The total cryptocurrency market capitalization is $1,298,106,951,707
According to CoinGecko data, the current cryptocurrency market value is $1,298,106,951,707 USD, with a 24-hour trading volume of $133,532,909,463 USD. The current market share of Bitcoin is 13.5%, while Ethereum's market share is 8.7%.
Spot cryptocurrency trading volume surges to highest level since March
According to data from The Block, a well-known market platform, the 7-day moving average of spot trading volume broke through $24 billion on October 26, reaching a new high since the end of March. Compared with the summer, the market has experienced more obvious fluctuations as traders are dealing with headlines about the possible launch of a spot Bitcoin exchange-traded fund. Supporters believe this will create new channels for capital inflows. <br>
CoinDCX: India’s 1% TDS tax on cryptocurrency transactions causes 95% of Indian trading volume to flow to overseas platforms
Indian cryptocurrency exchange CoinDCX has stated that the imposition of India's digital asset trading tax is counterproductive and should be reduced. The exchange was valued at over $2 billion before taxation. India imposed a 1% TDS tax on cryptocurrency transactions 16 months ago, claiming that its purpose was to track buying and selling behavior rather than increase revenue. However, CoinDCX CEO Sumit Gupta believes that the tax has caused 95% of India's trading volume to flow to overseas platforms, making it difficult for local officials to monitor these platforms.
WSJ corrects wording on crypto-financing of terrorism
The Wall Street Journal (WSJ) has corrected the wording in its article about cryptocurrency funding terrorism. The earlier version of the article cited research from Elliptic and incorrectly stated that PIJ had sent over $12 million in cryptocurrency to Hezbollah since 2021. The article has been updated to include more background information on the Elliptic research.
WSJ wrote: The company analyzed digital currency wallets associated with Israeli authorities and PIJ and found that PIJ may use cryptocurrency to receive funds and transfer them to other terrorist groups. Elliptic stated that it is not yet clear whether all identified transactions are directly involved, as some wallets may belong to cryptocurrency brokers who serve non-PIJ clients.
40+ Crypto Mining Companies Lobby U.S. Lawmakers to Clear Up Environmental Misconceptions
Executives and lobbyists representing more than 40 cryptocurrency mining companies visited dozens of offices in the US House of Representatives, mainly members of the Energy and Commerce Committee. The aim was to lobby US lawmakers to eliminate environmental "misconceptions", steer policy narratives away from negative environmental claims, and see mining as beneficial to the economy and security.
Perianne Boring, CEO of the Chamber of Digital Commerce, said: "The core message we conveyed to congressional offices today is that bitcoin mining is helping to achieve and advance US energy security and national security."
Amanda Fabiano, former head of mining at Galaxy Digital, pointed out that the arguments that resonated with lawmakers included job creation from mining and progress in US innovation.
Bloomberg Crypto: The number of offline tokens on the exchange reached a new high, reaching 3,400
Bloomberg Crypto wrote on X platform that even though the market is rising, the number of delisted tokens on exchanges such as Binance and Coinbase has reached a new high. As shown in the graph, the current number of delisted tokens has reached 3400.
Australian police arrest seven linked to Chinese syndicate-run remittance company accused of laundering $144 million in fiat and crypto
Australian police have arrested seven people connected to a Chinese syndicate-controlled remittance company accused of laundering $144 million in fiat and cryptocurrency. The operation, called Avarus-Nightwolf, involved over 300 police officials carrying out 20 search warrants and seizing $32 million in property, luxury vehicles, and high-end goods. The Changjiang Currency Exchange, which moved over $6.3 billion in the past three financial years, is said to have been secretly operated by the Long River syndicate and linked to scams, trafficking of illegal goods, and violent crimes. The investigation was complex as the alleged syndicate was operating in plain sight with shopfronts across the country. The seven charged individuals are expected to appear in court on Thursday.
Senator Warren’s bill to combat crypto-financing of terrorism wins support from the U.S. House of Representatives
US Congressman Sean Caste (Democrat from Illinois) stated that Hamas allegedly raised millions of dollars through cryptocurrency before the recent attacks on Israel. Therefore, he plans to propose a bill to strengthen the Bank Secrecy Act requirements for cryptocurrencies. Caste said, "We will discuss the bill that Senator Warren has already introduced in the Senate to achieve this goal." Caste did not specify which bill, but Warren reintroduced a bill in July that would crack down on money laundering and sanctions evasion using cryptocurrencies and expand the Bank Secrecy Act requirements to include digital asset wallet providers, miners, and other participants.
SEC Chairman: There is a widespread problem of non-compliance with US regulations in the encryption industry, and the industry is not that decentralized
SEC Chairman Gensler gave a speech, stating that the cryptocurrency industry generally has problems with not complying with US regulations and is not as decentralized as it seems.
Fireblocks hires former New York regulator chief to bolster compliance
Cryptocurrency custody company Fireblocks has hired a former New York financial regulatory agency to help develop blockchain-based compliance products. In a statement, Fireblocks said it has appointed Peter Marton, former deputy director of virtual currency at the New York State Department of Financial Services, as the company's digital identity director. Marton will report directly to Fireblocks' chief legal and compliance officer, Jason Allegrante.
According to the statement, Chaitanya Reddy Konda, an expert cryptographer who helped create Nightfall (a second-layer aggregated blockchain developed jointly by Ernst & Young and Polygon), has also joined Fireblocks as a senior technical product manager for digital identity and privacy.
