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Nansen has acquired the staking platform StakeWithUs to diversify its services by offering non-custodial staking for over 20 assets. The transaction value was undisclosed. This acquisition aims to broaden Nansen’s support for blockchain ecosystems and integrate new blockchains, such as Berachain, into its platform. Nansen will also become one of the first validators for the Berachain mainnet.
Polygon Labs (COIN:MATICUSD) announced the creation of a zero-knowledge proof (ZKP) optimized encryption chip developed by Fabric Cryptography for its AggLayer solution. The chip, called the Verifiable Processing Unit (VPU), was funded with $33 million in a Series A round. The VPU, used in Polygon’s Plonky2 and Plonky3 systems, is expected to accelerate ZKP development from 3-5 years to just 6-12 months. According to co-founder Mihailo Bjelic, the VPU will enable faster, more secure, and cost-effective transactions, promoting scalability and advancing DeFi applications globally.
On Monday, Bitcoin ETFs recorded an inflow of $28.6 million, the first positive inflow since August 26, after eight consecutive days of outflows. However, BlackRock (NASDAQ:IBIT) and Grayscale (AMEX:GBTC) ETFs experienced outflows of $9.1 million and $22.8 million, respectively. In contrast, Fidelity’s (AMEX:FBTC) and Bitwise’s (AMEX:BITB) ETFs saw inflows of $28.6 million and $22 million, respectively, bringing total Bitcoin ETF inflows to $16.9 billion.
Ethereum ETFs saw a net outflow of $5.2 million. Grayscale’s ETF (AMEX:ETHE) led the outflows with $22.6 million, while Fidelity’s (AMEX:FETH), Bitwise’s (AMEX:ETHW), and Grayscale’s (AMEX:ETH) ETFs saw inflows of $7.6 million, $1.8 million, and $8 million, respectively.
On Tuesday, Bitcoin (COIN:BTCUSD) remained stable at $56,807, following a recovery on Monday night when the price reached $57,976.80. Despite the slight rebound, Bitcoin fell 9% over the previous week, marking its worst weekly performance since August 2023. Analysts suggest that without significant short-term catalysts, Bitcoin may continue consolidating. Future stability could depend on the performance of US stock markets and macroeconomic events, such as the presidential election, which may influence the cryptocurrency’s price.
According to Kaiko, the Bitcoin market saw a record trading volume of $2.874 trillion in the first eight months of 2024, surpassing the $2.424 trillion volume during the 2021 bull market. This is the highest volume since 2012, driven by high volatility and strong interest in Bitcoin ETFs. Bitcoin’s annualized volatility reached 100% in April, reflecting the impact of Fed rate change expectations and economic uncertainties.
Despite regulatory uncertainty ahead of the 2024 US presidential election, 86% of Web3 professionals remain optimistic about the sector’s future, according to a Consensys report. This optimism stems from the transformative impact of Web3 on decentralization, freedom, and innovation. More than 75% of Web3 professionals remain employed in the sector, with many opting to receive part of their salaries in cryptocurrencies, reflecting ongoing enthusiasm for blockchain’s potential.
Core Scientific (NASDAQ:CORZ) CEO Adam Sullivan anticipates exponential growth for the Bitcoin miner, driven by its AI data center services. The company must demonstrate its ability to deliver large-scale AI data centers to secure additional contracts. Despite its experience in Bitcoin mining, Core Scientific stands out for shorter delivery timelines compared to competitors. Diversifying into AI is crucial for its long-term valuation.
Bitfarms (NASDAQ:BITF) postponed its special shareholder meeting from October 29 to November 6 after Riot Platforms (NASDAQ:RIOT) demanded changes to the mining company’s board. In an open letter, Riot called for Ben Gagnon to be appointed as CEO and board member, along with the addition of independent directors to improve governance. Bitfarms proposed a settlement to add a mutually agreed-upon director and will review Riot’s demands before the meeting. Riot increased its stake in Bitfarms to 18.9% in August.
Metaplanet (TSX:3350) acquired 38.6 Bitcoins for approximately $2.2 million (300 million yen), raising its reserves to 398.8 BTC. This purchase is part of a broader strategy to allocate funds into Bitcoin, following the model of companies like MicroStrategy (NASDAQ:MSTR). Metaplanet has invested roughly $27.6 million (3.75 billion yen) in Bitcoin.
According to Gemini’s “Global State of Crypto” report, cryptocurrency adoption in the US and UK remained stable between 2022 and 2024, with rates of 21% and 18%, respectively. The survey of 6,000 people across various countries revealed that regulatory challenges remain a significant barrier, but ETFs are driving market growth. Most investors plan to allocate more to cryptocurrencies and consider digital asset policies in elections.
Additionally, the report revealed that cryptocurrency regulation will be a key factor in the upcoming US presidential election. The survey of 6,000 people found that 73% of cryptocurrency owners will consider candidates’ policies on the sector when voting. Furthermore, 37% said it would have a “significant impact” on their decision. Growing regulatory concerns are a significant barrier for investors, with 38% citing uncertainty as a major investment obstacle.
Decentralized Physical Infrastructure Networks (DePINs) connect the physical and digital worlds, using tokens to incentivize participation and maintain security. Large companies like Lufthansa (TG:LHA) and Deutsche Telekom (TG:DTE) are launching nodes on the Peaq network, integrating blockchain into business operations. With the potential to become a significant use case in the Web3 sector, DePINs are being adopted for infrastructure in telecommunications and aviation, offering new opportunities for integration and innovation in the decentralized market.
Bankrupt FTX has agreed to pay $14 million to Emergent Technologies to settle disputes over 55 million Robinhood (NASDAQ:HOOD) shares, valued at $600 million. The agreement aims to recover funds for creditors and reduce litigation costs, while helping Emergent resolve its bankruptcy in Antigua. A hearing on the motion is scheduled for October 22.
The UK’s Financial Conduct Authority (FCA) has charged Olumide Osunkoya with running an illegal crypto ATM network that processed $3.4 million (£2.6 million) in transactions without proper registration. This is the first such charge in the country. The FCA has ramped up its crackdown, conducting inspections at strategic locations and emphasizing that no crypto ATMs are legal in the UK without proper authorization.
The FBI’s cybercrime report revealed that Americans lost $5.6 billion to crypto fraud in 2023, a 45% increase from the previous year. The FBI received 69,000 complaints about crypto fraud, accounting for 10% of all cybercrime complaints. However, these crypto-related complaints resulted in nearly 50% of the total value lost to cybercrime in 2023. People over 60 were the most affected, with $1.6 billion in losses. The FBI also warned about frauds related to kiosks and investment schemes.
Singapore’s Deputy Prime Minister Gan Kim Yong announced that police are investigating seven individuals for illegally trading Worldcoin (COIN:WLDUSD) accounts and tokens. These actions may violate the Payment Services Act of 2019. Yong warned that such transactions could facilitate crimes like money laundering and terrorism financing. The Monetary Authority of Singapore does not recognize Worldcoin as an official payment service, and consumers are advised to exercise caution when trading these accounts.
On September 9, the North Carolina Senate overrode Governor Roy Cooper’s veto of a bill blocking the use of a central bank digital currency (CBDC). The Republican-majority measure prevents the state from participating in Federal Reserve CBDC trials. Critics praised the decision, citing privacy and individual sovereignty protection, while Cooper argued that the bill lacked focus on real threats.
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