Crypto update Financial News

bitcoin, a Deutsche Bank survey published on Monday showed, although just under a third of those questioned still expect its price to drop sharply by the end of 2024.

Bitcoin (-0.15%), BNB (-0.9%), Solana (-0.7%), Cardano (-1.1%) and Avalanche (-2.1%) were trading in the red, while Ethereum (0.7%), XRP (.3%), Polygon (1.9%), and Chainlink (2.3%) were trading in the green. The global cryptocurrency market cap surged 0.24% to around $1.64 trillion in the last 24 hours.

Crypto trading and mining has been banned in China since 2021. Run used bank cards issued by small rural commercial banks to buy cryptocurrencies through grey-market dealers, and capped each transaction at 50,000 yuan ($6,978) to escape scrutiny. "Bitcoin is a safe haven, like gold," says Run. He now owns roughly 1 million yuan worth of cryptocurrencies, accounting for half of his investment portfolio, compared with just 40% in Chinese equities.

Securities and Exchange Commission (SEC) official on Friday rejected criticism of the regulator's cryptocurrency crackdown and slammed the sector for violating securities laws. The regulator's heightened scrutiny of crypto firms comes in response to the industry's failure to comply with the agency's regulations, SEC enforcement director Gurbir Grewal said at a Rutgers University and Lowenstein Sandler LLP event in New York. The agency's aggressive policing has sparked a wave of criticism from digital assets firms and advocates on Capitol Hill for what they describe as regulatory overreach. «We have worked thoughtfully and incrementally in this space,» Grewal said on Friday. «Typically you'd also see compliance but we're not seeing that in this space, so we had to change strategies.»

The recent crypto platform bankruptcies trapped customer assets now worth around $34 billion, according to Xclaim, which allows creditors to trade such claims. To protect themselves, institutional crypto investors are switching to exchanges that offer stronger asset protection, boosting due diligence on trading partners, and executing trades in smaller chunks, among other new risk management measures, according to executives and industry data. «Investors in this asset class have learned their lessons the hard way and now are being much much more picky about who to deal with,» said Samed Bouaynaya, a digital asset portfolio manager at London-based hedge fund Altana Wealth.

Cryptocurrencies have the potential to revolutionize the financial industry by offering decentralized and secure transactions and promoting financial inclusion. They can play a significant role in areas where traditional banking services are unavailable or inaccessible by bridging the gap and providing access to financial services to those left out. How can Cryptos promote financial inclusion? Low entry barriers Cryptocurrencies have easy-to-meet requirements for entry, such as a smartphone or internet access, compared to traditional banking services. This means that people who may not have access to traditional banking services due to financial or geographical constraints can still use cryptocurrencies. For example, someone in a remote area without a bank branch can use cryptocurrencies to send and receive money without traveling long distances.Decentralized nature Cryptocurrencies are not controlled by any central authority or traditional financial institution, making them independent of the banking system. For example, in countries with a history of corruption or an unreliable banking system, cryptocurrencies can be a valuable alternative for individuals to store and transfer their wealth without relying on traditional banking institutions.