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Explore the Top 10 Trusted Online Casinos in Singapore

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You are not exactly short of options for playing an online casino in Singapore.

Singapore boasts a massive casino industry, and with good reason: casino games have become a huge part of the industry.

Considering that, though, choosing the right casino can be challenging. To help you make the right choice, we have compiled a list of the top ten casinos in Singapore based on their trustworthiness.

Each of the brands listed below has been used and reviewed by our staff so that we can stand behind our recommendation in full.

Where, then, will you find the best and trusted online casino Singapore?

Requirements of a Best Online Casino Singapore

What, then, makes a trusted online casino in Singapore? Let’s look at what we believe are some non-negotiable factors every casino needs.

Casino Bonuses

First, every online casino in Singapore worth joining will come with some form of bonus and promotion program. At a minimum, this should be a welcome bonus that starts at 100%. Ideally, you want extra perks like free spins, reload, and seasonal bonuses.

Casino bonuses signify that the casino in question respects your time and money. As a player, you deserve to play in a casino that gives you respect whenever you play.

Games And Providers Selection

Another factor to take into account is the quality of games that they have on offer. The first thing to check is the kinds of games. Most choices for an online casino in Singapore will offer live casino gaming, slots gaming, and other options that might include fishing and lottery games.

It is also common for an online casino in Singapore to provide you with a sportsbook, often powered by a big-name provider. However, speaking of big names, you want to be playing on platforms that use reliable game developers like Pragmatic Play, NetEnt, Betsoft, Red Tiger Gaming, and Evolution Gaming, to name a few of the most trusted developers in the slots & online casino gaming market.

Payment Methods

Payment methods should be both trustworthy and varied. Look for platforms that allow for the safest transactions, i.e., bank transfers, credit/debit card transactions, and eWallets. If you like to use cryptocurrency, many casinos in the country now allow you to use crypto if you prefer to go down that route.

Payment methods should be verified, which is why it is extra important to ensure that any casino you use has a license. Ensure that it has a license given to it by one of the respected authorities in casino gaming, such as the Curacao Gaming Authority.

Mobile Compatibility

Lastly, make sure that the platform you will be using has a solid mobile app. Even if you prefer to play on a desktop, a good mobile app is a sign that the company is modern and stays up-to-date with the times.

When a mobile app is not provided or is outdated and slow, then it is a sign that the company might not be as modern in other aspects of its platform. In short, a mobile app is a must!

Try the mobile app, even if you intend to play on a PC or laptop. The mobile app should be slick, simple to use, and safe. It should not have problems loading games, nor should it have issues with loading times or performance.

What else might let you down if the mobile app is not up to standard?

Tricks to Find a Trusted Online Casino in Singapore

To help you find the best experience possible, we recommend that you stick to the following tricks to discover a trusted online casino in Singapore:

  • Make sure that you review the website independently. We have given you useful details below about each casino, but your preference should also be considered.
  • Look closely into the sign-up process of each online casino in Singapore that you wish to try. Some make it very easy to sign up, while others can make account creation a chore.
  • Search for the company’s name and look for a license. You want to make sure that the casino has a license and, preferably, that its games have been independently tested.
  • Spend some time looking into the games on offer – not just the providers, but the actual games. Some big-name classics will be found across more than one casino platform.
  • Know what you are looking for in a casino. Some have better all-around features, while others are focused on one area, such as live casino gaming or specific slot games.
  • Never go on the promotions you find online: always check the website of the online casino in Singapore that you intend to use, as promotions change regularly.
  • When reading about an online casino in Singapore, consider the positives and negatives; look for regular comments on the pros or cons to determine validity.
  • Look into their loyalty or bonus programs. The best online casinos offer regular new bonuses and extras to their users and offer great value for money.

Keep the above in mind, and you should find it much easier to settle on a Singaporean online casino that you feel comfortable using regularly.

Top 10 Best Online Casinos in Singapore

Are you looking to find the best online casino in Singapore for you?

Then, we recommend that you try out one of the following casinos. Each comes highly recommended for trustworthiness and quality of service.

BK8 Casino in Singapore

BK8 is a fantastic platform and easily one of the most respected choices in Singapore for an online casino. Though the payment issues can be somewhat limiting at times, BK8 makes up for that by offering some of the best bonuses and promotions in the industry.

For example, they offer a whopping 288% bonus that can grant as much as SGD2,888. That is a huge amount of money to get as a welcome bonus, even with the wagering requirements.

