XTZUSD Tezos

Bitcoin surpasses $62K

Bitcoin (COIN:BTCUSD) briefly fell below $59,000 last night before quickly recovering to $61,000, forming a “V” pattern. Historical data shows that these 30-minute recoveries often precede larger gains or stable trading, with few subsequent drops. This quick recovery has been repeatedly observed since August, indicating stability or potential upward momentum.

Bitcoin’s price continued to climb, trading at $62,771.01, a 4.1% increase over the past 24 hours. The Producer Price Index (PPI) remained unchanged in September, with an annual increase of 1.8%, indicating easing inflation. Excluding food and energy, the PPI rose 0.2%. Although inflation has slowed, it remains above the Fed’s target, suggesting further interest rate adjustments.

The Fed’s November decision could still impact the market. Additionally, industry professionals believe that Bitcoin will continue to surprise investors as global wealth managers allocate more funds to the asset.

For example, the Japanese company Metaplanet acquired 108.999 BTC on October 11, increasing its total holdings to 748.502 BTC, valued at $46.8 million. This was the company’s third Bitcoin purchase in October, part of its aggressive accumulation strategy. Despite facing a slight loss with an average acquisition price of $62,504, Metaplanet’s stock has surged 500% this year.

Dylan LeClaire of Metaplanet and Pierre Rochard of Riot Platforms (NASDAQ:RIOT) state that Bitcoin adoption is still below 1% globally. Rochard mentioned that despite the narrative that Bitcoin’s gains are a thing of the past, the asset has a promising future. Both predict a “crazy decade” ahead for BTC, with increasing institutional acceptance.

Justin Sun elected Prime Minister of micronation Liberland

The founder of Tron (COIN:TRXUSD), Justin Sun, was elected Prime Minister of Liberland, a micronation located between Croatia and Serbia, after the October 5 elections. The voting was conducted entirely algorithmically, ensuring transparency in the results. Sun will be joined in Congress by entrepreneurs and public figures like Evan Luthra and Ivan Pernar. Liberland aims to be a pioneering example of how blockchain can revolutionize electoral processes and governance in micronations.

Fidelity Investments reports data breach affecting 77,000 clients

Fidelity Investments, a cryptocurrency fund and ETF manager, reported a data breach that compromised personal information of 77,099 clients between August 17 and 19. While no accounts were accessed, names and other identifiers were exposed. Fidelity hired external specialists to resolve the issue and is offering two years of free credit monitoring. This is the company’s fourth breach in the last 12 months. The breach was detected and closed on August 19.

FBI uses fake cryptocurrency to catch fraudsters

The FBI created a fake cryptocurrency called NexFundAI (NEXF) as part of an operation to capture alleged market manipulators. The fraudsters offered to manipulate the token’s trading volume, making it appear more popular. With the collected evidence, the FBI charged them with conspiracy to commit market fraud. Zhou, founder of MyTrade MM, and two other participants face up to five years in prison for their fraudulent activities involving wash trading and market manipulation.

Binance criticizes Nigerian court decision to deny executive bail

Tigran Gambaryan, a Binance executive, was denied bail by a Nigerian judge, despite his deteriorating health after more than 220 days in detention. Binance expressed disappointment with the court’s decision, highlighting the urgent need for medical treatment that cannot be provided in prison. The court rejected the request citing procedural issues, stating that local hospitals could manage his health. Gambaryan faces money laundering charges, and his family fears his worsening condition, including complications from a herniated disc. Binance insists he is not a decision-maker and demands his release.

Mt. Gox delays creditor payouts until 2025

The Mt. Gox trustee postponed the deadline for distributing remaining assets to creditors to October 31, 2025, following delays in the process. The exchange, which collapsed in 2014, began $9 billion payouts in July but still holds 44,900 bitcoins. The delay may ease short-term concerns about the market impact, which could cause volatility once these funds begin moving again

Prosecutors seek 18-month prison sentence for Heather Morgan over stolen Bitcoin laundering

US prosecutors have requested an 18-month prison sentence for Heather Morgan, known as “Razzlekhan,” for her role in laundering 120,000 stolen Bitcoins from Bitfinex in 2016. Morgan cooperated with the investigations and was considered a minor participant compared to her husband, Ilya Lichtenstein, who admitted responsibility for the hack. Morgan pleaded guilty to money laundering and fraud in August 2023 and faces a maximum sentence of 10 years.

