TOP 5 Trending Coins
| Indices | LTP | Change (%) |
|---|---|---|
| Bitcoin | $27621 | 0.95% |
| Pepe | $0.0000007156 | 0.19% |
| XRP | $0.5246 | 0.64% |
| Solana | $23.12 | 0.96% |
| Chainlink | $7.69 | 1.90% |
JPEX moves forward with its DAO Shareholder Dividend Scheme, aiming to transition into a decentralized organization. Users allege assets being converted without consent, causing concern amid liquidity issues. Hong Kong authorities investigate JPEX's unauthorized crypto activities amid arrests and fraud accusations.
Polygon (MATIC) announces the launch of Polygon 2.0, aiming to revamp the blockchain with zero knowledge-based Layer 2 chains, staking, and governance. The community-driven upgrade has sparked a bullish trend, with MATIC's price surging over 10% in the past week to $0.5611, accompanied by increased trading volume. However, Polygon's Binance Funding Rate turned bearish, indicating potential selling pressure.
South African crypto exchange Valr has gained initial approval from Dubai's Virtual Assets Regulatory Authority (VARA). This step is vital for Valr's expansion beyond South Africa, although it doesn't yet permit the exchange to offer virtual asset services in Dubai. Valr aims to leverage VARA's global regulatory reputation to serve a broader audience. The move is driven by the Middle East's significant crypto activity and Dubai's reputation as a forward-thinking jurisdiction. Valr had previously raised $50 million in a Series B funding round to facilitate expansion into emerging markets like India and other African markets.
Former BlackRock managing directors believe the US SEC could approve a spot Bitcoin ETF in as little as "three to six months," due to a more collaborative approach by the regulator and the recent Grayscale lawsuit outcome. BlackRock's industry stature could give it an edge, but competition from other firms committed to digital assets looms. A spot Bitcoin ETF approval could potentially bring in a significant $150 to $200 billion into Bitcoin investment products over three years.
Historical data indicates Bitcoin often performs well in October, with 8 out of the past 10 years showing bullish gains. Despite optimism, caution is advised as past performance doesn't guarantee future results. Some believe crypto markets are unpredictable, emphasizing the need for careful analysis. Bitcoin's recent price uptick adds to the anticipation surrounding its October performance.
Crypto investors are accumulating Tether's USDT stablecoin, with a 7.1% increase in USDT holdings on exchanges, signaling readiness to re-enter the market. Large whales lead this trend, with their combined holdings rising from $7.23 billion to over $9.42 billion. This accumulation suggests a potential rally in the crypto market in 2023, starting with Bitcoin and Ethereum before moving into smaller cap coins, potentially bringing Bitcoin's price to $29,000 and the market cap above $1.1 trillion.
A Bank of Canada study highlights challenges in achieving financial inclusivity through central bank digital currency (CBDC). While CBDC is seen as a means to boost financial inclusion, the study identifies three key types of inclusion needed: financial, digital, and practical accessibility. Factors such as distance from financial institutions, digital literacy, security concerns, cognitive load, and disability issues present challenges to CBDC adoption. The study emphasizes the need for deeper research and the recognition that central banks will face unconventional challenges to create an inclusive CBDC.
The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Police Force (HKPF) have united forces, establishing a dedicated team to tackle illicit actions within cryptocurrency trading platforms. This task force, initiated in the aftermath of the JPEX controversy, seeks to foster information sharing concerning dubious activities, assess the risk factors associated with Virtual Asset Trading Platforms (VATPs), and enhance the synergy in probing crypto platform incidents. Hong Kong's law enforcement has apprehended 11 individuals linked to the JPEX exchange, which is implicated in the laundering of 190 million TRC20-USDT tokens.
Alameda Research, a cryptocurrency trading firm, faced an unexpected collapse revealed by former CEO Caroline Ellison, rather than internal warnings. The collapse was tied to its connection with sister company FTX, leading to both firms' downfall and criminal charges against Sam Bankman-Fried. A former engineer cited poor security practices and minimal oversight in monetary decisions, including a "fat finger" trade in 2021.
Also read - 24 Crypto Update, 04 Oct: Bitcoin rose, while Altcoins traded mixed
