Cryptocurrency Financial News

cryptocurrency markets were trading higher on Thursday, led by Bitcoin, XRP, and Cardano. The global cryptocurrency market cap also surged 1.07% to around $1.6 trillion in the last 24 hours. At 12.22 a.m., BTC was trading 0.6% higher at $43,865, while the second most popular token, Ethereum, was down 0.4% at $2,260. «Bitcoin is presently trading around the $43,900 level, continuing the bullish growth of the last few days. To continue this positive momentum, Bitcoin will need to clear the resistance at $44,260 or risk finding support around the $43,700 level,» said Edul Patel, CEO of Mudrex. Market sentiments are presently bullish as traders await developments on the US Bitcoin Spot ETF applications in the near future, Edul said.

Other popular altcoins, such as Solana and Cardano advanced 14% and 6%, respectively. Also, BNB, Avalanche, Tron, Chainlink, Polkadot, Siba Inu, and Litecoin surged. On the other hand, XRP, Dogecoin, and Toncoin declined. BTC encountered a dip to $43,000 during the day, pulling back from its swift ascent to nearly $45,000 earlier this week. This suggests that traders opted to secure profits after the largest crypto's breakout from $38,000 a week ago, said CoinDCX Research Team. On the flip side, ETH witnessed a 5% upswing over the same period, reaching $2,372, marking its highest level since May 2022. This upward movement also positively influenced the prices of other ETH-related cryptocurrencies, positioning them as the top performers of the day. Ethereum's upsurge is credited to heightened institutional interest and the hopeful anticipation of an ETF approval by the SEC, CoinDCX added.

The cryptocurrency sector may be advancing, yet industry experts are becoming aware that exchanges, market makers and custodians must act as separate entities in order for businesses to succeed. While it’s common to keep financial actors separated within traditional finance, this concept has often gone overlooked within the cryptocurrency industry.

While United States federal policymakers look to implement cryptocurrency and blockchain regulations, state-led organizations are taking initiatives to ensure that policy focused on cryptocurrency and blockchain adoption pass within the U.S. This is important to consider given that federal U.S. policymakers continue to remain divided on policy focused on cryptocurrency and blockchain technology usage.

Bitcoin rose on Monday, briefly surpassing $42,000 to reach a 20-month high, in a new surge of momentum fueled by the possibility of U.S. interest rate cuts and traders betting that the U.S. will soon approve exchange-traded spot bitcoin funds. The world's biggest cryptocurrency rose as high as $42,162 on Monday, its highest since April 2022, seemingly casting off the funk that had settled over crypto markets following the collapse of FTX and other crypto-business failures last year. It was up 6.49% at $41,311.26 as of 1605 GMT. Bitcoin's gains lifted the shares of cryptocurrency-related companies, as well as exchange-traded funds (ETFs) listed in the United States. Coinbase jumped 6.5% and Microstrategy gained nearly 6%, while bitcoin miners such as Riot Platforms, Marathon Digital and CleanSpark rose between 8% and 11%. Last week, Microstrategy disclosed it bought an additional $593 million in bitcoin during November.

Virtual Digital Assets (VDAs), driven by the burgeoning acceptance of blockchain technology and its transformative potential. According to Chainalysis' 2023 crypto adoption index, India stands at the forefront of grassroots crypto adoption worldwide. While investors have various options for exploring VDA investments, centralized exchanges remain the most popular choice. The prevalence of centralized exchanges stems from their user-friendliness and simplified trading processes. However, investors must recognize the importance of selecting a compliant exchange to ensure a secure and protected investment environment. Understanding Compliant Exchanges and Key Considerations What constitutes a compliant exchange? What are the crucial factors to consider when selecting a VDA exchange?

Meanwhile, the global cryptocurrency market cap surged 2.2% to around $1.43 trillion in the last 24 hours. At 11.56 a.m., BTC was trading 2.85% higher at $38,031, while the second most popular token, Ethereum, was up 2.4% at $2,051. Solana also surged over 7% to $58.32. Positive sentiments prevailed in the market as Bitcoin breached the $37,800 threshold. This price movement could reflect that market participants have now absorbed the news about the recent leadership change at Binance, restoring bullish confidence in their investments, said Edul Patel, CEO of Mudrex.

BNB (-0.8%), Polkadot (-2.1), and Shiba Inu (-1.4%) were trading in the red, while Solana (3.3%), Dogecoin (0.5%), Toncoin (0.3%), Polygon (1%), and Avalanche (2.6%) were trading in the green. Meanwhile, the global cryptocurrency market cap declined by 0.14% to around $1.43 trillion in the last 24 hours. At 10.55 a.m., BTC was trading 0.08% lower at $37,937. In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $741 billion. «Price movements across the crypto market remain predominantly bearish as investors and money managers grapple with the potential repercussions of intensified regulatory measures targeting the industry,» said ZebPay Trade desk.

