Bitcoin Price: US$ 63,586.38 (+0.32%)
Ethereum Price: US$ 2,581.00 (-1.20%)
Coinbase’s chief legal officer Paul Grewal addressed concerns about the new cbBTC product, assuring users they would be fully reimbursed for Bitcoin losses resulting from exchange-related incidents, though this does not cover fees or external trading losses. Despite the controversy surrounding BitGo’s Wrapped Bitcoin and Justin Sun’s involvement, Coinbase’s cbBTC quickly gained traction, becoming the third-largest wrapped BTC token within a week. In a politics news, Kamala Harris leads Trump in four of six swing states, including Michigan and Wisconsin, with her odds of winning the 2024 election rising to 52%, while Trump’s odds have slipped due to his debate performance and a controversial token launch, with Harris’s policy platform notably omitting any mention of crypto. Meanwhile, analysts predict Bitcoin will reach $85,000 by the end of 2024, supported by indicators like the weekly RSI showing potential for a breakout. Traders remain optimistic, citing historical trends where green closes in September often lead to bullish outcomes in Q4, though key levels like $61,000 will need to hold for further gains.
Several African economies, particularly South Africa, show high potential for digital asset adoption, with South Africa emerging as a hub due to its regulatory clarity and strong infrastructure. VALR, a major crypto exchange in South Africa, has secured regulatory licenses and anticipates further growth in the crypto market, driven by increasing institutional participation and innovative use cases like blockchain-based cross-border trade. Meanwhile, the International Monetary Fund (IMF) introduced the REDI framework to promote global central bank digital currency (CBDC) adoption, focusing on regulation, education, design, deployment, and incentives while highlighting concerns about the sustainability and financial stability of CBDC systems. In Australia, energy tech company Powerledger has expanded its operations to the Solana ecosystem, citing shared values of sustainability and transparency, while ceasing its own blockchain operations. This integration aligns with the broader Regenerative Finance (ReFi) movement, emphasising financial innovation that promotes social and environmental well-being and reinforcing the idea that crypto can drive positive global change.
BingX has resumed withdrawal services for certain digital assets following a $52 million hack on September 20, 2024, with most stolen funds isolated due to cold storage. The exchange has frozen $10 million of the stolen funds and is collaborating with on-chain security firms to recover the remaining assets, assuring customers that any losses will be covered by its reserves. In a significant development for Bitcoin investment products, the U.S. SEC approved options trading for BlackRock’s spot Bitcoin ETF under the ticker IBIT on Nasdaq, with expectations for more Bitcoin ETF options to be approved soon, and Nasdaq has also requested approval for Ethereum ETF options. Meanwhile, Securitize has integrated Wormhole’s cross-chain protocol to enhance the transferability of tokenised real-world assets (RWAs) across blockchain networks, promoting institutional adoption; tokenised RWAs are gaining popularity with a total value locked (TVL) of $12 billion, representing a $30 trillion market opportunity, and Securitize is already onboarding $1 billion in RWAs.
Source: https://cointelegraph.com
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