Crypto Financial News

crypto enthusiasts love more than the digital assets themselves, it's memes. A frenzy of crypto-based memes have gained fresh momentum last week as Bitcoin rallied. Growing expectations that the US Securities and Exchange Commission will authorize exchange-traded funds that invest directly in Bitcoin pushed the largest crypto by market value up by more than 25% over the past two weeks to around $35,000 on Wednesday — its highest level in about 18 months. The breakout gives bulls some hope even as reminders of the industry's recent woes linger. Just last week, Sam Bankman-Fried took the stand in his own defense of criminal charges stemming from the collapse of his crypto exchange FTX. He has pleaded not guilty. Memecoins like Pepe Coin (PEPE) surged along with Bitcoin. The coin based on the internet meme of a green anthropomorphic frog that has been around since the early 2000s increased 77% on Friday from the week before, according to data from crypto market tracker CoinGecko. Pepe Coin, which was issued this year, soared to a market value of more than $1 billion in May before reversing course and plummeting more than 60% in the following days, according to data tracker CoinMarketCap.

The digital asset market has recorded several wins this month with Bitcoin (BTC) hitting a 16-month high and surging activities around decentralized finance (DeFI) applications.

Indian think tank Global Trade Research Initiative (GTRI) is seeking to incorporate crypto discussions into the WTO e-commerce framework.

The United Kingdom has released proposals for a stablecoin framework alongside wider industry regulations in a bid to position the country as an investment destination and to protect users.

The CEO and co-founder of Binance Changpeng Zhao has taken personal hits from the market with his net worth falling due to low trading volumes.

Hamas, analysts say. Israeli and US authorities have intensified their financial hunt into Hamas in recent days as they track illicit funds via digital currencies. Ari Redbord, global policy head at crypto tracking specialist TRM Labs, said there is now less crypto transfer activity on pro-Hamas support networks as a result. «We are seeing a lot less activity in some respects since the war began,» Redbord told AFP.

Digital assets payment platform, MoonPay announced a partnership with global payment firm Mastercard to advance web3 integrations, build connections, and boost marketing tools.

Web3 social platform, CyberConnect, records a soaring 31.2% growth in the last 24 hours after Binance Labs announced an investment into the firm.

The impact of digital asset scams has been a major talking point around policies, regulations, and developer’s direction this year with millions lost across chains to bad actors.

Source: Pexels  

Bitcoin prices rose more than 10% today after a federal appeals court forced the U.S. Securities and Exchange Commission to reevaluate its prior decision to reject Grayscale's attempt to convert its bitcoin trust to a spot exchange-traded fund (ETF). 

Pro-digital asset lawyers have projected a victory for Ripple (XRP) in any appeal by the Securities and Exchange Commission (SEC) in the case of alleged unregistered securities offering.

The United States Securities and Exchange Commission (SEC) has secured a default judgment against Thor Technologies and its Chief Executive David Chin. 

FTX cryptocurrency empire, another reckoning for digital currencies is underway: Governments around the world are intensifying their crackdown on sources of funding for terrorist groups — including crypto — after Hamas’s bloody attack in Israel that claimed more than 1,400 lives and led to retaliatory attacks that have killed thousands. Crypto is a small but deadly slice of overall terrorism funding: Research by analytics firm Elliptic in 2021 estimated that wallets linked to Hamas’ military wing had received more than $7.3 million in crypto, including around $40,000 in Dogecoin, the dog-themed memecoin favored by Elon Musk. These sums aren’t much compared with the $100 million that Iran sends annually to Hamas and other Palestinian terror groups or with Qatar’s $360 million in aid for Gaza, or the approximately $300 million Hamas gets via business taxation and extortion estimated by the Washington Institute’s Matthew Levitt.

Crypto behemoth Binance has introduced new fiat alliances to provide Euro transactions. The exchange confirmed that the initiative has commenced and users have already migrated to the new services.

Digital asset exchange Coinbase is set to become a dominant player in the European market following the announcement of Ireland as its crypto hub in the continent.

The digital asset ecosystem in Europe expands as institutions broaden their services to decentralized finance (DeFi) amid market turmoil.

Financial analysts at Berenberg view recent reports of Hamas crypto donations as a major stumbling block to the pace of positive crypto regulations globally.

Bitcoin rose suddenly on Monday, before giving up nearly all its gains, after asset manager BlackRock denied a crypto media report that U.S. regulators had approved its high-profile application for a crypto investment product. Bitcoin, known for its volatility, was last trading up 3.82% at $28,211, after earlier rising as much as 10% to $29,900, its highest since August. Crypto news outlet Coin Telegraph had earlier reported that the U.S. Securities and Exchange Commission had approved an application by major asset manager BlackRock for a spot bitcoin exchange-traded fund, before later retracting the story. But bitcoin fell sharply after a Fox Business reporter said on the social media platform X that BlackRock denied the report.

A proposed settlement filed on October 16 could see FTX customers receive the majority of their lost funds by the second quarter of 2024.

Binance said on Monday it will stop accepting new customers in the United Kingdom, in compliance with new regulation restricting promotions from overseas digital asset firms in the country. New users in the UK will not be able to register on the platform from 5 PM local time (4 PM GMT), according to a post on Binance's website. The country's tough stance comes as cryptocurrency regulation remains in focus around the world after a string of high-profile collapses last year sparked worries about how these firms use and store customer deposits in a largely unregulated industry. The Financial Conduct Authority's (FCA) new rules around cryptoasset promotions came into effect on Oct. 8.