Crypto market has been in  an accumulating state since last week and the XRP community is eagerly expecting further up movement accumulating. Thus, XRP whales have begun surprising the market with epic movements and timely changes in its operations. A large XRP buying spree from one single whale has been noted by crypto monitoring group, Whale Alert.

Increase in Trend of Large Withdrawals

As per Whale Alert, this investor has moved 40 million XRP tokens from the crypto exchange Bybit to a personal wallet. This transfer in XRP is anticipated to be equivalent to about $23.3 million XRP price as of today. This huge volume of XRP should help push the bullish train into the market according to pundits.

40,000,000 #XRP (23,325,021 USD) transferred from #Bybit to unknown wallethttps://t.co/axVtvSaTNT

— Whale Alert (@whale_alert) September 27, 2024

Also, it contributes to another large investor’s buying binge of XRP tokens. There was recent detection of another movement of about 30 million XRP. From the overall looks of these trades, it is clear that these XRP traders are actually speculating that the Coin can pump substantially in the near future.

30,000,000 #XRP (17,686,140 USD) transferred from #Bybit to unknown wallethttps://t.co/ROGxlVBmmN

— Whale Alert (@whale_alert) September 24, 2024

A more elaborate picture of this enthusiastic XRP Purchase can be seen from the crypto analytics firm, CryptoQuant. They showed that nearly 71 million tokens left exchanges on the 26th of September and over 55 million tokens have left the exchanges today, the 29th of September. 

Source: CryptoQuant

All these figures point to repeated buying of XRP by the investors and this makes the need for utilization of XRP strong.

XRP price rally coming?

The XRP price at the time of writing this article stands at $0.5866. The price has declined in the last 24 hours by 0.66%. Altogether, while the rest of the crypto market and even such biggest coins as Bitcoin (BTC) demonstrate steady growth, XRP remains locked in an expanded consolidation range. That sideways movement is continuing without any prospect of ‘pullback’ in sight.

However, this scenario might shift in the next few days. In the same period, the trading volume of XRP has risen by 17.75 % to 24hr $1.2 billion. This increase in the trading volume testifies to the existence of a healthy overbear sentiment in the trading space; most trading participants are involved in buying. Therefore, there is every possibility that it will take the broader market by surprise and cause a spurt in the XRP price in the near future.

Solana (SOL) the 6th most traded cryptocurrency of the market grew over 2% in the past 24 hours, as per CoinMarketCap. Several market analysts claim the spike in the trading price is backed by the ongoing bull dominance in the market. 

The intraday trading volume of SOL grew over 50% reaching $3,200,410,571; however other experts claim that the surge in prices, volume, and market is backed by the announcement from Play Solana Gen-1 handheld gaming console which reported being completely sold during its discounted pre-sale phase. 

“If you missed out, don’t worry. Pre-order Wave 1 for the PSG1 will be opening soon, giving everyone a chance to secure their device,” the X post by Solana Play dated September 26, 2024 notes.  

We are officially SOLD OUT for the discounted <Player1> phase.If you missed out, don’t worry. Pre-order Wave 1 for the PSG1 will be opening soon, giving everyone the chance to secure their device. Stay tuned for updates. pic.twitter.com/mRZpg3EEwE

— Play Solana (@playsolana) September 26, 2024

The positive movement in SOL price can be attributed to the recent partnership of Solana with Chainflip. On September 26, 2024, it came into the public domain that Chainflip and Solana joined hands to offer enhanced benefits for the SOL ecosystem. 

Solana (SOL) Price Analysis 

According to data from TradingView, Solana’s trading price surged 9.64% in the past seven days, 12.10% in a quarter, and 54.04% YTD. When writing it was trading above the 20, 50, 100, and 200 days EMA. 

Source: TradingView

After viewing the ongoing scenario it is expected that if bulls continue to maintain their dominance over the seller SOL could soon test the first nearest resistance of $163.46 followed by $178.31 as the next resistance. 

In case of lost control bears could drive the price of Solana to the nearest support of $115.38 followed by $100.53. The technical indicators suggest that the pace of growth and holdings is expected to apply a break to avoid downfalls in coming weeks.  

The total TVL of DeFi (decentralized Finance) based on the Solana blockchain is $3.17 billion from which $1.18 billion is solely contributed by Jupiter followed by Raydium with $966.23 million and Orca with $443.57 million in TVL. 

Till September 27 the total active addresses on the Solana blockchain were 2,545148; however, in the past 30 days, it saw a spike in the registration of new wallets on the chain.    

Source: SolScan(dot)io (Active wallets) Source: SolScan(dot)io (New accounts) Crypto Market Price Updates 

The cryptocurrency market capitalization grew significantly in the past 24 hours reaching $2.30 trillion; the total crypto market volume over the last 24 hours is $88.74 billion, which makes a 25.01% increase. 

Bitcoin surpassed the much-awaited resistance of $65k and was trading at $65,822; it is largely asserted that if the buyers’ dominance continues then it is expected to reach $70k in coming weeks. 

The intraday gainers’ list is majorly topped by the memecoins such as Floki, Shiba Inu, and Pepe. The trading prices of PEPE grew significantly after a leading crypto mogul bought over 24 billion Pepe memecoins. 

Staking platform Bedrock stated that their platform was affected by a bug involving uniBTC, where users were able to trade a uniBTC for an ETH token.

Bedrock informed on September 27 through an X post that they are aware of the security breach and the problem is “addressed” by its team.

They also comforted the users that the rest of the funds are secured, and they have plans to roll out a reimbursement model shortly; they estimated that they lost about $2 million worth of digital assets.

Important Announcement from the Bedrock TeamWe want to inform you that the Bedrock team is aware of a security exploit involving uniBTC. The issue has been handled and funds are SAFU.We want to reassure everyone that the underlying wrapped BTCs and BTCs in reserves are…

— Bedrock | Bitcoin Restaking LIVE (@Bedrock_DeFi) September 27, 2024

Still, a user on the platform mentioned that the bug enabled him to swap his Bitcoin for Ethereum. This is because the security exploit was targeted at the platform’s uniBTC – a synthetic token of Bitcoin for decentralized finance.

According to a current price index, Bitcoin is being sold at $65,449 per token, and Ethereum at $2,659.

Taking Responsibility for the Bug

Bedrock took responsibility for most of the loss it took stating that it was from decentralized exchange liquidity pools adding that the wrapped Bitcoin tokens and standard Bitcoin that are stored in reserve are safe. 

At present, there are no further actions from our community any more than is currently expected during the daily lives of our societies. The community can be assured that all the deposited uniBTC are still safe, said Bedrock while also announcing that the platform will be publishing an after-action report shortly.

For now, the protocol team has detected the source of the vulnerability and is actively cooperating with their audit teams to try and recover the stolen tokens.

Bedrock was launched in February of the year 2023 by a Singapore-based blockchain firm known as RockX. It was hence developed in a way that would make liquid staking appealing to institutional investors by addressing the know-your-customer and anti-money laundering requirements.

Source: DefiLlama

As per DefiLlama, Bedrock is the eighth largest liquid staking protocol currently sitting at a $241+ million TVL. 

