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Bitcoin (COIN:BTCUSD) rose above $61,500 after 10 PM on Tuesday, dipped below $61,000 by 09:30 AM on Wednesday, and hit an intraday high of $62,380 at 12 PM. Priced at $61,720, up 1.48% at the time of writing, Bitcoin fluctuated amid escalating conflict between Iran and Israel, with BTC plunging after Iran launched missiles in response to Israeli attacks in Lebanon.
Gold (PM:XAUUSD), traditionally seen as a safe haven, rose while BTC experienced its worst October start, a historically optimistic month. Geopolitical uncertainty continues to impact the market, highlighting BTC’s growing maturity compared to gold. Cryptocurrency liquidations totaled $523 million in 24 hours, while investor sentiment fell to the “fear” category.
With rising tensions in the Middle East, traders adjusted their targets below $60,000, potentially reaching $54,000. Analysts like Roman and Toni Ghinea warn of a possible price “trap,” while others like Michaël van de Poppe see a potential recovery after touching $60,000, considering reduced liquidity. A retest of its all-time high of $73,679 may take time, with analyst Peter Brandt suggesting that only a close above $71,000 will indicate the resumption of a solid upward trend.
On October 1, Bitcoin ETFs recorded net outflows of $242.6 million, reversing the significant inflows from the previous week. Fidelity’s ETF (AMEX:FBTC) led with $144.7 million in outflows, followed by Ark’s (AMEX:ARKB) with $84.3 million. Bitwise (AMEX:BITB) and VanEck (AMEX:HODL) also posted losses, while BlackRock’s ETF (NASDAQ:IBIT) was the only one to register $40.8 million in inflows.
U.S. spot Ether ETFs recorded $48.6 million in withdrawals on Tuesday. The Grayscale Ethereum Trust (AMEX:ETHE) led the outflows, totaling $26.6 million. The Fidelity Ethereum Fund (AMEX:FETH) saw $25 million in withdrawals, followed by Bitwise’s (AMEX:ETHW) with a $0.9 million outflow. Other Ethereum ETFs posted modest inflows or no movement.
Franklin Templeton, with $1.4 trillion in assets, has added the Aptos blockchain to its tokenized U.S. government securities fund, FOBXX. Aptos is the fifth blockchain to integrate with the fund, following Avalanche, Arbitrum, Stellar, and Polygon. The expansion is driven by Aptos’ compatibility with the manager’s Benji system. Although significant for the financial sector, the Aptos token (COIN:APTUSD) still dropped 2.8% for the week, despite a 4.4% increase in the last 24 hours, trading at $7.88. FOBXX now manages over $435 million.
Bitwise, an asset manager, has taken a major step by filing for an exchange-traded fund (ETF) linked to XRP (COIN:XRPUSD). The company submitted an S-1 form to the U.S. Securities and Exchange Commission, necessary for the creation of new securities. While the S-1 filing is the first step, final approval still requires additional documents. XRP is the sixth-largest cryptocurrency, with a market capitalization of $33.1 billion.
Despite initial optimism surrounding the migration from MATIC to POL, Polygon’s POL cryptocurrency faced significant declines in late September. While Bitcoin posted a nearly 8% monthly gain, 95% of POL holders saw unrealized losses, with the token down 6.6% in September.
Even with the Ahmedabad hardfork, which brought improvements to the PoS chain by increasing contract capacity and resolving stuck transactions, POL remains under pressure. These updates, aimed at developers, have not yet compensated for the asset’s negative market performance.
Fernando Pereira, a Bitget analyst, noted that despite POL’s recent challenges due to competition from other layer-two solutions, the asset is historically undervalued and may offer a 50% short-term appreciation.
“POL is going through a tough period in its existence, as several layer-two solutions have emerged in the market with much more aggressive proposals that have reduced interest in the network. The asset is in a historically cheap price zone and could easily return to its fair price region (around $0.50). Seeking regions above $1.00 is very difficult for POL in the medium term, but this does not prevent investors who enter the coin today from seeking a 50% appreciation in the coming months,” Pereira emphasized.
Kraken has announced that it will stop trading and deposits of Monero (COIN:XMRUSD) in the European Economic Area (EEA) starting October 31, 2024, due to new regulatory requirements. The exchange will allow withdrawals until December 31, converting remaining tokens into Bitcoin. The decision follows European Union regulations banning the use of privacy-focused tokens. Other countries, such as Japan and South Korea, have also banned anonymity-focused tokens. Monero plunged after the announcement, accumulating a -17.2% drop over the last seven days.
Ava Protocol and Sony Block Solutions Labs are collaborating to integrate automation into Sony’s public Ethereum L2 blockchain (NYSE:SONY), aiming to facilitate the use of transactions and smart contracts. This partnership, part of the Soneium Spark program, seeks to allow developers and creators to tokenize real assets, monetize work, and leverage automatic payments. The initiative could be transformative for the Web3 industry, promoting greater global adoption of decentralized technologies. Ava Protocol’s solution lowers entry barriers into Web3 by simplifying processes and providing accessible tools.
Taurus, a digital asset infrastructure provider, has partnered with Chainlink Labs (COIN:LINKUSD) to drive the adoption of tokenized assets in institutional markets. The partnership aims to enhance data transparency, security, and cross-chain mobility. Using Chainlink’s data feeds, Taurus will provide information on market prices and identity, facilitating transactions across multiple chains. The collaboration faces regulatory challenges but offers new opportunities for financial institutions in the tokenized assets sector.
Hut 8 (NASDAQ:HUT), a major Bitcoin mining company, announced that Anchorage Digital converted the remaining $38 million of a loan into common shares at $16.395 per share, with a 51% premium. The conversion eliminates the remaining debt, giving Hut 8 more flexibility to expand into AI and mining infrastructure.
Telegram CEO Pavel Durov explained that since 2018, the platform has shared IP addresses and phone numbers of criminals with authorities. The recent policy update unifies privacy practices across regions. Durov emphasized that these disclosures are made upon formal legal requests. The change comes after Durov’s arrest in France over allegations of failure to moderate content and share data, sparking criticism over the action.
A survey by Consensys and HarrisX reveals that 49% of U.S. voters consider pro-crypto policies important for upcoming elections. Among crypto owners, 85% support pro-crypto candidates, with 92% planning to vote. Donald Trump and Kamala Harris were mentioned, with Trump receiving 56% support due to his pro-crypto stance. The survey highlights that voters want clear regulation and expect the U.S. to lead crypto innovation, with the SEC and Treasury seen as primary regulators, while 11% believe the sector is self-regulated.
Christie’s, in partnership with Kresus, is issuing digital ownership certificates for 130 lots from Trevor Traina’s photography collection, auctioned in New York. These certificates will be minted on Coinbase’s Base blockchain, ensuring transparency and security for collectors. Christie’s continues to explore blockchain use in the art market, following its historic auction of Beeple’s “Everyday” collection in 2021.
Lamborghini announced the Web3 platform “Fast ForWorld,” allowing its cars to be used in blockchain games. In partnership with Animoca Brands, the initiative brings the brand’s first blockchain integration into games like Torque Drift 2 and REVV Racing. The launch, scheduled for November 7, will include a 3D wallet for interaction with digital cars, offering a digital experience for fans and customers, solidifying Lamborghini’s presence in the Web3 gaming ecosystem.
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