Author: CryptoCurrencyNews

DUBAI, UAE, Sept. 26, 2024 /PRNewswire/ — Bybit, the world’s second-largest crypto exchange by trading volume, is delighted to announce a major milestone as its registered user base surpasses 50 million worldwide. This extraordinary achievement underscores Bybit’s rapid growth and solidifies its position as a preferred platform for millions of crypto enthusiasts and traders globally.

Strengthening Global Compliance

Bybit has made significant strides in strengthening its global compliance efforts. The platform has actively engaged with local authorities in key markets such as Dubai, Netherlands, Turkey, and Kazakhstan, fostering collaborative relationships and ensuring adherence to regulatory standards. These initiatives underscore Bybit’s commitment to operating in a transparent and responsible manner.

Leading the Web3 Revolution

Bybit’s commitment to driving Web3 adoption remains unwavering. The platform’s Web3 team has achieved a remarkable feat, expanding its integration to over 130 million wallet addresses across 30+ chains. This expansion demonstrates Bybit’s dedication to providing users with access to a diverse range of decentralized ecosystems and opportunities. In the upcoming World Series of Trading (WSOT), Bybit’s DEX Wave will feature over 100 partners, including prominent names like Yescoin, Bonk, Catizen, Navi Protocol, Blackcardcoin, and Character X. Traders will have the unique opportunity to explore more than 1 million decentralized tokens, ranging from DeFi projects and GameFi assets to memecoins

Engaging Livestream Events

Bybit has also continued to foster community engagement through its popular livestream events. These interactive sessions offer users valuable insights into trading strategies, market trends, and the evolving crypto landscape. By providing educational content and fostering a sense of community, Bybit has enhanced user experience and driven growth.

Ben Zhou, Co-founder and CEO of Bybit, stated, “Reaching 50 million users represents the trust and enthusiasm of our community. We are grateful for the overwhelming support we have received and remain committed to delivering innovative solutions that enhance our users’ trading experiences. Our Web3 team’s achievements and our ongoing commitment to global compliance demonstrate our dedication to fostering a secure and reliable trading environment.”

Key Highlights:

• 50 Million Users: Bybit has achieved a significant milestone with over 50 million registered users.
• Web3 Leadership: Bybit’s Web3 team has integrated with over 130 million wallet addresses across 30+ chains.
• WSOT 2024: The platform will host the DEX Pro competition, featuring over 100 partners and 1 million+ decentralized tokens.
• Global Compliance: Bybit has strengthened its compliance efforts in a wide array of markets, including Dubai, Netherlands, Turkey, and Kazakhstan.
• Engaging Livestreams: Popular livestream events provide valuable insights and foster community engagement.
• Bybit remains steadfast in its mission to provide a secure, reliable, and user-friendly trading environment while continuously innovating to meet the needs of its vibrant community.

#Bybit /#BybitWeb3 / #Bybit50M

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.

For media inquiries, please contact: media@bybit.com

For more information, please visit: https://www.bybit.com

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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View original content:https://www.prnewswire.co.uk/news-releases/bybit-surges-to-50-million-users-in-40-days-leading-web3-and-global-compliance-302259397.html

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With Citrea Testnet, Bitcoin starts to scale its original goal: self-sovereign finance.

GEORGE TOWN, Cayman Islands, Sept. 24, 2024 /PRNewswire/ — Today, Citrea announces the launch of Citrea Testnet on Bitcoin Testnet4. Citrea Testnet marks a significant step towards using Bitcoin as a settlement layer, setting the stage for a decentralized, self-sovereign financial ecosystem on a global scale. Bitcoin is now one step closer to its next phase, the foundation for the world’s finance. 

Citrea Testnet introduces a new Bitcoin era for both developers and users, where accessing Bitcoin’s utility doesn’t come at the expense of sacrificing its self-sovereignty. Citrea Testnet is the only working rollup solution allowing EVM developers to build decentralized applications that inherit Bitcoin’s security while leveraging the most trust-minimized way to use BTC.

What is in Citrea Testnet? 

Citrea Testnet includes a nearly complete version of Clementine — Citrea’s BitVM-based trust-minimized bridge design — and puts critical bridge infrastructure to the test, such as detecting malicious operators, coordinating pre-signatures, and operator-based withdrawals. The final piece, implementing fraud proofs with BitVM, is underway as the team continues to contribute to the open-source BitVM repository. 

