The cryptocurrency market has been a whirlwind of activity, with FTT leading the pack among digital assets with a staggering 197.31% gain last week. Bitcoin also made headlines, regaining its pre-crash value and stabilizing at $36,900 last Thursday, according to Bloomberg. This resurgence in bitcoin‘s value coincides with a notable increase in spot trading volumes on centralized exchanges, which jumped 87.2% in October to $632 billion, the highest increase since January 2021.
Despite these gains, not all news in the crypto space has been positive. Tether Gold took a hit, falling 2.35% and earning the title of the week’s worst performer. Skepticism about the sustainability of the crypto market rally was expressed by experts at JPMorgan and investor Michael Novogratz, who both expressed doubts about significant regulatory changes before the 2024 elections.
Institutional interest in digital assets continues to grow, as evidenced by HSBC Holdings’ (NYSE:HSBC) plans to offer a custody service for digital assets such as tokenized securities in partnership with Ripple Labs. Meanwhile, Circle Internet Financial, known for issuing the USDC stablecoin, is exploring the possibility of going public as early as 2024.
JPMorgan Chase (NYSE:JPM) has also made strides with its JPM Coin, automating the transfer of funds for overdue payments and margin calls, streamlining financial operations for its customers.
The darker side of the crypto industry was highlighted when Bloomberg uncovered a $300 million fraud in India that affected approximately 100,000 victims and resulted in the arrest of eight individuals. In addition, Ava Labs announced a 12% workforce reduction amid ongoing industry challenges.
As bitcoin experienced one of its most significant rallies since last year’s downturn, public crypto mining companies seized the opportunity by selling all bitcoin minted in October to capitalize on the market’s momentum.