It also offers sports betting, one of the most extensive we have found in an online casino in Singapore.

Respected and reputed developers like Evolution Gaming and WM Casino provide the games. Besides, the government of Curacao regulates the site, making it a safe place to play. The site holds one of the most esteemed licenses in the industry.

Add on easy customer support assistance via live chat, WhatsApp, and Telegram, and it is easy to see why so many people love playing BK8 Casino. It is absolutely worth your time to try out if you are looking for a respected platform with fans in Singapore and worldwide.

me88 Casino in Singapore

me88 has been growing in stature for years and now stands as one of the best choices for an online casino in Singapore that you can trust.

With major games provided by reputable providers, you can choose classics like Gonzo’s Quest and Aztec Gold to make your money on.

If you love playing slots, you will be amazed by its 288% Welcome Jackpot Bonus, which can yield as much as SGD2,880. Other bonuses are delivered regularly, too.

Payment methods are excellent and diverse, covering everything from Visa and MasterCard to cryptocurrencies and bank transfers.

Customer support is nice and friendly, too, and available via both live chat and WhatsApp.

Overall? It is a fantastic platform that is generous, easy to use, and loads just as smoothly on desktop as it does on mobile. It is one of our favourite platforms to recommend to anyone looking at an online casino in Singapore.

Maxim88 Casino in Singapore

As one of the major partners of Evolution Gaming in Asia, Maxim88 is your go-to choice for live casino gaming in Singapore. It is known for having reputable ambassadors and partners and for having some of the best games around. They have Mega888 slots, some of the best for high-stakes jackpots.

Maxim88 also partners with big-name providers like Spadegaming and M8Bet, ensuring plenty of choices for other games. The promotions on offer are very nice, too, offering 100% welcome bonuses that can match up to SGD500 – not amazing, but a perfect starting place. There is also a weekly lucky draw totalling SGD46,264 for winning.

Payment methods – in and out – are quick, varied, and safe via eWallets and bank transfers. It’s an excellent platform overall.

96M Casino in Singapore

Firstly, a big win for 96M is their 100% welcome bonus of up to SGD300. With some outstanding wagering requirements, this is a very easy bonus to benefit from. 96M is a good choice for those looking for an online casino in Singapore that offers a good range of games, with slot games, table games, and live casino games, to mention a few options.

96M has been certified by eCOGRA, which can be very useful for anyone seeking extra credentials verification. They also hold a licence from the Malta Gaming Authority. On top of all this, 96M is a very easy-to-use platform that does not get in the way, ensuring you can have fun on desktop and mobile devices.

Withdrawals and deposits are fast and offer various measures for getting your money in and out, making 96M worth your time.

ECLBET in Singapore

Though not necessarily a household name in the industry, ECLBET makes our list of trusted online casinos in Singapore with good reason. A much-improved user interface compared to the release is one thing, but the focus and attention to detail catch our eye here.

While ECLBET is still improving on the quality of its bonuses, there is enough here to give you a chance to see what you are dealing with. They offer a great range of payment methods and have a fine range of games. This includes slot games, live casino games, sports and esports betting, 4D games, and fishing games. So, there is no shortage of offers to choose from.

Companies like Playtech and TopTrend Gaming provide games, furthering their credibility in the industry. Play’n Go and Pragmatic Play are here, too, which should give you confidence that ECLBET is serious.

Yes8 Casino in Singapore

We have to say that Yes8 has come a long way since it first opened its doors. Once limited in terms of game offers, now this site offers an exceptional range of games from some of the biggest developers on the market. This is backed up by a very easy-to-use and friendly customer support network.

Where Yes8 shines most, though, is in its bonuses and withdrawal and deposit platforms. You can use all options, including credit/debit card transfers, bank transfers, cryptocurrency, and eWallets – including PayPal. Many bonuses are also given out, including a 150% welcome bonus on your first deposit to a 10% daily reload bonus and cash back bonuses.

Though Yes8 probably needs more games to stand out, it is a highly trustworthy online casino in Singapore with a growing reputation and range of games. It’s worth testing out for newbies and industry veterans alike.

B9Casino in Singapore

B9Casino is a very easy-to-use platform offering an online casino in Singapore that provides sports betting, live casino gaming, and primarily slots gaming. Slots games are the most prominent titles here, with games from major providers like QTech and Gamatron. Live dealer games are quite varied, too, with many popular games provided by Evolution Gaming available for you to try out.

