increased the likelihood of witnessing rate cuts in the market within the next year. Typically, when inflation rises, various asset classes, including cryptocurrencies, tend to experience a decline. Despite Bitcoin being promoted as an inflation hedge, it has proven to be more of an asset that is resistant to the effects of inflation rather than fully immune to them.

XRP’s Rising Institutional Engagement

The recent upsurge of interest in spot Bitcoin ETFs provides supporting evidence for the aforementioned statement. The submission of a Bitcoin ETF application by BlackRock demonstrates the continued acceptance of cryptocurrencies as a recognized asset class among institutional investors. Additionally, XRP’s recent legal victory adds to this growing trend. Concerns over token classification as securities and trading on unregistered security token exchanges have previously deterred many prominent hedge funds from fully participating in the crypto market. However, the evolving dynamics of the market have the potential to attract greater institutional interest.

Cheong emphasizes that a substantial number of market participants, often referred to as “tourists,” who lacked long-term commitment or intent to hold tokens or remain active in the market, have already been eliminated. The bear market experienced in 2022 played a role in filtering out many of these tourists. Consequently, current token holders are less likely to engage in near-term selling activities.

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XRP's Triumph: Possible Turning Point for the Bear Market in Cryptocurrencies 3

Hong Kong recently took a significant step towards embracing cryptocurrencies by allowing retail traders to actively participate in the trading of digital assets. This strategic decision was made with the goal of reshaping the region as a leading hub for digital assets. Additionally, this move opens up substantial possibilities for financial institutions in Asia to enter the crypto market through legitimate channels, presenting them with new avenues for involvement.

Crypto Industry’s Resilience Shines: Merkle Science CEO Affirms US Commitment

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Merkle Science CEO, Mriganka Pattnaik, has expressed a “contrarian” viewpoint, asserting that crypto companies will not disappear from the United States in the near future. Despite prevailing narratives suggesting otherwise, the United States will continue to retain its appeal as a prominent digital currency hub, as stated by the CEO of blockchain analytics firm, Merkle Science.

In recent months, numerous regulatory measures targeting digital currency firms in the United States have prompted many top executives in the industry to explore other options.

Nevertheless, according to Mriganka Pattnaik, co-founder and CEO of Merkle Science, he believes that crypto activities will persist in the country, at least for the medium term.

According to Pattnaik, although regions like India, China, and the United Arab Emirates have robust consumer markets, the United States possesses a significantly higher level of innovation and a more extensive talent pool.

Pattnaik also highlighted the overall market dynamics of the American economy, particularly the clarity surrounding taxation, as the primary reasons why digital currency companies are likely to choose to maintain the majority of their operations in the United States.

The recent actions taken by U.S. regulators, particularly the Securities and Exchange Commission’s actions against crypto firms, have contributed to a narrative of offshore relocation for innovation. Following the collapse of FTX, Coinbase CEO Brian Armstrong attributed the migration of “95% of trading activity” away from U.S. soil to ambiguous regulations.

On April 18, Armstrong made public that Coinbase could potentially move its headquarters to the United Kingdom. Pattnaik acknowledged that the recent actions taken by the government regarding policies and enforcement actions against Coinbase and Binance have indeed been severe. However, he believes that this response has been an exaggerated reaction to the events involving FTX.

He further expressed his belief that with time, the situation will become more balanced, and there will be greater clarity in the United States regarding the regulatory landscape for crypto firms.

As expected, not everyone shares Pattnaik’s perspective.

During an interview, Alex Chehade, the general manager of Binance Dubai, expressed a different viewpoint. He stated that all major crypto companies, especially those based in the United States, are in dire need of clear and consistent regulatory measures.

Crypto Continues To make Waves

Earlier this year, Brad Garlinghouse, the CEO of Ripple, stated that the crypto industry had already begun shifting its operations outside of the United States. He argued that the U.S. regulatory approach had fallen behind other crypto-friendly regions such as Singapore, the UAE, and Switzerland.

On March 20, it was revealed that over 80 companies from various parts of the world had applied for a crypto services license in Hong Kong, as the region made renewed efforts to establish itself as a leading hub for Web3.

