It is the end of another busy week in both the forex and crypto exchange markets. As expected, the past seven days have been loaded up with activities. Some of the trending headlines included the hacking of UpBit, and the acquisition of the TD Ameritrade by Charles Schwab. These and more have made up the headlines for the crypto space.
The Demand For Bitcoin Futures Soars On Bakkt
Even though the price of Bitcoin has been declining, there is anticipation for a comeback. This has sent the entire futures market bullish. As a result of this, Bakkt recorded an increase in volumes for Bitcoin futures which soared by 160% in just one day. 4,443 BTC futures contracts were traded on the 27th of November 2019. This is according to the Intercontinental Exchange – ICE subsidiary.
A Closer Look At 0%-Fee Model
More and more companies are joining the commission-free bandwagon. They have now began to offer free options for trading cryptocurrencies, options, ETFs, equities, as well as a number of asset classes that are aimed at the millennials. Even though this product is the best for consumers, there are a number of questions that come up. One of these questions is how they make money. Some also want to know if this product they are offering is sustainable.
Turkey is Becoming A New Cryptocurrency Hub
From the year 2017, the crypto hubs and safe havens have been the same. They include Gibraltar, Malta, and Switzerland. These countries have enjoyed the reputation of the most cryptocurrency-friendly states when it comes to regulation.
However, recently, Turkey has been seen as a developing cryptocurrency market hotspot. This has been signaled by the recent activities of leading crypto exchanges, Huobi and Binance. They are aggressively targeting the crypto market as Binance has already introduced the Turkish currency Lira into its trading platform and Huobi plans to do so next year.
Scope Markets Officially Introduces In Kenya
Scope Markets is one of the leading international online trading hubs. On Tuesday, the company announced that it is officially launching its services in Kenya. At the moment, the company already has 1,000 clients with active accounts. It is operating under the name Scope Markets.
South Korea Takes A Huge Step In Regulating The Crypto Space
This week, a new bill was taken to the national assembly of South Korea. This bill, presented by the policy committee of the assembly, will lead to effective crypto oversight. However, it still requires the lawmakers’ buy-in on the main floor. According to this new bill, cryptos are categorized as digital assets.
The bill also recognizes the crypto exchanges as regulated financial businesses. This is one of the greatest steps in the entire country. For a long time, South Korea has been at the forefront of the adoption of the virtual coin. It is expected that the adoption might have certain far-reaching implications.