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Crypto Exchange

Dfinity’s ICP Token Climbs to $700 After Coinbase Pro Listing, Currently Trading at $400

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Speaking ahead of the official launch of the ICP token on Coinbase Pro, Coinbase advised customers to transfer their ICP token into their accounts.

The price of Dfinity project’s Internet Computer (ICP) token advanced as high as $700 after listing on crypto exchange Coinbase Pro. According to CoinGecko, the ICP token corrected to around $342 after trading at $700. At press time, ICP is at $409 on CoinMarketCap.

The jump in price allowed ICP to take the 5th position on the list of major cryptocurrencies. However, by the time of writing, it has fallen down to the 7th spot.

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Coinbase Pro Support for ICP

Coinbase had revealed its plans to list the ICP token on its platform in a blog post published on the 4th of May. In the announcement, Coinbase said that it would allow ICP in all countries where the platform is supported except New York State. According to the crypto company, its customers frequently demand more assets on the trading platform.

Speaking ahead of the official launch of the ICP token on Coinbase Pro, Coinbase advised customers to transfer their ICP token into their accounts.

Furthermore, crypto exchanges Huobi Global Ltd and OKEx have also launched the internet computer token.

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Huobi announced the ICP token launch on the 9th of May. In a tweet, the exchange said:

“Huobi x ICP- The InternetComputer is finally here! Huobi announces the launch of ICP Dfinity. The world’s first blockchain computer – marking the 3rd major innovation in crypto following Bitcoin and Ethereum. Transfer ICP to your Huobi account pre-trading.”

Apart from declaring its support for ICP, OKEx also said that Blockdream ventures – its new investment business- partnered with the Internet Computer ecosystem. With the partnership, OKEx will offer dedicated funds worth about $10 million. The investment will go into supporting projects in the Internet Computer ecosystem.

Binance Plans to List ICP Token

In addition, crypto exchange Binance has also announced that it will be listing ICP. The exchange added that it would consequently open trading pairs after the liquidity conditions are met. They include ICP/BTC, ICP/BNB, AND ICP/USDT.

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Also, information provided by Messari revealed that 469,213,710 of the ICP token had been created. With the current trading price of $224, the fully diluted market cap stands at over $105 billion. Messari revealed that only 26% of the token supply is actually in circulation.

Developed by the DFINITY Foundation, ICP has its own utility tokens. The ICP developer is based in Zurich, Switzerland, and primarily aims to build, promote, and maintain the Internet Computer. The company boasts of skilled professionals, including the world’s top cryptographers and experts in distributed systems and programming language.

According to the founder and chief scientist at DFINITY Foundation, Dominic Williams, the Internet Computer is the third major innovation after Bitcoin and Ethereum. Williams said the DFINITY Foundation is “to relentlessly expand the capabilities of a public blockchain and its decentralized ecosystem using advanced computer science and cryptography, and make blockchain the platform of choice upon which we can reimagine all our systems and services.”

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Crypto Exchange

Genesis tests end-of-day pricing for institutional crypto futures product

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Cryptocurrency brokerage firm Genesis Global Capital has announced the completion of a first-of-a-kind trade that will pave the way for new institutional crypto futures products.

Genesis has executed the first-ever over-the-counter (OTC) block trade of a Basis Trade at Index Close (BTIC) transaction using Bitcoin futures contracts issued b Chicago Mercantile Exchange (CME). The trade was made in collaboration with derivatives market maker Akuna Capital according to a Sept. 26 announcement.

This is the first time a BTIC has been used for cryptocurrencies as it is more commonly used in equities markets. This form of trading allows investors to buy and sell futures contracts with prices based on the end-of-day close of the index.

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CME Group Global Head of Equity Index and Alternative Investment Products, Tim McCourt, said that the product was the next step in offering greater exposure to CME’s Bitcoin derivatives and Ethereum futures, with the Ether contracts having launched in February. He elaborated on the advantages of this new trading vehicle, explaining:

“BTIC enables market participants to more efficiently trade the basis while providing a regulated marketplace for real-time price discovery and enhanced trading precision for institutional participants who want to optimize holdings between the futures and spot markets.”

