BNBUSD Binance Coin

Nigeria drops money laundering charges against Binance executive

The Nigerian government dropped money laundering charges against Binance executive Tigran Gambaryan, days after a court denied his bail. Gambaryan, detained since February, faces severe health issues, including malaria. The charges were dropped to allow him to seek medical treatment abroad, although the case against Binance continues. The company faces a $10 billion fine for tax evasion and facilitating untraceable transactions, affecting Nigeria’s currency.

Bitcoin ETFs see $79.1 million outflow after seven-day inflow streak

On October 22, 2024, Bitcoin ETFs saw a net outflow of $79.1 million, ending a seven-day inflow streak totaling over $2.6 billion. iShares Bitcoin Trust (NASDAQ:IBIT) recorded $43 million in inflows, while ARK Bitcoin ETF (AMEX:ARKB) had a significant $134.7 million outflow. Funds like FBTC and HODL maintained smaller inflows, while others saw stable flows. Analysts are monitoring whether this outflow is a temporary fluctuation or the beginning of a downward trend. The total trading volume for these ETFs dropped to $1.4 billion from $1.76 billion on Monday.

Bitcoin hash rate hits all-time high of 703 EH/s

On October 21, Bitcoin’s hash rate reached a record high of nearly 703 EH/s. This increase reflects the growth in mining activity, even after the halving that reduced block rewards. With mining difficulty expected to reach 100 trillion by the end of the year, the network remains increasingly secure and robust.

Bitcoin dominance surpasses 57% as Ethereum hits record low, with growing retail and institutional interest

Bitcoin’s market dominance surpassed 57%, its highest level since March 2021, while Ethereum (COIN:ETHUSD) fell to 13.5%, its lowest level since then. Solana (COIN:SOLUSD) rose to 3.2%, and BNB (COIN:BNBUSD) remained at 3.8%. The combined dominance of other tokens has dropped significantly, from 33% in 2021 to 16%. Historically, Bitcoin dominance peaks tend to coincide with market tops.

In October, retail investor interest in Bitcoin (COIN:BTCUSD) increased, according to CryptoQuant, with on-chain demand from this group rising 13% over the past 30 days. This growth mirrors the historic rally in March 2024. Small investor activity follows growing institutional interest, which has also risen throughout the year.

Bitcoin struggles to gain momentum in the last 24 hours

Despite increasing retail and institutional investor interest, Bitcoin’s (COIN:BTCUSD) price is struggling to surpass the $70,000 mark. The rise in retail demand resembles the level seen in March when Bitcoin reached its all-time high. However, the price fell 3% in the last 24 hours, trading around $65,487, highlighting the psychological resistance at $70,000.

Tesla holds Bitcoin after liquidation speculation

Tesla (NASDAQ:TSLA) still holds its Bitcoin (COIN:BTCUSD) assets despite recent wallet transfers that sparked rumors of a potential sale. Arkham Intelligence clarified that the movements were wallet rotations, and the Bitcoin remains under Tesla’s possession. The company transferred its 11,509 BTC, valued at around $768 million, to seven different wallets, leading to speculation about a possible Bitcoin-backed loan. Tesla has not officially commented on the transfers, but the sale has been ruled out for now.

Peter Todd goes into hiding after HBO documentary controversy

Bitcoin developer Peter Todd was identified as the creator of the cryptocurrency, Satoshi Nakamoto, in HBO’s documentary “Money Electric: The Bitcoin Mystery.” The film suggested that Todd could be Nakamoto due to his cryptography knowledge and an alleged message exchange in 2010. However, Todd denied the claim and said the documentary’s consequences forced him into hiding, fearing harassment and threats from criminals, as Nakamoto’s wallets hold over 1 million BTC, worth billions of dollars.

Ripple CEO endorses John Deaton’s Senate candidacy

Brad Garlinghouse, CEO of Ripple (COIN:XRPUSD), publicly endorsed John Deaton in his U.S. Senate run, praising his work defending XRP and the crypto industry. Garlinghouse, Chris Larsen, and other Ripple members donated to Deaton’s campaign, who is running against Senator Elizabeth Warren. The race has been marked by debates over crypto regulation.

House and Senate seek stablecoin regulation agreement

Stablecoin legislation is under negotiation, with Rep. Maxine Waters (D-CA) and Rep. Patrick McHenry (R-NC) seeking an agreement by year-end. While the Senate has not finalized a position, Sen. Bill Hagerty (R-TN) introduced a bill that could complement the House’s efforts. The proposal suggests the Federal Reserve regulate stablecoin issuers, sparking controversy over potential conflicts of interest.

UK regulatory uncertainty discourages crypto firms seeking MiCA alternatives

While the EU’s MiCA imposes strict requirements on crypto firms, the UK’s lack of regulatory clarity prevents it from becoming an attractive alternative. Sophie Bowler of Zodia Custody mentioned potential company migration to the UK, but experts like Natalia Latka of Merkle Science noted that the UK’s gradual and uncertain approach to crypto regulation may not offer the expected relief. With regulatory unpredictability, companies may be unwilling to risk relocation.

Chinese trader allegedly involved in laundering crypto for Lazarus Group

Yicong Wang, an OTC trader in China, was accused of laundering millions of dollars in stolen cryptocurrency for the North Korean Lazarus Group, a notorious hacking organization. Since 2022, Wang allegedly converted crypto into cash through bank transfers. The investigation, revealed by ZachXBT, linked Wang to $17 million in cryptocurrency from 25 hacks. The Lazarus Group is responsible for some of the largest crypto attacks in history, including the $600 million Ronin bridge hack.

Blockchain.com faces lawsuit for failing to register accounts in the UK

According to Decrypt, the digital wallet platform and crypto exchange Blockchain.com faces a lawsuit in the UK for failing to register its financial accounts since 2020. The case was heard on September 25, and the company may face unlimited fines. Blockchain.com, once valued at $14 billion, is under pressure to resolve the issue before the next hearing on November 25. The company cited internal restructuring as the cause of the delay and promised to resolve the matter promptly.

Chainlink and Swift partner to offer blockchain payment solution for financial institutions

Chainlink (COIN:LINKUSD), a decentralized oracle provider, announced a new blockchain payment solution in partnership with Swift. The integration will allow financial institutions to use Swift messages to connect with blockchain technology, facilitating digital asset settlement with minimal changes to existing infrastructure. According to Cointelegraph, this collaboration bridges decentralized finance (DeFi) and traditional finance (TradFi). Additionally, Chainlink launched the Blockchain Privacy Manager, providing complete privacy for blockchain transactions, which could drive institutional adoption of digital assets.