Getting money in and out of your B9Casino account is easy, too, thanks to deposit times in just 1-5 minutes and withdrawal times in around 15-30 minutes via bank transfer, ATM transfer, and cash deposits. With a 150% welcome bonus up to SGD1,000, BG9Casino in Singapore is very generous with its offers. This is backed up with future promotions and rewards for those who play here regularly.

A very generous platform with a growing audience, B9Casino is worth checking out for those searching for a new site to call home.

12Play Casino in Singapore

If you like an online casino in Singapore that offers a very fair welcome bonus, 12Play is for you. This platform provides a 100% welcome bonus up to SGD300 and only has a 25x wagering requirement – one of the lowest we have come across.

12Play also has a great range of slot games and live casino games to pick from. The website is easy to use, it looks smart, and selecting games is a real piece of cake. They have some good partnerships with big-name developers, so you should have no problem finding a game you have either played before or want to try out for the first time.

Overall, the platform is one of the best choices for an online casino in Singapore that offers sports betting in one place. Overall, it is a great place for live casino gaming, slots gaming, and sports betting all in one place. 12Play is worth testing out, for sure.

God55 Casino in Singapore

God55 might still be growing in size, but the fact they have partnerships with groups like Playtech and Microgaming helps you realise they are legitimate. They also offer a fine range of progressive jackpot games, which is rare in an online casino in Singapore.

God55 also offers impressive live casino games, ranging from roulette to baccarat, live sports and esports betting. The platform also offers a great welcome bonus, providing 255% of your initial deposit, reaching as high as SGD2,550. The quality of the bonus is one of the major reasons God55 is becoming so popular.

They also offer a great service that provides daily bonuses and extra slot-specific boosts you can use most days. On top of that, the platform boasts an excellent customer support network and easy deposits and withdrawals via bank transfers and e-wallets. If you want a relatively new name to try out, start here!

MB8 Casino in Singapore

MB8 has a long history of being played in Singapore and across Asia. They have been around for many years and have a long history of respected ambassadors such as Brazilian football star Ronaldinho. The company holds a licence with the PAGCOR – Philippine Amusement and Gambling Corporation – and has a fantastic range of games, from slots to live casino games.

Alongside a respectable sportsbook, MB8 Singapore also offers access to live casino gaming, slots gaming, fishing, and esports. Games are provided by developers like Evolution Gaming, Sexy Baccarat, SA Gaming, WM Casino, Fastspin, Mega888 and Kingmaker, to name a few.

Customer support is easy to use, too, with support coming via live chat and apps like WhatsApp and Telegram. On top of that, the ease of getting your money in and out – via bank transfer, eWallets, and cryptocurrency – makes this a very easy place to play.

Practise Responsible Gambling

If you intend to start using one of the above casinos, then please make sure that you take responsible gambling seriously. Responsible gambling allows you to enjoy all of the benefits that an online casino in Singapore can provide without allowing the risks to become inherent. To do this, focus on:

  • Avoid playing with money you do not have; never gamble with debt.
  • Should you feel unable to stop, self-exclude yourself using self-exclusion tools.
  • Identify your behaviours: are you playing for fun or to win big?
  • Speak to friends and family about your gambling: is your gambling a problem?
  • Never play when you feel unhappy or that your luck is down.
  • Avoid using gambling to try and lift your mood or to change your luck.
  • Appreciate an online casino for what it is: a way to have fun, not to become rich.
  • Contact the National Council on Problem Gambling at 1800-6-668-668.
  • As the saying goes – when the fun stops, stop!

Conclusion

Using the above lift, you should now feel more confident choosing an online casino in Singapore. The above casinos are trusted and respected and have been around for many years. This should help you feel like you are making the right choice and that your casino gaming experience can be truly enjoyable.

Look at the above sites, create an account, and see why we rate these as among Singapore’s most trusted online casinos. Remember to be responsible when playing.

Good luck, have fun, and enjoy your online casino experience using one of the above platforms!

Ministry of Communication Launches ‘Project 774 LG Connectivity’ to Bridge Nigeria’s Digital Divide

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In a significant stride towards bridging the digital gap and enhancing internet accessibility across Nigeria, the Ministry of Communications, Innovation, and Digital Economy has launched ‘Project 774 LG Connectivity.’ This ambitious initiative aims to tackle the issue of limited internet and digital access by connecting all 774 Local Government secretariats throughout the country to the internet.

