Značka: Trading

New spot Bitcoin ETF launched at Euronext Amsterdam Exchange

Major Dutch stock exchange Euronext Amsterdam, a part of the pan-European marketplace Euronext, is debuting its first Bitcoin (BTC) exchange-traded fund (ETF).Jacobi Asset Management, a London-based digital asset management platform, is preparing to launch its Jacobi Bitcoin ETF on Euronext Amsterdam next month, the firm announced on Thursday. The spot Bitcoin ETF will start trading on the Euronext Amsterdam Exchange under the ticker BCOIN.The Jacobi Bitcoin ETF is positioned as the first spot Bitcoin ETF launched in Europe, Jacobi founder and CEO Jamie Khurshid told Cointelegraph.”Our product is the first spot or physical-backed Bitcoin fund, and the fund is not allowed to lend, stake or leverage any of the assets it owns. For the first time in Europe, investors buying an exchange-traded Bitcoin product will own the units that own the Bitcoin,” Khurshid said. “There are other exchange-traded products in Europe but no other spot BTC ETF,” he added.Euronext CEO Stephane Boujnah confirmed that BCOIN will be the first spot Bitcoin ETF ever listed on Euronext. “This will be the first Bitcoin ETF on Euronext, or the first fund directly investing in Bitcoin. All other currently existing products on our segment are exchange-traded notes, or legally structured as debt instruments,” he said in a statement. While the ETF will arrive in July, Euronext did not provide a specific date for the launch.As previously reported, Jacobi received approval from the Guernsey Financial Services Commission to launch the Bitcoin ETF in October 2021.Custodial services for the Jacobi Bitcoin ETF will be provided by Fidelity’s crypto arm Fidelity Digital Assets, while Flow Traders and DRW would serve as market makers to facilitate trading. Institutional and professional investors in Europe will be able to have access to the ETF for a 1.5% annual management fee, the announcement notes.Former investment banker at Goldman Sachs, Khurshid believes that the new Bitcoin ETF launch will help bring more stability to the crypto market amid a massive sell-off. He said:“We believe this will now remove the barrier to entry for those investment firms that have mandates to invest in regulated products only and will therefore increase adoption of digital assets bringing more stability and less influence from the whales which is nothing short of a necessity for the crypto industry.”Jacobi’s Bitcoin ETF launch in the Netherlands is a significant milestone in the global spot crypto ETF market as Amsterdam is associated with Europe’s top sharing trading venue, reportedly outstripping London in 2021.As previously reported, Canada was the one of the first countries in the world to debut a spot Bitcoin ETF with the launch of the Purpose Bitcoin ETF in February 2021. Australia debuted its first crypto ETFs in mid-May 2022.Related: Why the world needs a spot Bitcoin ETF in the US: 21Shares CEO explainsWhile the global adoption of spot crypto ETFs has been growing in recent years, the United States is yet to approve a physical-backed Bitcoin ETF. On June 29, crypto investment giant Grayscale launched a legal challenge against the U.S. Securities and Exchange Commission after being denied its application to convert its Grayscale Bitcoin Trust into a spot-based Bitcoin ETF.

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SOL price eyes 75% rally as Solana paints a bullish reversal pattern

