By Shikha Singh
SEC Approves Bitcoin ETF Options on NYSE.
The SEC has approved the NYSE to begin trading options on Spot Bitcoin Exchange-Traded Funds (ETFs), allowing investors to access Bitcoin ETF options within a regulated framework for the first time. This approval, following an application from August 2024, aims to expand market access and enable more effective risk management through cross-margining capabilities.
After the announcement, Bitcoin’s value rose by 3%, building on a 13% growth in Q3 2024, as it approaches its all-time high of $73,000. Analysts expect that the upcoming options trading will further boost Bitcoin’s value by enhancing liquidity and trading strategies.
BlackRock Wants Exchanges Using BUIDL as Derivatives Collateral.
BlackRock is exploring partnerships with major crypto exchanges like Binance, OKX, and Deribit to allow its BUIDL tokenized fund as collateral for derivatives trades, aiming to compete with Tether in the stablecoin market. The BUIDL fund, officially the BlackRock USD Institutional Digital Liquidity fund, has been successful this year in boosting real-world asset tokens.
Binance Hits Major $100 tn Historic Milestone.
Binance has made history by surpassing $100 trillion in cumulative spot and derivatives trading volume, becoming the first centralized exchange to achieve this milestone.
This establishes Binance as the dominant player in both trading categories, significantly ahead of competitors like OKX , Bybit, and Bitget.
Interestingly, despite its collapse in November 2022, FTX remains the sixth-largest exchange by all-time trading volume, highlighting its prior impact on the market.
Kenya and South Africa Tax Authorities Target Crypto Users In Bid To Net Cheats.
African tax authorities are ramping up efforts to target cryptocurrency users to combat tax evasion. In Kenya, the Kenya Revenue Authority (KRA) plans to implement a new digital tax system to capture untaxed crypto transactions, which have benefited from anonymity and a lack of regulation. KRA emphasizes that earnings from cryptocurrencies are taxable under the Income Tax Act, noting significant revenue losses due to the absence of a collection system. Between 2021 and 2022, Kenyans transacted Sh2.4 trillion, about 20% of Kedya’s GDP without taxation.
Stacks Confirms New Nakamoto Mainnet Activation Timeline.
Stacks (STX) has announced that the Nakamoto hard fork is set for activation at Bitcoin Block #867,867 around October 30. This upgrade aims to improve transaction speeds by decoupling Stacks block production from Bitcoin’s schedule, enhancing transaction finality and reducing miner extractable value (MEV) exploitation.
Recently included in Grayscale’s top 20 crypto assets, STX has gained 12% in the past week and 30% in the past month, riding on Bitcoin’s momentum. Currently, STX is trading within an ascending triangle pattern above its moving averages.
PayPal’s PYUSD Gains Ground in Stablecoin Battle.
According to a report by the research team of asset manager Hashdex, stablecoins’ market dominance grew by 3% in the third quarter of 2024. Both USDT and USDC, the leading fiat-backed dollar stablecoins, saw their market shares increase by 1% and 5%, respectively.
PayPal’s PYUSD, though still smaller than USDT and USDC, experienced a remarkable 57% rise in dominance during the same period.
70% Of Ethereum Institutional Investors Engaged In ETH Staking.
Reportedly, almost 70% of institutional investors in Ethereum (ETH) are now participating in the ETH staking. Notably, 60.6% of them use third-party staking platforms.
Moreover, 69.2% of institutional investors holding Ethereum are now engaged in staking the platform’s native “ETH” token.
Among these, 78.8% are investment firms and asset-managing companies. Further, more than one out of five institutional investors, or 22.6% of the investors said that ETH or an ETH-based liquid staking token (LST) now constitutes more than 60% of their total portfolio allocation.
Litecoin Achieves New Milestone.
Over the past few days, Litecoin has witnessed a sharp increase in activity. It has reached a 16-month high of ~$4 billion in intraday trading volume.
This increase reflects the rising interest of investors and a growing awareness of cryptocurrencies. With the induction of new policy initiatives and the ecosystem’s growth, the Litecoin project continues to gain traction.
Furthermore, it has successfully breached the $70 mark and is now preparing for the $100 target.
Rs 990 cr Approved By Government To Establish Three AI Centres Of Excellence.
The Indian government has approved Rs 990 crore to establish three AI Centres of Excellence (CoEs) focused on Healthcare, Agriculture, and Sustainable Cities.
Announced by Union Minister Dharmendra Pradhan, this initiative aims to position India as a global leader in AI innovation and research over the next five years.
The CoEs will be located in New Delhi and led by premier institutions in collaboration with industry stakeholders.
The Healthcare CoE, led by AIIMS and IIT Delhi, will focus on AI in medical diagnostics; the Agriculture CoE, headed by IIT Ropar, will enhance precision farming; and the Sustainable Cities CoE, managed by IIT Kanpur, will develop smart city technologies.
Rajnath Singh Calls On Military Leaders To Leverage AI to Gain Strategic Advantage.
At the 62nd National Defence College (NDC) convocation in New Delhi on October 19, 2024, Defence Minister Rajnath Singh urged military leaders to adapt to new challenges using advanced technologies like AI and quantum computing.
He emphasized the need for strategic thinking to address evolving warfare that includes cyber and information operations.
Singh highlighted the importance of integrating AI while cautioning against ethical dilemmas, stressing the need for human oversight in critical decisions. He called for continuous education, recommending online learning modules at the NDC. The event awarded MPhil degrees to military leaders, reinforcing the importance of collaboration in regional security.
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