Price Trends of BTC and ETH

Currently, the daily Bitcoin price for today is $65,249.86 per coin with a total volume traded within the day stands at $36,691,579,179. Bitcoin is up by 3.85% in the last one day or the previous 24 hours. Today’s Ethereum price in terms of live real-time is $2,648.54 with a 24-hour volume of $16,826,193,042. Ethereum has increased over the last 24 hours by a margin of 2.01%.

In the last few weeks, Bitcoin has had a bullish movement suggesting recovery above the $53,00o support level after trading in a narrow range. The data points to blockchain’s Ethereum being much lower in 2022 than in the end of 2021 but currently also rising as well.

Memecoins have gathered huge attention, and the memecoin market capitalization has been $55.61 billion as of this writing. However, Pepe (PEPE), a popular memecoin, grew over 16% and reached $0.00001049.  

The possible reason behind the surged trading volume and prices of Pepe is the injection of huge funds, as leading moguls began holding massive PEPE in their wallets. 

Market observer asserts that the spike in Pepe and Mog, a cat-themed cultural coin seems to be clearly backed by the X post of Arthur Hayes. 

It's time for a memecoin breakout. I respect my $MOTHER, I $MOG like no one else, but I can't neglect $PEPE. Yachtzee Bitches!

— Arthur Hayes (@CryptoHayes) September 27, 2024

In the post, he wrote “It’s time for a memecoin breakout. I respect my MOTHER, I MOG like no one else, but I can’t neglect PEPE.” The on-chain analyst firm SpotOnChain also confirmed the purchase of 24.39 billion PEPE valued at over $252k when writing. 

After $ATH, Arthur Hayes turns to accumulate memecoin $PEPE!In the past 2 hours, Arthur Hayes (@CryptoHayes) deposited 1M $USDC to #Binance and withdrew back 24.39B $PEPE ($252K) to wallet 0x6cd for the first time.Follow @spotonchain for more updates about #ArthurHayes and… https://t.co/zTPMYKQH7W pic.twitter.com/032cBetVuv

— Spot On Chain (@spotonchain) September 27, 2024

It is crucial to note that before the purchase of Pepe, Hayes deposited 1 million in USDC, a stablecoin and 4th most traded in the market. 

Memecoins Market Updates

Earlier this week DWF Labs and GraFun announced a strategic partnership for the betterment and advancement of the memecoin market. On September 17, 2024, BabyDoge Coin joined hands with Sundog, a memecoin based on the Tron blockchain.    

Dozens of leading memecoin even have partnerships with sports personalities, celebrities, Soccer teams, and cricket teams. It is claimed that this type of promotional tactic was first leveraged by FTX, now a bankrupt centralized exchange.

The intraday topper list of memecoins is led by LandWolf (WOLF) trading at $0.003172 with a surge of 92% followed by Byte (BYTE) at $0.00001482, Floki (FLOKI) $0.00017 surging 14.24%. 

Source: CoinMarketCap

The number of memecoins in the crypto market is over 2900; so to identify a legitimate project is quite a tough task. Doge Killer is trading at $364.21 which makes it the most valuable memecoin in terms of price followed by PUPS (PUPS) at $6.68, and PepeCoin (PEPECOIN) at $3.47. 

However, the position of most traded memecoin is held by one of the oldest memecoin Dogecoin with an intraday trading volume of $$1,467,069,120. Doge’s trading volume grew over 49% in the past 24 hours and its market capitalization reached $18.00 billion. 

Other News Updates 

Christian Angermayer, a known crypto investor and the founder of Apeiron Investment Group left England and moved to Lugano. The decision to relocate seems to be influenced by heavy taxes on cryptocurrency in the UK. 

GrayScale’s Bitcoin ETF has been struggling hard to lose its grip over the market in the past 24 hours it saw an outflow of $7.73 million. IBIT by BlackRock has gathered huge attention and has seen the highest inflow since its launch. 

Crypto Market Price Updates 

Until publishing the cryptocurrency market capitalization was $2.30 trillion with a surge of 1.98% in the past 24 hours. At the same time, the fear and greed index by CoinMarketCap was at 54 reflecting neutral sentiment in the vast market. 

Strong bulls dominance pulled Bitcoin prices above 65k, as of writing it was at $65,413 surging 1.25% intraday and 3.21% in a week. Its market capitalization grew 1.52% reaching $1,292,837,374,765 and trading volume at $38,474,478,210 after surging 45.61%. 

Nations with huge taxes on cryptocurrency buying, selling, and holding have seen a surge in migration of residents to countries with low & favorable taxes. Bloomberg reported that Christian Angermayer, the founder of Apeiron Investment Group and a known investor has left England and moved to Lugano. 

His major investments are in life sciences, fintech, AI, psychedelics, and crypto; as of writing, his real-time net worth was $1.1 billion, making him the 2699th richest in the world.  

He said, “Every non-dom I know has left or is about to leave.”

The city of Lugano made several amendments to its tax acceptance mode, and in December, it announced that it had begun accepting tax payments in Bitcoin and Tether.  

A person aware of the fact notes that the move by Angermayer to shift is appreciated, as he decided to shift to Lugano, Switzerland which exempts taxes on holding or selling cryptocurrencies, which means no taxes on the profit booked by trading cryptos. 

Switzerland is competing with other evolving crypto markets, such as the United Arab Emirates, India, and Hong Kong.  

Recent News Updates

Data from CryptoSlam(dot)io notes that Known Origin #74758 became the most costly in the past 24 hours for $145,215, followed by Bitcoin Shroom #91 for $63,350. The NFT sales volume of the vast market surged more than 22%, reaching $13,692,196. 

In the past few days, the ETFs have seen significant traction; as of writing, the U.S. Bitcoin ETF market saw a daily net inflow of $365.50 million. As per SoSoValue, ARKB saw an inflow of $113.82M, followed by IBIT with $93.38M, FBTC with $74.00M, and BITB at $ 50.38 M. 

Despite this inflow, the Bitcoin ETF by Grayscale (GBTC) continues to bleed, mirroring an outflow of $7.73 million and a cumulative net inflow of$20.01 billion. IBIT by BlackRock continues to expand its presence and dominance over the ETF market; its Bitcoin holding recently surpassed that of GBTC. 

On September 27, 2024, Todayq reported that the U.S Securities and Exchange Commission (SEC) had given a green signal to  Bank of New York Mellon Corp for crypto custody above Exchange Traded Funds.

In a discussion with media professionals, the president of Ripple noted that the company’s stablecoin backed by the U.S dollar will debut on the market soon; the company is seeking approval from the U.S SEC.  

Crypto Market Price Update 

Until publishing, the cryptocurrency market was $2.258 trillion, with a surge of 5.94% in the past seven days, and in the past 30 days, it grew 10.52%. At the same time, the fear and greed index powered CoinMarketCap at 54, reflecting neutrality. 

Source: TradingView

The market capitalization recently surpassed 20, 50, 100, and 200 days of exponential moving average (EMA). The constant bull dominance has pulled the Bitcoin price above $65k; when writing it was trading at $65,749 with an intraday surge of 1.01%. 

Source: TradingView

BTC prices have registered a surge of 10.21% in the past 30 days and 55.48% YTD (year-to-date). Despite the surge in the trading price, the market dominance of Bitcoin fell 1.43% in a week. 