The project launch was announced by Dr. Bosun Tijani, the supervising Minister of the Ministry, on Monday. Dr. Tijani said that ‘Project 774 LG Connectivity’ is in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda and the strategic blueprint of the ministry. Its overarching goal is to promote inclusive development and ensure access to digital public infrastructure, even in the most remote areas of Nigeria that have been historically underserved or unserved.

Highlighting the broader impact of the project, Dr. Tijani stated, “Project 774 LG Connectivity will create at least 300 direct jobs as we deploy nationwide and potentially more jobs indirectly from the increase in digital access.” He underscored the project’s alignment with the ministry’s strategic goals and its crucial role in delivering efficient public services to citizens at the local government level.

Through strategic collaborations with the Nigerian Communications Satellite Limited and Galaxy Backbone, ‘Project 774 LG Connectivity’ aims to provide reliable and affordable internet access to local government offices. This initiative is not merely about connectivity but also about empowering these offices with the resources needed to enhance service delivery, promote transparency, stimulate economic growth, and foster better citizen engagement.

Dr. Tijani also addressed the issue of low demand for internet services outside major cities, which has hindered broadband infrastructure investment in certain areas.

“Private companies will tell you that there are parts of Nigeria that if they invested and put fibre optic cable, there are not enough customers there to bring a return on investment,” he said.

In response to this challenge, the Ministry is actively working to stimulate internet demand by ensuring that all public institutions across the country, including schools, hospitals, government offices, libraries, and markets, are connected.

This broader connectivity initiative seeks to address the low consumption of internet services and subsequently improve the return on investment for nationwide fiber network deployment.

Dr. Tijani’s announcement of ‘Project 774 LG Connectivity’ comes at a crucial time for Nigeria, as the country aims to leverage digital technologies to drive economic growth and foster social development.

Despite being the largest economy in Africa, Nigeria faces significant challenges in terms of internet accessibility, particularly in rural and remote areas. This lack of connectivity not only hampers access to information and essential services but also impedes economic progress.

According to recent statistics, Nigeria’s internet penetration rate stands at 55.4 percent in 2023, significantly lower than the global average. This disparity in internet access between urban and rural areas exacerbates existing inequalities and stifles the potential for inclusive growth. Dr. Tijani’s initiative seeks to address this digital divide by extending reliable internet connectivity to all 774 Local Government secretariats across the country.

The implications of limited internet access on Nigeria’s economy are profound. In today’s digital era, access to the internet is synonymous with access to opportunities. Without adequate connectivity, businesses struggle to reach new markets, entrepreneurs face barriers to innovation, and individuals are deprived of educational and employment prospects available online.

Furthermore, the lack of internet access in rural areas hampers agricultural productivity, inhibits e-commerce initiatives, and limits access to telemedicine and other vital services. This digital exclusion not only stifles economic development but also perpetuates social disparities, widening the gap between urban and rural communities.

By investing in projects like ‘Project 774 LG Connectivity,’ the Nigerian government aims to stimulate economic growth by fostering a conducive environment for digital innovation and entrepreneurship. Improved internet connectivity at the grassroots level will enable small businesses to thrive, facilitate the delivery of government services, and empower communities to participate in the digital economy.

Moreover, Dr. Tijani’s emphasis on job creation through this connectivity initiative underscores the potential for technology to drive employment opportunities and socioeconomic advancement. By creating 300 direct jobs and potentially more indirectly, ‘Project 774 LG Connectivity’ not only addresses the immediate need for connectivity but also contributes to long-term human capital development.

IMF Warns Nigeria’s Inflation May peak at 44% in 2024 as FX Crisis escalates

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The International Monetary Fund (IMF) has issued a dire warning about Nigeria’s economic future, citing the potential for a staggering 44% inflation rate if significant monetary policy adjustments are not made by the Central Bank of Nigeria (CBN).

This cautionary forecast comes amid concerns over persistent pressure on the Nigerian naira and the looming threat of a climate shock in 2024.

According to the IMF’s recent post-financing assessment report, Nigeria faces a troubling sequence of events that could severely disrupt its economic stability. Insufficient tightening of monetary policy, coupled with ongoing pressure on the naira and the potential impact of adverse climate conditions, threatens to exacerbate inflationary pressures. The IMF projects a potential 35% depreciation of the naira in 2024, further contributing to inflationary challenges.