Solana (SOL) continued its recovery trend on June 28 while inching closer to triggering a classic bullish reversal setup.SOL’s price gained 2.42%, reaching an intraday high of $39.40/ The SOL/USD pair is now up 50% as a part of a broader retracement move that began on June 14 after falling to lows of $26. SOL/USD daily price chart. Source: TradingViewSolana price eyes 75% rallyThe latest buying period in the Solana market has been painting what appears to be an “inverse head and shoulders pattern (IH&S)” pattern.The bullish reversal setup appears when the price forms three troughs in a row below a common support trendline called “neckline.” The middle trough, known as “head,” is always deeper than the other two troughs, called shoulders.An IH&S setup resolves after the price breaks above the neckline level. Also, as a rule of technical analysis, the pattern’s profit target comes to be at length equal to the maximum distance between the head’s lowest tip and the neckline.SOL/USD daily price chart featuring IH&S pattern. Source: TradingViewSuppose SOL breaks above its neckline resistance of $41.50. Then, the chances of continuing the bullish retracement stand around 83.5%, with its upside target sitting at over $68, about 75% above today’s price.Interim resistance levelsSolana’s road to $68 could face hurdles in a confluence of technical resistance levels, including its 50-day exponential moving average (50-day EMA; the red wave) and a support-turned-resistance line. Both resistance levels are around $47.SOL remains at risk of exhausting its IH&S breakout, which, in turn, could trigger a “bear flag” setup. A pullback from the $47-resistance-level, coinciding with the flag’s upper trendline, could lead to a breakdown, as shown in the chart below.SOL/USD daily price chart featuring ‘bear flag’ pattern. Source: TradingViewAs a result, SOL’s downside target comes to be approximately inside the $23-$30 range, depending on its breakdown point. In a similar setup, independent market analyst PostyXBT anticipated SOL’s price to reach $47. $SOL idea- Higher low & S/R flip- $BTC still hasn’t pushed higher to $23k- Play the short term trend until invalidated- Declining volume a concernNot rushing into an entry at current price. If I don’t get filled slightly lower, so be it. pic.twitter.com/IgZbeBAq40— Posty (@PostyXBT) June 28, 2022Nonetheless, declining volumes remain a concern, so traders should play the short-term trend until further bullish confirmation, he added. In other words, SOL’s likelihood of returning lower is high after reaching $47.Solana also down 85% from peLike most crypto assets, Solana has lost a significant chunk of its valuation compared to its November 2021 peak, down over 85% now. Related: Institutional crypto asset products saw record weekly outflows of $423MAdditionally, Solana’s “decentralization” has also faced increasing scrutiny amid repeated network outages and a recent attempt to take control of a whale’s wallet via community voting to force liquidation.Absolute comedy. @solendprotocol, a supposed “decentralized” lending protocol built on Solana has “voted” to take over a whales account with emergency powers to eliminate the chance of forced liquidation. “Decentralized” in name only. pic.twitter.com/Vrua3dFoES— Dylan LeClair (@DylanLeClair_) June 19, 2022

On the other hand, some anticipate Solana’s ecosystem to grow just like its top rival Ethereum did after the 2018 bear market. That includes Spencer Noon, the co-founder of crypto-focused Variant Fund, who said:”Solana has a vibrant developer ecosystem and its downtime issues are solvable. This will be obvious in retrospect.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Crypto conspiracy theories abound, but prop traders are just doing its job

Alameda Research is a cryptocurrency trading firm and liquidity provider founded by crypto billionaire Sam Bankman-Fried (SBF). Before founding his firm in 2017, SBF spent three years as a trader at the quantitative proprietary trading giant Jane Street Capital, which specializes in equity and bonds.In 2019, SBF founded the crypto derivatives and exchange FTX, which has quickly grown to become the fifth-largest by open interest. The Bahamas-based exchange raised $400 million in January 2022 and was valued at $32 billion. FTX’s global derivatives exchange business is separate from FTX US, another entity controlled by SBF, which raised another $400 million from investors including the Ontario Teachers Pension and SoftBank.The self-made billionaire has big dreams, like purchasing finance giants like Goldman Sachs, and in July 2021, he previously mentioned that “M&A [mergers and acquisitions] is going to be the most likely use of the funds,” raised from investors.On June 18, crypto brokerage Voyager Digital announced that Alameda Research had agreed to give the company a 200 million USD Coin (USDC) loan and a “revolving line of credit” of 15,000 Bitcoin (BTC) worth $319.5 million at current prices.During an interview with NPR on June 19, SBF stated that Alameda Research and FTX “have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion.” In the interview, SBF noted that his companies had done this “a number of times in the past,” including a $120 million loan to the then financially-troubled Japanese crypto exchange Liquid.This news raises some interesting questions, but more importantly, traders should understand what a proprietary trading firm is and how market makers work in the crypto industry.What is a proprietary trading firm?Proprietary trading means the investment firm or vehicle uses their own money instead of seeking commissions from clients’ trading. Banks and financial institutions use this trading strategy to make profits, carving risk from their balance sheet.By applying sophisticated modeling and trading software, quantitative firms resort to diverse strategies to find a competitive advantage over regular traders and investors, including arbitrage, derivatives and high-frequency market access.Also known as “prop trading,” this activity is a popular concept in traditional finance, bonds, stocks, commodities and debt instruments.What’s liquidity provision?Entities that provide liquidity facilitate trading in financial instruments by offering their own resources so that buyers and sellers can easily trade. Liquidity is the ability to convert an asset into cash, so, essentially, “liquidity providing” means market-making.Market makers are regulated entities in traditional finance. Their job is to keep a minimum bid and ask for quotes at all times so that investors find the necessary liquidity when entering or exiting a market. This process is usually handled by specialized trading firms, but the activity can also be carried out independently. Official market markets have access to lower trading fees and funding, but anyone can run arbitrage trades at their own expense and risk.What is Alameda Research’s involvement with crypto?Alameda Research, Jump Trading and DRW Cumberland, are some of the leading prop trading firms that provide liquidity for centralized exchanges and decentralized finance (DeFi) usage.These businesses aim to generate profit for their respective shareholders, but sometimes this means creating direct exposure to crypto assets and intermediaries. In a nutshell, they take on risk for a potential longer-term gain — risk is a key part of the liquidity-providing business.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Ethereum price breaks out as 'bad news is good news' for stocks