The MENA region, or Middle East and North Africa is currently witnessing a historical increase  in the crypto market. A recent research stated that between July 2023 and June 2024 the MENA region accounted for around 7.5% of the total global volume of crypto transaction with a share of $338.7 billion.

This hike depicts the growing interest of the traders in the MENA region in terms of global digital asset business with an increased demand both from commoners to bigger businesses.

Source: Chainalysis Turkey And Morocco: Leading Crypto Adoption in MENA

The MENA region is witnessing a crypto hype with Turkey and Morocco holding 11th and 27th ranks respectively out of 77 in the recently released IOS global crypto adoption index. Turkey emerged as the most developed country in terms of crypto economy with a whopping $137 billion in transactions, followed by Morocco with $12.7 billion. A huge proportion of this amount is attributed to bigger shareholders, which accounted for around 93% of the overall crypto activities in the MENA region, which highlights the increasing interest of large players into crypto investing.

Source: Chainalysis

Turkey’s adoption of ListBox reflects its growing population which eagerly wants to hedge on higher inflation rates in the country. Stablecoins are increasingly being used in the country while providing stability in a volatile economy. Morocco’s adoption is similarly retail-dominated with crypto serving as an avenue to classical financial systems.

Saudi Arabia and UAE are Advancing the DeFi Industry

The two main contributing nations to the growth of DeFi are KSA and UAE. The UAE, for example, got to $30 billion in transactions and is among the 40 biggest economies in terms of cryptocurrencies. Both nations are concentrating on decentralized platforms and DeFi services, especially due to the UAE’s liberal regulatory atmosphere.

Source: Chainalysis

The Kingdom of Saudi Arabia has adopted DeFi most especially DEXs. The country’s DeFi activity is higher than the global mean suggesting its function as a testing ground for the potential new financial technologies. UAE, especially Dubai through VARA is ensuring that the region remains one of the most compliant regions for DeFi and Crypto.

Stablecoins and Altcoins Start to Emerge in MENA

Shifts are observed in the MENA region, where more and more market share is held by stablecoins and altcoins. Stablecoins rule in Turkey and for good reason – they avoid dealing with Turkish lira currency and its unpredictability due to high inflation. One of the reasons for stablecoins is the necessity for stability in unstable market conditions. Like many others, the UAE considers stablecoins as the first step towards obtaining other crypto services.

Source: Chainalysis

Focus on altcoins is also growing, especially in Israel and Saudi Arabia where people are starting to expand their portfolios beyond Bitcoin and Ether. This diversification suggests a rising demand for high-risk – high propensity-yielding assets.

It is fast emerging that the MENA region is going to be a major player in the global market of cryptocurrencies. The growth of blockchain in the Middle East backed by Institutional interest, integration of DeFi products, and the changing legal tender laws point towards a bright future of digital assets. Both individual and institutional investors remain interested in this market as it progresses further.

Almost every established bank is nowadays willing to enter the cryptocurrency market following the surge in adoption worldwide. DBS Bank & Citi Bank are among the leading traditional financial intuition offering several crypto based services to maintain their dominance in the global financial market. 

It is reported that the U.S Securities and Exchange Commission (SEC) has given a green signal to  Bank of New York Mellon Corp for crypto custody above Exchange Traded Funds.

According to the available information the bank evolved as the first institution to get an exemption from Biden-vetoed SAB 121; it is qualified to offer digital assets and  Bitcoin custody services.

The SEC Chair, Gary Gensler, said that Mellon’s crypto custody framework and its existing structure for Bitcoin and Ethereum could be extended and utilized for other digital assets.

“Though the actual consultation related to two crypto assets, the structure itself was not dependent on what the crypto was; it didn’t matter what the crypto was,” Gensler noted.

He described that the ‘non-objection’ to expanding custody services is based on the structure itself, not the type of crypto asset. This provides a precedent for other banks considering entering crypto custody. 

It is important to note that BNY uses individual cryptocurrency wallets, assuring that the assets of customers are safe and stored separately from the bank’s assets, helping them mitigate the risk of losses in case of insolvency. 

The wallets of BNY are created with the consultation of the Securities and Exchange Commission’s Office of Chief Accountant, directing to the “non-objection” decision by the regulatory commission. 

Crypto Custody Market Size

According to a study by Business Research Insight, the vast global digital asset custody market size was $553.82 billion in 2023 and is projected to reach $3742.82 billion by 2032 at a CAGR of 23.65%. 

Market spectators comment that COVID-19- 19, the disastrous pandemic that shocked the finance markets, including other markets, which backed the popularity of crypto custody services. 

BitGo, Coinbase, Tangany, Hex Trust, Bakkt, Cactus Custody, and Fireblock are some significant players in the crypto custody market. Some reports claim the traditional custody services market is comparatively less than the cryptocurrency custody market. 

Other Market News Updates

On September 26, 2024, Todayq reported that bad actors gained access to the YouTube channels belonging to Indian podcaster Ranvir Allahbadia. Both the channel’s names were changed following the hack and the content was deleted. 

After that, the hackers uploaded old clips of Tesla owner Elon Musk and Donald Trump.

However, the mastermind behind it has yet to be identified, several experts and enforcement agencies are working to identify the culprit. 

The breach was conducted to promote a cryptocurrency scam in the name of Musk; hackers leveraged the live stream feature of YouTube and presented a clone of Musk developed through AI, arguing that people should invest in a suspicious website. 

While talking over the lawsuit with the SEC and matters, the President of Ripple notes that stablecoin ‘RLUSD’ is expected to enter the market by the end of this year. However, Ripple is seeking approval from the U.S regulator to launch the stablecoin. 

Crypto Market Price Updates

When writing, the cryptocurrency market capitalization was $2.28 trillion, with an intraday surge of 2.59%. At the same time, the fear and greed index by CoinMarketCap was at 54, reflecting neutrality in the market. 

Until publishing, Bitcoin was trading at $64,885, with a surge of 2.87% in the past 24 hours; its trading volume surged over 42%, reaching $36,306,167,136. Ethereum was trading at $2,664 with an addition of 0.95%; similarly, its trading volume grew over 16%, reaching $16,576,500,382. 

The BabyDoge coin has hit the market and has grown to 120% within just 10 days of its existence. This increase may be attributed to the rising interest from the retail and especially institutional investors, coupled with vigorous activity in social media platforms. But market insiders are already warning of a pullback after this type of exponential growth, stating that despite a continued token appreciation it should be taken into account that the market might turn. The current price movement of BabyDoge is the feature typical for any meme-coin market that experienced high fluctuations recently.

The fluctuation in the price of Baby Doge was sourced from Watcher Guru, revealing that the token has risen by 144% in the last 14 days mainly due to social media sentiment. Its incredible surge in value also led to the meme coin bamming more than 1.15 million holders from other popular coins such as Shiba Inu.

According to Webull, the increase in social media engagement and celebrities have helped the humble meme currency, BabyDoge, to land among the top one hundred cryptocurrencies by market cap in the world.

BabyDoge’s Meteoric Rise

BabyDoge is an altcoin that is similar to Dogecoin in that it rode on the wave of social media reporting. It then skyrocketed 120% in price within just 10 days of its launch, causing people to wonder how far it is going to go. This boost was due to the actions of other meme coins where high volatility is the norm as well as speculative activities dominate more occurrences.

