Cryptocurrency Financial News

A new report from blockchain analysis firm Chainalysis found that crypto related crimes decreased in 2023. While notable, findings also show that ransomware and darknet market activity involving cryptocurrency increased considerably.

Cryptocurrency markets were trading lower on Wednesday, dragged by Bitcoin, Ethereum, and BNB.

Cryptocurrency markets were trading in the red on Tuesday after Bitcoin, the world's largest crypto token, fell below $40,000 for the first time since the launch of 11 spot Bitcoin exchange-traded fund (ETF) on January 11.

Cryptocurrency markets were trading lower in Monday's trade, dragged by Bitcoin, Ethereum, Solana, and Dogecoin. The global cryptocurrency market cap declined by 1.6% to around $1.62 trillion in the last 24 hours.

Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) has sent ripples of excitement through the global crypto community. This milestone has been heralded as a game-changer, with industry experts anticipating significant shifts in the market dynamics. Edul Patel, CEO & Co-founder of Mudrex, asserts, «The SEC's approval of Bitcoin spot ETFs will attract institutional investors who were previously cautious due to regulatory concerns. There will be increased institutional interest which could further lead to higher liquidity and more stability in the market, which may have a global impact, including in India.» Positive developments in the US crypto space often have a ripple effect on global market sentiment. Edul emphasizes that «As the SEC's approval is now seen as a vote of confidence in the legitimacy and maturity of the crypto market, this is set to boost confidence among investors worldwide. As regulatory bodies are also monitoring the global regulatory trends, it is likely that regulators in India might adjust the policies or approach towards crypto-related financial products.» While the immediate effects might be evident in the Bitcoin market, the legitimization of crypto investment through regulated spot ETFs has broader implications. Edul Patel notes that this could attract a diverse investor base, encouraging increased capital flows across various cryptocurrencies. Notably, major players like BlackRock have already filed for Ethereum spot ETFs, and the industry is eagerly awaiting potential approvals in this space.

At 12:04 p.m., BTC was trading 0.88% higher at $46,264, while Ethereum was up 1.26% at $2,613. Whereas altcoins, such as Cardano, Avalanche, Polkadot, and Polygon rose over 3%. «In the past 24 hours, the overall market displayed volatility, especially after the launch of the BTC spot ETF. Notably, Spot Bitcoin ETFs achieved a trading volume surpassing $4.5 billion on their first day, indicating positive market sentiment,» said, CoinDCX Research Team. Meanwhile, overnight BTC touched a new higher high at $49,000 but experienced a quick drop to $46,000, influenced by higher-than-expected CPI data.

cryptocurrency exchanges and virtual digital asset service providers such as Binance, Kucoin, OKX, and others, were blocked in India on Friday. This comes after the government sent show-cause notices to these crypto exchanges for not complying with the country's money laundering laws. Earlier, on December 28 last year, show cause notices were sent to Binance, Kucoin, Bittrex, Bitstamp, MEXC Global, Houbi, Kraken, gate.io and Bitfinex for operating illegally in India. The notice was issued because these companies failed to comply with registration and local tax rules. As a result, the Finance Ministry directed the Ministry of Information Technology to block their URLs. On the development, Edul Patel, CEO of Mudrex, said, «In response to the FIU’s show cause notices to non-compliant crypto exchanges, we took proactive steps, advising investors to transfer their funds to compliant platforms. We are also providing dedicated support to ensure seamless fund transfers from other exchanges, upholding the highest safety and compliance standards.» «Indian investors should always aim to have their assets in the FIU compliant entities as it gives them a way for legal recourse against any fraudulent activity on their account,» Edul suggested.

As Mudrex marks its triumphant sixth year in the ever-evolving realm of cryptocurrency, the platform reflects on a journey rich with innovation and growth. From its inception in 2018 as an automated crypto trading platform, Mudrex is the world's biggest crypto index platform, with over a million users. In an exclusive interview with Edul Patel, CEO, Mudrex, ETMarkets explored the platform's notable milestones, its pivotal role in shaping investor behaviours, and its ambitious vision for the future. As Mudrex is turning six on 12th January, can you share some key milestones and achievements the platform has experienced so far? Edul Patel: In 2018, our journey began with building an automated crypto trading platform, laying the foundation for Mudrex today.

If one thing in life is certain, it’s that we all have to pay taxes. Therefore, it’s important for cryptocurrency holders and investors to understand everything involved when it comes to crypto and taxes . This is becoming even more critical as digital assets gain mainstream adoption . 

The Securities and Exchange Commission (SEC) said it has not yet approved spot bitcoin ETFs. The SEC's account on X, the platform formerly known as Twitter, had been compromised briefly by an unknown party after about 4 pm Eastern time but «unauthorized access has been terminated,» the agency said. It will work with law enforcement to investigate the hack and «related conduct,» the SEC said. X's head of business operations, Joe Benarroch, said in a statement that the SEC's account was secure and the company was investigating the «root cause» of the account compromise.

Crypto market analyst Tom Lee has predicted that Bitcoin could reach $500,000 within the next five years.

