Cryptocurrencies have come a long way in gaining acceptance and recognition as a legitimate form of currency and investment. Initially viewed as a niche concept, they have gradually gained the trust of individuals and institutions alike. Established companies and financial institutions have started embracing cryptocurrencies, acknowledging their potential to revolutionize the economic landscape. With this crypto daily roundup, you can jumpstart your day with the latest updates on cryptocurrencies like Bitcoin, Ethereum, and more.
Bitcoin, Ethereum, and other cryptocurrencies extended gains on Wednesday. Bitcoin surpassed the US$28k mark, hitting the highest level since May. Other popular altcoins — including the likes of Dogecoin (DOGE), Solana (SOL), Cardano (ADA), and Ripple (XRP)— landed in the positive as overall prices saw gains across the board. The global crypto market cap stood at US$1.13 trillion, with a volume of nearly US$43.1 billion in the past 24 hours. Positive news flow from global institutions is pushing the markets higher. However, traders will await US Fed chair Jerome Powell's comment later.
Deutsche Bank, the largest bank in Germany in terms of total assets, has reportedly sought regulatory permission to start operating as a crypto custodian. According to Bloomberg, Deutsche Bank (the biggest German bank with millions of customers and total assets exceeding $1.4 trillion) has applied with the Federal Financial Supervisory Authority (BaFin) to establish its "digital assets and custody business."
Wall Street giants Fidelity Digital Assets, Charles Schwab, and the market-making behemoth Citadel Securities are behind EDX, a non-custodial crypto exchange. According to a press release, EDX will offer trading on BTC, ETH, and other significant digital assets.
Caitlin Long, an influential Wall Street veteran currently the CEO of the digital assets-focused Custodia Bank, told The Defiant it's not a coincidence that the firms are launching an exchange in the wake of enforcement actions that have rocked the digital assets space this year.
The Twitter users holding Bob Token (BOB) and those utilizing the @explainthisbob reply bot actively oppose Elon Musk's recent actions. The centibillionaire has suspended an account linked to BOB, questioning its legitimacy in a tweet that reads, "This sure looks like a scam crypto account. If so, it will be suspended." Shortly after, the suspension followed, leading to a 30% plunge in BOB's value.
Crypto exchange Gemini plans to expand in Asia-Pacific (APAC), a region it sees as driving the "next wave of growth for crypto."
"We are excited to announce our expansion plans in APAC as Gemini's leadership team recently visited the region on their global odyssey to propel the promise of crypto," the New York-based company said in a Monday blog post.
The expansion comes as Gemini tries to establish itself outside of the U.S., which this year has seen increased regulatory actions against crypto exchanges. In December 2020, Gemini launched support for the Singapore dollar (SGD), providing seamless access to crypto for Singapore residents. Gemini also supports the Hong Kong dollar (HKD) and the Australian dollar (AUD).
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.