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Bitcoin price hit 2023 high, so why are retail traders waiting on the sidelines?

December 5, 2023 Coin Telegraph

Coin Telegraph

Bitcoin price keeps going up but retail traders are not piling in yet. Cointelegraph explores why.

The total market capitalization of the cryptocurrency market surged past $1.55 trillion on Dec. 5, driven by remarkable weekly gains of 14.5% for Bitcoin (BTC) and 11% for Ether (ETH).

Despite the recent bullish momentum, analysts have observed that retail demand remains relatively stagnant.

Retail investors aren't paying attention to #bitcoin.

They are more worried about whether or not they will be able to pay rent or put food on the table.

They will likely start paying attention near the next top (IMO sometime in 2025) and they will FOMO into a position before…
— Rajat Soni, CFA (@rajatsonifnance) December 2, 2023

Numerous U.S. However, Ed Yardeni, an analyst, suggests that the "Santa Claus rally" might have already occurred earlier this year, with the S&P 500 gaining 8.9% in November.

This rise reflected diminishing inflationary pressures and robust employment data.

Did retail traders miss Bitcoin and Ether’s recent gains?

With no dependable indicator to track retail participation in cryptocurrencies, a comprehensive data set is necessary for making conclusions, beyond relying solely on Google Trends and crypto-related app download rankings.

The premium of USD Tether (USDT) in China serves as a valuable gauge of retail demand in the crypto market.

Singapore startup dtcpay launches retail crypto payments system with Chinese partners

November 10, 2023 Coin Telegraph

China

Dtcpay, formerly Digital Treasures Center, is MAS-registered and already provides some point-of-sale and online crypto payment services.

Singapore-based dtcpay is launching a payment system that will use fiat and cryptocurrencies for in-store and online payments. The company mentioned Tether (USDT), Ether (ETH) and Bitcoin (BTC) in its announcement.

The company is partnering with open-source blockchain PlatON for privacy-protected digital infrastructure and Allinpay International to create smart terminals and a digital interface. Both PlatOn and Allinpay are based in China. Dtcpay and Allinpay are registered with the Monetary Authority of Singapore (MAS) as major payment institutions.

A spokesman for Allinpay parent company Tonghua International said:

“This cooperation will […] Help merchants better adapt to the modern payment trend and meet the needs of young consumers.”

Dtcpay will exchange fiat and crypto and onboard new cryptocurrencies in the new service. It already provides point-of-sale and online checkout. In September, dtcpay concluded a deal with London-based Sumsub to provide Know Your Customer services for the dtcpay digital wallet and entered into an agreement with Singapore POS provider Jeripay to provide crypto payment services on its 8,000-terminal network.

Founded in 2019 and originally known as Digital Treasures Center, dtcpay was selected to participate in Mastercard’s Mastercard Start Path program for crypto and blockchain startups in November 2022. It received backing by the Pontiac Land Group real estate conglomerate in a pre-seed funding round in June.

Dtcpay last month raised $16.5 million in a pre-Series A round led by Kwee, the chairman of Pontiac Land. The investment will see some of Pontiac Land’s hotels soon accept payments in crypto: by @zinnialee23 https://t.co/D5vdnHBtYL
— Forbes Crypto (@ForbesCrypto) July 17, 2023

Electronic payment is common in Singapore, which is considered to have progressive cryptocurrency regulation, including consumer protection. Coinbase and Ripple received major payment institution licensing from MAS in October. The city-state is also experimenting with central bank digital currency, but the MAS has stated that it sees “no urgent use case” for a retail CBDC.

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Coinbase narrows loss while crypto trading volumes fall in Q3

November 2, 2023 Coin Telegraph

Adjusted EBITDA

Despite seeing falling trading volumes, Coinbase said they were “pleased” with how the quarter played out.

Cryptocurrency exchange Coinbase narrowed its net loss to $2 million in the third quarter, as notched a year-on-year increase in revenue despite lower trading volumes.

The firm’s net loss in Q3 was trimmed from a $545 million net loss in the prior year period, according to a Nov. 2 earnings statement.

Total revenue increased 14.2% year-on-year to $674.1 million, though quarter-on-quarter revenue fell 4.8%. The figure beat London Stock Exchange Group’s estimate of $653.2 million, according to a report from Reuters.

Of the total revenue, $334.4 million came from subscription and services (mostly stablecoin and blockchain rewards), while $288.6 million came from transaction-based revenues.

Our Q3’23 update is in.

Read the full shareholder letter and tune in to our earnings call here → https://t.co/fod43YZcAY pic.twitter.com/Iusjw1Uysx
— Coinbase ️ (@coinbase) November 2, 2023

Meanwhile, consumer trading volume came in at $11 billion, a fall from $26 billion in Q3 2022.

Institutional trading volumes came in at $65 billion, down from $78 million in Q2 and $133 million in Q3 2022.

These volumes have been trending downwards for five consecutive quarters.

Despite this, Coinbase said in a statement it was pleased with how the quarter played out:

“Q3 was a strong quarter for Coinbase. Amid multi-year low levels of volatility, we are pleased with our financial results.”

The exchange also produced a positive adjusted EBITDA for the third consecutive quarter — a sign that they’re building toward a “sustainable business” that can drive “long term growth,” it said.

Adjusted EBITDA stands for earnings before interest, taxes, depreciation and amortization and is a metric that provides analysts a means to make more meaningful comparisons to a variety of companies in the same industry.

*Coinbase’s revenue statement for Q3 2023. Source: Coinbase*

Coinbase’s share price (COIN) spiked 8.7% to $84.6 during trading hours but then fell 3.7% to $81.5 in after-hours trading,following the results filing, according to Google Finance.