Genesis provides liquidity to CME Group for its BTC and ETH futures and options products.

In May, the CME launched micro Bitcoin futures which are contracts worth 0.1 BTC. The offering was designed to allow institutional traders to hedge their risks to crypto assets.

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By the end of June, the product had surpassed a million traded contracts suggesting that there is a high demand for smaller positions in crypto among institutional investors still testing the waters. This latest product is another example of diversifying the options for well-heeled investors to gain exposure to crypto markets.

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Huobi outlines plan for Chinese investors after halting crypto trading

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The uncertainties sparked by China’s blanket ban on crypto trading have taken a downturn as homegrown crypto exchanges such as Huobi take proactive measures to protect and return existing investments residing on the mainland. 

Speaking to Cointelegraph in this regard, Du Jun, co-founder of Huobi Group, said that the crypto exchange wants to ensure the safety of the users’ assets as part of its social responsibility:

“Customers will be able to transfer their assets to other exchanges or wallets over the next few months. Specific measures and operating rules will be outlined in future announcements.”

Citing a possibility of a communication gap with Chinese investors amid the ban, the crypto exchange is also working on other ways to protect customer assets until the users can move them to offshore exchanges or wallets.

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Chinese investors amounted to more than 30% in terms of trading volumes prior to the crypto ban, but as Jun suggests, Huobi has seen increased adoption in the Southeast Asian and European markets. However, the exchange expects that “any short-term impact on Huobi revenues will be mitigated as our global business continues to grow.”

While observing the ban on crypto trades and mining as imposed by the People’s Bank of China and other Chinese regulatory authorities, Jun plans to double down on Huobi’s compliance efforts and continue to build compliant operations on a global scale.

Crypto exchanges in mainland China, including Huobi, began stopping new customer registrations soon after a new crypto ban became effective on Friday. Huobi later announced that all Chinese accounts from the mainland will have been closed down by 24:00 UTC+8 on Dec. 31, 2021. 

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Historically, China has been responsible for the lion’s share of Bitcoin (BTC) mining. Given the lack of support from the ruling government, Chinese miners have continued to move off-shore into crypto-friendly jurisdictions.

According to a recent Cointelegraph report, the latest ban marks the Chinese regulators’ 19th attempt to curb Bitcoin and cryptocurrencies in the past 12 years. While the decision to ban crypto trades in China caused a few unwary investors to momentarily panic-sell, Bitcoin’s price continues to show bullish signals, given the proactive support from crypto exchanges and users across the globe.

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Binance

Binance Suspends Spot Trading and Fiat Channels in Singapore

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Binance.com, the global cryptocurrency exchange platfrom announced the suspension of spot trading, fiat purchase channels, liquid swap, and fiat deposit functions. The suspension would come into effect from 26th October. The exchange also requested Singapore users to withdraw their tokens and cease their trades by the effective date. The exchange in its official press release said,

“As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance. Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.”

Binance’s trouble in Singapore began after the Securities Commission in the country put Binance.com under Investor Alert List. In the wake of the first regulatory action, Binance ceased certain product offerings in the country before suspending key crypto trading features altogether. It is also important to note that Binance’s Sister company in Singapore has applied for a regulatory license and has been granted an exception until a decision is made on its filing despite the global platform facing regulatory scrutiny.

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Binance Continue to Face Regulatory Setbacks

Singapore was considered to be the next home for Binance after facing regulatory scrutiny from nearly a dozen countries. However, the recent series of events suggest Singapore regulators are also going after the global exchange despite harbouring its sister company. The world’s leading exchange’s regulatory troubles seem to meet no end as more countries continue to enforce action against it.

The crypto exchange has taken several decisions to mend its ways with regulators over the past couple of months, right from suspending derivative offerings in several countries to on-boarding regulatory experts. However, that hasn’t changed much, now the crypto exchange plans to establish a centralized headquarters and also looking for a change of CEOs if that can help.

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