Several months later, on June 1, Gemini, a cryptocurrency exchange owned by the Winklevoss twins, announced its intention to pursue a crypto services license in the United Arab Emirates. Cameron and Tyler Winklevoss cited “hostility and a lack of clarity” regarding crypto regulation in the U.S. as the driving factor behind their decision to make the move.

The Countdown Begins: Shibarium’s Launch Sparks Speculation & Excitement

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Shiba Inu’s lead developer, Shytoshi Kusama, has ignited excitement and speculation within the community by commenting on the planned strategy and launch date for Shibarium. 

Kusama, known by his pseudonym, emphasized the importance of adhering to the predetermined strategy and timeline during a recent Telegram group chat.

When asked about the possibility of changes to the launch date or plan, Kusama confidently replied, “It doesn’t matter; everything is already set. I can’t change the date or plan. It’s called a launch strategy.” 

Lucie, the content marketer, shared Kusama’s statement on Twitter, generating significant interest and indicating that the Shibarium launch was drawing near.

The tweet gained rapid traction, with Old Horse, an NFT artist affiliated with Shibarium, praising the team’s strategic approach to the launch. The timing and execution were deemed crucial for the project’s success.

In another Telegram group chat conversation, a participant named Mark suggested that Shibarium would launch at ETHToronto on the 13th. Kusama playfully agreed with this prediction, stating, “Mark his words.”

Speculation began to mount on Twitter, with users contemplating the possibility of a launch event at a predetermined venue to witness the historic event. 

One Shiba Inu enthusiast brought up Kusama’s previous statement, which mentioned a two to four months launch timeframe. Notably, July 11 would mark the four-month milestone since the beta release, leading to expectations for a realistic launch date.

However, as discussions unfolded, several commenters sought clarification on whether the launch would occur on July 4. The Crypto Basic reported that Redhill Group CEO and Shiba Inu community member Austin Hilton predicted a mid-August launch for the project.

Two weeks ago, Kusama had already disclosed that the project launch was imminent, adding to the growing anticipation within the community.

Tangem X SHIB Wallet Delivery Update

In other news, Tangem provided an update on the delivery of Tangem X SHIB wallets. The first batch was en route to their Hong Kong warehouse, with an estimated delivery start date of July 24. 

Customers who had placed orders were informed that they would receive a fulfillment email with tracking information after their item had been shipped.

Tangem expressed gratitude to its customers and offered a discount code for future purchases as a token of appreciation. The company also assured customers of its growing customer care team’s dedication to providing exceptional service.

However, with the project launch on the horizon and Tangem X SHIB wallets en route, the community eagerly awaits these significant milestones in the project’s development.

Related Reading | Crypto Crackdown: Belarus Bans Individual Transactions, Thailand Tightens Regulations

Crypto Regulations: Singapore Mandates Trusts While U.K. Crafts Unique Legal Framework

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In a bid to strengthen the regulatory framework for digital assets, the Monetary Authority of Singapore (MAS) has mandated that cryptocurrency platforms must hold client funds in trust by the end of this year. 

The move comes as a response to the collapse of FTX, which highlighted the need for safeguarding customer assets. Additionally, MAS is progressing with a proposal to ban lending and staking by retail investors.

The MAS initiated consultations on these measures in October of the previous year, just before the FTX implosion. By requiring cryptocurrency exchanges to maintain customer assets in trusts, Singapore aims to ensure the protection of funds and enhance investor confidence. 

While Singapore takes steps to tighten regulations, other jurisdictions like Hong Kong are actively seeking to attract greater participation in the digital asset sector.

The MAS emphasized that regulations alone cannot shield consumers from potential losses, especially considering the highly speculative nature of digital payment token trading. 

The authority urged caution and vigilance on the part of traders, reminding them of the inherent risks associated with this market.

U.K. Law Commission Recommends ‘Distinct’ Category For Crypto Assets

In a separate development, the United Kingdom’s Law Commission has recommended the creation of a distinct category of personal property to accommodate and safeguard the unique features of cryptocurrencies and digital assets. 

This recommendation follows a request from the British government for an analysis of legal frameworks that can effectively incorporate digital assets.

The proposed category of personal property would provide a nuanced approach to recognizing various digital assets, including cryptocurrencies and digitized instruments like carbon emission credits or export quotas. 

