Bitcoin's rally in 2023, driven by bullish sentiment around a spot bitcoin ETF and the halving event in 2024, could be hindered by the overoptimism for ETFs and the potential for regulatory restrictions, as well as the risk of inflation and macroeconomic factors affecting investor sentiment.
Bitcoin and altcoins are primed for a parabolic move as bull flag patterns emerge and altcoin market capitalization forms a bullish rounding bottom, according to crypto analytics firm Glassnode's co-founders Jan Happel and Yann Allemann.
Blockchain-based asset-management firm Superstate has raised $14 million in venture capital to develop regulated, on-chain funds that can be accessed by U.S. investors, with the investment highlighting the growing trend towards tokenized assets as traditional finance and blockchain converge.
Intent-centric systems are revolutionizing blockchain usage by allowing users to express their goals without specifying the method, but there are concerns about monopolistic tendencies and potential risks associated with these services.
DeFi pioneer Robert Leshner is launching Superstate, a venture that aims to bring the best features of DeFi to mainstream finance, raising $14 million in a Series A round to build out its team and develop tokenized funds for institutional investors. Superstate plans to offer programmable features, such as trading and lending tokenized versions of bonds, on platforms that use smart contracts, with a focus on obtaining regulatory clearances to offer products in the US. Leshner is optimistic about the project due to the increased adoption and interest in blockchain technology and believes the world is ready for tokenized funds.
El Salvador's bitcoin holdings have experienced a loss of about $16 million since President Bukele announced a country-wide dollar cost averaging plan to purchase one bitcoin per day, with the country's average purchase price decreasing to around $41,800. Despite the warning from the IMF about potential risks, El Salvador's bonds have shown a good return, and President Bukele is expected to win re-election in 2024. The adoption of a bitcoin standard among the populace remains uncertain, with only 1.2% of remittances using cryptocurrency wallets.
Fintech firm CFX Labs has raised $9.5 million in seed investments to expand its Solana blockchain-based stablecoin payment and remittances network, aiming to reach 1.2 billion people by 2024 Q2.
Judge Amy Berman Jackson has denied a joint motion for a protective order in the legal battle between Binance and the SEC, maintaining a higher degree of public access and scrutiny and requiring both parties to reassess handling sensitive information without the protections of an order.
Circle, issuer of USD Coin (USDC), has made a strategic investment in Sei, a layer-1 blockchain, and plans to integrate USDC onto Sei's blockchain, expanding the use of stablecoins on the platform and increasing Circle's user base.
Microsoft, Tencent, and other Web2 giants have partnered with Consensys to decentralize the Infura network, allowing for increased decentralization and preventing outages for Web3 services such as MetaMask. The launch of the Decentralized Infura Network (DIN) will provide failover support and more reliable access to Ethereum.
Infura, a popular solution for developers to connect applications to blockchains, is taking its first step towards decentralization with the launch of its "Decentralized Infrastructure Network," starting with a failover switch to protect against network issues.
Bitcoin, ethereum, and XRP have fueled a significant price rally in the crypto market, adding $600 billion and receiving support from legendary billionaire Cathie Wood who sees BlackRock's bitcoin ETF filing as a breakthrough that will drive the bitcoin price higher in the coming years.
The Monetary Authority of Singapore (MAS) is conducting tests on tokenization use cases with major finance players, such as JPMorgan and BNY Mellon, to explore digital asset trades, foreign currency payments, clearing and settlement, fund management, and portfolio rebalancing. Additionally, OKX is offering derivatives trading with no counterparty risk, while SC Ventures, the fintech arm of Standard Chartered, has launched a tokenization platform called Libeara for creating a tokenized government bond fund.
5ire is preparing for the launch of its 5ire token on a tier 1 exchange in December, marking a significant milestone in sustainable blockchain innovation.
Solana's SOL cryptocurrency surged by almost 20% in 24 hours, reaching a level not seen since May 2022, with increased trading volumes and growing optimism around the token following the end of Sam Bankman-Fried's trial.
Ethereum-focused blockchain project Kinto has raised $5 million to develop a layer-2 network compliant with anti-money-laundering laws, aiming to connect financial institutions and real-world assets with decentralized finance.
The price of Dogecoin (DOGE) has dropped 10% after reaching a three-month peak, but trading activity remains high and bullish traders are defending the support level, suggesting a potential rebound in the future.
The price of Ripple's XRP token has surged following the company's legal victory against the SEC, and some experts predict it could reach $2.40 by the end of November.
Bitcoin and other cryptocurrencies experienced a decline, potentially highlighting underlying concerns despite a recent rally, according to J.P. Morgan analysts.
The Manny Pacquiao Foundation will start using the Shibarium blockchain for fundraising and operational activities, allowing them to scale up operations and help millions more people in need around the world.
The native token of dYdX, DYDX, has surged by over 20% in the past 24 hours ahead of a token unlock of more than $500 million, despite concerns about potential price decline due to increased supply.
Billionaire venture capitalist Chamath Palihapitiya predicts a strong stock market rally as capital flows out of money market funds and into equities, while inflation rates decline and the Federal Reserve plans to cut rates by mid-2024.
Bitcoin (BTC) experienced a sharp drop of over $1,000 in just one hour, reaching the $35,000 support level before recovering slightly to around $35,600, as sell-side pressure and profit-taking from Bitcoin whales caused volatility in the market.
The funding rates for futures of major tokens have returned to normal levels after surging due to high fees and leveraged bets, with traders paying as much as 0.5% every eight hours to remain in their long positions; however, a market drop followed as traders took profits, resulting in over $300 million in liquidations, but funding rates have since returned to an average of 0.01% as of Wednesday.
