Crypto market struggles in $2 trillion market cap quest as investors cling on Bitcoin ETF approval

https://www.fxstreet.com/cryptocurrencies/news/crypto-market-struggles-in-2-trillion-market-cap-quest-as-investors-cling-on-bitcoin-etf-approval-202310250741

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  • Benjamin Cowen of Into The Cryptoverse says investors could be rotating money from altcoins to Bitcoin.
  • The cumulative market cap is close to $1.3 trillion, far from the $2 trillion capitalization reached in 2021.
  • Crypto assets received more than $66 million in new capital over the last week. 

Crypto investors seem to be making strategic moves by shuffling their funds between Bitcoin and alternative cryptocurrencies, popularly known as altcoins, according to Into The Cryptoverse founder Benjamin Cowen. This trend can essentially mean that there is a lack of a significant influx of new money to the overall crypto market, making it difficult to achieve the $2 trillion market cap once again in the short run.

Lack of new crypto money

Cowen’s post on X suggests that investors are not pouring fresh capital into the crypto space but rather rearranging their existing investments. He explains that similar global market capitalization levels were seen in April and July, when the market failed to break it.

While there is a lack of substantial new investments, crypto assets still managed to attract more than $66 million in fresh capital last week. CoinShares reported that digital asset investment products experienced inflows for the fourth consecutive week. Around 84% of these inflows were for BTC, largely attributed to the frenzy surrounding a spot Bitcoin ETF launch in the United States. However, the platform highlighted that these inflows are relatively modest compared to those witnessed in June.

BTC ETF to bring fresh capital

Since the last quarter of 2021, when the cumulative crypto market capitalization surpassed $2.5 trillion, investors have either reduced their exposure or exited it entirely.

Bitcoin (BTC) continues to hover under the $34,000 level after the news of the disappearance of the iShares Bitcoin Trust ETF listing on the DTCC (Depository Trust & Clearing Corporation) website made rounds. Even after it was confirmed that the ETF has been listed again, the price hasn’t shot up massively from the previous levels.

Charles Yu, a research associate with Galaxy Digital, estimates the total addressable market size for Bitcoin ETFs to be around $14.4 billion in the first year after launch before the number ramps up to $39 billion in the third year. He arrived at this figure by using the relationship between Gold ETFs and the price of the yellow metal as a reference.

Yu highlights that as of September 30, approximately 842,000 Bitcoin, equivalent to roughly $21.7 billion, were held in Bitcoin investment products, including ETPs and closed-end funds.

Cumulative crypto market capCumulative crypto market cap

The cryptocurrency market is likely witnessing a pattern of investors shifting their funds between Bitcoin and alts at the moment. This makes it challenging to reach the coveted $2 trillion market cap in the near term. However, substantial inflows into Bitcoin’s spot markets could trigger more investor interest in the broader sector, bringing fresh money for the alts.   


Injective surges to almost two-year high on Google partnership

https://www.fxstreet.com/cryptocurrencies/news/injective-surges-to-almost-two-year-high-on-google-partnership-202310250940

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  • INJ reached the $12 price level for the first time since December 2021.
  • Injective’s partnership with Google Cloud has fueled the rally.
  • INJ-based Helix DEX pre-launch futures also added to October’s demand surge.

Injective (INJ) surged to a 24-hour price range of $11.5 and $12.8, marking its highest value in nearly two years. The token’s price increase is not solely a result of the recent Bitcoin rally, but also Injective bolstering its market presence after its recent partnership with Google and new offering by Helix exchange.

Injective inks new partnerships

Injective, an interoperable layer-one blockchain, announced its integration into Google Cloud on Tuesday. The partnership will allow the finance blockchain to be accessible through the data exchange platform of the cloud computing giant.

With the agreement, Google Cloud’s Analytics Hub can interact with Injective data across the network. The press release noted, “Using a Google Cloud server, anyone can utilize customizable Injective datasets for various use cases, including building DeFi applications and institutional trading strategies.”

In addition, the introduction of pre-launch futures for upcoming tokens by Helix DEX, a decentralized exchange on Injective, has generated interest.

On Monday, Injective boosted over $400 million in staked INJ.
 

Injective contributor Mirza.inj explained on X that the project also crossed 300 million transactions, adding to the positive sentiments in the last few days. Apart from Helix’s pre-launch futures, Exotic Markets also introduced first options infrastructure protocol on Injective, among other launches, notes Mirza.inj.

INJ price shows strength

The price of Injective (INJ) stands close to $12 at the time of writing, reflecting almost a 50% increase in the last seven days, based on CoinGecko analysis. With a circulating supply of 84 million INJ tokens, Injective’s market capitalization has risen to $980 million. Although the price is moving positively, it’s essential to note that the all-time high for INJ was $24.89, reached in April 2021.

Meanwhile, the Relative Strength Index (RSI), a momentum oscillator for price movements, is currently hovering close to 90. An RSI reading above 70 is generally considered overbought, indicating the potential for a downside price correction.

INJ/USD RSIINJ/USD RSI

Within the Injective INJ Derivatives market, long and short traders are in a nearly balanced position. The Long/Short (24-hour) ratio on Coinglass stands at 0.96. suggesting slightly more long trading positions than short positions.

Injective’s recent expansion and strong price performance signal attractive future opportunities if its positive trajectory sustains in the medium term. 


Optimism spikes 5% ahead of upcoming token unlock

https://www.fxstreet.com/cryptocurrencies/news/optimism-spikes-5-ahead-of-upcoming-token-unlock-202310240843

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  • Optimism, a Layer 2 scaling solution for Ethereum, will enable the next token unlock for OP on October 30.
  • Around 18% of the total tokens have been unlocked, with 1 billion OP still locked.
  • OP price has spiked by at least 5% ahead of the event.

Optimism (OP) is gearing up for its October 30 token unlock, which will release an amount of tokens worth $32 million, matching the value of the previous release. OP price has seen a 5% increase ahead of the event, which will impact 2.74% of the circulating supply of the token.

OP token unlock by month-end

Optimism (OP), a Layer 2 rollup network on Ethereum, is set for another token unlock on October 30. After unlocking 14.16 million OP token, worth around $32 million on September 30, the next unlock will be of the same value. Ahead of the event, the token spiked 5% on Tuesday, helped by the broader bullish sentiment in the crypto market following Bitcoin’s price increase.

The unlock dominates 2.74% of the Optimism circulating supply, making it a crucial event that could impact the price. Based on data by Token Unlocks, 18.04% of OP tokens have already been unlocked, accounting for 774.78 million OP. Meanwhile, 24.75% of the total supply (1.06 billion OP), remains locked.

Total OP unlockedTotal OP unlocked

According to information with the platform, the current token allocation stands at 23.6% for core contributors, 23.6% for airdrop recipients, and 21.1% for investors.

Optimism price remains positive

On Tuesday, the price of Optimism (OP) was trading in the 24-hour range of $1.28 and $1.43, with a trading volume of 12.97 million OP. CoinGecko analysis finds 5% price improvement on the daily time frame and an 11% rise in the past seven days.

OP/USDT RSIOP/USDT RSI

The OP/USDT chart for the last month indicates that the last unlock moved the Relative Strength Index (RSI) to the overbought zone on October 1 and October 2 before dipping below. On October 9, the 14-day RSI was in a prolonged oversold region. The RSI on Tuesday was above 70, a level considered overbought, before hovering back to the normal range. Meanwhile, the moving averages currently hint at a buy for OP as per TradingView data.

Technical indicators on TradingViewTechnical indicators on TradingView

The RSI territory implied buying pressure over the next two day period after the unlock. The price movement following the next unlock on October 30, depends on the market perception of the OP valuation. The current buying suggests some market optimism for OP considering Bitcoin has also briefly surpassed the $34,000 level on Tuesday. 


Solana co-founder claims that spam accounts targeted the chain with fake exploit news

https://www.fxstreet.com/cryptocurrencies/news/solana-co-founder-claims-that-spam-accounts-targeted-the-chain-with-fake-exploit-news-202310240635

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  • Solana co-founder Raj Gokal warned of fake Solana news by scammers. 
  • Gokal claimed on his official X account that false news about SOL exploit was being spread. 
  • Solana has been one of the star performers in inflows in the altcoin space. 

Solana false news about exploit 

Solana co-founder and COO Raj Gokal raised concerns about the spreading of false information about the Solana blockchain. In a recent post on X, Gokal pointed out that malicious actors had targeted the network, stating, “Somebody made a fake @Cointelegraph account, a fake protocol account with real followers, and a fake influencer account, all to fake news of an exploit on @solana.”

This incident isn’t the first incident as Gokal referenced a previous case involving a fabricated testimonial. A false post by former Alameda Research CEO Caroline Ellison previously made rounds that claimed the company operated a Solana “on and off” switch. 

He emphasized the reality of information warfare and urged caution within the crypto community.

A similar incident involving false news on the same news platform regarding the approval of a Bitcoin ETF occurred last week. This information triggered a notable rise in the price of Bitcoin leading to short liquidations in the market. 

Solana remains a key altcoin performer

Solana has been a standout performer in the altcoins space, attracting significant inflows. According to the recent report by CoinShares, Solana received an additional $15.5 million in inflows, bringing the total year-to-date inflows to $74 million. 

Solana controls assest under management (AUM) of $159 million. 

Solana inflows Solana inflows 

At the time of writing, the price of Solana (SOL) is hovering above $31 with a 24-hour trading volume of $1.7 billion based on CoinGecko data. The past day has seen minor gains, but in the last seven days, Solana has spiked by around 30%.  


MINA price more than doubles after listing on Korean exchange Upbit

https://www.fxstreet.com/cryptocurrencies/news/mina-price-more-than-doubles-after-listing-on-korean-exchange-upbit-202310241200

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  • MINA’s price surges over 100% in the last 24 hours after the listing announcement by Upbit exchange.
  • Mina Procotol is a layer 1 chain with zero-knowledge smart contracts in a 22KB blockchain. 
  • MINA derivatives witnessed a 15,000% increase in volume as short liquidations exceeded $1 million on Tuesday.

