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Cryptocurrency News Articles
Cryptocurrency Market Overview: BTC and Altcoins Increase Market Cap as ETH's Dips Slightly
Oct 09, 2024 at 06:07 pm
Over the month of September, ETH's market cap was down slightly. BTC and other altcoins have increased their market cap by 9% and 12%, respectively.
Macroeconomic factors, such as interest rate cuts by several central banks, influenced the cryptocurrency market in September. These cuts, aimed at stimulating economic growth, are generally considered positive for "risk on" assets like digital coins.
With inflation nearing central bank targets, another interest rate cut is anticipated, further bolstering a risk-friendly investment climate. During the US Federal Reserve meeting, interest rates were slashed by 50 basis points to support the economy amid slowing labor market growth.
Highlighting the institutional interest in cryptocurrencies, the last week of September saw a significant uptick in digital asset product investments, with over $1.2 billion flowing into these products in the US alone. This surge is attributed to positive reactions to U.S. monetary policy.
Stablecoin volumes also saw a remarkable increase across various blockchain protocols, with Celo recording record volumes during September.
In other news, a recent AI study revealed that larger and more advanced AI models are more prone to lying. While bigger AI models are typically better at answering complex questions, they also seem less hesitant to admit when they don't know the answer. Burgeoning AI project ASI voted to integrate cloud computing and blockchain platform Cudos into its expanding network.
One Wall Street giant recently tokenized $20 million in commercial paper on Ethereum. A recent study projects the real-world asset (RWA) tokenization market will grow from $118 billion to $10 trillion by 2030. Driven by regulatory clarity and institutional appetite, RWA tokenization can bring liquidity to private equity, real estate, and other suitable assets.
A major stablecoin issuer is bringing stablecoin exposure to institutional investors in Australia and the Asia-Pacific (APAC) region. This follows a similar initiative in Japan, as the issuer expands its presence in these growing markets.
The Middle East now contributes 7.5% to global crypto volume, largely driven by institutional and professional investors. The United Arab Emirates (UAE) has emerged as a major hub in the region.
Stablecoins account for 43% of sub-Saharan crypto transactions, fueled by unmet USD demand and the devaluation of local currencies.
September also saw several developments in digital asset enforcement actions and legislation. Former Alameda Research CEO Caroline Ellison was sentenced to two years in prison for her role in the FTX debacle. The SEC approved the trading of options for BlackRock's spot BTC ETF while rejecting the application for a hybrid BTC and Carbon Credits ETF.
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- Pepe (PEPE), DTX Exchange (DTX), and Ethereum (ETH) Are the Altcoins to Watch This Cycle
- Oct 09, 2024 at 10:20 pm
- Success stories in the crypto space are not rare anymore. Recently, one story caught the eye of many traders: a bus driver who quit his job to focus on crypto currency trading. By investing in promising altcoins, he became a millionaire.
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- Leading Stablecoin Issuers & Crypto Firms Embrace International Set Of Stablecoin Standards
- Oct 09, 2024 at 10:15 pm
- Stablecoin Standard, the industry body for stablecoin issuers globally, today announced that their recently unveiled set of global standards for stablecoin issuers have been endorsed by some of the leading stablecoin issues and ecosystem participants in the industry.
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- Bitcoin (BTC) Price Rebounds to $63,000, Attempts to Reclaim Critical Short-Term Holder (STH) Cost Basis
- Oct 09, 2024 at 10:15 pm
- Following a significant 10% price correction, the Bitcoin market has rebounded to the $63,000 level, attempting to reclaim the critical Short-Term Holder (STH) cost basis.