By Kapil Rajyaguru
Bitcoin Surges Past $65K: Spot ETFs and China’s Stimulus Drive Rally.
Bitcoin surged past $65,000, fuelled by excitement over upcoming spot Bitcoin ETFs and China’s economic stimulus. This marks its highest level since early August, with a 3% rise driven by positive market sentiment. Moreover, Ethereum witnessed a 5% leap to $2,600, while altcoins like Solana and Binance Coin gained 7% and 6%, respectively. Investors are bullish on the growing institutional interest in cryptocurrencies.
Bitcoin Inflows Surge While Ethereum Sees Modest Outflows Amid ETF Frenzy.
Bitcoin saw a $364.8 million inflow during the week ending September 27, 2024, driven by excitement over spot ETFs, especially BlackRock’s iShares Bitcoin Trust, which attracted $185 million. In contrast, Ethereum experienced net outflows of $0.5 million, with Grayscale’s Ethereum Trust facing withdrawals. Investors seem more cautious about Ethereum, possibly due to market competition and regulatory uncertainty.
BlackRock Bitcoin ETF Demands 12-Hour BTC Withdrawals From Coinbase.
BlackRock requested that Coinbase introduce 12-hour Bitcoin withdrawal windows to ensure all accounts are backed by actual Bitcoin. This filing reflects concerns about “paper Bitcoin” — Bitcoin claims that might not be fully substantiated. If Coinbase meets the demand, it could boost confidence in the platform’s reserves, but failure could shake trust in the crypto sector.
Singapore Court Grants WazirX 4-Month Moratorium on Strict Conditions.
A Singapore court granted WazirX a four-month moratorium to address financial concerns under strict conditions. The exchange must disclose its wallet addresses and financial records within six weeks and ensure transparency in its decision-making process. Despite efforts to protect users, the chances of customers being reimbursed in cryptocurrency remain low, raising concerns among its user base.
Hamster Kombat Token Tanks 30% on Debut, Investors in Uproar!.
Hamster Kombat Token (HMSTR) dropped 30% on its first trading day, sparking anger among investors. A stir during the game’s second airdrop marred the launch, leading to the banning of over 2.3 million accounts due to cheating. Fans remain optimistic about the token’s future, but its current trading price of $0.000014 has caused concerns about its long-term viability.
Binance Says It Helped India’s Enforcement Directorate Trace $47.6 mn Related to a Gaming Scam.
Binance aided India’s Enforcement Directorate in tracking $47.6 million linked to a gaming scam involving the Fiewin app. The app lured victims into online betting with promises of easy earnings but left them trapped without their funds. Binance’s collaboration helped identify and apprehend four individuals connected to the fraud.
PayPal Introduces Cryptocurrency Buying, Holding, and Selling for US Merchants.
PayPal has rolled out a new feature allowing U.S. merchants to buy, hold, and sell cryptocurrency from their business accounts. Excluding New York State at launch, merchants can now send and receive cryptocurrencies to external blockchain wallets, providing more flexibility for businesses in managing digital assets and enhancing their role in e-commerce.
Bitget Partners With La Liga in Bid to Drive Crypto Adoption.
Bitget announced a multi-million-dollar partnership with La Liga, becoming the Spanish football league’s official crypto partner. Revealed at Token2049 in Singapore, this three-year deal aims to increase cryptocurrency adoption through sports. The partnership reflects a growing trend, as crypto startups have entered 87 sports sponsorships in the past three years to boost visibility and mainstream adoption.
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