Cryptocurrency Financial News

cryptocurrency markets were trading lower on Friday, dragged by Bitcoin, Ethereum, BNB, Cardano, and Chainlink. Meanwhile, the global cryptocurrency market cap declined 0.75% to around $1.67 trillion in the last 24 hours. At 1:16 p.m., BTC was trading 1.5% lower at $42,354, while Ethereum was down 1.3% at $2,344. Currently consolidating at US$42,500, Bitcoin faces immediate resistance at US$43,000. A close above this level may trigger a price surge, with support at US$42,150 on the downside, said Edul Patel, CEO of Mudrex. CoinDCX Research Team said, «BTC has been moving sideways within the range of $41,900 and $44,500 over the past few days, currently sitting at the incline trendline support. If it sustains at this level, there might be a chance for another touch of the resistance level at $44,500.»

XRP, Avalanche, Dogecoin and Polkadot were trading in the red, while BNB, Polygon, Tron, Litecoin, and Chainlink were in the green. Meanwhile, the global cryptocurrency market cap declined 0.21% to around $1.65 trillion in the last 24 hours. At 12:23 pm, bluechip crypto token BTC was trading 0.6% lower at $42,450, while Ethereum was down 0.2% at $2,227. Altcoins, such as BNB, and Polygon (MATIC) jumped 10.4%, and 20.3%, respectively. On the other hand, Polkadot, Avalanche, Chainlink, and Shiba Inu declined 1-5%.

gold to crypto. Amidst this dynamic landscape, Bitcoin has been the standout performer, with an impressive surge of over 160% in the past twelve months. Bitcoin has delivered these returns, which is higher than stalwarts like Nifty50 and gold, which delivered nearly 19% and 13.5%, respectively. Prices of some crypto coins (Altcoins) surged up to 16,000%, churning out mind boggling returns for investors. «Bitcoin and Ethereum experienced significant gains, with Bitcoin's Year-to-Date growth reaching an impressive 160%. This upward trajectory reflected a clear shift in sentiment towards crypto assets. The market's growth throughout the year was characterized by organic and sustained development, positioning it favourably for the future,» said Rahul Pagidipati, CEO of ZebPay. Meanwhile, Shivam Thakral, CEO of BuyUcoin, said, «We have witnessed very encouraging numbers in terms of growth. The total market capitalization has increased by around 60% year-to-date. This growth was driven by factors like institutional adoption, DeFi's rise, and NFT popularity. Bitcoin, the world’s largest digital asset by market cap is up by 155% at the time of writing, which makes Bitcoin one of the best-performing asset class of 2023.»

cryptocurrency markets were trading lower on Tuesday after cooler-than-expected US inflation data boosted bets of interest rate cuts by the Federal Reserve next year. Meanwhile, the global cryptocurrency market cap declined 1.12% to around $1.65 trillion in the last 24 hours. At 11:48 a.m., BTC was trading 1.15% lower at $42,774, while Ethereum was down 2.2% at $2,234. «Bitcoin is trading at the $43,000 mark, having recently tested the $42,600 zone where bullish activity was evident. A breach beyond the $43,600 level could propel BTC towards $44,300 and support now lies at the $42,600 level,» said Edul Patel, CEO of Mudrex.

The company called Rejuve is using artificial intelligence (AI) and cryptocurrency to improve individuals’ health and longevity.

XRP, Dogecoin and Cardano were trading in the red, while BNB, Avalanche, Toncoin and Tron were in the green. Meanwhile, the global cryptocurrency market cap fell 0.6% to around $1.6 trillion in the last 24 hours. At 11:53 a.m., BTC was trading 0.25% higher at $42,976, while Ethereum was down 1.13% at $2,218. The crypto market seems to have been range-bound with a downward bias in the last 24 hours. BTC underwent slight selling pressure after it crossed the $43k mark. However, on-chain data shows that Bitcoin mining hashrate has continued its uptrend and even reached a new all-time high. This translates into a positive sentiment building within the miners that can also trickle into price action, said CoinSwitch Markets Desk.

Cryptocurrency is a hot topic of conversation, especially during the holidays. This is becoming the case even more so as Bitcoin gains traction. A recent report from Bitcoin financial services firm Unchained found that one in four Americans already own Bitcoin. Additional findings from Unchained show that 95 percent of the 400 investors surveyed in the U.S. would consider buying Bitcoin in 2024.

The hands-on approach by Dubai’s Virtual Asset Regulatory Authority (VARA) has enabled it to set a global precedent for regulator-industry cooperation, its executives said.

Approximately 73% of US voters believe that US presidential candidates should have an informed perspective on innovative technologies like artificial intelligence (AI) and cryptocurrency. 

