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On October 19, Bitcoin (COIN:BTCUSD) displayed a 1.45% increase, reaching $28,734, as investors eagerly awaited a crucial speech from Federal Reserve Chairman Jerome Powell. Uncertainty surrounding US economic policy and high 10-year bond yields kept investors on alert. BTC volatility has persisted, driven by optimistic outlooks, amid speculation that Powell will adopt a more conciliatory approach. Bitget analyst Fernando Pereira highlighted the importance of BTC testing the $28,500 resistance and predicts a possible return to $30,000 in case of a successful breakout. “BTC is at a turning point at the moment, testing the top made earlier in the month at $28,500.00. If BTC manages to break this resistance, I believe we should return this week to the US$ 30,000.00 reached briefly with the fake news on Monday”, commented Pereira.
Wealth management firm Morgan Stanley (NYSE:MS) has suggested that crypto winter may be coming to an end, pointing to a slight increase in market activity. In a blog post, the company addressed the bear market, implications and cycles before and after the next Bitcoin halving. Historically, Bitcoin (COIN:BTCUSD) records substantial gains after each halving, creating scarcity and driving bull runs. Currently, with a 70% year-to-date increase in the price of BTC and a potential halving in April 2024, signs of crypto spring are emerging, albeit with some warnings about possible subsequent crashes.
Grayscale Investments has submitted a new registration statement to the SEC to convert the Grayscale Bitcoin Trust (USOTC:GBTC) into a bitcoin spot ETF. This comes after a court ordered the SEC to review Grayscale’s application. GBTC plans to list its shares on NYSE Arca under the symbol GBTC and issue the shares on an ongoing basis after obtaining approval from NYSE Arca, which requires Form 19b-4 for listing and the effectiveness of Form S-3 for registration, as announced by Grayscale in a statement. SEC is reviewing several proposals but has not commented specifically on Grayscale.
Elon Musk, Mark Cuban and others filed a joint amicus brief with the US Supreme Court, expressing concerns about the SEC’s approach to internal proceedings without juries. They argue that these SEC processes result in inconsistent results and may violate their Seventh Amendment right to the U.S. Constitution. The central case is SEC vs. Jarkesy, where George Jarkesy alleges that his rights were violated due to the lack of a jury. The amici curiae also note a shift in SEC’s approach to prosecuting more cases in-house rather than using federal courts.
Tesla (NASDAQ:TSLA) did not buy or sell Bitcoin (COIN:BTCUSD) in the third quarter, as indicated in its earnings report. The company maintained its roughly $184 million position in Bitcoin for the fifth consecutive quarter. Tesla is the third largest Bitcoin holder among public companies, with around 9,720 Bitcoins. Data from Glassnode reveals that more than 76% of Bitcoin’s supply is in the hands of long-term holders, marking an all-time high. This trend reduces the supply available to other market participants and suggests upward pressure on prices. Meanwhile, short-term hodlers continue to hold significant support around $27,000.
Ripple Labs Inc. has joined forces with Frankfurt-based Tokentus Investment AG, an investment firm specializing in blockchain. As part of Ripple’s XRPL Accelerator Program, Tokentus will mentor start-ups looking to adopt the XRP Ledger. The collaboration follows Ripple’s commitment to allocate 1 billion XRP (COIN:XRPUSD) to support developer resources. The XRPL Accelerator Program aims to accelerate projects from the XRPL community, requiring an MVP, technological focus and solving market problems. Tokentus has also increased its interest in Ripple and XRP with significant investments.
Circle Internet Financial (COIN:USDCUSD), issuer of the USDC stablecoin, has released an update to its programmable Web3 wallet, allowing merchants to assume their customers’ transaction fees. The “Gas Station” function allows companies to sponsor users’ gas fees on blockchains. This function was launched on the Ethereum and Polygon networks, with plans to expand to other blockchains. Companies such as Southeast Asian super app Grab are testing this function to offer gas-free experiences to users. Circle also showcased its smart contract platform for developers.
Polygon Labs (COIN:MATICUSD) has revealed its PIP-29 proposal to create a 13-member Protocol Council. This board will oversee changes to smart contracts in the Polygon system, with an eye toward security and smooth transitions to upgrades. Members include influential figures such as ZachXBT, Mudit Gupta, Viktor Bunin, Zaki Manian, Anthony Sassano, Justin Drake and others. The board will issue consensus for normal contract changes, with a defined emergency process. This governance mechanism will complement on-chain vote-based community governance.
Sui Foundation’s SUI Network (COIN:SUIUSD) token is struggling, falling -10.12% over the past 7 days following allegations of supply manipulation by South Korean regulators. The Sui Foundation refuted the allegations, calling them “baseless and materially false.” SUI prices dropped from $0.41 to $0.37 in two days. The investigation came amid efforts by South Korean lawmakers to regulate crypto activity in the country.
Aptos (COIN:APTUSD) network faced an outage lasting more than five hours during an anniversary event that included a mass sweepstakes app. The outage occurred on October 18 and affected transactions on the network. Blockchain explorer AptoScan showed a difference of 5 hours and 6 minutes between two consecutive blocks. The issue was resolved by the Aptos team, but raised concerns about network stability.
Onramp, a Bitcoin asset management company, has launched its multisig custody platform in partnership with BitGo, Coincover and Kingdom Trust. This approach aims to bridge the gap between centralized custody and self-custody by providing a reliable solution for digital asset management. Onramp uses institutional-grade safes controlled by three separate key holders, ensuring security and minimizing risks. The offering targets institutional allocators and high-net-worth individuals, simplifying access to cryptocurrency. Additionally, Onramp offers customized products for investors.
