Aurelia Butler

The world’s second-biggest cryptocurrency has consistently underperformed Bitcoin since these launches, with its share of the global crypto market cap steadily declining. Meanwhile, Layer 1 Ethereum activity remains subdued, even as Layer 2 usage has risen significantly. According to Citi analysts, this trend may shift in the wake of the risk-friendly stance taken by the Federal Open Market Committee (FOMC) in September. “Should the broad risk-on market environment continue, crypto and ETH may be supported and potentially reverse the net ETF outflows,” Citi analysts said in a note, though this would require improved activity on the Ethereum network.The dovish FOMC decision appears to have halted ETH’s decline relative to BTC, as the BTC/ETH ratio has slightly fallen since the meeting. Still, the challenge remains significant: only about 30% of trading days have seen positive net inflows into spot ETH funds. Citi points out that for Ethereum’s market share to recover meaningfully, Layer 1 activity would need to pick up.“While Layer 2 network activity has been strong (especially on Base), active addresses on L1 have been subdued, which perhaps could explain some of the coin’s underperformance in recent weeks,” analysts noted.While Ethereum has seen outflows, Bitcoin ETFs, in contrast, continue to attract attention, with net inflows totaling $17.2 billion since their launch. Bitcoin’s first-mover advantage, combined with its status as “digital gold,” has helped it outperform ETH in terms of both inflows and market dominance. In fact, BTC’s share of the global crypto market cap has increased steadily since January 2024.In recent weeks, the correlation between cryptocurrencies and U.S. equities has surged, driven by macroeconomic factors such as labor data and the Federal Reserve’s policy trajectory. Citi notes that this link is expected to remain strong as markets gain clarity on the economic outlook and potential regulatory changes, especially with the upcoming U.S. presidential election.Equities have emerged as the dominant macro driver for crypto. Notably, the crypto-USD correlation turned positive on August 5, a rare occurrence in recent years. Separately, while fears of monetary debasement, which could boost both crypto and gold, are not prominent at this stage, Citi analysts continue to monitor any signs of their resurgence. More

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the launch of its Islamic Account, making it the first global cryptocurrency exchange to offer such a service to Muslim traders worldwide. This initiative represents a major step towards providing crypto trading that is both accessible and compliant with Islamic law.Bybit’s Islamic Account offers a comprehensive suite of Shariah-compliant trading products, providing Muslim traders with an inclusive platform to engage in the digital asset market. Developed in consultation with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal to ensure compliance with the Shariah principles, the account ensures that all products strictly adhere to Islamic finance principles.Key Features of Bybit’s Islamic Account:#Bybit / #TheCryptoArkAbout BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find a fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, readers can please visit Bybit Press. For media inquiries, readers can please contact: [email protected] more information, readers can please visit: https://www.bybit.comFor updates, readers can please follow: Bybit’s Communities and Social MediaContactHead of PRTony [email protected] article was originally published on Chainwire More

NEW YORK (Reuters) – Former cryptocurrency executive Caroline Ellison is set to be sentenced on Tuesday for her role in her imprisoned former boyfriend Sam Bankman-Fried’s theft of about $8 billion in customer funds from the now-bankrupt FTX exchange he founded.Ellison has pleaded guilty to seven felony counts of fraud and conspiracy, and testified as a prosecution witness in the trial of Bankman-Fried, who was convicted of fraud and other charges last year and is serving a 25-year prison sentence stemming from FTX’s November 2022 collapse. At her sentencing hearing scheduled for 3 p.m. EDT (1900 GMT) before U.S. District Judge Lewis Kaplan in Manhattan, Ellison will learn how much leniency she will earn from her cooperation with prosecutors.Ellison, 29, will almost certainly get far less prison time than Bankman-Fried did. The crimes to which she pleaded guilty carry a maximum sentence of 110 years in prison.Her lawyers have argued that she should get no prison time due to her cooperation. Without recommending a specific prison term, the U.S. Attorney’s office in Manhattan, which brought the charges, also urged Kaplan to go easy on Ellison, citing her “extraordinary” cooperation and expression of remorse.”As FTX collapsed, Bankman-Fried persisted in publicly denying knowledge and fault,” prosecutors wrote in a Sept. 17 court filing. “Ellison, on the other hand, expressed relief that the fraud was exposed, and responsibility for her wrongdoing.”Prosecutors said Ellison met with them about 20 times to help them piece together FTX’s unraveling and make their case against Bankman-Fried.Prosecutors have called Bankman-Fried’s actions one of the biggest financial frauds in U.S. history. Bankman-Fried, 32, rode a boom in cryptocurrency prices during the COVID pandemic to a net worth by October 2021 of, according to Forbes magazine, $26 billion. He gained prominence as a generous donor to philanthropic causes and Democratic politicians. His wealth evaporated when FTX collapsed in November 2022 amid a flurry of customer withdrawals. The company had been widely viewed as a relative safe-haven in a cryptocurrency industry beset by volatility and scams. Bankman-Fried was charged a month later with stealing FTX customer funds to plug losses at Alameda Research, a cryptocurrency-focused hedge fund he founded and that Ellison ran from 2021-2022. Ellison pleaded guilty in December 2022.Bankman-Fried is appealing his conviction and sentence, arguing that Kaplan wrongly excluded evidence showing he thought FTX had enough funds to cover customer withdrawals. In testifying in his own defense at trial, Bankman-Fried admitted to making mistakes while running FTX, but denied stealing money. In his closing argument at Bankman-Fried’s trial, defense lawyer Mark Cohen accused Ellison of “pointing at Sam” to escape the pressure she faced after FTX’s collapse. Ellison testified over three days at Bankman-Fried’s trial, telling the jury he directed her and others to take money from FTX’s customers without their knowledge. In tearful testimony, Ellison said she felt “indescribably bad” about the fraud, and that FTX’s collapse lifted the “dread” hanging over her. “I felt a sense of relief that I didn’t have to lie anymore,” Ellison testified. Nishad Singh and Gary Wang, two other former FTX executives who cooperated with prosecutors, are scheduled to be sentenced on Oct. 30 and Nov. 20, respectively. More