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  • ESMA warned crypto investors on Tuesday: find out more

    ESMA warned crypto investors on Tuesday: find out more

    esma warns crypto investors
    • ESMA says MiCA will take time to be fully implemented.
    • Crypto investors, therefore, remain at risk in the meantime.
    • Bitcoin is trading well under the $29,000 level on Tuesday.

    All eyes are on Bitcoin after ESMA – the European Securities & Markets Authority cautioned crypto investors on Tuesday.

    MiCA will take time to be implemented

    Earlier this year, the European Union approved an extensive set of regulations for crypto assets that it’s calling Markets in Crypto-Assets Regulation.

    On Tuesday, however, ESMA warned crypto investors that it will likely take until December of 2024 for MiCA to be fully implemented.

    It is also worth mentioning here that a bunch of crypto firms will be able to remain in business without an EU license in states that grant them a transitional period of 18 months – which means full protections in these EU states will not be available until July 2026.

    At writing, Bitcoin is trading well under the $29,000 level.

    ESMA says no cryptoassets is ‘safe’

    ESMA did, however, confirm on Tuesday that it’s working closely with national regulators and is motivating them to apply Markets in Crypto-Assets Regulations rules as soon as possible.

    Even with full protection, though, it recommended investors to be cautious when investing in cryptocurrencies. The EU watchdog’s statement reads:

    Even with implementation of MiCA, retail investors must be aware that there will be no such thing as a safe cryptoassets.

    Currently, crypto assets are unregulated under the rules laid out by the European Securities and Markets Authority. Regulating the crypto market has become a priority for ESMA ever since the collapse of FTX and Terra Luna.

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  • BitGo acquires HeightZero to bolster crypto wealth management services

    BitGo acquires HeightZero to bolster crypto wealth management services

    • BitGo acquires HeightZero to serve the growing institutional interest in crypto wealth management.
    • BitGo CEO, Mike Belshe, emphasizes the urgency for wealth managers and RIAs to prepare for an impending Bitcoin ETF approval.
    • HeightZero’s services enhance BitGo’s capacity to offer secure long-term crypto holdings for institutional clients.

    Cryptocurrency custody specialist BitGo has made a strategic move in the rapidly evolving digital asset landscape by acquiring HeightZero, a software platform dedicated to providing wealth managers with tools to incorporate cryptocurrencies into their clients’ portfolios.

    While the financial specifics of this acquisition have not been disclosed, the implications are clear for the growing institutional interest in the crypto market.

    Preparing for the imminent Spot Bitcoin ETF approval

    With the anticipated approval of a spot Bitcoin (BTC) exchange-traded fund (ETF), BitGo’s CEO, Mike Belshe, has issued a clear call to wealth managers and regulated investment advisors (RIAs) to take action before the ETF is launched. Belshe emphasized the importance of acting swiftly in light of the impending surge in Bitcoin demand that the ETF is expected to trigger.

    “RIAs should absolutely be calling up BitGo, getting HeightZero, getting qualified custody and doing it now, before the ETF,” Belshe said in a recent interview. “Because when the ETF hits, there’s going to be massive demand for bitcoin. Now, you can wait for the ETF, and then you can invest in that. But you’re going to miss out on a big growth.”

    HeightZero acquisition by BitGo

    HeightZero has been instrumental in simplifying the integration of cryptocurrencies into traditional wealth management practices. The platform offers a range of services, including portfolio rebalancing, statement generation, tax loss harvesting, and automated billing tailored specifically for crypto clients.

    This acquisition strengthens BitGo’s capabilities in facilitating secure long-term holdings for institutions entering the crypto market.

    BitGo recently secured $100 million in funding and has been actively seeking strategic acquisitions. While some companies in the crypto industry have faced financial challenges, BitGo’s approach underscores a commitment to a forward-looking strategy. The acquisition of HeightZero aligns with BitGo’s aim to be a leader in providing comprehensive cryptocurrency solutions to institutions, especially as the crypto market continues to evolve and gain traction among mainstream investors.

    This acquisition is a significant step for BitGo, marking a deliberate move towards servicing the wealth management sector as digital assets become an integral part of traditional investment portfolios.

