According to the findings of a Coingecko study, low-float cryptos currently account for 21.3% of the top 300 cryptos by market capitalization. The four cryptos with the lowest float are worldcoin (WLD), cheelee (CHEEL), starknet (STRK), and saga (SAGA) which were all launched in 2023 or 2024. However, among the top 300 cryptos, 74 have […]
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Cryptocurrencies Not Banned, Vietnam Requires Legal Framework for Regulation — Govt Official
A government official from Vietnam has stated that cryptocurrencies are not prohibited. However, the country urgently needs to establish a legal framework to regulate their use, the official said. The Finance Ministry has been tasked with drafting a framework to govern crypto assets, which is due for completion by May 2025. Finance Ministry Directed to […]
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Families Worth up to $100 Million Prefer Algorithmic Cryptocurrencies to Tokens — Study
Families with a net worth of up to 0 million exhibit a strong preference for algorithmic cryptocurrencies over tokens (4.32% versus 0.92%), a new study has found. The study cites statistics indicating that ownership continuity is disrupted in 91% of cases involving a transition from crypto to fiat and vice versa. Traceability of Ownership Continuity […]
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Renowned Investor Jim Rogers Expects All Cryptocurrencies to ‘Disappear’ — Says Bitcoin Will ‘Go to Zero Someday’
Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, expects all cryptocurrencies, including bitcoin, to disappear someday. Anticipating bitcoin going to “zero,” he stressed: “I’m very skeptical of crypto. I don’t expect it to last … I do not see any long-term value in cryptocurrency.” Jim Rogers Remains Skeptical of […]
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US Judge Backs SEC: Trading of Certain Cryptocurrencies on Secondary Markets Are Securities Transactions
A U.S. district judge has sided with the Securities and Exchange Commission (SEC) in a ruling that declares the trading of certain crypto assets on secondary markets to be securities transactions. This decision emerged from an insider trading case involving crypto exchange Coinbase’s former product manager Ishan Wahi, his brother Nikhil Wahi, and their friend […]
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NFT Market Booms With 35% Sales Increase as Cryptocurrencies Rally
As the value of cryptocurrencies has risen, the non-fungible token (NFT) market has experienced a 35.14% increase in sales compared to the preceding week. This marks the third consecutive week of sales growth in the NFT sector, with NFTs based on Bitcoin leading the charge throughout this period. NFT Sales Surge Past 2 Million in […]
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Singapore Police Warn About ‘Crypto Drainers’ Stealing Cryptocurrencies From Wallets
Singapore’s Police Force and Cyber Security Agency (CSA) have issued a joint warning about “crypto drainer” malware, which steals cryptocurrencies from wallets. As digital assets become more popular, “Cybercriminals are increasingly leveraging crypto drainers to target owners of cryptocurrency wallets,” the authorities cautioned.
Singapore Police Warn About Crypto Drainers
The Singapore Police Force and the Cyber Security Agency (CSA) of Singapore issued a joint advisory on Wednesday advising investors to protect themselves from crypto drainers. They explained:
Cybercriminals are increasingly leveraging crypto drainers to target owners of cryptocurrency wallets (‘crypto wallets’) as the use of cryptocurrencies become increasingly popular with their dollar values correspondingly increasing.
The authorities explained that a crypto drainer “is a type of malware that targets crypto wallets,” adding: “These drainers are often deployed as part of phishing attacks, where the victim is tricked into clicking a malicious link or opening a malicious attachment. By doing so, the victims are tricked into consenting to a malicious transaction that allows the drainer to steal cryptocurrencies stored in their wallets.”
The advisory also includes a list of measures crypto owners can take to safeguard themselves from the crypto drainer scam. One of the measures is:
Using a hardware wallet for enhanced security.
Other measures include being wary of “too good to be true” offers, verifying smart contract legitimacy and functions before interaction, and limiting high allowances using blockchain explorers or wallet interfaces.
Moreover, the authorities advised investors to thoroughly research projects and cryptocurrencies before linking their wallets and only make connections after verifying the project website’s validity. The advisory also notes that investors should also consider connecting a newly created or empty crypto wallet when uncertain about a project or token, and should not divulge seed phrases to anyone.
Have you come across crypto drainer malware? Let us know in the comments section below.
L2 Crypto Token Stacks Leads With 29% Gain in Varied Week for Cryptocurrencies
This week witnessed a 5% uptick in bitcoin’s value, while ethereum experienced a 1.6% dip over the same period. Leading the charge among the top 100 cryptocurrencies, stacks (STX) soared 29.2%, with osmosis (OSMOS) closely trailing with a 17% increase against the U.S. dollar.
Mixed Week for Crypto: Stacks Witnesses 29% Surge, Heavy Losses for Many
Among the top 100 cryptocurrencies by market cap, eight have posted double-digit growth. These include STX, OSMOS, AKT, INJ, ARB, TIA, CORGIAI, and GMT. Specifically, STX surged over 29% this week, OSMOS climbed by 17%, and AKT ascended 16.4%.
Currently, STX boasts a market valuation of .78 billion and has seen 6 million in global trade volume in the past day. Other cryptos showing notable increases this week were SEI, BGB, BEAM, and LDO.
However, the week also recorded significant losses, outnumbering the gainers. HNT plummeted by 29%, BSV by 28.6%, and KLAY by 24.5% against the U.S. dollar. Cryptos such as FIL, FTM, SATS, and IOTA also endured noteworthy declines.
