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CoinEx Research Releases July Cryptocurrency Market Report: Volatility, Resilience, and Growth
HONG KONG, Aug. 13, 2024 /PRNewswire/ — CoinEx Research has published its detailed analysis of the cryptocurrency market for July, shedding light on significant price swings, market resilience, and various influential factors shaping the landscape.
Market Volatility and Recovery
July witnessed dramatic fluctuations in Bitcoin’s price, plummeting to a low of $53,500 before rebounding to $70,000, and ultimately stabilizing between $64,000 and $66,000. This volatility was influenced by several key factors:
German Government Sell-off
The sale of 50,000 bitcoins by the German government created substantial market pressure. Despite this, the market exhibited remarkable resilience, quickly absorbing the excess supply and preventing a prolonged downturn.
Strong ETF Inflows
Bitcoin ETFs saw an impressive net inflow of $3.1 billion in July, a significant increase from June’s $666 million. This surge reflects growing institutional interest and suggests an accelerating convergence between traditional financial markets and cryptocurrency markets. The strong ETF inflows have provided additional liquidity and stability to the Bitcoin market, helping to mitigate short-term price volatility and laying the groundwork for future growth.
Mt. Gox Distribution
With 59,000 of the 142,000 recovered bitcoins distributed to creditors through exchanges like Kraken and Bitstamp, the market faces potential additional supply pressure. However, given the market’s ability to absorb large sell-offs, such as the German government’s, experts believe this new supply will be effectively managed over the coming months.
Political Developments
The Bitcoin Conference held in Nashville featured speeches by presidential candidates Donald Trump and Robert F. Kennedy Jr., both of whom expressed pro-crypto stances. Trump proposed establishing a strategic Bitcoin reserve for the nation, while Kennedy suggested the Treasury Department purchase 550 bitcoins daily until the U.S. has a reserve of 4 million bitcoins. These proposals highlight the growing political recognition of cryptocurrencies and, if implemented, could lead to a more favorable regulatory environment, attracting further institutional investment.
Ethereum ETF Launch
Following the approval of Bitcoin ETFs earlier this year, nine spot Ethereum ETFs began trading on July 22. Despite initial outflows totaling $542 million, including a $1.97 billion outflow from Grayscale’s ETHE fund, these ETFs mark a significant milestone. Analysts anticipate that if the outflow rate stabilizes, the pressure on Ether’s price, which dropped from $3,500 to $3,000, may ease within 1-2 months.
Solana’s Rise
Solana has emerged as a standout performer, particularly within the meme token sector. The Pump.fun platform, which created over 1.5 million meme tokens, generated 510,000 SOL in revenue. On-chain data shows Solana surpassing Ethereum in daily active users and daily transactions, and even overtaking Ethereum in DEX trading volume for the first time in July. This trend underscores the innovation and competitiveness within the cryptocurrency ecosystem.
Improving Liquidity
Stablecoin net issuance of $290 million in July signals improving market liquidity, nearing levels seen last December. This recovery suggests the onset of the next wave of market growth. Comparing to August 2021, when stablecoin inflows continued to rise after a two-month correction, industry insiders expect stronger inflows in August and September, potentially enhancing market liquidity and upward momentum.
Conclusion
Despite the challenges and volatility experienced in July, the cryptocurrency market, particularly Bitcoin, has demonstrated significant resilience and maturity. Strong ETF inflows, improving liquidity, and growing institutional interest paint a potentially positive outlook for Bitcoin. However, investors should remain cautious of ongoing factors like the Mt. Gox distribution and broader economic trends. The cryptocurrency market continues to evolve, with key developments such as Solana’s rise and the launch of Ethereum ETFs indicating a dynamic and competitive landscape ahead.
About CoinEx
Established in 2017, CoinEx is a global cryptocurrency exchange committed to making trading easier. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market maker (AMM), and financial management services for over 5 million users across 200+ countries and regions.
CoinEx Research remains committed to providing in-depth analyses and insights into the evolving cryptocurrency market, helping investors navigate through the complexities and opportunities that lie ahead.
View original content:https://www.prnewswire.co.uk/news-releases/coinex-research-releases-july-cryptocurrency-market-report-volatility-resilience-and-growth-302220739.html
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
LIMASSOL, Cyprus , Nov. 15, 2024 /PRNewswire/ — Doo Group is proud to announce that Doo Financial, one of its brands, has been awarded a new license by the Cyprus Securities and Exchange Commission (CySEC). This achievement strengthens Doo Group’s commitment to providing a secure and regulated trading environment for its clients globally.
Expanding Regulatory Reach
The addition of the CySEC license highlights Doo Group’s extensive regulatory framework, which already spans across multiple financial jurisdictions, including the United Kingdom, Australia, Hong Kong and Malaysia. This strategic milestone reflects Doo Group’s dedication to ensuring compliance with international regulatory standards and prioritizing client security. As a European Supervisory Authority, CySEC offers a robust regulatory environment and is expected to enhance client confidence. For Doo Group, this new regulatory milestone reinforces its reputation as a trusted, reliable financial services provider.
