Bitcoin price maintains stability while investors observe trends
and new records in other markets
The price of Bitcoin (COIN:BTCUSD) fluctuated around $34,000 at
Wall Street’s open on October 27th, while investors watched BTC’s
performance in relation to macroeconomic assets. The market
remained relatively stable, with analysts suggesting a price range
between $33,000 and $35,000, as commented by Fernando Pereira, an
analyst at Bitget: “As buying pressure is still high, I believe
it will still be possible to trade in this region over the weekend,
and next week we may see a retreat towards around $32,000“,
said Pereira. However, the proximity of weekly and monthly closures
is seen as a critical factor in assessing future trends. Analysts
also remain cautious due to the upcoming FOMC meeting of the U.S.
Federal Reserve. Additionally, some have noted that Bitcoin has
outperformed the S&P 500 since September, which could drive the
price above $40,000. Bitcoin, historically correlated with U.S.
stock markets, now appears to be dissociating, recording an annual
gain of over 100%. Elsewhere, Bitcoin reached historic prices in
Turkey and Nigeria, driven by the depreciation of their local
currencies and economic uncertainty. Demand has grown with local
exchanges moving $40 million in Bitcoin in 24 hours.
Ethereum Dencun update promises to reduce transaction costs and
boost scalability
The upcoming Ethereum (COIN:ETHUSD) update, known as Dencon,
with a scheduled launch in the first quarter of 2024, will play a
key role in the blockchain’s journey towards scalability, acting as
a settlement layer. Goldman Sachs (NYSE:GS) recently highlighted
that this update “will increase data availability for layer 2
rollups through proto-danksharding, resulting in reduced
transaction costs for rollups and ultimately benefiting end
users.” Additionally, Dencon will establish important
foundations for future scalability improvements, including
danksharding. Danksharding is an approach that seeks to enhance
Ethereum’s scalability by sharding the network, increasing data
storage capacity, rather than just increasing transaction
speed.
Lido DAO distances itself from LayerZero’s wstETH bridge on
Avalanche and other networks
On October 26th, the staking protocol Lido DAO (COIN:LDOUSD)
announced that it did not endorse the wstETH bridge launched by
LayerZero on Avalanche (COIN:AVAXUSD), BNB (COIN:BNBUSD), and
Scroll (COIN:SCRLUSD). Lido expressed concerns about the lack of
audit and canonicity of the bridge. The action generated
apprehension in the Lido community, with some seeing it as an
attempt to pressure the protocol and others as aggressive marketing
strategy. LayerZero removed Scroll from the networks supporting
wstETH (COIN:WSTETHUSD) in response to community concerns.
FLOKI jumps with TokenFi launch, but risk of correction looms
The price of FLOKI (COIN:FLOKIUSD) has risen nearly 140% in
October, trading at $0.0001848 at the time of writing. The meme
coin, famous for its controversial marketing strategies, saw a
boost after New York-based Grayscale Investments submitted an
application for a new Bitcoin exchange-traded fund (ETF) on the
NYSE Arca. Additionally, the launch of the TokenFi tokenization
platform was announced today, featuring its native token, TOKEN.
The TokenFi platform by Floki was launched on various DeFi
networks, allowing users to create cryptocurrencies without
technical knowledge. The team also announced the distribution of
10% of the initial TOKEN supply to liquidity pools on Uniswap and
Pancakeswap, along with rewards for long-term Floki stakers.
Launch of the dYdX Chain reinforces the role of the DYDX token and
offers new participation opportunities
The dYdX Foundation (COIN:DYDXUSD) has launched dYdX Chain,
promoting DYDX as the primary currency and distributing fees in
USDC (COIN:USDCUSD). DYDX holders can be validators or delegate to
secure the network and receive rewards. Governance will be
accessible, allowing staked DYDX tokens to participate in
decisions. This strengthens the dYdX ecosystem and hints at future
expansion plans.
