Bitcoin falls on Monday but maintains positive performance for the
month
Bitcoin (COIN:BTCUSD) and related stocks, such as Coinbase
Global (NASDAQ:COIN) and MicroStrategy (NASDAQ:MSTR), are down on
Monday. After reaching a high of $66,566.28 last week, Bitcoin is
down 3.3% at the time of writing, sitting at $63,450.
The drop was triggered by several factors. Shigeru Ishiba’s
selection as Japan’s prime minister, who supports tighter monetary
policies, caused global market turbulence, impacting Bitcoin’s
price. Rising geopolitical tensions between Israel and Lebanon,
along with strikes at U.S. ports, also influenced the pullback from
risk assets.
Despite the daily drop, Bitcoin is on track for its best
September on record, with a monthly gain of 10.7% so far. This
monthly rise in 2024 outpaces its negative September history, which
used to average a -3.68% drop, and far exceeds the -13.38% fall in
September 2019. Coinbase has dropped 1.3% for the month, while
MicroStrategy has surged 30.1%.
With October typically being strong for cryptocurrencies,
participants have dubbed it “Uptober.” A potential rally could be
fueled by new accounting rules and a post-halving environment.
Investors will be watching the impact of U.S. port strikes, as
well as awaiting more clarity after U.S. elections and potential
interest rate cuts. Interest rate reductions are expanding
globally, with central banks outside major markets lowering
borrowing costs. Countries like Canada, Switzerland, and Sweden
have cut rates three times in 2024, with more reductions expected.
This environment favors risk investments, such as
cryptocurrencies.
According to data from Token Unlocks, $735 million in
cryptocurrencies will be unlocked in the first week of October, out
of a total of $3.46 billion throughout the month. Celestia
(COIN:TIAUSD), Worldcoin (COIN:WLDUSD), and Solana (COIN:SOLUSD)
lead the unlocks, with $1.12 billion, $336 million, and $360
million, respectively. These unlocks could increase selling
pressure in the market, affecting various digital assets.
Bithumb plans U.S. IPO with Nasdaq listing in 2025
Bithumb, South Korea’s second-largest cryptocurrency exchange,
plans to go public in the U.S. with a potential Nasdaq listing in
2025. After a failed attempt to list on the Korean market in 2020,
Bithumb is seeking international alternatives. Samsung Securities
will be its main underwriter. The company has already launched
Bithumb Investment to strengthen its public offering. With 10-20%
of the South Korean market and a 283% profit increase in Q1
compared to the same period last year, the company seeks to follow
in the footsteps of other major crypto firms that have gone
public.
Matrixport acquires Crypto Finance to expand in Europe
Matrixport, a cryptocurrency financial services firm managing $6
billion in assets, based in Singapore, has acquired Crypto Finance
(Asset Management) AG, a Swiss asset manager, through an all-cash
transaction. Renamed Matrixport Asset Management AG, the unit will
manage the first crypto fund approved by Switzerland’s Financial
Market Supervisory Authority, expanding Matrixport’s presence in
Europe.
Trump backs WLFI in support of U.S. stablecoins
Donald Trump announced the whitelist process for World Liberty
Financial (WLFI), highlighting his support for cryptocurrencies.
WLFI requires KYC for early access but has no plans to launch a
native token yet. Accredited U.S. and international investors can
participate, while retail investors are left out due to regulatory
barriers. The project aims to maintain the U.S. dollar’s dominance
with stablecoins, partnering with Aave. WLFI’s advisors now include
Matthew Morgan from Mixie AI and Ryan Fang from Ankr.
X ban in Brazil impacts crypto industry
The ban of X (formerly Twitter) in Brazil in August
significantly impacted the crypto community, which relies on the
platform for global communication and promotion. The court decision
that disconnected 22 million users was due to the spread of
misinformation. Crypto influencers, companies, and events lost
reach, visibility, and engagement, forcing them to seek
alternatives. The industry fears that without X, real-time access
to critical information like security updates will be hindered,
negatively affecting the cryptocurrency sector in the country.
Taiwan allows access to crypto ETFs for qualified investors
Taiwan’s Financial Supervisory Commission has authorized
professional investors to access foreign cryptocurrency ETFs
through local financial institutions. The move aims to ensure
regulatory compliance and protect investors, limiting access due to
the risks involved. Securities firms must implement suitability
systems and provide education on digital assets.
Solana could rise in October with optimistic momentum
Solana (COIN) has faced resistance at $160 in recent months, but
optimistic expectations for “Uptober” may boost the token. Factors
such as the Fed’s rate policy and a potential altcoin season could
increase liquidity and favor SOL’s growth. Additionally, technical
advancements reinforce confidence in Solana’s ecosystem. The launch
of Frankendancer on the mainnet and the anticipation for Firedancer
in 2025 mark important milestones for Solana. Firedancer, developed
by Jump Crypto, achieved over 1 million transactions per second
(TPS) in tests, reinforcing Solana’s status as a high-performance
Layer 1 blockchain. This new client will significantly increase
network throughput while diversifying validators, making Solana
more resilient to attacks and technical failures. With these
improvements, investor interest is expected to return.