OKX, the second largest cryptocurrency trading platform, is offering derivatives trading without counterparty risk by partnering with asset manager CoinShares and custody joint venture Komainu. This enables traders to settle off-exchange while enjoying the security of a trusted custody setup. The system will be expanded to other exchanges in the future.
Money is flowing back into the crypto market through stablecoins, with the supply of top stablecoins turning positive for the first time in over a year, indicating increased liquidity and potential buying pressure for cryptocurrencies.
Ethereum co-founder Vitalik Buterin believes that Plasma, an early scaling solution for Ethereum, should not be forgotten and can be a significant security upgrade for chains that would otherwise use validiums, especially with the advancements in zero-knowledge Ethereum Virtual Machines (EVMs).
JPMorgan and Apollo collaborated with blockchain firms to demonstrate how asset managers can tokenize funds on the blockchain, enabling large-scale portfolio management and automated trading, as part of Singapore's Project Guardian.
Bitcoin mining firm Marathon has reported significant growth in its operations, with a 467% increase in Bitcoin production over the past year and plans to expand its hash power. The company is also pivoting to international joint ventures to reduce costs and achieve geographic diversity. However, the firm remains cautious about potential margin squeezes after the Bitcoin halving if prices fall below $30,000.
Industry observers say that the falsified BlackRock XRP trust filing should not impact the United States securities regulator's decision to approve or delay spot Bitcoin ETFs, but it could potentially validate the SEC's concerns about fraud and manipulation in the crypto market.
Bitcoin's price and trading volume are increasing, with its open interest in Bitcoin options surpassing $17 billion, indicating a surge in investor funds flowing into the market and raising speculation about the approval of a Bitcoin ETF.
A new crypto exchange called M2 is expected to launch in Abu Dhabi, aiming to become the largest regulated exchange in the world and potentially taking market share away from leading giants like Binance, according to Shark Tank star Kevin O'Leary.
ARK Invest is partnering with 21shares to launch new crypto-focused ETFs, with ARK Invest CEO Cathie Wood stating that bitcoin is "the first global, digital, private rules based monetary system in history" and expressing optimism about the approval of a spot bitcoin ETF. Wood believes that the odds of approval for the ETF have increased and maintains a bullish outlook on bitcoin, with a base case price target of $600,000-$650,000.
Crypto startup Unix Gaming and sponsors, including Avalanche blockchain, are funding a gaming tournament called Game League, with $1 million worth of total prizes via Unix's blockchain gaming platform, Owned.
Crypto traders experienced a significant liquidation of leveraged long positions, resulting in over $307 million in losses, as digital asset prices, including Bitcoin and Ether, sharply declined despite a supportive market environment.
Aurelien Michel, the founder of the Mutant Ape Planet NFT collection, has become the first person to be convicted of a federal crime for a rug pull scheme, pleading guilty to wire fraud charges and facing up to five years in prison, as well as a $1.4 million forfeiture.
Bitcoin price could potentially experience a 5% decrease unless a spot BTC exchange-traded fund (ETF) is launched, while Ethereum price may rise by 5% if the ascending trendline above $2,029 holds, and Ripple price is likely to drop by 10% as it erases its weekly gains.
GROK, a meme coin unrelated to Elon Musk's AI chatbot, experienced a drastic drop in price after allegations of links to scams were made by blockchain expert ZachXBT. The developers of GROK burned $1.7 million worth of tokens to demonstrate their intention not to scam investors, resulting in mixed reactions from traders.
Crypto analyst Jason Pizzino predicts that the true altcoin season, with the biggest gains, will arrive around October 2024 based on historical patterns and the upcoming Bitcoin halving event in April 2024.
State authorities are investigating a fake registration of BlackRock's "iShares XRP Trust" after a referral from Delaware's Division of Corporations, which temporarily caused the price of XRP to surge before the falsehood was revealed.
The price of XRP surged after a fake filing for a "BlackRock iShares XRP Trust" was made, causing the Delaware Office of the Secretary of State and state Department of Justice to get involved, but it was later confirmed that the filing was a hoax.
Custodia Bank CEO Caitlin Long discusses the regulatory challenges faced by cryptocurrency banks in the US, highlighting discrimination by the Federal Reserve against certain states and the need for greater clarity and guidelines. She also praises the UK's stablecoin regulations as a model for the Fed and highlights the unique features of Custodia Bank's Bitcoin custody product.
A fake filing suggesting that BlackRock was launching an XRP ETF has sparked an investigation by Delaware's Department of Justice.
BlackRock, the world's largest asset manager, has highlighted several crucial risk factors that spot Bitcoin ETFs pose, including extreme volatility, regulatory and enforcement actions, technological risks, environmental concerns, market concentration, stablecoin risks, miner dependence and transaction fees, scaling challenges and network forks, lack of historical data, reliance on internet and technologies, and governance issues.
Shares of Coinbase Global have surged 162% this year, but analysts are cautious about the stock's future due to declining trading volumes and regulatory concerns.
A developer behind the Mutant Ape Planet NFT collection has pleaded guilty to defrauding buyers in a rug pull, resulting in almost $3 million in net profit and potentially faces up to five years in prison.
Hackers have been able to deceive nearly 100,000 people and steal $60 million by using a feature in the Ethereum blockchain to create fake addresses that resemble the intended recipient's.
Cardano's price consolidation above the $0.35 support zone has not deterred new users from entering the ecosystem, with new adoption rate remaining high, and both new and existing participants engaging in a high number of transactions, suggesting a potential rebound towards $0.40 if the bullish trend continues.
Solana (SOL), a blockchain platform challenging Ethereum's dominance, has seen a resurgence in interest and is projected to reach a price of $3,211 by 2030, according to analysts at VanEck.
BlackRock's Spot Bitcoin ETF filing included exposure to stablecoins as a risk factor, adding to the anticipation for the approval of the offering by the SEC.