By refraining from establishing strict boundaries for the category, the Commission seeks to allow common law in the U.K. to determine which assets fall within its scope.

The Law Commission also proposed the formation of an industry-specific panel consisting of technical experts, legal practitioners, academics, and judges. This panel would offer non-binding advice to courts on legal issues pertaining to the cryptocurrency sector.

Furthermore, the Commission recommended the establishment of a bespoke legal framework to facilitate the operation and enforcement of collateral arrangements. 

Statutory law reforms were also suggested to clarify the classification of specific digital assets under the U.K.’s Financial Collateral Arrangements Regulations of 2003.

Following the Ministry of Justice’s request, the Law Commission commenced a review of international legal challenges relating to the cryptocurrency sector in October 2022. 

In response to concerns over the criminal exploitation of cryptocurrencies, the U.K. Treasury and Home Office announced plans in March 2023 to regulate the sector robustly.

Related Reading | Bitcoin Institutional Adoption Rise “Exponentially”- Report

Shiba Inu Ecosystem Sparks Excitement With Major Update: “Worldpaper” 

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In an exciting development for the Shiba Inu (SHIB) community, LucieSHIB, a prominent content marketing specialist, recently took to Twitter to announce an upcoming major update from Shytoshi Kusama, the mastermind behind the SHIB ecosystem. 

The update, aptly named the “Worldpaper,” is set to play a crucial role in spreading the word about SHIB and its vibrant ecosystem across the crypto space.

LucieSHIB’s tweet revealed that the final puzzle piece is now in place, signaling the imminent arrival of Shibarium, accompanied by one or two surprise announcements along the way. 

However, the centerpiece of this update is the eagerly anticipated “Worldpaper.” This comprehensive document will delve deep into all aspects of the SHIB ecosystem, including tokens such as $Shib, $Bone, $Leash, Treat, and Shhhhh-i. 

Additionally, it will outline a long-term plan for complete decentralization, introduce new official partners, provide details on current partnerships, and satiate the community’s curiosity about various initiatives like Shiba Eternity Game, F&B, AI, Dao’s, and Shibarium.

The “Worldpaper” carries a distinct significance as it sets the stage for the next chapter in SHIB’s journey. It serves as a roadmap for the project’s ambition to “change the world via decentralization.” 

As LucieSHIB pointed out, this marks a bittersweet moment for her, as her role will no longer be necessary once multi-token governance is achieved, Ryoshi’s checklist items are completed (including Shibacon), and all initiatives are finalized. 

However, the Shiba Inu ecosystem aims not only to start strong but to finish even stronger, cementing its position in the crypto sphere.

Shiba Inu Gains Recognition: Included In HKVAC’s Virtual Asset Index

In another breakthrough, Shiba Inu achieved recognition when it was included in the virtual asset list index of the Hong Kong Virtual Asset Consortium (HKVAC). 

This accomplishment solidifies SHIB’s status as more than just a meme coin; it is now recognized as a movement. The HKVAC is a rating agency focused on assessing the reliability of cryptocurrency assets and exchange platforms. 

Their virtual asset index serves as a reliable reference point for investors and regulators, providing insights into performance and significant risks associated with crypto assets.

Shiba Inu’s inclusion in the virtual asset index signifies its growing prominence. Alongside 30 other prominent cryptocurrencies, SHIB has joined the ranks of large-market cap digital assets such as BTCB, ADA, DOGE, and XRP. 

Related Reading | Bitfinex Strives For Financial Inclusion With Its New P2P Feature In Latin America

Dubai’s Regulatory Framework Is Top Notch, But Adoption Rate Lags

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Dubai has established itself as one of the preferred destinations for crypto juggernauts, along with its sister center Abu Dhabi. This is evident by the arrival of Binance, Coinbase, Crypto.com, and a host of other leading crypto firms that have gravitated toward the region.

Not long ago, Binance CEO CZ praised the city’s global appeal and business-friendly atmosphere, both of which have aided in the exchange’s quick expansion. It has increased its workforce from a few employees to over 700 in Dubai alone in just one and a half years.

The most recent is OKX, which is also attempting to expand its local team in Dubai to 30 individuals. The region, in contrast to other nations, has a distinct license for crypto assets in addition to more conventional assets like stocks, futures, and bonds, says the firm, rather than treating cryptocurrencies like commodities or securities.