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  • Ferrari embraces crypto payments, partners with BitPay in the US

    Ferrari embraces crypto payments, partners with BitPay in the US

    • The luxury carmaker partners with BitPay to facilitate cryptocurrency transactions.
    • Ferrari is responding to growing customer demand and dealer requests.
    • The luxury car maker will start by accepting crypto payments in the US and later Europe.

    In some interesting crypto news, Ferrari, the iconic luxury sports car manufacturer, has officially announced its plans to accept cryptocurrency payments for its high-end vehicles in the United States.

    This groundbreaking decision, spurred by increasing customer demand and the rise of digital currency investments, represents a significant shift in the automotive industry. Here’s what you need to know:

    Crypto payments for iconic Ferraris

    Ferrari’s chief marketing and commercial officer, Enrico Galliera, has confirmed the brand’s intention to accept cryptocurrency payments in the US and later in Europe. This move was primarily driven by a surge in market demand and repeated requests from their dealers. Notably, Ferrari has observed an influx of young, tech-savvy investors who are enthusiastic about digital currencies.

    While the exact number of vehicles Ferrari expects to sell through cryptocurrency payments remains undisclosed, the company’s order portfolio is entirely booked until 2025, reflecting a strong demand for their luxury cars. This strategic adoption of cryptocurrencies aims to explore new avenues of connecting with potential buyers who are keen to use their digital assets for high-end purchases.

    BitPay partnership for seamless transactions

    For its initial foray into the cryptocurrency market in the United States, Ferrari has joined forces with BitPay, a major cryptocurrency payment processor. BitPay will facilitate the entire transaction process, ensuring a smooth experience for both buyers and sellers.

    Importantly, BitPay will offer conversions from popular cryptocurrencies, such as Bitcoin and Ethereum, into traditional fiat currencies, like the US dollar. This conversion mechanism is designed to protect Ferrari and its dealers from the inherent volatility of cryptocurrencies, ensuring that the value of the vehicles remains consistent.

    BitPay’s involvement doesn’t stop at currency conversion. They will also play a crucial role in verifying the legitimacy of the digital currency used for payments. This measure ensures that the funds do not originate from illegal activities, money laundering, or tax evasion, reinforcing the security and compliance aspects of the transactions.

    Ferrari’s decision to embrace cryptocurrency payments marks a pioneering step within the luxury automobile industry.

    While some large corporations have hesitated to integrate cryptocurrencies due to concerns about price volatility and environmental issues, Ferrari’s forward-thinking approach demonstrates its commitment to meeting the evolving preferences of its clientele. The company intends to introduce cryptocurrency payments in Europe during the first quarter of 2024, with potential expansion into other crypto-friendly regions.

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  • 7 best DeFi crypto tokens to 10x

    7 best DeFi crypto tokens to 10x

    In DeFi, discovering tokens with the potential for significant returns is similar to finding a diamond in the rough. Within the labyrinth of the DeFi market, certain trailblazers are shifting paradigms, holding the promise of exponential financial gains and pioneering shifts in the Web3 ecosystem. 

    Use cases range from platforms reshaping the traditional method of business financing using innovative NFT mechanisms to DeFi projects unravelling the interplay between art, AI, and finance. 

    We spotlight seven DeFi crypto altcoins positioned to soar and perhaps 10x in the upcoming bull run. If you take your time to read through and understand the fundamentals behind each of the tokens in this article you might stumble upon your next best crypto investment.

    Borroe Finance (ROE) is emerging as a standout player in the DeFi market, recognized for its groundbreaking AI-powered funding marketplace tailored for content creators and Web3 enthusiasts. It’s not just another cryptocurrency ICO but a platform changing the game for Web3 business financing. With $ROE tokens operating on the Polygon chain, an Ethereum sidechain, Borroe allows businesses to mint and sell NFTs representing future earnings. 

    For buyers, this means instant cash flow by acquiring discounted invoice NFTs, further tradable on secondary platforms. What sets Borroe apart is its alignment with Web3 principles, championing equitable value distribution and empowering users. This platform promises easy invoice trading, AI-driven risk evaluation, blockchain security, and efficient crypto and fiat transactions.

