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HSBC Introduces Cryptocurrency Services in Hong Kong, Increasing Digital Offerings

One of the biggest banks in the world, HSBC, is said to have started offering cryptocurrency services in Hong Kong, further demonstrating how widely accepted digital assets are becoming in the traditional financial industry.

In Hong Kong, HSBC has reportedly launched services that let consumers retain, trade, and invest in cryptocurrencies.

This action is a reaction to rising consumer demand from those looking to learn more about cryptocurrencies and add them to their financial portfolios.

A major step toward the acceptance of digital assets in traditional banking has been taken with the introduction of cryptocurrency services by HSBC.

HSBC is recognizing the potential worth and significance of these assets in the current financial environment by giving its clients access to cryptocurrencies.

The expansion of HSBC’s cryptocurrency offerings in Hong Kong also underlines the region’s rising importance as a center for the development and acceptance of digital currencies.

Hong Kong has emerged as a desirable location for cryptocurrency-related enterprises and activities due to its hospitable regulatory environment and forward-thinking approach to developing technology.

Following similar moves made by other significant financial organizations throughout the world, HSBC entered the Bitcoin market. As cryptocurrencies become more widely accepted, banks and other financial service providers are looking for methods to incorporate digital assets into their product offerings.

The motivation behind this change is the need to satisfy client demand and maintain competitiveness in a changing financial environment.

Though HSBC has introduced cryptocurrency services, it is significant to note that the bank has also urged caution over the inherent dangers connected with these assets.

Prior to engaging in connected activities, HSBC has highlighted that clients must exercise caution and comprehend the nature of cryptocurrencies.

Traders take advantage of recent gains as DOGE and SHIB decline on Monday

As traders started to take profits after last week’s gains, Dogecoin declined by about 3% on Monday. With the global market cap down 0.64% as of this writing, cryptocurrency prices have generally stabilized to start the week. Another coin that fell today was the Shiba Inu.

Dogecoin (DOGE)

As traders appeared to have locked in profits after a recent bull run, Dogecoin (DOGE) went down to start the week.

Last Thursday, DOGE/USD reached a two-week high of $0.0704, but since then, it has seen back-to-back drops.

The meme coin’s most recent decline sent it to its lowest intraday level since Saturday, $0.06557.

When examining the chart, it is clear that today’s sell-off occurred after the relative strength index (RSI) broke out of a support level at 50.70.

The index is currently tracking at 48.55 after the fall, with the 46.00 level being the next discernible floor.

In the case that this level is broken, there is a good risk that DOGE will go below $0.0640.

Shiba Inu (SHIB)

Shiba Inu (SHIB), which retreated after its own recent surge, was another meme currency to decline on Monday.

SHIB/USD fell to a low of $0.000007684 in today’s session after reaching a high of $0.000007907 on Sunday.

Similar to dogecoin, Shiba inu reached a multi-week high last week; however, the attitude changed once the RSI encountered resistance.

Price strength is now tracking at 50.43 as of the time of writing after failing to overcome a resistance level of 54.00.

Despite this warning, an upward crossing of the 10-day (red) and 25-day (blue) moving averages may be about to happen.

SHIB is anticipated to advance more in the following week should this happen.

Coinbase Wins Supreme Court Arbitration Case Decision

The U.S. Supreme Court granted cryptocurrency exchange Coinbase’s request on Friday, June 23, to halt customer lawsuits while it pursues appeals to have the disputes arbitrated in private.

It’s the first time a cryptocurrency company has presented arguments to the US Supreme Court.

The U.S. Supreme Court granted cryptocurrency exchange Coinbase’s request on Friday, June 23, to delay customer lawsuits while it pursues appeals to have the matters arbitrated privately, a procedure that many businesses prefer to go to court.

The decision, which was reached by a 5-4 margin, enables Coinbase to continue its quest to force arbitration in response to the class action complaint brought by a user who claimed that money was taken from his account by a fraudster. In the meanwhile, this halts the lawsuit’s progression through the federal court system.

Aside from the fact that Coinbase is one of the parties involved, the Supreme Court’s decision has no bearing on cryptocurrency-related matters. However, it’s the first time a crypto corporation has presented an argument before the US Supreme Court, and it might have an impact on further litigation brought against the crypto exchange. Coinbase could try to force arbitration again after Friday’s ruling.

