Around the world, crypto trading is still a small-scale activity, mostly enjoyed by extremely risk-tolerant individuals, however, it has been very popular in South Korea.

The volume of trades involving bitcoin and other cryptos on Korean crypto exchanges has surpassed the activity on equities listed on the Kospi stock index, the country's main benchmark.

Koreans are restricted from transferring their funds into foreign currency to trade on international crypto marketplaces.

This is due to currency controls and anti-money laundering regulations.

So, only local exchanges can meet this enormous demand.

This is why South Koreans pay a premium for Bitcoin and other cryptos compared to other countries.

That additional payout is called "The Kimchi premium," named after the popular Korean side dish.

This "Kimchi premium" was the inspiration for the crypto arbitrage trading approach that brought fame and fortune to the now-infamous crypto entrepreneur Sam Bankman-Fried.

However, there is a risk of legal trouble for anyone who tries to profit from the kimchi premium.

Where did the kimchi premium come from?

The phrase appeared during a Bitcoin bull run in 2017 when the cryptocurrency soared past 19,000 dollars, although no one knows who came up with the name first.

However, in today's globalised financial system, prices of the same asset should converge. Investors swiftly capitalise on and trade away any price differential that arises across global markets.

In 2017, crypto fever took off in South Korea, with Bitcoin's increase and a plethora of other coins being offered.

The central bank had to warn its employees not to trade cryptocurrency in 2018, particularly while on the clock. Investors from South Korea remained committed to the asset class despite the market volatility of 2022.

Almost 15 per cent of the population, or 7 million people, are now registered to trade on a crypto exchange. In terms of the volume of crypto transactions, the Korean won surpassed the US Dollar this year.

Around the world, crypto trading is still a small-scale activity, mostly enjoyed by extremely risk-tolerant individuals, however, it has been very popular in South Korea.

Around the world, crypto trading is still a small-scale activity, mostly enjoyed by extremely risk-tolerant individuals, however, it has been very popular in South Korea. The volume of trades involving bitcoin and other cryptos on Korean crypto exchanges has surpassed the activity on equities listed on the Kospi stock index, the country's main benchmark. Koreans are restricted from transferring their funds into foreign currency to trade on international crypto marketplaces. This is due to currency controls and anti-money laundering regulations. So, only local exchanges can meet this enormous demand. This is why South Koreans pay a premium for Bitcoin and other cryptos compared to other countries. That additional payout is called "The Kimchi premium," named after the popular Korean side dish. This "Kimchi premium" was the inspiration for the crypto arbitrage trading approach that brought fame and fortune to the now-infamous crypto entrepreneur Sam Bankman-Fried. However, there is a risk of legal trouble for anyone who tries to profit from the kimchi premium. Where did the kimchi premium come from? The phrase appeared during a Bitcoin bull run in 2017 when the cryptocurrency soared past 19,000 dollars, although no one knows who came up with the name first. However, in today's globalised financial system, prices of the same asset should converge. Investors swiftly capitalise on and trade away any price differential that arises across global markets. In 2017, crypto fever took off in South Korea, with Bitcoin's increase and a plethora of other coins being offered. The central bank had to warn its employees not to trade cryptocurrency in 2018, particularly while on the clock. Investors from South Korea remained committed to the asset class despite the market volatility of 2022. Almost 15 per cent of the population, or 7 million people, are now registered to trade on a crypto exchange. In terms of the volume of crypto transactions, the Korean won surpassed the US Dollar this year.

'Kimchi premium': All about Korean crypto mania

Bitcoin resumed its rally on November 12, after taking a brief break from its post-election superb rally earlier in the session as detailed in a report by CNBC.

The price of bitcoin was last higher by 2 per cent at $89,338.20, according to Coin Metrics. It briefly touched $90,036.17 just before the US stock market closed, after quickly blowing past the the $80,000 mark in the two days prior. Its price is expected by many investors to continue making fresh records on its way to $100,000 later this year, the CNBC report detailed further.

Bitcoin has now rallied 33 per cent since US elections<o:p></o:p>

Bitcoin has now risen more than 33 per cent since Election Day on November 5, when it had reached a new record for the first time since March. Ether was down 1 per cent November 12, after a 28 per cent gain over the past week.

&nbsp;“Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “Strong positive sentiment is likely to persist through the balance of 2024 and we see Bitcoin prices potentially reaching the six-figure mark by the end of this year”, explained the CNBC report further.

Crypto investors have been cheering President-elect Donald Trump’s promises to make the regulatory environment more supportive and even friendly toward crypto businesses, which have long struggled with a lack of clarity on the rules of the road.

While Bitcoin has long been deemed a safe asset in Washington, that is, not subject to securities laws, the long tail of crypto-currencies and crypto-related start-ups have been operating in a riskier grey area.

“That’s just shifted 180 degrees,” Matt Hougan, chief investment officer of Bitwise Asset Management, told CNBC. “We’re now in a positive regulatory environment, we now have tailwinds from that, and that comes in the case of a market that was already in a bull market, that’s going to push us higher.”

Across the crypto market, coins have soared

Across the crypto market, coins that have soared in the past week hit the brakes on November 12, including meme coin Shiba Inu, which was down 4 per cent after it soared 57 per cent in the past week.

Dogecoin was an outlier, however. It’s been one of the biggest winners, up more than 125 per cent since November 5, likely due to its connection with Elon Musk, who helped get Trump elected. It was last higher by 17 per cent.

In the stock market, MicroStrategy reduced earlier losses and ended the day higher by about 5 per cent. Coinbase retreated 1.5 per cent. On November 12, it surged 19 per cent to trade above $300 for the first time since 2021 and about 6 per cent from its high from that year. As the traders and analysts, the past week’s rally is only beginning, added the report further.

Bitcoin enthusiasts and investors will carefully follow these recent developments in Bitcoin. This will help them make informed investment decisions.

<o:p>&nbsp;</o:p>

<o:p>&nbsp;</o:p>

Bitcoin resumed its rally on November 12, after taking a brief break from its post-election superb rally earlier in the session as detailed in a report by CNBC. The price of bitcoin was last higher by 2 per cent at $89,338.

Bitcoin resumed its rally on November 12, after taking a brief break from its post-election superb rally earlier in the session as detailed in a report by CNBC. The price of bitcoin was last higher by 2 per cent at $89,338.20, according to Coin Metrics. It briefly touched $90,036.17 just before the US stock market closed, after quickly blowing past the the $80,000 mark in the two days prior. Its price is expected by many investors to continue making fresh records on its way to $100,000 later this year, the CNBC report detailed further. Bitcoin has now rallied 33 per cent since US elections Bitcoin has now risen more than 33 per cent since Election Day on November 5, when it had reached a new record for the first time since March. Ether was down 1 per cent November 12, after a 28 per cent gain over the past week. “Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election,” said Mike Colonnese, an analyst at H.C. Wainwright. “Strong positive sentiment is likely to persist through the balance of 2024 and we see Bitcoin prices potentially reaching the six-figure mark by the end of this year”, explained the CNBC report further. Crypto investors have been cheering President-elect Donald Trump’s promises to make the regulatory environment more supportive and even friendly toward crypto businesses, which have long struggled with a lack of clarity on the rules of the road. While Bitcoin has long been deemed a safe asset in Washington, that is, not subject to securities laws, the long tail of crypto-currencies and crypto-related start-ups have been operating in a riskier grey area. “That’s just shifted 180 degrees,” Matt Hougan, chief investment officer of Bitwise Asset Management, told CNBC. “We’re now in a positive regulatory environment, we now have tailwinds from that, and that comes in the case of a market that was already in a bull market, that’s going to push us higher.” Across the crypto market, coins have soared Across the crypto market, coins that have soared in the past week hit the brakes on November 12, including meme coin Shiba Inu, which was down 4 per cent after it soared 57 per cent in the past week. Dogecoin was an outlier, however. It’s been one of the biggest winners, up more than 125 per cent since November 5, likely due to its connection with Elon Musk, who helped get Trump elected. It was last higher by 17 per cent. In the stock market, MicroStrategy reduced earlier losses and ended the day higher by about 5 per cent. Coinbase retreated 1.5 per cent. On November 12, it surged 19 per cent to trade above $300 for the first time since 2021 and about 6 per cent from its high from that year. As the traders and analysts, the past week’s rally is only beginning, added the report further. Bitcoin enthusiasts and investors will carefully follow these recent developments in Bitcoin. This will help them make informed investment decisions.

Bitcoin rallies again briefly touching $90,000 in late afternoon trading

Bitcoin's latest surge near $90,000 has marked another high point in its ongoing rally, reflecting an increased interest in cryptocurrency among investors. The political climate following Trump's victory appears to have boosted confidence in digital assets, pushing Bitcoin’s momentum further ahead of traditional wall street stocks.

Will Cryptos Become A Mainstream Asset?

Bitcoin touched another high on November 11, as the rally in cryptocurrencies continued following Donald Trump’s election win, as detailed in a report by CNBC.

The price of the flagship cryptocurrency was last higher by more than 12 per cent at $89,174, according to Coin Metrics. Recently, it hit a fresh high of $89,623. Ether was up more than 7 per cent to $3,371.79 after a 30 per cent gain in the past week that pushed it back over the $3,000 mark over the weekend, the CNBC report explained further.

The decentralized finance token tied to Cardano ticked 4.7 per cent higher. Dogecoin continued to rise, up almost 24 per cent. In the regular trading session on November 11, Coinbase closed up 19.8 per cent, while MicroStrategy advanced more than 25.7 per cent. Both stocks were higher in extended trading as well.

Euphoria in the Crypto market unleashed by Trump's victory

Susannah Streeter, head of money and markets at investment platform Hargreaves Lansdown, noted that crypto’s march higher comes amid “euphoria” in the market unleashed by Trump’s presidential win last week.

“His pledge to go all in on crypto has sent Bitcoin to fresh heady heights,” she said in a research note Monday. “He’s made an about turn on supporting the industry and is now vowing to turn the US into the crypto capital of the world. Bitcoin speculators are betting on a more clement regulatory environment, and have expectations that the authorities may build up a reserve crypto fund, helping lift ongoing demand.”

On the campaign trail, Trump made a slew of promises to the crypto industry, including making the US the “crypto capital of the planet” and insisting that all bitcoin should be mined in the country.

He also pledged to unseat US Securities and Exchange Commission Chairman Gary Gensler, who has taken an aggressive approach to crypto, despite the fact that the president does not have the power to do so. In a research note last week, Citi strategists highlighted that crypto had been one of the “few Trump trades that has yet to retrace.”

“Part of the reason is due to the anticipated crypto-friendly nature of Trump’s administration, which investors hope will translate into regulatory clarity in the US,” the strategists, led by David Glass, said.

