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Kwon Do Hyeong Extradition: U.S. vs. South Korea

U.S. Department of Justice's Pursuit of Kwon Do Hyeong's Extradition: A Complex Legal Battle In a significant development within the cryptocurrency landscape, the U.S. Department of Justice (DOJ) is steadfast in its pursuit of extraditing Terraform Labs co-founder Kwon Do Hyeong from Montenegro. This determination persists despite a recent ruling by a Montenegrin high court, which favored extradition to South Korea. The unfolding legal complexities surrounding Kwon's case highlight broader implications for international cooperation in financial regulation and accountability. The Current Legal Landscape Montenegro's High Court Ruling : Recently, the Montenegrin high court ruled in favor of sending Kwon to South Korea, where he faces charges related to the collapse of the TerraUSD stablecoin. This decision raises questions about the interplay between U.S. and South Korean legal systems, especially concerning cryptocurrency regulations. U.S. DOJ's Stance : The...
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Produced by Daniel Aharonoff & Mogul Media AI

Cryptocurrency Market Rally: Bitcoin Surges 5% as Hopes for ETF Regulatory Approval Rise

Cryptocurrencies experienced a rally, with Bitcoin leading the charge with a surge of almost 5 percent. This bullish market sentiment was fueled by hopes of regulatory approval for ETF products. The overall crypto market capitalization also saw an increase, reaching $1.12 trillion from $1.09 trillion the day before and $1.04 trillion a week earlier.

Bitcoin (BTC) performed particularly well, rallying 4.2 percent overnight. This pushed its weekly gains to 8.4 percent and its year-to-date gains to over 70 percent. Currently, BTC is trading at $28,337.54, after reaching a 24-hour high of $28,396.82 earlier in the trade.

Ethereum (ETH) also saw a 1.5 percent increase overnight and is currently priced at $1,713.81. Its weekly gains are close to 9 percent, and its year-to-date gains exceed 43 percent.

Other cryptocurrencies in the top rankings also experienced notable movements:

  • Binance Coin (BNB), ranked 4th, added 1.4 percent in the past 24 hours, reducing its year-to-date losses to 10.4 percent.
  • XRP, ranked 5th, saw more modest overnight gains at 0.34 percent.
  • Solana (SOL) jumped to the 7th rank overall with a surge of 2.8 percent overnight. SOL has gained 21 percent in the past week and an impressive 140 percent in 2021.
  • Cardano (ADA), ranked 8th, gained close to 2 percent in the past 24 hours.
  • Dogecoin (DOGE), ranked 9th, added 0.82 percent overnight but still has year-to-date losses of close to 10 percent.
  • TRON (TRX), ranked 10th, added 0.4 percent overnight, 6.1 percent in the past week, and 63 percent in 2021.
  • Bitcoin SV (BSV), ranked 49th, topped the price charts with an overnight surge of close to 18 percent.
  • THORChain (RUNE), ranked 47th, and eCash (XEC), ranked 64th, both added close to 11 percent.
  • GMX (GMX), ranked 90th, and Maker (MKR), ranked 33rd, both shed more than 4 percent in the past 24 hours.

Institutional investors also made notable moves in the cryptocurrency market. According to the CoinShares Digital Asset Fund Flows Weekly report, there were inflows of more than $21 million for the week ended September 29. Bitcoin products recorded inflows of $20.4 million, while Solana products recorded inflows of $5.1 million. On the other hand, Ethereum and Short Bitcoin products recorded outflows of $1.5 million each.

Taking a closer look at the country-wise analysis, Germany saw inflows of $17.7 million, followed closely by Canada with inflows of $17.2 million. Switzerland received inflows of $7.4 million, while the United States recorded outflows of $18.5 million. The cumulative assets under management (AUM) stood at $30.8 billion, with the majority ($23.8 billion) in the United States. Canada, Switzerland, Sweden, and Germany accounted for AUM of less than $2 billion each.

In summary, the cryptocurrency market experienced a rally, with Bitcoin leading the way. Other top-ranked cryptocurrencies also saw notable movements. Additionally, institutional investors showed increased interest, with inflows into Bitcoin and Solana products. It will be interesting to see how these market dynamics continue to evolve in the coming weeks.

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