Cryptocurrency Market Overview
This week, the cryptocurrency market experienced heightened volatility driven by geopolitical tensions, particularly due to the ongoing disputes between Israel and Iran. The market sentiment reflected caution, with the Fear & Greed Index dropping to 41. Despite these concerns, the overall global market cap saw a modest rise of 0.34%, reaching $2.16 trillion. However, trading volumes over a 24-hour period fell by 43%, highlighting reduced trading activity amid global economic uncertainties. Significant declines were observed in major cryptocurrencies, including Bitcoin and altcoins such as Ethereum and Solana, largely influenced by the persistent geopolitical instability.
Top Crypto News This Week
SEC Appeals Ripple Ruling as Bitwise Files for XRP ETF
The Securities and Exchange Commission (SEC) has taken steps to challenge Judge Analisa Torres’ decision favoring Ripple Labs by formally filing an appeal. This legal maneuver follows a partial ruling that was favorable to Ripple. In the midst of these regulatory challenges, asset management firm Bitwise has submitted a proposal for a new XRP Exchange-Traded Fund (ETF), reflecting a growing interest in institutional investment in cryptocurrencies.
Ripple Secures In-Principle Approval from Dubai’s DFSA
Ripple has received in-principle approval from the Dubai Financial Services Authority (DFSA), allowing it to expand its operations within the Dubai International Financial Center. This strategic move marks a significant step in Ripple’s efforts to strengthen its presence in the Middle East, a region that is increasingly embracing blockchain technology and digital currencies. For insights into XRP’s future prospects, explore our XRP Price Prediction for potential price targets.
Coinbase to Delist Tether and Other Stablecoins by End of 2024
Coinbase has announced its intention to delist Tether (USDT) and other non-compliant stablecoins by the end of 2024. This decision is in response to the European Union’s Markets in Crypto-Assets (MiCA) law, which mandates greater transparency and compliance from stablecoin issuers operating within the EU jurisdiction.
SWIFT to Launch Live Trials of Crypto Transactions Next Year
The global banking communications network, SWIFT, is set to initiate live trials for digital asset transactions in the coming year. The primary objective of this initiative is to incorporate blockchain-based payment solutions into its extensive network of over 11,500 financial institutions. This development could mark a significant milestone in the broader adoption of cryptocurrencies within traditional banking systems.
Robinhood Allows Cryptocurrency Deposit and Withdrawal in Europe
Robinhood is expanding its cryptocurrency offerings by enabling European users to deposit and withdraw digital currencies via third-party platforms. This strategic move underscores Robinhood’s commitment to entering the European market, where there is a growing demand for seamless cryptocurrency transactions.
CME Group Deems the Bitcoin “BFF” Contract a Huge Success
The introduction of CME Group’s latest Bitcoin Friday Futures (BFF) contract has been met with considerable success. Launched on September 29, the debut trade was conducted by financial entities Galaxy and Marex, capturing significant attention from traders. This development may set a new benchmark for weekly Bitcoin futures trading.
LEGO Removes a Crypto Scam from its Homepage After Hack
LEGO Group encountered a brief hacking incident in which a fraudulent “LEGO Coin” token was displayed on its website, aiming to lure customers into a phishing scam. The issue was promptly resolved, and the company assured users that no accounts were compromised. This incident highlights the escalating risk of cyberattacks on well-known brands through cryptocurrency fraud.
Top Gainers of the Week
- FTX Token (FTT): +48.7% at $2.45
- Popcat (POP): +32.28% at $1.23
- Wormhole (WORM): +13.44% at $0.342
Top Losers of the Week
- Ethena (ENA): -20.96% at $0.2847
- Notcoin (NOT): -20.46% at $0.07305
- Lido DAO (LDO): -19.30% at $1.05
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