Mina Protocol’s (MINA) price has experienced over a 100% surge within a 24-hour period following its listing on South Korea’s Upbit exchange. MINA, a blockchain project known for its lightweight design and zero-knowledge smart contracts, is seeing the majority of traders who are short, suffering a squeeze as the market rallies on Tuesday. 

MINA price surges by 100%

Mina Protocol (MINA) has witnessed over a 100% price surge after trading up from the $0.40s to the mid $0.80s in just 24 hours, according to data from CoinMarketCap. 

The influx of buying interest comes after one of the top crypto exchanges in Korea, Upbit, announced that it is listing MINA. After the announcement on Tuesday, the translated release by the exchange said that new digital assets have been added in accordance with the travel rules put in place to target money laundering. 

Meanwhile, MINA also saw large derivatives trading activity with volumes increasing by 15,000% on Tuesday at the time of writing. The volume surpassed $2 billion, with the open interest or outstanding contracts surging by 800% to $116 million, as per Coinglass data. 

Binance, the largest crypto exchange by volume, is showing a long/short ratio of 0.70 for the MINA/USDT trading pair yet short positions are increasingly getting squeezed as the price rallies. 

Short liquidations spike 

Short outweighed long liquidations by well over two to one on October 24. Traders closed shorts to the tune of $1.7 million while the total long liquidations were registered at $570,000. 

MINA liquidationsMINA liquidations 

The price surge and increased trading activity come on the back of Upbit listing pushed by the broader market strength that took Bitcoin beyond the $34,000 mark. 

However, MINA which is currently trading at $0.88, is still a long way from its record peak of $9.00 achieved in June 2021. After hitting its all-time low of $0.35 on October 12, its journey back to $1.00 will have to be monitored to understand its long-term price trajectory. 
 


Bitcoin breaks $30K barrier but awaits monthly close for bullish confirmation

https://www.fxstreet.com/cryptocurrencies/news/bitcoin-breaks-30k-barrier-but-awaits-monthly-close-for-bullish-confirmation-202310231152

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  • Bitcoin is currently at a resistance level, as per analysts who await a monthly close above $30-32K.
  • Bitcoin traders seeking ‘further bullish confirmation’ may face concerns about higher resistance.
  • MicroStrategy is now making a significant profit as Bitcoin’s price rebounds.

Bitcoin hovers above $30,000

Bitcoin breached the crucial $30,000 mark once again on Monday after the global crypto capitalization registered gains. Crypto analyst CredibleCrypto noted on X that some are waiting for a monthly close above the crucial level to confirm the bullish momentum. 

The analyst further questions if other resistance levels like $35,000 or $37,000 would not create similar concerns. CredibleCrypto said,”If you long a monthly close above 32k (which could close at 33k, 34k or higher), aren’t you just longing into more resistance above?”

Based on CoinGecko data, Bitcoin (BTC) is priced over $30,500, with a 24-hour trading volume of $15.4 billion. In the 24-hour time frame, it has gone up by 2%, and in the past week, it increased by 10%. 

BTC/USDT weekly chartBTC/USDT weekly chart

The price increase is accompanied by a decrease in Bitcoin Exchange Reserves, which indicate that the pressure to sell the king coin is subsiding. In the derivatives market, the long position traders are exceeding the short position traders, also indicating positive momentum, based on CryptoQuant data. 

Crypto influencer @CryptoGodJohn on X believes that the new Bitcoin trend might not see significant drops in its price or retests of lower levels like many people anticipate.

Microstrategy registers gains on cost

A number of top-listed companies with substantial exposure to Bitcoin that were  experiencing lower ratios of BTC’s current value to cost (NgU) have seen their positions improve. FXStreet previously noted that of the top Bitcoin holders, only Marathon and Coinbase were in a positive position based on the average acquisition cost of their Bitcoin holdings.

However, MicroStrategy has now joined the list of top five public companies that are in profit and have a NgU ratio above one, as per data from Bitcoin Treasuries. 

US-based MicroStrategy has the highest BTC holdings among public companies with 158,245 Bitcoin worth approximately $4.5 billion. Previously, its NgU was 0.96x, which has turned to 1.03x. 

Top publicly listed BTC holdersTop publicly listed BTC holders


Ethereum Layer 2 network Scroll TVL surges 1,500% days after launch

https://www.fxstreet.com/cryptocurrencies/news/ethereum-layer-2-network-scroll-tvl-surges-1-500-days-after-launch-202310230932

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  • Ethereum layer 2 zkEVM native Scroll has surpassed $15 million in TVL.
  • Scroll touched 101,375 transactions on Sunday, its highest since its October 17 launch.
  • Scroll’s total unique addresses exceed 84,500, giving competition to similar players. 

Ethereum Layer 2 network Scroll has experienced a surge in its total value locked (TVL) to $15 million. This comes days after its official launch on October 17, according to data by L2Beat. This rapid growth has sparked competition among networks that use Ethereum’s capabilities through zero knowledge technology and Ethereum Virtual Machine (EVM) compatibility

Also Read: Base network’s TVL surges 25% fueled by USDC reminting

TVL rises, decentralized exchanges dominate Scroll

DefiLlama showcases the dominance of decentralized exchanges (DEX) on the Scroll network. KyberSwap exchange, with a TVL of $3.80 million, has shown a positive 6% change in the last 24 hours.

Another DEX, Skydrome, boasted a TVL of $1.58 million on the network, followed by SyncSwap and iZiSwap.

Scroll TVL
Scroll TVL

Prior to its mainnet launch in October, Scroll initiated its testnet on Goerli in February. Scroll, as a rollup solution, contends with players like Polygon, by enhancing Ethereum’s capabilities through zero knowledge technology and Ethereum Virtual Machine (EVM) compatibility. The technology makes it simpler for developers to migrate their applications.

On L2Beat, Scroll is ranked on the ninth spot by TVL while Polygon zkEVM is seventh with a TVL of $62 million. zkSync Era tops the zk rollup projects with over $400 million in value locked.

On Sunday, Scroll achieved 101,375 transactions Based on Scrollscan data, marking its highest transaction volume since the launch. The daily Transaction Per Second (TPS) has experienced a surge of 700%, currently standing at 1.17. Over the past 30 days, Scroll has recorded a transaction count of 577,000.

Scroll daily transactions
Scroll daily transactions

Scroll’s unique addresses increase

Scroll now boasts a total of over 84,500 unique addresses. Scrollscan showed that the highest addition was done on Wednesday, with 14,430 addresses. 

The surge reminds investors of Coinbase’s Layer 2 network, BASE, which also witnessed a meteoric rise in TVL following its launch in August. The BASE network gained significant momentum in the following months, especially with the introduction of Friend.tech, a crypto application linked to social media.

In October, Base’s growth was primarily fueled by the minting of native USDC, contributing a substantial 25% increase to its TVL. As of now, it holds the impressive third position on L2Beat with a TVL of $560 million.

However, Base also reported multiple scams in the form of rug pulls during the period. Projects like SwirlLend and Magnet Finance swindled millions in investor money, with an estimated 500 projects associated with fraud or money laundering scams. 

The surge in Scroll’s TVL, coupled with its increasing transaction volume and unique addresses, signals an auspicious start for this Ethereum Layer 2 network. However, as with any emerging technology, its growth and sustainability in the long term will require monitoring, especially when zkEVM technology has shown promise. 


Binance relists BSV as perpetual contract, price surges 30% in one hour

https://www.fxstreet.com/cryptocurrencies/news/binance-relists-bsv-as-perpetual-contract-price-surges-30-in-one-hour-202310200459

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  • Binance has revived Bitcoin SV (BSV) through a new USDⓈ-M BSV Perpetual Contract, boosting BSV’s price by over 30% in an hour.
  • Binance’s BSV launch comes after 2019 delisting of spot trading pair due to a public dispute.
  • BSV’s price surge has led to over $500,000 in short positions being liquidated on Friday.

Binance, the largest cryptocurrency exchange by volume, has launched USDⓈ-M BSV Perpetual Contract with up to 50x leverage, years after delisting the Bitcoin SV (BSV) spot trading pair. The move led to over a 30% surge in BSV’s price within the last hour. Based on Coinglass data, the development has also caused over $500,000 short position liquidations on Friday at the time of writing.  

Binance’s decision to relist BSV

Binance had initially delisted the BSV spot trading pair on April 15, 2019, following a contentious period when Binance CEO Changpeng Zhao (CZ) publicly locked horns with BSV creator Craig Wright. The controversy emerged after Wright claimed to be the pseudonymous Bitcoin creator, Satoshi Nakamoto, and CZ alleged that Wright  launched attacks on Twitter users questioning his identity.

Notably, Binance has not reinstated BSV spot trading pairs this time. The exchange has introduced a BSV perpetual contract, the USDⓈ-M BSV Perpetual Contract, offering up to 50x leverage. The development has boosted BSV’s price by over 30% on the hourly time frame with BSV surpassing $54. 

BSV/USDT 1-day trading pairBSV/USDT 1-day trading pair

Price surge leads to liquidations

The market has responded positively to Binance’s reintroduction but the sudden surge has triggered liquidations of short positions by over $500,000 on Friday, as per Coinglass data.

BSV liquidations

The broader crypto market is currently witnessing mixed signals after a week of sluggish price action that was briefly interrupted by spikes resulting from false Bitcoin ETF approval reports.

 

 


Chainlink’s v0.2 upgrade may not be fully priced in the LINK token

https://www.fxstreet.com/cryptocurrencies/news/chainlinks-v02-upgrade-may-not-be-fully-priced-in-the-link-token-202310201029

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  • Chainlink’s v0.2 upgrade may not yet be fully priced into LINK as the migration is underway. 
  • Chainlink’s upgrade offers staking opportunities with a 45 million LINK pool size.
  • The falling reserves and rising LINK accumulation signal positivity, while increased net deposits introduce uncertainty. 

Chainlink, an Ethereum-based platform that facilitates decentralized oracles, is gearing up for a significant upgrade with the introduction of its staking v0.2. On Friday, Chainlink’s token LINK is trading in the 24-hour range of $7.27 and $7.69 after registering 5% price gain. However, the market might not have fully factored in the impending upgrade into the token’s value, giving LINK chances of further price gains ahead.