According to data from AltIndex, the number of Bitcoin ATMs worldwide has reached its lowest level in two years. There has been a reduction of 7,000 units, or 17%, since the end of last year, bringing the total to 32,500. The United States, leader in machines, had the biggest drop, with around 26,700 units. AltIndex attributes this decrease to concerns about the criminal use of these machines. Brandon Mintz, CEO of Bitcoin Depot, said that some operators have shut down unprofitable ATMs, and this “creates an opportunity that allows us to further increase market share through acquisitions and organic growth of kiosks in additional retail locations”.
Cryptocurrency exchange Coinbase (NASDAQ:COIN) has announced its intention to establish itself as a leader in the European market by choosing Ireland as its operational and regulatory hub in the EU. The company is seeking a MiCA license to offer services in all 27 EU member countries from Ireland. Coinbase sees Europe as a priority due to regulatory clarity and the growing crypto market, while the US is dealing with regulatory challenges. The company hopes to collaborate with European regulators to boost the sector with the advent of MiCA. “We are delighted to choose Ireland as our MiCA hub. Ireland has a favorable political environment for fintech companies, as well as a globally respected regulator” said Nana Murugesan, vice president of international and business development at Coinbase.
Stéphanie Cabossioras has stepped down from her role as CEO of Binance France, becoming one of many senior executive departures from Binance in 2023. Her departure has not affected Binance’s operations in France, which continue to grow. Cabossioras joined Binance in April 2022.
Atomic Wallet, after cooperation with cryptocurrency exchanges, blocked $2 million in identified “suspicious deposits” with the help of Chainalysis and Crystal. The malicious actor used complex methods to connect funds to the Bitcoin blockchain, including bridges and mixers, with the majority of funds going to the Tron blockchain and the Bitcoin network. Atomic Wallet thanked centralized exchanges for their quick collaboration. This development follows a major hack that Atomic Wallet suffered in June 2023.
New York Attorney General Letitia James filed suit against exchanges Gemini, Genesis and Digital Currency Group (DCG), alleging fraudulent schemes that harmed customers. Gemini provided funds to Genesis, which resulted in a $1 billion default. DCG is accused of covering up these losses. The lawsuit seeks to restrain the defendants in New York, demanding damages and penalties. DCG has reached a preliminary agreement with Genesis creditors to repay 70-90% in dollar equivalents to unsecured creditors.
Bankrupt cryptocurrency exchange FTX used customer funds to buy back Binance’s stake in its rival company, according to testimony at a hearing. Peter Easton, an accounting professor hired by the US Department of Justice, revealed that more than a billion dollars from FTX clients were used in this process. Relations between the two exchanges have soured over the years.
Residents of Mountain Pine, Arkansas, are protesting the “very loud” noise generated by a new cryptocurrency mining facility in Garland County. State Senator Bryan King is investigating the complaints and has requested records related to crypto mines from the governor’s office. Although a state law allowed cryptocurrency mining in Arkansas, King called for the law’s repeal due to local concerns. The governor highlighted the importance of state security in supporting the current legislation.
The Bank of Finland is leading efforts to create an instant payment solution compatible with European standards. Bank of Finland board member Tuomas Välimäki announced active involvement in promoting the development of new forms of payment, highlighting the digital euro as a current project. The Finnish solution will be based on credit transfer, not relying on payment cards.
Sheikh Mohammed bin Saud bin Saqr Al Qasimi, leader of Ras Al Khaimah, one of the United Arab Emirates, inaugurated the RAK Digital Assets Oasis (RAK DAO), a free zone dedicated to digital asset, Web3, blockchain and AI companies. The RAK DAO will offer support, grant programs and business development opportunities. This initiative aims to diversify Ras Al Khaimah’s economy and attract global crypto companies to the region.
Hindustan Petroleum (HPCL), a state-owned refinery in India, is implementing a blockchain system in partnership with Zupple Labs to automate purchase order verification. Called LegitDoc, the technology allows HPCL to issue digital purchase orders without the need for manual checks. This simplifies the process and provides automated third-party verification.
Ava Labs, the company behind the Avalanche blockchain, is seeking collaborations with Indian government agencies to expand its presence in India. “Ava Labs is making India an area of focus not just because of the organic passion for blockchain, but because the Indian government has demonstrated a desire to stimulate development through efforts like launching a Blockchain Technology Center of Excellence”, said the statement. They appointed Devika Mittal, formerly of OKX, and Kamakshi Arjun, formerly of Polygon, to lead operations in the country.
Police in the Central African Republic have arrested Bryan Ndikum, an alleged executive behind a cryptocurrency scam that affected investors including politicians and public officials. The company Clé du Succès, associated with the scam, disappeared with more than US$1.6 million in cryptocurrencies and decrees after false reports of an armed attack.
Japanese game publisher Bandai Namco has halted downloads of the Gundam Metaverse game following rumors about the leak of highly anticipated Gundam model designs. Downloads were suspended without a detailed explanation. Gundam Metaverse project seeks to create a gathering space for Gundam fans around the world and engage the community in user-generated content.
Decentralized perpetual futures exchange SynFutures has successfully completed its Series B funding round, raising $22 million. Pantera Capital led the financing, along with major investors such as Susquehanna International Group and HashKey Capital. SynFutures showcased its revamped exchange, highlighting its “Oyster automated market maker” (Oyster AMM). SynFutures plans to improve trading efficiency by combining order book and AMM approaches, focusing on liquidity in decentralized finance (DeFi) protocols.
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