“Acquiring the new license from CySEC is a significant milestone for Doo Financial, marking a key step in our ongoing growth and strategic expansion. This achievement not only reinforces our commitment to maintaining the highest standards of regulatory excellence but also solidifies our position as a trusted, reliable financial institution within Europe. By aligning with CySEC’s rigorous requirements, we are better positioned to offer enhanced services to our clients, foster greater transparency, and ensure long-term stability in an increasingly complex and dynamic financial landscape.” Costas Kappai, Doo Financial EU
Strengthening Client Confidence
Doo Financial EU, the European branch of Doo Financial, is now positioned to serve clients across Europe under the guidelines of a European Supervisory Authority. European clients will benefit from CySEC’s regulatory protections, including client fund safety and transparent business practices, ensuring a secure and trustworthy trading experience. This development allows Doo Financial EU to offer its suite of financial services and trading products to a wider audience, backed by the credibility and oversight of CySEC.
By expanding its regulatory reach, Doo Group continues to strengthen its position in the global financial market, enabling clients to trade with confidence. The CySEC license is another step toward achieving Doo Group’s vision of becoming a leader in financial services.
About Doo Group
Founded in 2014 and headquartered in Singapore, Doo Group is an international financial services provider with a focus on FinTech. With operations across 10 major business lines—including Brokerage, Wealth Management, Payments, and Digital Marketing—we are dedicated to delivering comprehensive financial solutions that empower our clients to explore a better future.
View original content:https://www.prnewswire.co.uk/news-releases/doo-group-strengthens-global-reach-with-cysec-license-for-doo-financial-302306893.html
DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — PayerMax, a leading global provider of payment solutions, has been named Best Payments Solutions Provider of 2024 by MEA Finance magazine at an award ceremony hosted on November 12 in Dubai. The award is a testament of PayerMax’s success in providing exceptional financial technology services to clients in the Middle East and Africa, as well as its leadership position in payment solutions.
The annual MEA Finance Industry Awards recognizes the financial institutions, technology solutions providers, fintech companies, service providers and individuals for exceptional achievements, groundbreaking services and inspirational leadership in delivering innovative products and services.
“We’re very honored to receive the award. It not only recognizes the success of our innovative technologies and regional strategies, but also it is the perfect testimonial of how our team thrives to create superior values for our clients, and we look forward to more cooperation with more partners,” said Wang Hu, co-founder of PayerMax. “Looking ahead, PayerMax remains committed to further strengthening our presence and deepening our efforts in the Middle Eastern market. We will continue to empower more businesses and enhance the digital payment ecosystem across regions, driving value and growth for clients around the world.”
In 2024, PayerMax achieved major milestones in the Middle East market. In alignment with Saudi Arabia’s Vision 2030, PayerMax became the first Asian fintech company to establish a regional headquarters in Riyadh and obtained the Payment Technical Service Provider (PTSP) certification from Saudi Payments on behalf of the Saudi Central Bank (SAMA) in September. This certification allows PayerMax to operate seamlessly within Saudi Arabia’s financial ecosystem, providing merchants across the country with secure, flexible, and efficient payment solutions. The company has also formed partnerships with leading banks such as SAB and Emirates NBD, advancing the digital twin ecosystem while supporting financial inclusion, economic diversification, and an enhanced user experience through digital payments in the region. Furthermore, as the first Asian fintech company to secure the UAE’s payment license, PayerMax is strengthening its presence and expanding operations across the Middle East.
Beyond the Middle East, PayerMax’s achievements in 2024 were globally recognized. In May, PayerMax was awarded the 2024 “Best Payments and Collections Solution” award from The Asset in the prestigious “The Asset Triple A Awards.” With an impressive 95% coverage of mainstream payment methods in emerging markets, PayerMax continues to build on its vision of providing innovative payment solutions worldwide.
PayerMax is committed to providing businesses with one-stop local payment solutions to meet their diverse payment needs. Its extensive network supports a wide range of over 600 payment methods, more than 70 transaction currencies, and over 20 local languages, catering to diverse global user payment preferences. With a vision to drive merchant success on a global scale, PayerMax offers an array of value-added services, including risk management, foreign exchange management, payment marketing (webshop), and finance & tax services, constructing a comprehensive environment for merchants to excel in a competitive global marketplace and handle the intricacies of globalization with ease.
Looking ahead, PayerMax is committed to staying at the forefront of the evolving digital payment landscape. The company will continue to invest in technological innovation and service enhancements to deliver increased value and opportunities to its customers. By doing so, PayerMax aims to empower global business expansion and facilitate the transition to a cashless society. For more information, please visit https://www.payermax.com/.
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View original content:https://www.prnewswire.co.uk/news-releases/payermax-recognized-as-best-payment-service-provider-by-mea-finance-302306832.html
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