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Bitcoin (COIN:BTCUSD) and related stocks, such as Coinbase Global (NASDAQ:COIN) and MicroStrategy (NASDAQ:MSTR), are down on Monday. After reaching a high of $66,566.28 last week, Bitcoin is down 3.3% at the time of writing, sitting at $63,450.
The drop was triggered by several factors. Shigeru Ishiba’s selection as Japan’s prime minister, who supports tighter monetary policies, caused global market turbulence, impacting Bitcoin’s price. Rising geopolitical tensions between Israel and Lebanon, along with strikes at U.S. ports, also influenced the pullback from risk assets.
Despite the daily drop, Bitcoin is on track for its best September on record, with a monthly gain of 10.7% so far. This monthly rise in 2024 outpaces its negative September history, which used to average a -3.68% drop, and far exceeds the -13.38% fall in September 2019. Coinbase has dropped 1.3% for the month, while MicroStrategy has surged 30.1%.
With October typically being strong for cryptocurrencies, participants have dubbed it “Uptober.” A potential rally could be fueled by new accounting rules and a post-halving environment.
Investors will be watching the impact of U.S. port strikes, as well as awaiting more clarity after U.S. elections and potential interest rate cuts. Interest rate reductions are expanding globally, with central banks outside major markets lowering borrowing costs. Countries like Canada, Switzerland, and Sweden have cut rates three times in 2024, with more reductions expected. This environment favors risk investments, such as cryptocurrencies.
According to data from Token Unlocks, $735 million in cryptocurrencies will be unlocked in the first week of October, out of a total of $3.46 billion throughout the month. Celestia (COIN:TIAUSD), Worldcoin (COIN:WLDUSD), and Solana (COIN:SOLUSD) lead the unlocks, with $1.12 billion, $336 million, and $360 million, respectively. These unlocks could increase selling pressure in the market, affecting various digital assets.
Bithumb, South Korea’s second-largest cryptocurrency exchange, plans to go public in the U.S. with a potential Nasdaq listing in 2025. After a failed attempt to list on the Korean market in 2020, Bithumb is seeking international alternatives. Samsung Securities will be its main underwriter. The company has already launched Bithumb Investment to strengthen its public offering. With 10-20% of the South Korean market and a 283% profit increase in Q1 compared to the same period last year, the company seeks to follow in the footsteps of other major crypto firms that have gone public.
Matrixport, a cryptocurrency financial services firm managing $6 billion in assets, based in Singapore, has acquired Crypto Finance (Asset Management) AG, a Swiss asset manager, through an all-cash transaction. Renamed Matrixport Asset Management AG, the unit will manage the first crypto fund approved by Switzerland’s Financial Market Supervisory Authority, expanding Matrixport’s presence in Europe.
Donald Trump announced the whitelist process for World Liberty Financial (WLFI), highlighting his support for cryptocurrencies. WLFI requires KYC for early access but has no plans to launch a native token yet. Accredited U.S. and international investors can participate, while retail investors are left out due to regulatory barriers. The project aims to maintain the U.S. dollar’s dominance with stablecoins, partnering with Aave. WLFI’s advisors now include Matthew Morgan from Mixie AI and Ryan Fang from Ankr.
The ban of X (formerly Twitter) in Brazil in August significantly impacted the crypto community, which relies on the platform for global communication and promotion. The court decision that disconnected 22 million users was due to the spread of misinformation. Crypto influencers, companies, and events lost reach, visibility, and engagement, forcing them to seek alternatives. The industry fears that without X, real-time access to critical information like security updates will be hindered, negatively affecting the cryptocurrency sector in the country.
Taiwan’s Financial Supervisory Commission has authorized professional investors to access foreign cryptocurrency ETFs through local financial institutions. The move aims to ensure regulatory compliance and protect investors, limiting access due to the risks involved. Securities firms must implement suitability systems and provide education on digital assets.
Solana (COIN) has faced resistance at $160 in recent months, but optimistic expectations for “Uptober” may boost the token. Factors such as the Fed’s rate policy and a potential altcoin season could increase liquidity and favor SOL’s growth. Additionally, technical advancements reinforce confidence in Solana’s ecosystem. The launch of Frankendancer on the mainnet and the anticipation for Firedancer in 2025 mark important milestones for Solana. Firedancer, developed by Jump Crypto, achieved over 1 million transactions per second (TPS) in tests, reinforcing Solana’s status as a high-performance Layer 1 blockchain. This new client will significantly increase network throughput while diversifying validators, making Solana more resilient to attacks and technical failures. With these improvements, investor interest is expected to return.
