Here is what happened yesterday in the crypto market:
US Congress Advances Crypto Legislation
The US Congress concluded its “Crypto Week” by passing the GENIUS Act and moving other crypto-related bills to the Senate for consideration. This signals growing legislative attention to the cryptocurrency space. However, not all reactions are positive; Congresswoman Marjorie Taylor Greene voiced concerns that the GENIUS bill could be a backdoor for a government-controlled central bank digital currency (CBDC) under the guise of private stablecoins. Read more
Charles Schwab to Offer Bitcoin and Ethereum Spot Trading
Charles Schwab, a major investment services company, is preparing to launch spot trading for Bitcoin and Ethereum. CEO Rick Wurster confirmed the expansion of their crypto offerings, signifying increasing mainstream financial institution involvement in digital assets. Read more
Jack Dorsey’s Block Joins S&P 500 While Bullish Seeks IPO
Jack Dorsey’s financial services company, Block, Inc., saw its stock surge after news of its inclusion in the S&P 500 index. This marks a significant milestone for a company deeply involved in the crypto ecosystem. In other exchange news, Bullish, a cryptocurrency exchange, has filed for an initial public offering (IPO) in the US and aims to list on the NYSE under the ticker “BLSH.” Read more
Ether Bullish Momentum Continues Towards $4,000
Analysis suggests that Ether (ETH) is on the verge of a significant short squeeze, with projections indicating a potential rise to $4,000 soon. A 10% price increase could trigger over $1 billion in liquidated shorts, fueling further upward movement. Read more
Indian Exchange CoinDCX Hacked for $44 Million
Indian cryptocurrency exchange CoinDCX was reportedly hacked, resulting in a loss of $44 million. The attackers compromised an internal account used for liquidity provisions. This incident underscores the ongoing security risks in the cryptocurrency exchange landscape. Read more