FETH Fidelity Ethereum Fund

XRP sees increased interest with RLUSD stablecoin tests

Open interest in XRP derivative contracts has recently surged, driven by the testing phase of RLUSD, a Ripple Labs stablecoin. Significant RLUSD minting signals development progress, sparking speculation on social media. XRP (COIN:XRPUSD) rose 3.3% over seven days. Trading volumes soared, with Binance and Bybit accounting for half of XRP futures bets, surpassing $1 billion over the weekend. Ripple confirmed that RLUSD is still in private testing on the XRP Ledger and Ethereum blockchain. The company also used X (formerly Twitter) to warn users about RLUSD-related scams.

Jesse Pollak takes leadership of Coinbase Wallet and Base blockchain

Jesse Pollak, creator of the Layer 2 blockchain Base, was appointed to lead Coinbase’s exchange wallet team. Pollak expressed excitement for his new role in an X post, highlighting his commitment to bringing one billion people and one million developers into the ecosystem. He plans to integrate Base’s values into Coinbase Wallet, which has been gaining popularity, rising in the Apple App Store rankings.

Binance expands in Argentina as former CEO Changpeng Zhao is released

Binance announced that its app and website are “fully available” in Argentina after official registration as a cryptocurrency service provider by the National Securities Commission (CNV). This marks Binance’s 20th global registration, following countries like Kazakhstan, India, and Indonesia. Binance’s Latin American head, Guilherme Nazar, emphasized that Argentina is a key market and that the company supports regulations to foster the safe growth of the crypto industry.

Changpeng Zhao, former CEO of Binance, was released from prison on September 28 after serving four months for failing to implement anti-money laundering measures. Although banned from leading Binance, Zhao will remain active in the blockchain ecosystem as an investor. He expressed interest in funding blockchain, AI, and biotechnology projects. Despite stepping down from management, Zhao still holds 90% of Binance’s shares, ensuring influence over corporate decisions and policies.

Middle East tension causes Bitcoin drop and gold surge

On Tuesday, cryptocurrencies fell following news of Middle East tensions, causing investors to avoid risky assets. Bitcoin (COIN:BTCUSD), which had risen to a high of $64,106.75, dropped to $62,470, a -1.5% decline in 24 hours, reacting to reports of a potential Iran-Israel attack. Ethereum (COIN:ETHUSD) fell -3.7% in 24 hours, to $2,507. Meanwhile, the S&P 500 and Nasdaq are down -1.12% and -1.84%, respectively. Bitcoin maintains a high correlation with risk assets like stocks. The correlation between Bitcoin and the S&P 500 hit one of the highest levels of the year. Meanwhile, gold (PM:XAUUSD) rose 1.3%, trading at $2,669.48, underscoring its role as a safe haven.

Bitcoin and Ethereum ETFs report inflows

On September 30, Bitcoin ETFs experienced a slowdown, with net inflows of $61.3 million. BlackRock’s (NASDAQ:IBIT) ETF attracted $72.2 million, but outflows from Bitwise (AMEX:BITB) and Ark (AMEX:ARKB) ETFs, which lost $9.7 million and $9.5 million, respectively, offset the gains. Last Friday, total inflows reached $494.4 million. Ark’s ARKB led with $203.1 million, followed by Fidelity (AMEX:FBTC) with $123.6 million and BlackRock with $110.8 million.

On September 27, Ethereum ETFs recorded $58.7 million in inflows, led by Fidelity (AMEX:FETH) with $42.5 million and BlackRock (NASDAQ:ETHA) with $11.5 million. On Monday, there was a modest outflow of $0.8 million, driven by $11.8 million in withdrawals from Grayscale (AMEX:ETHE), partially offset by ETHA.

Explosive growth of Aptos, Base, Sui, and TON in September driven by dApps and capital increase

In September 2024, Aptos, Base, Sui, and TON experienced impressive growth, with total locked values (TVL) surging. Aptos reached $570 million in TVL, driven by locked stablecoins ($212.16 million) and the token APT’s price at $8.23. Base surpassed $2.26 billion in TVL, with trading volumes hitting $659.9 million. Sui exceeded $1 billion in TVL, with its market cap reaching $5.22 billion. TON also saw growth, with TVL rising to $427 million and its market cap to $14.75 billion. dApp development and increased user engagement were key drivers of this growth.