This has made investors first attracted to BabyDoge because of its content and uniqueness appealing to the new generation of traders especially, the social one. This paper has identified that the token’s staking rewards structure and the marketing campaigns conducted by the community have played a major role in the growth of this token. Due to the cute image of the mascot and similar to Dogecoin and Shiba Inu tokens, BabyDoge was able to gather an active audience of fans.

Will Growth Continue?

However, there are questions as to whether the current rally can be sustained or have to Call for a pullback. The current price of BabyDoge Coin is $0.00000000223 and its 24-hour volume in the market is nearly $85,986,366. Babydoge was intended to be a meme coin with a purpose – to help save dogs and bring awareness to animal adoption.

Experts believe that there is definitely more scope for BabyDoge to grow, but the sharp price spike may result in a reversal shortly. Tokens like BabyDoge are some of the luck memecoins, and a sudden shift in market trends can have investors going from a huge profit to a loss.

Here, however, technical analysis can also be seen with both bull and bearish point of views. In one respect, there is more to be said about BabyDoge due to the community’s increasing online activity and the expansion of its market presence; however, in the other regard, it is still questionable whether its current price is sustainable. To longer-term investors, this could either be the sign of a buy signal, or indeed a signal of increasingly elevated risk.

The unstoppable growth of social media has become one of the most popular and cheapest ways to reach the masses, easily and bad actors are aware of this. Social media platforms like Instagram, Facebook, and Telegram are regarded as the key elements that helped digital assets reach more and more people.   

Most recently, bad actors took control of the YouTube channel of known influencers, content creators, and podcaster Ranvir Allahbadia to advertise fraudulent crypto scams; he lost control over both his YouTube channels.

After the channels were hacked, they were renamed as “Elon.trump.tesla_live2024” and “Tesla.event.trump_2024.” The bad actors deleted the content of both YouTube channels and posted some old videotapes of Elon Musk and Donald Trump. 

Social media experts believe the surge of social media hacks and other profiles of Indian celebs came obeying their huge fan following on various social media platforms. It is crucial to note that Instagram’s and YouTube’s major user base is from India.   

The ongoing hacks and cyber activities have raised severe concerns over the security of YouTube and other platforms; most recently, the YouTube channel of the Supreme Court of India was also breached to advertise cryptocurrency scam. 

The hackers used the live stream feature of YouTube featuring Tesla owner Elon Musk, encouraging the viewers to invest in crypto, falsely claiming they could 2x their money by depositing BTC or ETH on a suspected website “elonweb(dot)net.

However, it is crucial to note that Musk’s clone was prepared using the trending artificial intelligence technology.  

Other Recent Hacks 

Most recently, Todayq reported that bad actors took control of the X account of OpenAi to promote a fraudulent crypto scam. The hijacking of social media accounts and other public profiles has surged over 40% in the past two quarters. 

Technology experts claim that the surge in related activities is backed by the surging adoption of cryptocurrencies among youth globally. The majority worldwide is present over messaging applications and other public profiles, which helps hackers and fraudsters target digital currency enthusiasts easily. 

Crypto Market Price & News Updates

When writing, the cryptocurrency market capitalization was $2.27 trillion, surging over 1.50% in the past 24 hours. At the same time, the fear and greed index powered by CoinMarketCap was at 48, reflecting a neutral sentiment in the broader market. 

Until publishing, Bitcoin was trading at $64,451 with a surge of 1.71% intraday; however, its trading volume fell more than 5% and market capitalization reached $1.28 trillion after a growth of 1.50%.  

The weekly gainer’s list is topped by Sei (SEI) as its price surged over 42%, reaching $0.4737, followed by Bittensor (TAO) at $543, with a growth of 43.07%. 

To strengthen its regulation of its digital asset market, the Dubai Virtual Assets Regulatory Authority (VARA) has tightened the rules covering the marketing, promotion, and advertisement of investments.

These new regulations are designed to protect investors from unsuitable or potentially high-pressure promotion techniques and want promotional information disclosed to the public to be honest and not misleading.

Better Supervision in Crypto Marketing

A number of changes have been implemented in VARA’s theoretical framework, such as the higher attention to the nature of the presentation of products related to cryptocurrencies. Organizations are now compelled to meet higher standards while presenting their products to the market.

They state that all promotions of securities shall be accurate, balanced, and free from exaggerations that could convey misleading information. This means that crypto-related businesses should declare the risks involved and should not mislead their clients by offering inflated rates of return.

Secondly, the regulations require that firms provide clear terms and conditions so that the prospective investors for the digital assets can understand them and also the risks that they are willing to undertake. These rules are intended to prevent unscrupulous practices in the sales process, which, as a rule, are typical for the unfavorable market environment, such as cryptocurrencies.

New Crypto Licensing Requirements

These changes also apply to firms that advertise the trading of cryptocurrencies. All the corporations that previously chose Dubai as a place for placing advertisements or marketing the crypto assets, now need to obtain licenses from VARA.

They are obliged to prove that they are dedicated to adhering to the rules and regulations of the Dubai market, and can assure that they offer their clients dependable and legal services.

Doing so brings the city into line with other global financial hubs in terms of crypto regulation, as Dubai continues to aggressively promote itself as a hub for financial technology while striving to avoid the pitfalls of the past that led to the collapse of traditional stock markets. It also indicates that Dubai has no intention of relinquishing the tag of being a crypto-friendly city or country, but a regulated one.

Protecting Retail Investors

Of a total of 128 new rules, 33 of them address the risks that blindly following market noise poses to retail investors. The VARA has since provided a reminder that when communicating any promotional material to non-professional investors it has to be in terms that such a person would readily understand owing to the complexity of financial terms. Moreover, companies must ensure that they give proper disclosure statements concerning the risk associated with crypto investments.

In this regard, the investor’s first approach aligns with Dubai’s regulatory goals and aspirations due to the following reasons The overall regulatory goals that Dubai seeks to achieve are building and maintaining a healthy and orderly market for the protection of the individual investors.

Impact on Dubai’s Crypto Market

Dubai’s Crypto market is experiencing significant growth, with a projected market increase of 7.89% from 2024 to 2028. This market is aiming for a market volume of approximately $395.80 million by 2028. The recent amendments by VARA directed towards stricter requirements for companies marketing crypto investments. This indicates a move towards more regulated practices in the crypto sector. 

The changes in the rules regulating marketing will eventually affect the Crypto market in the Dubai theater a lot. When the criteria of advertising are identified, businesses will have to proceed with marketing strategies more carefully, making the remaining adjustments in compliance with the rules to eliminate penalties. It could then encourage firms dealing in cryptocurrency to act more responsibly and make the investors’ space safer.

The new rules introduced by the VARA are quite reasonable to theoretically regulate the Cryptocurrency sector in Dubai. Due to this, it is clear that Dubai seeks to enhance safety through a policy of openness, licensing, and investor shield to keep on nurturing the landscape for both the firms and the investors in the region as a global hub for digital currencies.

