NEW YORK - The cryptocurrency market has been a whirlwind of activity, with FTT notching a staggering 197.31% gain over the past week, leading the pack among digital assets. Bitcoin also made headlines, reclaiming its pre-crash value and stabilizing at $36,900 last Thursday, according to Bloomberg. This resurgence in Bitcoin's value coincides with a notable surge in spot trading volumes on centralized exchanges, which leaped by 87.2% in October to reach $632 billion—the highest increase since January 2021.
Despite these gains, not all news in the crypto sphere was positive. Tether Gold experienced a dip, dropping by 2.35% and earning the title of the week's worst performer. Skepticism regarding the durability of this crypto market rally was expressed by experts from JPMorgan and investor Michael Novogratz, who both voiced doubts about significant regulatory changes occurring before the 2024 election.
Institutional interest in digital assets continues to grow, as evidenced by HSBC Holdings (NYSE:HSBC)' plans to provide a custody service for digital assets like tokenized securities in partnership with Ripple Labs. Meanwhile, Circle Internet Financial, known for issuing the USDC stablecoin, is exploring the possibility of going public as early as 2024.
JPMorgan Chase (NYSE:JPM) has also been making strides with its JPM Coin by automating fund transfers for overdue payments and margin calls, streamlining financial operations for its clients.
The darker side of the crypto industry was highlighted with Bloomberg's uncovering of a $300 million scam in India that affected around 100,000 victims and resulted in the arrest of eight individuals. Additionally, Ava Labs announced a workforce reduction of 12% amid ongoing industry challenges.
As Bitcoin experienced one of its most significant rallies since last year's downturn, public crypto-mining companies capitalized on the opportunity by selling all Bitcoin minted in October, taking advantage of the market's momentum.
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