Market Inflows Surge, Bittrex's Plan Approved; UK Unveils Crypto Regulation, Bitcoin Rally and Binance's Market Share Decline and more news...
GLOBAL NEWS?
Crypto Funds Witness Largest Weekly Inflow Since July 2022
Last week, crypto funds experienced their largest weekly inflow since July 2022, with over $326 million entering the market, largely driven by a surge in Bitcoin-based funds, which received 90% of the total influx. CoinShares attributed the heightened investor optimism to the anticipation of the Securities and Exchange Commission's approval of a spot bitcoin ETF, signaling a potential turning point for the industry's regulatory landscape.
Bittrex's Revised Bankruptcy Plan Approved by Court?
Bittrex has obtained court approval for its revised bankruptcy plan, enabling the closure of its U.S. operations. The approval , granted by Judge Brendan Shannon in a Delaware hearing, allows the company to proceed with its liquidation strategy aimed at repaying its remaining creditors. The court's decision was confirmed through a recent filing, citing the resolution of informal comments raised by the SEC during the process.
UK Government Unveils Comprehensive Crypto Asset Regulation Proposals
The UK government recently released final proposals derived from a comprehensive consultation on crypto asset regulation. Informed by industry stakeholders, experts, and recent market events, including the FTX incident, the proposals aim to incorporate various crypto asset activities within the regulatory ambit of financial services for the first time. Notably, the government emphasizes the requirement for authorization for firms catering to UK retail consumers, regardless of their geographical location. The outlined measures mandate authorization by the UK's Financial Conduct Authority for firms involved in crypto asset activities.?
领英推荐
Bitcoin's Wikipedia Page Views Soar Amid Price Rally and ETF Speculation
Last week, Bitcoin's Wikipedia page experienced a significant surge in interest, reaching its highest page view count since mid-2022, with 13,490 views on October 24, as reported by The Block's Data Dashboard. The rise in viewership is believed to be driven by the recent price rally of Bitcoin and optimistic developments regarding the potential approval of a spot Bitcoin ETF.?
Binance's Market Share Declines as Cryptocurrency Market Shows Signs of Recovery
The recent resurgence in the cryptocurrency market has injected renewed energy and optimism following a period marked by challenges such as FTX's collapse, regulatory scrutiny, and industry setbacks. However, the recent upswing, exemplified by Bitcoin's price surpassing $35,000, is not uniformly celebrated. Binance, in particular, has witnessed a gradual decline in its market share, dropping from 74% in December 2022 to 50% this month among exchanges not supporting USD, as reported by The Block's data dashboard.
RAIN NEWS?
Rain's Abdul Majeed Al Hamzah Featured in 2023 Global Crypto Adoption Index
Gain comprehensive insights into the regional crypto landscape and industry dynamics, featuring exclusive perspectives from Abdulmajed Alhamzah. Read more to delve deeper into the regional and global crypto market.
Spotlight article:
Crypto Winter Is Over