The First Leveraged Bitcoin Futures ETF Has Been Approved by the SEC

SEC Approval of the BITX Fund

The first leveraged Bitcoin futures exchange-traded fund (ETF), Volatility Shares 2X Bitcoin Strategy ETF (BITX), has been approved by the US Securities and Exchange Commission (SEC). The Chicago Board Options BZX Exchange will debut it on June 27, 2023.
The goal of the fund is to find investment returns that are twice as high as the CME Bitcoin Futures Daily Roll Index. An ETF, which bundles securities like stocks and commodities, allows investors to have exposure to such securities without actually holding them.

Bitcoin futures and Bitcoin spot are the two primary forms of bitcoin exchange-traded funds (ETFs). As a leveraged exchange-traded fund (ETF), BITX will use Bitcoin futures to boost an index’s performance. The announcement was widely welcomed by cryptocurrency supporters, although others questioned why a straightforward spot ETF debuted before a 2X leveraged futures offering. In light of recent efforts by major conventional financial institutions to enter the bitcoin sector, the SEC has approved the BITX fund.

Elon Musk promises that Tesla will arrive in India as quickly as is humanly feasible

In response to a meeting with Indian Prime Minister Narendra Modi in New York, Tesla CEO Elon Musk stated on Tuesday that the business is seeking to invest in India “as soon as humanly possible.”

“[Modi] truly cares about India, as seen by the fact that he is pressuring us to make large investments there, which is something we want to do. Musk told reporters, “We are just attempting to determine the ideal date.

He stated, without giving a timeframe, “I am convinced that Tesla will be in India and would do it as soon as humanly feasible. Speculatively, Musk stated he’ll travel to India in 2019.

It has been planned for a long time that Musk will enter the Indian market. In 2017, the CEO declared that Tesla (TSLA) intended to start selling vehicles in India as early as that summer.

However, Tesla’s efforts to work out cheaper import taxes with the local authorities have caused a delay in that plan. Musk stated on Twitter in 2021 that Tesla was interested in expanding into India, “but import duties are the highest in the world by far of any large country.”

Tesla had requested a reduction in the taxes, but according to Reuters, the Indian government wants the business to produce cars there first before considering any tax discounts.

Musk stated on Tuesday that he had a “fantastic meeting” with Modi and is “incredibly excited about the future of India.”

“[Modi] really wants to act morally for India. He wants transparency and assistance for the businesses. Naturally, we must also ensure that it benefits India at the same time,” Musk remarked.

near Asia, Tesla presently operates one gigafactory, which is situated near Shanghai. More than half of Tesla’s international deliveries in 2022 came from the Shanghai factory, which is the company’s largest automobile production facility outside of the US.

Musk stated at a gathering last month that the business will probably decide on a site for a new Tesla plant by the end of the year and that India was an intriguing option, according to Reuters at the time.

In an effort to grow the EV business, both China and India have been courting foreign investment.

In its most recent move to stimulate sales and production in the largest EV market in the world, China stated on Wednesday that it will prolong tax reductions for consumers buying new energy vehicles through 2027. These vehicles include battery electric cars, plug-in hybrids, and fuel-cell vehicles. As of right now, NEVs are free from purchase taxes till the end of 2023.

Vice minister of Finance Xu Hongcai stated at a news briefing in Beijing on Wednesday that the tax relief is anticipated to total 520 billion yuan ($72.3 billion) between 2024 and 2027.

The action followed a State Council meeting earlier this month, at which senior officials declared they would research public measures to encourage the development of NEVs and maximize tax exemption.

Musk’s first trip to China following the epidemic took place from May 30 to June 1. While there, he met with many government representatives to talk about EV growth and Tesla’s business in the nation.

He also paid a visit to the Shanghai gigafactory, congratulating the staff and claiming that it produces Tesla cars of the “highest quality” anywhere in the world.

The Communist Party leader of Shanghai, Chen Jining, was another person Musk spoke with before departing. Chen Jining reportedly urged Musk to increase investment and operations as well as “bring more new products, new technologies, and new services” to the city.

A $15 trillion crypto revolution might be sparked by BlackRock’s bid for a Bitcoin ETF

BlackRock expands its Bitcoin venture with the registration of a spot Bitcoin ETF, which may spark a $15T cryptocurrency frenzy.
96% of professional investors with $5T AUM, according to a poll by Laser Digital, are interested in buying cryptocurrency.
A number of significant financial firms, including Invesco and WisdomTree, submit applications for their own spot Bitcoin ETFs.

