The cryptocurrency market has surged to a record-breaking $3.12 trillion, bringing it close to surpassing France’s GDP. According to the International Monetary Fund, Bitcoin’s impressive rally to $89,500 played a major role in this milestone, pushing its market capitalisation to $1.77 trillion—overtaking Spain’s economy.
The crypto market is now more valuable than Microsoft and rapidly approaching the market caps of Nvidia and Apple. Analysts are divided on what lies ahead. While some, like Markus Thielen from 10x Research, believe Bitcoin will dominate and potentially hit $100,000 by the end of the year, others, including Rachael Lucas from BTC Markets, expect altcoins to take the lead in driving the market toward $4 trillion.
Bitcoin remains the focus, gaining 11% in 24 hours to $89,478. With prices nearing $90,000, the next few weeks could determine whether Bitcoin cements its dominance or altcoins take the spotlight.
Detroit residents will soon be able to pay city fees and taxes using cryptocurrency, making it the largest city in the US to adopt digital payments. In collaboration with PayPal, City officials aim to make these transactions secure and accessible, setting mid-2025 as the launch date. Mayor Mike Duggan highlights this as part of a wider initiative to attract tech entrepreneurs and promote blockchain’s potential in Detroit, hoping to foster economic growth and improve civic engagement.
The move also allows blockchain innovators to present projects that could enhance Detroit’s public services. Justin Onwenu, Detroit’s Director of Entrepreneurship and Economic Opportunity, encourages entrepreneurs to submit proposals by 15 December 2024, focusing on blockchain’s potential to improve data security, transparency, and service efficiency. Detroit’s open invitation underscores its ambition to position itself as a progressive hub for technological advancement.
Detroit officials also aim to modernise payment processes city-wide, improving accessibility and efficiency. The Treasurer’s Office envisions the new system as a bridge for Detroiters, including unbanked residents, to benefit from smoother electronic payment channels, reinforcing Detroit’s reputation as a forward-thinking, tech-friendly city.
The US Securities and Exchange Commission (SEC) has requested a federal court to dismiss three key defences presented by cryptocurrency exchange Kraken in a lawsuit accusing the platform of securities violations. The SEC’s motion, filed on 5 November, seeks to invalidate Kraken’s argument that it lacks clear legal guidance on which digital assets qualify as securities. The SEC contends that existing securities laws are clear enough and that Kraken was fully aware of potential breaches.
Kraken’s defences include invoking the “major questions doctrine,” which argues the SEC needs explicit Parliamentary approval to regulate digital assets as securities. Kraken also claims that it did not receive adequate notice of which aspects of its operations may violate securities laws. The SEC rejected these claims, labelling the defences as attempts to delay proceedings by complicating the evidence process.
According to the SEC, dismissing Kraken’s defences would simplify the case, reducing unnecessary document requests and preventing delays in reaching a verdict. Kraken initially attempted to dismiss the case in August, but the court ruled in the SEC’s favour, allowing the lawsuit to proceed. The outcome could have significant implications for the SEC’s regulatory authority over digital assets in the cryptocurrency industry.
The UK’s Financial Conduct Authority (FCA) has successfully prosecuted two men, Raymondip Bedi and Patrick Mavanga, for running a £1.5 million cryptocurrency investment fraud that misled 65 investors. Between 2017 and 2019, Bedi and Mavanga lured investors through cold calls and fraudulent, professional-looking websites, offering high returns on fake crypto platforms. The tactic resulted in substantial losses for their victims, totalling over £1.5 million.
The FCA charged both men with conspiracy to defraud, operating without FCA authorisation, and money laundering. Mavanga also faced additional charges for perverting the course of justice by deleting phone records linked to the scheme. The prosecution underscores the FCA’s mandate to uphold financial service standards and highlights the importance of being wary of unsolicited calls and online investment offers.
Two other suspects were involved: Rowena Bedi was acquitted, while a third defendant awaits a retrial in 2025. Another individual, Minas Filippidis, remains at large. The FCA advises consumers to stay vigilant against scams and only trust financial services authorised by the agency.
The Swiss city of Lugano has taken another step in its embrace of blockchain technology by issuing a third bond on digital platforms. Valued at 120 million CHF (around $139 million), the new bond is dual-listed on the SIX Digital Exchange and the SIX Swiss Exchange. The issuance is part of Project Helvetia, the Swiss central bank’s pilot programme for wholesale central bank digital currency, and its settlement is planned for 25 November.
Since its first digital bond issuance in January 2023, Lugano has raised a total of 320 million CHF (£365 million) through blockchain technology. City officials see these moves as part of a larger mission to lead digital finance innovation, with Deputy CFO Paolo Bortolin expressing hope that Lugano’s initiatives will encourage other issuers to consider blockchain bonds.
In addition to bonds, Lugano has pioneered the use of digital currencies, including allowing Bitcoin for tax payments and introducing a Bitcoin-backed stablecoin, LUGA, accepted by over 350 merchants in the city. The city’s efforts underscore its commitment to positioning Lugano as a global centre for Bitcoin and blockchain technology.
