Here is what happened yesterday in the crypto market:
Bitcoin Nears October Lows Amid Market Correction
Bitcoin slid 3.5% in the past 24 hours to approach October lows as the broader crypto market experiences a risk-off session. This decline led to over $1.3 billion in liquidations across various cryptocurrencies, with Bitcoin falling below $104,000. Analysts are noting a sentiment of “extreme fear” among traders, with some even anticipating a drop to $92,000. Short-term holders are reportedly capitulating, offloading over $3 billion in BTC at a loss. Privacy coins, however, are outperforming in this downturn.
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Ethereum’s 20% Freefall Triggers $1 Billion Liquidation Cascade
Ether, the second-largest cryptocurrency, tumbled more than 20% in a two-day rout, trading below $3,500. This sharp decline triggered a $1 billion liquidation cascade, highlighting the interconnectedness and volatility of the crypto market during periods of selling pressure. The market sell-off also impacted other major altcoins, with Solana and XRP dropping significantly.
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U.S. Sanctions North Korean Bankers for Crypto Laundering
The U.S. Treasury has imposed new sanctions on North Korean bankers and institutions. They are accused of laundering millions in cryptocurrency obtained through cyberattacks and illicit IT work schemes. This action underscores the ongoing efforts by global authorities to combat the use of digital assets for illicit financing and national security threats.
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Ripple Acquires Palisade to Expand Institutional Offerings
Crypto services company Ripple has acquired Palisade, a digital asset custody platform. This acquisition aims to expand Ripple’s offerings for businesses and institutions, signaling a push towards wider enterprise adoption of cryptocurrency solutions. Concurrently, Ripple’s stablecoin, RLUSD, achieved a significant milestone by surpassing $1 billion in market capitalization less than a year after its launch.
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Coinbase Faces Pushback on Trust Bank Charter Application
A U.S. bank lobbying group, the Independent Community Bankers of America (ICBA), has petitioned the Office of the Comptroller of the Currency to reject Coinbase’s application for a national trust charter. The group argues that such a move could threaten traditional banks. This highlights the ongoing tension and competition between established financial institutions and emerging crypto-native companies seeking broader integration into the financial system.
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