    Additionally, the tokenomics or “Roenomics” of Borroe has a deflationary nature, ensuring scalability and limited transaction fees. Given these attributes and Borroe’s unique value in bridging traditional funding gaps, it’s no wonder industry experts tag it among the top cryptos to buy now. Experts anticipate $ROE to increase by 350% after the presale. To participate in the presale, visit Borroe.Finance Presale

    InQubeta (QUBE) is quickly emerging as a game-changer in the DeFi tokens space, positioning itself as the world’s first Web3 crowdfunding platform tailored specifically for AI startups. Pioneering the landscape, InQubeta offers fractionalized investment options, with each AI investment venture represented as an NFT. Whether you’re eyeing the next big thing like MidJourney, QUBE grants you the golden ticket. The Ethereum (ERC-20) based QUBE isn’t just a regular altcoin. It’s a deflationary token, ensuring scarcity and value appreciation. Plus, experts anticipate that QUBE’s price will increase by 400% after the presale. 

    Furthermore, QUBE continues to impress as a governance token, it promotes democratic participation. Staking QUBE promises passive income, thanks to its dedicated reward pool, ensuring long-term holders get their fair share.

    To purchase the QUBE token, visit InQubeta Presale

    Domini ($DOMI) is making waves in the DeFi cryptocurrency space, blurring the lines between high-end art and decentralized finance. Positioned on Ethereum’s ERC-20 network, Domini introduces a visionary art marketplace where blockchain technology seamlessly integrates with traditional artistry. This game-changer transforms the elitist blue-chip art domain by tokenizing artworks into unique NFTs, enabling fractional ownership. 

    Consequently, even an average Joe can invest in esteemed artworks, removing antiquated barriers. Every tokenized artwork guarantees unwavering ownership records, strengthening trust and diversifying the art market. A salient feature of Domini? The Domini Marketplace is an original NFT platform allowing stakeholders to trade their art shares or scout for alluring art fragments to beef up their collection. 

    More than just the best coin to invest in, $DOMI provides passive income, courtesy of its 7% buy and sell tax, divided meticulously to fund burn processes, marketing drives, and ensure liquidity. Investing in $DOMI is simple, thanks to the extensive payment gateway that accepts top cryptocurrencies. 

    Stacks (STX) – Bitcoin alternative

    Bitcoin-centric scaling solutions have seen heightened interest, driven by a growing urge to harness Bitcoin beyond mere transfers. Amidst this narrative, Stacks (STX) presents itself as an emerging frontrunner. With its Nakamoto upgrade expected later this year, STX offers potential as the native token of the Bitcoin L2, Stacks. Notably, stackers of STX enjoy passive BTC yield, the rise of which correlates with increased Stacks usage. 

    However, the STX community faced a setback in April 2023 when a critical bug facilitated a skewed representation of the STX stack balance for a particular address, consequently leading to an unauthorized $425k gain. This flaw compromised the security of sBTC. Another challenge is the exploitation of the Proof-of-Transfer (PoX) consensus mechanism by a player, overshadowing its competitors claiming more STX rewards than due. 

    Stacks adopts economic disincentives to synchronize its ecosystem participants; however, the efficacy of this strategy in ensuring a solid BTC bridge and a consistent native price oracle is still under scrutiny. Investors should be discerning given the recent challenges faced by the network and the infancy of Bitcoin scaling solutions. For newcomers and those thinking about the big question of which crypto to buy today for the long-term, considering the evolving landscape of the DeFi market, Stacks indeed offers a promising investment opportunity.

    Render (RNDR) – a popular Metaverse project

    Born from the Ethereum blockchain and OctaneRender fusion, RNDR embodies decentralization in 3D rendering. Render Network, often abbreviated as RNDR, is a remarkable peer-to-peer GPU marketplace that pivots on enabling individuals to allot their idle GPU prowess to the execution of 3D rendering of motion graphics and visuals. 