They noted that since the election, spot crypto ETFs had seen some of their largest-ever inflows. “Specifically, net inflows for BTC and ETH ETFs in the two days post-election were $2.01bn and $132mn, respectively,” they said. “We continue to see ETF flows as the main driver of Bitcoin returns.”

Looking ahead, some analysts expect crypto to continue to rise, with a number saying bitcoin is on track to hit the $100,000 milestone by the end of the year.

Market participants and crypto enthusiasts will follow these developments carefully as they will help them make informed investment decisions in the crypto space.

<o:p>&nbsp;</o:p>

<o:p>&nbsp;</o:p>

Bitcoin touched another high on November 11, as the rally in cryptocurrencies continued following Donald Trump’s election win, as detailed in a report by CNBC. The price of the flagship cryptocurrency was last higher by more than 12 per cent at $89,174, according to Coin Metrics.

Bitcoin touched another high on November 11, as the rally in cryptocurrencies continued following Donald Trump’s election win, as detailed in a report by CNBC. The price of the flagship cryptocurrency was last higher by more than 12 per cent at $89,174, according to Coin Metrics. Recently, it hit a fresh high of $89,623. Ether was up more than 7 per cent to $3,371.79 after a 30 per cent gain in the past week that pushed it back over the $3,000 mark over the weekend, the CNBC report explained further. The decentralized finance token tied to Cardano ticked 4.7 per cent higher. Dogecoin continued to rise, up almost 24 per cent. In the regular trading session on November 11, Coinbase closed up 19.8 per cent, while MicroStrategy advanced more than 25.7 per cent. Both stocks were higher in extended trading as well. Euphoria in the Crypto market unleashed by Trump's victory Susannah Streeter, head of money and markets at investment platform Hargreaves Lansdown, noted that crypto’s march higher comes amid “euphoria” in the market unleashed by Trump’s presidential win last week. “His pledge to go all in on crypto has sent Bitcoin to fresh heady heights,” she said in a research note Monday. “He’s made an about turn on supporting the industry and is now vowing to turn the US into the crypto capital of the world. Bitcoin speculators are betting on a more clement regulatory environment, and have expectations that the authorities may build up a reserve crypto fund, helping lift ongoing demand.” On the campaign trail, Trump made a slew of promises to the crypto industry, including making the US the “crypto capital of the planet” and insisting that all bitcoin should be mined in the country. He also pledged to unseat US Securities and Exchange Commission Chairman Gary Gensler, who has taken an aggressive approach to crypto, despite the fact that the president does not have the power to do so. In a research note last week, Citi strategists highlighted that crypto had been one of the “few Trump trades that has yet to retrace.” “Part of the reason is due to the anticipated crypto-friendly nature of Trump’s administration, which investors hope will translate into regulatory clarity in the US,” the strategists, led by David Glass, said. They noted that since the election, spot crypto ETFs had seen some of their largest-ever inflows. “Specifically, net inflows for BTC and ETH ETFs in the two days post-election were $2.01bn and $132mn, respectively,” they said. “We continue to see ETF flows as the main driver of Bitcoin returns.” Looking ahead, some analysts expect crypto to continue to rise, with a number saying bitcoin is on track to hit the $100,000 milestone by the end of the year. Market participants and crypto enthusiasts will follow these developments carefully as they will help them make informed investment decisions in the crypto space.

Bitcoin crosses $89,000 as crypto euphoria over Trump's election win shows no sign of slowing

Bitcoin speculators are bracing for potentially pronounced market volatility in the aftermath of Election Day in the US on Tuesday according to a detailed report by Bloomberg.

A 30-day gauge of implied swings in the largest digital asset has hit the highest level since a global market rout roiled investors in August. The index, compiled by CF Benchmarks Ltd., is derived from CME Group Bitcoin options pricing, the Bloomberg report elaborated further.

The options market also signals expected moves of about 8 per cent in either direction the day after the vote, compared to typically 2 per cent up or down on a normal day, said Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for trading in crypto derivatives.

“No significant volatility premium is priced in after November 7, suggesting the market expects a fairly quick resolution,” Mauron added. “This might prove optimistic, considering how close a race the polls are showing.”

Difference between Trump and Kamala’s view on crypto-currencies<o:p></o:p>

The contest between Republican nominee Donald Trump and Democratic rival Vice President Kamala Harris is going down to the wire, leaving investors across asset classes preparing for market upheavals. During campaigning, Trump took an avowedly pro-crypto stance, while Harris, in a measured approach, pledged to back a regulatory framework for digital assets.

Both stances stirred optimism in the crypto community given the contrast with an industry crackdown under President Joe Biden. But Trump’s tight embrace of the sector turned Bitcoin into one of a number of so-called Trump trades.

The former president’s lead over Harris in betting markets helped to lift Bitcoin to the verge of a record high a week ago but his odds have since dropped, pushing the token lower. Polling indicates a photo finish, though there are also some encouraging signs for Harris in last-ditch surveys of voter intentions.

An even distribution of bearish and bullish options for Bitcoin throughout October indicates speculators are equally poised for upward and downward movements leading up to the US vote, according to a report from Derive.xyz, a trading venue focused on crypto derivatives.

For the weeks after the election, data from the Deribit exchange hint at a possible $60,000 to $80,000 trading range based on peak open interest, or outstanding contracts, for bearish and bullish wagers, respectively.

Bitcoin churned near $69,000 as of 9 am Monday in London. The digital asset reached an all-time high of $73,798 in March, aided by inflows into dedicated US exchange-traded funds. The original crypto-currency has rallied more than 60 per cent so far in 2024, outperforming assets like stocks and gold.

Market participants and Bitcoin enthusiasts will take these developments into consideration as it will help them in taking better investment calls.

Bitcoin speculators are bracing for potentially pronounced market volatility in the aftermath of Election Day in the US on Tuesday according to a detailed report by Bloomberg.

Bitcoin speculators are bracing for potentially pronounced market volatility in the aftermath of Election Day in the US on Tuesday according to a detailed report by Bloomberg. A 30-day gauge of implied swings in the largest digital asset has hit the highest level since a global market rout roiled investors in August. The index, compiled by CF Benchmarks Ltd., is derived from CME Group Bitcoin options pricing, the Bloomberg report elaborated further. The options market also signals expected moves of about 8 per cent in either direction the day after the vote, compared to typically 2 per cent up or down on a normal day, said Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for trading in crypto derivatives. “No significant volatility premium is priced in after November 7, suggesting the market expects a fairly quick resolution,” Mauron added. “This might prove optimistic, considering how close a race the polls are showing.” Difference between Trump and Kamala’s view on crypto-currencies The contest between Republican nominee Donald Trump and Democratic rival Vice President Kamala Harris is going down to the wire, leaving investors across asset classes preparing for market upheavals. During campaigning, Trump took an avowedly pro-crypto stance, while Harris, in a measured approach, pledged to back a regulatory framework for digital assets. Both stances stirred optimism in the crypto community given the contrast with an industry crackdown under President Joe Biden. But Trump’s tight embrace of the sector turned Bitcoin into one of a number of so-called Trump trades. The former president’s lead over Harris in betting markets helped to lift Bitcoin to the verge of a record high a week ago but his odds have since dropped, pushing the token lower. Polling indicates a photo finish, though there are also some encouraging signs for Harris in last-ditch surveys of voter intentions. An even distribution of bearish and bullish options for Bitcoin throughout October indicates speculators are equally poised for upward and downward movements leading up to the US vote, according to a report from Derive.xyz, a trading venue focused on crypto derivatives. For the weeks after the election, data from the Deribit exchange hint at a possible $60,000 to $80,000 trading range based on peak open interest, or outstanding contracts, for bearish and bullish wagers, respectively. Bitcoin churned near $69,000 as of 9 am Monday in London. The digital asset reached an all-time high of $73,798 in March, aided by inflows into dedicated US exchange-traded funds. The original crypto-currency has rallied more than 60 per cent so far in 2024, outperforming assets like stocks and gold. Market participants and Bitcoin enthusiasts will take these developments into consideration as it will help them in taking better investment calls.

Bitcoin traders prepare for fierce price swings with US election just hours away

The U.S. Election day is almost here, and investors from stocks to cryptos are bracing for extreme volatility. Investors are expected to watch the vote margins and tweak their bets through the election night.

Investors From Stocks To Crypto Brace For U.S. Election Volatility

Bitcoin is closing in on its previous record high of nearly 74,000 dollars hit in march this year. For the past week, the top token is up 2.6 percent. In October, bitcoin rose 13 percent and is up more than 101 percent over the past year.

Bitcoin Closing In On March's Record

Cryptocurrency firm Consensys said on October 29, it would cut 20 per cent of its total workforce, citing broader macroeconomic pressures and ongoing regulatory challenges facing the industry according to a detailed report by Reuters.

Crypto companies have frequently accused the US Securities and Exchange Commission (SEC) of regulatory overreach and exceeding its jurisdiction, while the agency argues that the industry is disregarding securities laws designed to protect investors and other market participants.<o:p></o:p>

"Multiple cases with the SEC, including ours, represent meaningful jobs and productive investment lost due to the SEC's abuse of power and Congress's inability to rectify the problem," Consensys CEO Joseph Lubin said in a blog post, the Reuters report detailed further.<o:p></o:p>

"Such attacks from the US government will end up costing many companies that have been investigated, sued, or sent Wells Notices, many millions of dollars," he added. Further, a spokesperson for the SEC declined to comment on the allegations.

Basic facts of Crypto firm&nbsp;Consensys <o:p></o:p>

Consensys is the leading blockchain and web3 software company according to the official website of the firm. Since 2014, Consensys has been involved with the innovation, pioneering technological developments within the web3 ecosystem. Through their product suite, including the MetaMask platform, Infura, Linea, Diligence, and its NFT platform, the platform aspires to become a trusted collaborator for users, creators, and developers.

High interest rates have caused a more cautious environment<o:p></o:p>

The crypto firm added that elevated interest rates, inflationary pressures, and tightening liquidity have created a more "cautious macroeconomic environment." It also noted that the lack of regulatory frameworks in certain markets complicates operations.<o:p></o:p>

In April, Consensys filed a lawsuit against the SEC related to the regulation of the Ethereum blockchain, following a formal notice from the agency indicating plans to pursue enforcement action against the firm.

The SEC had also sued Consensys in June, alleging the company had failed to register as a broker through its MetaMask swaps service.

Consensys, founded by Lubin, is an Ethereum-focused blockchain firm that offers products enabling developers, enterprises, and users to build applications for the "Web3" space. One of its key products is the popular MetaMask self-custodial crypto wallet, which allows crypto holders to store assets, as well as buy, send, and swap tokens.