Bitcoin (BTC), the flag bearer of the crypto market, is up 155% year-to-date. The number of institutions holding BTC in treasury is growing. A Bitcoin spot ETF is around the corner. And industries are leveraging crypto and the underlying blockchain technology to modernize their processes. This resurgence shouldn’t be surprising. As with any market, crypto has its cyclicality. When interest rates went up and investors turned risk-averse, fewer capital flowed into crypto markets. The collapse of a popular stablecoin and an international exchange exacerbated the situation. And yet, the crypto ecosystem has continued to progress: Scaling up the blockchains and building more applications—in finance and beyond.

XRP (0.7%), Solana (7.3%), Avalanche (3.4%), and Tron (1.1%) were trading in the green. At the time of writing, the global cryptocurrency market cap declined by 0.27% to around $1.61 trillion in the last 24 hours. At 12.31 p.m., BTC was trading 0.81% lower at $42,696. In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $833 billion. The crypto market performed sideways with an upward bias in the last 24 hours. BTC is back to trading around $43k levels, while ETH is trading around $2.3k. This market movement can be attributed to the Feds as they signaled interest rate cuts for next year, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.

Mudrex, a Y-Combinator-backed crypto platform, has recently announced its registration as a recognized entity with the Financial Intelligence Unit (FIU). Since the announcement of FIU registration, Mudrex has recorded a twofold increase in user growth on its platform. «Mudrex's platform has experienced a surge in user adoption, attributed to the FIU registration coinciding with a bullish market. Since the announcement of FIU registration in September, we have observed a twofold increase in user growth on our platform», said Edul Patel, CEO & Co-founder of Mudrex. In a notable development for the Indian crypto space, Mudrex became the third platform to secure FIU registration, following WazirX and CoinDCX. This move aligns with the regulatory changes implemented by the Indian government on March 7, 2023, which brought crypto service providers under the ambit of the Prevention of Money Laundering Act (PMLA), 2002. Compliance with the FIU is now a requirement for all crypto service providers, including exchanges, custodians, and wallet providers, necessitating adherence to various regulatory norms such as KYC procedures, record-keeping, reporting of suspicious transactions, appointment of a compliance officer, and engagement with regulatory authorities for guidance on compliance matters.

Know-your-customer (KYC) measures are becoming more important as the cryptocurrency sector grows. These models have proven to help digital asset service providers prevent against crimes such as money laundering, terrorist financing and more.

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.

cryptocurrency, fell 4% to $42,167 in Monday's trade, influenced by profit-taking among investors. The largest token declined as much as 5.7% from Friday's high of $44,705. Meanwhile, Ethereum, the second largest cryptocurrency, tanked nearly 5% to $2,236 at 10.56 am. The global cryptocurrency market cap also plunged 3.74% to around $1.58 trillion in the last 24 hours. Other popular altcoins like Toncoin and Chainlink plunged 9% and 8.5%, respectively. Also, XRP, BNB, Solana, Cardano, Dogecoin, Tron, Polkadot, Polygon, Litecoin, and Shiba Inu declined 2-7%. On the other hand, Avalanche rose over 5%. The abrupt market movement seems to be more of a correction or profit booking, considering BTC's eight consecutive weekly candle closures in the green, said CoinDCX Research Team.

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.

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.

CoinSwitch, one of India's top cryptocurrency investment platforms, has unveiled PeepalCo, a new umbrella brand that will house all its business divisions as part of its wealth tech expansion. PeepalCo will house the following brands: CoinSwitch, the crypto retail app, and CoinSwitch PRO, the advanced trading platform; a soon-to-be-launched platform featuring newer investment classes; and a wealth-management division catering to High-Net-Worth Individuals (HNIs). The restructuring will empower each of these business units to maintain agility and drive innovation while upholding the utmost compliance and regulatory standards. Ashish Singhal, Co-founder & Group CEO of PeepalCo group; Govind Soni, Co-founder & Group CTO of PeepalCo group; and Vimal Sagar Tiwari, Co-founder & Group COO of PeepalCo group, will oversee the different initiatives within the PeepalCo group, with a professional management team responsible for guiding and operating each individual unit.

The cryptocurrency market saw widespread declines with the start of the week. Amid the overall downturn, some cryptocurrencies like Bonk, BitTorrent, and Injective managed to post gains following their listings on major exchanges, making them some of the best cryptos to buy now.

While Bitcoin is dropping by more than 5% at the moment, the INJ price is gaining traction, making Injective one of the biggest crypto gainers today on Uniswap.

The investment comes from M&G’s Crossover strategy, led by the firm’s public equity investment division.