Bitcoin ETFs in the US register largest inflow in four months
On October 14, US Bitcoin ETFs received $555.9 million, the
largest daily inflow since June. The Fidelity Wise Bitcoin Origin
Fund (AMEX:FBTC) led with $239.3 million, followed by Bitwise
(AMEX:BITB) with just over $100 million, and BlackRock’s iShares
Bitcoin Trust (NASDAQ:IBIT) with $79.6 million. Bitcoin ETFs have
seen nearly $20 billion in inflows over the past 10 months, while
gold ETFs recorded only $1.4 billion during the same period.
Canary Capital moves forward with Litecoin ETF, its second crypto
fund
Canary Capital Group, recently founded by Steven McClurg, is
aiming to lead the crypto ETF sector. After filing for an XRP
(COIN:XRP) ETF, the firm submitted a new request for the Canary
Litecoin ETF, the first fund linked to Litecoin (COIN:LTCUSD). The
registration process doesn’t yet include details about the
management fee or ticker. Litecoin rose after the announcement,
reaching a daily high of $71.94, currently trading at $68.71.
PancakeSwapX facilitates adoption by eliminating gas fees
PancakeSwap (COIN:CAKEUSD) launched PancakeSwapX, a new product
enabling fee-free transfers and gasless swaps on Ethereum and
Arbitrum networks. This innovation simplifies DeFi trading by
removing the need for gas tokens like Ether (COIN:ETHUSD).
According to Chef Kids, the leader of PancakeSwap, PancakeSwapX
reduces complexity for new users and improves execution prices,
driving broader DeFi adoption without relying on centralized
platforms. This could boost decentralized finance growth.
Bitcoin nearly reaches 68K before a new drop amid volatility
Bitcoin (COIN:BTCUSD) reached $67,944.76 for the first time in
two months but quickly pulled back, currently trading at $66,904.
Volatility returned due to market and political factors in the US,
with resistance at $68,000. The rally brought Bitcoin closer to the
psychological level of $70,000.
According to Chris Newhouse from Cumberland Labs, a combination
of short squeezes and speculation pushed the price higher, while
the Fear and Greed Index indicated 2024 as the most greedy year.
Increased interest in futures also reflected greater institutional
exposure, resembling price movements from last October. Although
retail demand remained low, a 3% increase in new investor purchases
and growing open interest suggests optimism despite upcoming
volatility.
Traders limit expectations for Ether while Bitcoin gains spotlight
While Bitcoin is attracting optimistic predictions, traders are
more cautious about Ether. According to Derive, the volume of sold
calls on Ether is 2.5 times higher than bought calls, signaling
skepticism about ETH’s (COIN:ETHUSD) upside potential. This
divergence between the two cryptos will be crucial as the US
election approaches, with significant bets on Bitcoin at levels of
$75,000 and $100,000.
Standard Chartered predicts Bitcoin above $73K before US election
Standard Chartered projects Bitcoin (COIN:BTCUSD) could surpass
$73,000 by November, driven by strong ETF inflows and rising call
options. Geoffrey Kendrick, head of digital assets at StanChart,
highlights that traders are positioning for a possible rally, with
significant interest in $80,000 call options. The US presidential
election may also benefit Bitcoin, particularly with a potential
Trump victory, which could result in more favorable regulations for
digital assets.
dYdX launches perpetual market for Trump election prediction
dYdX (COIN:DYDXUSD) launched the Trump Prediction Market
Perpetuals, allowing traders to leverage positions on Donald
Trump’s chances of winning the 2024 election. After community
approval, the decentralized market enables non-custodial trading
with perpetual contracts that can be held indefinitely. Traders can
adjust positions using leverage and advanced orders like stop-loss
and take-profit to mitigate risks in a volatile political
environment.
Cryptocurrencies mature in 2024 with billions in ETFs
According to a report by Coinbase and Glassnode, the
cryptocurrency market matured significantly in 2024, with billions
of dollars flowing into spot cryptocurrency ETFs and an increase in
transaction volumes across blockchain networks. Stablecoins and
Layer 2 solutions fueled this growth, while Bitcoin volatility
dropped to under 60%. The adoption of stablecoins and Ethereum’s
expansion reflected the growing crypto economy.
Sui Foundation denies insider token sale allegations
The Sui Foundation denied insider trading allegations following
the sale of $400 million in SUI tokens (COIN:SUIUSD). Community
members, including Kyle Samani, raised concerns. On October 14, the
foundation stated that no insider violated lock-up agreements, and
the token release schedule remains intact.
Ripple announces exchange partners for RLUSD stablecoin
Ripple revealed partnerships with exchanges like Uphold,
Bitstamp, and Bitso to distribute its new stablecoin, Ripple USD
(RLUSD). Brad Garlinghouse, Ripple’s CEO, highlighted that RLUSD
will be used in financial cases like payments and asset
tokenization, in addition to facilitating international
transactions. Issued under strict regulatory oversight, the
stablecoin will be backed by dollar reserves and undergo
third-party audits to ensure transparency and compliance. Ripple
aims to establish RLUSD as the standard for enterprise
stablecoins.
Paxos and Stripe team up to integrate stablecoin payments
Paxos launched a new stablecoin payment platform, targeting
payment service providers and fintechs to accelerate global
transactions. Stripe, a payments processing giant, was the first to
adopt this infrastructure, allowing users to accept stablecoin
payments converted into fiat currencies. The platform, supporting
USDP (COIN:USDPUSD), PYUSD (COIN:PYUSDUSD), and USDC
(COIN:USDCUSD), promises to reduce costs and improve global payment
efficiency, initially operating in the US with plans for
expansion.
Scammers exploit Unichain launch with fake website
Scammers created a fake Unichain website, Uniswap’s Layer 2
network, promoted through Google ads. The site tricked users into
connecting their Web3 wallets and attempted to steal
cryptocurrencies. Although quickly taken down, the scam highlighted
the risks of clicking on sponsored ads and the importance of
inspecting transactions. Uniswap Labs announced the Unichain
testnet, with the mainnet expected by the end of the year.
Blockstream raises $210 million to expand Bitcoin infrastructure
Blockstream secured $210 million in funding through a
convertible note round led by Fulgur Ventures. The capital will be
used to expand Bitcoin infrastructure projects such as the Liquid
Network, mining operations, and financial products. The Liquid
Network has already issued over $1.8 billion in assets, including
stablecoins and tokenized bonds, strengthening the company’s
presence in Layer 2 solutions and faster transactions.
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