STT State Street Corporation

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 Bitcoin ETFs saw $18.66 million withdrawn, with Fidelity’s Wise Origin Bitcoin Fund (AMEX:FBTC) losing $48.82 million.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.