    What sets it apart? A straightforward ROI in the form of RNDR, the platform’s intrinsic utility token. The elegance of RNDR lies in its optimization of traditional rendering protocols, positioning it as a cornerstone for digital prodigies in the burgeoning metaverse. Amid the digital entertainment era, where 3D visuals are the norm, from the immersive world of online gaming to the mesmerizing crypto metaverse, the demand for advanced rendering – the meticulous transformation of a 3D blueprint into a textured visual treat – is surging. The protocol’s decentralized nature promises scalability beyond comparison, with its robust GPU rendering network capable of massive expansion aligned with evolving project requisites. 

    It’s not just about computational might; RNDR offers users a rich palette of choices, whether outsourcing tasks or harnessing surplus GPU energy, driving operational efficiency through the roof. And remember blockchain security ensures unmatched IP safety, safeguarding the creator’s rights, a rarity in today’s centralized platforms. For crypto novices seeking the next best DeFi coins or thinking about what crypto to invest in, RNDR emerges as a fascinating blend of next-gen tech with vast potential. Making it a top contender in the best crypto to invest list.

    Hedera (HBAR) – a leading altcoin

    Hedera Hashgraph, or HBAR, is a unique entry in the ever-growing DeFi cryptocurrency sector. At its core, Hedera aims to provide a versatile platform, different from typical erc20 tokens, on which individuals can transact or develop applications under the watchful eyes of a conglomerate of businesses. Unlike many decentralized systems on the decentralized cryptocurrency list, it sets itself apart with distinct design choices. While it offers impressive transaction speeds for its HBAR cryptocurrency, it only permits selected nodes to have a say in transaction history. 

    Such a model ensures rapid finality, minimizing the potential for subsequent changes to transaction states. This structure assures businesses, offering them the confidence to act based on this reliable data. Beyond its operational features, Hedera has caught the attention of giants such as LG, IBM, and Boeing, which have integrated as nodes in this system. Founded by Leemon Baird and Mance Harmon and having raised $124 million from its HBAR sales, this network’s prominence in the best crypto-to-invest category continues to rise.

    Lido Dao (LDO) 

    Lido Dao (LDO) stands out as a revolutionary protocol in the cryptocurrency for beginners’ landscape, showcasing innovative solutions to Ethereum’s staking challenges. Born just before Ethereum’s iconic “Merge,” Lido’s Liquid Staking innovation addresses the daunting 32 Ether staking requirement, permitting users to tap into the staked tokens’ locked value. This is achieved through stTokens, acting as placeholders, granting users the flexibility to engage in the Decentralised Finance (DeFi) market and boost their yields. 

    Unlike conventional staking methods, Lido offers the advantage of asset liquidity, ensuring assets can be utilized across various DeFi applications and top crypto coins. Not restricted to Ethereum, Lido has extended its wings to other notable Proof of Stake blockchains, including Polygon and Solana. Governed by its community through the LDO token, Lido stays committed to its mission: simplifying decentralized staking, making it accessible and appealing to a vast audience.

    Conclusion

    As the epoch of decentralization unfolds, Web3 platforms continue to entice, allure, and, more importantly, revolutionize traditional financial constructs. While cryptocurrency trading might seem daunting for beginners, altcoins, like those in this article, paint a promising future picture. Whether the innovation-laden Borroe or the fusion of art and finance in Domini, the DeFi space is brimming with opportunities. 

    However, as with all investments, prudence is key. Let this article guide you in ensuring the best DeFi tokens are in your portfolios. After all, today’s informed choice could be the stepping stone to tomorrow’s financial windfall. Consider the nuances when discovering opportunities such as the coolest NFTs or altcoins that can lead to massive returns.

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  • Stafi (FIS) defies crypto market outlook, token up 13%

    Stafi (FIS) defies crypto market outlook, token up 13%

    Stafi Fis Price Hike
    • Stafi (FIS) price is up 3% in the past 24 hours and 13% this past week.
    • The Staking Finance governance token has seen a spike in whale transactions of $100k+, on-chain data shows.
    • Interest is seeing FIS outperform major altcoins.

    Stafi (FIS), the governance token of the StaFi protocol, has seen a decent spike in the past 24 hours to bring total gains in the past week to more than 13%.

