A blockchain project associated with Telegram Messenger LLP has seen its digital asset, Toncoin, lose approximately $2.7 billion in market value, following the reported detention of the messaging app's co-founder, Yahoo Finance reports.

Toncoin, the token linked to The Open Network (TON), dropped more than 20% after news broke that Pavel Durov had been detained at a Paris airport over suspicions of failing to curb criminal activity on Telegram.

Despite a partial recovery, Toncoin was still trading at $5.58 as of 2:11 p.m. on Monday in London, marking a decline of over 16% due to the controversy surrounding 39-year-old Durov, according to Bloomberg data. The TON blockchain, which is integrated with Telegram's vast user base of 900 million monthly users, aims to offer services like in-app payments and games. This integration had fueled speculation that Telegram could evolve into a "super-app" similar to China's WeChat.

A new report reveals that the number of crypto millionaires worldwide has surged by 111% over the past year, now totaling 85,400, cryptonews.com reveals.

The Crypto Wealth Report 2024, compiled by international wealth and investment migration specialists at Henley & Partners, underscores how the recent Bitcoin rally has significantly increased the number of crypto millionaires.

Dominic Volek from Henley & Partners credits this dramatic rise to the approval of US spot Bitcoin ETFs in January, which he says "unleashed a torrent of institutional capital" following the long-anticipated approval of spot Bitcoin and Ethereum ETFs.

Nasdaq (NDAQ.O) announced on Tuesday that it is seeking SEC approval to introduce and trade options on a bitcoin index (XBTX), Reuters reports. These proposed index options would offer a quick and cost-effective method for institutional investors and traders to increase their exposure to bitcoin or hedge their positions in the cryptocurrency.

Cryptocurrencies experienced a decline on Tuesday evening, leading to a surge in liquidations, as reported by CNBC. Bitcoin's price dropped by 6.2%, reaching $59,504.68, according to Coin Metrics. Ether saw an even larger fall of over 8%, dropping to $2,457.61. CoinGlass data shows that the futures market witnessed $93.52 million in long ether liquidations, forcing traders to sell their assets at market price to cover their debts across centralized exchanges. Additionally, $85.93 million in bitcoin liquidations were recorded.

Russia is preparing to commence trials for cryptocurrency exchanges and digital token payments for cross-border transactions, according to a Bloomberg report on Monday. The trials, scheduled to start on September 1, are intended to ease payment challenges faced by Russian companies affected by international sanctions, sources with knowledge of the situation revealed.

The trials will involve the National Payment Card System, which will be used to convert rubles into cryptocurrencies and to test payment and exchange platforms. This system, established by the central bank in 2014 and already managing domestic interbank payments and Mir cards, was selected for its existing infrastructure and regulatory framework.

Former President Donald Trump hinted at backing an "official" cryptocurrency initiative bearing his name in a Truth Social post on Thursday, NBC News reports.

For too long, ordinary Americans have been at the mercy of big banks and financial elites. It's time we unite and take action — together. #BeDefiant

The Republican presidential nominee also shared a link to a Telegram channel for his official "DeFi" project. This post follows a series of moves Trump has made to connect with the closely-knit and highly active online cryptocurrency community.

Coinbase analysts are skeptical that rate cuts will significantly impact market movement, crypto.news reports. 

Although traditional financial markets typically respond well to lower interest rates, the analysts highlight various factors that could hinder a market rebound. These include the ongoing release of Bitcoin from the Mt. Gox rehabilitation process, the U.S. government's continued sale of seized crypto assets, and the market's dependence on macroeconomic indicators. As a result, crypto traders remain cautious about investing before the Federal Reserve's meeting in September. 
 

In a recent study conducted by Coinbase, a paradigm shift has emerged among the young American population. An impressive 38% of younger Americans now believe crypto and blockchain technology can provide significant economic opportunities not commonly found in the traditional finance sector, Crypto Potato reports. .

As per the study, younger generations are highly frustrated with the current financial system. According to Coinbase’s report, only 9% of Gen Z (18-25) and 19% of Millennials (26-40) still believe in the attainability of the American Dream through conventional means.

Only 7% of these demographics believe the current financial system serves their needs well. Over 52% of the respondents in the study period reported infrequent use of the system, with fewer than 20% considering the U.S. financial system superior to those in other countries.

Moreover, about 31% of younger individuals own cryptocurrency compared to 12% of older generations. 16% of the younger people note that the international availability of digital assets is a compelling attribute for crypto.

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Anthony Scaramucci, founder of Skybridge Capital, believes that if the U.S. Securities and Exchange Commission (SEC) approves Blackrock’s spot bitcoin exchange-traded fund, the value of bitcoin could surge significantly. Scaramucci also discussed Sam Bankman-Fried, the former head of FTX, and Gary Gensler, the current chair of the SEC, Bitcoin.com reports. 

