SUI reaches new all-time high, surpassing $8 billion market value
The SUI ecosystem hit a new record in October, with its market
value exceeding $8.54 billion. Of that total, SUI’s individual
market value is about $5.38 billion, while First Digital USD
(COIN:FDUSDUST) accounts for nearly $3 billion. SUI (COIN:SUIUSD)
reached a new all-time high of $2.16, with a 9.1% increase over the
past 7 days and 109.1% over the last month. SUI’s dominance in the
market has grown 270% in the past two months, attracting investors.
However, analysts warn of possible corrections as early investors
take profits following the significant rise in value.
Stablecoin liquidity hits record with 31% increase in 2023
According to CryptoQuant, cryptocurrency market liquidity hit
record levels, with the capitalization of USD-backed stablecoins
reaching $169 billion by September, a 31% growth in 2023. Tether
(COIN:USDTUSD) drove much of this increase, with its balances on
centralized exchanges rising 54% since the start of the year.
Additionally, Ripple entered the market with its stablecoin
(RLUSD), adding $47 million in capitalization. This liquidity surge
signals potential for significant movements in the cryptocurrency
market.
Canary Capital files for XRP spot ETF
Canary Capital filed a request with the SEC on October 8, 2024,
to create a spot XRP ETF. The fund would allow investors to access
the XRP (COIN:XRPUSD) market without needing to directly acquire
the asset. The ETF will use the CME’s CF Ripple Index to track
XRP’s price, without derivatives. This is the second XRP ETF
application in a week, following Bitwise’s filing on October 2.
Bitcoin and Ethereum ETFs record significant outflows
On October 8, 2024, U.S. Bitcoin and Ethereum ETFs recorded
outflows despite high trading volumes. Bitcoin ETFs saw $18.66
million withdrawn, with Fidelity’s Wise Origin Bitcoin Fund
(AMEX:FBTC) losing $48.82 million. However, BlackRock’s iShares
Bitcoin Trust (NASDAQ:IBIT) was the only fund to see inflows of
$39.57 million.
Ethereum ETFs also had outflows of $8.19 million on Tuesday.
Bitwise Ethereum ETF (AMEX:ETHW) led the losses with $4.52 million,
while Fidelity Ethereum Fund (AMEX:FETH) saw $3.65 million in
outflows, with no activity in other funds.
Bitcoin price fluctuates amid economic uncertainties
Bitcoin (COIN:BTCUSD) has remained between $60,000 and $64,000
in October, facing resistance due to geopolitical and economic
uncertainties. As the market awaits potential Federal Reserve rate
cuts and U.S. government sales of Bitcoin seized from Silk Road,
rising demand for safe-haven assets like the dollar pressures BTC.
With minimal selling activity, Bitcoin’s price dropped -0.7% to
$61,704 in the last 24 hours. However, risks of a drop to the
$49,700 to $56,000 range by the end of 2024 are increasing.
Fernando Pereira, an analyst at Bitget, warns of a sell-off if
Bitcoin fails to break its all-time high of $73,000. The Realized
Cap HODL Waves indicator shows 25% of coins were last moved 6-12
months ago, suggesting many investors bought near the all-time high
and haven’t sold. “It’s been almost 7 months since we marked a
new ATH on BTC. That’s enough time for those who bought at the top
to become LTH according to on-chain metrics. Much of the supply is
held by people with a very high average price, hoping we’ll break
$73K. If not, we’ll see a large supply dumped into the
market,” says Pereira.
From another perspective, Matt Hougan, CIO of Bitwise,
highlighted that three factors could push Bitcoin above $80,000
this year: the U.S. election results, Federal Reserve rate cuts,
and no major surprises in the crypto industry. He believes a
Republican victory would favor Bitcoin, but a neutral approach from
Democrats would also be positive. Hougan emphasized that Bitcoin is
already up 47.5% this year and is on track for new records in
2025.
Solana hits record 100 million active addresses, but bot activity
is suspicious
Solana (COIN:SOLUSD) reached a historic milestone with over 100
million monthly active addresses, a dramatic increase from 509,000
at the beginning of 2024. However, data shows most of these
addresses have zero SOL balance, raising suspicions that bots may
be inflating the numbers. Despite this, the network continues to
grow, driven by new token issuance and increased accounts,
solidifying its position as the third-largest blockchain for DeFi,
with a TVL of $5.41 billion.
Littio neobank migrates to Avalanche to meet demand for yield
products
Colombian neobank Littio switched from Ethereum to Avalanche to
scale its Yield Pots, products offering interest on dollar
deposits. Growing demand, lower fees, and Avalanche’s consistency
prompted the move. In partnership with OpenTrade, Littio allows
Latin American users to access U.S. Treasury bonds through
stablecoins. Since February, Littio has generated over $80 million
in transaction volume and $250,000 in returns for users.
State Street focuses on tokenization of securities and funds
State Street (NYSE:STT) is advancing in tokenizing securities
and money market funds, but has no immediate plans to create a
stablecoin or tokenized deposits, according to product director
Donna Milrod in an interview with Finance News. The company has two
projects underway, aiming to improve operational efficiency by
allowing traders to use tokenized collateral as margin. Milrod
noted that tokenization could avoid crises like 2022 when pension
funds sold off assets to raise cash. The company also plans to
offer digital asset custody.