Chainlink migration period is underway

Chainlink is in the spotlight for its v0.2 upgrade, which will allow staking access once the v0.1 migration period ends. As per the official release, “Chainlink Staking is being rearchitected into a staking platform with a total pool size of 45M #LINK.”

This transition is said to be a significant overhaul of the network, promising greater flexibility for stakers, improved security guarantees, seamless future upgrades and a dynamic rewards mechanism.

If the market perceives the upgrade as a game-changer for Chainlink, the LINK token’s value may have room for growth. It is possible that the upcoming v0.2 upgrade will be fully priced into the LINK token’s value after the general access migration from v0.1 to v0.2 concludes.

Chainlink’s exchange reserves paint positive picture

Two critical factors offer a mixed picture for Chainlink’s LINK token. Firstly, exchange reserves or LINK tokens with exchanges have continued to fall in the last seven days. A decrease in exchange reserves typically suggests lower selling pressure, which is bullish for LINK price. With lower reserve availability on exchanges, with the last value close to $146 million, as per CryptoQuant data, LINK could potentially shift to more price appreciation.

Chainlink's exchange reserves and netflowsChainlink’s exchange reserves and netflows

FXStreet previously noted that LINK whale addresses have been accumulating, adding $38 million worth of tokens in the last week. This has been a positive contributor to its price. 

Contrarily, the exchange netflow total, which represents net deposits on exchanges, has shown higher activity based on the 7-day average. This increase in deposits is often bearish as it anticipates higher selling pressure. 

At the time of writing, the trading price of Chainlink’s LINK token is $7.69. The token appreciated over 5%  in the last 24 hours and 7% over the past week, based on CoinGecko figures. 

As Chainlink’s v0.2 upgrade progresses and the migration from v0.1 continues, the LINK outlook is promising. However, increased net deposits might limit the scope for appreciation for LINK. The potential impact of the upgrade on LINK’s value will ultimately depend on how the market perceives the features. 

 


Altcoins struggle as BTC dominance remains high in the possibly last bear market lap

https://www.fxstreet.com/cryptocurrencies/news/altcoins-struggle-as-btc-dominance-remains-high-in-the-possibly-last-bear-market-lap-202310201233

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  • Altcoin performance has been underwhelming with notable exceptions as BTC dominance remains above 50%.
  • Altcoins’ low interest could suggest the last phase of a bear market cycle.
  • Bitcoin’s breakthrough at the $32k level is also pivotal to trigger a move to $40k, according to analysts.

Bitcoin’s dominance, which has reached the highest level in 2023, above 52%, is signalling a challenging phase for altcoins. While most altcoins are struggling to gain momentum, some analysts believe that this might be the leg of the bear cycle if history repeats.

Altcoins against 52% Bitcoin dominance

Bitcoin’s market cap relative to the total cryptocurrency markethas been on the rise. Over the past six months, Bitcoin’s dominance has fluctuated within the range of 47% to 52%. Over the previous week, Bitcoin maintained a dominance level exceeding 50%, adding to the altcoin market struggle. 

BTC Dominance ratioBTC Dominance ratio

On Friday, Bitcoin briefly surged above the crucial $30,000 mark. This led to gains in the global cryptocurrency market cap, but altcoins gains largely remained subdued with a few notable exceptions.

Most altcoins have been underperforming, except cryptos like Solana, XRP, Bitcoin SV, Stacks and Injective. These have all managed to register double-digit gains in the last seven days, based on CoinGecko data. 

The last leg of bear market

The ongoing subdued interest in altcoins may suggest that the cryptocurrency market is entering the final phase of a bear cycle. As noted by crypto trader Michaël van de Poppe, the sentiment surrounding altcoins has waned, and interest in alts only peaks when market confidence improves.

Van de Poppe said, “A few months prior of the Bitcoin halving, that was the altcoin bottom.”

With the next Bitcoin halving event scheduled for April 2024, Van de Poppe recommends considering strategic allocations in this subdued market. 

Meanwhile, crypto analyst Altcoin Sherpa underlined the importance of Bitcoin breaking through the $32,000 level. He noted,”Break 32k, we go to 40k, if this recent high was it, we’re going to low 20ks IMO.”

At the time of writing, Bitcoin (BTC) is priced at $29,488, having recently ventured beyond $30,000 on Friday. Based on CoinGecko data, BTC is boasting close to 4% gains in the 24-hour frame and a 10% surge over the past week. 

Bitcoin’s elevated dominance is creating a challenge for altcoin prices. However, some analysts say the cryptocurrency market may be approaching the final stretch of the bear market cycle, with Bitcoin leading the way ahead of the halving in 2024. However, investors should carefully approach this alleged final leg of allocation in the bear market. 

 

 


Solana vs. Ethereum: Renewed debate erupts over efficiency, development and scalability

https://www.fxstreet.com/cryptocurrencies/news/solana-vs-ethereum-renewed-debate-erupts-over-efficiency-development-and-scalability-202310191136

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  • Solana’s energy consumption is at 658 joules per transaction against Ethereum’s higher energy usage, sparking debate over which network works better.
  • Ethereum’s robust developer community gives an advantage to the chain.
  • The two chains compete over scalability and intrinsic design constraints.

Crypto developer who goes by the alias Ichigo on X, who is associated with Solana-based Helius Labs, has ignited another comparison between Ethereum and its smart chain competitor Solana. Ichigo pointed out that while the post-Merge Ethereum transactions use 144,000 joules of energy, Solana transactions require only 658 joules.

Solana beats Ethereum in energy efficiency 

Ichigo underscored Solana’s energy efficiency by stating, “The average Solana transaction uses 658 Joules of energy. That’s less than a Google search. Few.”

Both Ethereum and Solana rely on proof-of-stake methods, which are considered more environmentally efficient. Therefore, they are often pitted against each other. 

In terms of energy emissions, Solana Foundation became the first chain ever to allow real-term emission measurement earlier this year. Between April 2022 and March 2023, it reported that its 2,390 block-producing nodes had a total carbon footprint in the average emissions term of 10,651.2 tonnes CO2. Therefore, the energy per transaction comes to a mere 879 joules in the said time frame, close to the recent claims by Ichigo. 

Based on data provided by the Ethereum Foundation, an estimated 2,601 megawatt hour is the requirement by the network in terms of electricity, leaving carbon emissions of 870 tonnes CO2. 

Ethereum there for the “long haul” 

Despite Solana’s dominance in energy efficiency, Ichigo emphasized Ethereum’s resilience and significance as a major player.

“Ethereum will be around for the long haul – there are too many smart people working on it,” Ichigo added in response to a user.

The influencer underlined that the involvement of developers and substantial financial activity within the Ethereum Virtual Machine (EVM) makes it a long-term player. However, he anticipates that Ethereum may struggle with scaling compared to Solana given its single-threaded global state machine and fluctuating gas prices, making it less suitable for payment or decentralized finance (DeFi) applications.

The debate brings up the concept of modularity versus monolithic technology stacks, with Ichigo arguing that Solana’s ground-up scalability-focused design contrasts with Ethereum’s modular approach. This essentially has to do with how chains are built by taking into account speed, efficiency and flexibility. 

In terms of support for decentralized finance applications, Solana dominates less than 1% of the total value locked in the crypto space. Meanwhile, Ethereum still dominates 53% of total TVL based on DeFiLlama data. While Ethereum supports 935 protocols, Solana houses 112 despite a rough year of public outages. 

As per Token Terminal data, in the last 30 days, code commits that signify developer activity for Ethereum is at 1.28K while Solana is at 542. 

Nonetheless, Solana has showcased its own strength with 81.49k daily active users over a 30-day average. Yet, it is still far from Ethereum’s 324.21k daily active users. 

An intriguing investment trend emerges, as Ethereum, despite its dominance, reports negative year-to-date flows amounting to $111 million based on CoinShares’ last report. Contrarily, Solana attracted positive inflows of $59 million during the same timeframe.

This disparity signals a shift in investor preference to Solana. However, Ethereum maintains its position as the second-largest cryptocurrency with a circulating market cap of $188.59 billion, with Solana far behind at $9.93 billion.

SOL/ETH YTD chart
SOL/ETH YTD chart

In the comparison between Solana and Ethereum, Solana emerges as the more energy-efficient network, with its carbon footprint and transaction energy usage significantly lower than that of Ethereum. However, Ethereum remains a formidable player, thanks to its strong developer community and substantial financial activity behind it. However, it might face scalability challenges compared to Solana, making the choice between the two networks dependent on specific use cases. 


SEC Chief Gensler acknowledges consideration of Bitcoin ETF proposals

https://www.fxstreet.com/cryptocurrencies/news/sec-chief-gensler-acknowledges-consideration-of-bitcoin-etf-proposals-202310190828

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  • SEC’s Gary Gensler emphasized that the approval timeline for Bitcoin ETF proposals is not clock-driven but relies on Commission discussions.
  • Gensler said that the SEC is evaluating around eight to ten of exchange product filings related to Bitcoin ‘to be in a security.’
  • Grayscale Investments’ case to convert its Bitcoin trust (GBTC) into an ETF could set a precedent for future approvals on Friday.  

In an interview with Bloomberg TV on Wednesday, SEC Chairman Gary Gensler acknowledged that the SEC is evaluating multiple exchange product filings related to Bitcoin, the first time since the false spot Bitcoin approval reports shook the market. Previously, the SEC suggested that it would make official statements about its activities

Gensler makes calculated Bitcoin ‘in a security’ statement

Gensler revealed that the Commission is evaluating around eight to ten of ETF filings related to Bitcoin ‘to be in a security.’ The calculated statement once again specifies that the SEC is clear on the non-security status of Bitcoin. 

Gensler’s remarks also reiterate the SEC’s cautious approach. “We don’t do things against a clock. It’s really about the staff work and feeding things up to our five-member commission and we sometimes have discussions and negotiations even and compromises amongst the five of us,” he said. 

Gensler’s statement also provides a timeline for the approval process, as he said that the SEC has traditionally taken ”between 12 and 24 months between a proposal and adoption.” The SEC chief underlined that sometimes it takes 15 to 19 months, a crucial reminder for those eagerly awaiting the introduction of Bitcoin ETFs.