Scaramucci, who is optimistic about bitcoin, recently spoke with Altcoin Daily about various crypto-related topics. The American financier touched on Blackrock’s Bitcoin ETF, mentioning he was its first external investor. He also addressed the situation with Sam Bankman-Fried, the former FTX chief who owned a 30% stake in Skybridge Capital. Scaramucci said he’s negotiating with the bankruptcy estate and has no plans to testify in Bankman-Fried’s trial.

Regarding BTC, Scaramucci predicted that if Blackrock’s spot bitcoin ETF receives approval, bitcoin’s valuation could multiply by 11. He theorized significant capital inflows if ETFs from leading financial entities gain SEC approval. “Think of the magnitude of that, if there’s $100 billion that flows in bitcoin that could have an 11-times factor in terms of valuation,” Scaramucci remarked. “So you could see bitcoin go from a $600 billion asset to a $600 trillion asset.”

Galaxy Digital CEO Mike Novogratz expects a spot bitcoin exchange-traded fund (ETF) to be approved in 2023. “It’s going to get approved, we think it happens this year,” the American investor said on Wednesday, Bitcoin.com reports. 

“It’s going to get approved, we think it happens this year in 2023,” Novogratz remarked. He added that all the indications point to it happening this year. The Galaxy CEO further cited public commentary and filings noting that “people’s comments are much more constructive.”

He believes that current events indicate approval is imminent. His statements come after Blackrock CEO Larry Fink described the recent surge, following false ETF approval rumors, as a “flight to quality.” Novogratz highlighted Blackrock’s comments, emphasizing that interest from the world’s largest fund manager is a positive indicator. He also stressed, “The public wants this.” Novogratz’s statements follow Fidelity amending its spot bitcoin ETF filing on October 17.

Ferrari has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.

The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce. Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment.

These include electric carmaker Tesla, which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns.

Ferrari's Chief Marketing and Commercial Officer Enrico Galliera told that Reuters cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources.

"Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed," he said in an interview.

Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.

"Some are young investors who have built their fortunes around cryptocurrencies," he said. "Some others are more traditional investors, who want to diversify their portfolios."

The price of ether (ETH) has the potential to reach $8,000 by the end of 2026 versus its current level just below $1,,600, writes Geoff Kendrick, Head of FX Research, West, and Digital Assets Research at Standard Chartered Bank, CoinDesk reports. 

While Ethereum's dominant uses currently are non-fungible tokens (NFTs) and decentralized finance (DeFi), said Kendrick, an evolution towards gaming and tokenization should add "significant demand."

"Importantly, this should provide ‘proof of concept’ examples in which real-world industries come on-chain to exploit the benefits of Ethereum over their existing setups," he added. "We expect significant developments on these fronts by 2025-26."

In the shorter term, said Kendrick, the bitcoin (BTC) halving in April 2024 "should help lift all boats," and he sees ether hitting $4,000 by the end of next year.

On the latest episode of the Joe Rogan Experience podcast, Rogan says that he is bullish on Bitcoin, and he believes it can become a universal currency. He calls Bitcoin the most fascinating crypto and that it has the best chance of universal implementation, Watcher.Guru reports. 

Speaking to Sam Altman, the founder of OpenAI, he says “That’s the one that has the most likely possibility of becoming a universal viable currency.” Bitcoin is the leading cryptocurrency on the market today. At press time, it is trading at $27,960.47.

“It’s limited in the amount that there can be, people can mine it, and that to me is very fascinating,” Rogan adds. He also comments on people who live their lives with Bitcoin daily. Rogan uses Andreas Antonopoulos, a tech entrepreneur from Greece, as an example of implementing Bitcoin in daily life.

Saudi Arabia ranked as the country with the highest growth volume of cryptocurrency transactions globally over a 12-month period, as adoption of decentralized finance gains traction in various countries across the Middle East, according to an industry report released Tuesday, and reported by Al-Monitor.

Decentralized finance is an overlaying term for the digital ecosystem that allows people to buy, sell, send and receive digital assets such as cryptocurrencies without relying on traditional intermediaries like banks, but rather publicly accessible blockchains, to make transactions.

The kingdom led globally with a 12% increase in crypto transaction volume reaching nearly $31 billion from July 2022 through June 2023, compared to the same period in 2021-22. It was followed by Vietnam (11.6%), Nigeria (9%) and Spain (6.9%), reported New York-based blockchain analysis firm Chainalysis in its 2023 Geography of Cryptocurrency Report.

The annual report since 2019 identified the Middle East and North Africa (MENA) as the sixth largest crypto economy globally valued at $390 billion from July 2022 through June 2023, far behind leading regions like North America ($1.22 trillion) and Western Europe ($1.07 trillion). Chainalysis gathered data for the report by monitoring decentralized finance wallet services that allow the exchange of cryptocurrencies along with purchasing third-party data to monitor web traffic.