In a statement, the IMF outlined a downside scenario that includes insufficient monetary tightening, persistent pressure on the naira, and the occurrence of another adverse climate shock in early 2024. This scenario could lead to a decline in output, a surge in food prices, and a sharp rise in inflation, peaking at 44%.

“An adverse scenario of an inflation-depreciation spiral combined with a climate shock would increase risks to Nigeria’s capacity to repay the Fund,” noted the IMF. “Given the absence of local production and the recent liberalization of commodity imports, the exchange rate would likely depreciate further—by an estimated 35% in 2024—and contribute to a further sharp rise in inflation, peaking at 44%, before monetary policy is eventually tightened sharply.”

Despite these challenges, the IMF believes Nigeria will repay the Fund, assuming the prioritization of external debt service continues. However, the need to address urgent humanitarian concerns, including rising poverty and food insecurity, threatens this repayment capacity, which would necessitate significant trade-offs.

The uncertainty surrounding Nigeria’s net international reserves and the potential for further exogenous shocks adds additional risk to the country’s economic stability and citizens’ well-being.

Currency Woes and Inflation Surge

The Nigerian Naira has experienced a significant decline against the US Dollar in the FX market, closing the week at a concerning rate of N1,537.96/$1. This downturn is attributed to persistent demand pressures, which continue to erode the currency’s value. The situation is further underpinned by a dramatic 74% drop in forex turnover to $84.10 million, compounding the challenges facing the Naira. Both official and parallel market rates suffer from devaluation, casting a shadow over the nation’s economic stability.

Adding to Nigeria’s economic challenges, the National Bureau of Statistics (NBS) reported a significant surge in inflation to 29.90% for January 2024, up from 28.92% in the previous month. This increase in the headline inflation rate by 0.98% points compared to December 2023 highlights the persistent inflationary pressures plaguing the Nigerian economy.

The implications of rising inflation on the spending power of Nigerians are profound and far-reaching. As prices rise across the board, consumers find their purchasing power diminished, affecting their ability to afford essential goods and services.

Financial analysts warn that the current inflationary trend poses a significant challenge to the Nigerian populace. With prices soaring and wages stagnant, many households are finding it increasingly difficult to make ends meet. This situation not only impacts their standard of living but also exacerbates poverty levels and food insecurity.

Despite the CBN’s efforts to stabilize the currency through various foreign exchange policies and tightening monetary measures, the broad money supply in the country surged to a record N78.74 trillion as of December 2023, marking a 51% year-on-year increase from N52.16 trillion in 2022. This signals potential further inflationary pressures that threaten to diminish Nigerians’ purchasing power.

Financial experts have warned that the relentless rise in inflation coupled with the depreciation of the naira paints a bleak economic outlook for Nigeria. As the cost of living continues to surge, households will have to allocate more of their income towards basic necessities, leaving less room for discretionary spending. They said that this not only dampens consumer confidence but also hampers economic growth prospects in the long run.

Policy Dilemma and the Way Forward

The spotlight is now on the CBN’s first Monetary Policy Committee (MPC) meeting of 2024, anticipated next week. All eyes are on Governor Yemi Cardoso, who is expected to outline the central bank’s stance on interest rate hikes and its strategy to combat rising inflation. This meeting is critical, especially as Governor Cardoso’s policy direction might clash with President Bola Tinubu’s intention to lower interest rates in Nigeria, potentially igniting a policy conflict at a time when cohesive economic strategies are paramount.

The upcoming MPC meeting holds significant importance for Nigeria’s economic trajectory. Economists say it presents an opportunity for the central bank to reassess its monetary policy toolkit and implement measures aimed at curbing inflationary pressures.

However, they add that achieving consensus amid divergent policy preferences requires careful deliberation and consideration of the broader economic implications.

They further note that addressing these challenges requires coordinated efforts from policymakers, including decisive monetary policy actions, fiscal reforms, and targeted interventions to mitigate the adverse effects on vulnerable populations. Failure to act swiftly and effectively could exacerbate economic woes, undermining Nigeria’s growth prospects and jeopardizing its long-term stability.