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Coinbase International launches perpetual futures trading for retail customers

September 28, 2023 Coin Telegraph

Bermuda

The recent regulatory approval for Coinbase’s international subsidiary comes within a month of getting the NFA nod to offer crypto derivatives services to institutional clients in eligible U.S. states.

Coinbase International Exchange, a class F license holder from the Bermuda Monetary Authority (BMA), announced it has received additional regulatory approval, allowing the platform to offer perpetual futures trading to non-United States retail customers.

Launched in May 2023, Coinbase International already offered crypto derivates services to institutional clients. With the latest regulatory approval, the crypto platform will provide eligible customers access to regulated perpetual futures contracts on the Coinbase Advanced platform in the coming weeks. The exchange said perpetual futures accounts are maintained by Coinbase Bermuda and regulated by the BMA.

The crypto exchange claimed in its announcement that nearly 75% of crypto trading volume comes from the derivatives market, and the recent regulatory approval would help retail traders access the crypto derivatives market primarily dominated by the institutions.

The crypto platform also noted that Coinbase does not engage in market-making. It said the liquidity on the exchanges is provided by established, independent liquidity providers who have undergone thorough compliance reviews.

Coinbase claimed its platform would prove the right gateway for retail traders to access the derivatives market securely and competently. Only non-U.S. consumers in a few countries can use Coinbase International Exchange, and customers are tested to evaluate their eligibility for the product before they can open a Coinbase Advanced trading account.

The recent approval for Coinbase International to offer perpetual futures to retail customers comes just a month after the platform received approval from the National Futures Association (NFA) to offer investments in crypto futures to eligible institutional clients in the United States.

Coinbase has continued to make strides outside the U.S. despite facing a regulatory battle with the Securities and Exchange Commission over its services. The regulator filed a lawsuit against Coinbase in early June, alleging that the exchange violated local securities laws by selling unregistered securities.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

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HashKey to start Bitcoin and Ether retail trading in Hong Kong from Aug. 28

August 25, 2023 Coin Telegraph

Bitcoin Price

HashKey, along with OSL, received a major license upgrade on Aug.3 clearing their way to offer crypto trading services to retail customers.

Asian cryptocurrency exchange HashKey is set to start offering Bitcoin and Ether crypto trading services to retail customers in Hong Kong starting on August 28, according to a local media report. Investors will only be allowed to invest up to 30% of their net worth into cryptocurrencies when using the platform

HashKey became the first crypto exchange in Hong Kong to get regulatory clearance to offer crypto trading services to retail traders after upgrading two major licenses issued by the country’s Securities and Futures Commission (SFC). The first license known as Type 1, made way for HashKey to start a virtual asset trading platform under Hong Kong’s securities laws. The second license called Type 7, allows the crypto exchange to provide automated trading services to both institutional as well as retail users.

Apart from HashKey, another crypto platform called OSL also received a regulatory nod from the SFC to offer BTC and ETH retail trading services. The new license regime has made way for Hong Kong to establish itself as one of the few countries that allow crypto retail trading services under the pureview of law.

Hong Kong started the year 2023 with a focus on building a crypto friendly environment in the country. Hong Kong’s Financial Secretary Paul Chan noted at the start of the year that the local government and regulators are looking forward to building a crypto and fintech ecosystem in 2023.

By March, more than 80 crypto firms expressed interest in opening their office in Hong Kong including several crypto heavy weights. In April, the Hong Kong Monetary Authority (HKMA) called on banks to provide services to cryptocurrency firms. By May of the same year, the HKMA announced a licensing regime for the crypto platforms with a deadline of June 1. By August a couple of crypto platforms have now been approved to offer crypto trading services to retail as well as institutional clients.

The role of the regulatory framework that helps to protect investors is quite evident in the case of Hong Kong where retail traders will have access to only BTC and ETH, which the exchange believes is enough for the retail traders' need.

HashKey didn’t respond to Cointelegraph’s request for comments at press time.

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Hong Kong debuts retail crypto trading with HashKey exchange

August 3, 2023 Coin Telegraph

Coin Telegraph

HashKey became one of the first licensed exchanges to offer cryptocurrency trading for non-professional investors in Hong Kong.

Hong Kong is expanding cryptocurrency trading exposure to individual investors, with at least one exchange getting the regulatory green light to offer the services.

Local digital asset firm HashKey has successfully obtained all necessary licensing to expand its business from serving professional investors to taking on retail users.

HashKey’s new regulatory milestone has been enabled by upgrading two major licenses issued by Hong Kong’s Securities and Futures Commission (SFC).

The first license, Type 1, allows HashKey to operate a virtual asset trading platform under Hong Kong’s securities laws. The second one, Type 7, officially enables the firm to provide automated trading services to both institutional and retail users, the announcement notes.

In addition to becoming one of the first licensed exchanges to offer retail crypto trading in Hong Kong, HashKey has also officially launched its crypto over-the-counter (OTC) trading service, HashKey Brokerage. The OTC platform is said to comply with local securities laws following the adoption of a new crypto regulatory framework by the SFC.

HashKey Group chief operating officer Livio Weng expressed confidence in the establishment of licensed trading platforms and the further clarity of regulatory frameworks in Hong Kong. He added:

“The industry as a whole will witness increased transparency, leading to a significant boost in investor confidence.”

The news comes soon after an executive at the Hong Kong-based Hang Seng Bank argued that crypto companies can only open bank accounts after obtaining an approval-in-principle license from the SFC. By early August, OSL and Hashkey were reportedly the only exchanges that received approval.

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Did retail traders miss Bitcoin and Ether’s recent gains?

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