Ethereum’s native token, Ether (ETH), gained alongside riskier assets as investors assessed weak U.S. economic data and its potential to cool down rate hike fears.Ether mirrors risk-on recoveryETH’s price climbed up to 8.31% on June 24 to $1,225, six days after falling below $880, its lowest level since January 2021. Overall, the upside retracement brought bulls 40% in gains, raising anticipation about an extended recovery in the future while alleviating fears of a “clean fakeout.”For instance, independent market analyst “PostyXBT” projected ETH’s price to close above $1,300 by the end of June. In contrast, analyst “Wolf” feared that bears would attempt to “push price back to $1,047,” albeit anticipating a run-up toward $1,250 if ETH holds above its diagonal trendline support, as shown below.$ETH 4h. If the trend change is real, then we will soon find out. Bulls must hold this diagonal and see this type of scenario.Bears, instead will try to push price back to 1047 pic.twitter.com/PRG9fD4iRz— Wolf (@IamCryptoWolf) June 21, 2022Ether has come under pressure from the Federal Reserve’s hawkish policy in 2022. But those fears appear to be subsiding after the latest U.S. composite purchasing managers report, which shows the manufacturing activity fell to a five-month-low.”Growth is coming down, maybe even sooner than expected,” Esty Dwek, chief investment officer at FlowBank, told the Wall Street Journal, adding: “That should allow the Fed to soften at some point.”ETH/USD daily chart versus Nasdaq and S&P 500. Source: TradingViewStill, Greg Peters, co-chief investment officer at PGIM Fixed Income, warned that the current rally in the risk-on markets might not last. He is unconvinced that “the central banks will stop tightening if economies slow.”Classic bullish reversal setup in playEther’s rebound on June 24 also had it break above a falling resistance trendline that constitutes an “inverse head-and-shoulders” pattern (IH&S).In detail, Ether has formed the IH&S pattern after forming three troughs below a common support level, called the neckline. Also, the middle trough comes out to be deeper than the other two, which are more or less of the same height.Related: ‘Foolish’ to deny Bitcoin price can go under $10K — AnalysisTraditional analysts see IH&S as a bullish reversal setup, i.e., they resolve after the price breaks above their neckline support. As a rule, the price could rise by as much as the IH&S’s maximum height after the breakout.ETH/USD four-hour price chart featuring IH&S setup. Source: TradingViewAs a result, Ether eyes an extended upside retracement toward $1,560 after breaking above its IH&S neckline, up nearly 33% from the current price. Interestingly, the IH&S profit target coincides with ETH’s 200-4H exponential moving average (200-4H EMA; the blue wave) near $1,537.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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XRP price rally stalls near key level that last time triggered a 65% crash

