Cryptocurrency Market Overview:
This week’s cryptocurrency market experienced heightened volatility due to geopolitical concerns, such as the Israel-Iran dispute. The Fear & Greed Index dropped to 41, reflecting a decline in market sentiment. Despite this, the global market cap saw a slight increase of 0.34% to reach $2.16 trillion. However, 24-hour trading volumes decreased by 43%, signaling reduced trading activity amidst global uncertainty. Major cryptocurrencies like Bitcoin, Ethereum, and Solana witnessed significant drops, largely attributed to ongoing global unrest.
Top Crypto News This Week:
SEC Appeals Ripple Ruling as Bitwise Files for XRP ETF
In a bid to overturn Judge Analisa Torres’ ruling in the legal battle with Ripple Labs, the SEC has filed an appeal. This move follows the court’s previous ruling in favor of Ripple. Meanwhile, asset manager Bitwise has submitted a proposal for an XRP ETF, indicating a growing interest from institutional investors.
Ripple Secures In-Principle Approval from Dubai’s DFSA
The Dubai Financial Services Authority (DFSA) has granted Ripple permission to expand its operations within the Dubai International Financial Center. This development is seen as a positive step for Ripple’s expansion in the Middle East, where blockchain technology and digital currencies are gaining traction.
Coinbase to Delist Tether and Other Stablecoins by End of 2024
Coinbase announced plans to delist Tether (USDT) and other non-compliant stablecoins by the end of 2024. This decision is in response to the Markets in Crypto-Assets (MiCA) law of the European Union, which mandates increased transparency and compliance for stablecoin issuers operating within the EU.
SWIFT to Launch Live Trials of Crypto Transactions Next Year
SWIFT, the global banking communications network, is gearing up for live trials of digital asset transactions in 2019. The initiative aims to integrate blockchain-based payments into SWIFT’s extensive network of over 11,500 financial institutions, potentially paving the way for wider adoption of cryptocurrencies in traditional banking systems.
Robinhood Allows Cryptocurrency Deposit and Withdrawal in Europe
Robinhood has expanded its cryptocurrency offerings by enabling European users to deposit and withdraw cryptocurrencies through third-party platforms. This move highlights Robinhood’s commitment to entering the European market, where demand for seamless cryptocurrency transactions is on the rise.
CME Group Deems the Bitcoin “BFF” Contract a Huge Success
CME Group’s recent Bitcoin Friday Futures (BFF) contract, launched on September 29, was deemed a success. The contract’s debut trade, involving Galaxy and Marex, garnered significant attention from traders, potentially setting a new standard for weekly Bitcoin futures trading.
LEGO Removes a Crypto Scam from its Homepage After Hack
Toy giant LEGO Group experienced a brief hacking incident where a fake “LEGO Coin” token appeared on its website, luring customers into a phishing scam. The issue was promptly resolved, with LEGO assuring users that no accounts were compromised. This incident underscores the growing threat of cyberattacks targeting popular 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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