Category: crypto

Despite a crypto mining and trading ban since 2021, China controls 55% of the global Bitcoin network’s hashrate. The US is rising, with mining pools now at 40%. China’s underground crypto market thrives, while potential regulatory shifts suggest easing restrictions. Industry leaders call for a competitive crypto environment.

The Australian Securities and Investments Commission (ASIC) plans to implement a licensing regime for crypto service providers, requiring firms to obtain licenses under the Corporations Act. This aims to enhance consumer protection, reduce risks, and address market misconduct due to rising fraud. Industry feedback will be sought before finalizing regulations.

According to Citi’s “Global Family Office 2024 Survey Report,” optimism for crypto among family offices rose from 8% to 17% this year. Direct exposure remains favored, with 24% investing directly. Interest varies by region, with Asia Pacific showing the highest adoption. Nonetheless, 73% still prioritize other investments over crypto.

21.co has implemented Chainlink Proof of Reserve for its wrapped Bitcoin product, 21BTC, on Ethereum and Solana to enhance transparency and secure minting. This integration enables real-time asset verification and decentralized oversight. In contrast, Coinbase’s cbBTC faces scrutiny over its transparency and liability limitations regarding lost Bitcoin.

Telegram will now share user IP addresses and phone numbers with authorities under legal requests, marking a significant policy change. CEO Pavel Durov announced new moderation tools and urged user reporting. Despite this, privacy features remain intact. Durov is currently under judicial supervision following serious criminal charges in France.

Bitcoin (BTC) approaches its $65,200 high, facing potential consolidation. Its recent rally is driven by futures trading, raising volatility concerns. Open interest in Bitcoin futures has increased, while spot market buying has slowed. Renewed interest in Bitcoin ETFs and broader market trends may influence its future direction.

AI tokens have surged, averaging a 37% gain over the past week, significantly outperforming the market’s 15.9% increase. Bittensor led this rally with an 86.2% rise. Other crypto sectors such as data services and real-world assets also showed strong performance, while memecoins underperformed, averaging only 11.1% gains.

Bitfarms Ltd. and Riot Platforms Inc. reached a settlement before Bitfarms’ Nov. 6 shareholder meeting, following months of tension from Riot’s hostile takeover bid. Riot will withdraw its requisition, support Board expansion, and vote for governance changes. The agreement aims to enhance shareholder value and resolve ongoing disputes between the companies.

Digital asset investment products experienced $321 million in inflows for the second week, increasing total assets under management to $85.8 billion. Bitcoin-based products led with $284 million, while Ethereum faced continued outflows. The positive trend follows the Federal Reserve’s recent interest rate cut. The US was the primary contributor to inflows.

The Hong Kong Monetary Authority (HKMA) has launched the second phase of its central bank digital currency pilot, Project e-HKD+, focusing on advanced use cases like tokenized deposits and offline payments. Eleven firms will evaluate digital money’s viability, while an e-HKD Industry Forum will facilitate collaboration and address common challenges over the next 12 months.