BlackRock, the world’s largest asset manager with roughly $10 trillion in assets under management, has lately taken steps to increase its visibility in the cryptocurrency space.
This idea has attracted a lot of attention and might lead to a $15 trillion cryptocurrency bubble. The company registered for an exchange-traded fund (ETF) focusing on the spot bitcoin market, and as a result, the value of the leading cryptocurrency has increased noticeably—nearly 20% over the last week—since then. A market value of $1.17 trillion has been reached by the larger cryptocurrency market, which has also increased. Due to this, other cryptocurrencies such as Ethereum ($ETH), Bitcoin ($BNB), XRP ($XRP), and even meme-inspired cryptocurrencies like Pepe ($PEPE) have also risen, with some of these surpassing the general market.

A stunning 96% of professional investors who jointly oversee up to $5 trillion are interested in investing in cryptocurrencies, according to a poll by Nomura’s Laser Digital, the digital assets division of banking behemoth BlackRock. CEO of Laser Digital Jez Mohideen stated in a statement that the study shows “that the majority of institutional investors surveyed saw a clear role for digital assets in the investment management landscape, and the benefits they can bring, such as greater diversification of portfolios.”

A clear image emerged from the survey’s findings, which included responses from 303 professional investors: Both BTC and ETH were seen favorably by 82% of the participants, and 88% of those who responded said they or their clientele were thinking about making cryptocurrency investments.

With Coinbase functioning as its custodian partner for the fund, prominent cryptocurrency exchange BlackRock submitted an application for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). Several significant financial companies, including Invesco, WisdomTree, and others, filed for their own spot Bitcoin ETFs in response to the action. The potential for these funds to release vast amounts of liquidity in the market for bitcoin has sparked enthusiasm about the future of digital assets and the rise in interest in cryptocurrency ETFs.

DISCLAIMER: This website’s information is offered as a general market commentary and does not represent investment advice. We advise you to conduct your own research before making an investment.

In just four days, the price of Bitcoin Cash has increased by an astounding 79%

Astonishing heights have been reached by Bitcoin Cash (BCH) as a result of the recent debut of EDXMarket on June 20th; in only four days, the cryptocurrency’s value increased by an astounding 79%. Investor interest in Bitcoin Cash has increased dramatically as a result of this spectacular spike, reaching a three-year high in social conversation rates. Additionally, the trade volume has easily eclipsed earlier milestones established in 2023.
Sentiment, a cryptocurrency analytics company, recently tweeted about how BitcoinCash (BCH) became the top gainer after the debut of EDXMarkets on June 20.

By offering cryptocurrency aficionados a stable and user-friendly environment, EDXMarkets, a cutting-edge trading platform, has in fact played a crucial part in this astonishing rise. The platform’s sophisticated features and easy integration have boosted interest in and investment in Bitcoin Cash, enabling it to prosper in the cutthroat cryptocurrency market.

Several variables, including its distinctive selling characteristics as a digital currency, may be responsible for the extraordinary increase in Bitcoin Cash’s value. Because it processes transactions more quickly and charges less money than its rivals, Bitcoin Cash is popular with users who value speed and economy over other factors. In addition, the constant discussion about cryptocurrencies and their potential to transform the banking sector has surely contributed to Bitcoin Cash’s rise.

It is clear that digital money is quickly gaining acceptance and appeal as social media debates around Bitcoin Cash hit new highs. Bitcoin Cash has the ability to establish itself as a key participant in the cryptocurrency industry, as seen by the increased interest and involvement of the online community. This tremendous increase in social discourse also demonstrates the influence that digital platforms have over how the public perceives certain issues and how they affect financial choices.

Another indicator of Bitcoin Cash’s rising demand and developing market presence is the cryptocurrency’s surging trading volume. As more and more investors swarm in to profit from its rapid increase, Bitcoin Cash’s trading volume has easily surpassed the highs observed in 2023. Investor interest is increasing, and it is anticipated that this trend will continue to strengthen the market position of the digital currency.

Even while there is still concern over the long-term viability of cryptocurrencies, there is no disputing that Bitcoin Cash’s recent performance has been nothing short of amazing. A look into the potential and power of cryptocurrencies to upend established financial institutions can be seen in the digital currency’s astounding 79% rise in only four days following EDXMarkets’ inception.

The popularity of Bitcoin Cash serves as a potent reminder of the potential and problems that the cryptocurrency industry faces as the world continues to embrace digital currencies. With its tremendous development and rising popularity, Bitcoin Cash is unquestionably establishing a place for itself and laying the groundwork for a successful future in the quickly developing world of cryptocurrencies.