BlockDAG Puts Up $2M Mega Giveaway  as Meme Kombat Presale Price Hits the $0.279 Mark Amid Pressure

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In the latest crypto market frenzy, the Meme Kombat presale price has increased to $0.279 as the presale advances. On the other hand, the BlockDAG Coin (BDAG) witnessed a similar surge, rising from $0.0010 to $0.0015 within days as it moved to batch 2 of its presale. This surge occurred thanks to the great success of batch 1, raising $1 million in just 24 hours, which also propelled BlockDAG to start its $2 million mega giveaway and reward the community members. Let’s break down the event.

Meme Kombat: A Mix of Gaming and Crypto

Imagine yourself where you pick funny characters like Pepe the Frog and Spongebob Squarepants and make them fight. This is how Meme Kombat works and how it makes money. People like this idea, and the presale success is a good indicator.

Because each battle is regulated by artificial intelligence, the outcomes are entirely unpredictable. Meme Kombat combines gaming, cryptocurrency, and online casino elements, giving players a variety of reward possibilities and ways to acquire local MK tokens. As a result, it is much more than just a buy-and-sell token, distinguishing it from the vast majority of meme coins on the market.

Although MK is doing great in the presale, raising over $8 million and trading at $0.279 with a possible weekly surge, risks are still high when dealing with meme coins because of their volatile nature. Therefore, BlockDAG’s presale can offer an excellent chance for profitable and more stable investments.

Why is BlockDAG Presale Doing Great

The new crypto coins of 2024 have crashed against the high competition of BlockDAG’s presale. In its 1st presale batch, BlockDAG managed to raise $1 million in a time frame of 24 hours, which pushed the price up by 50%, driving the coin to the second batch. One BDAG coin that was priced at $0.0010 during the first batch has now jumped to $0.0015 within days! This fast success sparked FOMO among investors as they started wondering why BlockDAG has become an overnight sensation.

One reason is the inherent feature of this project – BlockDAG is a layer 1 blockchain technology, enabling scalable thorough output and fast confirmation. BlockDAG’s robust DAG technology prevents orphan blocks during ledger transactions while maintaining security.

As we witness the DeFi growth, BlockDAG jumps on the bandwagon with its model’s simplicity, making it user-friendly while also providing numerous levels of security that Proof of Stake currencies do not have. But that’s not the only reason behind this accomplishment. BlockDAG still has more things to offer.

Powerful Mining Rigs and the $2M Mega Giveaway

To make the mining industry more decentralised, BlockDAG has recently unleashed the X-Series crypto mining rigs that are meant to make a radical change in the field. This set starts with the BlockDAG x1 mobile mining app that is available for free on Google Play and App Store and can mine up to 20 BDAG coins daily. With this crypto’s price prediction going as high as $0.05 at the end of the presale, this mining capacity means one can make a daily profit of $1 upon launch.

Besides the software, BlockDAG has also unleashed three great hardware products: x10, x30, and x100. These three devices differ in size, power, and energy consumption, with the biggest one, x100, having a remarkable capacity to mine up to 2,000 BDAG coins per day worth $100 as the coin hits the launch price.

And to give the enthusiasm a further push, BlockDAG has just announced its $2 million mega giveaway. The project will splurge on the community in this event with 50 cash prizes. Participants should complete a few steps to get engaged, including following the social media channels, submitting their wallet addresses, completing the quests, and bringing their friends onboard to increase their chances. Later on, BlockDAG will announce the winners on its platforms.

Get in on BlockDAG’s $2M Giveaway

As the Meme Kombat presale price increases weekly, investors, especially the ones who know the fundamental nature of meme coins, still fear a reversal trend that may turn their finances upside down. Amid this, BlockDAG offers the chance for a constantly stable, ever-growing investment with its presale rally and the tremendous momentum it gives to the DeFi growth. With this inherent value, BlockDAG becomes volatility-proof, even if the whole market goes down.

 

Invest in BlockDAG Presale:

Presale: https://purchase.blockdag.network

Website: https://blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

The approval of spot Bitcoin ETFs: The story as it happened

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Every year comes with new innovations and advances for the crypto industry and this one has been marked by the approval of the first spot Bitcoin exchange-traded funds. For the better part of 2023, the whole conversation around crypto was monopolized by speculations on this major development that many deemed crucial for the fate of digital currencies. It was said that the introduction of spot Bitcoin ETFs would enhance Bitcoin’s credibility and legitimacy as a financial tool and pave the way for widespread crypto adoption.

