Why is crypto down today?
The global cryptocurrency market cap currently stands at approximately £2.47 trillion, reflecting a slight decline of 0.7% over the past 24 hours.
Bitcoin is priced at £68,174.75, experiencing a marginal decrease of 0.3% in the past 24 hours.
Ethereum follows with a price of £2,701.83, rising by 2.0% over the same period.
Solana has also shown growth, increasing by 4.3% in the last 24 hours to £165.86, and XRP has risen by 2.3% to £0.5529.
Lido Staked Ether (STETH) is trading at £2,702.36, reflecting a 2.1% increase in the past 24 hours.
Meanwhile, Dogecoin has shown significant growth, climbing 1.1% in 24 hours and 27.6% over the past week, now priced at £0.1444.
However, some meme coins have faced steep declines, with KLAUS dropping by 8.7%.
Others in the top 15, such as TRON (TRX), are up slightly by 0.6% at £0.1574, while Avalanche (AVAX) is down by 3.3% at £28.29 over the last seven days.
Among the top 100 cryptocurrencies, several coins have demonstrated impressive gains despite the overall market’s minor dip.
Leading the largest gainers is KOALA AI, which has surged by an impressive 67.9%, now trading at £0.05885.
Penumbra follows closely with a notable increase of 37.2%, currently priced at £0.8719.
Additionally, Fwog has seen a strong performance, climbing 40.7% to £0.2231.
Digital Asset Investment Products See £2.2B in Inflows
In crypto news today, digital asset investment products experienced a significant surge, with inflows reaching £2.2 billion, marking the highest weekly increase since July.
The renewed interest is believed to be fueled by expectations of a potential Republican victory in the upcoming UK elections, as they are generally seen as more supportive of digital assets, CoinShares reported.
Bitcoin was the primary recipient of these inflows, receiving £2.13 billion, while short-bitcoin products also saw their largest inflows since March, amounting to £12 million.
Ethereum attracted £58 million in inflows, while other altcoins like Solana, Litecoin, and XRP garnered £2.4 million, £1.7 million, and £0.7 million, respectively.
Notably, multi-asset products broke their 17-week inflow streak with outflows of £5.3 million.
Ethereum attracted £58 million in inflows, while other altcoins like Solana, Litecoin, and XRP garnered £2.4 million, £1.7 million, and £0.7 million, respectively.
Notably, multi-asset products broke their 17-week inflow streak with outflows of £5.3 million.
Coinbase CEO Backs Pro-Crypto Republican Senate Candidates
Coinbase co-founder and CEO Brian Armstrong has publicly endorsed several Republican candidates running for the UK Senate in the upcoming November elections.
On October 20, Armstrong took to X to express his support for candidates with pro-crypto stances, including XRP advocate and lawyer John Deaton, as well as former Bridgewater Associates CEO David McCormick.
Both Deaton and McCormick are running as Republicans, with Deaton seeking a Senate seat in Massachusetts and McCormick vying for a seat in Pennsylvania.
UK Authorities Arrest Gang of 18 in Monero-Based Fraud Case
In other crypto news today, for the first time in crypto history, UK authorities have arrested a group of 18 scammers by tracking Monero transactions.
The group was involved in money laundering, using the privacy-focused cryptocurrency Monero, which led to around £100 million in damages during their illegal activities.
The investigation involved analyzing roughly 900 Monero-based transactions, a significant milestone for the UK's law enforcement, marking the first time Monero transactions were used to identify and apprehend criminals.
Among those arrested was the suspected leader, Yuta Kobayashi, who, along with the other members, was charged with money laundering and computer fraud.
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