Further, market participants and Crypto enthusiasts will follow these developments keenly and make informed investment decisions in the crypto market based on these developments.

<o:p>&nbsp;</o:p>

Cryptocurrency firm Consensys said on October 29, it would cut 20 per cent of its total workforce, citing broader macroeconomic pressures and ongoing regulatory challenges facing the industry according to a detailed report by Reuters.

Cryptocurrency firm Consensys said on October 29, it would cut 20 per cent of its total workforce, citing broader macroeconomic pressures and ongoing regulatory challenges facing the industry according to a detailed report by Reuters. Crypto companies have frequently accused the US Securities and Exchange Commission (SEC) of regulatory overreach and exceeding its jurisdiction, while the agency argues that the industry is disregarding securities laws designed to protect investors and other market participants. "Multiple cases with the SEC, including ours, represent meaningful jobs and productive investment lost due to the SEC's abuse of power and Congress's inability to rectify the problem," Consensys CEO Joseph Lubin said in a blog post, the Reuters report detailed further. "Such attacks from the US government will end up costing many companies that have been investigated, sued, or sent Wells Notices, many millions of dollars," he added. Further, a spokesperson for the SEC declined to comment on the allegations. Basic facts of Crypto firm Consensys Consensys is the leading blockchain and web3 software company according to the official website of the firm. Since 2014, Consensys has been involved with the innovation, pioneering technological developments within the web3 ecosystem. Through their product suite, including the MetaMask platform, Infura, Linea, Diligence, and its NFT platform, the platform aspires to become a trusted collaborator for users, creators, and developers. High interest rates have caused a more cautious environment The crypto firm added that elevated interest rates, inflationary pressures, and tightening liquidity have created a more "cautious macroeconomic environment." It also noted that the lack of regulatory frameworks in certain markets complicates operations. In April, Consensys filed a lawsuit against the SEC related to the regulation of the Ethereum blockchain, following a formal notice from the agency indicating plans to pursue enforcement action against the firm. The SEC had also sued Consensys in June, alleging the company had failed to register as a broker through its MetaMask swaps service. Consensys, founded by Lubin, is an Ethereum-focused blockchain firm that offers products enabling developers, enterprises, and users to build applications for the "Web3" space. One of its key products is the popular MetaMask self-custodial crypto wallet, which allows crypto holders to store assets, as well as buy, send, and swap tokens. Further, market participants and Crypto enthusiasts will follow these developments keenly and make informed investment decisions in the crypto market based on these developments.

Crypto firm Consensys cuts 20% of workforce amid macroeconomic, regulatory headwinds

The increasing market capitalisation, footprint, and structure of crypto-assets have prompted institutional investors and central banks to investigate potential exposures to these assets and determine if it is fair to include them in their portfolios.

While crypto-assets might play a role in central banks' reserve portfolios in the future, a white paper from the World Bank states that these instruments do not qualify at the moment in their current state. There has been some guidance from policymakers and standard-setting bodies.

However, the regulatory landscape for crypto-assets is still unclear. their value is very volatile, which makes them unreliable as a store of value. To qualify as instruments for reserve portfolios, crypto assets must undergo certain fundamental modifications.

What is the World Bank's take?

1. Decreased volatility needed

Crypto assets are not a good way for central banks to self-insure against shocks because their prices are highly volatile, with an annualised volatility of 70 per cent. This is far greater than the volatility of equities and gold.

2. Stronger custody &amp; safekeeping solutions

The loss or theft of crypto private keys, which are essential to digital assets like bearer instruments, might result in irretrievable loss. Essential for storage, access, and authentication are industry-grade solutions for managing and executing private keys that can resist fraud or cyberattacks.

3. More than enough decentralisation

Potential dangers exist in crypto-asset initiatives that are not adequately decentralised. So, they are subject to substantial control by a governing body or central party. Large investors are hesitant to take on and manage substantial exposures to crypto-assets. This is due to their limited liquidity and market capitalisation compared to more traditional currencies and asset classes.

However, derivatives markets have developed to control risks. The liquidity of the biggest crypto-assets - such as bitcoin and ether - has greatly increased.&nbsp;

4. Investment tools are readily available

Government bonds and other extremely safe investments are the norm for central banks. For the most part, crypto-assets don't perform anything useful on their own, like generating interest or dividends. There are still many unknowns and dangers in this experimental environment. This is despite the potential for "staking" to create revenue and the potential for DeFi apps to aid in the generation of returns on crypto assets.

5. Implementation of banking &amp; commerce protocols

Crypto assets must become a tool for cross-border investment and trade flows. This is to ensure reserve managers against trade and financial shocks. In such flows, crypto asset adoption is quite low.

Policymakers have achieved some headway into most of these concerns. However, there are still many important questions about the domestic and international regulation of crypto-assets. This includes the authority, missions, and instruments of relevant institutions.

The increasing market capitalisation, footprint, and structure of crypto-assets have prompted institutional investors and central banks to investigate potential exposures to these assets and determine if it is fair to include them in their portfolios.

The increasing market capitalisation, footprint, and structure of crypto-assets have prompted institutional investors and central banks to investigate potential exposures to these assets and determine if it is fair to include them in their portfolios. While crypto-assets might play a role in central banks' reserve portfolios in the future, a white paper from the World Bank states that these instruments do not qualify at the moment in their current state. There has been some guidance from policymakers and standard-setting bodies. However, the regulatory landscape for crypto-assets is still unclear. their value is very volatile, which makes them unreliable as a store of value. To qualify as instruments for reserve portfolios, crypto assets must undergo certain fundamental modifications. What is the World Bank's take? 1. Decreased volatility needed Crypto assets are not a good way for central banks to self-insure against shocks because their prices are highly volatile, with an annualised volatility of 70 per cent. This is far greater than the volatility of equities and gold. 2. Stronger custody & safekeeping solutions The loss or theft of crypto private keys, which are essential to digital assets like bearer instruments, might result in irretrievable loss. Essential for storage, access, and authentication are industry-grade solutions for managing and executing private keys that can resist fraud or cyberattacks. 3. More than enough decentralisation Potential dangers exist in crypto-asset initiatives that are not adequately decentralised. So, they are subject to substantial control by a governing body or central party. Large investors are hesitant to take on and manage substantial exposures to crypto-assets. This is due to their limited liquidity and market capitalisation compared to more traditional currencies and asset classes. However, derivatives markets have developed to control risks. The liquidity of the biggest crypto-assets - such as bitcoin and ether - has greatly increased. 4. Investment tools are readily available Government bonds and other extremely safe investments are the norm for central banks. For the most part, crypto-assets don't perform anything useful on their own, like generating interest or dividends. There are still many unknowns and dangers in this experimental environment. This is despite the potential for "staking" to create revenue and the potential for DeFi apps to aid in the generation of returns on crypto assets. 5. Implementation of banking & commerce protocols Crypto assets must become a tool for cross-border investment and trade flows. This is to ensure reserve managers against trade and financial shocks. In such flows, crypto asset adoption is quite low. Policymakers have achieved some headway into most of these concerns. However, there are still many important questions about the domestic and international regulation of crypto-assets. This includes the authority, missions, and instruments of relevant institutions.

World Bank argues against cryptos as reserve portfolio asset

Bitcoin has reached its highest level since July 2024, propelling a wave of optimism across the cryptocurrency market and significantly boosting crypto-related stocks. This surge comes as investors react to a combination of positive market sentiment and macroeconomic factors that have reignited interest in digital currencies as detailed in a report by CNBC. <o:p></o:p>

Market dynamics fuel Bitcoin's rise<o:p></o:p>

On October 16, Bitcoin climbed to approximately $68,000, marking a notable increase of over 10 per cent in just a few days. This surge has been attributed to various factors, including a resurgence of institutional interest and ongoing discussions regarding regulatory frameworks that could provide greater clarity for investors.

Analysts suggest that one reason for bitcoin’s 53 per cent&nbsp;gain so far this year is a host of new spot bitcoin exchange-traded funds that hit the market in January, welcoming in a host of new investors. Ether ETFs followed in July.

Investors have bought $1.2 billion in ETF shares in the past three days, bringing total holdings to more than $63 billion. BlackRock’s iShares Bitcoin Trust (IBIT) has accounted for more than 30 per cent&nbsp;of the new purchases.

<o:p></o:p>

The rise in Bitcoin's value has had a ripple effect on the broader cryptocurrency market. Major altcoins such as Ethereum and Cardano have also experienced substantial gains, with many investors diversifying their portfolios in response to Bitcoin's upward trajectory. The overall market capitalisation of cryptocurrencies has surged past $1 trillion, reflecting the growing confidence among investors.<o:p></o:p>

Impact on crypto-related stocks<o:p></o:p>

The bullish trend in Bitcoin has not only invigorated the cryptocurrency itself but has also led to impressive gains for companies involved in the crypto space. Stocks of firms like Coinbase and MicroStrategy have seen significant increases, with Coinbase reporting a rise of nearly 15 per cent following Bitcoin's surge. This trend highlights the interconnectedness of cryptocurrency prices and the performance of related businesses.

<o:p>Samara Cohen, chief investment officer of ETF and index investments at BlackRock , stated that 80 per cent of buyers of&nbsp;iShares Bitcoin Trust ETF&nbsp;(IBIT) are direct investors. Of those, 75 per cent have never owned a BlackRock ETF, she said.</o:p>

Investors are closely monitoring these developments, as the performance of crypto-related stocks often mirrors movements in the underlying digital assets. The recent uptick in Bitcoin's price has prompted many analysts to reassess their forecasts for both cryptocurrencies and the companies that support them.<o:p></o:p>

Regulatory landscape and future prospects<o:p></o:p>

As Bitcoin continues to gain momentum, discussions surrounding improved regulation remain at the forefront of investor considerations. The potential improvements in the rules and the norms of a spot Bitcoin ETF is viewed as a critical turning point that could legitimise cryptocurrency investments for a broader audience. Regulatory clarity could also encourage institutional players to enter the market more aggressively, further driving demand for Bitcoin and its associated assets.<o:p></o:p>

Experts believe that if this momentum persists, Bitcoin could challenge its all-time high of nearly $69,000 reached in November 2021. However, they caution that volatility remains inherent to the cryptocurrency market, and investors should remain vigilant as they navigate these fluctuations.<o:p></o:p>

Hence, Bitcoin's recent surge to its highest level since July has not only revitalised interest in cryptocurrencies but has also positively impacted related stocks

As the market adapts to evolving regulatory landscapes and investor sentiment shifts, all eyes will be on Bitcoin's next moves and their implications for the broader financial ecosystem. With increasing institutional interest and potential regulatory advancements on the horizon, potential investors will keenly observe the asset class and take informed investment decisions depending on how the reglatory framework governing the crypto asset class evolves.