BNB, XRP, Dogecoin, Cardano, Avalanche, Toncoin and Tron soared up to 15%. Crypto markets rallied in anticipation of imminent approvals by the US SEC regarding spot bitcoin exchange-traded funds (ETFs). Crypto markets surged over 6% overnight reacting to the US SEC Chairman’s tweet about crypto investing, Vikram Subburaj, CEO, of Giottus Crypto Platform said, attributing the development to the uptick in major cryptos. Bitcoin briefly breached $47,000 for the first time since April 2022 and is looking set for a push towards $50,000 if spot ETF approvals come in this week, he opined. In his view, BTC dominance has increased to 54.5% indicating strong performance of the top crypto asset lately. Any euphoric rally from here could lead to a correction later, he warned investors as he advised them to remain cautious of the market volatility over the next 7 days. The crypto market's total market capitalisation has crossed the $1.8 trillion mark according to Coinswitch data which said that the crypto fear and greed index remains highly positive, jumping by 6 points as compared to Monday.

Crypto derivatives exchange BitMEX has announced the launch of Vulcan Centaur, a lunar rocket carrying a crypto wallet containing one physical Bitcoin.

The Blockchain Association has published a public response to Senator Elizabeth Warren’s criticism of the crypto industry’s hiring of former government officials.

ETFs reaches a fever pitch, a group of former Citigroup executives is starting to offer securities backed by the oldest cryptocurrency that they say don't need the blessing of US regulators. The new offering, called Bitcoin depositary receipts, will be similar to American depositary receipts that represent foreign stocks. The startup, called Receipts Depositary Corporation, or RDC, said it plans to issue the first Bitcoin depositary receipts to qualified global institutional investors in transactions exempt from registration under the Securities Act of 1933. Known as BTC DRs, the offering will give institutions access to Bitcoin securities through US regulated market infrastructure and cleared through the Depository Trust Co., said a company release. «We are really a conversion tool for asset owners today, whether they are hedge funds, family offices, corporations, large institutional investors, that want to take their Bitcoin and convert it into a DTC-eligible security and enjoy direct ownership in the US clearances,» Ankit Mehta, the co-founder and chief executive of RDC and a former executive at Citigroup, said in an interview. He and his co-founders Bryant Kim and Ishaan Narain worked for Citi's depositary-receipt team prior to starting RDC.

Bitcoin ETF application. Bitcoin, Ethereum, Solana, and Dogecoin were trading in the green, while BNB, XRP, Cardano, Tron, and Internet Computer were in the red. At 11:58 a.m., bluechip crypto tokens BTC was trading 1.2% higher at $43,660, while Ethereum was up 0.34% at $2,245. Whereas, altcoins, such as Internet Computer and Toncoin, fell 7.4% and 2.7%, respectively. «In the last 24 hours, Bitcoin rallied to $44,000 following reports on Thursday about the SEC's final comments to issuers, hinting at possible approval for Bitcoin spot ETF applications. This recovery reversed Wednesday's crash, restoring optimism among market participants,» said Edul Patel, CEO of Mudrex. «Currently, BTC is consolidating at $43,500, and the upcoming SEC decision could add significance to Bitcoin's price movement. A successful establishment of $43,900 as support and a close above it may signal an uptrend,» Edul added.

cryptocurrency Bitcoin (BTC) surged above the $45,000 mark on Tuesday for the first time since April 2022, fuelled by market expectations for the approval of Bitcoin spot ETFs. Bitcoin touched a 21-month peak of $45,488, having gained nearly 155% last year in the strongest performance since 2020. BTC was last up 6.9% at $45,264 but remains far off the record high of $69,000 it touched in November 2021. Meanwhile, the second largest crypto, Ethereum rose 4.9% to $2,386. «Bitcoin started the new year by surpassing the US$45,000 level, driven by market expectations for the approval of Bitcoin spot ETFs. A sustained bullish momentum could propel BTC to US$46,300 and subsequently US$47,600; however, if not, the support level is pegged at US$43,700,» said Edul Patel, CEO of Mudrex. Investor focus has been squarely on whether the US securities regulator will soon approve a spot Bitcoin ETF, which would open up the Bitcoin market to millions of investors.

cryptocurrency market cap declined 0.43% to around $1.74 trillion in the last 24 hours. At 11:17 a.m., BTC was trading 0.07% lower at $45,237, while Ethereum was down 0.12% at $2,377. «BTC saw its highest level in 21 months as Bitcoin started the new year by breaking out of its consolidation zone and moving past the resistance at 45k USD as the market potential sees a Bitcoin ETF approval in the first week of January,» said Coinswitch markets desk. Edul Patel, CEO of Mudrex, said, «BTC's resistance is now identified at the US$46,100 level, while support holds steady at US$44,800. In tandem, Ethereum mirrors Bitcoin's trajectory, presently trading at US$2,300. To sustain momentum, Ethereum must breach the US$2,500 barrier for further gains.»

Kyrgyzstan’s water-rich environment has the potential to provide a necessary boost for the country’s crypto mining industry – but that power is currently difficult to access.

Charitable giving occurs year round, yet end of year donations especially tend to resonate with donors. Recent statistics from digital marketing agency Nonprofits Source found that 30 percent of annual giving occurs in December. Findings further show that 10 percent of annual giving occurs during the last three days of the year.

cryptocurrency markets were trading higher on Thursday as the US dollar and bond yields hit multi-month lows on mounting bets the Federal Reserve will start cutting interest rates as soon as next March. In Thursday's trade, the global cryptocurrency market cap surged 2.52% to around $1.69 trillion in the last 24 hours. At 12:46 p.m., BTC was trading 1.44% higher at $43,055, while Ethereum was up 6.9% at $2,379. BTC bounced back from the 20 EMA D and is holding above that, signalling a positive trend. Additionally, BTC dominance continues to decline, which is favourable for altcoins. BTC needs to clear the key resistance at $44,500 for further upward movement, said CoinDCX Research Team.