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In the last 24 hours, $280.71 million in cryptocurrency positions were liquidated, impacting 79,153 traders. Bitcoin (COIN:BTCUSD) reached an intraday high of $68,399 and is currently trading at $67,990. The liquidations included $151.47 million in long positions and $129.24 million in short positions, with the largest liquidation recorded on OKX, at $6.55 million. The significant liquidation of short positions suggests a strengthening bullish sentiment in the market.
Bitcoin’s market dominance rose to 58.8%, the highest since 2021, following a steady increase from a low of 38% in 2022. This growth reflects investors’ confidence in the digital asset, as Bitcoin stands out against altcoins, especially in a macroeconomic uncertainty environment. Historically, increasing Bitcoin dominance indicates market consolidation or the start of new bullish trends.
Bitcoin speculators, particularly short-term holders (STHs), began to take profits as BTC’s price surpassed $65,000. Glassnode data shows that 7,127 BTC were transferred to Binance on October 14, the largest transfer volume since Bitcoin reached its all-time highs. This movement indicates healthy profit margins after months of price lateralization, highlighting renewed interest in the asset amid a potential bullish resurgence.
The number of Ethereum (COIN:ETHUSD) validators grew more than 30% in the past year, surpassing one million in June 2024, according to Flipside Crypto. This increase is attributed to rising institutional interest, spurred by advances in liquid staking and re-staking. These mechanisms offer immediate liquidity and greater capital efficiency. The Shanghai upgrade and approval of Ethereum ETFs also boosted Ether staking growth, reflecting growing institutional adoption and participation in the Ethereum network.
The launch of the Trump-endorsed World Liberty Financial (WLFI) token had a disappointing start. In just over 24 hours, the project raised only $11.8 million, 4% of its tokens, well below the $300 million target. Technical issues on the website and the exclusion of retail investors due to Regulation D restrictions, along with the token’s nature, which doesn’t allow future speculation, may have hurt investor interest. Additionally, the promised crypto bank has yet to exist, limiting the token’s immediate utility.
On October 15, Bitcoin ETFs attracted $371.02 million in net inflows, with BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) leading with $288.84 million. Fidelity’s Wise Origin Bitcoin Fund (AMEX:FBTC) followed with $35.03 million, while ARK 21Shares Bitcoin ETF (AMEX:ARKB) raised $14.68 million. In contrast, Ethereum ETFs faced $12.7 million in net outflows, with Grayscale Ethereum Trust (AMEX:ETHE) recording a significant loss of $15.29 million on the day.
Fund issuer Stacked (STKD) launched the Bitcoin & Gold ETF (BTGD), offering leveraged exposure to Bitcoin and gold. The fund allows investors to hedge their portfolios against inflation and currency depreciation by combining these two scarce assets. Each dollar invested is split equally between Bitcoin and gold through ETFs and futures. The launch comes amid growing demand for “devaluation trades” due to geopolitical tensions and economic uncertainties.
JPMorgan (NYSE:JPM) revealed that 14 US-listed Bitcoin miners now represent 28.9% of the global hashrate, an increase of nearly 8% since this year’s halving. The combined hashrate of these companies grew by 70% in 2024, while the network’s hashrate rose by 33%. This efficiency reflects public miners’ financial advantage. Mining profitability (hashprice) increased slightly in October, by less than 1%, with some miners achieving significant gains. The bank highlighted that mining stocks recovered with the rise of Bitcoin, especially Greenidge Generation (NASDAQ:GREE) (+29%), while Stronghold (NASDAQ:SDIG) underperformed, dropping 17%.
Marathon Digital Holdings (NASDAQ:MARA) secured a $200 million credit line backed by its Bitcoin holdings to finance strategic and operational initiatives. The company, which holds 26,842 BTC, aims to monetize its Bitcoin reserves without issuing new shares. Marathon produced 705 BTC in September, a 5% increase from August, and seeks to expand its hash rate to 50 EH/s by the end of the year, strengthening its position in the sector.
After an 18% rally in 30 days, Solana’s (COIN:SOLUSD) price faces the risk of falling below the $150 support. If this occurs, the asset could end October with significant losses. Analysis suggests that if support fails, SOL could drop by as much as 10%, reaching $136.07, with indicators such as the Chaikin Money Flow showing increasing selling pressure. The $160 resistance remains a major hurdle.
