Bitcoin & Altcoins Suffer Major Declines Amid Geopolitical Tensions

This week's increased volatility in the cryptocurrency market was caused by geopolitical concerns like the Israel-Iran dispute.

Bitcoin and major altcoins suffered significant declines this week amidst heightened geopolitical tensions, impacting the overall cryptocurrency market.

The Fear & Greed Index saw a drop, currently sitting at 41, reflecting the market's skittishness as the global market cap saw a slight 0.34% increase, reaching $2.16 trillion.

However, the total 24-hour volume decreased by 43%, indicating a reduction in trades as the world economy faces continuous turbulence.

Bitcoin and several altcoins, including Ethereum and Solana, experienced notable drops, largely influenced by the ongoing global unrest.

Here's a summary of the top crypto news this week:

SEC Appeals Ripple Ruling as Bitwise Files for XRP ETF

The SEC has officially filed an appeal in an attempt to overturn Judge Analisa Torres' decision in its legal battle with Ripple Labs, following the court's previous partial ruling in Ripple's favor. Despite the regulatory hurdles, asset manager Bitwise has submitted an application for a new XRP ETF, signaling growing institutional interest.

Ripple Secures In-Principle Approval from Dubai's DFSA

The Dubai Financial Services Authority (DFSA) has granted Ripple permission to expand its operations within the Dubai International Financial Centre (DIFC) in a positive development. Through this move, Ripple aims to enhance its presence in the Middle East, where digital currencies and blockchain technology are seeing increased adoption.

Coinbase to Delist Tether and Other Stablecoins by End of 2024

Coinbase announced its plans to delist Tether (USDT) and other non-compliant stablecoins by 2024's end. The move comes in response to the European Union's Markets in Crypto-Assets (MiCA) law, which requires stablecoin issuers to maintain increased transparency and compliance to operate within EU jurisdiction.

SWIFT to Launch Live Trials of Crypto Transactions Next Year

The worldwide banking communications network, SWIFT, is preparing for live trials of digital asset trades in 2024. Notably, the initiative aims to integrate blockchain-based payments into its vast network of over 11,500 financial institutions. This could mark a significant step towards the broader adoption of cryptocurrencies within the conventional banking system.

Robinhood Allows Cryptocurrency Deposit and Withdrawal in Europe

In other news, Robinhood is expanding its crypto offerings by allowing European users to deposit and withdraw cryptocurrencies through third-party platforms. This move comes as demand for seamless cryptocurrency transfers increases in the European market.

CME Group Deems the Bitcoin “BFF” Contract a huge success.

Finally, CME Group's latest Bitcoin Friday Futures (BFF) contract, which went live on September 29, saw brisk activity. The debut trade on the contract, executed by Galaxy and Marex, brought the traders to the trading floor, highlighting the interest in weekly Bitcoin futures trading.

LEGO Removes a Crypto Scam from its Homepage After Hack

Toy giant LEGO Group encountered a brief hacking incident where a bogus "LEGO Coin" token appeared on its webpage, luring visitors into a phishing scam. The issue was swiftly resolved, and the company assured users that no accounts were compromised. This incident serves as a reminder of the rising prevalence of cyberattacks leveraging popular brands in cryptocurrency scams.

Don't forget to subscribe to us to receive daily newsletters of happenings in the crypto industry.

The above is the detailed content of Bitcoin & Altcoins Suffer Major Declines Amid Geopolitical Tensions. For more information, please follow other related articles on the PHP Chinese website!