Ark Invest buys Coinbase shares, sells Robinhood
Ark Invest bought 12,994 shares of Coinbase (NASDAQ:COIN),
valued at $2.2 million, for its Fintech Innovation ETF (AMEX:ARKF),
while selling $36.4 million in Robinhood (NASDAQ:HOOD) shares. This
is Ark’s first Coinbase purchase since September, and COIN is now
the second-largest holding in the ARKF ETF. Despite Coinbase’s 33%
stock drop this year, Robinhood’s shares have risen 45%, driven by
expansions and potential acquisitions.
Wirex launches Wirex Pay for easier non-custodial wallet payments
Web3 app Wirex launched early access to Wirex Pay, a modular
payments platform allowing users to make daily crypto transactions
via non-custodial wallets. The service supports stablecoins like
USDT, USDC, and DAI, and is available in 54 countries. With a focus
on security, Wirex Pay gives users full control through private
keys and multi-signature, addressing growing distrust in
centralized platforms following events like FTX’s collapse.
Hyperliquid explains temporary outage with Arbitrum bridge
Hyperliquid, a decentralized exchange, reported that its bridge
to Arbitrum (COIN) was down for four hours due to incorrect data
from multiple RPCs. An emergency lock was voted on by the bridge’s
validators to ensure L1 and Arbitrum state synchronization.
Although the lock mechanism was activated to protect user funds,
all funds remain safe. Monitoring improvements are underway to
prevent future false positives. This was Hyperliquid’s first
downtime, with nearly $700 million in total value locked.
Bitfinex may be sole beneficiary of 2016 hack restitution
New documents suggest Bitfinex is the sole entity eligible for
restitution following the theft of 120,000 BTC in 2016. After the
hack, the exchange compensated customers with BFX tokens
(COIN:BFXXUST). With the possible return of seized funds, Bitfinex
plans to redeem Recovery Right Tokens (RRTs) and allocate up to 80%
of remaining assets to UNUS SED LEO (COIN:LEOUSD) holders.
Former FTX executives face legal consequences
Caroline Ellison, former CEO of Alameda Research, agreed to
transfer nearly all her remaining assets to FTX’s bankruptcy
estate. This agreement is part of a legal process from October 7,
in which Ellison also agreed to cooperate with the company’s
liquidation efforts. The measure aims to recover value for
creditors. The agreement, which still requires court approval,
seeks to avoid further costs and delays in litigation against
Ellison.
Ryan Salame, a former FTX executive, requested the court to
delay his October 11 prison sentence until December 7, citing the
need for medical treatment after a dog bite in June. His lawyer
argued Salame needs ongoing medical care before serving his
seven-and-a-half-year sentence. The government opposes the request.
Salame had previously requested and received a postponement for the
same incident.
TikTok faces lawsuit over virtual currency misuse
TikTok is being sued by a group of attorneys general, led by
Brian Schwalb of the District of Columbia, for operating a virtual
currency without a license, exploiting children financially.
According to CNBC, the lawsuit alleges TikTok allows children to
purchase TikTok Coins with real money, which are used to buy
digital gifts. The company keeps up to 50% of transactions without
obtaining the necessary license, violating money transmission
laws.
VanEck launches $30 million fund for crypto and AI startups
VanEck has launched VanEck Ventures, a $30 million fund focused
on early-stage fintech, cryptocurrency, and artificial intelligence
startups. Led by Wyatt Lonergan and Juan Lopez, the fund aims to
invest in 25 to 35 projects, with investments ranging from $500,000
to $1 million.
TRON Builder Tour hosts hackathon at Columbia University
The TRON DAO organized the TRON Builder Tour at Columbia
University on October 5, in partnership with Blockchain at Columbia
and Boston University Blockchain. The event attracted over 120
participants from various universities, developing decentralized
applications in four categories: DeFi, Artistry, Integration, and
Web3. With support from renowned TRON community mentors like Dwayne
Gordon and Eder Teixeira, students competed for prizes in their
respective categories.
India delays official position on cryptocurrency to prioritize
other issues
India has postponed the release of its cryptocurrency discussion
paper due to other priorities such as multilateral meetings and
internal economic issues. Initially scheduled for September, the
document now has no release date. Although cryptocurrency remains
unregulated in the country, the government has already implemented
strict taxes and required companies in the sector to register for
anti-money laundering compliance. Cryptocurrency legislation is
currently not seen as an urgent priority by authorities.
Ethiopia emerges as a Bitcoin mining powerhouse
Ethiopia is making waves in Bitcoin mining, with operations
consuming 600 MW of energy, according to Ethan Vera of Luxor
Mining. Mining farms use efficient and affordable equipment like
Bitmain’s S19J Pro, taking advantage of low electricity costs. The
country plans to significantly expand its mining capacity by
year-end, according to CryptoSlate. However, challenges persist as
40% of the population still lacks access to electricity, limiting
the sector’s continued growth.
Taiwan plans cryptocurrency custody pilot with local banks
Taiwan is advancing cryptocurrency adoption with an
institutional custody pilot led by the Financial Supervisory
Commission (FSC). Three private banks have shown interest in
storing assets such as Bitcoin (COIN:BTCUSD), Ether (COIN:ETHUSD),
and Dogecoin (COIN:DOGEUSD) for clients. The program is set to
begin in Q1 2025 and aims to regulate secure cryptocurrency
storage.
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