The total market capitalization of the cryptocurrency space has reached a new all-time high above the $3.1 trillion mark, a figure that is close to surpassing the gross domestic product (GDP) of France.

Sam Trabucco, former co-CEO of the now-defunct crypto trading firm Alameda Research, has agreed to surrender significant assets to creditors of the failed cryptocurrency exchange FTX.

Nasdaq-listed business intelligence firm MicroStrategy (MSTR) has acquired an additional 27,200 Bitcoin for nearly $2 billion, further consolidating its lead as the largest corporate holder of BTC.

Top stories in the Crypto Roundup today:

• Crypto Market Cap Surges Past $3.1 Trillion
• Former Alameda CEO Sam Trabucco Surrenders $70 Million in Assets to FTX Creditors
• MicroStrategy Adds 27,200 Bitcoin for $2 Billion
• Centralized Exchange Volumes Surged 19% in October

Crypto Market Cap Surges Past $3.1 Trillion

The total market capitalization of the cryptocurrency space has reached a new all-time high above the $3.1 trillion mark, a figure that is close to surpassing the gross domestic product (GDP) of France.

The space’s total market capitalization has been soaring amid a market rally that has seen the price of the flagship cryptocurrency Bitcoin (BTC) briefly touch the $90,000 mark before receding to trade at $89,000 at the time of writing.

Only the United States, China, Germany, Japan, India, the United Kingdom, and France currently have a GDP above the cryptocurrency market’s capitalization. Bitcoin’s dominance is standing at 58.6% with $1.76 trillion in market capitalization, after seeing its price surge nearly 30% in a week.

The cryptocurrency market’s capitalization last reached $3 trillion back in November 2021, when the price of Bitcoin reached a then all-time high below the $70,000 mark.

Former Alameda CEO Sam Trabucco Surrenders $70 Million in Assets to FTX Creditors

Sam Trabucco, former co-CEO of the now-defunct crypto trading firm Alameda Research, has agreed to surrender significant assets to creditors of the failed cryptocurrency exchange FTX.

Trabucco, a key figure in the inner circle of FTX founder Sam Bankman-Fried, departed from Alameda in August 2022, just months before both companies filed for bankruptcy.

According to a recent court filing, Trabucco has agreed to forfeit two San Francisco apartments valued at $8.7 million, a 53-foot yacht purchased in 2022 for $2.5 million, and rights to claims against FTX totaling approximately $70 million.

Trabucco, who hasn’t publicly admitted to any wrongdoing or knowledge of criminal activity, received roughly $40 million in “potentially avoidable transfers” from debtors during his time at the trading firm.

MicroStrategy Adds 27,200 Bitcoin for $2 Billion

Nasdaq-listed business intelligence firm MicroStrategy (MSTR) has acquired an additional 27,200 Bitcoin for nearly $2 billion, further consolidating its lead as the largest corporate holder of BTC.

With this latest acquisition, MicroStrategy’s total Bitcoin holdings now surpass 279,000 BTC, valued at approximately $23 billion. The company has invested a cumulative $11.9 billion in Bitcoin, resulting in a substantial unrealized profit of over $11 billion.

MicroStrategy’s aggressive Bitcoin buying strategy has involved issuing shares to raise capital and then utilizing the proceeds to acquire Bitcoin. The cryptocurrency’s rise to a new all-time high helped the firm report a 7.4% quarterly Bitcoin yield, and a yield of over 26% year-to-date.

Centralized Exchange Volumes Surged 19% in October

The combined spot and derivatives trading volumes on centralized exchanges jumped 19% to $5.19 trillion last month, marking the fifth-highest monthly volume for this year, and aligning with a rise in digital asset prices.

Spot and derivatives volumes rose 18% and 19.4% to $1.5 trillion and $3.59 trillion, respectively. Bitcoin led the market’s volume with a 36.9% market share.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Exchange Review report.

State of the Crypto by Top Tier Exchange Volume

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