Bitcoin has reached its highest level since July 2024, propelling a wave of optimism across the cryptocurrency market and significantly boosting crypto-related stocks.

Bitcoin has reached its highest level since July 2024, propelling a wave of optimism across the cryptocurrency market and significantly boosting crypto-related stocks. This surge comes as investors react to a combination of positive market sentiment and macroeconomic factors that have reignited interest in digital currencies as detailed in a report by CNBC. Market dynamics fuel Bitcoin's rise On October 16, Bitcoin climbed to approximately $68,000, marking a notable increase of over 10 per cent in just a few days. This surge has been attributed to various factors, including a resurgence of institutional interest and ongoing discussions regarding regulatory frameworks that could provide greater clarity for investors. Analysts suggest that one reason for bitcoin’s 53 per cent gain so far this year is a host of new spot bitcoin exchange-traded funds that hit the market in January, welcoming in a host of new investors. Ether ETFs followed in July. Investors have bought $1.2 billion in ETF shares in the past three days, bringing total holdings to more than $63 billion. BlackRock’s iShares Bitcoin Trust (IBIT) has accounted for more than 30 per cent of the new purchases. The rise in Bitcoin's value has had a ripple effect on the broader cryptocurrency market. Major altcoins such as Ethereum and Cardano have also experienced substantial gains, with many investors diversifying their portfolios in response to Bitcoin's upward trajectory. The overall market capitalisation of cryptocurrencies has surged past $1 trillion, reflecting the growing confidence among investors. Impact on crypto-related stocks The bullish trend in Bitcoin has not only invigorated the cryptocurrency itself but has also led to impressive gains for companies involved in the crypto space. Stocks of firms like Coinbase and MicroStrategy have seen significant increases, with Coinbase reporting a rise of nearly 15 per cent following Bitcoin's surge. This trend highlights the interconnectedness of cryptocurrency prices and the performance of related businesses. Samara Cohen, chief investment officer of ETF and index investments at BlackRock , stated that 80 per cent of buyers of iShares Bitcoin Trust ETF (IBIT) are direct investors. Of those, 75 per cent have never owned a BlackRock ETF, she said. Investors are closely monitoring these developments, as the performance of crypto-related stocks often mirrors movements in the underlying digital assets. The recent uptick in Bitcoin's price has prompted many analysts to reassess their forecasts for both cryptocurrencies and the companies that support them. Regulatory landscape and future prospects As Bitcoin continues to gain momentum, discussions surrounding improved regulation remain at the forefront of investor considerations. The potential improvements in the rules and the norms of a spot Bitcoin ETF is viewed as a critical turning point that could legitimise cryptocurrency investments for a broader audience. Regulatory clarity could also encourage institutional players to enter the market more aggressively, further driving demand for Bitcoin and its associated assets. Experts believe that if this momentum persists, Bitcoin could challenge its all-time high of nearly $69,000 reached in November 2021. However, they caution that volatility remains inherent to the cryptocurrency market, and investors should remain vigilant as they navigate these fluctuations. Hence, Bitcoin's recent surge to its highest level since July has not only revitalised interest in cryptocurrencies but has also positively impacted related stocks As the market adapts to evolving regulatory landscapes and investor sentiment shifts, all eyes will be on Bitcoin's next moves and their implications for the broader financial ecosystem. With increasing institutional interest and potential regulatory advancements on the horizon, potential investors will keenly observe the asset class and take informed investment decisions depending on how the reglatory framework governing the crypto asset class evolves.

Bitcoin hits highest level since July, boosting Crypto-related stocks

Who is the Bitcoin creator who goes by the pseudonym 'Satoshi Nakamoto'? A new documentary from HBO is suggesting that the founder of the top cryptocurrency is the software engineer Peter Todd. But Todd has denied he was the inventor of one of the first cryptocurrencies that hit the market over a decade ago.

The purported revelation and its denial add one more layer to the enduring mystery of the identity of Satoshi Nakamoto. Several people have been identified as the creator, with some even going to court to make the claim.

Watch: Bitcoin enters its sweet sixteen

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/bitcoin-enters-its-sweet-sixteen-654175/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The HBO documentary Money Electric: The Bitcoin Mystery which aired on Tuesday night (Oct 8) in the US features a series of interviews with coders and cryptographers involved in the early development of Bitcoin, such as Blockstream CEO Adam Back.&nbsp;

But for many in the crypto community, director Cullen Hoback did not give any solid proof to back the claim regarding Todd.

Todd himself said it is ironic that a director who is also known for a documentary on the conspiracy theory group QAnon "has resorted to QAnon style coincidence-based conspiracy thinking here too".

As the buzz around the documentary built up, Todd simply wrote&nbsp;on his X handle,&nbsp;"I'm not Satoshi."

Todd was replying to a post by BitMex Research that asked him to come forward and make a public statement.​

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
I'm not Satoshi.
— Peter Todd (@peterktodd) <a href="https://twitter.com/peterktodd/status/1843789750983110697?ref_src=twsrc%5Etfw">October 8, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Todd was a Bitcoin core developer. The theory that he is Satoshi was made in the documentary from similarities in the writing styles of Satoshi and Todd in Bitcoin forums.

Todd's work with Hashcash, a crypto-related tech firm, was also cited as evidence.

The crypto community was, however, dismissive about the documentary, terming it speculative. They accused it of&nbsp;relying on circumstantial evidence, saying it had confirmation bias similar to a Newsweek magazine article in 2014 that claimed to have identified Satoshi, only to be debunked.

<a href="https://www.wionews.com/business-economy/wikileaks-244-million-bitcoin-war-chest-735297">Also read: WikiLeaks' $244 million Bitcoin 'war chest'</a>

Crypto monitoring site Decrypt quoted Samson Mow, the CEO of Bitcoin tech firm JAN3 as saying that the director "probably has a case for it,” &nbsp;but added, “I did say on record in the documentary that it’s probably not Peter.”

Much of the focus of the documentary to 'nail' Todd as the inventor of Bitcoin is from a specific forum post, where Todd, in reply to Satoshi, appears to continue the stream of thought of Satoshi. It looked as if the same person was using multiple accounts, according to the documentary.

<h2>Who is Satoshi Nakamoto? The many people associated with the mysterious Bitcoin creator</h2>

While the general consensus is that one or a group of people may have used the pseudonym, Satoshi Nakamoto, it is yet to be conclusively proven who the person behind the Japanese-sounding name is/are.

Several names have been cited in the past, with one person even going to court to prove he is Satoshi.

Hal Finney, a cryptography pioneer, was one such person, as he was the first to use the software behind Bitcoin.

Finneya's neighbour Dorian Prentice Satoshi Nakamoto, a Japanese-American man living in California, was long-speculated to be the mystery creator of the cryptocurrency, most firmly in a 2014 Newsweek article. The article was widely discussed but eventually, the man himself rejected any connection to Bitcoin.

Nick Szabo, a decentralised currency enthusiast was speculated to be Satoshi, partly based on the fact that he had published a paper on a precursor to Bitcoin that was called 'bit gold'.

Craig Steven Wright, an Australian academic, went to court to prove that he was Satoshi, even suing for libel those who rejected his claims. In March this year, his claim was dismissed by a British court.

<a href="https://www.wionews.com/world/computer-scientist-craig-wright-is-not-the-inventor-of-bitcoin-uk-judge-rules-700140">Also read: Computer scientist Craig Wright is not the inventor of Bitcoin, UK judge rules</a> 
 
Finnish sociologist Vili Lehdonvirta and cryptography student Michael Clear were at one point named Satoshi, a claim denied by both of them.

Based on the dates and similarity in the phrase 'computationally impractical to reverse' used in a patent filing and a white paper on Bitcoin, three people - Neal King, Vladimir Oksman and Charles Bry- were identified as possible candidates for Satoshi. They also rejected the claim.

<h2>We will never know who is Satoshi because...</h2>

Satoshi Nakamoto also holds some of the original Bitcoin. This means that there are financial, and possibly taxation, implications for the person or persons to reveal their identity. It could even attract criminals to them.

As per an estimate made in 2021, Satoshi Nakamoto may be owning up to 1 million Bitcoin. At the going rate of the time (which was $68,000), that would add up to $73 billion, making him/them the 15th richest person/s in the world in 2021.&nbsp;

Bitcoin, in spite of its volatility, is still going strong. At the time of writing this, it's valued at $63,126.&nbsp;

As you can see, being Satoshi Nakamoto is a risky business. 
 
(With inputs from agencies)

Who is the Bitcoin creator who goes by the pseudonym 'Satoshi Nakamoto'? A new documentary from HBO is suggesting that the founder of the top cryptocurrency is the software engineer Peter Todd.