SingularityDAO (COIN:SDAOUSD) announced a token merger with Cogito Finance (COIN:CGVUST) and SelfKey (COIN:KEYUSD), forming Singularity Finance (SFI), an Ethereum-based Layer-2 solution to tokenize real-world AI economy assets. The merger will drive innovation in AI and DeFi infrastructure. SingularityDAO’s SDAO token surged with the announcement but later reversed into losses. The new partnership aims to integrate tokenized assets into DeFi infrastructure, creating new opportunities in the AI and blockchain market.
The Open Network Foundation selected Axelar’s (COIN:AXLUSD) Mobius Development Stack (MDS) to integrate The Open Network (COIN:TONCOINUSD) ecosystem with 68 blockchain networks. This integration will improve scalability and usability of decentralized applications on TON and strengthen Web3 platform connectivity. Axelar’s Interchain Amplifier technology enables secure transfers of assets and data between TON and blockchains such as Ethereum and Polkadot, simplifying decentralized application creation without the need for bridges.
Cosmos (COIN:ATOMUSD) developers are removing the Liquid Staking Module (LSM) from the Cosmos Hub after discovering that North Korean agents participated in its development. All in Bits (AiB) issued an emergency alert about security vulnerabilities in the LSM, which impact the entire staking system. A full audit will be conducted to investigate developer involvement and potential risks.
With less than three weeks until the US presidential election, traders are adjusting their cryptocurrency positions, driven by Chinese stimulus and rate cuts. The second half of October historically brings higher bitcoin returns, according to Coinglass. Electoral uncertainty may cause price variations of up to 10% for bitcoin and larger movements in Cardano (COIN:ADAUSD) and Dogecoin (COIN:DOGEUSD). The options market also shows optimism, with significant bets on price targets of $70,000 to $100,000 by December.
Although cryptocurrencies are not the central focus in the elections, interest in digital assets is growing in swing states like Pennsylvania, Wisconsin, and Michigan. According to the “State of Crypto 2024” report by a16z, these regions have seen significant increases in cryptocurrency searches. With over 40 million Americans owning cryptocurrencies, crypto-friendly candidates may win a significant number of voters in these key states.
Tether, issuer of (COIN:USDTUSD), announced that 330 million wallets and on-chain accounts received the stablecoin by the end of Q3 2024. The number of users grew by 9% quarterly, with 36.25 million new users in the last period. CEO Paolo Ardoino highlighted USDT’s role as the “digital dollar” in emerging markets. Additionally, networks like TON and Ethereum Layer 2 boosted growth, with net supply on TON reaching $738 million.
The Siam Commercial Bank (SCB), Thailand’s oldest commercial bank, announced its partnership with fintech Lightnet to offer cross-border payments with stablecoins. This service will allow 24/7 transactions with reduced transaction costs, making it attractive for remittance recipients. The project also promotes financial inclusion by reducing the capital requirement per transaction. Tested in the Bank of Thailand’s regulatory sandbox, the service aims to benefit retail, corporate, and institutional customers with greater financial efficiency.
Italy’s Deputy Finance Minister Maurizio Leo announced that the government will increase the capital gains tax on cryptocurrencies like bitcoin from 26% to 42%. According to Leo, this measure reflects bitcoin’s growing use in the country. The change is part of Italy’s plans to increase revenue for the 2025 budget.
Bitget strengthened its team with the hiring of Alejandro Blanco as Head of Business Development and Gildardo Herrera as Head of Strategy and Operations for Latin America and Iberia. Blanco and Herrera, both with experience at Binance, will lead Bitget’s regional expansion, reflecting the company’s commitment to strengthening its position in key markets and driving growth in the region.
Metaplanet closed its Bitcoin put options at $62,000, adjusting to $66,000. This strategy, called a “roll-up,” aims to increase nominal yield on options, generating an additional premium of 57.9 million yen. The company recently acquired 106,976 more BTC, bringing its holdings to 855,478 BTC. Metaplanet seeks profitability by increasing its Bitcoin reserves.
Reports indicate growing cryptocurrency adoption by people unknowingly using the technology, especially through games like Hamster Kombat. These Web3 play-to-earn games are providing economic freedom in regions like Iran, where inflation and sanctions limit opportunities. Children and adults are engaging en masse, attracted by the rewards, without realizing that their interactions are based on cryptocurrency, accelerating the global use of these technologies.
Ilya “Dutch” Lichtenstein, who admitted to being responsible for the 2016 hack of the Bitfinex cryptocurrency exchange, may face five years in prison. Along with his wife, Heather Morgan, he was accused of laundering 120,000 stolen bitcoins, now worth around $7.5 billion. Prosecutors argue that Lichtenstein used sophisticated money-laundering methods and are seeking a “strong sentence” to deter future cybercrimes. He will be sentenced on November 14, and Morgan the following day.
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