Top cryptocurrency news on October 08: Bitcoin at Rs 16 lakh, $100 million Binance Coin stolen in hack… – Moneycontrol

Top cryptocurrency news on October 08: Bitcoin at Rs 16 lakh, $100 million Binance Coin stolen in hack… – Moneycontrol

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November 6, 2022 by Coinvasity
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Last Updated : October 08, 2022 / 08:57 AM IST
Top cryptocurrency news on October 08: Bitcoin at Rs 16 lakh, $100 million Binance Coin stolen in hack & more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day

Market Buzz
Bitcoin trading around Rs 16 lakh

Major cryptocurrencies were trading in the red early on October 8 as the global crypto market cap decreased by 1.19 percent to $947.14 billion, over the last day. The total crypto market volume over the last 24 hours is $52.30 billion, which makes a 8.47 percent decrease. The total volume in DeFi is currently $3.12 billion, which is 5.96 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $47.54 billion, which is 90.91 percent of the total crypto market 24-hour volume. The price of bitcoin hovered around Rs 16 lakh, with a dominance of currently 39.62 percent, a decrease of 0.40 percent over the day, according to Coinmarketcap. Read full here

Big Story
Crypto hacked again in $100 million theft of Binance coin

An already bad year for cryptocurrencies took another turn for the worse after roughly $100 million of Binance Coin was stolen in what appears to be the latest hack to hit digital assets. An exploit occurred on a bridge between blockchains and the issue is “contained now,” Changpeng ‘CZ’ Zhao, billionaire co-founder of Binance, the world’s biggest crypto exchange, said. A spokesperson for Binance-backed blockchain BNB Chain estimated the incident involved $100 million to $110 million of digital tokens. At least $7 million of stolen funds has already been frozen, the spokesperson added. Read details here

Corporate Watch
Indian crypto exchange ZebPay seeks Singapore permit, eyes UAE

One of India’s oldest cryptocurrency exchanges is looking overseas for growth as the nation’s tax policies crush the domestic market. Eight-year-old ZebPay has applied for a license in Singapore and is assessing the potential of a similar step in the United Arab Emirates, outgoing Chief Executive Officer Avinash Shekhar said in an interview. While the company will retain its focus on India, the 1 percent transaction tax the nation imposed on crypto this year is hurting trading volumes and the levy “has to come down, otherwise things are not going to improve,” he said. Take a look

Explainer
How to quickly discover a profitable crypto coin

Finding a solid crypto currency to invest in may be challenging, and you may have ups and downs. Most traders and investors betting on crypto coins tend to believe they have the potential to soar in the short term. Here is a guide to assessing the upside potential of digital currencies. We will also discuss aspects that make a particular coin suitable for investment. Read more here
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