Who is the Bitcoin creator who goes by the pseudonym 'Satoshi Nakamoto'? A new documentary from HBO is suggesting that the founder of the top cryptocurrency is the software engineer Peter Todd. But Todd has denied he was the inventor of one of the first cryptocurrencies that hit the market over a decade ago. The purported revelation and its denial add one more layer to the enduring mystery of the identity of Satoshi Nakamoto. Several people have been identified as the creator, with some even going to court to make the claim. Watch: Bitcoin enters its sweet sixteen × The HBO documentary Money Electric: The Bitcoin Mystery which aired on Tuesday night (Oct 8) in the US features a series of interviews with coders and cryptographers involved in the early development of Bitcoin, such as Blockstream CEO Adam Back. But for many in the crypto community, director Cullen Hoback did not give any solid proof to back the claim regarding Todd. Todd himself said it is ironic that a director who is also known for a documentary on the conspiracy theory group QAnon "has resorted to QAnon style coincidence-based conspiracy thinking here too". As the buzz around the documentary built up, Todd simply wrote on his X handle, "I'm not Satoshi." Todd was replying to a post by BitMex Research that asked him to come forward and make a public statement. I'm not Satoshi. — Peter Todd (@peterktodd) October 8, 2024 × Todd was a Bitcoin core developer. The theory that he is Satoshi was made in the documentary from similarities in the writing styles of Satoshi and Todd in Bitcoin forums. Todd's work with Hashcash, a crypto-related tech firm, was also cited as evidence. The crypto community was, however, dismissive about the documentary, terming it speculative. They accused it of relying on circumstantial evidence, saying it had confirmation bias similar to a Newsweek magazine article in 2014 that claimed to have identified Satoshi, only to be debunked. Also read: WikiLeaks' $244 million Bitcoin 'war chest' Crypto monitoring site Decrypt quoted Samson Mow, the CEO of Bitcoin tech firm JAN3 as saying that the director "probably has a case for it,” but added, “I did say on record in the documentary that it’s probably not Peter.” Much of the focus of the documentary to 'nail' Todd as the inventor of Bitcoin is from a specific forum post, where Todd, in reply to Satoshi, appears to continue the stream of thought of Satoshi. It looked as if the same person was using multiple accounts, according to the documentary. Who is Satoshi Nakamoto? The many people associated with the mysterious Bitcoin creator While the general consensus is that one or a group of people may have used the pseudonym, Satoshi Nakamoto, it is yet to be conclusively proven who the person behind the Japanese-sounding name is/are. Several names have been cited in the past, with one person even going to court to prove he is Satoshi. Hal Finney, a cryptography pioneer, was one such person, as he was the first to use the software behind Bitcoin. Finneya's neighbour Dorian Prentice Satoshi Nakamoto, a Japanese-American man living in California, was long-speculated to be the mystery creator of the cryptocurrency, most firmly in a 2014 Newsweek article. The article was widely discussed but eventually, the man himself rejected any connection to Bitcoin. Nick Szabo, a decentralised currency enthusiast was speculated to be Satoshi, partly based on the fact that he had published a paper on a precursor to Bitcoin that was called 'bit gold'. Craig Steven Wright, an Australian academic, went to court to prove that he was Satoshi, even suing for libel those who rejected his claims. In March this year, his claim was dismissed by a British court. Also read: Computer scientist Craig Wright is not the inventor of Bitcoin, UK judge rules Finnish sociologist Vili Lehdonvirta and cryptography student Michael Clear were at one point named Satoshi, a claim denied by both of them. Based on the dates and similarity in the phrase 'computationally impractical to reverse' used in a patent filing and a white paper on Bitcoin, three people - Neal King, Vladimir Oksman and Charles Bry- were identified as possible candidates for Satoshi. They also rejected the claim. We will never know who is Satoshi because... Satoshi Nakamoto also holds some of the original Bitcoin. This means that there are financial, and possibly taxation, implications for the person or persons to reveal their identity. It could even attract criminals to them. As per an estimate made in 2021, Satoshi Nakamoto may be owning up to 1 million Bitcoin. At the going rate of the time (which was $68,000), that would add up to $73 billion, making him/them the 15th richest person/s in the world in 2021. Bitcoin, in spite of its volatility, is still going strong. At the time of writing this, it's valued at $63,126. As you can see, being Satoshi Nakamoto is a risky business. (With inputs from agencies)

Bitcoin creator Satoshi Nakamoto is Peter Todd, says HBO doc, he denies it. Truth may never come out as...

The fray to roll out an exchange-traded fund tracking XRP, the seventh-largest digital token, has begun.

Application to launch Canary XRP ETF was filed by the newly founded digital asset-focused investment firm Canary Capital Group with the Securities and Exchange Commission on Tuesday. The firm, founded in September, filed applications just one week after Bitwise Asset Management Inc. was recorded as the first firm to file for an ETF tracking the token.

Canary, founded by former Valkyrie Funds co-founder Steven McClurg, said in a statement that it was encouraged by “signs of a more progressive regulatory environment coupled with growing demand from investors.”

These filings follow highly anticipated launches of ETFs that hold Bitcoin and Ether earlier this year, and as companies including VanEck Asset Management and 21Shares AG try to introduce funds linked to the Solana token. Bitcoin ETFs have gained nearly $19 billion since their launch, while Ether ETFs have experienced around $550 million of outflows.

Canary's filing did not include a ticker or estimated fee. It would be the company's first ETF.

The XRP filings suggest issuers are pushing regulators to open the crypto boom to the mainstream retail market.

“This demonstrates that ETF providers will be closely following the regulatory landscape for perceived daylight in allowing them to offer new products,” said Stephane Ouellette, co-founder and chief executive officer of FRNT Financial. “There’s still uncertainty about whether they will be approved, and it very much makes sense for two firms born out of the crypto native landscape to try to broaden their product offerings.”

These bids come in the wake of an event: in August, a federal judge ordered Ripple Labs Inc. to pay a civil penalty over allegations that it sold its XRP token to institutional investors without registering it with US regulators following a long legal dispute.

In September, the crypto asset manager Grayscale Investments announced that it started offering the Grayscale XRP Trust, which provides investors with exposure to the token powering XRP Ledger. This is a decentralised, peer-to-peer network aiming to support cross-border financial transactions.

The fray to roll out an exchange-traded fund tracking XRP, the seventh-largest digital token, has begun. Application to launch Canary XRP ETF was filed by the newly founded digital asset-focused investment firm Canary Capital Group with the Securities and Exchange Commission on Tuesday.

The fray to roll out an exchange-traded fund tracking XRP, the seventh-largest digital token, has begun. Application to launch Canary XRP ETF was filed by the newly founded digital asset-focused investment firm Canary Capital Group with the Securities and Exchange Commission on Tuesday. The firm, founded in September, filed applications just one week after Bitwise Asset Management Inc. was recorded as the first firm to file for an ETF tracking the token. Canary, founded by former Valkyrie Funds co-founder Steven McClurg, said in a statement that it was encouraged by “signs of a more progressive regulatory environment coupled with growing demand from investors.” These filings follow highly anticipated launches of ETFs that hold Bitcoin and Ether earlier this year, and as companies including VanEck Asset Management and 21Shares AG try to introduce funds linked to the Solana token. Bitcoin ETFs have gained nearly $19 billion since their launch, while Ether ETFs have experienced around $550 million of outflows. Canary's filing did not include a ticker or estimated fee. It would be the company's first ETF. The XRP filings suggest issuers are pushing regulators to open the crypto boom to the mainstream retail market. “This demonstrates that ETF providers will be closely following the regulatory landscape for perceived daylight in allowing them to offer new products,” said Stephane Ouellette, co-founder and chief executive officer of FRNT Financial. “There’s still uncertainty about whether they will be approved, and it very much makes sense for two firms born out of the crypto native landscape to try to broaden their product offerings.” These bids come in the wake of an event: in August, a federal judge ordered Ripple Labs Inc. to pay a civil penalty over allegations that it sold its XRP token to institutional investors without registering it with US regulators following a long legal dispute. In September, the crypto asset manager Grayscale Investments announced that it started offering the Grayscale XRP Trust, which provides investors with exposure to the token powering XRP Ledger. This is a decentralised, peer-to-peer network aiming to support cross-border financial transactions.

Wall Street rushes to unveil new wave of Crypto-Spot ETFs

An official OpenAI account on X (formerly Twitter) was compromised on Monday, leading to the dissemination of a cryptocurrency scam. Watch in for more details!

OpenAI X account got hacked by crypto scammers

The cryptocurrency sector is closely monitoring the upcoming U.S. elections, with insiders largely downplaying its potential impact on market dynamics. Charles Hoskinson, co-founder of Ethereum, expressed that "No matter if the US adopts a pro-crypto stance or not, the global landscape is advancing." This sentiment is shared by several experts who believe the global momentum towards crypto is unstoppable as detailed in a CNBC report.

Arthur Hayes, former CEO of BitEX, stated, "I don’t believe it’s significant. Bitcoin has surged from nothing to its current valuation without any definitive regulations or governmental endorsement. So why is it necessary now? It’s inconsequential."

Further, in Singapore, experts remain unfazed by the US presidential election's potential effects on local crypto markets, although some perceive Donald Trump as more favorable towards cryptocurrency. Hoskinson noted, "When comparing Vice Kamala Harris and Trump, he clearly stands out as the preferred option from a cryptocurrency viewpoint."

Trump is seen as more favorable for the crypto market<o:p></o:p>

During a July conference, Trump pledged to position the US as the "crypto capital of the world" by preventing the liquidation of its Bitcoin assets. Despite such promises, Hoskinson highlighted, "Irrespective of the US stance on cryptocurrency, the global momentum is unstoppable."

SkyBridge Capital’s Scaramucci speculated that Vice President Kamala Harris might adopt a regulatory framework similar to Trump's approach if victorious, stating, "I expect we will see her clarify her economic strategies and stance on crypto regulation, and I remain hopeful."

In the current election cycle, cryptocurrency regulation is not viewed as a divisive issue. Jeremy Allaire from Circle emphasised bipartisan support for crypto, saying, "All parties are poised to act, regardless of who occupies the White House. This is essential technology for the United States to remain competitive."

As the election approaches, crypto entities have contributed over $190 million to political campaigns, with a notable share going to Republican candidates.

Despite varied opinions, the overarching view remains that US political changes will not significantly drive global crypto markets. Hayes affirmed, "It’s irrelevant. Bitcoin has evolved from nothing to its current value without needing clear regulations or government backing."

The cryptocurrency sector is closely monitoring the upcoming U.S. elections, with insiders largely downplaying its potential impact on market dynamics. Charles Hoskinson, co-founder of Ethereum, expressed that "No matter if the US adopts a pro-crypto stance or not, the global landscape is advancing.

The cryptocurrency sector is closely monitoring the upcoming U.S. elections, with insiders largely downplaying its potential impact on market dynamics. Charles Hoskinson, co-founder of Ethereum, expressed that "No matter if the US adopts a pro-crypto stance or not, the global landscape is advancing." This sentiment is shared by several experts who believe the global momentum towards crypto is unstoppable as detailed in a CNBC report. Arthur Hayes, former CEO of BitEX, stated, "I don’t believe it’s significant. Bitcoin has surged from nothing to its current valuation without any definitive regulations or governmental endorsement. So why is it necessary now? It’s inconsequential." Further, in Singapore, experts remain unfazed by the US presidential election's potential effects on local crypto markets, although some perceive Donald Trump as more favorable towards cryptocurrency. Hoskinson noted, "When comparing Vice Kamala Harris and Trump, he clearly stands out as the preferred option from a cryptocurrency viewpoint." Trump is seen as more favorable for the crypto market During a July conference, Trump pledged to position the US as the "crypto capital of the world" by preventing the liquidation of its Bitcoin assets. Despite such promises, Hoskinson highlighted, "Irrespective of the US stance on cryptocurrency, the global momentum is unstoppable." SkyBridge Capital’s Scaramucci speculated that Vice President Kamala Harris might adopt a regulatory framework similar to Trump's approach if victorious, stating, "I expect we will see her clarify her economic strategies and stance on crypto regulation, and I remain hopeful." In the current election cycle, cryptocurrency regulation is not viewed as a divisive issue. Jeremy Allaire from Circle emphasised bipartisan support for crypto, saying, "All parties are poised to act, regardless of who occupies the White House. This is essential technology for the United States to remain competitive." As the election approaches, crypto entities have contributed over $190 million to political campaigns, with a notable share going to Republican candidates. Despite varied opinions, the overarching view remains that US political changes will not significantly drive global crypto markets. Hayes affirmed, "It’s irrelevant. Bitcoin has evolved from nothing to its current value without needing clear regulations or government backing."