Stablecoins evolved as one of the most popular types of cryptocurrencies, with a market capitalization of  $173.42 billion. The title of most traded cryptocurrencies is held by fiat-backed stablecoin Tether (USDT), followed by Bitcoin and others. 

Blockchain activity watchers and analysts argue that the yet-to-be-launched stablecoin of Ripple ‘RLUSD’ might debut on the market soon. This claim is due to the recorded surge of activities on the XRP Ledger (XRPL) and Ethereum blockchain. 

The data also highlights a surge in minting activities, indicating that the stablecoin might be launched soon. The co-founder of XRP Cafe, an NFT marketplace on the XRP Ledger, noted in an X post dated September 25, 2024, that Testing activity is increasing, and a launch on XRP Ledger and ETH  is coming closer. 

I have been monitoring #RLUSD activity closely. The past couple mints are not following the same pattern, time and days.Testing activity is increasing, maybe a launch on XRP Ledger and ETH is coming closer Anyway, a mint of 589 RLUSD on the XRPL would fulfill the prophecy. https://t.co/pcwXXpHz6x

— Vet (@Vet_X0) September 25, 2024

Related Updates

Monica Long, the president of Ripple, asserted while discussing with media personnel that “ The stablecoin ‘RLUSD’ will debut in the market by the end of this year; the regulatory clearance is awaited. 

Adding the president noted that the stablecoin launch will not harm the market share/position in payments. 

We believe stablecoins and XRP have different use cases for payments and other transactions. For example, DEXs on XRPL will be able to use RippleUSD very efficiently, while XRP will continue to be used for transactions with long-tail, smaller market cap crypto assets,” long quoted.   

In a decision over a ripple lawsuit filed by the U.S. SEC, the court ruled that XRP was not a security. The case focused on gathering funds by selling XRP, which was termed unregistered security by the regulatory commission. 

As of writing, XRP/USD was trading at $0.58963 with an intraday trading volume of $1,040,616,187, which makes it the 8th most traded in the crypto market. In a quarter, the trading prices of XRP grew by 24.26% and surged by roughly 18% in the past 52 weeks.  

Source: CoinMarketCap Market Other News Updates 

In an official release, PayPal Holdings Co announced that it enables the buying, selling, and holding of crypto services for business account holders in the U.S. However, the services will not be available for the ones in New York City.  

The police of Hong Kong noted in a statement dated September 25, 2024, that shops set up and operated by fraudsters looted millions from 13 investors. Defrauding gained significant traction when a 43-year-old crypto mogul was processing a third transaction and was held in a room by the involved bad actors. 

The Senior Inspectors said, “After the victim handed over the cash to a female receptionist at the counter, she falsely claimed she needed to count the money and exited into a separate room.”    

Crypto Market Price Updates 

At the time of writing, the cryptocurrency market capitalization was at $2.25 trillion, with a nominal addition of 0.82%. Simultaneously, the fear and greed index by CoinMarketCap was at 48, denoting ongoing neutral sentiment in the market. 

In the past 24 hours, Bitcoin prices surged more than 1.26%, reaching above the market of $64k, when writing was trading at $64,321. Its intraday trading volume fell more than 2.50%, reaching $25.60 billion, although its market capitalization grew to $1.27 trillion, adding 1.06%. 

WorldCoin tops the intraday gainers list, adding 17.52%, reaching $2.13, followed by Starknet (STRK) at $0.4969 with a surge of 16.07%. Similarly, the loser’s list is ruled by Bittensor (TAO) as it lost 3.68%  intraday, reaching $553.04, followed by Sei (SEI) at $0.4501, with a decline of 3.45%. 

The total crypto market volume over the last 24 hours is $67.53B, which makes an 8.74% decrease. The total volume in DeFi is currently $4.17B, 6.17% of the entire market trading volume. 

Hong Kong is termed to have one of the fastest-evolving cryptocurrency markets in Asia, but crypto-based scams and frauds in the region mimic the surged pace. 

A regional media organization noted that around 13 investors lost HK$14.8 million after they processed their transactions by the shops in the Kowloon West area allegedly set up and operated by fraudsters. 

On September 26, 2024, the police noted that the mastermind behind the activity lured victims by offering better exchange rates. Furthermore, a 43-year-old businessman became the top victim as he lost HK$4 million after he processed two transactions worth HK$400k and HK$800k for the store based in a shopping complex in Sham Shui Po.

 In addition, Leung Wai-hin, the senior inspector for Sham Shui district, said the looted victim reported the cheating after he was held in a shop on September 23, 2024, when he was processing the third transaction. He additionally handed over HK$ 4 million in cash to the receptionist. 

The SI Added, “After the victim handed over the cash to a female receptionist at the counter, she falsely claimed she needed to count the money and exited into a separate room.”    

Related News 

Hong Kong has worked closely for the past few years to create a favorable environment for cryptocurrencies and related products, resulting in surged adoption and company registration. 

In a recent report by a regulatory commission of Hong Kong, the crypto activity of the region in securities generated $77 million Yuan in Q1 2024 in revenue. 

The report “Financial Review of the Securities Industry” writes, “In the Q1, 2024, total net profits of all securities dealers and securities margin financiers in Hong Kong rose 50% to $19 billion from $12.7 billion in the Q2, 2023.  

KINGHOOD Group, a Jewellery & Gem World (JGW) HK, announced today the international version of its Smart Gold Store for the 1st time in the region. Despite harsh regulations in neighboring China, HK continuously lures international and multinational companies to establish headquarters in the region. 

Other Market News Updates 

PayPal, a leading payment aggregator, announced the ability to sell, buy, and hold cryptocurrencies for users in the United States with a business account. However, these services will not be available for New York state residents. 

PayPal USD (PYUSD) is a stablecoin backed by U.S dollars in a ratio of 1:1, issued by Paxos Trust Company. It is the 162nd most traded crypto in the market with a trading volume of $29,060,083 and a market capitalization of $709,238,819.  

Earlier in a press release dated September the US Securities and Exchange Commission noted its decision to postpone the decision over the application by BlackRock seeking approval to list and trade options contracts on iShare Ethereum Trust (ETHA). 

Crypto Market Price Updates

When writing, the fear and greed index powered by CoinMarketCap was at 48 denoting a neutral sentiment in the vast market; at the same time cryptocurrency market capitalization was at $2.04 trillion with a surge of 5% in the past seven days. 

Until publishing Bitcoin was trading at $63,600 registering a surge of 4% in a week, however, its intraday trading volume suffered losing 13.18% and reaching below $25 billion. 

Since the past few days, Ethereum prices have been enjoying skyrocketing movement despite the unstaking from giant whales. At the time of writing it was trading at $2,615 with a surge of 7.32% in the past 7 days. 

Crypto Exchange FTX which declared bankruptcy two years ago and which is now setting itself to pay back $16 billion to its clients. According to some of its clients, this is going to be the turning point as the investors and FTX war has been for almost two years. More notably, we have FTX founder, Sam Bankman Fried and his girlfriend Caroline Ellison as the main culprits.

We have the experts turning their focus to an indication that this fund release will be the way to the crypto market.

This new update has taken the whole crypto sphere by energy as the year comes to the last months. The fact that this freeing up of funds will happen will be a milestone in the crypto market. It is pointed out that this $16 million fund release may be reinjected into the market in order to achieve perhaps even record growth before the end of the year.