Building An Economy On Bitcoin

With Citrea Testnet, Bitcoin can finally start to scale its original goal, self-sovereign finance. Citrea Testnet provides developers with a novel platform to build powerful applications that will achieve both financial inclusion and freedom for new and existing Bitcoin users. By using Bitcoin for both settlement and data availability, Citrea increases BTC’s utility and activates Bitcoin blockspace for a new financial ecosystem.

Key Citrea Features: 

• Fully EVM Compatible: Citrea’s execution environment supports all EVM tooling and languages, allowing developers to easily deploy smart contracts on a Bitcoin secured platform. 
• Bitcoin Settlement: Once Citrea’s trust-minimized BitVM-based bridge, Clementine, is fully implemented, developers can leverage trust-minimized BTC in their applications.
• Access to Bitcoin Blockspace: Citrea opens the most secure blockpace to developers, enabling them to build applications and create an economy secured by Bitcoin. 

Developers who want to build on Citrea can get directly in touch with the team via Citrea’s developer form.

Citrea plans to ship Mainnet in Q1 2025.

About Citrea

Citrea is the first rollup that increases BTC’s utility and activates Bitcoin blockspace for a new financial ecosystem. Citrea’s vision is to build scalable infrastructure that advances Bitcoin into its next phase, the foundation for the world’s finance. Achieving this vision requires scaling Bitcoin blockspace to increase its transaction capacity and expressivity without changing its consensus rules.

If you want to build on Citrea, please fill out Citrea developer form: https://citrea.typeform.com/incubation 
For more information, please visit: https://citrea.xyz/

View original content:https://www.prnewswire.co.uk/news-releases/announcing-citrea-testnet-launching-on-bitcoin-testnet4-302250703.html

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Bitcoin, the world’s largest cryptocurrency, recently surged past $63,000, marking a significant milestone in its volatile journey. This rally coincides with the Federal Reserve’s announcement of an interest rate cut, aimed at stimulating the economy during uncertain times.

The cryptocurrency market has been highly reactive to macroeconomic policies, and this latest move by the Fed has further fueled speculation and investment in Bitcoin. The interest rate cut is intended to make borrowing cheaper, thereby encouraging spending and investment. However, it also raises concerns about inflation and the weakening of the U.S. dollar.

The surge in Bitcoin’s price can be attributed to a combination of factors, including increased institutional adoption and growing interest from retail investors. Companies like Tesla (NASDAQ:TSLA) have added Bitcoin to their balance sheets, while payment platforms such as PayPal (NASDAQ:PYPL) have started allowing transactions in cryptocurrencies.

Moreover, the diminishing returns from traditional savings accounts have driven investors to seek alternative stores of value. Bitcoin, often dubbed ‘digital gold,’ has emerged as a popular choice, particularly among younger investors who are more tech-savvy and open to new financial instruments.

Despite its recent gains, Bitcoin remains a highly volatile asset. The cryptocurrency market is infamous for its dramatic price swings, which can be triggered by various factors, including regulatory news, technological advancements, and market sentiment. Investors are advised to exercise caution and conduct thorough research before diving into this nascent market.

Another factor contributing to Bitcoin’s rise is the increasing interest in decentralized finance (DeFi) platforms. These platforms offer financial services such as lending and borrowing without traditional intermediaries, making them highly attractive in an era of increasing distrust in centralized financial institutions.

The global economic landscape also plays a crucial role in Bitcoin’s price movements. As countries grapple with the economic fallout of the COVID-19 pandemic, many are turning to fiscal and monetary policies that could potentially devalue their currencies. In such a scenario, Bitcoin presents itself as a hedge against currency devaluation and economic instability.

Looking ahead, the future of Bitcoin and other cryptocurrencies remains uncertain but promising. Regulatory scrutiny is expected to increase as governments and financial institutions seek to understand and control this rapidly evolving industry. However, the underlying blockchain technology continues to gain traction, with potential applications extending far beyond digital currencies.

In conclusion, Bitcoin’s recent surge past $63,000 is a testament to its growing acceptance and potential as a financial asset. While the road ahead may be fraught with challenges, the resilience and innovative spirit of the cryptocurrency community suggest that Bitcoin is here to stay.

Footnotes:

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BlackRock Inc. (NYSE:BLK) has made significant waves in the cryptocurrency market with its Bitcoin ETF, which has become the largest of its kind. This development has brought a new level of legitimacy and interest to the cryptocurrency space. The ETF’s success is attributed to a combination of institutional backing, favorable market conditions, and the growing mainstream acceptance of Bitcoin.

