This Week in Crypto: Bitcoin Reached $64K, OANDA Debuts in the UK
Nova Reyes
Markets Navigator
TL;DR
This week in crypto saw Bitcoin reach $64K, OANDA launch its trading platform in the UK, and Binance's plea deal approved. Ethereum also surged past $3,100, while the deadline for Hong Kong's VATP license applications has passed.
Key Takeaways
- Bitcoin prices surged to $64K, nearing its all-time high.
- OANDA launched a cryptocurrency trading platform in the UK.
- Binance's $4.3 billion plea deal was approved by the U.S. Department of Justice.
- Ethereum's price reached $3,100 for the first time since April 2022.
- The deadline for Hong Kong's VATP license applications has ended.
OANDA Debuts a Cryptocurrency Trading Platform in the UK
On February 26, 2024, OANDA, a US-based forex pioneer, announced its entry into the UK crypto market. This follows OANDA's acquisition of a significant portion of FCA-registered crypto company Coinpass. The new platform, OANDA Coinpass Limited, is registered with UK regulators, ensuring reliability.
The platform will cater to private investors and traders, offering access to over 63 cryptocurrencies, including Bitcoin and Ethereum. OANDA's trading app will feature over 100,000 public indicators and 110 smart drawing tools.
Lucian Lauerman, Head of Digital Assets at OANDA, stated, "With OANDA Crypto, we’re staying true to our mission of making trading experiences smarter by bringing the reliability, security & simplicity of our robust trading platforms into an easy-to-use app."
U.S. Department of Justice Approves Binance’s $4.3M Plea Deal
On February 23, 2024, the U.S. Department of Justice approved Binance's $4.3 billion plea deal. This decision comes after Binance and its CEO, Changpeng Zhao, were found guilty of anti-money laundering activities in 2023. Zhao's sentencing is scheduled for April 30, 2024.
As part of the settlement, Binance will pay $1.8 billion in fines and $2.5 billion in forfeitures. This approval may signal a potential comeback for Binance in the future.
Ethereum Price Reaches $3,100
Ethereum's price surged to $3,100 for the first time since April 2022, driven by excitement over the anticipated approval of spot ETH ETFs. JPMorgan analysts predict that these approvals could happen in early May. Ethereum's open interest has also soared to $10.6 billion.
Deadline for Hong Kong’s VATP License Applications Ends
The deadline for crypto exchanges to apply for Hong Kong's Virtual Asset Trading License (VATP) was February 29, 2024. Eighteen exchanges, including Bybit and Crypto.com, applied for the license, but four have withdrawn their applications. Currently, only OSL and Haskey have received the license.
Bitcoin Prices Near All-Time High
From February 28 to 29, 2024, Bitcoin prices surged to $64,037, approaching its all-time high of $68,990. The price fluctuated throughout the week, starting at $60,000 and briefly dropping to $56,700 before the recent surge.
Stay Tuned!
For the latest updates in the crypto world, visit Coin Informer. Our team is dedicated to providing accurate news and insights into the crypto community.