    Currently trading at around $0.29, FIS has outperformed the major cryptocurrencies as they continue to struggle for volatility. All top altcoins by market cap are 2%-5% down in the past seven days, with Bitcoin (BTC) perched above $26k but down 4% in the outlined period. Ethereum, which came under renewed downward pressure following news of Vitalik Buterin’s latest ETH transaction, remains below $1,600 with -3.8% in the past week.

    Why is the price of Stafi (FIS) up today?

    As noted, FIS is a governance token for the Staking Finance, a DeFi protocol that offers access to liquidity of staked assets.

    Other than its use in staking, FIS is used as transaction fees. But traders and investors are increasingly turning to the protocol rTokens, reward tokens that one receives when they stake Proof-of-Stake coins and tokens like Ethereum. These tokens are tradable and act as collateral on lending platforms. In other words, FIS holders have various opportunities of earning, including from staking rewards and lending of rTokens.

    Stafi has recently added rTokens for Polygon (MATIC) and Cosmos Hub (ATOM).

    Interest in FIS has skyrocketed over the past few weeks, reflecting in the token’s price performance. According to data by market intelligence platform Santiment, FIS is among a few smaller cap altcoins to see a significant uptick in whale accumulation.

    Per on-chain data the firm shared on X, whales have been “most active,” in the ecosystems of aelf (ELF), Cream (CREAM), Stafi (FIS) and Linear (LINA). The networks have witnessed a surge in whale transactions involving $100,000 or more.

    “These projects have a higher probability to see big swings this week,” Santiment analysts have noted.

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  • The 5 best crypto to buy now for under $5

    The 5 best crypto to buy now for under $5

    In the ever-evolving world of cryptocurrencies, hidden gems often shine the brightest. Today, we dive into the realm of crypto gems, those digital assets priced under $5 that have the potential to make a significant impact in 2023.

    Among the finds, we’ll explore Borroe.Finance ($ROE) is a standout candidate for the best crypto investment opportunities, making it essential not to overlook.

    Amidst the search for a good crypto to buy, Borroe.Finance ($ROE) stands out as a beacon of innovation. Priced at a mere $0.0125 per token, Borroe.Finance has swiftly gained recognition through its ongoing presale event. 

    This project boasts an extraordinary concept of an advanced AI-powered funding marketplace that empowers content creators and Web3 participants to access immediate cash by trading their future earnings. The unique model encompasses various income streams, including subscriptions, invoices, royalties, etc.

    LunaX (LX)

    LunaX has emerged as a promising cryptocurrency, represented by the LX token. Its primary objective? To revolutionize cross-border payments. The crypto world has witnessed LunaX’s low transaction fees and lightning-fast processing times, challenging conventional banking systems and remittance services. 

    With the continued growth of global commerce, LunaX positions itself as a formidable player, facilitating secure and efficient international transactions. Indeed, LunaX stands as one of the top crypto coins to watch in 2023.

    Solis (SOLI) is a blockchain platform with a noble focus — sustainability and environmental responsibility. By employing a Proof of Stake (PoS) consensus mechanism, Solis minimizes energy consumption, making it an eco-friendly choice in the crypto space. 

    Given the rising concerns about the environmental impact of cryptocurrencies, Solis has garnered attention from environmentally conscious investors. Its potential for substantial growth in 2023 is notable, driven by its eco-friendly approach.

    ThetaEdge (TED)

    ThetaEdge (TED) serves as the native token of the ThetaEdge network, a decentralized edge computing platform. Edge computing is rapidly gaining traction due to its ability to enhance the speed and efficiency of data processing, a critical component for emerging technologies like IoT and AI. 

    As the demand for effective edge computing solutions continues to soar, ThetaEdge’s TED token stands poised for increased adoption and potential value appreciation throughout 2023.

    MetaverseCoin (META)

    MetaverseCoin (META) is among the best metaverse coins. It spearheads the metaverse revolution, powering transactions within virtual worlds. This cryptocurrency empowers users to acquire virtual assets and experiences within these immersive digital realms. 

    The metaverse concept is gaining immense popularity across various sectors, including gaming, entertainment, and even business. In light of this, META exhibits undeniable potential for explosive growth in 2023, serving as a gateway to the future’s immersive digital landscapes.

