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Last Updated : November 02, 2022 / 09:02 AM IST
Top cryptocurrency news on November 02: Top cryptocurrency news on November 02: $500bn asset manager offers Bitcoin custody, Coinbase supports Ripple against SEC, MakerDAO founder dead, and more<!– Moneycontrol Daily | Your Essentials 7 –>
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
Market Buzz
Major cryptocurrencies trading flat
Major cryptocurrencies traded flat on November 1. While Bitcoin, the largest crypto by market cap, gained 0.30 percent in the past 24 hours and was trading at $20,465, Ethereum rose by 0.8 percent to $1,580.
Other top cryptos that fluctuated between gains and losses include Cardano, which lost 0.6 percent, Tron down by 0.4 percent, Avalanche lost 1.4 percent, Uniswap rose by 5 percent, and Cosmos lost 1.4 percent among others. Cryptos like Solana, Polygon, Polkadot, and Litecoin were down by 1.5 percent, 2.4 percent, 1.54 percent, and 0.1 percent, respectively.
The total market capitalization of the crypto market stood at $1.05 trillion, up 0.2 percent from the previous day. Read more here
Big Story
Cryptocurrency exchange Coinbase petitions to file amicus curiae brief against the SEC
Cryptocurrency exchange Coinbase has petitioned a federal court to file an amicus curiae brief intending to support Ripple (XRP) in its fight against the United States Securities and Exchange Commission (SEC), contending that the regulator has failed to keep up pace with the digital assets industry. Paul Grewal, Coinbase’s chief legal officer stated that the Constitution guarantees that government agencies cannot condemn conduct as a violation of law without providing fair notice that the conduct is illegal and that by suing sellers of XRP tokens after making public statements signalling that those transactions were lawful, the SEC has lost sight of this bedrock principle. Read details here
Corporate Watch
Apollo global introduces bitcoin custody for institutional clients
Apollo Global Management, one of the largest asset managers in the world with more than $500 billion in assets under management (AUM), is entering the cryptocurrency custody market through a partnership with the online marketplace for digital assets Anchorage Digital, which will hold a sizable portion of Apollo’s cryptocurrency portfolio.
The company was drawn to working with Anchorage because of their dedication to operating under strict regulatory oversight, their strong emphasis on security and segregation of client assets, and their simplicity of use for asset managers to hold digital tokens, according to Adam Eling, COO of Apollo’s Digital Assets. Take a look
Sombre News
Co-founder of MakerDAO Nikolai Mushegian passes away in Puerto Rico at age 29
Co-founder of the decentralized Dai stablecoin and the cryptocurrency lending platform MakerDAO, Nikolai Mushegian was found dead in Puerto Rico last week. Mushegian drowned after being pulled by water currents to the Condado beach in San Juan. By the time his body was saved, Mushegian showed no indications of life.
Considered one of the world’s most hazardous swimming locations, Condado beach has claimed the lives of at least eight swimmers in 2021. Details here
Around the World
Information about Bitcoin purchases made in El Salvador cannot be made public: Trustee
State-owned development bank BANDESAL has refused to provide information about El Salvador’s Bitcoin purchases and sales to ALAC El Salvador, a non-governmental anti-corruption organization.
A $150 million trust fund was established by BANDESAL, El Salvador’s development bank, to ensure that locals and businesses could convert their currency to dollars. Seeking confidentiality, the request for disclosure of El Salvador’s Bitcoin purchase was turned down. Read more here
MC Podcast | Why are investors ignoring LIC and what can change sentiment?
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