ANZ partners with Chainlink to explore real-world asset
tokenization
ANZ, Australia’s second-largest bank, has partnered with
Chainlink Labs (COIN:LINKUSD) and ADD (COIN:ADDXUSD) to explore
tokenized real-world assets, integrating into the Monetary
Authority of Singapore’s (MAS) Project Guardian. The global
initiative seeks to revolutionize sectors like fixed income and
forex with digital assets. ANZ believes private blockchains can
facilitate the exchange of assets such as commercial papers,
highlighting the role of ANZ’s native token (A$DC) and the
interoperability provided by Chainlink’s CCIP protocol for the
growth of the tokenized economy.
Kin Capital launches $100M tokenized real estate fund
Kin Capital has launched a $100 million tokenized real estate
debt fund on the Chintai network. The fund, accessible to
accredited investors with a minimum investment of $50,000, offers a
14%-15% annual return with quarterly distributions. The first $5
million tranche is already available, with more offerings planned
until 2025. Asset tokenization aims for greater efficiency and cost
reduction, while Chintai, licensed in Singapore, manages the
infrastructure. Projections indicate tokenized assets could surpass
$10 trillion by the end of the decade.
BIO Association plans token launch to boost decentralized biotech
network
The BIO Association, a Swiss nonprofit organization, announced
the launch of the BIO token to support its decentralized biotech
network, the BIO Protocol. The goal is to democratize access to
scientific research and funding through BioDAOs, communities that
develop scientific intellectual property. The BIO token will launch
on the Ethereum network with a 45-day genesis phase or until
reaching $100 million in FDV. Token holders will be able to vote on
new BioDAOs and gain access to scientific funding.
TRON DAO strengthens security after ChainSecurity review
TRON DAO (COIN:TRXUSD) completed a security audit of the
Java-Tron platform with ChainSecurity. The analysis focused on key
aspects like the TRON Virtual Machine and consensus mechanisms,
uncovering vulnerabilities that could affect blockchain
performance. ChainSecurity found issues in PBFT messaging, block
censorship, and unsigned block processing, which the TRON team
addressed. With these improvements, TRON is better prepared to
ensure the network’s security and efficiency, protecting users’
assets and data while maintaining community trust.
TrustToken and TrueCoin settle SEC dispute with $700K fines
TrustToken and TrueCoin, responsible for the TrueUSD stablecoin
(COIN:TUSDUSD), agreed to pay $700,000 in fines and restitution to
the SEC after accusations of fraudulent and unregistered sales of
investment contracts. The SEC alleged that from 2020 to 2023, the
companies falsely marketed TUSD as fully backed by U.S. dollars,
while much of the assets were in a speculative offshore fund. The
companies opted to avoid litigation and focus on future operations,
despite the temporary impact on TUSD’s peg.
Onyx relaunches protocol after $3.8M hack
After an attack resulting in the loss of $3.8 million on
September 27, the Onyx DeFi protocol received community approval to
relaunch its network, Onyx Core. Proposal OIP-46, submitted the
same day, recommends closing the Ethereum-based lending market and
fully reimbursing lenders. The community supported the changes with
no dissenting votes, and implementation is scheduled for October 1.
The new protocol will function as a closed lending system, focusing
on increasing security and preventing future attacks. The team will
also release a revised whitepaper.
Harsh sentences mark crackdown on crypto-related crimes
A study by Social Capital Markets reveals that cryptocurrency
leaders are facing harsh prison sentences, with a 267% increase in
convictions between 2019 and 2023. Criminals like Ross Ulbricht and
Karl Greenwood have received lengthy sentences, reflecting the
growing legal action against financial crimes in the sector. The
average sentences in major cases exceed 20 years, with fraud and
money laundering representing most convictions. The disparity in
punishments between crypto and traditional financial criminals
raises questions about fairness in sentencing.
Scammers use meme coin trend list to steal cryptocurrencies
Criminals are exploiting the trend list on the GMGN website to
inflate the volume of fraudulent meme coins and deceive investors.
They create tokens with malicious code that allows developers to
steal users’ cryptocurrencies. Once on the list, the coins are
purchased by unsuspecting victims, whose assets are then
transferred to the scammers’ wallets. Investors are being advised
to avoid suspicious tokens on this list, which has caused
significant financial losses.
NFT sales continue to decline in September with a 20% drop
NFT sales totaled $296 million in September, a 20% decrease from
August and an 81% reduction compared to the peak of $1.6 billion in
March 2024. The number of transactions also fell by 32%, dropping
from 7.3 million to 4.9 million. This marks the lowest monthly
volume since January 2021. However, the average transaction value
increased by 18%, reaching $60.
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