SWIFT to Begin Digital Asset Trials with Banks
Home About News Partners Contact Home About News Partners Contact Swap Welcome to the world of crypto SWIFT to Begin Digital Asset Trials with Banks SWIFT is set to launch digital asset trials in 2025, with banks across North America, Europe, and Asia participating. These trials will experiment with transactions involving multiple digital currencies and assets. The goal is to provide unified access to various digital asset classes and currencies for financial institutions. SWIFT aims to address the fragmented digital asset landscape, referring to it as a “complex web of digital islands.” The trials will focus on payments, foreign exchange, and securities, enabling seamless transactions between digital assets and traditional fiat currencies. According to SWIFT, its unique position allows it to interlink these disparate networks, fostering smoother transactions on a global scale. Chief Innovation Officer Tom Zschach emphasized that SWIFT wants to make and track transactions across all types of assets. The organization has been actively involved in blockchain, tokenization, and central bank digital currencies (CBDCs) and plans to continue exploring new technologies to bridge traditional and emerging forms of value. Live News © 2024 CMTLive Telegram Twitter Medium
Bitcoin Traders See Bullish Market
Home About News Partners Contact Home About News Partners Contact Swap Welcome to the world of crypto Bitcoin Traders See Bullish Market Despite Bitcoin’s price hovering near $60,000, market analysts remain optimistic, emphasizing that the bullish market structure is still intact. Over the past three days, Bitcoin (BTC) has seen a 6% decline after previously hitting two-month highs above $66,000. Popular trader and analyst Rekt Capital downplayed fears over Bitcoin’s latest price pullback. He highlighted that Bitcoin has revisited the $60,000 level many times in recent months, and each time market sentiment shifts based on a new narrative. According to him, this consistent behavior should not shake confidence in Bitcoin’s long-term bullish trend. Other traders, like Jelle, echoed this sentiment, stating that Bitcoin’s market structure remains strong and is in the process of flipping key resistance into support. Despite short-term concerns about a potential dip to $57,000, these experts stress that pullbacks present opportunities for investors to accumulate more BTC at lower prices. The on-chain metric, short-term holder spent output profit ratio (STH-SOPR), also indicates a buying opportunity as it dipped below 1.0, signaling reduced profit-taking activity among speculators. Live News © 2024 CMTLive Telegram Twitter Medium
SEC Appeals Ripple Lawsuit Ruling
Home About News Partners Contact Home About News Partners Contact Swap Welcome to the world of crypto SEC Appeals Ripple Lawsuit Ruling The U.S. Securities and Exchange Commission (SEC) has filed an appeal in its case against Ripple Labs, seeking to overturn a 2023 ruling that XRP sales were not securities. Judge Analisa Torres previously determined that XRP didn’t meet the SEC’s Howey test criteria, which defines securities, making secondary XRP sales non-securities transactions. However, Torres ruled that early sales to institutional investors by Ripple’s founders were considered securities due to the manner of sale. This verdict was seen as a significant win for Ripple and the wider crypto industry. On the same day the appeal was filed, SEC enforcement chief Gubir Grewal announced his resignation, leaving Sanjay Wadhwa as interim director. Meanwhile, Bitwise has shown growing institutional interest in XRP by filing for an XRP ETF trust in Delaware, though SEC approval may face delays due to the ongoing legal battle. This legal appeal is likely to extend the uncertainty surrounding XRP and the crypto market’s regulatory future. Live News © 2024 CMTLive Telegram Twitter Medium
Bitcoin Open Interest Surges Past $35 Billion
Home About News Partners Contact Home About News Partners Contact Swap Welcome to the world of crypto Bitcoin Open Interest Surges Past $35 Billion Bitcoin’s open interest has soared beyond $35 billion, prompting analysts to warn of potential market froth. On September 27, open interest (OI) in Bitcoin futures reached $35.52 billion, the highest since June 2024. Historically, such levels have coincided with local price peaks, causing concern among investors. OI is a crucial metric, representing the total number of unsettled futures contracts. At its peak, Bitcoin was trading near its all-time high before pulling back 18% within 30 days. Since then, OI has dropped around 9%, now sitting at $32.32 billion. Bitcoin’s price has also fallen to around $60,000 amidst escalating geopolitical tensions. Despite this, analysts believe the bullish trend remains intact, predicting that a modest 5-10% correction could help stabilize OI without significantly affecting the market’s upward momentum. Live News © 2024 CMTLive Telegram Twitter Medium