This would also increase investors’ confidence in Bitcoin’s potential which might drive the asset’s price higher. According to Binance, the Bitcoin price has suffered some notable fluctuations since the news broke out, but it’s still too soon to tell if these predictions were right or wrong. What we do know is that the debut of spot Bitcoin ETFs was without a doubt the most anticipated event in crypto’s recent history, and it didn’t unfold quite as expected.

So, now that we’ve finally passed this long-awaited threshold and we’re patiently waiting to gauge its effects, we can take a look back and see how it all went down.

How it started

Although many have only recently found out about spot Bitcoin ETFs, the launching of such a product has been a long time in the making. The decade-long journey started in 2013 when the co-founders of crypto exchange Gemini filed the first application with the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin ETF.

Other similar applications from the Winkelvoss brothers, Grayscale Investments, SkyBridge, Fidelity and Bitwise followed over the years but they were all met with a negative response from the SEC. The US financial watchdog rejected one filing after another on the grounds of a still immature crypto market and concerns over the risk of fraud and market manipulation. Greyscale proceeded to sue the agency after several rebuffed attempts at creating a spot Bitcoin ETF.

Then in 2022, the crypto winter took over the industry, causing crypto prices to drop from unprecedented highs and leading to the demise of many major crypto companies, including Celsius Network and Sam Bankman-Fried’s FTX. With stakeholders struggling to stay afloat during the crisis, efforts for launching a spot Bitcoin ETF were put on hold.

How it happened

2023 debuted with renewed hopes of an impending recovery for the crypto market. With crypto prices experiencing slow but constant gains, talks about spot Bitcoin ETFs were brought back into the spotlight. Cathie Woods’ ARK Investments was the first to resume the filings for spot Bitcoin ETFs, but it was BlackRock’s application in June that really set the course for what was about to come, prompting a new wave of optimism across the crypto market.

Shortly after BlackRock’s filing, the SEC was flooded with a flurry of proposals from other major asset managers, including Bitwise, VanEck, Wisdomtree, Invesco & Galaxy, and Fidelity. After a court in Washington D.C. ruled in favor of Grayscale, confirming that the SEC’s rejection was unjustified, the agency was required to reexamine the application. Much to the disappointment of many crypto enthusiasts, the SEC delayed decisions on these applications several times, but that only fed into the anticipation that the approval of a spot Bitcoin ETF might be just around the corner.

And that’s exactly what happened on January 10, when the SEC finally gave the green light for 11 applications, including from Grayscale, Hashdex, BlackRock, Valkyrie, Invesco, and Fidelity. However, the watershed moment was somewhat overshadowed by the confusion created one day before the official approval.

On January 9, a post appeared on the Securities and Exchange Commission’s X account (former Twitter) announcing that the agency granted their approval for spot Bitcoin ETFs for listing on all registered national securities exchanges. Several news outlets picked up the story and reported on the SEC’s historical decision, but it was shortly revealed that the news was fake and the post was taken down.

The SEC Chair Gary Gensler immediately announced that the agency’s X account was compromised and the post was not made by the SEC or its staff. New details emerged later, revealing that an unauthorized person gained access to an agency employee’s phone number associated with the account and posted the fake tweet.

One day after the incident, the SEC gave the green light for the first spot Bitcoin exchange-traded funds, but also made it clear that the approval does not equate to support for digital currencies and consumers should remain wary. While investigators have yet to find out who was behind the fake tweet, the mayhem that ensued tempered the enthusiasm and prompted people to verify the information from various sources.

How it’s going

As with all crypto developments so far, opinions on the approval of spot Bitcoin ETFs and their long-term effects on the crypto industry are divided. Some say the event ushered in a new era for digital currencies, bringing them one step closer to mainstream adoption. Others maintain a more skeptical view, claiming that the existence of spot Bitcoin ETFs won’t have much of an impact on the health and development of the market.

After the approval of the funds, the Bitcoin price experienced an initial spike but couldn’t maintain momentum. In the following weeks, the price continued to decline, briefly going under the $40K level. It could be that the excitement around spot Bitcoin ETFs started to wear off and investors rushed to make a profit by selling their funds. But it could also be the usual volatility of the crypto market causing prices to swing erratically.

Whether the debut of spot Bitcoin ETFs is going to push digital assets forward or not remains to be seen. All eyes are now turning to spot Ethereum ETFs as the next logical step in the industry’s development, so we can expect to see more interesting events coming this year.