Dogecoin. Meanwhile, the global cryptocurrency market cap surged 1% to around $1.44 trillion in the last 24 hours. At 11.59 a.m., BTC was trading 0.5% higher at $38,112, while the second most popular token, Ethereum, was up 2.6% at $2,091. Dogecoin also surged over 3.5% to $0.08. «After ending November with gains of 10%, Bitcoin has been trading range bound since yesterday. The buying pressure on BTC continues to surpass the selling pressure, suggesting that investors’ confidence is sustained and optimistic. Additionally, institutional participation continues to rise, with the latest being MicroStrategy's 10% increase of its BTC holding, translating into approx. $600 million worth of BTC,» Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said. While key narratives involving the suspected approval of spot BTC ETF applications in the pipeline are sustaining investor sentiments, any new developments within the space can determine BTC’s future performance, Parth said.

crypto firms like FTX from destabilising the wider financial system, the global Financial Stability Board (FSB) said on Tuesday. The FSB, which groups regulators, central banks and treasury officials from the G20 economies, said turmoil in crypto markets last year when FTX collapsed highlighted how «multifunction» crypto firms, that combine trading and other activities, can exacerbate vulnerabilities. The vulnerabilities are similar to those found in traditional finance, including leverage, liquidity mismatches, technology and operational vulnerabilities, the FSB said in a report. «These vulnerabilities are further amplified by a lack of effective controls and operational transparency, poor or no disclosures, and conflicts of interest,» it said.

The AI-driven cryptocurrency project yPredict has rapidly gained attention as its native token presale recently surpassed $5 million in funding.

Low cap cryptocurrency project Launchpad XYZ has raised over $2 million so far in the ongoing presale of its LPX tokens, which are designed to power transactions on its planned Web 3.0 crypto platform.

Bitcoin gained around 1.5% on Friday to trade above USD 38,000. (Representational)

cryptocurrency market cap increased by 2.33% to around $1.42 trillion in the last 24 hours. At 12:52 p.m., BTC was trading 2.4% higher at $37,372. In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, surged to $730 billion. «The price of Bitcoin has been above the $37,300 level today as market participants anticipate that the recent regulatory activity in the US might lead to positive news about a Bitcoin spot ETF. Market sentiments are presently positive, with the bulls working hard to sustain and keep up the momentum,» said Edul Patel, CEO of Mudrex. Vikram Subburaj, CEO of Giottus Crypto Platform, said, «The crypto market prevailed over concerns regarding global exchange Binance and have bounced strongly post a healthy correction. Bitcoin, having gained 3% daily, is primed to rally towards the $38,000 level post which $40,000 becomes a possibility.»

crypto exchange Binance over the past 24 hours, market data showed, after its chief, Changpeng Zhao, stepped down and faced prison time after pleading guilty on Tuesday to settle a years-long U.S. illicit finance probe. The deal, in which Binance will pay $4.3 billion to U.S. authorities, raises questions over the future of the world's largest crypto exchange and marks another blow for an industry beset by scandals. Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said. It remained unclear on Wednesday how much jail time, if any, Zhao would ultimately serve, and how much influence he — as Binance's founder and major shareholder — could continue to exert on Binance under the terms of the settlement. Some analysts also noted that the deal was unlikely to end the exchange's U.S. legal woes, with Securities and Exchange Commission charges alleging Binance broke U.S. securities laws still unresolved.

Meanwhile, Changpeng Zhao, the founder and CEO of Binance, resigned from his position and pleaded guilty to violating US anti-money laundering laws. This move comes as part of a historic $4.3 billion settlement to resolve a long-running investigation into Binance, the world's largest crypto exchange. The fallout from the settlement marks another significant blow to the cryptocurrency industry, which has faced increasing scrutiny and investigations. Following the Binance news, the global cryptocurrency market cap declined by 2.54% to around $1.38 trillion in the last 24 hours.

Crypto whales are accumulating yPredict tokens ahead of exchange listings, drawn by the platform’s integration of predictive analytics and AI for crypto asset management.

Red-hot gains from dYdX, THORChain, and Fetch.ai show seasoned cryptocurrencies still have room to run. But newcomers Bitcoin ETF Token and Bitcoin Minetrix are also joining the party, with their presales heating up while offering big potential at basement prices–making them some of the best cryptos to buy now.

Blue-chip cryptocurrencies are pumping on Wednesday amid a market-wide relief rally as traders digest recent news relating to Binance, the world’s largest cryptocurrency exchange.

BNB (6.8%), and Cardano (0.6%) were trading in the green, while XRP (-1.7%), Solana (-6.7%), Dogecoin (-3.8%), Chainlink (-4.4), and Avalanche (-7.5%) were trading in the red. Meanwhile, the global cryptocurrency market cap increased by 0.08% to around $1.42 trillion in the last 24 hours. At 11.23 a.m., BTC was trading 0.6% higher at $37,354. In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, surged to $730 billion. «Bitcoin is currently trading at the $37,400 level as investors anticipate updates from today's US FOMC meeting. Notably, Bitcoin has achieved a remarkable growth of over 126% since the beginning of the year. Concurrently, Ethereum sustains its position above the $2,000 threshold amidst discussions about the Spot ETH ETF applications in the US,» said Edul Patel, CEO of Mudrex.

BNB, XRP, Solana, Cardano, and Dogecoin were up between 1% and 3.70% around 10.15 IST. Bitcoins's gains over the past seven days have been to the tune of 0.80% while for Solana Dogecoin and Cardano, the uptick has been nearly 4%, 2%, and 5% respectively. The laggards on a seven-day basis include XRP (-4.6%), Ethereum (-1.83%), and Tron (-5%). Cryptocurrencies have an inverse relationship with the US dollar. The dollar index was trading at 103.61, down 0.30 or 0.29%. The dollar index (DXY) has tumbled to a two-month low and corrected by 1.9% over the last five sessions, aiding the cause of cryptocurrencies. The weakness has been on account of softer US inflation for the October month which was lower than what the Street was expecting. This has given a fresh impetus to views that were batting for a pause in the interest rate. The lower inflation print may result in the Federal Reserve not doing any further rate hikes. Expert View