Cryptocurrency Financial News

Bitcoin was mildly firm and moved towards the $34,500 level. Its biggest peer, Ethereum regained the $1,800 mark. Other crypto tokens, such as XRP, Solana, tron, and Toncoin traded higher, while BNB, Cardano, Dogecoin, Chainlink, Polygon, Polkadot, Litecoin, and Shiba Inu traded in the red. Broader markets are looking forward to the Fed meeting expected to happen today. Any interest rate change is expected to change the tone of crypto market performance. Though, investors are particularly excited about spot BTC ETFs in the U.S.; the SEC may respond to the BTC ETF applications before the winter holiday season this year, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.

The extreme fluctuations of the cryptocurrency market showcase the need for solutions like yPredict that utilize AI crypto to deliver actionable price prediction insights.

cryptocurrency as a legal tender. Since then, the value of various cryptocurrencies has been steadily increasing and this led to more countries legalizing the use of cryptocurrency as a tender for transactions. By 2021, most developed countries the world over had accepted cryptocurrency as a legitimate mode of transactions. In India though, the acceptance was marred with hesitation and roadblocks at every twist and turn and people’s interest in cryptocurrency started to gain momentum only with the formation of the first cryptocurrency exchange in 2013. However, since then, the growth of cryptocurrency in India has been truly staggering with industry estimates (May 2023) expecting around 15-20 million investors of cryptocurrency holding over $5.37 billion in crypto holdings. So then for the average Indian then begs the question; how should cryptocurrency be looked at or treated? Is it just another ideal alternative investment option to boost someone’s investment portfolio or has it matured into becoming an actual profit-making opportunity? For the age-old investor, stocks and bonds are the only things that mattered when it came to assets to own. Newer assets in the form of non-traditional assets like mutual funds, ETFs, cryptocurrencies, forms of collectibles, precious metals, mortgage backed securities, etc. have all found gradual acceptance in the portfolios of the modern-day investor.

What is a cryptocurrency? Ever received a paper token from your next-door paan shop in lieu of a small change, which he would accept the next time you visit him? Imagine that token digitally, and that's your cryptocurrency. The big difference is, here there is no owner-issuer and it would, at least in theory, be accepted globally. Cryptocurrency is a digital or virtual coin secured by cryptography, which makes it next to impossible to counterfeit. They have their own store values, and are designed to use as a medium of exchange for buying goods or services. Cryptocurrencies are decentralised, meaning that no authority regulates them. They are built on the blockchain network technology, which ensures transparency and helps track every transaction. Such currencies, theoretically, are immune to government interference or any kind of manipulation. Because cryptocurrencies do not have an underlying economic base, they are inflation-proof. Plus, the digital structure facilitates free portability across geographical borders, divisibility and transparency. However, they are often criticised for the possibility of misuse in illegal activities, exchange rate volatility and the vulnerability of the infrastructure underlying them.How do cryptocurrencies work? Cryptocurrencies work using a technology called blockchain. They are tokens that can be used as a form of payment in exchange for online goods and services. They carry a pre-determined store value of their own, just like any other fiat currency like the US dollar or the Indian rupee. Cryptocurrencies are digitally mined, where very sophisticated computers solve extremely complex computational mathematics problems. Their mining is painstaking, costly and only sporadically

collapsed cryptocurrency exchange FTX, parried with a federal prosecutor on Thursday in high-stakes legal jousting at his criminal fraud trial that seemed to frustrate the judge. Bankman-Fried was scheduled to take the witness stand after three weeks of devastating testimony for the 31-year-old crypto wunderkind, accused of stealing billions of dollars from clients. But federal Judge Lewis Kaplan took the unusual step of sending the jury home Thursday and listening to Bankman-Fried, his defense lawyers and a prosecutor go over technical aspects of his upcoming testimony. The move pushed Bankman-Fried's appearance before the jury back until at least Friday.

cryptocurrency market cap surged 0.77% to around $1.27 trillion in the last 24 hours. Bitcoin was up 1.47% at $34,626 as of 12:30 p.m., while its largest peer, Ethereum, surged 1.4% to above the $1,800 level. The consistent gains registered by BTC have overshadowed the price action of ETH and other major altcoins. This has led to BTC dominance hitting a new 30-month high of over 54%; the highest since April 2021. However, as investors become comfortable with the risk curve during this market phase, altcoins may see an uptick in investor interest, leading to a correction in BTC dominance, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures. Other popular altcoins, including Dogecoin and Shiba Inu, rose over 6% each. Also, Cardano, Solana, Polygon, Polkadot, Litecoin and Toncoin surged.

Solana is on the climb as crypto markets flip bullish, but as SOL sits atop a 38% price gain, could Bitcoin retracement trigger downside? Or, is Solana set to breakout?

BlockFi emerged from bankruptcy on Tuesday, nearly 11 months after it was swept away by the turbulence in the cryptocurrency industry following the collapse of FTX. In its bankruptcy filing in November last year, BlockFi had cited its loans to FTX's sister firm Alameda as one of the reasons for the crisis it was facing. On Tuesday, the company said it would officially begin enacting the actions detailed in its bankruptcy plan, like recovering assets it believes are owed to it by FTX, Three Arrows Capital and others. Any attempts to recover assets from those companies, however, will likely be contentious as both are themselves waddling through their respective bankruptcy processes.

Bitcoin rallying to an almost 18-month high on speculation that an exchange-traded Bitcoin fund is imminent. Bitcoin rose more than 6% to $35,198, its highest since May 2022. It surged 10% on Monday in its best session for almost a year and its price has doubled in 2023. Crypto-linked shares such as Coinbase Global or bitcoin owner MicroStrategy rose in after-hours trade. Cryptocurrency ether broke above $1,800. An exchange-traded fund (ETF) owning Bitcoin on behalf of fund investors is seen as a driver of demand because it would allow anyone reluctant to trade crypto markets a means of buying exposure to bitcoin through the stock market.

