Cryptocurrency Financial News

XRP, Cardano, and Solana were trading with gains, while Dogecoin, Polkadot, Litecoin, and Shiba Inu were trading with cuts. Meanwhile, the global cryptocurrency market cap was trading higher, around $1.05 trillion, rising 0.18% in the last 24 hours. The crypto market was range-bound over the weekend and continues to trade sideways. The crypto fear and greed index, too, remained steady over the weekend. The index is currently in the fear zone with a score of 40/100, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures. «All major cryptos by market capitalization are trading marginally in the green. BTC and ETH continue to trade in a narrow range around their respective anchor levels of $26k and $1.6k. However, recent whale activity pertaining to BTC underlines optimism among investors,» Parth said.

Visa announced on Tuesday that it plans to use the Solana blockchain for settling transactions with USDC, a major stablecoin.

Crypto betting platform Stake.com suffered a major security breach this Monday, with hackers exploiting vulnerabilities to steal over $41 million from hot wallets across multiple blockchains.

The global cryptocurrency market cap was trading lower, around $1.05 trillion, falling 4% in the last 24 hours. «The release of the U.S. monthly jobs report later today might also negatively impact Bitcoin's value,» Edul added. Meanwhile, other top crypto tokens were also trading lower on Friday. Dogecoin, Solana, BNB and Cardano fell over 3% each, while Tron, Polkadot, and Polugon declined over 4% each.

Bitcoin exchange inflows have reached one-month highs according to data from Glassnode, signaling increasing selling pressure as the price of Bitcoin has fallen below $26,000.

U.S. employers added more jobs than expected last month, according to the monthly employment report released Friday by the Labor Department.

Bitcoin's gains from a U.S. court ruling that bolsters future prospects for retail investor-friendly funds have rescued the original cryptocurrency from a dismal month, offering new optimism over its longer-term outlook. The Securities and Exchange Commission's denial of Grayscale Investments' proposal was «arbitrary and capricious», a federal court said on Tuesday, handing the crypto asset manager a landmark victory that could pave the way for the first product of its kind. Top cryptocurrency bitcoin gained more than 7% on the news, setting it on course for its best day since March and cutting some of the heavy losses incurred over the summer. It was last trading at $27,920.

The U.S. Securities and Exchange Commission (SEC) announced on August 31 that it will postpone decisions on proposed rule changes related to spot Bitcoin exchange-traded funds (ETFs) until October.

Bitcoin has managed to remount its 200-day exponential moving average after a period of decline since reaching its year-to-date peak in July.

Bitcoin's price rose to nearly $28,143 on Tuesday following a positive legal ruling for digital asset manager Grayscale. However, analysts remain cautious about the sustainability of the rally amid low spot market volumes.

Meanwhile, the global cryptocurrency market cap was trading higher, around $1.05 trillion, rising 0.40% in the last 24 hours. «The crypto market remained stable over the weekend, with the total market capitalization hovering around $1.05 trillion. The upcoming week is anticipated to bring heightened market volatility due to various significant macroeconomic events,» said CoinDCX Research Team. «These events, including US Job Openings, Non-Farm Employment Change, and the Unemployment Rate, are expected to have ripple effects on various assets such as Gold, the Dollar Index, US Equity Markets, and the crypto market,» it added.

A U.S. appeals court overturned a previous SEC decision on Tuesday, ruling in favor of asset management firm Grayscale Investments in its effort to launch a spot bitcoin exchange-traded fund (ETF).

Freelance job scams are on the rise in Canada amid increasing unemployment and a growing threat of cybercrimes targeting Canadians.

Meanwhile, the global cryptocurrency market cap was trading lower, around $1.05 trillion, falling 0.41% in the last 24 hours. «Bitcoin has been trading around the $26000 threshold over the weekend. However, the price of Bitcoin and market sentiments have been improving after there was positive commentary from JPMorgan analysts who said that Bitcoin’s downtrend could be ending,» said Edul Patel, CEO and co-founder of Mudrex. «They believe the declining open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange suggests the long liquidation is over. The weekend also saw criticism from crypto Twitter following the U.S. Treasury Department’s new proposal on handling digital asset taxes,» Edul added.

Speaking at the B20 Summit India 2023, organized by CII, Prime Minister Narendra Modi emphasized the need for a worldwide framework for cryptocurrencies and the ethical implementation of artificial intelligence (AI).

The global cryptocurrency market cap was trading lower, around $1.05 trillion, falling 1.43% in the last 24 hours. Bitcoin (BTC) fell 1.76% to $26,002, whereas its largest peer, Ethereum, declined nearly 2% to below the $ 1,650 level. Other top crypto tokens, BNB (2%), XRP (2.8%), Cardano (3.1%), Dogecoin (2.7%), Solana (5.5%), Polygon (3.5%), and Shiba Inu (3.2%) were also trading lower on Friday. The crypto market has seen minor selling pressure since yesterday. The crypto fear and greed index has seen some correction as it fell by 2 points since yesterday. The index continues to be in the fear zone with a score of 39/100, Parth Chaturvedi, Investments Lead at CoinSwitch Ventures said.

Meanwhile, the global cryptocurrency market cap was trading higher, around $1.07 trillion, up 1.55% in the last 24 hours. Bitcoin (BTC) rose 1.62% to $26,475, whereas its largest peer, Ethereum, surged nearly 2% and regained the $1,650 level. Meanwhile, BTC volume in the last 24 hours stood at approximately $16.09 billion, rising 1.76% in the last 24 hours. «For the market to turn bullish again, a breach of $28,400 resistance by Bitcoin is necessary in the coming weeks. Markets await US Fed Chair Powell’s speech at an annual conference this Friday to determine its direction with clarity on macro-economic trends,» Vikram Subburaj, CEO, Giottus Crypto Platform, said.

Litecoin and Solana were trading with cuts, while Bitcoin, BNB, Tron, and Shiba Inu were trading with gains. Meanwhile, the global cryptocurrency market cap was trading lower, around $1.05 trillion, falling 0.20% in the last 24 hours. Bitcoin dropped to trading around the $25,600 level before consolidating to trading above the $26,000 level. Ethereum has been trading above the $1600 level. Meanwhile, Balancer, One of Ethereum’s top decentralized crypto trading projects, dropped nearly $100 million after discovering a critical vulnerability, said Edul Patel, CEO & Co-Founder of Mudrex. The market cap of Bitcoin, the world's largest cryptocurrency, was around $507 billion. Bitcoin's dominance is currently 48.37%, an increase of 0.13% over the day, according to CoinMarketCap.

Speaking at the Kansas City Fed's annual Jackson Hole economic policy symposium on Friday, Federal Reserve Chair Jerome Powell signaled the central bank is willing to continue aggressive interest rate hikes to curb high inflation.

developing economies, according to a paper from the Bank for International Settlements. «Cryptoassets hold out the illusory appeal of being a simple and quick solution for financial challenges» especially in emerging markets, but «have so far not reduced but rather amplified the financial risks in less developed economies,» the BIS report showed. The report looks at what would happen if crypto and traditional financial markets become more integrated in the future, with a focus on possible financial stability risks as cryptoassets «should be assessed from a risk and regulatory perspective like all other assets.» The risks are multi-fold, with cryptoasset vulnerabilities stemming from the nature, structure, composition and function of those markets.

Financial markets are watching closely as Federal Reserve Chairman Jerome Powell prepares to speak at the annual Jackson Hole meeting this Friday.