All these might have contributed to the region being counted among the top echelons of global financial centers, of the likes of New York, London, and Hong Kong.

In the latest survey undertaken by CoinDesk, Dubai and Abu Dhabi cemented top positions in the regulatory structure, the most heavily weighted criterion at 35% of the total score.

According to Al Kalooti, executive director of Binance MENA, Dubai, the USP of the United Arab Emirates is that “it offers a home for all those types of use cases.”

Dubai Targets 1000 Blockchain Firms By 2030

In fact, immediately after founding VARA, the government released its Metaverse Strategy, outlining its goal to construct “one of the world’s top 10 metaverse economies as well as a global hub for the metaverse community.”

By 2030, the nation hopes to draw 1,000 blockchains and metaverse businesses and create 40,000 virtual employment.

That said, its geographical proximity to Northern Africa, Asia, and Europe, Dubai helps foster global networking and collaboration.

The region, however, fared poorly on the crypto adoption score [measuring 10%] despite its growth opportunities. These indicated that the country’s general populace is less knowledgeable about the technology compared to its residents.

It remains to be seen whether Dubai can overcome its low crypto adoption rate and fully harness the potential of cryptocurrency innovation.

 

US’ First Bitcoin-Linked ETF Records Largest Ever Weekly Inflow Of $65.3M

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ProShares Bitcoin Strategy ETF [BITO], the first BTC-linked ETF in the United States has recorded the largest weekly inflow in a year at $65.3 million with its assets topping $1 billion, senior analyst Eric Balchunas noted.

Although BITO has underperformed BTC year-to-date, the asset notched over a 3% gain on the day, reaching $17.57, according to Yahoo Finance.

The development signifies a revival of these asset classes supported by a rise in institutional investors’ capital inflows.

Following a week of legacy institutions showing interest in financial instruments, BTC held ground above $30,000.

Most importantly, the U.S. Securities and Exchange Commission [SEC] gave thumbs up to the nation’s first leveraged BTC futures ETF offered by Florida-based Volatility Shares.

Securities like equities and commodities are bundled together in an ETF, or exchange-traded fund. Without directly owning the securities, investors can obtain exposure to them by purchasing shares of an ETF. There are two primary categories of Bitcoin ETFs: futures and spots.

The BITX fund for one, will be a leveraged ETF. Leveraged funds boost an index’s returns by using debt or financial derivatives, in this case, Bitcoin futures. Investors may see both short-term gains as well as suffer significant losses.

According to the BITX fund’s website, the “2x BTC Strategy ETF” is slated to go live on June 27 on CBOE BZX Exchange.

Meanwhile, Bitcoin decreased marginally by 1% to $30,416 over the last 24 hours to 7:30 a.m. in Hong Kong per CoinMarketCap. The market capitalization of the largest crypto in the world has however gained more than 15% over the past week.

Bitcoin ETFs Market Has Heated Up

Also, for the first time in months, BTC’s total market cap crossed above 50% on June 19, data from Tradingview showed.

This comes after a slew of applications filed by investment firms such as BlackRock, WisdomTree, and Invesco with the SEC to launch spot Bitcoin ETFs. While the regulator has granted permission to a number of futures-based crypto ETFs, it has yet to approve spot products.

After the SEC sued two of the biggest cryptocurrency exchanges earlier this month, legalizing BITX is nevertheless considered a breath of fresh air for the digital asset sector. Gary Gensler, the head of the regulatory body, has established himself as a steadfast opponent of cryptocurrencies.

Gemini Unleashes Ethereum Staking In The UK, Paving The Path To Financial Freedom

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Gemini, the renowned cryptocurrency exchange owned by Cameron and Tyler Winklevoss, is making waves once again in the digital currency world. This time, they are expanding their services globally and introducing Ethereum staking to users in the United Kingdom.

In an official announcement made on June 23, the company revealed its excitement about launching Gemini Staking Pro in the UK. This new service allows UK users with at least 32 ether (ETH) to effortlessly set up dedicated validators on the Ethereum network.

