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Nexo's $3 Billion Arbitration Claim Against Bulgaria: Unveiling the Legal Battle

Nexo, a prominent crypto lending firm, has recently filed a $3 billion arbitration claim against the Republic of Bulgaria following a year-long criminal investigation into the company and its founders. In a press release on Wednesday, Nexo strongly argued that Bulgaria's investigation was unjustified and politically motivated, resulting in significant reputational damage and lost business opportunities estimated to be in the billions. The company, now cleared by the Bulgarian Prosecutor's Office, is seeking reparations for the financial harm suffered as a result of the investigation. Key Points: Nexo is one of 22 investors in Decrypt. The company had to abandon plans for a funding round with leading U.S. banks and an IPO on a major U.S. stock exchange due to the lawsuit. Nexo was finalizing a strategic alliance with a major European football club, which included the launch of a club-branded crypto payment card. Antoni Trenchev, co-founder of Nexo, emphasized that the arbi

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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