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Crypto Daily Roundup, 08 Nov: Altcoins Rise Amid Bitcoin Dominance

08-Nov-2023 By: Lokesh Gupta
Crypto Daily Roundup

Top 5 cryptocurrencies that experienced losses in the past 24 hours

TOP 5 Loser Coins

Indices LTP Change (%)
The Graph $0.1305 7.42%
Oasis Network $0.06473 6.91%
Near Protocol $1.43 6.88%
Neo $12.20 6.84%
Blur $0.3639 6.82%

Crypto News Key Highlights:

Altcoins' market share has been rising compared to Bitcoin in the past four months, reaching a 4-month high. Factors include Bitcoin price increases, improved market sentiment, and project developments. Despite this, Bitcoin enjoys regulatory advantages. Altcoins like Ethereum, XRP, and Solana have seen positive momentum due to regulatory clarity and increased interest.

XRP's price remains in a bullish position, described as a "markup phase" by a crypto analyst. The current phase follows an accumulation period and aims for further growth, with a key resistance level at $0.7345. Despite recent pullbacks, XRP maintains investor interest, with increased trading volume and a price of $0.69.

Solana (SOL) has experienced a 79% price surge in the last 30 days, but the Total Value Locked (TVL) on the Solana ecosystem has only doubled during this time. The Jarvis Labs team highlights the need for sustainable token design and a focus on ecosystem development to unlock Solana's full potential. Several new projects are injecting liquidity into the ecosystem, offering hope for growth.

Ripple CEO Brad Garlinghouse has hinted at significant announcements and heated discussions at the upcoming Ripple Swell 2023 event during DC Fintech Week in Dubai. Notable speakers include US Treasury Under Secretary Nellie Liang, Grayscale CEO Michael Sonnenshein, SEC Chair Gary Gensler, and others. Garlinghouse and Gensler will share the stage after a high-stakes legal battle, potentially discussing fintech and blockchain topics. This event is highly anticipated by the crypto community for insights into Ripple's future and challenges.

Representative Tim Burchett's proposed amendment to the FSGG Bill suggests reducing SEC Chair Gary Gensler's salary to $1, part of a broader effort to defund the SEC and control government spending. Lawmakers express concerns about regulatory overreach, urging agencies to refocus on their core missions while addressing financial burdens on the government. Gensler and the SEC have faced previous scrutiny from politicians.

South Korean authorities have arrested 25 individuals involved in a multi-million dollar crypto scam orchestrated through high-yield investment programs. The operation targeted deceptive crypto firms and multi-level marketing companies, ultimately defrauding over 4,000 individuals. The police have recovered a portion of victims' investments and plan to extend their investigation into the matter, focusing on exchange executives. This incident is part of a series of recent crypto scams globally.

Kazakhstan's Ministry of Culture and Information blocked access to prominent financial websites, including Coinbase, Interactive Brokers, and NYMEX, citing alleged violations of digital assets legislation and fraudulent activities. Interactive Brokers and NYMEX access was later restored, raising concerns about regulatory clarity and technical errors in the blocking process. Kazakhstan is navigating regulatory challenges in the cryptocurrency space.

Stablecoin issuer Circle is reportedly considering an initial public offering (IPO) in early 2024, following discussions with advisers. This move aligns with the increasing trend of crypto companies going public and coincides with the ongoing debate on stablecoin regulation in the United States.

Also read - 24 Crypto Update, 07 Nov: BTC Surpasses $35K with Top Coins in Green