XRP Touches Critical Support at $0.5 But Will Bulls Finally Take Control? Using ripple price analysis

XRP/USDT Daily Chart:

Rejection from the $0.6 resistance region has caused XRP to fall back. The 50-day moving average, or $0.49, provides support for the price right now. The 200-day moving average, which is close to the $0.43 level, is the next support level to monitor if the price is going down further.

As a breach below them would have substantial negative ramifications, the price must maintain above these support levels. The cryptocurrency may fall much farther in such a situation.

XRP/BTC Daily Chart:

Below the 2200 SAT barrier level, XRP’s performance against Bitcoin has significantly reversed. Around the 1800 SAT level, there were breaks below the 200-day and 50-day moving averages that were associated with this fall.

The price looks to have a short-term retest of the 1500 SAT level as its next immediate objective.

The RSI indicator has been sharply decreasing and is getting close to the oversold region, pointing to the potential for consolidation or a potential break in the selling pressure in the days to come. On the BTC paired chart, the general prognosis for XRP remains negative, therefore it is crucial to attentively monitor market activity and future developments.

A Multimillion-Dollar Fine Was Assessed Against JPMorgan Chase For Erasing 47,000,000 Banking Records

The U.S. Securities and Exchange Commission recently levied a $4 million punishment on JPMorgan Chase for deleting roughly 47 million emails, among them commercial correspondence that had been the subject of subpoenas in at least a dozen regulatory inquiries.

The emails were sent between January 1 and April 23, 2018, and the broker-dealer division of JPMorgan has now deleted them.

The purging allegedly occurred while JPMorgan’s archiving provider was investigating a problem with emails that were scheduled to be erased back in 2016.

Emails from the first quarter of 2018 were eventually deleted by the vendor throughout the process, in violation of the SEC’s regulatory retention obligations.

The SEC claims that the removed papers are impeding its ability to carry out a number of investigations against the securities industry.

JPMorgan received subpoenas and document demands for communications that could not be located or delivered because they had been permanently erased in at least twelve civil securities-related regulatory investigations, eight of which were carried out by the Commission personnel.

JPMorgan has already received fines from the SEC for failing to properly retain its own digital records.

For failing to monitor its workers’ email and text message exchanges in 2021, the financial behemoth was fined $125 million.

Furthermore, the company paid the SEC $700,000 in 2005 for the SEC’s failure to get emails needed for regulatory investigations.

JPMorgan claimed to have finished an internal assessment and “established systems and procedures” at that time to make sure it would abide by records demands in the future.

Georgia Facilities Are Acquired by Cleanspark in an All-Cash Deal, Growing Bitcoin Operations

A publicly traded bitcoin miner named Cleanspark has stated that it has gone into binding contracts to buy two fully operational bitcoin facilities in Dalton, Georgia. Cleanspark’s present operations are predicted to expand by slightly under 1 exahash per second (EH/s) as a result of the acquisition, which will be paid for in cash in the amount of $9.3 million.

Georgia Bitcoin Facilities Are Secured by Cleanspark

On Wednesday, Cleanspark (Nasdaq: CLSK) said that it had finalized deals to purchase two turnkey bitcoin mining campuses. 6,000 Antminer S19 XPs and S19J Pro+s are anticipated to fit in the facilities, which are located near Dalton, Georgia, according to Cleanspark.

Since purchasing 77,500 application-specific integrated circuit (ASIC) mining rigs in February of last year, Cleanspark has extended its business activities this year. The CEO of Cleanspark, Zach Bradford, said on Wednesday that the company now has more than enough infrastructure to meet its year-end objective of 16 EH/s. On an energy-per-hash rate basis, it keeps us in the top spot of miners who use the least amount of electricity.

90% of the energy mix used by the publicly traded Bitcoin miner, according to the company, comes from low-carbon energy sources. Cleanspark’s shares increased on June 21, 2023, up 10% versus the dollar at 11:30 a.m. Eastern Time, similar to other bitcoin mining businesses listed on the stock market. Gary A. Vecchiarelli, the CFO of Cleanspark, said after the release, “We continue to take advantage of opportunities created by current market conditions to position for next year’s bitcoin halving.”

The crypto winter of 2022 was challenging for many Bitcoin miners, but things have been much better for operators in 2023. After falling to a low of $16,565 per unit on December 31, 2022, the price of bitcoin has since increased dramatically, and the hash rate has been greatly increased thanks to developments in next-generation hardware. The incredibly complex mining difficulty is now one of the biggest problems for miners, and it’s expected to rise once more on June 27, 2023.

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