Impact of the upcoming US elections on cryptocurrencies, experts weigh in

Providing custody of assets is boring but an essential task in the traditional investing industry. Ensuring the security of customers' stock and bond holdings is an easy task. However, the almost $2 trillion crypto market is rife with activity, and custody is far from dull.

Is guarding crypto a lucrative business?

Providing custody of assets is boring but an essential task in the traditional investing industry. Ensuring the security of customers' stock and bond holdings is an easy task.

However, the almost 2 trillion-dollar crypto market is rife with activity, the services on crypto custody can be as much as ten times more expensive than protecting more conventional assets, such as cash and stocks.

As a result, this new crypto offering is a promising market.

Startups, wall street banks, and other companies are seeking to develop digital assets and into these services. And custody is far from dull.

However, regulatory uncertainties around digital assets have pushed traditional financial businesses in a holding pattern.

On the other hand, crypto-native firms Bitgo and Coinbase global have been among the top service providers so far.

With players like Fireblocks projecting a 30 per cent yearly growth rate, the industry is nonetheless appealing despite being only a 300-million-dollar market at the moment.

Major global custodian banks, including Bny Mellon, state street, and Citigroup have either initiated cryptocurrency custody operations or shown interest in doing so.

Custody concerns have persisted throughout crypto's history, with many early adopters embracing the mantra "Not your keys, not your coins."

Custody firms have helped to lower the risk of theft and hacks. So far, wall street efforts have been full of fits and starts.

Bny announced its digital-asset custody infrastructure in 2022 but is yet to expand the endeavor. In 2023, Nasdaq halted its crypto custody undertakings.

Still, companies are moving ahead with trials, in addition, many plans revolve around safeguarding tokenised assets.

Providing custody of assets is boring but an essential task in the traditional investing industry. Ensuring the security of customers' stock and bond holdings is an easy task.

Providing custody of assets is boring but an essential task in the traditional investing industry. Ensuring the security of customers' stock and bond holdings is an easy task. However, the almost 2 trillion-dollar crypto market is rife with activity, the services on crypto custody can be as much as ten times more expensive than protecting more conventional assets, such as cash and stocks. As a result, this new crypto offering is a promising market. Startups, wall street banks, and other companies are seeking to develop digital assets and into these services. And custody is far from dull. However, regulatory uncertainties around digital assets have pushed traditional financial businesses in a holding pattern. On the other hand, crypto-native firms Bitgo and Coinbase global have been among the top service providers so far. With players like Fireblocks projecting a 30 per cent yearly growth rate, the industry is nonetheless appealing despite being only a 300-million-dollar market at the moment. Major global custodian banks, including Bny Mellon, state street, and Citigroup have either initiated cryptocurrency custody operations or shown interest in doing so. Custody concerns have persisted throughout crypto's history, with many early adopters embracing the mantra "Not your keys, not your coins." Custody firms have helped to lower the risk of theft and hacks. So far, wall street efforts have been full of fits and starts. Bny announced its digital-asset custody infrastructure in 2022 but is yet to expand the endeavor. In 2023, Nasdaq halted its crypto custody undertakings. Still, companies are moving ahead with trials, in addition, many plans revolve around safeguarding tokenised assets.

Crypto custody lures wall street bankers

India has once again solidified its position as the global leader in cryptocurrency adoption, according to a new report by Chainalysis. Despite facing stringent regulations and hefty trading taxes, Indian investors have remained undeterred in their embrace of digital assets. This marks the second consecutive year that India has topped the global crypto adoption index.

India tops global crypto adoption for second year

An estimate from the US Federal Bureau of Investigations (FBI) indicates that consumers lost over $5.6 billion last year as a result of crypto fraud. This is a 45% increase from 2022.

FBI: Crypto fraud increased 45% last year to $5.6 billion

Russia's recent move to set up its own cryptocurrency exchanges is making waves in the financial sector.

George Tung, Host of CryptosRUs, explains that this decision, driven by Russia's leadership among sanctioned nations, reflects a broader strategy to distance itself from the US dollar. This development could indicate a shift in global financial dynamics, especially as other countries consider accumulating bitcoin as part of their strategic reserves.

George Tung highlights that Russia's new exchanges will avoid any trading that involves the US dollar, aligning with the country's push to operate independently of Western financial systems. Instead, the emphasis will be on fiat currencies from BRICS nations, a step that aligns with the broader de-dollarization trend among these countries. Tung notes that Russia, similar to China, may be closely watching the United States' potential plans to stockpile bitcoin, considering similar approaches for their own reserves.

As these countries move to accumulate bitcoin, Tung suggests that a supply shock could be looming. With limited amounts of bitcoin available, increased demand from sovereign states could have a significant impact on the market. Russia's recent reopening to cryptocurrency mining further underscores this intention, with the country seemingly positioning itself to acquire as much digital currency as possible.

This move toward adopting cryptocurrencies by significant global players like Russia and China could mark a new phase in the digital currency realm. If more countries begin to amass bitcoin, the rarity of this asset could push its value up, potentially transforming the global financial landscape.

Russia's recent move to set up its own cryptocurrency exchanges is making waves in the financial sector. George Tung, Host of CryptosRUs, explains that this decision, driven by Russia's leadership among sanctioned nations, reflects a broader strategy to distance itself from the US dollar.

Russia's recent move to set up its own cryptocurrency exchanges is making waves in the financial sector. George Tung, Host of CryptosRUs, explains that this decision, driven by Russia's leadership among sanctioned nations, reflects a broader strategy to distance itself from the US dollar. This development could indicate a shift in global financial dynamics, especially as other countries consider accumulating bitcoin as part of their strategic reserves. George Tung highlights that Russia's new exchanges will avoid any trading that involves the US dollar, aligning with the country's push to operate independently of Western financial systems. Instead, the emphasis will be on fiat currencies from BRICS nations, a step that aligns with the broader de-dollarization trend among these countries. Tung notes that Russia, similar to China, may be closely watching the United States' potential plans to stockpile bitcoin, considering similar approaches for their own reserves. As these countries move to accumulate bitcoin, Tung suggests that a supply shock could be looming. With limited amounts of bitcoin available, increased demand from sovereign states could have a significant impact on the market. Russia's recent reopening to cryptocurrency mining further underscores this intention, with the country seemingly positioning itself to acquire as much digital currency as possible. This move toward adopting cryptocurrencies by significant global players like Russia and China could mark a new phase in the digital currency realm. If more countries begin to amass bitcoin, the rarity of this asset could push its value up, potentially transforming the global financial landscape.

Russia's crypto shift: A new chapter in global financial realignment

Artificial intelligence and cryptocurrencies are rapidly reshaping our world, but their environmental impact is raising serious concerns. New IMF data shows these industries are massive energy consumers, contributing significantly to global carbon emissions. Take a look at this next report for more

IMF: AI & crypto threaten climate goals

Russian lawmakers passed a bill on Tuesday that will allow businesses to use crypto currencies in international trade, as part of efforts to skirt Western sanctions imposed after Russia's invasion of Ukraine.

Russia to allow crypto for payments in International Trade

In what seems to be one more step toward mainstreaming the cryptocurrency sector, cryptocurrency exchange Binance's US affiliate, Binance.US, scored an important court victory when a federal judge allowed it to proceed with plans for investing certain customer assets in US Treasury bills. This ruling effectively lifts restrictions previously placed by the US Securities and Exchange Commission.

The court order enables Binance.US to transfer crypto assets to an unaffiliated third-party custodian. Further, the operator of Binance.US, BAM, is now allowed to invest certain customer fiat funds held by crypto custodian firm BitGo, in US Treasury bills. These funds will mature every four weeks on a rolling basis, without the involvement of any third party, including other Binance entities, involved in the investment, according to the court order.

It is a tremendous regulatory turn of events for Binance.US, which has been hammered by the U.S. securities regulator. It was only in June last year that the SEC filed a lawsuit against Binance, its CEO and founder Changpeng Zhao, and the operator of Binance.US. The regulator claimed that Binance artificially inflated trading volumes, misappropriated customer funds, failed to restrict US customers from its platform and misled investors about the ways in which it was policing its markets.

On the back of such allegations, Binance and Binance.US reached an agreement with the SEC in the same month. Under such an agreement, US customer assets would stay within the country to further comply with regulatory and investor protection authorities.

This recent court order not only relieves some of the pressures that Binance.US is under by way of regulations, but it also puts in a nutshell its uncompromising stance towards keeping customer assets safe and following financial regulations in the United States. Aiming at providing a secure and stable investment avenue for customer funds through investment in treasury bills of the United States, Binance.US makes a strategic pivot towards higher transparency and alignment with regulations.

In what seems to be one more step toward mainstreaming the cryptocurrency sector, cryptocurrency exchange Binance's US affiliate, Binance.US, scored an important court victory when a federal judge allowed it to proceed with plans for investing certain customer assets in US Treasury bills.

In what seems to be one more step toward mainstreaming the cryptocurrency sector, cryptocurrency exchange Binance's US affiliate, Binance.US, scored an important court victory when a federal judge allowed it to proceed with plans for investing certain customer assets in US Treasury bills. This ruling effectively lifts restrictions previously placed by the US Securities and Exchange Commission. The court order enables Binance.US to transfer crypto assets to an unaffiliated third-party custodian. Further, the operator of Binance.US, BAM, is now allowed to invest certain customer fiat funds held by crypto custodian firm BitGo, in US Treasury bills. These funds will mature every four weeks on a rolling basis, without the involvement of any third party, including other Binance entities, involved in the investment, according to the court order. It is a tremendous regulatory turn of events for Binance.US, which has been hammered by the U.S. securities regulator. It was only in June last year that the SEC filed a lawsuit against Binance, its CEO and founder Changpeng Zhao, and the operator of Binance.US. The regulator claimed that Binance artificially inflated trading volumes, misappropriated customer funds, failed to restrict US customers from its platform and misled investors about the ways in which it was policing its markets. On the back of such allegations, Binance and Binance.US reached an agreement with the SEC in the same month. Under such an agreement, US customer assets would stay within the country to further comply with regulatory and investor protection authorities. This recent court order not only relieves some of the pressures that Binance.US is under by way of regulations, but it also puts in a nutshell its uncompromising stance towards keeping customer assets safe and following financial regulations in the United States. Aiming at providing a secure and stable investment avenue for customer funds through investment in treasury bills of the United States, Binance.US makes a strategic pivot towards higher transparency and alignment with regulations.