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Bitcoin jumped on Friday above $30,000 for first time since July, taking gains for the week past 10%, against a backdrop of volatile trading across cryptocurrencies. Bitcoin, the largest cryptocurrency by circulation, climbed as high as $30,022, its highest since July 23. It was last up 4% on the day. There was no immediate news catalyst for the move in bitcoin, said Joseph Edwards, head of research at London crypto firm Enigma Securities. Bitcoin is known for its volatility and the opacity of its markets. The mood across the broader financial markets has also been nervy lately. Investor sentiment has been rattled by war in the Middle East, a rise in benchmark U.S. 10-year yields towards 5% and concern about the prospect of interest rates staying a lot higher for a lot longer.

FTX crash, regulatory enforcement actions, recent security breaches on DeFi protocols, and attacks on Stablecoin liquidity pools, have eroded the cryptocurrency's stability promise. A Stablecoin is a popular form of cryptocurrency designed to maintain a constant value through a peg to another asset. In 2022, the cumulative market capitalization of Stablecoins was around $180 billion, which declined to nearly $120 billion in 2023. «Many investors have chosen to divest their Stablecoin holdings, partly in reaction to lack of transparency around the underlying reserves that support many stablecoins. In a rising interest rate environment, the appeal of higher yields offered by traditional assets is also likely contributing to a shift away from stablecoins,» Moody's said in its report.

FTX cryptocurrency empire, another reckoning for digital currencies is underway: Governments around the world are intensifying their crackdown on sources of funding for terrorist groups — including crypto — after Hamas’s bloody attack in Israel that claimed more than 1,400 lives and led to retaliatory attacks that have killed thousands. Crypto is a small but deadly slice of overall terrorism funding: Research by analytics firm Elliptic in 2021 estimated that wallets linked to Hamas’ military wing had received more than $7.3 million in crypto, including around $40,000 in Dogecoin, the dog-themed memecoin favored by Elon Musk. These sums aren’t much compared with the $100 million that Iran sends annually to Hamas and other Palestinian terror groups or with Qatar’s $360 million in aid for Gaza, or the approximately $300 million Hamas gets via business taxation and extortion estimated by the Washington Institute’s Matthew Levitt.

The global cryptocurrency market cap declined 1.28% to around $1.08 trillion in the last 24 hours. Other popular altcoins, including the likes of Polygon, Dogecoin, Ripple (XRP), and Solana plunged up to 1-2%. Toncoin, Litecoin, and Shiba Inu declined up to 2-4% Bitcoin has been trading above the $28,200 level in the last 24 hours. This price movement follows asset manager Fidelity filing an amendment to its proposed spot bitcoin ETF with the U.S. SEC, specifying how it will safeguard customers’ bitcoin in custody accounts and disclose risks, said Edul Patel, CEO of Mudrex.

Toncoin and Tron were trading in the green, while Ethereum, XRP, BNB, Cardano, Dogecoin, and Polkadot were trading in the red. The global cryptocurrency market cap surged 0.76% to around $1.09 trillion in the last 24 hours. Bitcoin was up 1.1% at $28,586 as of 12:39 p.m., while Ethereum was below the $1,600 level. «Bitcoin has maintained a trading position above the $28,300 mark in the last 24 hours. This price movement is driven by growing excitement among investors about the potential approval of a Bitcoin Spot ETF in the United States,» said Edul Patel, CEO of Mudrex. «BTC has successfully reclaimed the 200-day Simple Moving Average (SMA) and is currently holding above it.

XRP, Cardano, Dogecoin, Toncoin and Polkadot were trading in the red. Meanwhile, the global cryptocurrency market cap surged 0.64% to around $1.09 trillion in the last 24 hours. Bitcoin was up 1.44% at $28,251 as of 12:35 p.m., while Ethereum was just below the $1,600 level. «Bitcoin’s price touched the $30,000 mark before settling at the $28,000 level following false news published on X (formerly Twitter) about the SEC approving Blackrock’s spot ETF application. The news caused more than $100 million in liquidations,» said Edul Patel, CEO of Mudrex.

Bitcoin rose suddenly on Monday, before giving up nearly all its gains, after asset manager BlackRock denied a crypto media report that U.S. regulators had approved its high-profile application for a crypto investment product. Bitcoin, known for its volatility, was last trading up 3.82% at $28,211, after earlier rising as much as 10% to $29,900, its highest since August. Crypto news outlet Coin Telegraph had earlier reported that the U.S. Securities and Exchange Commission had approved an application by major asset manager BlackRock for a spot bitcoin exchange-traded fund, before later retracting the story. But bitcoin fell sharply after a Fox Business reporter said on the social media platform X that BlackRock denied the report.

A proposed settlement filed on October 16 could see FTX customers receive the majority of their lost funds by the second quarter of 2024.

The Bank of Canada published a staff analytical note that mirrors the development of decentralized finance (DeFi) alongside possible routes of wider market regulations. 

In Switzerland, for instance, a stablecoin tied to the Swiss franc provides investors with a reassuring sense of stability, as its value closely mirrors that of the national currency.

cryptocurrency collapses by forcing the platforms to get a financial services licence, the government said Monday. Any crypto exchange or digital asset platform with more than Aus$5 million (US$3.2 million) in aggregate assets would have to comply, the Treasury said in a proposal paper. About one in four Australians own some cryptocurrency, it said. Cryptocurrencies such as Bitcoin rely on decentralised cryptography to secure transactions instead of the traditional banking system.