Bitcoin reacts to PCE data
Bitcoin (COIN:BTCUSD) reached an intraday high of $66,550 on
Friday and is currently trading at $65,566, a 0.6% increase over
the past 24 hours. This rise followed the release of U.S. inflation
data, with the Personal Consumption Expenditures (PCE) index, the
Federal Reserve’s preferred measure, dropping to 2.2% in August,
below the expected 2.5%. The decrease in PCE suggests a faster
decline in inflationary pressures, strengthening expectations of a
more accommodative monetary policy from the Fed, boosting appetite
for risk assets like Bitcoin. Investors now anticipate a retest of
the $68,000 to $70,000 range, fueling market confidence.
Bitcoin ETFs attract large inflows while Ethereum faces outflows
On September 26, Bitcoin ETFs saw inflows of $365.7 million, the
largest since July. Ark’s ETF (AMEX:ARKB) led with $113.8 million,
followed by $93.4 million in BlackRock (NASDAQ:IBIT) and $74
million in Fidelity (AMEX:FBTC). In contrast, Ethereum ETFs
continued to experience net outflows, losing $0.1 million.
Grayscale’s ETF (AMEX:ETHE) shed $36 million, while BlackRock and
Fidelity’s saw inflows. The strong demand for Bitcoin ETFs
contrasts with mixed sentiment toward Ethereum, coinciding with
Bitcoin surpassing $65,000 for the first time since August.
MicroStrategy-linked ETFs attract significant interest and exceed
expectations
Seven days after its launch, the T-REX 2X Long MSTR Daily Target
ETF (AMEX:MSTU) attracted over $72 million, standing out among new
ETFs. Offering double the performance of MicroStrategy’s shares
(NASDAQ:MSTR), the fund reflects growing interest in
Bitcoin-related assets. Another fund, Defiance Daily Target 1.75X
Long MSTR ETF (NASDAQ:MSTX), which delivers 175% returns on MSTR’s
daily movements, raised $857 million since its launch on August 15,
signaling investors’ appetite for leverage and Bitcoin exposure
through MicroStrategy’s stock.
Guggenheim issues $20 million in digital bonds on Ethereum
Guggenheim Treasury Securities (GTS), a subsidiary of Guggenheim
Capital, issued $20 million in Digital Commercial Paper (DCP) on
Ethereum, receiving a P-1 credit rating from Moody’s (NYSE:MCO).
According to CryptoSlate, the issuance was conducted through
AmpFi.Digital, a blockchain platform developed by Zeconomy, aiming
to provide secure tokenization solutions for qualified investors.
This highlights growing institutional interest in digital assets,
with the tokenized U.S. Treasury market surpassing $2 billion in
capitalization, led by major players like BlackRock and Franklin
Templeton.
Ethereum transaction fees rise sharply as on-chain activity surges
Ethereum’s transaction fees spiked, increasing 498% between
September 16 and 26, with the average cost per transaction now at
$1.69, according to Coinbase. This surge reflects heightened
on-chain activity, including a 9% growth in DEX volumes and a 17%
increase in Ether transfers. Analysts also noted that Ethereum
(COIN:ETHUSD) broke through a trend indicator, signaling a possible
short-term rally, although it remains below its 200-day exponential
moving average.
STX rises 18% this week driven by upgrade
Stacks’ token (COIN:STXUSD) gained 18% in seven days, tracking
Bitcoin’s rise. The surge comes ahead of the Nakamoto Release,
scheduled for October 9, which will introduce improvements to
Bitcoin’s DeFi capabilities, including the sBTC token.
Additionally, trading volume and total value locked on the Stacks
network grew by approximately 31,300% and 70%, respectively,
highlighting growing investor interest and network strength.
Changpeng Zhao could be released earlier than expected, legal
interpretation suggests
Changpeng “CZ” Zhao, Binance’s founder, could be released from
prison today, two days ahead of schedule, due to a Federal Bureau
of Prisons rule allowing early release if the date falls on a
weekend. CZ, convicted of violating the Bank Secrecy Act, has spent
116 days in prison. Binance expressed joy at the potential release,
emphasizing the company’s growth under current leadership, now
serving over 230 million users.
Bitget Wallet integrates Telegram Mini Apps with multiple
blockchains
Bitget Wallet has launched OmniConnect, a development kit
allowing developers to connect Telegram Mini Apps to blockchain
ecosystems like TON, Solana, and Ethereum Virtual Machine (EVM).
Previously limited to the TON network, Mini Apps can now interact
with multiple public chains, facilitating transactions and
signatures through Bitget Wallet. This integration expands
interoperability, transforming Telegram into a gateway for Web3 and
advancing the transition of Web2 apps into the blockchain
ecosystem.
Zort founder accused of corruption and tax evasion
Adam Iza, founder of Zort (COIN:ZORTUSD), has been accused of
bribing Los Angeles County Sheriff’s Department officers to extort
and intimidate victims. According to a CryptoSlate report, Iza also
faces tax evasion charges. An FBI agent detailed the use of fake
warrants to steal funds, which Iza allegedly used to finance a
lavish lifestyle. He reportedly paid up to $280,000 per month to
corrupt officers and is accused of attempting to kidnap a victim to
access cryptocurrency.
Sorare accused of operating unlicensed gambling in the UK
Sorare, a fantasy sports platform based on NFTs, has been
accused by the UK Gambling Commission of providing unlicensed
gambling services. The French company, which partners with leagues
like the Premier League and Bundesliga, allows users to buy and
sell collectible cards using NFTs. According to CoinDesk, Sorare is
set to appear in court on October 4 following a three-year
investigation. Sorare denies the allegations, claiming the
Commission has misinterpreted its business model. The case could
set a precedent for Web3 industry regulators.
Onyx suffers second attack in a year, losing over $3 million
The Onyx protocol, a fork of Compound Finance, was exploited
again, resulting in a loss of $3.2 million. A malicious contract
was deployed minutes before the attack, according to security firm
Fuzzland. Most losses were in VUSD, a dollar-pegged stablecoin. The
attack exploited a flaw in the forked code from Compound V2 and a
vulnerability in the NFTLiquidation contract, allowing rewards from
self-liquidation to be inflated. Last year, Onyx faced a similar
attack, losing $2.1 million.
Bedrock protocol loses $2 million in attack and offers hacker a job
The Bedrock crypto protocol lost $2 million after its uniBTC
vaults were exploited. Web3 security firm Dedaub identified the
vulnerability and notified Bedrock, but the team failed to act in
time. The hacker, who could have stolen up to $75 million, was
surprisingly invited to become a “white hat” and help improve the
protocol’s security. Bedrock is now working with audit teams to
recover lost funds and create a reimbursement plan for affected
investors.
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