Swiss bank UBS has successfully tested a new blockchain-based payment system, UBS Digital Cash, aimed at streamlining cross-border transactions. The pilot, which included multinational corporations and banks, processed both domestic and international payments in currencies like the US dollar, Swiss franc, euro, and Chinese yuan. This move marks a significant step in UBS’s efforts to enhance payment efficiency and transparency for its clients.
Andy Kollegger, head of UBS Institutional & Multinational Banking, emphasised that cross-border blockchain payments are a strategic priority for the bank, as they offer a more efficient and visible way to handle international transfers. The UBS Digital Cash pilot also allowed liquidity transfers between various UBS entities, demonstrating the system’s capability to improve internal cash management.
UBS plans to further develop UBS Digital Cash, which operates on a private blockchain network accessible only to authorised clients. By using smart contracts, the system automatically settles payments once specific conditions are met, providing clients with enhanced control over intraday liquidity and account buffers through real-time cash position tracking.
BNB Chain has introduced a tokenisation solution to ease entry into web3 for individuals and small businesses. The platform’s one-stop solution supports tokenising real-world assets and company shares, making it easier for users to navigate the web3 ecosystem. The initiative aims to bring tangible assets, such as property and commodities, into the digital sphere by converting them into tradable tokens.
Through partnerships with firms like BitBond and Matrixdock, BNB Chain’s business tokenisation service allows companies to issue their tokens on the blockchain. It is part of a broader effort to remove technical barriers and open up Web3 access to more people. According to BNB Chain, tokenising real-world assets is expected to be a key step in expanding Web3 use cases, particularly for small and medium-sized enterprises.
BNB Chain’s ecosystem has grown to over 4 million users, with more than 4,000 decentralised applications now running on its network. Supporting services such as carbon credits and natural hydrogen tokenisation, the chain aims to diversify its offerings and drive even greater adoption of web3 technology.
JPMorgan Chase has revealed that its blockchain-based Kinexys platform, previously known as Onyx, will soon allow instant foreign exchange (FX) settlements between the dollar and the euro. The new service is set to launch in the first quarter of 2025, with plans to extend to sterling transactions in the future, pending regulatory approval. Using JPM Coin, the bank’s digital token, the platform provides 24/7 near-instant settlements, making cross-border transactions quicker and more efficient.
The announcement, made at the Singapore Fintech Festival, highlighted Kinexys’ potential to transform international finance by enabling real-time FX settlements, even beyond traditional market hours. The platform is already handling over $2 billion in daily transactions, and the new FX capabilities could encourage more firms to adopt blockchain for global payments. Alongside reducing settlement times, Kinexys aims to increase revenue for JPMorgan through fees on FX spreads and liquidity management.
JPMorgan envisions Kinexys as a key part of a larger blockchain-powered financial ecosystem that could simplify global finance by reducing reliance on traditional banking systems. The platform’s planned expansion includes privacy measures and identity management, further supporting secure digital asset transactions as the bank aims to modernise finance with Kinexys.
Donald Trump’s 2024 election victory has led to a significant surge in Bitcoin wealth, creating over 11,000 new Bitcoin millionaires. On 6 November, the number of Bitcoin wallets holding $1 million or more reached 132,842, up from 121,061 just a month earlier. The increase follows a remarkable 7.8% rise in Bitcoin’s value within 24 hours.
The price of Bitcoin has recently broken its all-time high, now trading at $75,428, following a strong 20% gain over the past month. Trump’s commanding lead in the electoral race, coupled with renewed interest in Bitcoin, has contributed to this price surge. Analysts suggest that Trump’s pro-crypto stance may bring about a favourable regulatory shift, further boosting market conditions.
Some experts are even predicting Bitcoin’s price could soar to $250,000 by early 2025, as the market responds positively to these developments.
A South Korean detective has helped bring down a Bitcoin mining scam operation after accidentally becoming one of its targets. The scammers, who operated an illegal call centre, contacted the detective in April, unaware of his position. Realising it was a scam, the detective pretended to fall for the “high-yield” Bitcoin investment scheme, providing his details as if he was interested in investing. This move allowed police to trace the call and investigate further.
Following the detective’s lead, officers were able to track down the scam’s headquarters in Incheon, arresting 81 individuals involved. Among them were those suspected of buying leaked personal data and using fake SIM cards to contact potential victims. Nine key members, including the suspected ringleader, have been detained, while others face charges related to economic crimes and data privacy violations.
Police revealed the group had been running the scheme since October last year, defrauding at least 50 victims. They allegedly lured investors by offering small “dividends” during a free trial period, then asking for larger sums. Altogether, the group is thought to have raised over $1.6 million, promising easy profits through Bitcoin mining. Authorities have urged the public to be cautious of schemes that promise high returns with minimal effort, warning these are often fraudulent.