The ETF, which allows investors to gain exposure to Bitcoin without directly owning the cryptocurrency, has attracted substantial investment. This influx of funds has been driven by BlackRock’s reputation as the world’s largest asset manager, providing a level of trust and security that many investors seek when entering the volatile cryptocurrency market.

Another critical factor in the ETF’s success is the influence of social media and online communities. A prominent figure in this space is Keith Gill, also known as RoaringKitty. Gill gained widespread attention during the GameStop trading frenzy and has since turned his focus to cryptocurrencies, particularly meme coins. His endorsement and active promotion have played a significant role in driving interest and investment in BlackRock’s Bitcoin ETF.

Meme coins, which are cryptocurrencies based on internet memes, have surged in popularity and value. These coins, often perceived as jokes, have gained serious traction among retail investors, partly due to the viral nature of social media. The combination of meme coin mania and the credibility of BlackRock has created a perfect storm, propelling the Bitcoin ETF to new heights.

Institutional adoption of cryptocurrencies has been a crucial development for the market. BlackRock’s entry into the Bitcoin ETF space is seen as a major milestone, signaling that traditional financial institutions are increasingly embracing digital assets. This shift is expected to drive further mainstream adoption and integration of cryptocurrencies into the global financial system.

However, the rise of meme coins and their impact on serious financial instruments like ETFs also raises questions about market stability and investor behavior. While the excitement and potential for high returns attract many investors, the inherent volatility and speculative nature of meme coins pose significant risks.

Regulatory scrutiny is another aspect that cannot be ignored. As cryptocurrencies gain prominence, regulatory bodies worldwide are paying closer attention. The success of BlackRock’s Bitcoin ETF could prompt more stringent regulations aimed at ensuring market stability and protecting investors. This could impact the ETF’s performance and the broader cryptocurrency market.

In conclusion, BlackRock’s Bitcoin ETF has emerged as a dominant force in the cryptocurrency market, driven by a combination of institutional credibility, social media influence, and the rise of meme coins. While this development marks a significant step towards mainstream adoption of digital assets, it also highlights the need for careful consideration of market dynamics and regulatory implications.

Footnotes:

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Bitcoin has seen a notable slip below the $67,000 mark, a significant downturn that comes on the back of recent outflows from Bitcoin-related exchange-traded funds (ETFs). This decline in Bitcoin’s value arrives just ahead of an important Federal Reserve meeting and the release of new inflation data, which are anticipated to have substantial impacts on market sentiment and cryptocurrency valuations.

As investors brace for the Federal Reserve’s announcements, the market has shown signs of volatility. The Fed meeting is expected to address potential changes in interest rates and other monetary policies that could influence the broader economic environment. In anticipation of these potential shifts, investors have been adjusting their portfolios, leading to the observed outflows from Bitcoin ETFs.

Bitcoin ETFs, which have gained popularity for providing an accessible way for investors to gain exposure to the cryptocurrency market, have recently seen a reversal in inflows. This suggests a cautious stance from investors who might be seeking to hedge against potential risks associated with upcoming economic policies and inflation data.

Moreover, the inflation data set to be released is critical as it will offer insights into the current economic climate and future trends. High inflation rates can erode the purchasing power of money, leading investors to seek assets that are perceived as hedges against inflation, such as cryptocurrencies. However, if the inflation data suggests a more stable economic environment, it could decrease the attractiveness of Bitcoin as an inflation hedge, further influencing its market value.

In addition to the macroeconomic factors at play, internal dynamics within the cryptocurrency market are also contributing to Bitcoin’s price movements. Recent developments, regulatory news, and market sentiment have all played roles in shaping the current landscape. For instance, regulatory scrutiny in various jurisdictions has added a layer of uncertainty that investors are factoring into their decisions.

Despite the current downturn, some market analysts remain optimistic about Bitcoin’s long-term prospects. They argue that the inherent volatility of cryptocurrencies and the ongoing institutional adoption could support future price increases. Institutions continue to show interest in Bitcoin, with some large entities integrating it into their investment strategies, which could provide a stabilizing effect over the longer term.

Furthermore, technological advancements and increasing adoption of blockchain technology are factors that could drive future growth in the cryptocurrency market. Innovations in this space could lead to new applications and use cases for Bitcoin and other cryptocurrencies, potentially boosting their value and appeal to a broader range of investors.

In conclusion, while Bitcoin’s recent dip below $67,000 represents a notable event in the cryptocurrency market, it is part of a broader context involving ETF outflows, upcoming Federal Reserve decisions, and inflation data. Investors should remain informed about these factors as they continue to navigate the dynamic and often unpredictable landscape of cryptocurrency investments.

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