Bitcoin ETPs Experience Largest Seven-Day Inflow Since July: News of October 18, 2024
Bitcoin ETPs saw their largest weekly inflows since July, totaling $1.74 billion. Ether also recorded significant gains, with $48.4 million in inflows.
Global Bitcoin ETPs Register Biggest Seven-Day Inflow Since July
Bitcoin exchange-traded products (ETPs) recorded a massive seven-day inflow of 25,675 BTC, valued at $1.74 billion, marking the largest since July. Since Oct. 14, bitcoin ETFs have seen around $1.9 billion in net inflows.
Ether ETFs also witnessed notable activity, with U.S.-listed funds reporting $48.4 million in net inflows on Oct. 17, the largest since Sept. 27. BlackRock's ETHA attracted $23.6 million, while Fidelity's FETH pulled in $31.1 million.
Siam Commercial Bank launches stablecoin-based cross-border payments
Thailand’s Siam Commercial Bank (SCB) has introduced stablecoin-based cross-border payments, claiming it as the country’s first in traditional finance. Partnering with Lightnet and Fireblocks, SCB aims to enhance efficiency by reducing pre-funding, lowering costs, and offering 24/7 access to transactions.
SCB explained that the new service improves capital efficiency by eliminating the need for pre-funding between partners, lowering operational costs, and allowing users to transact in local currencies.
“This solution will provide significant improvements to customers’ experience in cross-border money transfer and will lower transaction time and cost and be accessible on a 24/7 basis,” said Tridbodi Arunanondchai, CEO of Lightnet. “This project also promotes financial inclusion as there is a lower capital requirement per transaction.”
PayPal's Venmo Can Now Be Used to Buy Bitcoin and Ethereum via MoonPay
PayPal announced that Venmo users can now purchase Bitcoin and Ethereum through MoonPay. Venmo users can fund purchases via balance, bank, or debit card, except in New York and Texas. This move aligns with PayPal’s broader push into cryptocurrency.
Venmo is a popular mobile payments app owned by PayPal. MoonPay is a platform allowing people to buy, sell, or swap digital coins and tokens. Venmo customers can use their account balance, a direct bank withdrawal, or debit card to fund crypto purchases on MoonPay, however MoonPay said that users in New York and Texas cannot use the Venmo integration.
Last year, it launched an Ethereum-based, dollar-pegged stablecoin called PayPal USD (PYUSD). The asset now also runs on Solana, the crypto network behind the fifth-biggest digital coin by market cap, SOL. In April, PayPal announced that users could swap PYUSD for dollars to make international payments via payments platform Xoom
SEC’s Ripple appeal doesn’t challenge XRP non-security status
The SEC's latest appeal in its case against Ripple does not contest the ruling that XRP is not a security. The appeal focuses on other aspects of the court’s summary judgement. Ripple’s legal team reaffirmed that XRP's non-security status remains law.
“That decision stands as the law of the land,” Alderoty wrote, adding that Ripple is preparing to file its own Form C next week.
Singapore's biggest bank DBS introduces 'Token Services' to enable blockchain-based banking
Singapore’s DBS Bank has launched "Token Services," integrating blockchain technology to help institutional clients manage liquidity and streamline workflows. This service offers tokenization and smart contract capabilities alongside traditional banking.
Top Gainers: DOGE, POPCAT, MEW, MOG, FLOKI
That’s all for today. Have a good trading weekend, traders!