Binance.US secures judicial nod for investment in US Treasury bills

WazirX, one of the country’s major cryptocurrency firms, suffered one of the biggest cyberattacks on an Indian exchange after hackers allegedly stole more than $230 million of users’ holdings, which was nearly half of the platform’s reserves. The incident highlights the security challenges that cryptocurrency exchanges face, and how they have become a target for hackers worldwide.

Crypto exchange WazirX breached, hackers steal over $230mn

BlackRock Inc., the world's leading asset manager, has announced its assets under management (AUM) rose to record highs of $10.65 trillion in the second quarter, helped by rising asset values in client portfolios and large inflows into the company's exchange-traded funds (EFTs).

Market conditions and AI stocks boost AUM

Just recently, the stock market has hit a record high, fueled by optimism about a soft landing for the US economy, and the interest in artificial intelligence-linked shares—the S&amp;P 500 index that bounced around 4 per cent in the latest reported quarter—further helps BlackRock's AUM rise above $9.43 trillion a year earlier and $10.5 trillion in the first quarter.

Growth opportunities in acquisitions and strategy

BlackRock announced that it will be making two major acquisitions in the last half of the year, strengthening its footing in areas of infrastructure investment and private markets.

"We see unbelievable growth opportunities for our clients and shareholders for 2024 and beyond," said Larry Fink during a conference call; he is the chairman and CEO of BlackRock.

He highlighted the potential for investments in the energy transition and AI data centres.

In the latest development, BlackRock signed an agreement with private markets data power Preqin for the purchase of almost $3.2 billion. &nbsp;

The acquisition has taken place on the heels of a $12.5 billion deal through the takeover of Global Infrastructure Partners that has placed the company in a leading position for projects under global infrastructure investment.

The deals would be finalised in closing in the current year.

Changing gear to high-margin products

Kyle Sanders, senior equity research analyst at Edward Jones, said the move was all about shifting to more lucrative product lines.

"There's been more movement on the institutional side because they want to move into higher-margin, higher-fee products, and alternatives would be at the top of the list," he said. He added the recent private markets expansion was "ridiculously high fees compared to an iShares ETF."

Record ETF inflows and revenue growth

BlackRock's total net inflows for the quarter amounted to $81.57 billion, slightly topping last year's $80.16 billion, which was enormous for ETFs, pulling in $83 billion in the best start to a year on record.

Investment Advisory and Administration fees generally form in percentage terms of the AUM and clocked at $3.72 billion went up by 8.6 per cent.

Revenue from technology services rose 10 per cent and reached $395 million, driven by the persistent demand for the firm's investment risk management platform Aladdin.

The average rising revenue for the firm was 8 per cent and reached $4.81 billion. Profit net climbed further in the same track and rose to $1.50 billion, or $9.99 per share, from $1.37 billion, or $9.06 per share from the previous year.

Stock performance

While the earnings report looks sound, BlackRock shares have still been retreating little by little.

Since the start of the year, the stock has risen by 2 per cent, while the S&amp;P 500 has advanced by 17.7 per cent.

(With inputs from Reuters)

BlackRock Inc., the world's leading asset manager, has announced its assets under management (AUM) rose to record highs of $10.65 trillion in the second quarter, helped by rising asset values in client portfolios and large inflows into the company's exchange-traded funds (EFTs).

BlackRock Inc., the world's leading asset manager, has announced its assets under management (AUM) rose to record highs of $10.65 trillion in the second quarter, helped by rising asset values in client portfolios and large inflows into the company's exchange-traded funds (EFTs). Market conditions and AI stocks boost AUM Just recently, the stock market has hit a record high, fueled by optimism about a soft landing for the US economy, and the interest in artificial intelligence-linked shares—the S&P 500 index that bounced around 4 per cent in the latest reported quarter—further helps BlackRock's AUM rise above $9.43 trillion a year earlier and $10.5 trillion in the first quarter. Growth opportunities in acquisitions and strategy BlackRock announced that it will be making two major acquisitions in the last half of the year, strengthening its footing in areas of infrastructure investment and private markets. "We see unbelievable growth opportunities for our clients and shareholders for 2024 and beyond," said Larry Fink during a conference call; he is the chairman and CEO of BlackRock. He highlighted the potential for investments in the energy transition and AI data centres. In the latest development, BlackRock signed an agreement with private markets data power Preqin for the purchase of almost $3.2 billion. The acquisition has taken place on the heels of a $12.5 billion deal through the takeover of Global Infrastructure Partners that has placed the company in a leading position for projects under global infrastructure investment. The deals would be finalised in closing in the current year. Changing gear to high-margin products Kyle Sanders, senior equity research analyst at Edward Jones, said the move was all about shifting to more lucrative product lines. "There's been more movement on the institutional side because they want to move into higher-margin, higher-fee products, and alternatives would be at the top of the list," he said. He added the recent private markets expansion was "ridiculously high fees compared to an iShares ETF." Record ETF inflows and revenue growth BlackRock's total net inflows for the quarter amounted to $81.57 billion, slightly topping last year's $80.16 billion, which was enormous for ETFs, pulling in $83 billion in the best start to a year on record. Investment Advisory and Administration fees generally form in percentage terms of the AUM and clocked at $3.72 billion went up by 8.6 per cent. Revenue from technology services rose 10 per cent and reached $395 million, driven by the persistent demand for the firm's investment risk management platform Aladdin. The average rising revenue for the firm was 8 per cent and reached $4.81 billion. Profit net climbed further in the same track and rose to $1.50 billion, or $9.99 per share, from $1.37 billion, or $9.06 per share from the previous year. Stock performance While the earnings report looks sound, BlackRock shares have still been retreating little by little. Since the start of the year, the stock has risen by 2 per cent, while the S&P 500 has advanced by 17.7 per cent. (With inputs from Reuters)

BlackRock's AUM hits record $10.65 trillion amid market rally and ETF inflows

Germany finished this week its bid to divest billions of dollars of seized assets from its criminals as it sold and transferred its final batch from the Bitcoin wallets. According to new data from blockchain analytics firm Arkham Intelligence, the wallets currently have zero digital assets.

Within the past month, the wallet transfer by the German government had caused fear among most cryptocurrency community members, as it was believed that with large sell-offs, the price of Bitcoin would nosedive. Contrary to those assumptions, it rose 3 per cent. One BTC was above $58,000, up 1 per cent in the last 24 hours.

The government of Germany held nearly $3.4 billion worth of bitcoins in its wallets early this June. Well, these seized assets have been aggressively liquidated by the Federal Criminal Police Office of Germany, better known by its acronym in German as the Bundeskriminalamt, or BKA. Earlier this month, it offloaded $2.8 billion in bitcoin—equivalent to 50,000 bitcoins.

In particular, the government transferred funds to major crypto exchanges in the United States and Europe, including Coinbase, Bitstamp, and Kraken.

Some of the market observers have been obsessively following the transfers between the wallets and were quick to observe that some of the amounts were transferred back to the government's wallet addresses, signalling that BKA was essentially testing the liquidity before finally offloading assets.

On Thursday, the crypto market "Fear and Greed" index plunged to as low as "extreme fear" over government transfers. These nerves, though, were also quickly dashed immediately after the selling was over.&nbsp;

“One of the best metrics for identifying optimal entry points in a bull market is when short-term bitcoin holders sell at a loss and the fear index is ridiculously high (which has been happening in recent weeks),” noted a CryptoQuant analyst. “In contrast, previous market peaks have been signalled by long-term holders taking significant profits over numerous months, which hasn’t happened yet.”

The successful selloff of the government in Berlin of such volumes of bitcoin reinforces the fact that the cryptocurrency market is indeed robust and thus justifies the importance of strategic asset management. Continued increase in price, despite early scepticism of the investors, has been attributed to how market trust has never plummeted.

Germany finished this week its bid to divest billions of dollars of seized assets from its criminals as it sold and transferred its final batch from the Bitcoin wallets.

Germany finished this week its bid to divest billions of dollars of seized assets from its criminals as it sold and transferred its final batch from the Bitcoin wallets. According to new data from blockchain analytics firm Arkham Intelligence, the wallets currently have zero digital assets. Within the past month, the wallet transfer by the German government had caused fear among most cryptocurrency community members, as it was believed that with large sell-offs, the price of Bitcoin would nosedive. Contrary to those assumptions, it rose 3 per cent. One BTC was above $58,000, up 1 per cent in the last 24 hours. The government of Germany held nearly $3.4 billion worth of bitcoins in its wallets early this June. Well, these seized assets have been aggressively liquidated by the Federal Criminal Police Office of Germany, better known by its acronym in German as the Bundeskriminalamt, or BKA. Earlier this month, it offloaded $2.8 billion in bitcoin—equivalent to 50,000 bitcoins. In particular, the government transferred funds to major crypto exchanges in the United States and Europe, including Coinbase, Bitstamp, and Kraken. Some of the market observers have been obsessively following the transfers between the wallets and were quick to observe that some of the amounts were transferred back to the government's wallet addresses, signalling that BKA was essentially testing the liquidity before finally offloading assets. On Thursday, the crypto market "Fear and Greed" index plunged to as low as "extreme fear" over government transfers. These nerves, though, were also quickly dashed immediately after the selling was over. “One of the best metrics for identifying optimal entry points in a bull market is when short-term bitcoin holders sell at a loss and the fear index is ridiculously high (which has been happening in recent weeks),” noted a CryptoQuant analyst. “In contrast, previous market peaks have been signalled by long-term holders taking significant profits over numerous months, which hasn’t happened yet.” The successful selloff of the government in Berlin of such volumes of bitcoin reinforces the fact that the cryptocurrency market is indeed robust and thus justifies the importance of strategic asset management. Continued increase in price, despite early scepticism of the investors, has been attributed to how market trust has never plummeted.

Germany’s Bitcoin fire sell-off ignites Crypto resilience defying market fears

Bitcoin tumbled to a four-month low on Friday, heading for its worst weekly performance in a year, with its decline driven by uncertainties surrounding Joe Biden's potential continuation as the Democrats' US presidential candidate and concerns over possible increases in crypto supply.

Prices for Bitcoin fell by 5 per cent to as low as $55,366, the lowest since the end of February, and recorded a 10 per cent loss for the week. Ether also slid by 8 per cent to $2,891, marking its lowest level in a month and a half.

Bitcoin was on a strong run in the first quarter after reaching an all-time high of $73,803.25 in mid-March when the first US exchange-traded fund was launched. From that all-time high, it has lost more than 21 per cent of its value.

Market players are now concerned that &nbsp;Biden could be replaced with a more anti-crypto advocate as far as the Democratic Party's presidential nominee; after a dismal performance in the first debate compared to Trump.