This money will be reinvested back in the account of the people already interested in crypto to make them whole again. Majority of these people are likely to ciclo back this money into the crypto market for its subsequent growth.

Money flowing back to investors in cryptocurrencies is good for the market for the digital asset since it depicts bullish trend. One of this will be to move a liquid that has low liquidity out of a particular market and then bring it back into the market. This liquidity will make its investors able to grab the opportunities of some changes in the trend of the market.

Comparing FTT Prices

It was at $1.406 for FTT yesterday while the trade volume was $ 8.45 million one the given period of one day. In the last 24 hours it has an up of 0.85% with a market circulation of $ 328.90 Million. It can be purchased from different exchanges like Binance, Kraken, Kucoin.

FTX Token has a market capitalization of $462.56 million, it was on September 8th, 2021 and the price of FTT was $85.016 prior to the FTX’s bankruptcy. The behavioural change of having the price rise and fall for FTX tokens means that the level of fake trust in the market rose significantly.

Sam Bankman Fried and Caroline Ellison

Sam is Bankman Fried is the former founder and CEO of the Cryptocurrency Exchange Firm FTX, alongside being the chief executive of the Alameda Research firm. He lost all his money and people’s faith in him after he was linked with the FTX crypto scam. He had resigned after there was a sensational crash of his trading firm FTX that saw him lose nearly $35 million of investors funds.

Several years ago the former founder was estimated to have $16 bln of wealth while the present valuation is only $3 mln. This sharp fall has been occasioned by what Selerity regards as his connection to seven criminal fraud cases including FTX as shown below. However, this was not always the case and for some time he was also known by rather unpleasant nickname from the Crypto King because of enormous success of FTX.

Caroline Ellison is the former chief executive officer of Alameda Research, and is also a partner of Sam Bankman Fried. She is a quantitative trader and was earlier employed in the FTX that was a defunct crypto exchange. The Wall Street Journal’s report made it look like Alameda Research has always used $10 billion which belongs to FTX but never repaid.

Awarded compensation for and was dismissed by FTX; was linked to two criminal fraud charges, which she sued on to bankrupt herself. Charged with the FTX fraud case, was sentenced to a prison term of 2 years on September 24th.

With the advent of blockchain technology the music industry is also going through a revolution. While Audius is a decentralized music streaming platform, the company has moved a long way further towards decentralizing the music economy by incorporating payments in stablecoins. This step was undertaken to build a more efficient and wholly integrated artist-fan economy in the Web3 environment.

This makes the integration of stablecoins particularly significant for Audius, beginning with USDC – otherwise known as USD Coin. Stable coins are the cryptocurrencies whose values are fixed at a particular asset such as the US dollar such that they offer an assured form of transaction than the other cryptocurrencies.

With stablecoins, Audius seeks to enable the direct and efficient transfers, which are cheap and transparent, of funds that will allow artists to be paid and fans to contribute to their favorite artists.

Musicians on Audius are now able, in an efficient way, to be paid directly in earnings of USDC and, as a result, but have many advantages. It cuts out brokers like record companies or even other ordinary streaming companies that tend to claim a considerable portion of artists’ revenues.

With this change, Audius plans to provide artists with an even fairer approach to earning money from their material. Further, such payments are made instantly to give the artists a real-time balance of what they are earning as opposed to other models that take months to make those payments.

Enabling Artists and Fans for Web3

In his view, Audius’ move to embrace stablecoins will be beneficial to both musicians and listeners, and helps to develop a decentralized creator economy. Web3 that is based on decentralization due to blockchain technologies empowers artists to manage their rights to music and its dissemination.

Old school music streaming services mainly shift power in the middle as creators hardly have control to mere input on how their creations are disseminated for revenue generation. While you see a lot of artists losing control of their work and it is has become highly tilted in the favor of the largest social platforms, Audius allows artists to control their content and fairly distribute the revenues.

Audiences also gain from the stablecoin integration of the platform as well. Existing in a state or form of a stablecoin, fans can meaningfully invest by purchasing their favorite music or directly donating to artists without a concern over the volatility of cryptocurrencies in general. This in a way put in a better place of predictability is rather preferable for both partners in the business.

However, what really defines blockchain is that everyone involved can know that the money paid goes directly to the artists, which forms a strong bond of trust with the fans.

The Web3 Music Industry Evolution and Audius

The industry had always been facing problems such as inequality on the sharing of revenues and other related problems. The issues named above are only emerging now and Web3 platforms like Audius are already seeking solutions for them. Through implementing blockchain and decentralized financial possibilities, Audius is positioning itself in front of a future, when the music industry would be fair for artists.

Audius has been disrupting the music-world already with a decentralized system. It is based in two leading blockchains, Ethereum and Solana, which support quick and safe transactions. The payments with stablecoins are a natural evolution of a platform that is approaching decentralization

 Audius addresses the volatility problem skilfully so that both artists and fans can engage in transactions safe in the knowledge that they will not lose their worth due to market fluctuation, and that is made possible by the use of stablecoins.

This decision to support USDC, the most recognized and trusted stablecoin in the world, shows that Audius is an honest, reliable platform striving to offer solutions that are easy to use. The adoption of USDC also uncovers opportunities for cross-sectional activities, particularly paycheck arrangements and payments to artists from any part of the globe without fear of exchanging charges or slow transactions on currencies.

It is globally known that crypto adoption has surged significantly over the past few years; in some terms, it is the contribution of traditional players, while others claim that the uniqueness offered by decentralized products drives growth. 

In a press release dated September 25, 2024, PayPal Holdings Inc. noted that it is enabling its users in U.S. states to directly buy, sell, and hold cryptocurrencies leveraging their PayPal business account.  

“Excluding the New York state users, users from other states of the US can enjoy these services of PayPal, as per the release. Furthermore, it also enables PayPal business account holders to send and receive supported crypto tokens to and from external blockchain accounts. 

According to the release, adding these capabilities for business account holders follows the 2020 announcement that consumers could buy, hold, and sell cryptocurrency directly from their PayPal and Venmo accounts.

The senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal, Jose Fernandez da Ponte,  said in the release“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency.”

“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly,” he added. 

PayPal Holdings Inc. (PYPL) Stock Price Update

When writing, PayPal stock (PYPL) was trading at $77.36 with a trading volume of 13.46 million. The performance of PYPL is rated to be progressive by the market experts as it surged over 8% in a week, 26.36% YTD, and 32.69% in the past 52 weeks. 

Source: TradingView

According to data from TradingView PayPal has a market capitalization of $79.08 billion, making it the 238th most valuable company globally. By the end of 2023, the market cap was $66.20 billion over 19% less than in the ongoing year. 

For Q2, 2024 the reported EPS of PayPal was $1.19 roughly 20% greater than the expected EPS. However, for Q3 and Q4 the expected EPS is $1.06 and $1.09. 

The annual expected revenue of PayPal Holdings Inc. is $31.93 billion, although it had reported $7.70 billion in revenue in Q1, 2024 and $7.88 billion in Q2. 

In 2023, the leading payment giant reported $29.68 billion in revenue with $4.25 billion as net income and 14.31% as net margin. 

