Cryptocurrency Market is Rising Is the Golden October Coming?

The Cryptocurrency Market is on the Rise Is This a Sign of a Golden October?

Author: Aurelian Source: cryptopragmatist Translation: Good Europe, LianGuai

The cryptocurrency market is experiencing a general rise, with the prices of many old giants like Link seeing significant increases. Even meme coins like Hay seem to be making a comeback. Let’s take a look at the notable events in the crypto market.

Important News

• New York Attorney General Letitia James filed a lawsuit against Gemini, Genesis Global Capital, and Digital Currency Group, accusing them of defrauding investors of over $1 billion.

  • Chainalysis Report Overview of the Cryptocurrency Market in North America and the State of Stablecoins
  • Investor FOMO Drives Shiba Memu to $4 Million Presale
  • Cryptocurrency Traders Go Down in Flames: $150 Million Liquidated in 24 Hours!

• The U.S. Securities and Exchange Commission (SEC) dropped its charges against Ripple executives Brad Garlinghouse and Chris Larsen, but the case against Ripple continues.

• Grayscale has filed a new registration statement with the SEC aiming to convert its Grayscale Bitcoin Trust into an ETF.

• $HAY, created five years ago by the founder of Uniswap, has surged to nearly $4 million. The founder burned 99.99% of the supply, leaving only 56 coins in circulation.

• Beneficiaries of the Celestia airdrop will see a significant increase in their allocations after the redistribution of unclaimed tokens.

• Two Reddit moderators may have sold tokens before publicly announcing the termination of the Community Points program on Reddit.

• The U.S. Treasury Department plans to designate international cryptocurrency mixers as money laundering centers used by terrorist organizations like Hamas.

This Week’s Catalysts

• Monday: Ziliqa Plunder Swap launch, BNB listing on Bitbank, NvirWorld third update release

• Tuesday: Seedify launches Openfabric, Beefy distributes BIFI tokens, Merit Circle announcements and keynote speeches

• Wednesday: Concordium ecosystem update, Gods Unchained releases Tides of Fate, Terra Classic proposal 4790 voting

• Thursday: Stella incentive program begins, Magic opens token claim for 2021 users, Avalanche developer community conference call

• Friday: Floki staking program goes live, Senate votes on BIP-15 proposal, 31st supply mining phase

Market Status

• A recent market shift caused by an erroneous tweet from CoinTelegraph led to a breakthrough, pushing BTC towards the $35,000 mark. However, the sustainability of this rebound remains uncertain.

• With the market surge, investors are starting to anticipate the approval of a BTC spot ETF and realizing they may not have allocated enough investments to BTC. Many believe that an ETF might get approved by the end of the year.

• Despite recent progress, sentiment indicators such as the fear and greed index and other emotional indicators still reflect a lack of bullish sentiment among investors. Many remain cautious, possibly due to a lack of trust in the current market rebound.

• It is noteworthy that Bitcoin’s dominance is steadily increasing, indicating a significant influx of liquidity into Bitcoin.

• Investors seem to favor Bitcoin more, allocating a significant portion of their funds to Bitcoin but showing limited interest in altcoins overall.

• Although some altcoins have shown positive performances, the overall market dynamics do not seem to align with a sustained rise in altcoins in the short term.

• Potential factors inhibiting this upward trend include the introduction of significant regulatory measures or the potential decline of Binance.

• It is worth noting that market participants appear to have priced in these events already, and investors are preparing to mitigate their impact.

Industry

• The U.S. Securities and Exchange Commission has issued a default judgment against Thor Technologies and its founder, David Chin

  The judgment involves allegations of the unregistered issuance of $2.6 million worth of cryptographic securities

• Binance has established a partnership with a new fiat currency provider to facilitate euro transactions, including deposits and withdrawals

  This move comes after Binance’s previous euro bank partner, LianGuaiysafe, ceased working with the exchange. The new agreement aims to provide Binance users with a range of fiat services

• Coinbase has chosen Ireland as its European MiCA hub

  This allows the exchange to serve the large market of 27 countries/regions and 450 million people under a single regulatory framework. Ireland’s favorable political environment and regulatory infrastructure played a crucial role in this decision

• U.S. Senator Elizabeth Warren has called on senior officials to develop a detailed plan to lead the way in addressing the potential risks of cryptocurrency funding terrorism

• DCG issues a statement regarding the NYAG civil lawsuit

• Mike Novogratz believes the SEC will approve a physically-backed Bitcoin ETF by the end of the year

• Recent tweets from Van Eck indicate the imminent launch of a physically-backed BTC ETF

• A new Ethereum Improvement Proposal is being introduced to enhance the tokenization standard for real-world assets

• After a two-year investigation, the European Central Bank announces entering the “preparation phase” of the digital euro project

• Finland is committed to developing instant payment solutions using the digital euro

Projects

• LianGuairity Technologies employees of Polkadot were fired one week before the company’s annual retreat in Mallorca

  Despite the layoffs, they are still expected to attend the retreat. The event originally planned for a week of speeches and workshops turned into a discussion about company dissolution, survival, and the future

• Driven by increased network transactions and fees, the total locked value of Gnosis Chain has doubled to $150 million since early October

  This growth is attributed to $50 million in stablecoins moving onto Gnosis Chain, with users earning over 7% yield through the SLianGuairk lending protocol by MakerDAO

• Lightning Labs has launched the Taproot Assets protocol on the mainnet

  This protocol allows for the issuance of stablecoins and other assets on the Bitcoin and Lightning networks, providing developers with the necessary tools to extend Bitcoin to a multi-asset network while maintaining scalability and preserving Bitcoin’s core values

• Ethereum co-founder Joseph Lubin and ConsenSys face a lawsuit filed by two former employees

• Aptos experienced a 5-hour network outage

• Magic Eden temporarily suspends BRC-20 transactions

• The price of MultiversX (EGLD) rose nearly 10% after announcing a partnership with Google Cloud’s AI and data analytics tools during the xDay conference by MultiversX

• Coinbase announces intention to support the launch of dYdX Chain as a validator

• According to a recent blog post, Infura tokens may be on the horizon

• Cow Swap has obtained approval for gasless transactions

• SuperDao announces closure and plans to return remaining funds to investors

Data

What are VCs doing: For the third consecutive quarter, startups in the trading, exchange, investment, and lending sectors have received the most venture capital funding, totaling $611 million, accounting for 32.5% of all venture capital in the same period.

• Scarce Resources: The number of bitcoins that have remained unchanged for over a decade is close to 3 million, accounting for approximately 15% of the total circulating supply of BTC. This trend has been steadily growing, in contrast to the amount of BTC held by exchanges, indicating that there will be significant changes in BTC supply in the future.

• By 2030, the market size will reach $10 trillion: According to the latest research by 21.co, driven by the adoption of blockchain technology, the tokenized asset market is expected to reach between $3.5 trillion (bear market) and $10 trillion (bull market) by 2030, surpassing traditional financial institutions.

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