- China’s largest stock trading platform, Futu Niuniu, Tiger Securities, can no longer search for Bitcoin ETF market data.
- The blackout comes at the backbone of their success after BITO’s listing.
Futu Niuniu and Tiger Securities have been unable to search for the market data of two Bitcoin ETFs, including Valkyrie’s BTF or ProShares BITO. The Chinese government seems to enforce its regulations even on companies working abroad. The blackout comes at the backbone of their success after BITO’s listing. BITO was the number one hot stock in the Tiger Securities app. It is not yet clear why the companies cant search for Bitcoin ETF currently.
Tiger and Futu played an integral part in a record number of Chinese IPO deals. These, despite threats from China to block any future American involvement. Last year, the two firms advised on 26 U.S.-based IPOs. Besides, they also helped their clients get listed abroad through offshore listings.
Futu and Tiger facing risks of new personal data privacy law
Futu and Tiger have attracted one million brokerage clients, which has helped provide trading flows in droves. In early September, tech stocks were falling in the entire United States. The two entities helped contribute almost $1 billion to Tesla Inc.’s value.
Yet, Futu and Tiger are both facing risks as China’s new personal data privacy law takes effect on Nov 1.
The Chinese authority is cracking down on big technology firms focusing on crypto. Yet, these same giants have found success in the US with IPO underwriting.
Investors in China are taking their money to brokers that help them invest overseas. But these firms could run into problems with data privacy rules and compliance risks.
China targets the most extensive stock software
China’s latest round of governing attacks has come in a flurry, targeting cryptocurrency. The People Daily News lists Chinese online agents next on the list for firm oversight and docility. The total crackdown comes as China braces itself arising from trade wars with America.
Futu, reacting to a piece that discussed how they protect user data, said. “Since our launch, Futus has insisted that the security of information and data is supreme.”
“Futu stands firm on its pledge for strict compliance with relevant laws & regulations,” they said.
China plans to execute a new law to govern cyberspace and enhance national security. The Personal Information Protection Law takes effect on Nov 1. And it will complement China’s Data Security Law. It’s okay for the country’s investors to invest abroad in cross-border Connect schemes. And Qualified Domestic Institutional Investors (QDII).
The new rules will regulate the export of personal data. They are posing a challenge and a threat to online brokers. In most cases, these brokers provide cross-border trading services for mainland Chinese citizens.
Futu and Tiger Securities don’t have brokerage licenses on the mainland. But, Chinese citizens can open accounts with them online. Citizens must submit personal data related to ID cards, bank cards, and tax records for this to happen.
Macro Guru Raoul Pal Betting on Bitcoin, Ethereum and Nine Additional Altcoins – Here’s His Current Crypto Portfolio
Real Vision chief executive Raoul Pal is revealing most of his crypto portfolio for public viewing.
In a new interview with Thinking Crypto, the former Goldman Sachs executive says that he primarily started out as a Bitcoin (BTC) investor then switched most of his BTC into Ethereum (ETH).
Pal says he then built a basket of 10 equally weighted large-cap altcoins. He later added the smart contract platform Solana (SOL) to his portfolio as well.
In an interview last week, the Real Vision CEO noted 82% of his portfolio is in ETH.
He says in his new Thinking Crypto interview that one of the smaller crypto assets he owns has seen such a significant surge in price that it’s ballooned into becoming his second-largest holding.
“What’s fascinating is my second-largest holding now, from an equally weighted basket, second to Ethereum, is Sandbox.
I’m bought in, it just went up 20x in the last month and a half, which is crazy.
I mean I would not take that position, second-largest position in Sandbox, but that’s where it is, and I’m not rebalancing for the time being.”
The Sandbox (SAND) is an Ethereum-based virtual world that allows fans of video games to build, own and monetize their gaming experiences. The project’s native token, SAND, is used to transfer value, secure the network and govern the protocol.
Pal also mentions that he bet on the Ethereum-powered decentralized virtual gaming world Decentraland (MANA). Decentraland’s native token, MANA, is used as a means of exchange.
The Real Vision CEO says he has also bet on a handful of decentralized finance (DeFi) projects, including the lending protocol Aave (AAVE), the decentralized exchange Uniswap (UNI), and the smart contract platform Polkadot (DOT).
