Today's Breaking Crypto News

As the week comes to an end it has been marked by a number of significant developments in the crypto currency's space as we see Robinhood's international expansion takes center stage bringing crypto trading to the European Union (EU).

Meanwhile altcoins like Ethe, Solana and our very own Hive soar to new yearly highs as Bitcoin faces concerns of a "bull trap," and regulatory warnings in Hong Kong highlight potential fraud risks.

Debate rages over censorship on the Bitcoin blockchain intensifies as high value Non-Fungible Tokens (NFT) -like inscriptions stir controversy. So let’s sit back and take a look at what’s making headlines in todays Crypto News across the globe.

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Robinhood Expands to EU

Robinhood the popular consumer trading app has accelerated its international expansion by launching its crypto app for eligible users in the European Union. This move follows its recent entry into the U.K. market. While the brokerage service is limited to the U.K., the crypto app is accessible to users across the EU.

The decision to expand into the EU aligns with the region's expanding regulatory framework particularly the Markets in Crypto Assets (MiCA) rule. This comprehensive regulation focuses on stablecoin oversight, anti-money laundering measures and protecting retail investors from market volatility.

Robinhood's General Manager of Crypto, Johann Kerbrat, expressed confidence in the EU's regulatory environment stating its suitability for the company's international expansion.
In an effort to build trust Robinhood highlights its transparency and customer centric features.

The platform promises low fees, positions itself as the sole custodial crypto platform offering monthly trading volume rebates in Bitcoin and assures users that customer funds will not be commingled with business funds as to avoid the debacle caused by FTX.

These measures aim to address concerns stemming from the company's past controversies such as the USD 65 million settlement with the U.S. Securities and Exchange Commission.

European users aged 18 and above can now trade 25 crypto currencies including Bitcoin and Ethereum on the Robinhood Crypto app available on iOS and Android. The company plans to introduce additional tokens and features like crypto transfers, staking, and learning rewards in 2024.

Altcoin Season Arrives

As Bitcoin's rally pauses the season now switches to altcoins like Ether and Solana taking the lead but we’re seeing some good growth in Hive the native token for the Hive Blockchain reaching 19 month highs as Bitcoin's price dips after a rapid climb to nearly USD 45,000 prompting traders to express fears of a potential "bull trap."

Santiment, a crypto analytics firm, notes growing skepticism in the market which could paradoxically drive Bitcoin towards USD 50,000 by squeezing short positions.

Ethereum on the other hand experiences a 5% surge reaching USD 2,372 its highest level since May 2022. This rally extends to other Ethereum based tokens with Ether classic (ETC) appreciating by 6%, and Lido's governance token (LDO) rising by over 11%.

Solana (SOL) also witnesses an 8% jump to USD 69 fuelled by optimism in the altcoin market. BitMex founder Arthur Hayes speculates about SOL potentially hitting USD 100 indicating a bullish sentiment among altcoin investors.

Hong Kong Crack Down

The Securities and Futures Commission (SFC) of Hong Kong issues a warning regarding suspected fraud involving crypto entities Hong Kong Digital Research Institute and BitCuped. The SFC in collaboration with the Hong Kong Police Force blocks access to the entities websites and issues cease and desist letters to their operators.

The regulator suspects that HongKongDAO may be disseminating false information and potentially misleading individuals into making illegitimate investments in the HKD token. The warning emphasizes the need for caution in the crypto space and highlights the SFC's commitment to combating fraudulent activities.

This development follows the SFC's plan to update its policies on digital currency sales and requirements, requiring exchanges in Hong Kong to obtain a virtual asset service provider license starting in June 2024.

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Bitcoin Community Get's Heated

A debate continues to rage within the Bitcoin community over whether to filter transactions involving NFT-like "inscriptions" minted using the Ordinals project.

These non-financial use cases have sparked controversy among developers with some advocating for transaction filtering to preserve the blockchain's original financial focus.

The Ordinals project is part of the BitcoinShrooms collection by artist Shroomtoshi consisting of digital images auctioned at Sotheby's for tens of thousands of dollars.
Despite the controversy the high demand for these NFTs reinforces their potential value. The debate over censorship intensifies as mining pool Ocean implements node software to filter out transactions involving Ordinals raising concerns about potential spam on the blockchain.

It’s been a busy week on the blockchain this week and things are really steaming a head for a record breaking end to a year that has been hard for so many people across the world both within financial markets and at the local supermarket. Be sure to stay tuned as we continue to bring the latest and greatest breaking crypto news from across the globe.

Image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.

Posted Using InLeo Alpha