“These Exchange Traded products need to register with the SEC, and they go through a filing somewhat similar to going public, like an IPO. And so it’s really the work of our Division of Corporation Finance that gives feedback, or Division of Trading and Markets of course looks at the filings of the exchanges,” Gensler added. 

Gensler didn’t explicitly comment about the likelihood of an approval of the pending Bitcoin ETF applications. “I’m not gonna prejudge the staffs doing work on those multiple filings,” he said.

Grayscale’s case could set precedent for other ETF approvals

Friday holds significant importance in the ongoing wait for approval of Bitcoin exchange-traded funds (ETFs), notes a recent report by Bloomberg.

Grayscale Investments LLC’s case to convert its Bitcoin trust (GBTC) into an ETF could see a mandate from the DC court by tomorrow. This development follows the SEC’s decision not to appeal the previous ruling by its October deadline. 

Bloomberg analysts said that the resolution of Grayscale’s legal battle with the SEC could provide insights into the ETF-approval process. Recently, Grayscale pointed out its readiness to launch the ETF while a green light from the SEC is anticipated. 


Binance sees continued regulatory troubles, prompting French head to quit

https://www.fxstreet.com/cryptocurrencies/news/binance-sees-continued-regulatory-troubles-prompting-french-head-to-quit-202310190638

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  • Binance is facing a series of regulatory challenges, leading to the departure of several high-ranking executives.
  • Binance’s managing director in France, Stéphanie Cabossioras, stepped down from the firm. 
  • The recent exit aligns with revelations from Sam Bankman-Fried that he wanted regulators to crack down on Binance. 

Binance, the largest cryptocurrency exchange by volume, is grappling with top executive exits, with the managing director of its French unit the newest addition. At least five top bosses departed the firm in recent months as it struggles with a series of regulatory challenges across the markets it operates.

Binance Paris director exits 

Stéphanie Cabossioras, the managing director of Binance’s French unit, has stepped down, adding to the list of high-ranking executives who have left the company in recent months.

David Prinçay, the President of Binance France, expressed his appreciation for Cabossioras’ contributions in a post on X (formerly Twitter).

Cabossioras joined Binance in April 2022 after serving as Deputy General Counsel at France’s markets regulator, Autorité des Marchés Financiers.

Within a year of her joining, Binance faced mounting regulatory scrutiny in France. In June, reports emerged that French authorities were investigating the exchange over allegations of illegal advertising and lax money laundering prevention measures in the country.

The Financial Times quoted an official from the Paris prosecutor’s office that confirmed an ongoing inquiry since February 2022. But, Binance’s challenges aren’t isolated to France. The cryptocurrency exchange retracted its operations in various parts of the world, most recently in Russia

In June, the US Securities & Exchange Commission (SEC) levered 13 charges against Binance Holdings and its founder, Changpeng Zhao. The lawsuit claimed that the exchange made securities law violations, including operating unregistered exchanges. 

In the meantime, the company bid farewell to key figures such as Mayur Kamat, Senior Vice President, and Global Head of Product. In September, the CEO of Binance.US, Brian Shroder, announced his departure, while Patrick Hillmann, who had been the Chief Strategy Officer since 2021, made an exit in July.

July also saw the departure of Steven Christie, Senior Vice President for Compliance, and Hon Ng, the General Counsel. In the same period, Yibo Ling, Binance’s U.S. Chief Business Officer, also left the exchange.

SBF trial reveals Binance, FTX competition

Stéphanie Cabossioras’ exit also coincides with revelations made during a recent court trial of Sam Bankman-Fried, the former chief of collapsed FTX exchange. It turns out, based on media reports, that Bankman-Fried was actively seeking regulatory action against Binance. This was revealed in private notes from Caroline Ellison, who served as the CEO of Alameda Research. 

The notes, as quoted by the Financial Times, under the heading “things Sam is freaking out about,” showed that one of his top priorities was “getting regulators to crack down on Binance.”

It looks like Binance will continue to navigate turbulent waters on the regulatory front, with high-profile exit posing more challenges and uncertainty for the largest exchange. It is yet to be seen if the company can find a stable path forward.


XRP whales emerge after Ripple IPO rumors resurface

https://www.fxstreet.com/cryptocurrencies/news/xrp-whales-emerge-after-ripple-ipo-rumors-resurface-202310180614

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  • XRP community has renewed Ripple IPO rumors that coincided with an XRP whale transaction.
  • The XRP whale moved 409 million XRP tokens on October 17.
  • Ripple’s potential IPO largely depends on its trial with the SEC.

The XRP community is abuzz with speculation as Ripple’s IPO rumors have resurfaced. Meanwhile, a multi-million-dollar XRP whale transaction coincides with renewed discussions about the company’s potential initial public offering (IPO).

XRP whale moves $200 million

On Tuesday, an XRP whale made a move by transferring 409 million XRP tokens to an undisclosed but recently activated new wallet. The transaction, flagged by Whale Alert, occurred on October 17 and was sent from Dutch cryptocurrency exchange Bitvavo. It included a transaction fee of 20 XRP, equivalent to approximately $9.84 USD. 

XRP whale transferXRP whale transfer

The transaction suggests that an existing XRP whale moved the funds to a new wallet or that it was a new investor altogether. Investors are getting active in the market with CoinShares recording $0.42 million in inflows last week. As per the report, it marks the 25th consecutive week of positive investment flow into XRP in 2023, reflecting investor confidence. 

The development follows the resurgence of IPO rumors, sparking curiosity among the XRP community.

Is Ripple IPO ready?

Speculation about Ripple’s IPO swirled after crypto influencer Alex Cobb raised the question in a recent tweet. Cobb pointed to the fact that Ripple is currently in the process of hiring a Shareholder Communications Senior Manager, a role crucial for a company preparing for a listing.

This resurgence of IPO discussions go back to 2018, years before the legal battle with the SEC started.  In May 2022, CEO Brad Garlinghouse told CNBC in an interview that the company intends to explore the possibility of going public once it successfully concludes its ongoing lawsuit with the US Securities & Exchange Commission (SEC). 

The SEC’s lawsuit has been ongoing for nearly four years and primarily alleges securities law violations and the illegal offering of XRP by the company and its top executives.

In July, federal judge Analisa Torres delivered a partial victory to Ripple. Judge Torres ruled that Ripple’s XRP sales did not constitute an offer of investment contracts, providing some relief for the company.

The SEC’s lawsuit is now poised for trial proceedings, which are likely scheduled to take place throughout the months of April, May and June 2024. The outcome of this trial will likely play a crucial role in determining whether Ripple will indeed proceed with its long-anticipated IPO.

 


Tether volume more than doubles as top whales accumulate USDT amid ETF mania

https://www.fxstreet.com/cryptocurrencies/news/tether-volume-more-than-doubles-as-top-whales-accumulate-usdt-amid-etf-mania-202310180819

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  • Tether experienced a surge in transaction volume, its highest in two months, due to a false spot Bitcoin ETF approval report. 
  • The stablecoin’s 24-hour volume jumped from $12 billion on Sunday to $47 billion on Monday. 
  • Tether’s remarkable volume increase is a positive for broader crypto assets.

Tether (USDT), the largest stablecoin by market cap, experienced a surge at the start of this week, reaching a two-month high in terms of transaction volume. Tether’s volume soared from $12 billion to an impressive $47 billion in just one day. The increase was due to the market fervor that occurred due to false news surrounding a spot Bitcoin ETF approval.

Tether’s rise due to ETF frenzy

Tether witnessed a rise in volume with Santiment highlighting that its on-chain volume hit a two-month high. According to CoinMarketCap data, its 24-hour market volume rose from $12 billion on Sunday to a substantial $47 billion on Monday, marking a 290% increase. On Tuesday and Wednesday, the 24-hour volume remains close to $38 billion. 

USDT 1-day volumeUSDT 1-day volume

This surge reflects the keen investor interest in spot Bitcoin ETFs. Investors turn to stablecoins to keep their capital safe during volatile price movements when they do not want to exit the market entirely. They want to wait on the right opportunity to buy riskier crypto assets. 

Meanwhile, Santiment notes an accumulation in Tether’s largest whale wallets during the spike. The top 10 largest Tether wallets now collectively hold a quarter of the entire USDT supply. 

Tether boasts a circulating supply of 83.6 billion USDT.

Tether celebrates October 

October is usually considered a bullish month based on the historic market data. Meanwhile, October or ‘Uptober,’ as the crypto community calls it, is also the birthday month of the first stablecoin. 

October 2023 also marks the 9th anniversary of Tether’s creation. At the time of writing, Tether’s market capitalization stands at $83.7 billion, based on CoinMarketCap data. 

The cryptocurrency’s daily trading volume fell by 17% as compared to yesterday. The ratio of trading volume to market capitalization stands at 44%. 

Increased Tether volume is a positive for the crypto market as it shows investors the potential crypto buying in the future. 


Bitcoin-to-Gold Ratio more than halves between 2021 and 2023

https://www.fxstreet.com/cryptocurrencies/news/bitcoin-to-gold-ratio-more-than-halves-between-2021-and-2023-202310181132

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  • Bitcoin-to-Gold ratio has more than halved over the past two years. 
  • Bitcoin is underperforming gold based on the 2023 ratio of 15 against its 2021 figure of 35. 
  • Fed’s monetary tightening as a response to persistent inflation could propel Bitcoin’s price higher.

The Bitcoin-to-Gold ratio has significantly decreased over the past two years, dropping from 35 in November 2021. The decline in the ratio suggests that gold has outperformed BTC but the impact of the Federal Reserve’s (Fed) monetary tightening, anticipation of the upcoming Bitcoin halving and the potential approval of a spot Bitcoin ETF could change that. 

Bitcoin-to-Gold ratio continues to decline

The Bitcoin-to-Gold ratio, a key indicator of how much gold is needed to buy one Bitcoin, has undergone a major decline over the past two years.  In November 2021, the ratio stood at 35 but in 2023, this ratio has more than halved to 15. Based on calculations by Longtermtrends, in January 2022, the ratio narrowed from 24 to 9 by year-end during the crypto bear market. In 2023, the ratio has fluctuated between 10 and 15, indicating that it now takes fewer ounces of gold to acquire a Bitcoin, signifying gold’s outperformance over Bitcoin.