Additionally, Pal notes that he’s made a couple of bets on social tokens, including Chiliz and Rally.
Chiliz (CHZ) is a platform for tokenizing sports and esports in order to encourage fan engagement.
Rally (RLY) is a decentralized network that enables creators and brands to monetize their content and offer community benefits.
Pal also says he owns XRP, citing the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the payments company Ripple as a primary factor.
Mike Novogratz Expects Bitcoin to Stay Above $42,000
Mike Novogratz says that it would be surprising to see Bitcoin below $40,000
Galaxy Digital CEO Mike Novogratz believes that the price of Bitcoin is not going to fall below $40,000.
The crypto mogul told CNBC host Joe Kernen earlier today that he would be surprised to see the biggest cryptocurrency revisiting the aforementioned price level.
"I think $42,000 should hold, that should be the bottom of this move. It would surprise me if it went below $40,000," says @Novogratz on #Bitcoin's latest dip $BTC. "There's so many more people participating on it. It's hard for me to see if going below." pic.twitter.com/4VuYIw01dF— Squawk Box (@SquawkCNBC) December 8, 2021
Novogratz is convinced that $42,000 will remain at the bottom of the ongoing correction.
I think $42,000 should hold, that should be the bottom of this move. It would surprise me if it went below $40,000.
Bitcoin suddenly collapsed 21% on Dec. 4, making crypto traders dust off their $20,000 charts.
The cryptocurrency managed to recover to $52,000 on Dec. 8, but it was rejected there.
At press time, Bitcoin is trading down 2.7%, slightly above the $49,000 level on cryptocurrency exchange Bitstamp.
Novogratz claims that Bitcoin going below $40,000 would result in a significant sentiment shift, adding that such a dramatic drop would make him scratch his head.
The crypto boss remains optimistic due to the increasing number of people participating in the industry:
There’s so many more people participating on it. It’s hard for me to see if going below.
However, as reported by U.Today, growth investor Louis Navellier recently said that Bitcoin could drop to $10,000 if it were to lose the do-or-die $28,500 support level that managed to hold during a dramatic correction in summer.
After a streak of unsuccessful predictions in 2018, the hedge fund veteran made a prescient call about Bitcoin reclaiming its previous record high of $20,000 by the end of 2020.
Bitcoin is now up 73% in 2021, significantly underperforming some of the top altcoins.
Top Trader Says Ethereum Looks Exceptionally Bullish, Unveils Targets for Bitcoin and Explosive Altcoin Terra
A popular crypto analyst believes Ethereum (ETH), Bitcoin (BTC) and one altcoin are about to blast off and leave the recent market-wide slump in the dust.
The pseudonymous crypto strategist and trader Kaleo tells his 454,000 Twitter followers that ETH’s time to shine has arrived as the “king” of the layer-1 blockchain protocols.
The analyst says,
“ETH is so bullish after the most recent flush it’s not even funny.
We’ve seen a major rotation play among the alt [Layer-1s] the past few months.
It only makes sense that the king of the L1s finally has a chance to suck liquidity from the rest of the market and have a run of its own.”
Ethereum is about even on the day, trading for $4,346 at time of writing.
Kaleo next looks at Bitcoin and says he still believes the top crypto will reach at least $100,000 during the current cycle.
“I’ve said it before and I’ll say it again – I still expect to see Bitcoin have a parabolic move to top out at $100K+ this cycle.
I’ll gladly start scaling out around $150K. I expect it to go higher, but I’m not concerned with nailing the top. Until then, just keep stacking.”
BTC currently sits at $50,900 after having battled back from a flash-crash low around the $43,500 level on December 3rd.
Lastly, the crypto analyst lays out his price prediction for the Terra (LUNA) protocol, whose native token LUNA underpins a suite of decentralized stablecoins.
Kaleo tells his followers that Terra reaching the $100 threshold is inevitable.
“LUNA going to $100 from here is only a matter of time.”
LUNA has seen some wild price action in recent days, with the altcoin tumbling from $69.66 to $53.64 late last week before surging to $77.37 on Sunday.
The 10th-ranked crypto has since corrected but is back up 5% on the day to $70.74.