Bitcoin dominance in the crypto market now stands at 60.3 percent, roughly two percent higher compared to last week. The Fear and Greed Index dipped three points further into the fear zone from last week to 36.
Sources for the Globe and Mail said on October 31 that Ottawa will introduce draft stablecoin legislation as soon as December. The plan will reportedly be unveiled alongside the Federal budget on Tuesday (November 4) and tabled before the holiday recess. Sources also said that lawmakers drew inspiration for the legislation from the Genius Act.
The unidentified sources, who have reportedly viewed the draft, also indicated that it is deficient in clearly defining a digital currency and specifying who would be responsible for its oversight.
Canada currently applies dual regulatory frameworks for digital currencies depending on their nature and use. Some are treated as securities, giving authority to provincial and territorial governments, while others are treated as payment instruments under federal authority.
This overlapping jurisdiction results from the absence of a clear, unified legal definition for digital currencies in the country.
Bitcoin miner IREN has signed a US$9.7 billion multi-year GPU cloud services contract with Microsoft (NASDAQ:MSFT), the company announced this morning. Under the terms of the deal, IREN will provide Microsoft access to NVIDIA (NASDAQ:NVDA) GPUs hosted within its data centers. In addition, IREN secured a US$5.8 billion equipment deal with Dell Technologies to support this GPU infrastructure.
This highlights a broader industry pivot among Bitcoin miners diversifying into AI computing services and data infrastructure amid tightening mining margins. Other miners like Hive Digital Technologies (TSXV:HIVE,NASDAQ:HIVE), MARA Holdings (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT) and TeraWulf (NASDAQ:WULF) are also making strategic moves into AI and high-performance computing sectors.
Ripple announced the launch of its digital asset spot prime brokerage service, a new offering aimed at enabling streamlined access to spot digital asset trading for institutional clients.
The move underscores Ripple’s efforts to expand its suite of services in the growing digital asset market and follows its US$1.25 billion acquisition of Hidden Road, a multi-asset prime brokerage firm. This acquisition positioned Ripple as the first cryptocurrency company to own and operate a global multi-asset prime broker.
“The launch of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide U.S. institutions with a comprehensive offering to suit their trading strategies and needs,” said Michael Higgins, International CEO, Ripple Prime.
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