BTC to gold ratio BTC to gold ratio 

Economist Peter Schiff said in a tweet on X, “Maybe #gold traders are finally realizing that while higher #inflation is bearish for bonds, it’s very bullish for gold.” 

A monetary policy tightening by the US central bank has sent treasury bill yields to the highest levels since 2007.  When inflation is the reason for a rate hike by the Fed, gold and ‘digital gold’ Bitcoin tend to perform better than traditional investment vehicles. However, the narrowing of the Bitcoin-to-Gold ratio signals that gold has performed better than Bitcoin, making it a preferred safe-haven asset.

Analysts also anticipate that uncertainty arising from the Israel-Hamas war could keep Gold’s prices rallying. Crypto analyst Michaël van de Poppe said that Bitcoin could retest the $27,700 level but anticipates an uptick to $30,000 if Bitcoin surpasses the $28,800 mark. At the time of writing, Bitcoin is hovering under the $28,400 mark. 

Bitcoin awaits comeback with external catalysts 

The impact of the Federal Reserve’s decision to maintain or lower interest rates will impact Gold and Bitcoin valuation. While low interest rates are generally seen as positive for Gold because they reduce the opportunity cost of holding the yellow metal, Bitcoin’s price response is dependent on more than one factor. 

If the Fed’s monetary policy reflects a response to economic concerns or a recession, it will likely propel Bitcoin’s price higher.

However, there are factors beyond interest rates to consider. There is an impending rally to Bitcoin’s halving event scheduled for April 2024. Meanwhile, the potential approval of a spot Bitcoin ETF by the first SEC deadline on January 10 will likely become a catalyst for Bitcoin. A glimpse of that was seen with recent false ETF approval reports that quickly pushed BTC up by 10%.

This means that if the Fed decides to keep the interest rate high, it creates downward pressure on Gold over time, but Bitcoin can still keep its rally based on other catalysts. 

Based on a report by Forbes, markets and policymakers expect that interest rates could go down only by the end of 2024.

Geopolitics and policies also influence price movements for both assets, making the relationship complex. But, based on anticipation around the Fed’s policy decision and catalysts like ETF approval and a potential halving rally, Bitcoin could slowly start recovering its performance against Gold through the next year. 


Solana loses $100 million in TVL over 24 hours after Lido bids farewell

https://www.fxstreet.com/cryptocurrencies/news/solana-loses-100-million-in-tvl-over-24-hours-after-lido-bids-farewell-202310170553

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  • Solana’s Total Value Locked (TVL) experienced a drop of $100 million in a single day on Tuesday. 
  • Lido Finance, a liquid staking provider, announced its intention to discontinue on Solana. 
  • Solana’s TVL decreased from $313 million to $210 million despite positive price action. 

Solana’s Total Value Locked (TVL) took a substantial hit on Tuesday, plummeting by $100 million in just one day. The steep decline follows liquidity staking platform Lido Finance’s announcement that it will discontinue its services on the Solana blockchain.

Also Read: LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier

Solana bids adieu to Lido

Lido Finance, a liquid-staking provider, made an announcement on Monday that confirmed their intent to discontinue services on the Solana network over the coming months.

Lido is the third largest among Solana protocols and has a presence on five chains, including Ethereum.

The decentralized application (dApp) noted that the decision was reached following discussions within the Decentralized Autonomous Organization (DAO) forum and a community vote. The statement said, “The sunsetting of the Lido on Solana protocol was approved by Lido token holders and the process will begin shortly.”

The decision stemmed from a P2P Validator proposal that outlined Lido’s challenges and future prospects on Solana.

The DAO discussed if they can continue Lido on Solana with the treasury’s backing or discontinue it.

Following the discussion, users of Lido’s staking services on Solana (stSOL holders) will reportedly receive network rewards throughout the discontinuation. stSOL holders can also unstake with Lido having shut down new stakes on Monday. It will begin node off-boarding on November 17 with the front-end support ceasing on February 4, 2024.

Solana TVL loses $100 million

Data from defiLlama reveals that Solana, which boasted a TVL of $313 million on October 16, saw that figure drop to $210 million on October 17.

The interesting bit is that Lido witnessed a positive TVL change in one day. The liquidity-staking dApp dominates around $56.4 million of Solana’s entire TVL, but it has seen a positive 7% addition in the last 24 hours.

Solana TVLSolana TVL

Solana’s TVL decline coincided with Lido Finance’s decision to sever ties with the platform. This comes despite Solana experiencing a positive price movement over the last 24 hours.

Lido's TVL changeLido’s TVL change

As of the time of writing, Solana (SOL) is trading close to $24, fluctuating within the $22 to $24 daily range. CoinGecko reports a 24-hour trading volume of $900 million, signifying a 9% price increase in the past day and a similar increase over the past week. With a circulating supply of 420 million SOL, Solana boasts a market cap of $9.9 billion.

The substantial loss of TVL on Solana has to be monitored as there are no other apparent factors to account for at the moment. This is especially true as Solana recorded a TVL increase over the last week despite a sluggish altcoin market. Its strong price action is a positive for the chain in the short term. 


Ethereum co-founder moved millions to Gemini around ETF frenzy

https://www.fxstreet.com/cryptocurrencies/news/ethereum-co-founder-moved-millions-to-gemini-around-etf-frenzy-202310170841

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  • Ethereum co-founder Vitalik Buterin made a 14.93 million USDC deposit in Gemini on Monday. 
  • Buterin’s crypto transfers are part of a broader series of transactions after a deposit made to Coinbase two days before.
  • Bitcoin witnessed a sudden price surge driven by false reports of a spot ETF approval on Monday, coinciding with the transfer.   

Ethereum co-founder Vitalik Buterin has reportedly made significant crypto transfers to centralized exchanges since September. On-chain analyst Lookonchain reported that his wallet moved 14.93 million USDC to the Gemini exchange on Monday. The transfer coincided with the Bitcoin price surge that was caused by false reports of a spot ETF approval. 

Ethereum co-founder continues exchange deposits 

Lookonchain’s post on X provided details about the transfer, indicating that a wallet named Vitalik.eth received 14.93 million USDC four days prior. The sender ‘Kanro’ transferred the amount, which was subsequently deposited into the Gemini exchange.

Lookonchain also reveals that Buterin made a transfer of 500,000 USDC into the Coinbase exchange just two days prior to the Gemini transfer. In September 2023, Buterin executed multiple Ether (ETH) transactions from his wallet to Coinbase, totaling more than $3.9 million.

FXStreet previously noted a 400 ETH transfer, valued at approximately $632,000, to Coinbase on September 25. Estimates indicate that Buterin has deposited around 2,421 ETH, valued at $3.94 million, since September 15.

USDC transfer coincided with Bitcoin surge

The crypto market on Monday saw a short-lived surge in Bitcoin’s price driven by false reports suggesting the approval of the iShares Spot BTC ETF application. Although the news turned out to be inaccurate, the price of Bitcoin saw a notable increase, leading to the liquidation of nearly $80 million in short positions.

As of the time of writing, the cryptocurrency market has stabilized, with Bitcoin (BTC) displaying minor daily gains. CoinGecko’s data indicates a 1% price increase for Bitcoin in the last 24 hours and a 2% price increase over the past seven days, with Bitcoin’s price hovering around $28,200. CoinShares’ findings also reveal that Bitcoin witnessed $16 million in inflows last week.

In contrast, Ethereum’s performance has been relatively subdued in terms of price action. Despite the recent launch of a futures-based exchange-traded fund (ETF), Ethereum has failed to attract substantial investor interest, CoinShares’ finds. It also underscored lack of investor appetite with Ethereum outflows of $7.5 million recorded last week, offsetting much of the inflows observed the prior week. 

Vitalik Buterin’s recent cryptocurrency transfers to centralized exchanges has caught market attention. Still, other similar recent transfers suggest the move should be viewed in the context of a broader series of transactions and not necessarily as isolated profit-taking sales. With the market now stabilizing after the ETF frenzy, Ethereum’s tepid price performance will have to be monitored to understand its longer-term outlook.


TRON surpasses 190 million accounts while TVL extends uptrend

https://www.fxstreet.com/cryptocurrencies/news/tron-surpasses-190-million-accounts-while-tvl-extends-uptrend-202310171148

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  • TRON surpasses 190 million user accounts, demonstrating growth in its user base.
  • TRX’s dwindling supply and stable price suggest upside potential.
  • TRON’s strong TVL, which is on an uptrend, indicates an optimistic medium to long term outlook for TRX.

TRON (TRX), the blockchain platform founded by Justin Sun in 2018, has surpassed 190 million total accounts. The chain has observed a steadily increasing daily user base, reaching its annual peak in June 2023 with 3.8 million active users. Despite a post-June peak decline, the blockchain’s fundamentals and increasing Total Value Locked (TVL) indicate a positive picture for the blockchain.

TRON registers over 190 million accounts

“We’ve hit 190 MILLION total accounts,” TRON DAO said on Monday in its official X account.

Apart from the number of total accounts, TRON’s increased usage can be gauged by some other metrics like average daily transaction count, daily users, revenue and total value locked. Tron Scan data also shows that the platform has seen an average of 5.17 million daily transactions in the past month, an 8% increase that can be a sign of sustained growth for the chain.

TRON daily transactionsTRON daily transactions 
 

TRON has become the single-largest chain for USDT (Tether) settlement as its recent standout achievement, according to data from DefiLlama. Meanwhile, the Total Value Locked (TVL) for TRON stands at $6.715 billion, showing a positive trajectory so far this year and reaching levels not seen until late 2021.

TRON TVLTRON TVL

TRX price remain stable, TVL rises 

At the time of writing, TRON trades around $0.0885. It has been stable in the daily and weekly time frames, with modest increases. However, based on CoinGecko figures, TRON still remains over 60% far from its all-time high price of $0.2317 seen in January 2018.

TRON’s market capitalization for its circulating supply is currently $7.87 billion, showing a 3.54% increase as per Token Terminal data. The annualized revenue is a significant $1.10 billion, indicating a robust growth rate of 10.83%, topping over other blockchains.