Gemini Staking Pro is not new to the scene; it has already been successfully operating in the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil, and over 30 other countries. This expansion into the UK marks another significant milestone for the platform’s growing presence worldwide.

Simplifying The Staking Process With Gemini

What is Gemini Staking Pro? It is a crypto-staking product designed specifically for institutions and high-net-worth individuals. The company users who possess 32 ETH or more can easily run dedicated validators on the Ethereum network using Gemini’s user-friendly and secure interface.

Initially, UK users can begin staking their ETH through the Gemini web interface, with in-app support coming soon.

Staking Pro offers several benefits to users who choose to participate. Firstly, it provides complete control over Ethereum validators. Gemini sets up dedicated validators for each Staking Pro client, ensuring a hassle-free experience. 

Additionally, users can access and audit information about their validators through on-chain monitoring tools. This transparency enables them to track validator rewards, payments, and fees.

Another advantage of Staking Pro is the use of segregated reward addresses. Staking rewards are deposited into a separate ETH address, providing an added layer of security and flexibility. 

Users can withdraw rewards or even their entire staked ETH whenever desired, subject to the relevant unbonding time. However, the company simplifies the process by taking charge of the validator nodes. It allows users to confidently stake their assets without the need for technical expertise. 

Additionally, it offers reimbursement for certain penalties incurred during staking, providing users with peace of mind and the benefits of decentralization combined with the platform’s reliability.

The company said:

We are thrilled to continue providing avenues for users around the world to participate in the blockchain ecosystem as we advance our mission to unlock the next era of financial, creative, and personal freedom.

Related Reading |  Shibarium Beta Testnet: LUCIE’s Intriguing Announcement Sparks Anticipation 

Yet Another Bitcoin Spot ETF Application: Valkyrie Joins The Club

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Valkyrie, a cryptocurrency fund manager, has submitted an application to the Securities and Exchange Commission (SEC) for a Bitcoin spot exchange-traded fund (ETF), joining a number of other financial institutions who have recently done the same. On June 21, Valkyrie submitted an S-1 registration form to the SEC for a Bitcoin spot ETF. It stated that the company intended to try to launch its fund on the Nasdaq under the ticker name BRRR.

When it comes to Bitcoin futures ETFs, Valkyrie is an expert. In October 2021, it introduced the Valkyrie Bitcoin Strategy ETF (BTF), the second BTC futures ETF in the US, and in December of the same year, it introduced the Valkyrie Balance Sheet Opportunities (VBB). VBB was dissolved in October 2022. Additionally, Valkyrie manages the Valkyrie Bitcoin Miners ETF (WGMI), which tracks stocks of businesses that make money or generate revenue from bitcoin mining.

The business submitted an application on May 16 for the Valkyrie BTC Futures Leveraged Strategy ETF (BTFD), a BTC futures ETF. As with the firm’s proposed BTC spot ETF, BTFD would be a fund as opposed to a trust.

The recent activities of its rivals appears to have motivated Valkyrie to act. In a March episode of the Hashing It Out podcast, Steven McClurg, the chief investment officer at Valkyrie Investments, stated his belief that a BTC ETF would only be feasible “in a future administration after the next elections or through legislative action.”

But on June 15, BlackRock submitted an application to list a BTC spot ETF as a trust on the Nasdaq. On June 20, WisdomTree and Invesco submitted comparable proposals. Unverified rumors also claim that Fidelity will submit an application for a BTC spot ETF. BTC is sharply climbing in the meantime, up 6.41% as of this writing.

Samsung Launches Asia’s First Bitcoin ETF

A wholly owned subsidiary of the South Korean company bearing the same name, Samsung Asset Management, successfully listed the Samsung BTC Futures Active ETF on the Hong Kong Stock Exchange on January 13. The ETF, which started with the ticker 3135:HK, invests in Bitcoin futures listed on the Chicago Mercantile Exchange (CME), attempting to mimic the performance of spot Bitcoin.

SamsungBTC
Samsung BTC Futures Active ETF

Additionally, the ETF will make it easier for investors in the Asia-Pacific time zone to access regulated BTC products. The director of Samsung Asset Management’s Hong Kong branch, Park Seong-jin, said,

“Hong Kong is the only market in Asia where Bitcoin futures ETFs are listed and traded in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management and risk management.”