ANZ, Australia’s second-largest bank, has partnered with Chainlink Labs (COIN:LINKUSD) and ADD (COIN:ADDXUSD) to explore tokenized real-world assets, integrating into the Monetary Authority of Singapore’s (MAS) Project Guardian. The global initiative seeks to revolutionize sectors like fixed income and forex with digital assets. ANZ believes private blockchains can facilitate the exchange of assets such as commercial papers, highlighting the role of ANZ’s native token (A$DC) and the interoperability provided by Chainlink’s CCIP protocol for the growth of the tokenized economy.
Kin Capital has launched a $100 million tokenized real estate debt fund on the Chintai network. The fund, accessible to accredited investors with a minimum investment of $50,000, offers a 14%-15% annual return with quarterly distributions. The first $5 million tranche is already available, with more offerings planned until 2025. Asset tokenization aims for greater efficiency and cost reduction, while Chintai, licensed in Singapore, manages the infrastructure. Projections indicate tokenized assets could surpass $10 trillion by the end of the decade.
The BIO Association, a Swiss nonprofit organization, announced the launch of the BIO token to support its decentralized biotech network, the BIO Protocol. The goal is to democratize access to scientific research and funding through BioDAOs, communities that develop scientific intellectual property. The BIO token will launch on the Ethereum network with a 45-day genesis phase or until reaching $100 million in FDV. Token holders will be able to vote on new BioDAOs and gain access to scientific funding.
TRON DAO (COIN:TRXUSD) completed a security audit of the Java-Tron platform with ChainSecurity. The analysis focused on key aspects like the TRON Virtual Machine and consensus mechanisms, uncovering vulnerabilities that could affect blockchain performance. ChainSecurity found issues in PBFT messaging, block censorship, and unsigned block processing, which the TRON team addressed. With these improvements, TRON is better prepared to ensure the network’s security and efficiency, protecting users’ assets and data while maintaining community trust.
TrustToken and TrueCoin, responsible for the TrueUSD stablecoin (COIN:TUSDUSD), agreed to pay $700,000 in fines and restitution to the SEC after accusations of fraudulent and unregistered sales of investment contracts. The SEC alleged that from 2020 to 2023, the companies falsely marketed TUSD as fully backed by U.S. dollars, while much of the assets were in a speculative offshore fund. The companies opted to avoid litigation and focus on future operations, despite the temporary impact on TUSD’s peg.
After an attack resulting in the loss of $3.8 million on September 27, the Onyx DeFi protocol received community approval to relaunch its network, Onyx Core. Proposal OIP-46, submitted the same day, recommends closing the Ethereum-based lending market and fully reimbursing lenders. The community supported the changes with no dissenting votes, and implementation is scheduled for October 1. The new protocol will function as a closed lending system, focusing on increasing security and preventing future attacks. The team will also release a revised whitepaper.
A study by Social Capital Markets reveals that cryptocurrency leaders are facing harsh prison sentences, with a 267% increase in convictions between 2019 and 2023. Criminals like Ross Ulbricht and Karl Greenwood have received lengthy sentences, reflecting the growing legal action against financial crimes in the sector. The average sentences in major cases exceed 20 years, with fraud and money laundering representing most convictions. The disparity in punishments between crypto and traditional financial criminals raises questions about fairness in sentencing.
Criminals are exploiting the trend list on the GMGN website to inflate the volume of fraudulent meme coins and deceive investors. They create tokens with malicious code that allows developers to steal users’ cryptocurrencies. Once on the list, the coins are purchased by unsuspecting victims, whose assets are then transferred to the scammers’ wallets. Investors are being advised to avoid suspicious tokens on this list, which has caused significant financial losses.
NFT sales totaled $296 million in September, a 20% decrease from August and an 81% reduction compared to the peak of $1.6 billion in March 2024. The number of transactions also fell by 32%, dropping from 7.3 million to 4.9 million. This marks the lowest monthly volume since January 2021. However, the average transaction value increased by 18%, reaching $60.
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