The platform is also experiencing a surge in daily active users, with a 19.0% increase to 1.40 million, although the number of core developers has decreased by 17.0% to 10.57, as per Token Terminal. 

Token Terminal 30-day leader boardToken Terminal 30-day leader board

According to Tron Scan, TRON supply has declined by an annualized rate of 3.5% in the past two weeks. Lower supply, combined with TRON’s expanding user base and its positive trajectory in Total Value Locked (TVL), presents an optimistic outlook in the medium to long term.


Grayscale says it is ‘operationally ready’ for ETF as GBTC discount narrows

https://www.fxstreet.com/cryptocurrencies/news/grayscale-says-it-is-operationally-ready-for-etf-as-gbtc-discount-narrows-202310160537

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  • Grayscale said it is prepared to convert its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) after the SEC’s missed deadline.
  • GBTC discount to net asset value (NAV) has decreased from nearly 48% to 16%, reflecting increased demand.
  • Arbitrage traders are shorting spot BTC against GBTC longs, as per analysts, after the discount narrowed. 

Grayscale has expressed its readiness to convert its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) after the US Securities & Exchange Commission (SEC) missed the deadline to appeal. The discount on GBTC shares against its net asset value (NAV) has significantly reduced from 48% to 16%.

Also Read: Bitcoin price surges as SEC misses appeal deadline for Grayscale GBTC conversion to spot BTC ETF

Grayscale moves closer to ETF

Following the court’s deadline for the securities regulator to appeal Grayscale’s conversion request, the latter issued a statement. The company noted its readiness to transform its Grayscale Bitcoin Trust fund (GBTC) into an ETF.

Grayscale’s statement shared with Fox News said: “The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC’s approval, and we look forward to sharing more information as soon as practicable.”

This follows the SEC’s decision to not appeal the court’s approval of Grayscale’s fund conversion application. Bloomberg analyst James Seyffart anticipates that dialogue between Grayscale and the SEC will commence this week, offering clarity on ETF approval.

While investors anticipate approval, the GBTC market cap is close to $3.5 billion based on Yahoo Finance data. Meanwhile, the next critical approval deadline for the SEC is upcoming on January 10 which pertains to an application previously submitted by ARK Invest and 21Shares.

Additionally, the SEC is evaluating multiple spot Bitcoin ETF proposals, including those from financial heavyweights like Fidelity and BlackRock.

Also Read: SEC will not appeal court ruling on Grayscale GBTC conversion to spot Bitcoin ETF

GBTC discount slips from 48%

Meanwhile, GBTC’s discount against the net asset value (NAV) has reduced from almost 48% in December 2022 to 16% on Friday based on YCharts data. Crypto investor and influencer Scott Melkar noted, “The narrowing of the discount between the market price and NAV could be indicative of shifting market sentiment and potentially increased demand for GBTC shares.”

GBTC discount to NAV
GBTC discount to NAV

A fund’s discount to NAV essentially means that the market price of the fund’s shares is trading at a lower price than the actual value of the assets held by the fund. In simpler terms, investors are buying something for less than its worth at a bargain price.

Melkar further explained, “The reduction of this discount to 16.59% may imply a more optimistic market view on GBTC, but it’s worth noting that there is no guarantee that the discount will continue to narrow or even flip to a premium.”

Amid the recent developments, arbitrage trading has spiked, as per investor Mike Alfred. He explained that as the discount on GBTC gets smaller in the next few weeks, these traders will likely buy back or cover their short Bitcoin positions to reduce the risk of their GBTC holdings. This could lead to increased demand for both Bitcoin and Bitcoin futures contracts.

 


Bitcoin whales signal accumulation trend while fear subsides

https://www.fxstreet.com/cryptocurrencies/news/bitcoin-whales-signal-accumulation-trend-while-fear-subsides-202310160814

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  • Bitcoin holdings over the past 20 months signify that 11,806 more addresses have acquired at least 10 BTC.
  • Bitcoin’s previous record of such large holdings was set in 2019, suggesting renewed interest after a bearish cycle.
  • The market activity was highlighted by large Bitcoin transactions in the last week.

Over the past 20 months, the number of large Bitcoin wallet holders has increased by 8.1%, based on Santiment data. The surge comes after 2022’s bear market as large Bitcoin transactions and price stability now underline positive market sentiment.

Also Read: Week Ahead: Bitcoin could dip below $20,000 soon if spot ETF is not approved

Bitcoin signals accumulation 

Bitcoin has seen a remarkable surge in the number of addresses acquiring holdings of at least 10 BTC, marking an accumulation trend. According to data from Santiment, 11,806 more investor accounts have joined the ranks of large Bitcoin holders in the last 20 months. This signifies an 8.1% increase in large wallets since February 2022.

The previous record of Bitcoin whale wallet holdings was set in 2019, and the emergence of this new peak reflects a growing interest in Bitcoin after a bearish cycle. IntoTheBlock metric indicates that whales and large investors comprise 11% of Bitcoin trading, while 89% of volume comes from retail investors. 

However, crypto analyst Ali Martinez has noted that long-term Bitcoin holders are experiencing “fear” due to concerns of a potentially significant price correction.

Large transactions occurring in the market continue to signify an active investment base. IntoTheBlock’s analysis shows that transactions with a value of $100,000 or greater over the last seven days have cumulatively amounted to nearly $37 billion.

BTC large transactionsBTC large transactions

Bitcoin whales remain active

The recent market activity was highlighted by two substantial Bitcoin transactions on a Sunday, as reported by WhaleAlert notifications. These transactions were emblematic of market movements involving over $100 million.

The first of these transactions involved the transfer of 2,818 BTC, equivalent to $75.8 million, from an unknown wallet to Coinbase. The second transfer saw 1,630 BTC, valued at $43.8 million, moving from Bybit to an unknown wallet.

Bitcoin prices also have exhibited stability with minor daily gains. Currently, the price of Bitcoin (BTC) is inching toward $28,000 only days after sliding under the $27,000 mark. Based on CoinGecko data, the trades are accompanied by a 24-hour volume of $10.7 billion after a 4% price surge over the time frame.

Additionally, an IntoTheBlock metric that gauges the average price at which these tokens were acquired and compares it to the current price reveals 67% of holders are currently in profit. The In The Money indicator shows that 10% of holders are at break-even and 22% of holders are currently in a loss position.

The market has also received a boost from the US Securities & Exchange Commission’s (SEC) decision to miss the deadline for challenging Grayscale’s application to convert the Bitcoin Trust Fund into an exchange-traded fund (ETF).

Also Read: Grayscale says it is ‘operationally ready’ for ETF as GBTC discount narrows

In the interim, Rekt Capital anticipates a potential “Road to New All-Time Highs” in the coming year, instilling medium-term optimism in the market. At the time of writing, the Bitcoin Fear & Greed Index is neutral at 47, indicating that some fear has subsided. 
 

 


Chainlink attracts big investors interest while ambassador advocates for broader vision

https://www.fxstreet.com/cryptocurrencies/news/chainlink-attracts-big-investors-interest-while-ambassador-advocates-for-broader-vision-202310161118

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  • Chainlink drew investor interest during an accumulation phase lasting more than 500 days.
  • Analyst Altcoin Sherpa recommends investment strategy in Chainlink within the $5 to $7 range.
  • Chainlink ambassador advocates for a more comprehensive understanding of its decentralized network.

Chainlink (LINK) has garnered investor interest during a lengthy accumulation phase but its revenue and fees have lately taken a hit. Crypto market educator Altcoin Sherpa suggests a Dollar-Cost Averaging strategy for investment, while ChainLinkGod advocates for a broader understanding of Chainlink’s capabilities.

Chainlink witnesses prolonged accumulation

Chainlink, a smart contract system built on the Ethereum blockchain, has been amassing investor interest during a prolonged accumulation phase.  Analyst Altcoin Sherpa noted on X that the LINK accumulation has spanned more than 500 days and might soon give way to an upward surge in price.

Altcoin Sherpa advised investors to consider Dollar-Cost Averaging (DCA) in their investment in Chainlink, particularly in the price range of $5 to $7. At the time of writing, LINK is slightly outside the range at a price of $7.5 after minor daily gains.

The crypto influencer also calls it a waiting game for the anticipated breakout, which could materialize around $6.80.

Crypto analyst Ali Martinez highlights that the total transaction volume by whales and institutional players has been on the rise. According to IntoTheBlock data, a combined 69% is held by large holders, including whales. Meanwhile, large LINK transactions worth $100,000 or more approached $150 million on Friday.

Large transactionsLarge transactions

Chainlink projects broader long-term vision

As the investor interest grows, a prominent Chainlink Community Ambassador, ChainLinkGod, took to X to advocate for a broader understanding of Chainlink’s capabilities.

He contended that referring to Chainlink simply as a “decentralized oracle network” is suboptimal as it limits its utility and falsely promotes it as a monolithic network. ChainLinkGod emphasized on Chainlink’s decentralized network with a distributed architecture rather than it being a single large network.

“So really, it’s more accurate to say that Chainlink is a platform for creating Web3 services powered by decentralized oracle network infrastructure, which can provide secure access to external data, trust-minimized off-chain computation, cross-chain interoperability, and bidirectional connectivity to external systems,” he added.

On Monday, Chainlink updated new platform integrations across seven chains that include Avalanche, Polygon and Ethereum.

Over the past 30 days, LINK has seen a price growth of 20%, based on Token Terminal data. However, the coin seems to be facing challenges in the longer term after achieving an all-time high  at $52.70 in May 2021.

LINK price revenue 180-day chart

While Chainlink’s price is far from the record high, the revenue figures and fees also don’t paint an optimistic picture, giving a mixed near-term outlook.

 


THORChain exchange surpasses $200 million in total volume after swap pause

https://www.fxstreet.com/cryptocurrencies/news/thorchain-exchange-surpasses-200-million-in-total-volume-after-swap-pause-202310161340

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  • THORChain’s THORWallet exchange recently surpassed $200 million total trading volume. 
  • The chain experienced a disruption last week due to a temporary pause on swaps on the THORSwap exchange. 
  • RUNE price remains stable with moderate volatility after resumption of swapping operations.

