Kraken Crypto Exchange to Expand into Traditional Stock and ETF Trading by 2024

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

Mixin Network Offers $20M Bug Bounty to Hacker for Returning Stolen Funds in Recent $200M Exploit

Mixin Network, the decentralized cross-chain protocol, has contacted the hacker responsible for the recent $200 million exploit. They’ve offered a $20 million bug bounty as an incentive for the return of the remaining funds.

The message, encrypted within the exploiter’s transaction, appeals for most of the stolen assets, which belonged to users, to be returned. The hacker is invited to keep $20 million as a bug bounty reward.

Mixin Network confirmed the exploit on September 25, attributing it to a third-party cloud service provider breach. Founder Feng Xiaodong stated that the company would reimburse affected users up to 50%, with the rest returned in bond tokens.

While the details of the exploit remain undisclosed, blockchain analytics have revealed a history of the hacker’s interactions with Mixin Network, including receiving 5 Ether in 2022.

Binance Announces Exit from Russian Market, Sells Business to CommEX

Cryptocurrency exchange giant Binance is bidding farewell to the Russian market by selling its business to a newly established crypto exchange named CommEX. While the deal’s financial details remain undisclosed, Binance has committed to a smooth off-boarding process for its Russian users, which will span up to a year. All assets of existing Russian users are assured to be safe and secure.

Binance’s Chief Compliance Officer, Noah Perlman, cited compatibility issues with Binance’s compliance strategy in Russia, leading to the decision to exit the market. The exchange will prioritize its presence in the 100+ other countries it operates.

To facilitate the transition for its users, Binance will collaborate with CommEX, guiding them on migrating their assets to the newly established exchange. Russian users with completed Know Your Customer checks will be redirected to CommEX during the migration process, with Binance phasing out its platform in Russia over the next several months.

Additionally, holders of Binance’s native token, BNB, will retain a 25% trading discount on CommEX.

Importantly, Binance will completely exit Russia, with no ongoing revenue sharing or an option to repurchase shares in the business, distinguishing this move from similar deals by international companies in Russia.

MicroStrategy Acquires Additional 5,445 BTC Worth $147.3 Million

MicroStrategy, known for its significant Bitcoin holdings, has made another bullish move in the cryptocurrency market. The company’s co-founder and executive chairman, Michael Saylor, announced via X (formerly Twitter) on September 25 that MicroStrategy had acquired 5,445 BTC for $147.3 million in cash at an average price of $27,053 per BTC.

This acquisition took place between August 1 and September 24, according to a Form 8-K filing with the United States Securities and Exchange Commission. As of September 24, MicroStrategy and its subsidiaries held approximately 158,245 BTC, acquired at an average purchase price of roughly $29,582 per coin, including fees and expenses. MicroStrategy’s Bitcoin holdings are now worth approximately $4.68 billion.

This purchase occurred while Bitcoin traded relatively sideways, hovering around $26,000 over the past few weeks. Although it briefly reached $28,000 on August 29, Bitcoin dropped to as low as $25,000 on September 11.

Kraken Crypto Exchange to Expand into Traditional Stock and ETF Trading by 2024

Kraken, a cryptocurrency exchange, is reportedly planning to expand its services to include trading for U.S. stocks and exchange-traded funds (ETFs). According to a report from Bloomberg on September 27th, Kraken intends to launch these services in the United States and the United Kingdom in 2024 through a subsidiary called Kraken Securities.

This expansion beyond cryptocurrencies will require regulatory licensing from the Financial Industry Regulatory Authority (FINRA) in the U.S. and relevant financial regulators in the U.K., which Kraken is reported to have already acquired.

This move by Kraken comes approximately a year after the defunct FTX.US announced its plans to create a stock trading platform. While some apps like Robinhood already offer both stock and cryptocurrency trading, most U.S.-based digital asset exchanges have primarily focused on cryptocurrency-related offerings.

Unlocking Short Positions with Ichimoku

We’ve taken a short position in this example with XMR/BTC. Notice how all the Ichimoku signals turned bearish around the Sell zone. The Tenkan Sen and Kijun Sen dropped below the Cloud, the Lagging Span moved beneath the price, the Cloud changed to red, and the price fell below the Cloud.

Once you’ve validated that all these signals are bearish, it’s time to enter your short position. Ideally, this would be around 0.000020000.

Once your trade is active, watch for the first reversal signals, as they could signify the end of the downtrend. There are various options to watch for: when the Chikou Span (Purple) touches the price, when the Kijun Sen (Red) crosses above the Tenkan Sen (Blue), or when the price crosses above the Kijun and Tenkan Sen. These are the opposite signals to the Ichimoku trading strategy you initially used to enter the trade.

Remember: Ichimoku trading strategies boil down to having all five elements aligning as either bullish or bearish. When you’ve got all the confirmations, that’s the signal to open a trade.

Want to master Ichimoku trading strategies? Dive deeper into this example and explore more insights in this article!

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September 28, 2023

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