FTX client sues Olympus Peak over withheld payments

Alexander Nikolas Gierczyk, a former FTX client, is suing the Olympus Peak fund for failing to meet payments in a bankruptcy claim he sold at a 42% discount. The deal included a recovery clause if the claim paid above face value. Gierczyk alleges that Olympus Peak refused to honor the agreement, despite expectations of payments as high as 146% of the claim’s value, as per FTX’s bankruptcy declaration.

NFT holders sue gallery over unfulfilled promises

A group of 36 NFT holders is suing Eden Gallery and artist Gal Yosef, alleging that the Meta Eagle Club project failed to deliver promised perks, such as access to a private metaverse club. The 12,000 NFT collection raised $13 million, but the plaintiffs claim that the promised benefits, including exclusive events, were not fulfilled. They seek compensation for fraud and unjust enrichment, alleging the NFTs have lost value.

Ripple files cross-appeal in battle with SEC

Ripple filed a cross-appeal to challenge parts of the previous court ruling, aiming to close the legal dispute with the SEC, which accuses it of selling XRP tokens (COIN:XRPUSD) as unregistered securities. Despite having an advantage, Ripple seeks to ensure no legal issues remain. The SEC appealed to overturn the initial ruling that did not classify XRP sales as investment contracts, reigniting the legal battle.

UNI token rises 15% after Unichain launch

Uniswap’s (COIN:UNIUSD) governance token rose about 15% on October 10 following the launch of its layer 2 network, Unichain. UNI has seen a 20.1% increase in the past week and 16.2% in the last 30 days. Trading volume surged over 400%, reaching $583.2 million. Unichain aims to provide faster, cheaper transactions and enhance interoperability between blockchain networks.

Josh Jarrett sues IRS over staking token taxation

Josh Jarrett, known for his involvement with Tezos (COIN:XTZUSD), has filed a new lawsuit against the IRS, challenging the rule that treats staking rewards as income in the year they are accrued. With support from Coin Center, Jarrett seeks an injunction to have tokens considered property, taxed only upon sale. He also requests a $12,179 refund for taxes paid on Tezos tokens in 2020. The lawsuit sets a favorable precedent for proof-of-stake network participants.

Ethereum needs to rediscover its original focus

Ethereum (COIN:ETHUSD) has evolved as the foundation of thousands of decentralized applications since 2015, but has lost focus by trying to compete with Bitcoin (COIN:BTCUSD) and Solana (COIN:SOLUSD). Although its infrastructure is advancing slowly, Ethereum must return to its original vision of being the World Computer. Prioritizing long-term upgrades, like The Purge and future scalability improvements, will help Ethereum maintain relevance and ensure the decentralization and scalability necessary to fulfill its global role.

Blockchain brings transparency to digital advertising

Digital advertising faces a trust crisis, with hidden deals and limited transparency. Advertisers lose up to 47% of their budgets in intermediary fees, while publishers sell below fair value. Blockchain offers a solution by providing transparency, eliminating fraud and middlemen, and ensuring every transaction is verified. Additionally, it guarantees fair compensation for publishers and user participation. Despite hesitance from big brands, blockchain could revolutionize the advertising sector by enhancing efficiency and trust.

DePIN: a silent revolution in emerging markets

DePIN decentralizes cloud computing, creating a new economic model where node operators earn by providing accessible and transparent services. This innovation is emerging in developing markets, empowering local startups and enabling small profitable operators to offer infrastructure solutions. Examples like the Helium network in Africa demonstrate how DePIN can improve local lives. Though still unknown to many, this revolution may transform the global digital economy, starting with local needs.