Bybit’s pause comes as Japan’s FSA considers reforms that could allow banks to hold Bitcoin and operate licensed exchanges. Bybit, the world’s second-largest crypto exchange by trading volume, has announced it will pause new user registrations in Japan starting Oct. 31, as it adapts to new regulations from the country’s Financial Services Agency (FSA). The company said the move is part of its “proactive approach” to align with Japan’s emerging regulatory framework for digital assets, according to a Wednesday announcement. “It has always been Bybit’s commitment to operate responsibly and in compliance with local laws and regulatory expectations,” the exchange said. Read more
Ethereum price wobbled as weak onchain activity and low futures demand supported a potential ETH price drop to $3,500. Key takeaways: Ether consolidated around $4,000 as the lack of futures demand and weak ETF flows suggest the absence of bullishness. Declining Ethereum network fees and activity suggest lower onchain demand. Read more
Bitcoin spot volume spiked after the “Uptober” BTC price dip as traders sought less risky environments, according to new research. Key points: Bitcoin spot market trading volume hits $300 billion in volatile October. Binance leads the pack with $174 billion traded, new research reveals. Read more
Ethereum transaction fees remain at near all-time lows despite peak network activity that saw daily transactions top 1.6 million for the first time since October’s market crash. Despite growing blockchain activity on Ethereum, gas fees on the world’s largest smart contract network remain near historic lows, signaling a more mature and scalable infrastructure ready for advanced real-world use cases. Ethereum transaction fees remained at a historic low of just 0.16 gwei, or about $0.01 per transaction. Gas fees were slightly higher for token swaps at $0.15 and at $0.27 for non-fungible token (NFT) sales, according to blockchain data aggregator Milkroad. The low costs stand in sharp contrast to previous periods of high network activity, when demand often sent fees soaring, which was one of Ethereum’s biggest criticisms in past cycles. Read more