Crypto.com pushes for federal footing with US trust bank charter application

Crypto.com is making significant strides by seeking a National Trust Bank Charter from the Office of the Comptroller of the Currency. This move is crucial as it would bring the company under federal supervision, representing a major regulatory achievement in the digital asset sector. Such a status not only enhances credibility but also opens up new opportunities for growth and innovation in the cryptocurrency market.

Crypto.com is joining forces with Ripple and Coinbase in their quest to secure a US banking license, a move that could significantly enhance the integration of cryptocurrency firms with traditional banking systems. This development is important as it may reshape the financial services landscape, making it easier for consumers to access and use digital currencies alongside conventional banking services.

Bitcoin is currently hovering around the $110,000 mark, struggling to regain momentum after a recent flash crash on October 10 that significantly impacted the market. While there are signs of recovery in on-chain metrics and some institutional investments, overall sentiment remains cautious. Traders are wary of entering new long positions, reflecting the ongoing uncertainty in the cryptocurrency landscape. This situation is crucial as it could set the stage for future price movements and market stability.

A veteran trader has raised concerns about Bitcoin's potential for a 50% decline, citing a 'broadening top' pattern in its price movements. This warning is significant as it highlights the volatility and unpredictability of cryptocurrency markets, which can impact investors and traders alike. Understanding these patterns is crucial for anyone involved in crypto, as they can signal major shifts in market trends.

In a significant move for the cryptocurrency landscape, Trump has appointed Michael Selig as the chair of the Commodity Futures Trading Commission (CFTC). This decision is noteworthy as Selig, a veteran from the Securities and Exchange Commission (SEC), is expected to bring his extensive experience to the forefront of US crypto regulation and industry coordination. This appointment could lead to more structured oversight in the rapidly evolving crypto market, which is crucial for fostering investor confidence and ensuring market stability.

SpaceX has transferred $134 million worth of Bitcoin to new wallets, according to blockchain analytics firm Arkham. This move highlights the ongoing activity and interest in cryptocurrency by major companies like SpaceX, reflecting the evolving landscape of digital assets. Such transactions can impact market dynamics and investor sentiment, making it a noteworthy development in the cryptocurrency space.

Solana's price is maintaining a strong position above $190, reflecting a growing interest from institutions and regulators worldwide. This trend is significant as it indicates a shift in the market's perception of Solana, potentially leading to increased investment and stability in the cryptocurrency space.

US stocks surged following the release of the consumer price index inflation report for September, with the Dow Jones Industrial Average soaring over 350 points. This positive market reaction reflects investor confidence and suggests a robust economic outlook, as both the S&P 500 and Nasdaq reached new all-time highs. Such gains are significant as they indicate a strong recovery and resilience in the market, which is crucial for economic growth.