Bitcoin Financial News

Tether (USDT), the largest stablecoin by market capitalization, may be «constrained» in its ability to maintain its peg to the U.S. dollar, S&P Global Ratings said Tuesday, citing concerns about its reserve transparency and risk appetite, among other issues.

The Basel Committee for Banking Supervision (BCBS) wants to tighten rules to classify stablecoins as less risky assets than Bitcoin (BTC) and other unbacked cryptocurrencies.

A Step Into the Cryptocurrency Market

Bill Miller, an American investor, fund manager, and philanthropist, remains relatively overlooked in the realm of investing, despite his remarkable achievement of outperforming the S&P 500 index for an unprecedented 15 consecutive years while at the helm of Legg Mason Capital Management Value Trust. Naturally, this significantly surpassed any benchmark by orders of magnitude. However, his choice to invest in Bitcoin led to a decline of over 70 per cent in his fund over 18 months. 

As Turkey prepares for new legislation in the crypto sector, major banking institutions in the country are making moves to secure their positions in the digital asset space.

Gemini Earn creditors could potentially face up to a 70% reduction in their promised crypto payouts as part of a proposed reorganization plan.

Dear Strike Finance Community,

The digital currency landscape is abuzz as Bitcoin’s price soars to $42,777, marking a significant 4% increase on Thursday. This rally is buoyed by a wave of optimism following the Federal Reserve’s latest FOMC meeting, which indicated a dovish stance on future rate hikes, and sparked lively discussions on the approval of Bitcoin Spot ETFs, with investment giant BlackRock interpreting the minutes as a ‘green light for investors.’

Securities and Exchange Commission (SEC) Chair Gary Gensler appeared reluctant to discuss cryptocurrency during a meeting focused on the U.S. Treasury market, evading a reporter’s question regarding the status of spot bitcoin ETF applications. 

Argentina’s newly elected libertarian president, Javier Milei, has devalued the nation’s currency, the peso, by over 50% and received praise from the International Monetary Fund (IMF) for his plans to restore Argentina’s economy.

GFO-X is preparing for the launch of a digital asset derivatives marketplace for institutional investors. In May, the firm secured an agreement with London Stock Exchange clearing house LCH for secure settlement via its new, segregated central counterparty clearing service, LCH DigitalAssetClear.Corentine Poilvet-Clédière, CEO, LCH SA says: “LCH SA is excited to be working with GFO-X, together with the industry, to provide a regulated marketplace for bitcoin index futures and options as we look to expand our services to become a truly international clearing house.

Investment firm Skybridge Capital has reported an increase of 130% in its cryptocurrency investments courtesy of the recent surge in prices. 

In the ever-evolving and thrilling world of cryptocurrencies, Bitcoin (BTC) has recently stolen the show by testing the $43,000 mark, leaving short sellers in a tough spot. Meanwhile, rising stars like Kaspa (KAS) and BorroeFinance ($ROE) are gearing up for what could be an exponential surge, making them hot topics for anyone looking for the top crypto to buy. Let’s delve into these exciting developments.

Senator Elizabeth Warren (D-Mass.) has announced an increase in support for the bipartisan Digital Asset Anti-Money Laundering Act, which aims to tackle concerns around the use of crypto in illegal activities such as money laundering and drug trafficking.

Multiple reasons have contributed to cryptocurrencies outshining the more traditional forms of investment in recent times. Irrespective of which cryptocurrency or token a person invests in, some inherent characteristics of all cryptocurrencies have made them a darling of all, especially new-age investors. For starters, any transactions involving crypto are extremely low risk because all crypto is devoid of control of any monetary authority or central bank. A big plus for crypto is that changing economic factors play no role in its rise or fall. Its decentralized position, reliability, and efficiency have made it one of the best and fastest options to increase your investment very quickly. While a set of regulatory guidelines are yet to be established in India to follow when transacting in cryptocurrencies, the advantages and benefits cannot be disputed. Over the last decade or so, the mindset of investors has been changing, with many leaning more towards adopting cryptocurrency as their primary source of investment to gain significant returns. The skyrocketing advancement in the world of blockchain technology and fintech are to be given a lot of credit for getting more and more investors to switch to investing and transacting in cryptocurrencies.

Bitcoin delivered another bout of its notorious volatility in a sharp tumble toward $40,000 amid a broader crypto selloff. The largest token sank as much as 7.5% to $40,521 before paring some of the losses to trade 4% lower at $42,095 as of 11:12 a.m. in Singapore on Monday. Smaller tokens like Ether, XRP, Polkadot and Avalanche also fell. A gauge of the largest 100 digital assets shed about 4%, the largest drop since Nov. 22.

Bitcoin after the breathtaking surge by the market bellwether in recent weeks. Cardano surged as much as 30% on Friday, while Solana gained about 8% and Avalanche increased 12%. Meanwhile, Bitcoin was up about 2% and Ether was down around 1%. Combined, the two largest tokens account for about 70% of crypto’s $1.6 trillion market capitalization. “After the huge rallies Bitcoin and Ethereum have seen, it’s not a surprise that they’re taking a bit of a sideways breather,” said Matt Maley, chief market strategist at Miller Tabak & Co. “However, the fact that these altcoins are rallying so strongly today tells me people have not lost any love for the overall asset class.” Solana is among the blockchains competing with Ethereum, crypto’s key commercial highway, for a bigger share of digital-asset activity

Reducing Transaction Costs Cryptocurrencies, such as Bitcoin and Ethereum, operate on decentralized blockchain technology. This removes the need for intermediaries like banks and payment processors, substantially reducing transaction costs associated with cross-border transfers. Traditional financial institutions often charge higher currency conversion fees, wire transfers, and other related services. Cryptocurrencies eliminate or significantly minimize these fees, making cross-border transactions more affordable for businesses and individuals. Speeding Up Transactions One of the most significant advantages of cryptocurrencies in cross-border transactions is the speed at which transactions occur. Traditional bank transfers may take days, especially involving different currencies and intermediary banks. Cryptocurrencies operate 24/7, allowing for near-instantaneous transactions. This speed is particularly crucial in industries where time-sensitive payments are a priority, such as international trade or emergency financial assistance.

The landscape of investments over the last few decades has witnessed a transformative shift with the rise of digital currencies, and among them, Bitcoin stands out as a beacon of innovation and opportunity. Among the contenders, Bitcoin has emerged as a frontrunner, challenging the historical dominance and status quo of gold as the ultimate store of value. One of the key reasons investors are drawn to both gold and Bitcoin is their finite supply. Gold's scarcity has been the primary driving factor behind its historical value, but Bitcoin takes this concept to the next level.

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XRP (-0.6%), and Dogecoin (-2.3%) were trading in the red, while BNB (7%), Solana (2.1%), Cardano (4.2%), and Avalanche (15%) were trading in the green. Meanwhile, the global cryptocurrency market cap declined by 0.21% to around $1.58 trillion in the last 24 hours. At 12.50 p.m., BTC was trading 1.1% lower at $41,786. In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $817 billion. Bitcoin has had a rough start to the week with a wick towards $40,300 today. It is now recovering and consolidating near $41,800. As market structure has not yet changed fundamentally, hopes of a rally towards $48,000 remain strong as we lead to the year's end, said Vikram Subburaj, CEO of Giottus Crypto Platform.