THORChain’s THORWallet DEX surpassed a total trading volume of $200 million, following a brief pause in swaps on the THORSwap DEX due to reports of illicit transfers. Despite this interruption, THORChain native RUNE token has recovered and maintained price stability on Monday.

Also Read: THORChain price dips 5% as bullish wind on illicit transfers settles

THORChain exchange expands in volume

THORChain’s THORWallet decentralized exchange (DEX) surpassed a total trading volume of $200 million, as per an official update on X released on Saturday. The development comes on the heels of a temporary swap pause on THORChain’s THORSwap DEX after the chain’s transaction volume surpassed $1 billion in a matter of a few days. 

On October 6, reports of illicit transfers on the chain prompted THORSwap exchange to suspend cryptocurrency swaps. While it continued providing liquidity, earning interest, borrowing, and staking, during this period, swaps only resumed on October 12. 

THORChain is seeing a total of 79,740 unique addresses and 12,153,256 transactions involving swaps, additions, and withdrawals. 

With a block height of 13 million, the network activity has been robust. The total supply of the native RUNE coin is valued at close to $813 million, based on data from THORChain Explorer.

RUNE token achieves stability 

The RUNE coin price action has been stable within a trading range of $1.63 to $1.75 on Monday.  The price action has been positive since THORSwap resumed swapping operations. 

CoinGecko notes a 3% increase in price over the last 24-hour time frame and a 5% increase over the last week. With a circulating supply of 300 million RUNE, the market capitalization of THORChain’s token currently sits at $504.5 million. 

RUNE/USDT 1-day chart
RUNE/USDT 1-day chart

The price of the RUNE token is showing signs of stability and could only experience moderate volatility. This steady trend is expected to persist unless unforeseen factors, such as renewed concerns over more illicit transfers, come to light.

 


Tether’s 40% surge on exchanges to $10 billion hints at bullish momentum

https://www.fxstreet.com/cryptocurrencies/news/tethers-40-surge-on-exchanges-to-10-billion-hints-at-bullish-momentum-202310110614

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  • Tether’s exchange reserves have surged to $9.99 billion, indicating potential crypto buying.
  • USDT’s surge in exchange reserves highlights investor moves to safeguard capital in the face of market volatility.
  • Despite the growth of Tether (USDT), the stablecoin market cap has been on a declining trend, suggesting a bearish market outlook.

Tether (USDT), the largest stablecoin by market cap, has witnessed a significant surge in its exchange reserves. Santiment, a prominent crypto data provider, noted that the amount has reached $9.99 billion. This surge, marking a seven-month high, can translate to bullish sentiment. 

Tether (USDT) reserves rise to $9.99 billion

The surge in USDT holdings on exchanges underlines selling pressure for the largest stablecoin. The trend often translates to conversion by buying riskier crypto assets. 

Tether exchange supply
Tether exchange supply

A closer look also reveals that while USDT has been in demand, the overall stablecoin market cap has been on a steady decline. A report by Binance recently found that the stablecoin market cap has shrunk for 18 consecutive months to a September low of $123.8 billion. At the time of writing, the cumulative stablecoin market cap remains in the same bracket. 

The decline can be attributed to the uncertain regulatory climate and the bearish outlook that has permeated the market. However, USDT market capitalization has been the largest at $83.5 billion.

Opposing market trend by capitalization decline 

Santiment highlights that USDT holdings on exchanges have seen a 40% increase since June. Another indicator that trading activity in the crypto sector can intensify is investors are laying low with USDT instead of any of a number of volatile digital assets. 

This is done to safeguard capital erosion during market weakness.  Especially when the crypto market has recorded double-digit erosion in market capitalization across all cryptocurrencies in the last week, based on CoinGecko research. However, USDT reserves on exchanges metric can promise buying pressure on various crypto assets, leading to a broader market upturn. Meanwhile, Tether supply outside of exchanges comes to $30 billion, as per Santiment. 

The news also comes at a time when Coinbase director Conor Grogan tweeted about Alameda Research’s controversial relationship with Tether. The cryptocurrency trading firm with ties to the FTX bankruptcy reportedly redeemed $38 billion worth of Tether (USDT) tokens in 2021, said Grogan. However, Alameda may not have possessed a corresponding amount in assets under management, suggested by the allegation. 

While the surge in USDT reserves on exchanges appears to signal heightened crypto buying pressure, it occurs with declining stablecoin market capitalization driven by regulatory uncertainties and a bearish market outlook. These opposing market forces require investors to brace for volatility. 

 


JPMorgan debuts commercial trade on TCN, not on Ethereum

https://www.fxstreet.com/cryptocurrencies/news/jpmorgan-debuts-commercial-trade-on-tcn-not-on-ethereum-202310110818

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  • JPMorgan settled a transaction using its Tokenized Collateral Network (TCN).
  • TCN’s instant collateral settlement process challenges the industry norm, changing blockchain-based commercial transactions.
  • JPMorgan’s ambitious vision for TCN includes expanding its application to a wider array of assets, challenging Ethereum’s application in the banking sphere. 

Banking giant JPMorgan Chase & Co., which launched its Tokenized Collateral Network (TCN) this week, has made its maiden commercial application. Bloomberg reported that the bank made a collateral settlement between BlackRock and Barclays on its blockchain network on Wednesday. 

JPM’s own network enters blockchain industry 

The blockchain application allowed BlackRock to convert shares from one of its money market funds into digital tokens, as per the report. The digital tokens were swiftly transferred to Barclays as collateral for an over-the-counter derivatives trade, Tyrone Lobban, the head of Onyx Digital Assets at JPMorgan, revealed to the paper. 
 

JPM boasts of TCN’s speed against traditional collateral settlement systems. A standard settlement process can take up to a day to complete. This can set a precedent for commercial transactions on blockchain by instant settlement. 

Ed Bond, the head of trading services at JPMorgan, also outlined the bank’s ambitious vision for TCN. He stated that they intend to expand its application to encompass a broader range of assets, ranging from equities to bonds. The overarching goal is to offer institutions greater flexibility in meeting their collateral requirements, thereby enhancing trading capabilities.

JPMorgan’s deployment of the Tokenized Collateral Network follows the initial testing conducted in May. This introduction of TCN hints at the possibility of private bank networks gaining traction more rapidly, potentially changing Ethereum’s dominance in the market.


Polygon price dips while co-founder outlines ApeChain improvement proposal

https://www.fxstreet.com/cryptocurrencies/news/polygon-price-dips-while-co-founder-outlines-apechain-improvement-proposal-202310111222

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  • Polygon co-founder Sandeep Nailwal proposes ApeChain, a zk-L2 solution for ApeCoin scalability.
  • The ApeCoin community has been divided over the necessity of a dedicated chain in the past.
  • ApeChain’s development plan includes collaboration with Polygon Labs as MATIC price remains bearish.

Polygon co-founder Sandeep Nailwal has put out an “ApeChain” proposal to address ApeCoin’s scalability challenges. At the time of writing, the ApeCoin DAO proposal received 18 votes that could initiate the development of a dedicated zero-knowledge powered Layer-2 (zk-L2) chain on the Polygon network. In the past, however, not all community members have been in agreement about the need for ApeCoin’s own chain.

Polygon proposes collaboration with ApeCoin

Polygon co-founder outlined zero-knowledge technology to supercharge the ApeCoin ecosystem in the AIP proposal.

The primary objectives include a dedicated ApeChain built in collaboration with Polygon Labs using the Polygon Chain Development Kit (CDK). The proposal boasts of Polygon CDK 3, an open-source developer toolset for zk-powered Layer-2 solutions on Ethereum.

The executive proposes a development fund from ApeCoin DAO treasury for the growth of ApeCoin-integrated projects in entertainment, gaming, and consumer applications.

Nailwal notes motivation for this improvement proposal, or AIP, stems from last year’s discussion within the ApeCoin community about migrating to its dedicated chain, a move that some members say is essential for scalability.

NFT creator and ApeCoin contributor Yuga Labs suggested that ApeCoin should operate on its own chain to handle the surging demand effectively. Nailwal circled that ApeCoin DAO previously voted to remain within the Ethereum ecosystem in AIP-41.”The question of an ApeCoin-specific chain is open and remains ripe for decision,” he said.

AIP awaits votes as MATIC price dips

In the past, the ApeCoin community has been divided on whether the Ethereum network can handle demand after the minting of Otherdeed non-fungible token (NFT) was interrupted by the Etherscan crash last year. Yuga Labs said Ethereum’s infrastructure struggled to cope with the high demand during the minting, which remains a point of contention.
 

As ApeCoin DAO contemplates the AIP, the fundamentals of Polygon (MATIC) appears to be in a bearish trend as per IntoTheBlock analysis. The In the Money indicator, which breaks down holders making profit at current price levels, is at a mere 4%.

The price of MATIC at the time of writing is around $0.51, marking a 2% decrease in the daily time frame based on CoinGecko figures. MATIC lost around 12% value over the past week.

Sandeep Nailwal’s proposal for ApeChain could present a scaling opportunity to the ApeCoin ecosystem on Ethereum. While Polygon boasts of its zero-knowledge technology, the broader crypto market weakness will keep penetrating the market valuation of the project. 

 


Solana inflows dominate altcoin space as funding rout plagues sector

https://www.fxstreet.com/cryptocurrencies/news/solana-inflows-dominate-altcoin-space-as-funding-rout-plagues-sector-202310101132

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  • Solana capital inflows reached  $24 million in the week to October 6, the highest level in more than a year, CoinShares noted.
  • The altcoin topped the sector behind Bitcoin, which attracted weekly inflows totaling almost $43 million.
  • Solana’s Year-to-Date (YTD) inflows stand at $55 million, defying a funding rout in the crypto space.

Solana has emerged as a standout performer in the altcoin market with a surge in weekly inflows at $24 million, making it the “altcoin of choice”, according to  a recent CoinShares report. Meanwhile, venture capital funding in the sector is down, a decline that could be challenging for the broader crypto market.

Solana inflows top altcoin influx

Solana saw capital inflows of almost $24 million in the week ending October 6, a level not seen since March 2022, CoinShares noted in a report published Monday.

Based on the report, the altcoin came only behind Bitcoin, which attracted most of the digital asset inflows, totaling $43 million in the past week. Investment in the overall digital assets space increased by $78 million in the week to October 6, the largest amount since July, while trading volumes for exchange-traded products rose 37%, the data showed.