Gala Games’ remarkable recovery defies legal challenges
Gala Games (COIN:GALAUSD) saw its price rise nearly 40% in the
week despite facing legal obstacles involving CEO Eric Schiermeyer
and co-founder Wright Thurston. After a 31% drop in September, the
alternative coin market has recovered, with GALA now trading at
$0.018. However, legal developments could affect the future of Gala
Games, with an optimistic price target of $0.02 and a downside risk
to $0.015, resulting in a risk-reward ratio of 0.69.
Sensei Inu: An innovative Meme Coin that rewards cryptographic
knowledge
The Sensei Inu (SINU) pre-sale raised over $300,000, indicating
a successful launch. Differentiating itself from other meme coins,
Sensei Inu rewards users based on their cryptocurrency knowledge
through question and answer games. Its innovative tokenomics model
includes burning, DAO, referrals, and community to balance token
supply. The five-phase roadmap promises long-term growth. With 50%
of tokens available in the pre-sale, Sensei Inu is gaining momentum
rapidly.
Ethereum account abstraction vulnerability patched by Fireblocks in
UniPass
Cryptocurrency infrastructure company Fireblocks identified and
fixed an Ethereum account abstraction vulnerability. The ERC-4337
vulnerability was found in the UniPass smart contract wallet and
could have allowed an attacker to take control of the UniPass
wallet account. Fireblocks worked with UniPass to address the
vulnerability, which affected hundreds of wallets. Account
abstraction is a technology that introduces more generalized and
flexible accounts on Ethereum (COIN:ETHUSD). The vulnerability was
successfully mitigated through a white-hat operation.
High-Level Mastercard users can now spend SAND token in the EU
High-level Mastercard (NYSE:MA) debit card users can now spend
the SAND token from the Metaverse Sandbox platform (COIN:SANDUSD)
in appropriate markets in the European Economic Area. Additionally,
the card already allows spending with Bitcoin (COIN:BTCUSD), Ether
(COIN:ETHUSD), and USDT (COIN:USDTUSD). The card, which also offers
customization with NFTs, was announced in 2022 and recently began
shipping personalized NFT cards.
Kraken appoints new UK managing director, prepares to share data
with IRS
Global cryptocurrency exchange Kraken announced Bivu Das as the
new managing director in the UK, succeeding Blair Halliday. Das, a
former Starling Bank executive and fintech entrepreneur, will lead
Kraken’s efforts to expand its business in the UK. Despite new
regulatory restrictions in the UK cryptocurrency market, Das
expressed confidence that Kraken is well-positioned to navigate the
changes. Additionally, Kraken is preparing to share selected user
information with the IRS in the United States following a court
order received in June. The exchange expects to share this
information in November 2023.
HTX announces profit in Q3 2023 despite operational challenges
Cryptocurrency exchange HTX, formerly known as Huobi Global,
announced a profit of $98 million in the third quarter of 2023,
with revenues of $202 million and expenses of $104 million. Despite
challenging market conditions, HTX maintained its revenue growth.
CEO Justin Sun expressed optimism for the fourth quarter,
anticipating revenues of $190 million and an estimated profit of
$104 million. He believes the cryptocurrency bear market is coming
to an end and expects a recovery. However, HTX has faced recent
operational challenges, including staff reductions and a security
breach.
Binance founder CZ loses $11.9 billion as exchange revenue drops
The fortune of Binance founder Changpeng “CZ” Zhao likely
decreased by $11.9 billion due to a 38% drop in revenue from the
world’s largest cryptocurrency exchange, as calculated by the
Bloomberg Billionaires Index. This would reduce his wealth to
around $17.2 billion, compared to the peak of $96 billion reached
in January 2022. The decline in Binance’s revenue came after a
zero-fee promotion in the first quarter that boosted market share
to 62%, but fell to 51% by the end of the third quarter.
Sam Bankman-Fried denies fraud in FTX case before jury
During the closing arguments of the case, Sam “SBF”
Bankman-Fried, former CEO of FTX, faced questions from his defense
lawyers in New York. He denied allegations of fraud and
misappropriation of funds from FTX customers during his leadership
at the cryptocurrency exchange. Bankman-Fried also highlighted
FTX’s bankruptcy filing and its relationship with Alameda Research.
