Cryptocurrency Financial News

Mudrex will host a series of weekly panel discussions and educational initiatives on its social media platforms focused on cybersecurity and crypto safety, reinforcing the importance of vigilance in the rapidly growing digital asset space. Cybersecurity has become a critical concern for crypto investors as the number of security breaches, frauds and hacking attempts in the ecosystem increases. To help investors better protect their assets, Mudrex will collaborate with experts from the crypto and cybersecurity industries to share tips, case studies, and success stories on staying protected from emerging threats.

Singapore court has granted cryptocurrency exchange WazirX a four-month conditional moratorium. This ruling provides the embattled exchange with temporary relief, allowing it to focus on resolving the aftermath of a major hack that led to the loss of over $230 million, about 45% of customers' funds. The court's decision followed WazirX’s request for a six-month moratorium under Section 64 of the Insolvency, Restructuring, and Dissolution Act (IRDA). However, the court granted a shorter, four-month period.

The release of the core personal consumption expenditures (PCE) price index — the Fed's preferred measure of inflation — is also due on Friday.

Bitcoin, Solana, and Cardano leading the rise. The global cryptocurrency market cap edged up by 0.45% to $2.24 trillion over the last 24 hours. As of 12:27 PM IST, Bitcoin was trading 0.4% higher at Rs 63,824, while Ethereum dipped 0.9% to Rs 2,624. Earlier today, Bitcoin briefly touched Rs 64,800.

«Bitcoin has been rejected above $64,000 and has dropped to its previous consolidation range at $63,000. The asset remains range-bound, even as spot ETFs experienced outflows yesterday. Looking ahead, a decisive weekly close above $64,000 could trigger a rally towards $65,000. However, if this level fails to hold during a retest, a pullback to $62,000 may occur,» said Vikram Subburaj, CEO of Giottus.

asset manager BlackRock's spot bitcoin exchange-traded fund on the Nasdaq. Options trading for BlackRock's fund iShares Bitcoin Trust has been approved with ticker symbol «IBIT», the regulator said in a notice on Friday.

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Bitcoin experienced steady growth over the past week recovering from a low of $54,000 to currently trading at $58,000.The week began with the Federal Bureau of Investigation (FBI) releasing a comprehensive report on global crypto scams in 2023, revealing staggering losses. The U.S. topped the list, with over $4.8 billion lost to crypto scams, followed by Canada and the UK. India ranked fifth, with reported losses exceeding $44 million. To avoid falling for such scams, one must Research thoroughly before investing, avoid too-good-to-be-true offers and only use trusted platforms for investing. The presidential debate between Donald Trump and Kamala Harris was the most anticipated, where the crypto community expected a focus on crypto regulation. However, the debate largely centered on other pressing issues such as economic uncertainty, inflation, and abortion rights, with no mention of crypto. This omission left many in the crypto community disappointed, leading to brief selling pressure on Bitcoin. Despite this dip, Bitcoin quickly recovered within a few hours. The same day saw the release of the Consumer Price Index (CPI) data, which showed better-than-expected inflation numbers. This data provided certainty to the crypto community that there will surely be a rate cut in the upcoming FOMC meeting strengthening the market sentiment.

Data from the Institute for Supply Management (ISM) revealed that U.S. manufacturing remained subdued in August, signaling ongoing weakness in the sector.

cryptocurrency market cap dropped by 1% to approximately $2.08 trillion in the last 24 hours. As of 1:14 pm IST, Bitcoin was trading at $59,390, down nearly 0.5%, while Ethereum declined by 1% to $2,525.

cryptocurrency market has experienced a sharp decline today, reversing recent gains and raising concerns among investors. Bitcoin (BTC) fell to around $59,000 in the past 24 hours, while the global crypto market cap dropped nearly 6% to $2.08 trillion. As of 12:44 pm IST, Bitcoin was down 5.7%, trading at $59,198, while Ethereum fell 7.85% to $2,466.

Solana's (SOL) impressive performance, Anush Jafer, a Mudrex Research Expert, shared his perspective on the ETMarkets live stream, weighing in on the potential shift in the crypto hierarchy. With SOL now posing a serious challenge to Ethereum (ETH), Jafer discussed the strategic moves investors should consider. Jafer began by acknowledging the buzz around Solana’s recent surge, surpassing Ethereum in certain metrics, particularly in terms of transaction speed and cost efficiency. «Solana has made significant strides, particularly with its scalability and low transaction fees, which are attracting a lot of developers and users,» Jafer noted. This development, he explained, has prompted many to question whether SOL is poised to challenge ETH's dominance in the long run.

As of 12:15 pm IST, Bitcoin was down 2.3%, trading at $59,656, while Ethereum fell 2.8% to $2,602. The global cryptocurrency market cap also dropped by 1.9%, settling at around $2.11 trillion over the last 24 hours.

With the data calendar relatively light across major economies this week, market attention is focused on the release of the Fed's July meeting minutes on Wednesday and Chair Jerome Powell's speech at the Jackson Hole Symposium on Friday, both expected to provide insights into the U.S. rate outlook.

Cryptocurrency exchange WazirX said on August 19 that its laptops were not compromised in the recent cyberattack, which resulted in the theft of digital assets exceeding $230 million (Rs 2,000 crores) from one of their Multisig wallets. To investigate the breach, WazirX engaged Mandiant Solutions, a Google subsidiary, to conduct a forensic analysis. Mandiant's report, submitted on August 14, stated, “We did not identify evidence of compromise on the three laptops that were used for signing transactions.” The detailed report is still pending, and WazirX has indicated that the preliminary findings suggest the issue may have originated from Liminal.

Cryptocurrency prices showed mixed trends today, with Bitcoin, Ethereum, BNB, Solana, and XRP trading slightly higher, while Toncoin, Dogecoin, Avalanche, Shiba Inu, and Polkadot traded marginally lower. The global cryptocurrency market cap remained largely unchanged, edging up just 0.02% to around $2.07 trillion over the last 24 hours.

At 2:37 pm IST, BTC surged 1% over the past 24 hours, trading just below $59,000. Ethereum, the second-largest cryptocurrency by market capitalization, also gained 2.5%.

cryptocurrency market experienced a diverse set of movements on Thursday, with Bitcoin showing notable resilience and climbing above $57,000. This surge comes amid a period of mixed trading, where major tokens like Solana, XRP, and Dogecoin saw significant gains, while others, including Ethereum and BNB, faced declines. As of 11:10 pm IST, Bitcoin (BTC) was trading 0.4% higher at $57,150, while Ethereum fell nearly 2.9% to $2,433. Meanwhile, the global cryptocurrency market cap decreased by 0.25% to around $2 trillion in the last 24 hours.

Global equities turned lower on Thursday amid weak US manufacturing data, which raised doubts about the US economy and countered optimism about potential Federal Reserve interest rate cuts.

Independence Day Airdrop Campaign. As part of this initiative, Mudrex will airdrop up to Rs 10 crore worth of Bitcoin (BTC) to its users and participants, marking the largest Bitcoin airdrop campaign ever conducted in India. The campaign will run from August 1 to August 13. As a leader in the crypto investment space, Mudrex aims to promote financial awareness through this airdrop. The campaign is designed to reward existing users and attract new participants, encouraging them to explore the benefits of investing in digital assets.