Solana’s Year-to-Date (YTD) inflows stand at an impressive $55 million, solidifying its position, second only to Bitcoin.

Solana boasts an Assets Under Management (AUM) of $118 million at a time when VC funding is dwindling. A PitchBook report cited by Bloomberg noted a 63% decline in year-on-year venture funding for crypto startups.

Investors’ interest in Solana seems to be holding up at the time of a fall in VC funding, which could continue to cut the institutional cash when the sectoral funding is almost at its lowest point since 2020.

Solana price outlook amid market weakness

While Solana’s inflows paint a positive picture, the broader altcoin market is grappling with challenges. This comes amid an escalating Hamas-Israel conflict, which brings further uncertainty to the market.

Solana price is around the $22 mark on Tuesday, with a 24-hour trading volume of $350.4 million, based on CoinGecko figures. Solana has experienced a stagnant price in the last 24 hours and an 8% decrease over the past week.

In the decentralized finance (DeFi) front, Solana boasts a Total Value Locked (TVL) of $312.42 million, reflecting a minor 0.87% decline in the last 24 hours, as per defiLlama. Solana hosts 110 protocols and serves 84,923 active users, commanding 0.84% of the cumulative TVL.

Solana’s surge in inflows makes it a compelling contender in the altcoin market. However, investors should approach the broader altcoin market with caution amid the current downtrend.


Friend.tech wallet hit with phishing scam as trader loses 22 ETH portfolio

https://www.fxstreet.com/cryptocurrencies/news/friendtech-wallet-hit-with-phishing-scam-as-trader-loses-22-eth-portfolio-202310100542

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  • Sophisticated scam has hit a trader @yyctrader1, resulting in loss of his 22 ETH portfolio.
  • Stolen funds have been reportedly transferred from Friend.tech wallet to Ethereum via Orbiter.
  • Some of the loot has been deposited into Binance, with the trader seeking assistance from the exchange.

A cryptocurrency trader with username @yyctrader1 recently fell victim to a sophisticated phishing scam, resulting in the loss of his entire 22 ETH portfolio. The scam was first reported by PeckShieldAlert, which revealed that @yyctrader1’s Friend.tech wallet was compromised. 

Friend.tech scammer transferred funds from Base 

A Friend.tech wallet containing 22 ETH, which comes to a market value of over $34,800, was compromised after a trader fell victim to a scammer. The perpetrator has reportedly transferred the stolen funds from Base to Ethereum using a bridge called Orbiter. Some of the ill-gotten gains have also been deposited into cryptocurrency exchange Binance, PeckShieldAlert said. 

@yyctrader1 said on X, “My 22 ETH portfolio was nuked to 0.” The trader went on to describe how he was lured into the scam unfolded by a hacker pretending to be from FriendMEX.  

As per his account, they shared common servers, which seemed to create a sense of trust. As per the screenshots shared by the trader, the individual behind the scam used the name Charlie (FM). Charlie had nine mutual servers with @yyctrader1 which sparked the trader’s interest in a suggested sponsorship collaboration.

A few hours after the initial contact, a ‘colleague’ of the scammers reached out, expressing interest in having a call with @yyctrader1. 

“During the call, they got me to click on a link to check out their product,” @yyctrader1 admitted. The trader confirmed that he did not sign the transaction using his digital wallet, but “just clicked on a link” on the same browser as his wallet. 

Phishing link drains out Ethereum 

The scammers maintained a friendly demeanor during the conversation, with one of them having an Asian accent and the other sounding American. They even went so far as to schedule a follow-up call for the next day, the trader said. Immediately after concluding the call, the scammers started transferring ETH out of @yyctrader1’s wallet. At the time of writing, the scammer’s Etherscan wallet shows a balance of 9.6 ETH valued at $15,200.

@yyctrader1 has reached out to Binance for assistance as per his X account. 

Friend.tech launched with much fanfare in August as a decentralized social network on the Base Network. Recently, the decentralized platform added a Two-Factor Authentication (2FA) feature for an additional layer of security. But, phishing attacks aimed at deceiving individuals remain a concern across markets.


Altcoins’ bullish surge comes to an end, analyst explains market decline

https://www.fxstreet.com/cryptocurrencies/news/altcoins-bullish-surge-comes-to-an-end-analyst-explains-market-decline-202310100929

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  • “Alts just finished their squeezes,” notes crypto analyst Cold Blooded Shiller.
  • Bitcoin dominance has risen from 42% at the beginning of 2023 to over 50%.
  • The global cryptocurrency market cap is experiencing range-bound stagnation with an altcoin buying opportunity. 

The altcoin market, which was riding a wave of bullish momentum months after the FTX collapse, is now facing a downward shift. The rise in the sector has come to a halt in October, crypto analyst Cold Blooded Shiller noted on X. 

Altcoin market experiences a dip 

Crypto analyst Cold Blooded Shiller suggests that altcoins have completed phases of price increases, testing higher resistance levels, and concluding their last surges.

He noted, “Alts just finished their squeezes, their retests of HTF resistance, their final exit pumps.” As a result, the crypto market is witnessing a period of low volatility and tight trading ranges, with altcoin prices on a decline. 

For part of 2023, the cryptocurrency market recovery was characterized by a bullish altcoin trend. However, Q4 is shifting the market dynamics to present a buying opportunity by bottom fishing. 

At the time of this writing, the global cryptocurrency market cap stands at $1.1 trillion, indicating a slight decline of over 1% within the last 24 hours, according to CoinGecko figures. The total trading volume for cryptocurrencies in the past day amounts to $42.5 billion.

To gauge the state of the altcoin market, investors often turn to the Bitcoin dominance ratio. It measures Bitcoin’s market cap against the cumulative market cap of all cryptocurrencies. On Tuesday, this ratio stood at 51%, signaling a shift from January 2023 when it was at 42%. The ratio rose to 47% in March and peaked at 52% in June. In October, Bitcoin dominance hovers around the 50% mark, suggesting a continued downward trend for altcoins.

BTC dominance ratio YTD
BTC dominance ratio YTD

Altcoin Buying Opportunity in November

While the current state of altcoins may appear bearish, some analysts remain optimistic about the buying opportunity. Crypto analyst Altcoin Sherpa recently shared insights on X, stating, “$ETH: ETHBTC getting slaughtered, I don’t see a bounce until we get to lower areas. Thinking low 0.05s.”

This means that the Ethereum-to-Bitcoin trading pair is experiencing a negative relation, and any price recovery is not expected this month. He hinted that November could be a great time to buy altcoins. “The time for a short altcoin rally is just right around the corner, in my opinion,” the analyst added. 

Traditionally, the last quarter of the year leading up to a Bitcoin halving event has been considered a bullish period for cryptocurrencies. Altcoin Sherpa believes that with the current market trend, November could present a valuable buying opportunity in altcoins. 


Dogecoin co-founder calls on SEC to refund taxes as Coinbase lawsuit heats up

https://www.fxstreet.com/cryptocurrencies/news/dogecoin-co-founder-calls-on-sec-to-refund-taxes-as-coinbase-lawsuit-heats-up-202310090758

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  • Dogecoin co-creator Billy Markus asked for a tax refund from the US Securities & Exchange Commission, a federal US financial regulator. 
  • The SEC’s statement that cryptocurrency holds no inherent value in the Coinbase lawsuit has heated up a debate.
  • DOGE and all major alts experience a subdued Monday with minor losses. 

Amid the brewing legal battle between the US Securities & Exchange Commission (SEC) and crypto exchange Coinbase, Dogecoin (DOGE) co-creator Billy Markus has asked for a tax refund. Markus, who goes by the alias Shibetoshi Nakamoto on X, disagreed with the SEC’s assertion that cryptos lack intrinsic value. The demand for the tax refund comes in the wake of the SEC’s response to a dismissal motion by Coinbase.

Dogecoin co-founder questions SEC’s crypto stance

Billy Markus, popularly known as Shibetoshi Nakamoto on X.com (formerly Twitter), took to the microblogging site to criticize the SEC’s stance on cryptocurrency. He wrote, “[T]hen return all the taxes y’all [SEC] made me pay for receiving it [crypto] you horrific evil hypocrites.” 

The remark elicited responses from “DogeFather” Elon Musk, who emphasized the realness of cryptocurrencies when it comes to tax payments.

Markus slammed the watchdog, stating, “its realness is transitory.”

Marshall Hayner, CEO and co-founder of Metallicus and Dogecoin Foundation board member, also took a jibe and said, “It’s of no real value”, later adding “we need some of that value to fund the government”.

The debate stemmed from the SEC’s response filed on October 3 to Coinbase’s motion to dismiss the lawsuit filed against it. The SEC’s position in the lawsuit that was filed in June is that some cryptocurrencies on Coinbase, if considered investment contracts under the Howey test, should be subject to SEC registration. 

In the filing, the agency emphasized that cryptocurrencies possess no inherent value. The SEC said, “If crypto assets embody some underlying value (like an entry on a ledger), that value is accessed through the digital token.”

“But the token (which is just software) has no innate or inherent value of its own—it is tied to its underlying value, which for the crypto assets at issue in this case, is the investment contract,” the agency added. 

DOGE and the broader crypto market remain subdued 

The broader cryptocurrency market displayed minimal activity on Monday. According to CoinGecko calculations, the global cryptocurrency market cap stands at $1.13 trillion, marking a slight -0.1% change in the past 24 hours. Leading cryptocurrencies like Bitcoin and major altcoins experienced price stagnation.

Dogecoin (DOGE) witnessed a 1% price decline in the 24-hour time frame. Over the past week, DOGE lost 4%, bringing its market cap to $8.5 billion. 

Meanwhile, Coinbase Global, a publicly-traded company listed on the NASDAQ exchange, has seen some positive movement since the lawsuit’s initiation. According to Yahoo Finance data, Coinbase Global (COIN) stock closed at $78.46 on Friday with a 5% gain. Coinbase has a 52-week price range of $31.55 to $114.43, making it a volatile stock due to regulatory focus. 

However, the cryptocurrency market might continue to experience fluctuations due to the rapidly changing regulatory framework.