XRP’s ongoing upside retracement risks exhaustion as its price tests a resistance level with a history of triggering a 65% price crash.XRP price rebounds 30% XRP’s price gained nearly 30%, rising to $0.36 on June 24, four days after rebounding from $0.28, its lowest level since January 2021. The token’s retracement rally could extend to $0.41 next, according to its “cup-and-handle” pattern shown in the chart below.XRP/USD four-hour price chart featuring “cup and handle” pattern. Source: TradingViewInterestingly, the indicator’s profit target is the same as XRP’s 50-day exponential moving average (50-day EMA; the red wave).XRP/USD daily price chart featuring 50-day EMA upside target. Source: TradingViewMajor resistance hurdleThe cup-and-handle bullish reversal setup tends to meet its profit target at a 61% success rate, according to veteran analyst Thomas Bulkowski. But it appears XRP’s case falls in the 39% failure spectrum because of a conflicting technical signal presented by its 200-4H exponential moving average (EMA). XRP’s 200-4H EMA (the blue wave in the chart below) has previously served as a strong distribution signal. Notably, in April 2022, the token attempted to break above the said wave resistance multiple times, only to face rejections on each try; it fell 65% to $0.28 later.XRP/USD four-hour price chart featuring 200-4H EMA resistance. Source: TradingViewThe ongoing cup-and-handle breakout has stalled midway after XRP retested the 200-4H EMA as resistance on June 23. Now, the token awaits further bias confirmation while risking a price decline similar to what transpired after April.XRP’s overbought relative strength index (RSI), now above 70, also raises the possibility of an interim price correction.XRP LTF breakdown underwayThe downside scenario on XRP’s shorter-timeframe chart comes in line with giant bearish setups on its longer-timeframe chart. As Cointelegraph covered earlier, XRP has entered a breakdown stage after exiting its “descending triangle” structure in early May. As a rule of technical analysis, its triangle breakdown should have it fall by as much as the structure’s maximum height, which puts its downside target near $1.86.XRP/USD weekly price chart featuring ‘descending triangle’ setup. Source: TradingViewIn other words, another 50% price drop for XRP could happen by the end of July this year. 50,000,000 #XRP (16,249,045 USD) transferred from Ripple to unknown wallethttps://t.co/FalGAzxNxg— Whale Alert (@whale_alert) June 23, 2022Macro risks led by the Federal Reserve’s hawkish policy further strengthen XRP’s bearish bias. The XRP/USD pair has typically traded lower in tandem with riskier assets in 2022, with a correlation coefficient with the Nasdaq Composite sitting at 0.90 as of June 24.XRP/USD weekly correlation with Nasdaq. Source: TradingViewA score of 1 means that the two assets moves in perfect sync.Related: Almost $100M exits US crypto funds in anticipation of hawkish monetary policyConversely, anticipations that Ripple would win the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) for “allegedly” selling unregistered securities could negate the bearish setups. I’ve stated for over a year that many @Ripple and #XRP supporters underestimate the negative impact the SEC lawsuit has had. B/c Ripple has done well outside the U.S. and is hiring, etc., people say otherwise. But XRP must be deemed a non-security in the US to fulfill its promise https://t.co/oBmiTQOWfJ— John E Deaton (203K Followers Beware Imposters) (@JohnEDeaton1) June 22, 2022

That being said, XRP could rebound toward $0.91 by the end of this year if the ongoing retracement continues any further. Interestingly, the token has bounced after testing long-term ascending trendline support, as shown below.XRP/USD weekly price chart. Source: TradingViewThe bounce has also followed XRP’s weekly relative strength index (RSI) decline below 30 — an oversold threshold, which signals a potential buying opportunity. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Ethereum risks 'bull trap' after 25% ETH price rebound