Crypto Market Price Updates 

When writing the cryptocurrency market capitalization was at $2.24 trillion with a nominal surge of 0.50%; at the same time, the fear and greed index by CoinMarketCap was at 48 reflecting neutrality. 

Since the past few sessions, Bitcoin prices have tumbled below the range of $65 and between $61k and 64k. 

Source: TradingView

Some known analysts claim that the steadiness in BTC prices indicates some big movement in the coming months; however, they have not clarified whether the trend will be positive or negative.  

In the past 24 hours, WorldCoin’s price grew roughly 16% helping it reach the top of the gainers list until publishing it was trading at $2.09. 

With the surging adoption and popularity of cryptocurrencies, the pace of hacks, thefts, and heists has also surged in the past few years. From January 1, 2024, until publishing, the entire market has lost over $1 billion in digital currencies in hacks, scams, and frauds. 

In a recent announcement, Banana Gun, a cryptocurrency trading bot based on telegram, announced that it is refunding $3 million lost in a hack operated by more than ten bad actors. 

Earlier on September 19, 2024, some users of Banana Gun identified unauthorized funds transfers from their wallets following the reports from users that the trading bot temporarily halted its Ethereum Virtual Machine (EVM), including Solana bots, to avoid other losses. 

The victims witnessed the attacker manually transferring ETH from their wallets while they were interacting with the bot and receiving notifications, an X post dated September 15, 2024 notes. 

Banana Gun notes, “A total of 11 users were affected, with $3M drained. All impacted users will be fully refunded from the Banana Gun treasury, with no tokens being sold for reimbursements.”

EVM AND SOLANA BOT ONLINEBoth our EVM and Solana bots are back online, with an additional safety measure of a 6-hour transfer delay now in place. We will also be monitoring activity 24/7.Thank you all for your patience and trust. The team will refund all victims of the…

— Banana Gun (@BananaGunBot) September 20, 2024

In an X post dated September 21, 2024 “Both our EVM and Solana bots are back online, with an additional safety measure of a 6-hour transfer delay now in place. We will also be monitoring activity 24/7.”

Other Market News Updates

In the past 78 hours, the cryptocurrency market capitalization has shown a strong reversal, and market capitalization has grown by over 7% in a week. When writing, it was $2.23 trillion with an intraday surge of 0.50%. 

Ethereum lost 1.25% of its trading price in the past 24 hours until publishing that it was trading at $2,654; market watchers claim that the price decline seems to be filed by the decision of the SEC to postpone its decision over-application by BlackRock seeking approval to list and trade options contracts on iShare Ethereum Trust (ETHA). 

Binance, a leading centralized exchange, has helped the Enforcement Directorate of India to crack down on an online betting game worth over $45 million. Additional information notes that the information provided by the exchange helps the agency to track down the wallets and others linked with the fraudulent scheme. 

Most recently, in a discussion with CNBC, Larry Fink, the head of BlackRock, expressed his optimism for Bitcoin, terming it a legitimate investment; he also argued that it has a high potential and could reach $100,000 in the coming future. 

He asserted that Bitcoin has helped the nation with a weak economy and has the potential to help recover the country from the devaluation of the national currency. 

Almost every decision of the U.S Securities and Exchange Commission affects the price of cryptocurrencies, sometimes positively and sometimes negatively. In the past 24 hours, Ethereum lost over 1.20% of its trading price and was trading at $2,616 as of writing. 

Market spectators claim that the decline in ETH price seems to be fueled by the decision of the SEC to postpone the decision over application by BlackRock seeking approval to list and trade options contracts on iShare Ethereum Trust (ETHA). 

Before the official announcement by the commission to postpone its decision it was speculated that BlackRock could likely get approval to list and trade options contracts.  

The decision impacted the Ethereum ETF category as it observed roughly $79 million in outflow on September 24, 2024. Leading investors and analysts claim that the prices of ETH are likely to face rejection in the coming rejection as its exchange reserves continue to grow.   

Other Market News Updates

On September 25 Todayq reported that the Enforcement Directorate in India has tracked down a gaming scam with the help of Binance, a leading cryptocurrency exchange globally.

Per available stats, India has the fastest crypto adoption rate in the world, and the national market is dominated by Binance and other leading exchanges. In August 2024, it got legal status after India’s Financial Intelligence Unit (FIU-IND) approved its application to operate. 

The Securities and Exchange Commission settled accusations against TrueCoin and TrustToken regarding fraudulent and unregistered sales of investment contracts involving TrueUSD. 

Furthermore, the press release notes that “ TrueCoin has agreed to pay disgorgement of $340,930 with prejudgment interest of $31,538. The settlements are subject to court approval.”

Recently in an interview with CNBC, Larry Fink the head of BlackRock expressed optimism for Bitcoin terming it a legitimate investment, as it has great potential. He also asserts that BTC could likely reach $100,000 in the coming future.  

eToro, an Israeli crypto based trading company, launched its spot trading services in Germany, to facilitate spot trading it joined hands with DLT Finance and with Tangany for custody services. The move to launch spot trading in the region shows eToro’s intention to expand its presence in the market. 

Both DLT Finance and Tangany are regional firms registered with the regulator BaFin. The transaction fee decided as of now is 1%, however, some alterations are expected in the coming years. 

Crypto Market Price Updates

When writing the cryptocurrency market, capitalization was $2.192 trillion with a weekly surge of 7.43%; at the same time, the fear and greed index powered by CoinMarketCap 53 denoted neutrality in the market. 

Until publishing, Bitcoin was trading at $63,797, with an intraday surge of 0.50%; its market capitalization grew by 8.18%, reaching $1.26 trillion. Since the past 48 hours, BTC price has enjoyed an unprecedented surge, likely boosted by the bulls’ dominance over the bears. 

In the 30 days, the highest recorded trading price of Bitcoin was $64804.50, and its lowest traded at $52,598. Sei (SEI) became the intraday gainer’s topper as it reached $0.4604, adding 24.09%, and Sui (SUI) price surged 12.46%, reaching $1.72. 

The list of most visited cryptocurrencies includes Bitcoin, Artrade, Ethereum, Wrapped Dog and Dogs, and several others. 

A recent study has found that over-the-counter (OTC) crypto traders from China have been attracting huge inflows for quite some time now. This reflects on China’s increasing hunger for alternative investments.

China is currently observing a downfall in its equity and property market. The country’s economy has been struggling to maintain its stature for quite some time now, making it look for alternate methods of inviting more inflow of investment.

A recent study conducted by Chainalysis Inc. has disclosed that Chinese investors have attracted cash inflows of around $20 billion each in the three quarters of 2024 till now. In these nine months, estimates claim that over $75 billion of inflows have been attracted by the Chinese investors.

Source: Chainalysis Inc. Increased Crypto Investment Despite Ban

The massive figures of crypto inflow into the Chinese economy have been observed despite a three-year ban on crypto trading in the country. Chinese crypto traders have overpowered the risk of money laundering and currency outflow to gain huge profits from the blockchain economy.

OTC services help Chinese traders to exchange their currency (Yuan) with tokens discreetly. They are not required to make a transaction on a crypto exchange that owns a public orderbook. These investors are also involved in peer-to-peer trading which involves investors directly transacting with each other in crypto.

