Cryptocurrency Financial News

It was another bumper week for crypto investments last week. That’s according to the latest Digital Asset Fund Flows Weekly report from CoinShares, who said that digital assets saw investment inflows of $76 million last week.

Addicted to watching your crypto portfolio balance? Can't stop staring at those crypto prices? There are now rehab centers for that.

Major cryptocurrencies traded in the red early on February 6 as the global crypto market cap decreased 1.60 percent to $1.60 trillion, over the last day. The total crypto market volume over the last 24 hours is $48.38 billion, which makes a 26.61 percent increase.

Economic Affairs Secretary Ajay Seth said on February 4 that regulations around crypto assets would be brought in this year.

AVAX, the cryptocurrency that powers Avalanche’s high-performance smart-contract-enabled layer-1 blockchain protocol, has been surging in 2023. The cryptocurrency is already up nearly 100% since the turn of the year, with AVAX last changing hands to the north of $21 per token, having ended 2022 under $11.

Finance Minister Nirmala Sitharaman on February 3 said she will be looking at arriving at a global SOP (standard operating procedure) for regulating crypto assets in her upcoming G20 meeting with finance ministers and central bank governors in a much-needed clarity on the way forward for the crypto sector.

A United States judge on Wednesday temporarily barred FTX founder Sam Bankman-Fried from contacting current or former employees of the cryptocurrency exchange or his Alameda Research hedge fund, and from using encrypted messaging tools including Signal.

[content][quote]Market Story[/quote][title]Dogecoin outperforms top 10 coins, experiences significant 8.1% increase[/title][body]On Tuesday, the cryptocurrency market experienced little change with the exception of Dogecoin which saw a notable 8.1% increase.> TradingView reported that Bitcoin dipped 0.3% to $23,117 while Ether also saw a 0.3% decrease, settling at around $1,583. Binance Coin saw a small 1.1% rise, while Cardano's ADA declined by 0.7%.> Meanwhile, Polygon's MATIC experienced a 1.7% increase following a decrease the previous day.> Both Dogecoin and Shiba Inu, two memecoins with a dog theme, saw growth with Dogecoin rising by 8.1% and Shiba Inu by 0.5%.> In the stock market, Silvergate shares climbed 4.5% to around $13 by 10:00 AM, as reported by Nasdaq data.> Other crypto stocks, including Block led by Jack Dorsey, saw a 2.2% rise to trade at around $82, while MicroStrategy rose 2.5%. Coinbase also saw growth with a 1% increase.[/body][/content]

After Monday’s more than 3.0% dip, the second largest so far this month, Binance Coin (BNB) is back on the front foot. BNB/USD was last changing hands about 1.5% higher on the day on Tuesday, having recovered back to the north of the $310 level after finding support at its 21-Day Simple Moving Average (SMA) just above the $300 level.

The Central Bank Digital Currency (CBDC) will boost the financial services sector, enable financial inclusion, reduce costs of managing cash and boost innovation in the cross-border payments space, the Economic Survey 2023 has said.

Those who went by the 2021 craze for cryptocurrencies and international investing suffered because they went by past returns.

Ruja Ignatova, the Bulgarian fugitive behind the $4 billion fake cryptocurrency scam, is suspected to have resurfaced her London apartment was recently listed for sale, five years after she disappeared.

Major cryptocurrencies traded in the green early on January 30 as the global crypto market cap increased 1.77 percent to $1.07 trillion, over the last day. The total crypto market volume over the last 24 hours is $49.61 billion, which makes a 24.92 percent increase.

According to Bitcoin mining data tracking website MiningPoolStats, Bitcoin’s hash rate hit a new record high earlier this week. According to the website, the network reached the milestone of computing three hundred quintillion (300,000,000,000,000,000,000) hashes per second (300 EH/s).

Bitcoin options markets continue to signal that investors are anticipating further upside in the BTC price. According to a chart on The Block, the widely followed Bitcoin 25% delta skew has remained above zero since the middle of January and recently hit its highest since Q4 2021 at close to 6.0.

FTM, the token that powers the high-performance Fantom blockchain, has been pumping in the last few days. FTM/USD recently came within a whisker of touching the $0.50 level, its highest since last May, before easing back to the $0.46s, where it trades higher by about 130% on the month.

The token that powers Ethereum scaling solution Polygon’s sidechain MATIC has been exploding higher. After having been stuck in a $0.92-$1.05 range for the last few weeks, MATIC surged as high as the $1.12s on Thursday, gaining over 13% on the day, though the rally has since eased off a little on Friday, with the cryptocurrency now trading back just to the south of the $1.10 level once again.

Decentralised Finance (DeFi) startup Flint, which is backed by investors like Sequoia Capital and Coinbase, has decided to discontinue its flagship yield offering service amid regulatory uncertainty, YourStory reported on January 27 citing an internal mail.

According to data cited by Bitfinex analysts earlier this week, Bitcoin miners are slowing the pace at which they sell the world’s largest cryptocurrency by market capitalization. Bitfinex, citing on-chain data from crypto analytics platform Glassnode, said that BTC flows from miner wallets to exchanges, said “selling is at a three-year low”.

ApeCoin (APE), the ERC-20 that powers Yuga Labs’ web3 ecosystem, has been exploding to the upside in recent weeks. APE/USD was last changing hands at near $6.10, up nearly 70% since the start of the month and up around 130% versus last year’s lows in the $2.60 area.

The Dutch central bank (DNB) has fined U.S. cryptocurrency exchange Coinbase 3.3 million euros ($3.6 million) for failing to obtain the correct registration in the Netherlands before offering services.