Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

BiG Halts Crypto Transfers, Citing Compliance with EU Guidelines

In a significant move impacting Portugal’s crypto industry, Banco de Investimentos Globais (BiG) has announced a halt on fiat transfers to cryptocurrency platforms. The bank cited compliance with European Union (EU) guidelines and Bank of Portugal regulations addressing digital asset risks and anti-money laundering (AML) laws. While some Portuguese banks, such as Caixa Geral de Depósitos , still allow such transfers, BiG’s decision raises concerns about its potential impact on the broader crypto market. Why Did BiG Halt Crypto Transfers? 1. EU Guidelines on Crypto Risks The European Union has ramped up efforts to regulate cryptocurrency activities amid concerns over financial crime and investor protection . BiG’s decision aligns with these stricter regulatory requirements, particularly regarding AML compliance . 2. Bank of Portugal’s Role Portugal’s central bank has issued warnings about the risks associated with digital assets , urging financial institutions to adopt stringent compliance measures. BiG’s move may be a preemptive step to avoid potential regulatory scrutiny or penalties. The Broader Impact on Crypto Users 1. Frustration Among Crypto Enthusiasts Crypto users in Portugal have expressed frustration, arguing that BiG’s move may limit access to global cryptocurrency markets. Critics see this as a step backward for a country previously seen as a crypto-friendly jurisdiction . 2. A Push Toward Blockchain Solutions Some industry experts predict that such restrictions may drive users toward decentralized financial systems (DeFi) and peer-to-peer blockchain solutions , bypassing traditional banks altogether. Blockchain platforms offering direct on-ramp solutions could see increased adoption as a result. Comparing BiG with Other Portuguese Banks 1. Caixa Geral de Depósitos Portugal’s largest bank, Caixa Geral de Depósitos, continues to allow fiat transfers to cryptocurrency exchanges, maintaining a more balanced approach to regulatory compliance. This could provide a competitive advantage for Caixa in retaining crypto-savvy customers. 2. Diverse Banking Policies The disparity in policies among Portuguese banks underscores the lack of uniformity in how financial institutions interpret and implement crypto-related regulations. Criticism and Controversies 1. Stifling Innovation Critics argue that BiG’s move could stifle innovation and discourage crypto-related entrepreneurship in Portugal. The decision may deter foreign investment in the country’s growing blockchain and cryptocurrency sectors. 2. Privacy and Decentralization Restricting access to cryptocurrency platforms may inadvertently strengthen the case for privacy-focused and decentralized financial systems . Many users view blockchain as a way to regain control over their financial activities without reliance on traditional banks. What’s Next for Crypto in Portugal? 1. Evolving Regulations The European Union’s Markets in Crypto-Assets (MiCA) regulation, set to be implemented in 2025, could provide greater clarity for banks and crypto users alike. Until then, financial institutions may adopt varying degrees of caution when dealing with digital assets. 2. Opportunities for Blockchain Startups Restrictions from traditional banks could create opportunities for blockchain startups to innovate and fill the gap left by institutions like BiG. Companies offering crypto-friendly financial services might see an uptick in demand. FAQs Why did BiG halt crypto transfers? BiG cited compliance with EU guidelines and Bank of Portugal regulations addressing digital asset risks and AML laws. Are all Portuguese banks halting crypto transfers? No, banks like Caixa Geral de Depósitos continue to allow fiat transfers to cryptocurrency platforms. How might this affect crypto users in Portugal? BiG’s decision could push users toward decentralized financial systems and blockchain-based solutions. What are the risks associated with crypto transfers? Risks include potential involvement in money laundering, fraud, and regulatory non-compliance. What is MiCA, and how does it relate to this issue? MiCA (Markets in Crypto-Assets) is an EU regulation aiming to establish a comprehensive framework for digital assets, expected to bring more clarity in 2025. Conclusion BiG’s halt on crypto transfers highlights the growing tension between traditional banking systems and the cryptocurrency industry. While the decision aligns with regulatory concerns, it also raises questions about the future of financial innovation and user autonomy in Portugal. As the regulatory landscape evolves, banks and crypto platforms will need to strike a balance between compliance and accessibility to ensure sustainable growth in the digital asset space. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news , where we delve into the most promising ventures and their potential to disrupt traditional industries. CoinTurk News

---

Dogecoin Liquidations Cross $24 Million As Bulls Suffer Double-Digit Beat Down

Amid the wider market decline, meme coin Dogecoin has seen its price retrace by about 10% in the past 24 hours. At the same time, data from Coinglass shows that over $24 million worth of Dogecoin positions have been liquidated in the ensuing decline in the past 24 hours. Coinglass Data Highlights Extent Of Dogecoin Liquidations According to data from Coinglass, Dogecoin liquidations have been among the most significant in the market in the past 24 hours, as leveraged positions failed to withstand the rapid price drop. Particularly, Dogecoin traders lost over $24.37 million in liquidations during the past day, coming in behind only Ethereum, Bitcoin, and Solana, who have witnessed $136.9 million, $111.54 million, and $31.48 million, respectively, in liquidations. Related Reading: Bitcoin Weekly PPO Turns Red At $102,000, What It Means For The Bull Market Long positions accounted for the majority of liquidations, as bullish traders were caught off guard by the unexpected sell-off. In the case of DOGE, $21.42 million worth of long positions were liquidated, while about $2.95 million worth of short positions were liquidated. These liquidations have also been accompanied by a strong decline in open interest in Dogecoin futures positions. According to Coinglass data, the open interest on Dogecoin is currently at 10.31 billion DOGE tokens, reflecting a 12.37% decline in a 24-hour timeframe. This corresponding drop in open interest suggests a cautious sentiment among Dogecoin investors as crypto bulls push through double-digit beatdowns. DOGE To Bounce Back? The dominance of liquidated long positions shows how bullish traders were blindsided by the abrupt sell-off, which swiftly erased many of the gains in the previous four days. This sharp correction has interrupted Dogecoin’s upward momentum, which had been gearing up to break above the $0.40 price level. Instead, Dogecoin bulls now face the challenge of defending key support at $0.35. Related Reading: Dogecoin Price Faces ‘Moment Of Truth’ As It Battles The Macro 0.5 Fib Extension Dogecoin’s price action in the past seven days has been characterized by intense activity, with a surge from $0.31 on January 1 to $0.395 on January 7, representing a 27.4% increase in six days. However, the past 24 hours have been riddled by a 10% correction. Nevertheless, Dogecoin continues to hold on to this intense trading activity, with data from Coinmarketcap showing a 90% increase in trading volume in the past 24 hours despite the liquidations. Furthermore, these sorts of liquidations and declines are not unusual for Dogecoin, and many holders have seen them as part and parcel of the market. Looking ahead, Dogecoin retains the potential for a strong rebound, particularly if bulls can maintain support around the $0.35 level. A recovery in Bitcoin’s price above the critical $100,000 mark could further provide the broader market momentum needed to resume Dogecoin’s rally. At the time of writing, Dogecoin is trading at $0.3505. Featured image created with Dall.E, chart from Tradingview.com CoinTurk News