Sixteen years after Bitcoin’s debut, regulators continue to face hurdles in accessing reliable crypto data, with privacy laws complicating efforts. Privacy of data is among the key legal challenges to cross-border cooperation in regulating cryptocurrencies like Bitcoin and stablecoins, according to the G20’s risk watchdog. The Financial Stability Board (FSB), a global financial authority funded by the Bank for International Settlements (BIS), has identified persistent gaps in how governments worldwide regulate the cryptocurrency market. “This inconsistency creates challenges such as regulatory arbitrage, data gaps, and market fragmentation,” the FSB wrote in a 107-page peer review report released on Thursday. Read more
Bitcoin plunged to $104,500 in the spot market as signs of credit strain in US regional banks reignited fears of a broader market sell-off. Key takeaways: US regional bank stress hit markets as auto sector bankruptcies exposed risky loans, sending financial stock prices sinking. Bitcoin fell below the 200-day SMA, dropping to $104,500 amid $1.2 billion crypto liquidations. Read more
Bitcoin price strength collapsed as US regional bank stress spilled over into crypto as it did in 2023, while traders focused on $100,000. Key points: Bitcoin falls to its lowest levels since June as familiar US banking turmoil returns. Traders see $100,000 possibly failing as support. Read more
Decentralized exchange Uniswap has integrated with Jupiter’s Ultra API, making over a million Solana tokens available on its web app. Decentralized exchange giant Uniswap has added support for the Solana network to its web app, enabling users to link their Solana wallet and trade Solana-based tokens alongside those from other networks. The company stated in a blog post that it is exploring bridging, crosschain swaps and full Uniswap Wallet support for Solana. Solana transactions made via the web app will be routed through the Solana DEX aggregator Jupiter, with its pseudonymous co-founder SIONG stating that Uniswap is the first major partner to utilize the Jupiter Ultra API for swaps. Read more
Ripple Labs is already a significant XRP holder, with its market report from earlier this year revealing it had 4.5 billion tokens in its stash, with another 37 billion locked in escrow. Ripple Labs is reportedly on the cusp of launching a fundraising effort to purchase $1 billion worth of its XRP token to hold in a digital asset treasury, according to Bloomberg. The fundraiser is being organized through a special purpose acquisition company or SPAC, Bloomberg reported on Friday, citing anonymous people with knowledge of the matter. The digital asset treasury (DAT) will consist of the freshly bought XRP (XRP) and Ripple will also throw in some of its own stockpile, but the exact terms of the transaction are still being hashed out, and could change before the deal is inked, according to Bloomberg’s sources. Read more
BitMine’s Tom Lee says that Ethereum will eventually flip Bitcoin’s market cap, despite being almost five times smaller currently. Ethereum could eventually surpass Bitcoin’s market share in a similar manner to how US equities overtook gold 54 years ago, when the US abandoned the gold standard, according to BitMine chair Tom Lee. “Ethereum could flip Bitcoin similar to how Wall Street and equities flipped gold post 71,” Lee said in an interview with ARK Invest CEO Cathie Wood on Thursday. Bitcoin’s (BTC) market capitalization is about 4.6 times larger than Ethereum’s, standing at roughly $2.17 trillion compared to $476.33 billion, according to CoinMarketCap. Read more