This week, 49 cryptocurrencies from the top 100 experienced double-digit losses. At the time of writing, from over 12,000 crypto assets listed across 964 exchanges globally, the total value of the crypto economy stands at .74 trillion, marking a 0.5% increase over the last day.
Bitcoin dominates with 50.5% of the total market cap, while ethereum (ETH) accounts for 15.6% of the aggregate. The global trading volume for all existing crypto assets reaches 0.72 billion, with SOL, XRP, ARB, BNB, AVAX, and SEI leading the volume among coins other than BTC, ETH, and stablecoins.
In the last day, alternative crypto assets, excluding bitcoin, have seen .15 million liquidated in long positions, compared to bitcoin’s .01 million. According to coinglass.com metrics, the top three assets for liquidations in the last 24 hours are ETH, SOL, and PEOPLE, with .35 million, .24 million, and .69 million respectively.
In total, 0.91 million in both long and short positions were eradicated in the last 24 hours, predominantly comprising 1.37 million in longs from altcoins other than bitcoin (BTC). As traders anticipate the possible approval of a spot BTC exchange-traded fund (ETF), the forthcoming week holds promise for the performance of alternative crypto assets.
What do you think about the performance of some of the top 100 crypto assets this week? Share your thoughts and opinions about this subject in the comments section below.
Report: South African Financial Institutions Will Soon Offer Services Related to Cryptocurrencies
About 73 applicants who are seeking a license to offer crypto products in South Africa are already registered as accountable institutions with the Financial Intelligence Centre, an executive at the crypto exchange Luno has said. According to the Luno executive, this may be an indication that regulated financial institutions are planning to add crypto to their product offerings.
Only a Few Non-Licensed Financial Service Providers Have Applied
According to Tarris Arnold, the business development manager at the crypto exchange Luno, a majority of the entities that have applied for licenses to offer crypto-related products are financial institutions. This, according to Arnold, may be an indication that many regulated financial institutions plan to add crypto to their offerings.
In his comments published by Techcentral, Arnold said only a few of the license applications received by the country’s financial sector watchdog, the Financial Sector Conduct Authority (FSCA), were submitted by non-licensed financial services providers.
As reported by Bitcoin.com News on Dec. 3, the FSCA had received 93 applications from both licensed financial service providers and new applicants by Nov. 30. The Luno executive has now revealed that 73 of these applicants are already registered as accountable institutions with South Africa’s Financial Intelligence Centre.
Remarking on the growing interest in crypto assets by institutions that are unconvinced by this asset class’s value proposition, Arnold said:
“Even financial services companies that don’t buy into the fundamental value of crypto or its other use cases see value in the volatility associated with crypto assets. Volatility is beneficial as it often equates to greater profit margins. In addition, crypto is a non-correlating asset class and thus provides some mitigation for investments in traditional markets.”
Meanwhile, the Techcentral report suggested that once the crypto space becomes a regulated industry, institutional investors such as pension funds will likely start investing in digital assets.
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CVM Chief: Brazilian CBDC Drex to ‘Kill’ Many Cryptocurrencies
João Pedro Nascimento, president of the Brazilian Securities and Exchange Commission (CVM), believes that drex, the Brazilian central bank digital currency (CBDC), will “kill” many cryptocurrencies. While established cryptocurrencies like bitcoin and ethereum will keep being used in the country, drex will impact the adoption of smaller and less-known crypto projects, Nascimento stated.
CVM President: Brazilian CBDC Drex to End Lesser Cryptocurrencies
The Brazilian government has high hopes for the future of drex, the Brazilian central bank digital currency (CBDC). João Pedro Nascimento, the head of the Brazilian Securities and Exchange Commission (CVM), stated that the issuance of drex will kill many cryptocurrencies due to several factors.
During a financial symposium, Nascimento stated that while larger and already established cryptocurrencies will be safe, drex will sip away attention from lesser-known cryptocurrency projects by offering many of their functionalities in just one token.
He clarified:
I’m not talking about Bitcoin, but drex will reduce the attractiveness of smaller cryptocurrencies.
This is because drex aims to include many of the advantages that cryptocurrencies offer today, like smart contracts programmability and interaction with existing structures due to its Ethereum-compatible origins, combined with the speed and practicality of developed distributed ledger technologies (DLT). According to earlier reports, drex is expected to be launched next year.
A Different Approach to Crypto Regulation
While other regulators have adopted a hard stance against cryptocurrencies, the CVM promotes a more flexible approach. Nascimento emphasized that while technological innovations need regulation, this should be done inclusively, identifying opportunities to integrate these technologies instead of stifling innovation.
Nascimento explained:
Every time human beings have tried to stop innovations, they have failed. I understand that we have to see opportunities in new things and try to bring these new things to market adherence.
Nascimento defended the rise of a regulated cryptocurrency economy, bringing all the “good” actors of the sector under the law. The alternative to this includes pushing them into a marginal market where risks derived from their actions will be generated without the opportunity to control possible negative occurrences like money laundering and tax evasion.
Finally, he stated that his approach was also shared by significant figures of the Brazilian government, including Ricardo Leal, president of the Financial Activities Control Council (COAF), and Economy Ministry Executive Secretary Dario Durigan.
What do you think about the statements of CVM president João Pedro Nascimento on drex and his stance on the upcoming regulation of the Brazilian cryptocurrency economy? Tell us in the comments section below.