Ethereum’s token Ether (ETH) could be entering a “bull trap” zone after rebounding back above the $1,000 mark from 18-month lows of $885. Ether price paints a “rising wedge”The first among these indicators is a “rising wedge,” a classic bearish reversal setup that forms after the price trends upward inside a range defined by two ascending but converging trendlines. The wedge setup gains further confirmation if the trading volume drops alongside the rising prices.Theoretically, a rising wedge resolves after the price breaks below its lower trendline and eyes a run-down toward the level at length equal to the maximum height between the wedge’s upper and lower trendlineEther has been forming a rising wedge since mid-June, as shown in the chart below. ETH/USD four-hour price chart featuring ‘rising wedge’ setup. Source: TradingViewHence, its interim bias appears to the downside, with a decisive breakdown below the lower trendline risking a decline toward the $870–$950, depending on where the breakdown begins. That means a 15%–25% decline from June 13’s ETH price.$70M exits Ethereum fundsEthereum’s bearish case is supported by evidence of significant outflows from investment funds.Notably, Ether-related investment products witnessed outflows worth $70 million in the week ending June 17, according to data fetched by CoinShares. Notably, this was the eleventh-straight week of capital withdrawals, bringing the year-to-date outflow total to $458.6 million.Flow of Asset. Source: CoinSharesIn contrast, Solana (SOL), one of Ethereum’s top rivals in the smart contracts ecosystem, attracted $109 million in 2022 for its related funds. While Bitcoin (BTC) saw $480 million flow into its investment products.Related: DeFi Summer 3.0? Uniswap overtakes Ethereum on fees, DeFi outperformsCoinShares cited investors’ worries over Ethereum’s “Merge” to proof-of-stake as the primary reason behind its funds’ poor performance this year.Ethereum options strike price: $1KETH options’ open interest on Deribit shows over $1 billion in notional for Ether, awaiting the expiry on June 24. Interestingly, these Ether options are major puts around the current price levels, with a concentration around the $1,000 strike, according to data from Coinglass.Ether options open interest by strike price. Source: CoinglassThe June 24 expiration could potentially influence Ether’s price action, primarily because it trades only 10% above the preferred strike price of $1,000. Additionally, a move toward $1,000 could trigger the rising wedge setup. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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How blockchain can open up energy markets: EU DLT expert explains