To pile on the problems, market observers pointed out reports that Mt. Gox, the former leading cryptocurrency exchange until it went defunct in 2014, is currently repaying its creditors. This is fuelling the likelihood of Bitcoin possibly coming under more downward pressure in the case that such creditors should decide to divest such coins.

This has been a factor in the fall of Bitcoin because investors are nervous about political risk, coupled with the possibility of too much supply in the market.

Bitcoin tumbled to a four-month low on Friday, heading for its worst weekly performance in a year, with its decline driven by uncertainties surrounding Joe Biden's potential continuation as the Democrats' US presidential candidate and concerns over possible increases in crypto supply.

Bitcoin tumbled to a four-month low on Friday, heading for its worst weekly performance in a year, with its decline driven by uncertainties surrounding Joe Biden's potential continuation as the Democrats' US presidential candidate and concerns over possible increases in crypto supply. Prices for Bitcoin fell by 5 per cent to as low as $55,366, the lowest since the end of February, and recorded a 10 per cent loss for the week. Ether also slid by 8 per cent to $2,891, marking its lowest level in a month and a half. Bitcoin was on a strong run in the first quarter after reaching an all-time high of $73,803.25 in mid-March when the first US exchange-traded fund was launched. From that all-time high, it has lost more than 21 per cent of its value. Market players are now concerned that Biden could be replaced with a more anti-crypto advocate as far as the Democratic Party's presidential nominee; after a dismal performance in the first debate compared to Trump. To pile on the problems, market observers pointed out reports that Mt. Gox, the former leading cryptocurrency exchange until it went defunct in 2014, is currently repaying its creditors. This is fuelling the likelihood of Bitcoin possibly coming under more downward pressure in the case that such creditors should decide to divest such coins. This has been a factor in the fall of Bitcoin because investors are nervous about political risk, coupled with the possibility of too much supply in the market.

Bitcoin's plunge: political uncertainty and supply fears shake the market

An amount of $1.38 billion in cryptocurrency was embezzled by hackers up to June 24, 2024, according to weekly research from blockchain researchers TRM Labs. A figure more than double what had already been stolen at $657 million in the same period in 2023.

This increase was driven by a small number of large-scale attacks and the rebound of the prices of crypto. The median size of theft was one and a half times larger compared to the year before. &nbsp;

"While we have not seen any fundamental changes in the security of the cryptocurrency ecosystem, we have seen a significant increase in the value of various tokens - from bitcoin to ETH (ether) and Solana - compared to the same time last year," said Ari Redbord, global head of policy at TRM Labs.

This, according to Redbord, points to a trend of cybercriminals becoming more emboldened against crypto services with higher rewards awaiting them at the end of their successful attacks.

Cryptocurrency prices have largely recovered from the lows experienced in late 2022, following the collapse of Sam Bankman-Fried's crypto exchange, FTX. Bitcoin, the leading cryptocurrency, reached a new all-time high of $73,803.25 in March this year.

This year also had one of the biggest crypto heists on record, with losses of over $308 million, from Japanese crypto exchange DMM Bitcoin, which the firm labelled an "unauthorised leak." Although such voluminous losses are rare, cryptocurrency platforms continue to be very sensitive targets for cybercriminals.

The scale of the pilferages has risen alongside recent spikes in crypto prices, highlighting growing risks within the digital currency industry. Industry players are going to have to up their game in security from thereon to protect the digital currency and keep customer trust from falling apart.

An amount of $1.38 billion in cryptocurrency was embezzled by hackers up to June 24, 2024, according to weekly research from blockchain researchers TRM Labs. A figure more than double what had already been stolen at $657 million in the same period in 2023.

An amount of $1.38 billion in cryptocurrency was embezzled by hackers up to June 24, 2024, according to weekly research from blockchain researchers TRM Labs. A figure more than double what had already been stolen at $657 million in the same period in 2023. This increase was driven by a small number of large-scale attacks and the rebound of the prices of crypto. The median size of theft was one and a half times larger compared to the year before. "While we have not seen any fundamental changes in the security of the cryptocurrency ecosystem, we have seen a significant increase in the value of various tokens - from bitcoin to ETH (ether) and Solana - compared to the same time last year," said Ari Redbord, global head of policy at TRM Labs. This, according to Redbord, points to a trend of cybercriminals becoming more emboldened against crypto services with higher rewards awaiting them at the end of their successful attacks. Cryptocurrency prices have largely recovered from the lows experienced in late 2022, following the collapse of Sam Bankman-Fried's crypto exchange, FTX. Bitcoin, the leading cryptocurrency, reached a new all-time high of $73,803.25 in March this year. This year also had one of the biggest crypto heists on record, with losses of over $308 million, from Japanese crypto exchange DMM Bitcoin, which the firm labelled an "unauthorised leak." Although such voluminous losses are rare, cryptocurrency platforms continue to be very sensitive targets for cybercriminals. The scale of the pilferages has risen alongside recent spikes in crypto prices, highlighting growing risks within the digital currency industry. Industry players are going to have to up their game in security from thereon to protect the digital currency and keep customer trust from falling apart.

Crypto theft surges in 2024 amid market rebound

Tether holdings, issuer of the largest stablecoin, is making waves with a new synthetic dollar backed by gold. This comes amid Tether's ambitions to expand beyond USDT stablecoin, a token worth $112.5 billion, backed by the US dollar.&nbsp;

Stablecoins are cryptos pegged to some external reference. The word 'stable' highlights their nature compared to other volatile cryptocurrencies.

This latest invention also highlights the trend of ‘de-dollarisation’ &amp; how it’s spreading beyond regular financial dealings to the crypto kingdom.&nbsp;

This new gold-backed stablecoin operates on tether's novel platform - Alloy by tether.&nbsp;

Built on the Ethereum blockchain, the platform, Alloy, allows users to mint tokens by depositing tether gold, another tether token representing the value of physical gold. This double-collateralised approach aims to ensure stability.&nbsp;

This launch comes at the backdrop of Tether reporting a profit of $4.5 billion in the first quarter of 2024. However, the industry faces ongoing scrutiny from regulators, particularly regarding the liquidity of reserves and their ability to withstand mass redemption requests.&nbsp;

This launch also marks a significant step towards portfolio diversification beyond the US Dollar. This new gold-backed token offers an open ecosystem for creating various tether assets. While the initial focus is on aUSDT, the platform's design paves the way for potential products with strong returns.&nbsp;

This also resonates with the gold standard used in monetary system until 1971, when US President Richard Nixon terminated this method.

Tether holdings, issuer of the largest stablecoin, is making waves with a new synthetic dollar backed by gold. This comes amid Tether's ambitions to expand beyond USDT stablecoin, a token worth $112.

Tether holdings, issuer of the largest stablecoin, is making waves with a new synthetic dollar backed by gold. This comes amid Tether's ambitions to expand beyond USDT stablecoin, a token worth $112.5 billion, backed by the US dollar. Stablecoins are cryptos pegged to some external reference. The word 'stable' highlights their nature compared to other volatile cryptocurrencies. This latest invention also highlights the trend of ‘de-dollarisation’ & how it’s spreading beyond regular financial dealings to the crypto kingdom. This new gold-backed stablecoin operates on tether's novel platform - Alloy by tether. Built on the Ethereum blockchain, the platform, Alloy, allows users to mint tokens by depositing tether gold, another tether token representing the value of physical gold. This double-collateralised approach aims to ensure stability. This launch comes at the backdrop of Tether reporting a profit of $4.5 billion in the first quarter of 2024. However, the industry faces ongoing scrutiny from regulators, particularly regarding the liquidity of reserves and their ability to withstand mass redemption requests. This launch also marks a significant step towards portfolio diversification beyond the US Dollar. This new gold-backed token offers an open ecosystem for creating various tether assets. While the initial focus is on aUSDT, the platform's design paves the way for potential products with strong returns. This also resonates with the gold standard used in monetary system until 1971, when US President Richard Nixon terminated this method.

Crypto giant Tether introduces new digital token backed by gold

Changpeng Zhao, founder of Binance, has become the richest prisoner in the US. This comes as Binance coin, or BNB, hit a record high of $717.48.&nbsp;

Zhao began a four-month suspension for failing to properly handle money laundering on the world’s largest crypto-exchange.

Despite these legal problems, Binance’s assets have increased from $80 billion in January to $125 billion today.&nbsp;

Zhao, whose net worth is estimated at $38.5 billion, is the richest US prisoner, and a large portion of his wealth is tied up in BNB tokens.

Launched in early June, BNB reflects strong demand in the crypto markets.&nbsp;

Analysts noted a strong buying trend at the end of May, with Binance accounting for 85 per cent of global BNB trading volume.&nbsp;

This growth is due to Binance’s strategic use of BNB, a popular platform for crypto applications, and the negotiation of reduced trading fees on its BNB smart chain.

The token’s impressive performance follows a historic $4.3 billion fine for anti-money laundering violations last year.

Changpeng Zhao, founder of Binance, has become the richest prisoner in the US. This comes as Binance coin, or BNB, hit a record high of $717.48. Zhao began a four-month suspension for failing to properly handle money laundering on the world’s largest crypto-exchange.

Changpeng Zhao, founder of Binance, has become the richest prisoner in the US. This comes as Binance coin, or BNB, hit a record high of $717.48. Zhao began a four-month suspension for failing to properly handle money laundering on the world’s largest crypto-exchange. Despite these legal problems, Binance’s assets have increased from $80 billion in January to $125 billion today. Zhao, whose net worth is estimated at $38.5 billion, is the richest US prisoner, and a large portion of his wealth is tied up in BNB tokens. Launched in early June, BNB reflects strong demand in the crypto markets. Analysts noted a strong buying trend at the end of May, with Binance accounting for 85 per cent of global BNB trading volume. This growth is due to Binance’s strategic use of BNB, a popular platform for crypto applications, and the negotiation of reduced trading fees on its BNB smart chain. The token’s impressive performance follows a historic $4.3 billion fine for anti-money laundering violations last year.

Binance’s Changpeng Zhao becomes richest inmate in US history

Russian commodities firms struggling to execute financial transactions with Chinese counterparts have started tapping a new method for settling deals - cryptocurrency or stablecoins. This shift is mainly attributed to current sanctions against Russia due to the ongoing Ukraine-Russia war.

Gravitas: Crypto, a saviour for sanctions-hit Russia?

We shift our focus to how sanctions-hit Russia looks at new trade settlement options. Stablecoins have emerged as a viable alternative. Russian commodities firms having trouble settling transactions with their Chinese counterparts use this method. Take a look at this report to know more.

Russian firms turn to crypto for China commodities trade

crypto

Crypto, News on Crypto, stories on Crypto, articles on Crypto, Crypto stories at Wion, Crypto news, Crypto latest news