Major crypto exchanges recorded a net outflow on Oct. 24 as the price of Bitcoin (BTC) briefly touched the $35,000 mark for the first time in a year. The movement of funds away from exchanges is considered a bullish sign, as it indicates traders are moving their assets away from exchanges to secure storage, expecting…
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California legislators have proposed a new bill titled “Digital financial asset transaction kiosks,” calling for a cap on crypto ATM withdrawals of $1,000 per day in light of growing scams. Additionally, starting in 2025, the law would limit operators’ fees to $5 or 15% (whichever is higher). The bill, if approved, would come into effect on…
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Reddit’s r/CryptoCurrency community has fired two moderators who were found to be involved in insider trading of the Moons (MOON) token, Cointelegraph has confirmed. As Cointelegraph reported on Oct. 20, at least three wallets linked to Reddit group moderators dumped hundreds of thousands of dollars worth of MOON tokens on Oct. 18, just minutes before…
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The United States Securities and Exchange Commission has a very slim chance of winning its appeal against Ripple in the ongoing lawsuit, according to lawyer Bill Morgan, who has been closely following the lawsuit. Morgan, in a post on X (formerly Twitter), argued that there is no obvious appellable error other than in “Ripple’s favour…
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Coinbase crypto exchange chief legal officer Paul Grewal called on the crypto community to join the movement against the United States Treasury’s proposed tax reporting regulations on cryptocurrencies. Grewal urged the community to oppose the proposed regulations, as they could set a dangerous precedent for surveillance. Grewal took to X (formerly Twitter) to address the…
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The Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) released a consultation paper on Oct. 17, proposing to make it compulsory for banks to disclose their crypto exposure. The Basel Committee comprises central banks and financial authorities from 28 jurisdictions and is a forum for regulatory cooperation on banking supervisory matters.…
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The Bank of Canada published a staff note on decentralized finance (DeFi) on Oct. 17, assessing the innovations that made it popular and the challenges and risks associated with its use. The staff note described DeFi as a multi-layered structure, with the Ethereum blockchain serving as the bottom layer (or settlement layer). Developers construct a variety…
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The Reserve Bank of Australia (RBA) is open to using a central bank digital currency (CBDC) as the future of money, where state-issued digital money would represent a tokenized form of central bank reserves. In a speech titled “A Tokenised Future for the Australian Financial System,” Brad Jones, assistant governor (financial system) of the RBA, talked about…
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The United States government has become one of the largest Bitcoin holders with over 200,000 BTC worth more than $5 billion despite selling a few thousand BTC worth millions earlier this year. According to a data analysis based on public filings, crypto firm 21.co estimated that the U.S. government still holds 194,188 BTC, estimated to…
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The ongoing trial of former FTX CEO Sam Bankman-Fried has uncovered a series of explosive revelations in the form of testimonies from former key FTX and Alameda Research executives. The latest court proceedings on Oct. 12 saw former Alameda CEO Caroline Ellison testify for the third day, following which the jury was presented with a…
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