Aside from the buzzing neologism of Web3, there is a bit less catchy but hardly less important concept of Industry 4.0, which includes the new and revolutionary drivers of the next generation’s industrial landscape. And, especially when it comes to the energy sector, blockchain lies at the heart of these technologies. The authors of a recently published EUBlockchain Observatory report “Blockchain Applications in the Energy Sector” are convinced that distributed ledger technology (DLT) could become a key enabler technology and has a very high potential to influence or even disrupt the energy sector. This comes as a no surprise, given the five D’s of the Digital Green Shift: deregulation, decarbonization, decentralization, digitization and democratization. The report highlights the major directions for blockchain in the sector and supplements them with the actual case studies and insights from energy market stakeholders such as Volkswagen, Elia Group, Energy Web Foundation and others. Cointelegraph spoke to one of the report’s co-authors, commercial director of Europe, the Middle East and Africa (EMEA) region at Energy Web and a member of EU Blockchain Observatory and Forum, Ioannis Vlachos. Vlachos elaborated on the most intriguing parts and concepts of the document, such as the granularity criterium, the importance of self-sovereign identity and the possible role of DLT in developing the non-electric energy sources consumption. Cointelegraph: The report notes that, to this day, no blockchain/DLT solution has been widely adopted by energy system stakeholders. Why do you think this is? Could you try to answer it?Ioannis Vlachos: The main barrier to the wide adoption of blockchain solutions by the energy system stakeholders is related to the way that energy markets are currently structured. The regulatory requirement, in most countries worldwide, for small-scale flexibility assets such as residential batteries, electric vehicles, heat pumps and others makes it possible to participate in energy markets only via their representation by an aggregator.Considering a more direct market design where flexible assets, irrespectively of their capacity, can directly bid into an energy market will minimize their marginal costs and will promote and foster the participation of small-scale distributed energy resources (DERs) in energy markets. This need for the direct participation of assets in markets was identified and considered to be an overarching principle in the joint report “Roadmap on the Evolution of the Regulatory Framework for Distributed Flexibility” by Entso-E and the European Associations representing distribution system operators published in June 2021, where “access to all markets for all assets either directly or aggregated” is recommended.Blockchain technology, via the concept of decentralized identifiers (DIDs) and verifiable credentials (VCs), provides the necessary tools to allow this direct access of small-scale DERs into energy markets.CT: How could blockchain be used to track the non-electric energy sources, such as biofuels?IV: Blockchain technology provides the means to create a trusted ecosystem of actors, where all information exchanged between assets, systems and actors can be independently verified by means of DIDs and VCs. This is extremely important to provide the required audit trails in non-electric energy supply chains such as natural gas, green hydrogen and others.Recently, Shell, together with Accenture, American Express Global Business Travel with the support of Energy Web as the blockchain solution provider, announced Avelia, one of the world’s first blockchain-powered digital book-and-claim solutions for scaling sustainable aviation fuel (SAF).Recent: Lummis-Gillibrand crypto bill comprehensive but still creates divisionThe report claims that the application of blockchain in the energy sector is likely to be further explored and advanced. What are the premises for such an optimistic conclusion? This conclusion is mainly drawn on the premise that despite the highly regulated energy environment, we have recently seen a large number of projects in the broader energy sector that use blockchain technology. They do this by either implementing use cases outside of the existing regulatory framework such as Shell’s SAF project or with the support of the national regulators and market operators such as projects EDGE and Symphony in Australia. The EDGE and Symphony projects are supported by state government agencies, the Australia Energy Market Operato and the Australian Renewable Energy Agency, and implement an innovative approach to the integration of consumer-owned DERs to enable their participation in a future energy market based on a decentralized approach. In both projects, Energy Web’s decentralized blockchain-based digital infrastructure is used by assigning digital identities to participants and thus facilitating the secure and efficient exchange and validation of market participant data.Recent: Celsius’ crisis exposes problems of low liquidity in bear marketsMoreover, we cannot neglect the fact that blockchain technologies are referenced within the European Union action plan for digitalizing the energy sector, focusing on enhancing the uptake of digital technologies.IV: The concept of granularity refers to the need to increase the frequency of data that will allow the traceability of energy commodities. Especially in the case of electricity, moving from a monthly or annual matching of energy consumption with renewable electricity being produced in a specific location to a more granular (e.g., hourly) is considered to be the best practice since it minimizes energy greenwashing. In this respect, Energy Web, with the collaboration of Elia, SP Group, and Shell, developed and released an open-source toolkit for simplifying 24/7 clean energy procurement.CT: Could you explain the concept of granularity, which sets the demand for blockchain in the energy sector?CT: The report mentions a self-sovereign identity, defining it as “a growing paradigm that promotes individual control over identity data rather than relying on external authorities.” It’s easy to imagine this kind of paradigm with personal data online, but what importance does it have for energy production and consumption?IV: The importance of self-sovereign identities (SSI) for energy production and consumption stems from the fact that prosumer’s energy data can be considered as private data [Prosumer is a term combining consumer and producer roles by one individual or entity.] Especially in the setting of the European Union and under the light of the General Data Protection Regulation, the granularity (sampling frequency) of smart metering data can be highly associated with the privacy of data. Moreover, given the fact that new business models are emerging that utilize prosumer energy data to facilitate the provision of energy efficiency and management services, empowering the prosumer via the concept of SSI to consent for the distribution, processing and storage of their energy data is more of a necessity rather than a luxury.

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Coinbase to shut down Coinbase Pro to merge trading services

Coinbase’s professional trading platform Coinbase Pro will cease to exist as the cryptocurrency exchange is restructuring services to bring them all into one platform.The United States-based crypto trading firm Coinbase officially announced on June 22 that it will start sunsetting Coinbase Pro to migrate all advanced trading services into one unified Coinbase account. Coinbase Pro’s services will migrate to Advanced Trade, Coinbase’s new trading section available on the exchange’s main website, Coinbase.com. The section was initially launched in March 2022, providing traders with in-depth analysis and actual trading directly on Coinbase.According to the announcement, Advanced Trade will provide the same volume-based fees as Coinbase Pro. Depending on volumes and taker or maker orders, Coinbase Pro’s fees range from 0% to 0.6%, according to data from Coinbase’s official website at the time of writing.The upcoming migration of Coinbase Pro to Advanced Trade will take place gradually over the next several months as the exchange will continue to launch new upgrades to Advanced Trade.Coinbase noted that it will notify its customers about exact dates for sunsetting Coinbase Pro, adding:“For customers holding funds on Coinbase Pro, there is no action to take- funds will remain safe on Coinbase. Meanwhile, customers are welcome to begin using Advanced Trade on the Coinbase mobile app and Coinbase.com.”According to the announcement, the migration aims to simplify the trading process on Coinbase by allowing professional traders to access advanced trading tools and use general Coinbase features in one place, using one balance. “In the past, advanced traders have used Coinbase Pro for more in-depth trades and analysis. But in order to use other Coinbase features, you had to transfer funds to your primary Coinbase account,” the firm said.Launched in 2012, Coinbase is a publicly-traded company and is one of the largest crypto trading platforms in the world. The company launched Coinbase Pro in 2018, targeting professional investors and focusing on expanded trading services, providing exposure to more cryptocurrencies.Related: Crypto exchange Coinbase slashes staff by 18% amid bear marketThe original Coinbase platform primarily targeted beginners, reportedly supporting around 100 cryptocurrencies, while Coinbase Pro provided exposure to over 250 digital assets. Coinbase Pro also offers unlimited trading amounts, while the original general Coinbase platform’s trading volume is capped depending on payment methods and regions.