Eric Jardine, the cybercrime research lead at Chainalysis stated that these services fall into the economic gray zone due to the regulatory ban on crypto-mining in China. He further added that there is a possibility of loose enforcement of crypto-laws in China, due to which the crypto traders are easily earning money without being caught.

Over Half Transactions Worth More Than $1 Million

In the same research, Chainalysis has also found out that around 55% of the investments received through OTC from China are worth more than $1 million. But one thing is not sure till now whether those transactions were made by wealthy investors or there is some concept of cumulative investing where small investments from multiple customers are summed up to make a huge amount.

Jardine also stated that such services will continue to flourish until China starts to favor crypto-mining and trading.

Multiple doubtful activities have pointed towards a continuous (secret) crypto-activity in China. Recently, some Chinese businesses have been found settling records with Russian commodities firms through cryptocurrencies.

The Challenge of Enforcing Crypto-Laws

Angela Ang, blockchain intel firm TRM Labs’ senior policy adviser Angela Ang commented on this issue. She said that Chinese enforcement can be seen cracking down on crypto-backed crime and has tightened Anti Money Laundering regulations across the country. But she feels that all this is only on the forefront, the background reality is something different.

Ang says that considering the multifaceted and dynamic blockchain industry, imposing a crypto ban is difficult.

Although there is a permit for crypto-trading in Hong Kong from 2022, regulators prevent people from the Chinese mainland from accessing crypto investments over there. To curb the need for investors to earn from crypto, the Chinese government is taking strong actions to pull back its ailing stock market. Only time will tell if this will effectively reduce the investments in cryptocurrencies from the Chinese market.

Binance has the highest trading volume among all cryptocurrency exchanges, the exchange holds operation licenses in over 100 nations. As per recent data, the exchange has assisted the enforcement agency in India in identifying and dismantling a million-dollar scam.  

The information notes that the Financial Intelligence Unit (FIU) of Binance has provided major data about the Fiewin app, allegedly connected with a gaming scam worth $47.6 Million. 

The scam begins by luring innocent investors to online gaming and promising them they can generate easy and convenient earnings before seizing their funds. While working on crucial tips provided by Binance, the ED discovered funds and other entities in the fraud network. 

Following the action crackdown, the ED asserts that Binance has helped the agency discover the crypto wallet linked with this gaming scam. 

The investigation specialist of Binance, Ferdinando D, who is closely working on the case with ED, notes, “This case showcases the critical importance of collaboration between public institutions like the ED and private entities like Binance in addressing the new types of digital threats.” 

Binance has one of the highest user bases in India; a data source notes that till August 15, the exchange was offering services to 100 Million traders nationwide. In the same month, CeFi gathered legal status after India’s Financial Intelligence Unit (FIU-IND) approved its application to operate in the nation. 

It is crucial to note that neither the exchange nor the agency has clarified whether the funds have been recovered.

Is India a Big Market for Cryptocurrencies?  

Dozens of studies, research, and analysis based on crypto performance worldwide note that India has the fastest cryptocurrency adoption rate in the recent ranking the nation topped the adoption list for the 2nd consecutive year.

Source: Chainalysis

However, the regulatory stance over cryptocurrencies in India could be more precise. The nation’s government has imposed taxes on cryptocurrencies, but the nation neither prohibits nor allows investment in cryptocurrencies.

As per market experts, the pace of surging adoption could guide India’s government in structuring a favorable and transparent set of rules and regulations for the crypto market. 

Some Indian residents that have been ruling the crypto market are the former CTO of Coinbase Balaji Srinivasan, and the founder and Chief Executive Officer of WazirX Nischal Shetty. 

Sathvik Vishwanath the co-founder and CEO of Unocoin is among the crypto moguls in India; info notes that he has chunks of cryptocurrencies in his trading portfolio. 

Raj Kundra, the husband of an Indian actress allegedly received 285 Bitcoins from Amit Bhardwaj and his known ones who started a Ponzi firm to trick investors in 2017. 

Crypto Market Price Updates 

Since the past few days, a significant bull’s dominance has been observed, and the cryptocurrency market capitalization grew by 7.39% in a week. However, in the past 52 weeks, the cap surged 113.39% and 36.49% YTD (Year to date). 

Source: TradingView 

When writing, the fear and greed index powered by CoinMarketCap was at 53, reflecting a neutral sentiment in the market; at the same time, Bitcoin was trading at $63,717, with an additional 6.32% in the past seven days. 

The intraday gainer’s list is led by Sei (SEI), trading at $0.04627 with a surge of 24.76%, followed by Sui (SUI), which grew 11.56%, reaching $1.74. The loser list of the past 24 hours is topped by Arweave (AR) as its price fell 4.56%, reaching $22.21, followed by Nervos System (CKB) at $0.01633 after losing 3.97% of its price. 

Tom Emmer, US Congressman has recently criticized Gary Gensler, the SEC chairperson as “historically destructive or lawless chairman of the SEC.” Gensler was bashed for his alleged inconsistencies in handling the issue of crypto rules and regulations in the United States. He has been constantly criticized by the agency members and lawmakers for quite some time now, the latest by Emmer during a hearing held at the House Financial Services Committee.

During a congressional hearing, Tom Emmer lashed out at Gensler for being the most “lawless” and “destructive” SEC chairperson in the regulator’s 90-year history.

‘Crusade’ Against the Crypto Community?

On September 24th, in a House Financial Services Committee hearing, Emmer spoke against Gensler stating, “You’ve made up the term crypto asset security. This term is nowhere to be found in the statute, you made it up [and] you never provided any interpretive guidance on how crypto asset security might be defined within the walls of your SEC,”.

He further added to the attack by stating that Gensler has been on an “enforcement crusade” against the entire crypto community for at least three years now. The term “crypto asset security” was effective until last week when the SEC lawyers took it into their hands to retract the term in a court hearing.

The Debt Box Case: ‘Anti Crypto Rhetoric’

The congressman also grilled the chairperson over the SEC’s handling of the recent Debt Box Case. The SEC had sued a newly founded crypto startup in this case for an alleged fraud scheme of $50 million. But later on, on May 28th the alleged fraud case against Debt Box was dismissed and the SEC had to pay the startup a fee of $1.8 million to recover the losses.

As per the congressman, the attorneys from SEC’s side had taken the support of “lies” in the case against Debt Box to implement the “commands” of Gensler and enforce an “anti-crypto rhetoric” as per his agenda. Gensler, in the same hearing, responded to his comments by saying that he agreed that the Debt Box Case was “not well handled”.

Criticism from Within

Emmer is not the only person to condemn Gensler over “crypto asset security”. Not long back, Hester Peirce, the Commissioner of SEC also criticized him over the same issue. She stated that this retraction of the term should have been done “a long time ago”.

The pro-crypto Commissioner explained that the SEC now agrees that the token is not a security in itself, which should have been done long back. She also criticized the SEC for failing to perform its duty of maintaining precision.

While discussing how to ascertain the application of securities laws, Peirce stated that it will always be “helpful” to have an opinion from the US Congress on the crypto tokens. He added to her statement by saying that there are some grey areas where the SEC would be the best entity to provide guidelines which has not been the case till date.