Plus — Indonesia's religious council has declared trading cryptocurrency haram, or forbidden under Shariah law.
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Bitcoin falls further
Bitcoin has continued to drift further from all-time highs — pouring cold water on the idea that a further rally and new record prices are imminent. The world's biggest cryptocurrency was trading in an exceedingly tight range for most of Thursday… remaining stuck between $64,121 and $65,583. Although BTC managed to break $65,000 on multiple occasions, it struggled to remain above this price. On Friday morning, Bitcoin plunged from $65,000 to $63,700 in little over an hour. The latest.
FTX trading volumes surge 512%
Trade volume at Sam Bankman-Fried's FTX US cryptocurrency exchange surged in Q3, jumping 512% in three months. The platform saw an average daily volume of $360 million in that period, spiking to $807 million on Sep. 7, it said. FTX US also claimed to have increased its user base by more than 50% and seen its share of the U.S. cryptocurrency spot market more than double from about 2% in Q2 to 4.5% in Q3. Here's a look at the numbers.
Crypto is forbidden, Muslims warned
Indonesia's religious council has declared trading cryptocurrency haram, or forbidden under Shariah law. Bloomberg reported on Nov. 11 that the National Ulema Council, or MUI, banned Muslims from trading cryptocurrency "as it has elements of uncertainty, wagering, and harm." The ruling does not have the force of law — but it will likely deter traders, as well as giving local companies pause before issuing cryptocurrencies. Find out more about what's going on here.
Blockchain's big role in digital identities
Blockchain, artificial intelligence and biometrics will form the technological core of a rapidly growing digital identity market over the next decade, a new report predicts. Driven by rising security threats and the ongoing digital transformation of commerce and government services, tokenized ID will redefine security and identity recognition by 2030, according to Frost & Sullivan. These systems could identify us based on our keystrokes, our voice, and even our mouse use. Read more.