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Binance U.S. makes BTC trading fee-free as competitors feel the heat

Crypto exchange Binance.US has removed trading fees for Bitcoin (BTC) spot market trades, following in the footsteps of Robinhood which pioneered no-commission crypto trading in 2018. Brian Shroder, CEO of Binance.US said the move makes the company the first U.S. crypto exchange to eliminate spot trading fees for Bitcoin for all users and without trading volume requirements. He added that they would also not be earning a spread on trades. “We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and better support our market and customers in a time of need.”3/ We hope our pricing model sees broader industry adoption over time, because that would have a positive impact on the ecosystem and market participants overall. We are happy to lead the race to zero-fees everywhere.See you on @BinanceUS— Brian Shroder (@BrianShroder) June 22, 2022The news of increased competition on fees puts pressure on its competitors to do likewise. Shares in rival U.S. exchange Coinbase fell 9.71% on Wednesday, going down to $51.91 per share. Robinhood (HOOD), which is already at all time low prices, saw its share price stay relatively stable (-0.79% to $7.49 at the time of writing.)Coinbase currently charges trading fees of between 0% and 0.50%, Kraken charges fees between 0% to 0.26%, and FTX.US charges trading fees of between 0% and 0.20%. The amount charged as a trading fee typically depends on the currency pair, 30-day trading volume, and whether the order is a maker or taker order. Shroder told Bloomberg on June 22 that Binance.US would not be earning a spread from its no-fee transactions, and would instead be generating revenue from other sources including a new staking service. “We take no spread, because we are not involved in the transaction.”He said the zero-trading fees would generate positive user sentiment that will “bring us new users,” and said there are plans to expand the list of tokens that will offer zero-fee trading in the future. At present users of the U.S.-licensed exchange can take advantage of fee-free trading on four Bitcoin spot market pairs — BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD. Addressing his 8,200 Twitter followers, Shroder added that the company will also be rolling out a new tiered pricing model, which will go into effect in the summer.The tiered system will be split into three parts, Tier 0, which offers free trading on certain cryptocurrencies, including the BTC pairs recently announced, Tier 1 and Tier 2, which will have trading fees determined on a “per-asset” basis. More information on this is expected in July. Related: Bear market no issue for Binance Labs’ DeFi incubation programFormed in 2019, Binance.US is the American affiliate of crypto-exchange giant Binance. The exchange caters only to American cryptocurrency traders and is managed independently to the main company.Robinhood was one of the early pioneers of zero-fee stock trading when it was founded in 2014, prompting a number of online brokerages to follow suit in the years following. No commission trading for crypto began in 2018. Though it doesn’t charge fees, it is able to earn a spread on its no-fee transactions. In trading, a spread is the difference between bid (sell) price and ask (buy) price of a trading pair. The best #crypto platform for low fees just got better. #BinanceUS is the first major platform to offer zero-fee #bitcoin trades for BTC/USD, BTC/USDT, BTC/USDC & BTC/BUSD spot pairs, for all users without trading volume requirements. Read: https://t.co/UYvNNvael2 pic.twitter.com/YDV0x3dfcJ— Binance.US (@BinanceUS) June 22, 2022

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