    Best crypto investment opportunities 

    As we explore the world of crypto gems, LunaX, Solis, ThetaEdge, and MetaverseCoin shine as tokens with untapped potential. These digital assets, priced under $5, offer unique value propositions and are well-poised for growth in 2023. 

    Alongside them, Borroe.Finance emerges as a groundbreaking project that should not be overlooked. In the fast-paced crypto landscape, the quest for the best crypto to buy today for long-term gains takes us on a journey filled with hidden treasures and innovative opportunities.

    For investors actively seeking the best cheap crypto investment opportunities, Borroe.Finance’s presale offers an enticing proposition. With over 90 million $ROE tokens, each priced at just $0.0125, this presale provides an attractive entry point into the crypto market. 

    In a realm known for rapid changes and market unpredictability, staying informed and vigilant is essential. Timing often plays a pivotal role in the crypto success and Borroe.Finance ($ROE) has positioned itself as a compelling prospect for savvy investors who recognize the potential of its innovative funding marketplace.

    To learn more about Borroe.Finance ($ROE) visit Borroe.Finance Presale | Join The Telegram Group | Follow Borroe on Twitter

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  • ImmutableX spiked 34% after major crypto exchange lists IMX

    ImmutableX spiked 34% after major crypto exchange lists IMX

    • ImmutableX (IMX) price rose more than 30% after a top exchange listed the altcoin.
    • While IMX still tops other crypto gainers in top 50 this past week, it has retreated from near $0.78, to $0.65 amid profit taking.

    ImmutableX (IMX) was among the hottest coins this week, skyrocketing more than 34% to top the list of gainers across the top 50 coins by market capitalization. With mega cap altcoins largely constrained, the price of IMX rose to near $0.78 – the highest level since August 2. 

    Listing on one of the world’s largest cryptocurrency exchanges might have triggered the buying pressure.

    Korean listing triggers IMX buyers

    Immutable is billed as the “future of Web3 gaming,” with decent traction for the ecosystem seen over the past several months. The launch of the Immutable zkEVM Testnet has added to this outlook as developers find it easier to build Web3 games.

    IMX has however not seen much upside amid broader crypto malaise since Bitcoin’s retreat from the $31k area. This week has however witnessed a massive spike in buy pressure – a scenario likely triggered by news of the listing of IMX/KRW on leading South Korea crypto exchange Upbit.

    But according to blockchain sleuth Lookonchain, IMX rising saw major deposits to exchanges soon after – including from top blockchain gaming company Animoca Brands.

    At the time of writing, the cryptocurrency was seeing some downside pressure amid profit taking. IMX/USD traded around $0.65 on major cryptocurrency exchanges. According to data from CoinGecko, the altcoin had shed just over 1% in the past 24 hours.

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  • Crypto is “maturing well”, Mohamed El-Erian says

    Crypto is “maturing well”, Mohamed El-Erian says

    • Crypto is getting more and more institutionalised and maturing well, says Mohamed El-Erian.
    • The top economist pointed to the flip in sentiment from major players such as BlackRock as good for crypto.
    • El-Erian also commented on US inflation.

    Mohamed El-Erian, the chief economic advisor at Allianz, says the cryptocurrency industry is getting more institutionalized and maturing well. The economist and president of Queen’s College, Cambridge, shared the outlook during an interview with CNBC’s “Squawk Box” show on Tuesday.

    His comments also came as Bitcoin bounced off lows seen on Monday to trade above $26,000 as the broader market awaits the latest on US inflation. BTC was also up as asset manager Franklin Templeton filed for a spot bitcoin ETF to add to those of BlackRock, Fidelity and others.

    Crypto becoming part of global ecosystem

    According to El-Erian, the growing embrace of crypto by big mainstream players can only be good for the sector even amid the wider scope of Fed’s rates path.

    “Crypto is settling as part of the ecosystem. People have recognized it’s not the new global currency. People have also realized it’s not going to disappear tomorrow. It’s been institutionalized. If I were a crypto person, this maturation process is a good thing,” he told CNBC.

