Binance updates crypto rules in Poland to meet new MiCA requirements

Boerse Stuttgart Digital, a unit of stock exchange operator Boerse Stuttgart, said it was granted a crypto asset service provider (CASP) license by the German regulator BaFin allowing it to provide services across the European Union under the bloc's Markets in Crypto Assets (MiCA) regulations.

The company operates a brokerage and an exchange and intends to use the license to broaden its offerings for financial institutions across Europe, Matthias Voelkel, CEO of Boerse Stuttgart Group said in an emailed statement.

Companies have been vying for MiCA licenses, which give crypto asset service providers permission to operate across the 27-nation bloc. The requirement came into force on Dec. 30, before which CASPs had to acquire licenses in each nation separately.

“The issuance of the MiCAR license, just a few weeks after the adoption of the required national legislation, also enhances Germany's overall competitiveness in the European crypto market,” Oliver Vins, Boerse Stuttgart Digital's chief finance and regulatory officer, said in the email.

Germany passed the legislation needed to implement MiCA days before the year-end deadline despite political turmoil that resulted in an early election being called for Feb. 23.

Boerse Stuttgart Digital joins MoonPay, BitStaete, ZBD and prime brokerage and clearing company Hidden Road, who received the license from the Dutch Authority for the Financial Markets (AFM) in December.

Read more: EU Countries Struggle to Implement MiCA as Deadline for Crypto Regulatory Revamp Looms

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Cross-chain bridging protocol Orbiter Finance has introduced its native governance and staking token OBT ahead of a planned launch and initial airdrop that coincides with Inauguration Day for pro-crypto President-elect Donald Trump on Jan. 20.

OBT is an ERC-20 token with a total supply of 10 billion and it's set to launch on Ethereum and the Layer 2 networks Arbitrum and Base next week. Following the token generation event, OBT will have an initial circulating supply of 2.8 billion (28%). Onchain governance is set to open in February, with the token’s staking mechanism planned for Q2.

“This milestone airdrop represents our gratitude to our amazing community that has supported and shaped our journey from the beginning,” the project stated on Friday, marking its first step toward decentralization.

How the OBT token will be distributed

Some 40% of the total OBT supply has been set aside for its community, while a separate 20% is reserved for ecosystem and growth initiatives, of which 2.5% will be unlocked at TGE. In addition, 15% is allocated for the Orbiter team and contributors, and 10% for the project’s seed and Series A round investors.

The remaining 15% will go to the Orbiter Foundation to achieve its “all chains, one hub” vision, with 3.5% of which unlocked at TGE and the rest vested in monthly increments over 23 months.

Of the 40% community allocation, an initial 22% airdrop for eligible Orbiter users will be followed by a 3% airdrop each month for six months. To qualify for the airdrops, participants must have used the Orbiter protocol for at least two months since December 2021 and owned at least 40 OPoints, the project explained, with a snapshot taken on Jan. 16. This points-based system was used to determine the number of tokens airdrop recipients can claim, primarily based on cross-chain transactions utilizing the protocol.

OBT airdrop whitelists are also given to moderators of its Discord, holders of Ace and Expert NFTs and winners of Orbiter’s offline event initiatives. A second snapshot for NFT holders is set for Jan. 19.

Each user can claim a maximum of 5,600 OBT on Jan. 20 based on the first snapshot for OPoints, while Ace NFT holders can claim 17,000 OBT per NFT based on the second snapshot. Expert NFT holders can then claim 2,300 OBT per NFT on Jan. 23, with all users able to claim their remaining initial OBT token rewards on Jan. 25.

Founded in 2021, Orbiter claims to have attracted 4.3 million users, processed more than $28 billion and facilitated over 35 million transactions across the ZK-tech-based interoperability network.

More details on the project’s roadmap are planned for release in February.

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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Dogecoin is charging ahead as bullish momentum builds, propelling the price closer to the critical $0.4 resistance level. This surge marks a significant turn in sentiment, with buyers stepping up to reclaim control and drive the cryptocurrency higher. The $0.4 mark is more than just a psychological barrier, it’s a key resistance that could determine whether DOGE continues its climb or pauses for consolidation.