The allegations center on the use of FTX customer funds by Alameda
without their knowledge. The trial is expected to conclude soon,
with prosecutors and defense attorneys presenting final arguments
to the jury.
Zodia Markets receives registration in Ireland and expands its
presence in the EU
Zodia Markets, backed by Standard Chartered (LSE:STAN), has
obtained registration as a Virtual Asset Service Provider (VASP) in
the Republic of Ireland by the local central bank. This
registration will allow Zodia Markets to offer trading and
over-the-counter (OTC) exchange services to institutional clients.
With similar permissions obtained in the UK and Abu Dhabi, the
company now has a licensed entity in the European Union (EU),
facilitating its expansion within the bloc. Ireland has become a
popular destination for cryptocurrency companies, possibly due to
its favorable tax regime.
Taiwan presents Bill to regulate virtual assets and impose fines
for unlicensed operation
On October 25th, lawmakers in Taiwan introduced a Virtual Asset
Management Bill to the unicameral parliament. The bill aims to
protect consumers and properly oversee the virtual asset sector. It
establishes sensible requirements for Virtual Asset Service
Providers (VASPs), such as separating customer funds from company
funds, internal controls, audits, and adherence to local trade
associations. The bill also provides for fines for VASPs operating
without a license. Guidelines were issued by Taiwan’s Financial
Supervisory Commission (FSC) in September 2023, prohibiting foreign
VASPs from operating without regulatory approval.
Bitcoin mining in the US defends positive impact in Congress
Executives from over 40 cryptocurrency mining operations and
lobbyists sought support in the U.S. Congress, highlighting how
mining can stabilize the power grid, embrace renewable energies,
and boost national technology. They emphasized their contribution
to energy and national security, countering environmental
criticisms and addressing China-related issues. They also expressed
support for a pro-mining bill.
Bank of England receives more than 50,000 responses to Digital
Libra consultation
The Bank of England (BOE) received over 50,000 responses in its
consultation on the digital pound. Most responses expressed
concerns about privacy, programmability, and the decline of
physical cash. Deputy Governor Jon Cunliffe clarified that users of
the digital pound would have the same level of privacy as when
making electronic payments using traditional currency. He also
emphasized that the BOE would not see people’s data. Cunliffe
promised a discussion paper on stablecoin regulations soon.
Animoca Brands invests in market creation for Web3 startups
Web3 investment company Animoca Brands has expanded its efforts
to offer in-house marketplace creation services for the over 400
startups in its portfolio. The Hong Kong-based company recently
made these capabilities available, aiming to attract more projects.
This puts it in competition with specialized market makers like
GSR, Wintermute, and Keyrock. Animoca employs an in-house Digital
Assets team to optimize the use of its balance sheet, provide
liquidity, and support startups, ensuring efficiency and
scalability. The company emphasizes that these services are not for
profit and follow strict selection criteria.
Yuga Labs receives $1.5 million compensation in Bored Ape NFT copy
case
On October 26th, a federal judge in California ruled that Yuga
Labs, the creator of Bored Ape Yacht Club non-fungible tokens
(NFTs), has the right to receive over $1.5 million in damages from
Ryder Ripps and Jeremy Cahen, who copied Bored Ape Yacht Club NFT
art. The judge rejected the defense that the copies were satirical
and concluded that Ripps and Cahen used them to profit from Yuga’s
success. The decision also included attorney’s fees and the
transfer of digital assets and related social media accounts to
Yuga Labs.
Moonveil raises $5.4M in funding to focus on player freedom
Web3 game studio Moonveil Entertainment, based in the Cayman
Islands, raised $5.4 million in a funding round led by Gumi Cryptos
Capital and Arcane Group, with participation from investors like
Longhash, IOSG, and Infinity Ventures Crypto. The company is
developing games such as Astrark and Project B, focusing on player
freedom and rewarding contributions using tokenomics and NFTs.
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