    The investor also noted that headline inflation is likely to “prove much more complicated”, with core inflation less well behaved amid the Fed’s battle to bring it to its desired 2% level. 

    In his opinion, the market may have to absorb the notion that the trajectory is “higher for longer.” He also thinks that the assumption is that the Fed will have to cut rates beginning early 2024, but this may not happen.

    El-Erian, who said he could not predict where the crypto market is headed in terms of price performance, is however optimistic about crypto’s future in relation to the growing adoption by Wall Street giants. It is this perspective that could outline the potential impact to cryptocurrency prices.

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  • Stacks and Toncoin lead the bull cycle as global crypto market cap surge

    Stacks and Toncoin lead the bull cycle as global crypto market cap surge

    • Stacks (STX) has gained 18.43% today to trade at $0.5319 at press time.
    • Toncoin (TON) has gained 15.51% today to trade at $1.74 at press time
    • Bitcoin Cash (BCH) had jumped by 12.33% to trade at $216.57.

    The cryptocurrency market has turned green today with a majority of the top cryptocurrencies by market cap registering significant price surges. Stacks (STX), Toncoin (TON), and Bitcoin Cash (BCH) have come out as the top gainers as the global crypto market cap increased by 4.35% to hit $1.09 trillion. 

    But what is making the crypto market surge? Well, let’s delve into the factors behind today’s crypto price surges.

    Why is the crypto market rising today?

    Today’s crypto market price surge coincides with Grayscale’s win against the US SEC in the Bitcoin ETF case.

    The US Court of Appeals for the DC Circuit on August 29 ruled in favour of Grayscale in its long-running lawsuit against the Securities & Exchange Commission.

    The ruling was monumental for the crypto industry which has been agitating for SEC’s approval of Bitcoin ETFs. The ruling not only paves the way for the approval of the Bitcoin ETF petition filed by Grayscale but also for the BTC ETF applications made by BlackRock and Fidelity.

    Bitcoin price chart

     

    After a long consolidation of around $26k, Bitcoin price momentarily surged above $28k minutes after the court ruling on August 29. Although the price of BTC has since slightly pulled back the bulls still seem to be squarely in control.

    Ethereum (ETH), the second-largest cryptocurrency by market cap has also surged above $1,700 after staying below $1,700 for two straight weeks.

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  • Bitcoin drops $28.8k amid huge crypto record huge outflows

    Bitcoin drops $28.8k amid huge crypto record huge outflows

    • Bitcoin price fell to $28,800 across major exchanges as Ethereum hit lows near $1,800.
    • Equities also showed signs of uncertainty with mixed trading recorded.
    • Crypto investment products saw outflows totaling $107 million, the primary focus being BTC.

    Bitcoin traded near the $28,800 early afternoon on Monday as caution dictated overall sentiment across the market.

    Stocks were mixed in midday trading on Monday as earnings season starts to wind down and investors brace for an inflation reading crucial to the Federal Reserve decision making.

    While the S&P 500 and Dow Jones Industrial Average held slightly positive ground at 0.5% and 0.9% respectively, the tech-heavy Nasdaq Composite and Rusell 2000 were down 0.1% and 0.2% respectively.

    BTC hovers at key level amid huge outflows

    On Monday, digital assets manager CoinShares released the latest weekly report on digital asset investment products flows. According to an analysis by the firm, total outflows for last week was $107 million.

    Bitcoin saw total weekly outflows of $111 million. Although outflows into short bitcoin products reportedly stopped for the first time in 14 weeks, those from the flagship cryptocurrency were the largest since March.

    Meanwhile, Ethereum recorded outflows of $6 million, while Solana outpaced the top altcoin with $9.5 million in inflows. There were also inflows of $0.5 million for XRP and $0.46 million for Litecoin. Uniswap had $0.8 million in outflows and Cardano with $0.3 million.

    James Butterfill, Head of Research at CoinShares noted in the report that the outflows have come amid increased profit taking deals in recent weeks. Also notable was the decline in weekly trading volumes for digital asset investment products and on-exchange volumes – which stood at 36% and 62% year-to-date respectively.

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