As Dogecoin builds steam, can the bulls maintain control and break through this key barrier? The outcome of this move will play a decisive role in shaping the next phase of its price action, making this an exciting moment for the market. At the time of writing, DOGE has risen by over 7%, trading at $0.39.

Recent Performance: A Closer Look At Dogecoin

Dogecoin’s recent performance has showcased a remarkable recovery, with the cryptocurrency regaining strength and heading toward the critical $0.4 resistance level. After a period of consolidation, the meme coin has exhibited strong buying pressure, signaling renewed investor confidence and a potential shift in market dynamics.

Key technical indicators, such as the Relative Strength Index (RSI), reflect this resurgence, showing positive trends that align with the upward movement. Additionally, DOGE’s ability to reclaim its position above significant moving averages such as the 4-hour SMA, further supports its upside trajectory.

This rally has captured traders’ attention and reignited discussions about Dogecoin’s potential to test higher resistance levels. However, the $0.4 mark remains a significant hurdle, and the next outcome will likely define the cryptocurrency’s short-term direction. As momentum builds, traders and investors are closely watching for signals of sustained strength or signs of a possible pullback.

Potential Scenarios: Breakout vs. Rejection At $0.4

The $0.4 resistance level represents a crucial turning point for Dogecoin’s recent upbeat momentum. Two primary scenarios could unfold at this level: a breakout or a rejection.

If Dogecoin successfully breaches the $0.4 resistance, it might trigger a fresh wave of buying interest, driving the price toward higher targets like $0.48 or even $0.59. A breakout would solidify bullish dominance and attract traders, fueling the rally.

In this scenario, $0.4 may transition from a resistance level to a strong support zone, laying the groundwork for sustained upward movement. On the other hand, failure to break through $0.4 might result in a rejection, causing Dogecoin to retrace toward lower support levels such as $0.35 and $0.3.

Furthermore, the failure could indicate a pause in bullish momentum, with sellers asserting greater control near the resistance zone. While a rejection may cause short-term price weakness, it doesn’t necessarily mean the end of the rally. Instead, it will pave the way for consolidation and a stronger base for future attempts at breaking $0.4.

XRP, the third-largest cryptocurrency by market capitalization ranking, surpassed bitcoin (BTC) to become the most-traded digital asset on Coinbase. This indicates that American crypto investors are increasingly interested in Ripple’s native coin.

The sudden spark in interest comes days after the company’s CEO, Brad Garlinghouse, met with United States President-elect Donald Trump to discuss including other assets besides BTC in the potential crypto reserve.XRP Overtakes BTC

According to on-chain data from CoinGecko, the XRP/USD pair had a 24-hour traded volume of over $1.67 billion at press time, representing 23.57% of the total volume on Coinbase. This metric surpasses the BTC/USD pair, which held more than $1.4 billion, signaling 19.84% of the total traded volume on the crypto exchange.

Conversely, BTC retains dominance on the leading crypto exchange, Binance, while XRP comes second. However, Binance remains off-limit to American investors.

Several factors likely contributed to XRP’s widespread appeal to U.S. and global investors. Donald Trump’s upcoming inauguration as the next U.S. president will likely bring nationwide acceptance to crypto assets like BTC. A recent reportconfirmedthat the president-elect could prioritize cryptocurrencies founded in the country, such as XRP, SOL, and USDC.

There are also clues that Trump’s administration will endorse a spot XRP exchange-traded fund (ETF) for local investors to gain exposure to the third-largest cryptocurrency. The latest data on Polymarket shows that 67% of bettors expect an XRP-backed ETP this year. Investment firms like Bitwise, Canary Capital, and WisdomTree have filed for XRP ETF approval with the U.S. Securities and Exchange Commission (SEC).Effect on XRP’s Value

As investors flooded the XRP market, the cryptocurrency’s value soared more than 4% to $3.31. Notably, thisbringsthe asset’s price closer to its all-time high (ATH) of $3.4 recorded in January 2018.

As seen in BTC, market watchers believe that Trump’s inclusion of XRP in the country’s potential strategic reserve will push the digital asset’s value to new frontiers.