Cryptocurrency Financial News

Bitcoin prices briefly spiked on Monday morning after a false report circulated on social media that the U.S. Securities and Exchange Commission (SEC) had approved a spot bitcoin exchange-traded fund (ETF).

Crypto firm Tether's Chief Technology Officer Paolo Ardoino will also become its CEO from December, the company said on Friday, in a surprise management shake-up for one of the crypto world's top tokens. Current CEO Jean-Louis van der Velde will «transition to an advisory role for Tether», the company said in a statement. Tether issues a stablecoin, also called Tether, which is designed to maintain a constant value of $1 and is widely used in crypto-to-crypto trading. There is $83.5 billion worth of Tether in circulation, making it the third-biggest cryptocurrency after bitcoin and ether, according to CoinGecko.

Bitcoin was down 0.2% at $26,809 as of 11:30 p.m., while Ethereum was below the $1,550 level. Meanwhile, the global cryptocurrency market cap declined 0.5% to around $1.05 trillion in the last 24 hours. In today's trade, Toncoin and Solana fell up to 3%. While BNB, XRP, Dogecoin, Tron, and Polkadot also declined.

cryptocurrency, may rise more than five-fold in value by the end of 2026, according to global bank Standard Chartered, its latest prediction of rocketing crypto prices. Ether may hit $8,000 over the next two years as it becomes more widely used in blockchain-based covenants known as «smart contracts,» as well as gaming and the «tokenisation» of traditional assets, StanChart Head of FX Research, West, Geoff Kendrick wrote. Ether was trading on Wednesday at about $1,575. Assessing the value of cryptocurrencies is fraught with difficulty, as tokens such as ether or bitcoin that are not backed by traditional assets lack the gauges used to price stocks, bonds or currencies. The price of crypto tokens are generally driven by the sentiment of investors.

Volumes in major crypto trading platforms in India have seen a hit following the high taxes imposed by the government. However, the progress that the country is making in bringing in regulations for this asset class has given hope to service providers such as CoinSwitch to see phenomenal growth in the crypto market. «The sunny side view is that India has made progress on crypto regulations with standards and rules on AML-CFT, data reporting and more. These standards enhance the transparency in the Indian crypto ecosystem, and provide an opportunity for the government to relook at the TDS rate,» Ashish Singhal, Co-founder and CEO of CoinSwitch, told ETMarkets in an interview. While trading volumes in crypto have recovered in 2023 from the sharp drop in 2022, pain pressures still seem to exist. How have volumes been on your platform so far this year? While there has been a recovery in the trading volumes since the beginning of this year, they have not touched the levels we saw in early 2022. This is a reflection of the continued uncertainty in the global macroeconomic outlook as well as India-specific headwinds such as the high TDS. The sunny side view is that India has made progress on crypto regulations with standards and rules on AML-CFT, data reporting and more. These standards enhance the transparency in the Indian crypto ecosystem, and provide an opportunity for the government to relook at the TDS rate. This would be in line with the spirit of G20 discussions on crypto, which is to arrive at a global standard.

cryptocurrency market cap declined 1.76% to around $1.06 trillion in the last 24 hours. Bitcoin was down 2.09% at $27,051, while Ethereum was below the $1,600 level. Other crypto tokens also declined on Wednesday. XRP, Cardano, Polygon and Polkadot fell by over 2%. While Shiba Inu, Litecoin, and Dogecoin also declined. «Bitcoin slipped by 2% in the last 24 hours and is trading just above the $27,000 mark. The overall market is expected to remain choppy in the coming weeks due to geopolitical uncertainty and other macroeconomic factors,» said Shivam Thakral, CEO of BuyUcoin.

Toncoin, Polygon, and Dogecoin were trading with cuts. Bitcoin was up 0.65% at $27,624 as of 12:47 p.m., while Ethereum was below the $1,650 level. «Bitcoin has been trading around the $27,700 level, possibly because of traditional markets calming down following a cooling US labor market,» Edul Patel, CEO of Mudrex, said. Ahead of the official US Non-farm payroll data this Friday, September's US Private Payroll data indicated a rise of 89,000 jobs instead of the projected 153,000 jobs.

ApeCoin (APE) suffered a punishing reversal this past week, with the cryptocurrency plummeting nearly 20% to hover precariously below its immediate support zone. 

FTX cryptocurrency exchange resumed on Wednesday, with the judge aiming to finish selecting a jury and move on to opening statements. The 31-year-old-former billionaire's trial kicked off on Tuesday, nearly a year after FTX collapsed in a meltdown that shocked financial markets and tarnished the budding entrepreneur and philanthropist's reputation as an honest actor in a crypto sector pockmarked by scams and purported get-rich-quick schemes. U.S. District Judge Lewis Kaplan chose a pool of nearly 50 qualified jurors, after dismissing dozens who could not serve for personal or professional reasons or would not be able to reach an impartial verdict. He said the parties would likely select the panel of 12 jurors and six alternates on Wednesday. That would pave the way for prosecutors and the defense to proceed to opening statements, in which each side would lay out their case.

cryptocurrency market cap declined 0.89% to around $1.08 trillion in the last 24 hours. Bitcoin was down 0.7% at $27,397 as of 11:27 p.m., while Ethereum was below the $1,650 level. BNB, Solana, Cardano, Toncoin, Polkadot, and Litecoin were trading in the red, while XRP and Tron were trading in the green. «BTC and Ethereum prices have experienced a slight decrease in the past 24 hours. This dip is attributed to rising U.S. bond yields and overbought signals, which have put pressure on Bitcoin,» said CoinDCX Research Team.

