Here you will find our daily update, which will provide you with all the main information and events on the crypto markets for the previous day.
Crypto market update
After failing to break through the level of $44,000 decisively, Bitcoin has retraced once again to below $42,000. Most alternative coins have also bled out in the past 24 hours, with Ethereum struggling well below $3,000. Thus the market capitalization of all cryptocurrency assets has declined by $100 billion from yesterday’s peak.
Bitcoin (BTC) is now trading at 41,832 USD (all data from Coingecko.com)
Ethereum (ETH) is now at 2,905 USD
PlatonCoin (PLTC) is now at 0,555 USD
Total marketcap is currently at 1.930 trillion USD
Daily news update
Top 100 companies and crypto: A recent Blockdata research found that 32 of the world’s top 100 publicly traded businesses are positive on cryptocurrencies, proving that even large organizations can no longer afford to ignore digital assets. In particular, among the top 100 firms, 32 have a positive attitude toward cryptocurrency, 61 have a neutral perspective, and only seven have an opposing stance. Particularly noteworthy is that many of these 32 favorable businesses are financial institutions that were previously skeptical about cryptocurrencies but are progressively changing their minds due to customer demand.
Europe becomes largest crypto economy: Europe has emerged as the world’s most active cryptocurrency block, receiving over $1 trillion worth of digital assets over the past year, according to new research from Chainalysis. The report found that the European region accounted for 25% of global crypto activity between July 2020 and June 2021. The region witnessed a sharp uptick in transaction volume across all crypto sub-categories, especially decentralized finance, or DeFi.
Bitcoin stored on exchanges lowest since 2019: On-chain analytics provider Santiment has reported that the supply of Bitcoin sitting on exchanges has fallen to levels not seen since May 2019. This is usually considered bullish as investors take BTC off exchanges when they’re in a position to hold and are not interested in selling. Santiment called it a “good sign of sell-off risk decreasing.”
Binance banning Singapore users: The world’s largest cryptocurrency exchange seeks to comply with the regulatory standards issued by the Monetary Authority of Singapore. The company said on Monday that users in Singapore will no longer be able to deposit fiat currencies, perform spot-trades or purchase any cryptocurrencies on its global platform, Binance.com, starting October 26.
Facebook and metaverse: The social media giant announced earlier this week its plans to create its own metaverse with the help of multiple parties. To do so, Facebook will allocate $50 million for research and program partners.
CBDCs can change cross-border payments: The Bank for International Settlements (BIS) has published a report touting the benefits of central bank digital currencies (CBDC), especially in reducing the cost of cross-border payments. According to the report published on Tuesday, CBDCs can reduce the transaction time of cross-border payments from three to five business days to only a few seconds and the phase two prototype showed a possible 50% reduction in the cost of cross-border payments.