Today, we have picked four hottest pieces of news happening in the crypto markets. Let me give you a glance at what they are. First up, Grayscale Investments has revealed that nearly 90 percent of its Q3 2019 earnings came from non-crypto hedge funds. Second up, the world’s number one crypto exchange, Binance, has expanded to India via the acquisition of WazirX exchange. Next, CFTC chairman has expressed his confidence in Bitcoin and the underlying blockchain technology, and finally, last but not least, a new research report has revealed that at least $400 million worth of Ripple’s XRP has been used to fuel illicit transactions so far.


The Market Today 

Unfortunately, its dark and deep reds for this morning. Bitcoin is currently sitting at $7,616 falling 5.68% while Ether and XRP are falling 7.94% and 2.87% respectively.


Grayscale: 84% of inflows were from non-crypto hedge funds

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Despite the super volatile nature of bitcoin and other blockchain-based cryptocurrencies, a vast array of institutional investors are still very much interested in joining the crypto movement. According to a Cointelegraph report, Grayscale Investments, the world’s largest digital assets manager which recently filed Form 10 with the United States Securities and Exchange Commission (SEC) for its bitcoin fund, has revealed that about 84% of its Q3 2019 earnings came from non-crypto hedge funds. Michael Sonnenshein, managing director of Grayscale made the statement during an interview with CNBC. Now, what does this mean for Bitcoin? At a time when the cryptoverse still remains largely unregulated, Sonnenshein’s comments go a long way to show that there is significant institutional interest in the industry and it’s only a matter of time before more Wall Street heavyweights pump in their billions into the markets. He said:

“You have a lot of companies that want to have exposure to the space, but then you start to ask, who at the company is going to do the due diligence and the ongoing compliance ?”


Notably, if the SEC approves Grayscale’s Form 10 K filing, the bitcoin fund will go into the history books as the first Bitcoin fund under the SEC’s umbrella, ultimately bringing more credibility to the cryptoverse. While a section of the crypto space is of the opinion that more institutional monies are the catalysts needed for the next bull run, Sonnenshein does not share this sentiment. Rather, he firmly believes that the next Bitcoin halving, which is expected to happen in May 2020, will actually send the price of Bitcoin to the moon.


Binance penetrates India with the acquisition of WazirX

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Leading Bitcoin trading venue and crypto exchange, Binance, has taken another bold step in its journey towards attaining a global presence. As reported by Coindesk, the Changpeng Zhao-led firm has completed the acquisition of Indian crypto exchange WazirX which was founded in December 2017. Reportedly, the deal will enable Indians to seamlessly purchase the tether (USDT) stablecoin with the Indian rupee on the exchange and use it to trade supported cryptos on Commenting on the development, Binance CEO, Changpeng Zhao said:

“The acquisition of WazirX shows our commitment and dedication to the Indian people and strengthen the blockchain ecosystem in India as well as another step forward in achieving the freedom of money.”


It’s worth noting that a couple of crypto-related businesses, including Zebpay and Koinex, have since abandoned India due to regulatory uncertainties in the country. Though authorities have retracted the Bill to ban the buying, selling, trading and holding of cryptos from the winter parliament, financial institutions in the region are yet to resume servicing bitcoin-linked platforms and it remains to be seen whether Binance will survive in India as it has done in other jurisdictions.


CFTC Chairman wants to see the cryptocurrency thrive

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At a time when China’s president Xi Jinping has urged the country to take distributed ledger technology (DLT) more seriously and try to be a leader in the industry, CFTC chair, Heath Tarbert has also expressed confidence in cryptos and blockchain technology. Per a report by CryptoPotato, Tarbert has made it clear that he wants the U.S. to occupy the frontline of blockchain technology innovation in order not to be left behind by other proactive nations. The official also acknowledged the potential of the nascent technology, adding that he sees it overtaking even the internet. In his words:

“I want the United States to lead, particularly in the blockchain technology that underlies digital assets…Ultimately I could see DLT overtaking the internet in using a variety of different kinds of transactions, not just the financial system, but in other types of transactions as well…I think whoever ends up leading in this technology will end up writing the rules of the road for the rest of the world. My emphasis is on making sure that the United States is a leader.”


When quizzed over the ongoing “regulatory war” between the organizers of Facebook’s project Libra and U.S. regulators, Tarbert noted that unlike Bitcoin, which is already an established commodity, with everyone fully understanding how it works, Libra is just a developing asset with so many unanswered questions.

Explaining the agency’s stance towards digital assets, Tarbert stated that his concern remains to make it harder for bad actors to use cryptos in perpetrating crimes such as money laundering, while also creating an enabling environment for cryptos to thrive. He said:

“Many of the concerns that Secretary Mnuchin has I have as well in terms of anti-money laundering. It’s just that for those that are commodities regulated by us, we want to make sure we create an environment where these markets have integrity and we’re able to regulate them and they’re able to innovate.”


Elliptic: $400 million Ripple transactions are subject to illicit activities

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According to CryptoPotato, a new report by Elliptic, a London-based provider of cryptocurrency risk management solutions has revealed that at least 0.2 percent of all XRP transactions (roughly $400 million) are fraudulent transactions such as scams and thefts. Commenting on the matter, Tom Robinson, co-founder and Chief Scientist at Elliptic said:

“We have a team in London that scouts the dark web for any use of cryptocurrency. The type of activities they found were primarily scams, like Ponzi scams, thefts. A smaller category is the sale of credit card details.”


Despite this, it’s worth noting that Ripple has been doing its best to promote broader adoption of XRP. Earlier in October 2019, reports emerged that Ripple had invested a whopping $750,000 in mobile crypto wallet maker, BRD, to enable the firm to integrate XRP into its wallet.

That’s everything you need to catch up today guys! Are you surprised by the huge interest institutional investors have in Bitcoin? Do you think Binance will survive in India? What do you think about the CFTC’s chairman’s comment concerning blockchain and bitcoin? And what do you think of the increasing use of XRP by bad actors?


Please leave a comment right below to let me know what you guys are thinking.

It’s your girl Cindy with CryptoPig, I’ll see you guys soon.


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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.

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