In this weekly digest, we explore key events in the world of cryptocurrencies that may impact financial markets. Indian regulators are expressing support for banning private cryptocurrencies like Bitcoin, highlighting the advantages of central bank digital currencies (CBDCs) for financial inclusion and safety. In this context, Vitalik Buterin, co-founder of Ethereum, has criticized Michael Saylor, co-founder of MicroStrategy, raising questions about the future prospects of crypto investments. Analysts are also pointing to signs of overheating in the Bitcoin market ahead of the upcoming U.S. elections, raising concerns among investors. Meanwhile, Tesla has now held its Bitcoin assets for the fifth consecutive quarter without selling. South Korea is preparing mandatory reporting for cross-border cryptocurrency transactions, emphasizing global efforts to regulate this rapidly evolving sector.
Review of the past week:
| October 22, 2024 |
India’s regulators favor banning private cryptos like Bitcoin, citing CBDCs’ advantages. They stress CBDCs’ potential for financial inclusion and safety. According to two people aware of the matter, the consultations have been held ahead of the government’s plans to prepare a discussion paper on the topic. Read more |
| October 23, 2024 | Vitalik Buterin criticized Michael Saylor, co—founder of MicroStrategy.
After his interview on the Markets with Madison podcast, Sailor questioned the importance of self—storage of crypto assets, suggesting trusting large institutions. Read more
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| October 23, 2024 | Analysts point to signs of BTC overheating before the US elections.
At the moment, 98% of Bitcoin wallets have unrealized profits, and the historically sharp growth of this metric (it recently reached 75%) was often accompanied by increased sales pressure. Read more |
| October 24, 2024 | According to the results of the 3rd quarter of 2024, Tesla did not sell its Bitcoin assets – this is the fifth consecutive quarter when the company holds its cryptocurrency.
According to Arkham, 11,509 BTC worth $774 million are in new wallets after recent movements. Read more |
| October 24, 2024 |
South Korea plans to impose reporting mandate for ‘cross-border’ crypto transactions. These transactions will be monitored to identify illegal transactions such as money laundering and illegal arbitration. Read more |
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Best regards,
FYBIT team
