Category: crypto

SWIFT will initiate live trials of digital asset transactions across North America, Europe, and Asia next year. The trials aim to connect traditional and digital assets using current SWIFT infrastructure, addressing connectivity challenges. Institutional interest in digital assets is rising, with 134 countries exploring CBDCs and a potential $30 trillion market by 2034.

Four years post-COVID, the global economy faces moderate inflation and low unemployment but uneven growth and rising debt, particularly in advanced economies. High inflation and interest rates in countries like Argentina and Turkey erode fiat trust, increasing Bitcoin’s relevance as an alternative financial system amid growing economic pressures and technological advancements.

Bitcoin experienced significant volatility, with a price drop from $62,000 to $60,000 and $272 million in liquidations over 24 hours. Traders faced pressure amidst market instability, leading to significant long liquidations, especially on Binance. Bitcoin is currently trading near $60,000, reflecting ongoing geopolitical and economic uncertainties.

Bitcoin investment firm Metaplanet sold 233 BTC put options, earning 23.97 BTC in premiums. This strategic move aims to leverage Bitcoin’s volatility for income while strengthening their balance sheet. CEO Simon Gerovich emphasized their commitment to enhancing Bitcoin reserves and generating profits through a dual approach of direct holdings and options strategies.

The SEC plans to appeal a mixed federal court ruling in its case against Ripple Labs over XRP, following an August decision that deemed some XRP sales non-violating of securities laws. Ripple executives expressed frustration, arguing the SEC’s appeal is unjustified and a waste of taxpayer money, while XRP’s value dropped.

A CFTC subcommittee approved guidelines for using tokenized money-market fund shares as collateral in traditional finance, potentially enhancing blockchain integration and capital efficiency. If endorsed by the full committee, this could boost tokenized collateral adoption, benefiting funds like BlackRock’s BUIDL and Franklin Templeton’s FOBXX. DeFi projects are exploring similar integrations.

Bitwise has submitted an application to the SEC for the first spot XRP ETF, aiming to directly hold XRP. The ETF would enhance Bitwise’s portfolio of crypto funds and is designed to support XRP’s role in cross-border payments. Approval, however, may be complicated by the SEC’s ongoing legal challenges.

Nigeria is now the second-largest global adopter of crypto, with a growing ecosystem relying on stablecoins for everyday transactions and remittances. Sub-Saharan Africa, despite low global transaction volume, witnessed significant crypto growth, driven by the need for alternative financial services, positioning the region for innovation and financial inclusion.

Tron generated $566 million in Q3, outperforming Ethereum, Solana, and Bitcoin, with a 43% increase from Q2. Its total yearly revenue reached $1.66 billion, a 113% growth. Driven by strong stablecoin activity, particularly USDT, Tron’s popularity in markets like Nigeria and Argentina has surged, fueled by low fees and fast transactions.

OpenAI raised $6.6 billion in its latest funding round, reaching a valuation of $157 billion. This funding will enhance its AI research and infrastructure. Despite projected revenues of $11.6 billion by 2025, the company anticipates a $5 billion loss this year due to high operational costs and executive departures.