Cryptocurrency Market Overview: This week’s increased volatility in the cryptocurrency market was caused by geopolitical concerns like the Israel-Iran dispute. With a Fear & Greed Index of 41, market sentiment declined while the global market cap grew somewhat by 0.34% to $2.16 trillion.
However, the overall 24-hour volumes decreased by 43%, indicating a decline in trade in the face of unpredictability in the world economy. Significant drops were seen in Bitcoin and altcoins like Ethereum and Solana, which were mostly caused by the continuous global unrest.
In an attempt to reverse Judge Analisa Torres’ decision in its legal dispute with Ripple Labs, the SEC has formally filed an appeal. This comes after the court’s previous partial finding in favor of Ripple. Notwithstanding the regulatory obstacles, asset manager Bitwise has put in a proposal for a new XRP ETF, indicating growing institutional interest.
The Dubai Financial Services Authority (DFSA) has granted Ripple permission to expand its activities within the Dubai International Financial Center, which is a welcome step. With this move, Ripple hopes to increase its footprint in the Middle East, where blockchain technology and digital currencies are being adopted more and more.
Concerned about XRP’s future? Read our XRP Price Prediction for potential price targets!
Coinbase made an announcement of its plans to delist Tether (USDT) and other non-compliant stablecoins by 2024’s end. This move is a reaction to the Markets in Crypto-Assets (MiCA) law of the European Union, which requires stablecoin issuers to maintain increased transparency and compliance to operate inside EU jurisdiction.
The worldwide banking communications network, SWIFT, is getting ready for live trials of digital asset trades in 2019. Successively, the initiative’s main goal is to incorporate payments based on blockchain technology into its extensive network of more than 11,500 financial institutions. This might be a big turning point for the general adoption of cryptocurrencies in the conventional banking system.
Robinhood expands its crypto offerings by letting European users deposit and withdraw cryptocurrencies using third-party platforms. This move demonstrates Robinhood’s strong intentions to enter the European market, where demand for smooth cryptocurrency transfers is increasing.
CME Group’s latest Bitcoin Friday Futures (BFF) contract, which went live on September 29, was deemed a success. The contract’s debut trade, conducted by Galaxy and Marex, sparked widespread attention among traders, perhaps setting a new standard for weekly Bitcoin futures trading.
Toy giant LEGO Group experienced a brief hacking incident in which a bogus “LEGO Coin” token appeared on its webpage, enticing customers into a phishing scam. The problem was swiftly fixed, and the business assured users that no accounts had been compromised. Successively, this event underscores the increasing risk of cyberattacks on popular brands via cryptocurrency fraud.
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