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Last week, 7,728 Ethereum tokens (COIN:ETHUSD) were added to circulation, raising the supply to 120.39 million ETH, the highest in six months. This increase, without corresponding demand, could pressure the price downward. Ethereum network activity also fell by 3%, negatively affecting transaction fees. ETH is currently priced at $2,623, with support at $2,579. If demand continues to decline, the price could drop to $2,264.
Chainlink (COIN:LINKUSD) has launched CCIP Private Transactions, a tool ensuring privacy and regulatory compliance for blockchain transactions. ANZ will be one of the first institutions to test the protocol for tokenized asset settlement under Singapore’s Project Guardian. The protocol aims to protect data in private cross-chain transactions, allowing financial institutions to securely and efficiently use blockchains with full end-to-end privacy.
Bitcoin (COIN:BTCUSD) fell 0.30% in the past 24 hours, trading at $67,142. Its intraday low reached $66,535 after the weekend’s surge to nearly $70,000 faltered. The decline coincided with rising U.S. Treasury yields affecting risk assets. Liquidations of long positions totaling $165 million added pressure. With billions in BTC and ETH options expiring, volatility is expected in the coming days, especially regarding “in-the-money” calls, particularly in BTC.
On October 21, Bitcoin ETFs gained $294.29 million in net inflows. BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) led with $329.03 million in inflows, followed by Fidelity’s Wise Origin Bitcoin Trust (AMEX:FBTC), which raised $5.9 million. Other funds recorded outflows. Meanwhile, Ethereum ETFs saw $20.8 million in net outflows. The iShares Ethereum Trust (NASDAQ:ETHA) and VanEck Ethereum Trust (AMEX:ETHV) saw modest inflows, while Grayscale Ethereum Trust (AMEX:ETHE) had $29.58 million in withdrawals.
Buenos Aires has launched QuarkID, a digital identity service using zero-knowledge proofs (ZK) to enhance resident privacy. Integrated into the miBA app, it allows document verification without revealing irrelevant personal information. The solution uses Ethereum’s ZKsync Era network as a security anchor, preventing fraud and reducing identity theft risks. The service is free for users and is being tested in other Argentine regions, including Jujuy and Mendoza, with potential national expansion.
Ras Al-Khaimah, UAE, has launched DARe, a new legal framework for DAOs in its RAK Digital Assets Oasis free zone. The regime provides legal and tax support for DAOs, enabling interactions with the off-chain world, such as opening bank accounts and owning assets. DARe includes models for emerging projects and mature DAOs, aiming to optimize the growth of the blockchain and digital ecosystem.
Created by Solana Labs to manage DAO policies, Realms is under new leadership and seeks profitability. The “Realms Today Trust” will expand its offerings with consulting and financial services for DAOs, capturing part of $1.5 billion in crypto assets. Public tools will remain free, while new paid services will include legal structuring and treasury credit cards.
Pump.Fun, a Solana token issuer, is nearing 1 million SOL tokens (COIN:SOLUSD) in accumulated fees since March. With over 2.5 million tokens issued and 7,500 released in just 24 hours, the service has gained popularity, especially in AI-themed memecoins. The company has raised over $147 million and is one of the most profitable platforms in the crypto space, projecting $66 million for 2024.
The DeFi project Sky, formerly MakerDAO (COIN:DAOUSD), is reconsidering its branding adjustments following community feedback. In a proposal on October 21, co-founder Rune Christensen suggested three options: keeping the Sky brand, reverting to MakerDAO, or adopting a hybrid solution. The rapid growth of the USDS token and its integration with DeFi platforms like Aave and Morpho contrasts with concerns over the new identity. The final decision will be discussed on October 25.
Messari released a report highlighting TRON’s (COIN:TRXUSD) continued growth in Q3 2024, reaching $151.2 million in protocol revenue, up 29% from the previous quarter. TRON also saw significant growth in market cap, stablecoins, and daily DEX volume. With initiatives like HackaTRON Season 7 and the creation of the T3 Financial Crime Unit, the TRON ecosystem continues to expand its capabilities and attract new users and developers.
Brad Garlinghouse, CEO of Ripple, reaffirmed the company’s commitment to supporting bipartisan pro-crypto policies ahead of the upcoming U.S. elections. Garlinghouse emphasized the need to promote blockchain innovations, criticizing President Biden’s stance on crypto. Additionally, Ripple co-founder Chris Larsen donated $10 million in XRP (COIN:XRPUSD) to support Kamala Harris, aiming to ensure that the U.S. maintains its technological leadership. Ripple also continues contributing to pro-crypto SuperPACs.
The Avalanche Foundation (COIN:AVAXUSD) announced the launch of the Avalanche Card, a new Visa card allowing users to spend cryptocurrencies anywhere Visa is accepted. Available in both physical and virtual formats, the card is linked to a self-custody wallet. Initially, it will be available to residents in Latin America and the Caribbean, with support from Rain Liquidity. According to Cointelegraph, the card does not report to credit bureaus and has no spending fees.
The Financial Stability Board (FSB) and the Bank for International Settlements (BIS) warned about the risks of tokenization in recent reports, emphasizing the need for increased regulation. The FSB identified vulnerabilities such as tokenization of reference assets and the integration of new technologies, while the BIS highlighted cyber and liquidity risks. Both organizations stressed that unchecked tokenization could impact global financial stability, particularly in complex and automated products. Robust governance is essential to avoid conflicts of interest.
Binance and Crypto.com are losing market share as decentralized exchanges (DEXs) gain momentum. Binance, for example, saw its spot trading volume drop 13% over the past year, from 52.5% to 39.5%. Smaller exchanges like Bybit and Bitget are capitalizing on this decline, with Bybit rising to the second global position, and Bitget’s market share growing from 8.2% to 12.7%. Additionally, DEX trading volumes grew, reaching $250 billion monthly in 2024, challenging the dominance of centralized exchanges.
Azura, a new on-chain aggregation layer, launched today, October 22, aiming to simplify access to decentralized finance (DeFi) applications. The platform integrates multiple blockchains and protocols into a single interface, making DeFi more accessible to new investors, while addressing sector fragmentation and facilitating DeFi adoption. The startup raised $6.9 million in a funding round led by Initialized Capital, with participation from Winklevoss Capital and other prominent investors.
During WazirX’s debt restructuring, custody partner Liminal countered accusations of security violations made by the exchange. Liminal highlighted that, even after the July hack, WazirX retained over $175 million in its custody and still holds $50 million in its wallets. The disclosure of 240,000 wallet addresses was criticized as potential misinformation.
Core Scientific (NASDAQ:CORZ) expanded its contract with CoreWeave, adding 120 MW to its high-performance computing (HPC) hosting capacity. The partnership now totals 500 MW and is expected to generate $8.7 billion in revenue over 12 years. CoreWeave will fund $180 million in upgrades, while Core Scientific diversifies its operations post-bankruptcy and continues investing in AI and Bitcoin mining.
With Bitcoin halving squeezing profits, miners are exploring decentralized physical infrastructure networks (DePIN) to monetize idle GPU resources. These platforms offer affordable computing power for AI researchers and developers, while miners diversify their revenue streams. As AI processing demand grows, and miners’ existing infrastructure is leveraged, this partnership between Bitcoin mining and DePIN could spur innovation in AI and decentralization, creating an open market for computing resources.
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