cryptocurrency market cap declined 2% to around $1.09 trillion in the last 24 hours. Bitcoin was down 1.8% at $27,617 as of 12:38 p.m., while Ethereum was below the $1,700 level. «Bitcoin’s price rose above $28,000, the highest level in the last 30 days, before consolidating around $27,500. This price movement could be because of the U.S. 10-year Treasury yield soaring another 11 basis points to 4.69%, slightly affecting the gains caused by positive indicators like the Ether futures ETFs approvals by the U.S. SEC,» said Edul Patel, CEO and co-founder of Mudrex. Meanwhile, Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, said, «Bitcoin momentarily broke above the extremely important resistance of $28.5k, which is the 50-day Exponential Moving Average (50EMA) as well, before bears took the grip and BTC fell back to around $27.5k. This volatility means that the market saw its highest volumes in more than a month. More volumes will attract more traders to the market.»

Federal judge Analisa Torres rejected a motion filed by the Securities and Exchange Commission (SEC) seeking to appeal its loss against Ripple Labs on October 3.

As crypto prices see-saw ahead of their next swerve, the market for "tokenization" — issuing blockchain-based digital tokens that represent assets from bonds to stocks and real estate — may finally be reaching a critical mass. Big finance firms like London Stock Exchange Group, WisdomTree and Mirae Asset Securities have either invested in token trading and investment platforms over the past year, or are in talks to develop them. Others like Franklin Templeton, UBS Asset Management and ABN Amro have launched tokenized versions of assets such as money market funds and green bonds. More than a third of institutional investors in the U.S. and almost two-thirds of high-net-worth investors plan to invest in tokenized assets this year or next, according to two surveys of more than 300 players in total conducted by EY-Parthenon in May.

Bitcoin climbed to a six-week high as inflows picked up at the start of October, a month that has typically seen gains in the token. Smaller peers including Ether, Litecoin and Solana also rallied. The advance came as traders await the trial of Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, which is scheduled to begin Tuesday. “There appears to have been significant buying flows, possibly driven by the start of a new accounting quarter, and the resulting moves were exacerbated by scarce week-end liquidity,” said Caroline Mauron, co-founder of digital-asset derivatives liquidity provider OrBit Markets in Singapore. The rally is expected to continue in October, typically a positive month for crypto markets, with $30,000 seen as the next major resistance level for Bitcoin, she said. Bitcoin Climbs to Highest Since Mid-August

Fueled by renewed optimism, Bitcoin briefly rallied back above $28,000 on Monday for the first time since August.

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cryptocurrency market cap rose 2.7% to around $1.07 trillion in the last 24 hours. Bitcoin was up 2.5% at $27,119 as of 1:18 p.m., while Ethereum was above the $1,150 level. «Bitcoin surpassed the $27,000 mark due to several factors, including a rise in stock markets and upcoming options expiring on Friday, coupled with reduced overall economic pressures,» said CoinDCX Research Team. Meanwhile, Edul Patel, CEO & Co-founder of Mudrex, said, «Bitcoin's value climbed beyond the $27,200 threshold on Friday before stabilizing above the $26,900 level. This upward shift may be attributed to Valkyrie Funds LLC, an investment management firm, obtaining regulatory clearance from the Securities and Exchange Commission (SEC) to introduce Ethereum futures to its current Bitcoin futures exchange-traded fund.»

Toncoin, and Solana were trading with gains, while XRP, BNB, Cardano, Dogecoin, and Litecoin were trading with cuts. Bitcoin (BTC) rose 0.7% to $26,419, whereas Ethereum (ETH) was above the 1,600 level. Meanwhile, the global cryptocurrency market cap was trading higher, around $1.06 trillion, rising 0.6% in the last 24 hours. BTC has managed to maintain its position above the $26,000 level, even as the S&P 500 experienced a significant drop to a three-month low and the US dollar index (DXY) reached a new year-to-date high. This relatively stable performance is viewed as a positive sign, indicating a lack of aggressive selling at lower price levels, said ZebPay Trade Desk. In today's trade, Solana, Toncoin, and Ethereum rose up to 3%, while XRP, Litecoin, and Cardano declined up to 1%.

Crypto exchange Binance said on Wednesday it has entered into an agreement to sell its Russia business to crypto exchange CommEX. Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business, the world's largest cryptocurrency exchange said in a statement without disclosing financial details of the deal. «As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy,» said Noah Perlman, Binance's chief compliance officer.

cryptocurrency market cap was trading at around $1.05 trillion, falling 0.25% in the last 24 hours. Bitcoin was down 0.25% at $26,229 as of 11:55 a.m., while Ethereum was flat at $1,590. «The crypto market remained flat during the last 24 hours as traders await the Fed chief’s speech on Thursday, which will give us a clear picture of future rate hikes,» said Shivam Thakral, CEO of BuyUcoin. Meanwhile, Edul Patel, Co-Founder & CEO of Mudrex, said, «Bitcoin’s price has consolidated above the $26100 level. This could be because of the US 10-year Treasury yield moving up to 4.55%, matching its highest level in about 16 years.»

A spokesperson for Chase UK told Investment Week, the bank was «committed to helping keep our customers' money safe and secure».