Galaxy Digital Secures BitLicense and Money Transmitter License in New York

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 5 days ago

SCR-4.656%

STRK-2.2%

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Regulatory Approval Achieved: Galaxy Digital has received a BitLicense and money transmitter license from the New York Department of Financial Services, enabling it to offer compliant digital asset trading and custody services in New York, thereby strengthening its position in one of the largest institutional markets in the U.S.
Institutional Client Access: The newly approved GalaxyOne Prime NY will provide services to institutional clients such as hedge funds, registered investment advisors, and family offices, which collectively manage about $9 billion in assets, highlighting the company's potential to attract high-net-worth investors.
Market Reaction: Despite securing significant regulatory approval, Galaxy Digital's shares fell 2.36% in pre-market trading, reflecting broader market weakness and indicating that regulatory progress has not alleviated near-term stock pressure.
Strict Compliance Requirements: The BitLicense framework in New York, implemented in 2015, is regarded as one of the toughest crypto regulatory systems in the U.S., requiring licensed companies to adhere to capital requirements and cybersecurity reviews, and while facing industry criticism, it still demonstrates regulators' willingness to open the market to compliant crypto firms.

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Technical Analysis for SCR

Technical Sentiment Analysis for Scroll (SCR). As of , Scroll (SCR) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SCR stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SCR is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Scroll (SCR) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0332	0.0375	0.041	0.0453	0.0488	0.0531	0.0566
Fibonacci	0.0375	0.0405	0.0423	0.0453	0.0483	0.0501	0.0531

About SCR

What is Scroll? Scroll is a Layer 2 scaling solution designed to enhance the Ethereum network's efficiency and scalability. It leverages zkRollup technology, a method that plays a crucial role in reducing transaction costs and improving transaction throughput on the Ethereum blockchain. By utilizing zkRollups, Scroll aims to address some of the most pressing issues facing the Ethereum network today, such as high gas fees and network congestion.At its core, Scroll is built on the principles of decentralization and security. It employs zero-knowledge proof technology, which allows for the verification of transactions without revealing any sensitive information about the parties involved. This technology not only ensures privacy and security but also contributes to the scalability of the Ethereum network by enabling more transactions to be processed off-chain.Scroll has been rigorously tested and audited to ensure its reliability and security. It has implemented a bug bounty program to encourage the community to identify and report potential vulnerabilities, further strengthening its security measures. Moreover, Scroll's development approach is open, inviting contributions and feedback from the wider developer community.With its recent launch on the mainnet, Scroll has opened up new possibilities for developers, allowing them to build and deploy Ethereum applications and tools with greater efficiency and at a lower cost. Its compatibility with existing Ethereum applications ensures that developers can easily integrate Scroll into their projects without the need for significant modifications.In summary, Scroll represents a significant advancement in blockchain technology, offering a scalable, secure, and cost-effective solution for Ethereum's scalability challenges. Its use of zkRollup technology and commitment to security and open development make it a promising platform for developers looking to build on the Ethereum network.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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