Bitcoin hashrate grows, but miner profitability continues to decline

In September, Bitcoin’s hashrate increased by 2%, reaching 643 EH/s, but miner revenue and profitability declined for the third consecutive month, according to a report by JPMorgan (NYSE:JPM). Daily revenue per EH/s fell 6% to $42,100, while gross profit per EH/s hit $16,100. Bitcoin’s annualized volatility dropped from 62% to 44%.

Metaplanet acquires 107 more bitcoins, raising total reserves to over 500 BTC

Japanese company Metaplanet (TSX:3350) announced the purchase of 107 bitcoins for approximately $6.9 million, with an average price of 9.26 million yen ($64,168) per BTC. The acquisition was financed by a $6.8 million loan from MMXX Ventures. Since May, Metaplanet has adopted Bitcoin as a strategic reserve and now holds over 500 BTC, solidifying itself as the largest holder among publicly traded Asian companies.

Mystery around Satoshi Nakamoto and 2009 Bitcoin mining grows

According to Bitcoin Magazine, new clues have emerged this year about Satoshi Nakamoto, Bitcoin’s enigmatic creator. Wicked Bitcoin, a known artist, discovered gaps in the timestamps of blocks mined in 2009, suggesting that the “Patoshi miner” (potentially Nakamoto) temporarily went offline. This has led to speculation that he may have been testing the network’s resilience against 51% attacks. The theory is that Satoshi was experimenting with the network’s robustness, but without more concrete evidence, the mystery around his identity and intentions persists. Nakamoto remains shrouded in mystery, even after 16 years.

Judge sides with SEC in case against Rivetz for unregistered securities sale

A U.S. judge ruled in favor of the SEC in a case against Rivetz, a cryptocurrency wallet, for selling unregistered securities during its $18 million ICO in 2017. Judge Mark Mastroianni granted the SEC’s motion for summary judgment and ordered that a proposed judgment be filed by October 22, 2024. Rivetz’s CEO, Steven Sprague, may contest by November 5.

Japan’s new prime minister promotes blockchain and NFTs to revitalize local economies

Shigeru Ishiba, Japan’s newly appointed prime minister, plans to use blockchain and non-fungible tokens (NFTs) to enhance local assets like food and tourism on a global scale. His plan aims to develop web3 technology to strengthen regional economies. According to Crypto.news, Ishiba believes applying these technologies can maximize the value of local products, such as culinary experiences. His vision is supported by crypto industry groups, who view his election as an opportunity to advance Japan’s crypto ecosystem.

Robinhood expands crypto services in Europe

Robinhood Crypto (NASDAQ:HOOD) launched the ability to transfer cryptocurrencies for European customers on October 1, allowing deposits and withdrawals of about 20 assets, including Bitcoin and Ethereum. This expansion, which facilitates self-custody and access to decentralized finance (DeFi), follows the introduction of cryptocurrency services in the region in December 2023. To use the feature, users must verify their identity and enable two-factor authentication.

Gemini exits Canada due to regulatory changes

On September 30, Gemini, the cryptocurrency exchange founded by the Winklevoss twins, announced its exit from Canada. The decision followed stricter Canadian regulations on stablecoins and crypto assets. The Canadian Securities Administrators (CSA) extended the compliance deadline for exchanges until December 31, 2024, but several companies, including Binance and Gemini, chose to leave the market due to the new regulatory requirements. However, Coinbase (NASDAQ:COIN) continues to expand its presence in the country despite the restrictions.

European Commission expands blockchain sandbox with 41 regulators

The European Commission announced that 41 regulators from 22 EU and European Economic Area countries have joined the second phase of its blockchain sandbox initiative. Launched on September 30, the European Blockchain Sandbox Initiative (EBSI) fosters dialogue between regulators and blockchain projects, overcoming legal and regulatory hurdles. EBSI will support 20 projects annually, providing legal and regulatory guidance in a secure environment to enhance regulatory certainty for decentralized technologies. The sandbox will run until December 2028, with applications open until March 2027.