BYBIT SET TO EXIT FRANCE
$BTC #
Bybit, has announced the cessation of its operations in France due to increasing regulatory pressures from the Autorité des Marchés Financiers (AMF), the nation’s financial regulator. This move marks a significant shift for Bybit and its French clientele, signaling a critical juncture for the exchange.
The restrictions imposed are notably stringent. Bybit has set all existing accounts to “close-only” status, prohibiting users from opening new positions or making purchases. This directive extends to the discontinuation of several services including One-click buy, peer-to-peer (P2P) transactions, spot dealing, and derivative trading. Additionally, the platform will no longer accept deposits, although transfers will still be permitted.

More comprehensive measures will take effect on August 13, when Bybit plans to automatically close any remaining open accounts related to spot trading, trading bots, or derivatives. Furthermore, all associated card services will be terminated. Affected users are encouraged to submit help tickets for assistance regarding these impending changes.
This regulatory tightening is not unique to Bybit; the broader French cryptocurrency market faces similar challenges. In a parallel development, Binance, another crypto heavyweight, experienced comparable issues.
In December 2023, Changpeng Zhao, founder of Binance, stepped down from his role at Binance France following pressure from the AMF. These instances illustrate the increasingly regulated environment governing cryptocurrencies in France.
Bybit’s decision to halt operations reflects a broader trend of regulatory scrutiny within the crypto industry, as authorities aim to establish more controlled and secure trading environments. This regulatory stance, while protective, poses significant operational hurdles for crypto exchanges operating within French jurisdictions
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After so much bearish trend early yesterday, Bitcoin tried to surprise me with another bullish trend just before the end of the same day, it's really crazy but let's keep our fingers crossed, however this bullish trend has seen rejection 3 times between the range of 65,000 and 65,600 which makes that region a region to really note......what next should we expect?$BTC
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Bitcoin Faces Challenges in Breaking Key Resistance Levels

Bitcoin price is significantly higher than in November 2022, but the same can’t be said for many altcoins. Investors who bought near the peaks this year are facing losses exceeding 50%, turning the process into a nightmare for them. Bitcoin attempted to break the $70,000 resistance six times but fell back to $60,000. When will this nightmare end?

When Will Bitcoin Rise?

BTC needs to break its all-time high and move upward for altcoins to rise. Historical data suggests this is possible after reaching six-figure levels. BTC is experiencing a phase similar to when it hovered around the previous bull cycle’s $20,000 peak.

On April 20, the fourth Bitcoin halving occurred, and since then, BTC has fluctuated between $58,000 and $72,000. According to popular crypto analyst Rekt Capital, August offers no hope. The analyst, known for predicting major breaks, wrote that a break could occur in September.
Halving should lead BTC out of the accumulation range within 100 days, but this hasn’t happened. According to him, BTC is trading within a descending parallel channel, and if it can permanently reclaim $65,000, the upward momentum may continue.
Another popular analyst named Jelle believes that BTC price could reach $100,000 “in the coming months” based on the technical model he examined.

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Senator Cynthia Lummis Unveils Bitcoin Reserve to Fight National Debt

The legislation was revealed on Wednesday at the Bitcoin 2024 event in Washington, D.C., to create a reserve backing the U.S. dollar with Bitcoin, now under greater and increasing fiscal pressures.

This new legislation would mean adding Bitcoin to the balance sheet of the Federal Reserve as a strategic reserve asset. The Bitcoin buying program over five years, similar to the strategic petroleum reserve, will likely be led by the U.S. Treasury. According to Lummis, this will further stabilize and solidify the dollar across the world and might also permanently alter the course of the economy.

Wyoming Senator Cynthia Lummis said the role of Bitcoin would be somewhat akin to a strategic reserve aimed at shoring up the dollar and fending off inflation. The government would hold this bitcoin – the way it does gold at various secure locations – and would use it to pay down debt but would hold each Bitcoin dormant for no fewer than 20 years.

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Crypto Market Decline Following FOMC Meeting

The total cryptocurrency market cap fell by over $60 billion in the last 24 hours after the Federal Open Market Committee (FOMC) displayed a hawkish tone regarding potential rate cuts in September. Although interest rates were held steady between 5.25% and 5.50%, there was no clarity on future moves.

Brian Quinlivan, Lead Analyst at Santiment, commented on the market reaction, saying, “It’s all about the FOMC and Jerome Powell’s decision to keep interest rates steady. There has definitely been a noticeable letdown from the crowd, who were hoping this would be the first time we would see rate cuts since March 2020.”

As a result, the total crypto market cap dropped below $2.25 trillion, losing support at $2.30 trillion for the first time in two weeks. The market cap is now approaching the support level of $2.20 trillion.

For a potential recovery, the $2.30 trillion level would need to be regained as support, which could push the market cap back towards $2.40 trillion.$BNB
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Fed’s lean toward September rate cut bullish for Bitcoin

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The likelihood of the U.S. Federal Reserve cutting rates in September looks bullish for Bitcoin and crypto investors, QCP Capital analysts wrote in an Aug. 1 report.On July 31, minutes from the Federal Open Market Committee meeting revealed that Fed chair Jerome Powell and other officials at the American apex bank decided to leave interest rates unchanged.Powell and the Fed maintained tighter monetary policies for another month, keeping rates between 5-5.5% as the regulator held out for more positive economic data.According to QCP Capital, the FOMC minutes suggest that the Fed leans toward dovish policies as the year inches toward its final quarters. “A September cut has been fully priced in,” QCP analysts wrote in an Aug. 1 note.Jag Kooner, head of derivatives at Bitfinex, echoed QCP’s sentiment, adding that a September rate cut would bolster bullish momentum and improve market liquidity. Bitcoin (BTC) and other cryptocurrencies regarded as risk assets would benefit from more capital inflows as investors seek higher returns from outside the stock market. Kooner said: “There is a lot of confidence in the market at the moment, particularly as even potentially  negative news like the  Mt. Gox Distribution, German Government selling, and many recent significant Chain movements have not been able to impact the Bitcoin price to the downside substantially.”