Bitcoin Price: US$ 66,624.40 (-1.14%)
Ethereum Price: US$ 2,524.61 (-3.74%)
Recent reports indicate that unusually large inflows into U.S. spot Bitcoin exchange-traded funds (ETFs), totalling around $2.68 billion from October 11 to 21, have sparked concerns among analysts about a potential decline in Bitcoin’s price, with historical trends suggesting a 13% drop could follow such inflows. Hyblock Capital’s CEO noted that if history repeats, large outflows from these ETFs could create a higher low for Bitcoin, potentially positioning it for a future price surge, while others speculate a looming supply shock due to increased demand for Bitcoin from these ETFs. In another development, Ankr has integrated The Open Network (TON) blockchain into its Web3 API services, simplifying the process for developers to create decentralised applications (DApps) for Telegram’s extensive user base of approximately 950 million. This integration removes node setup complexities, allowing for efficient interaction with the TON network, which has recently received a $30 million investment to accelerate the development of TON-based applications, particularly in gaming. Additionally, Tigran Gambaryan, a Binance executive who faced tax and money laundering charges in Nigeria, has been released after authorities dropped the final charges against him, and his family expressed relief over his release, citing a significant decline in his health during his eight-month detention, which included serious medical issues such as pneumonia and malaria.
Consensys has issued an open letter to the future U.S. president, advocating for clear and supportive regulations for cryptocurrencies and Web3 to enhance transparency and foster innovation in the industry, especially amidst significant volatility in the cryptocurrency market, where Bitcoin’s price recently declined from over $70,000. The letter underscores the urgent need for a comprehensive regulatory framework to ensure the U.S. remains competitive globally. In a related development, Tether has proposed to the Turkish government the creation of digital tokens backed by the country’s abundant borate minerals, aligning with the crypto industry’s growing interest in tokenising real-world assets; while discussions are still in their early stages, Tether’s commitment to innovation in Turkey’s digital asset landscape has been reinforced by meetings with local government officials, emphasising Turkey’s potential as a key market for stablecoin demand. Meanwhile, Kraken plans to launch its own blockchain named “Ink” in early 2025, focusing on decentralised finance (DeFi) applications to enable users to trade and lend tokens without intermediaries; this initiative aims to improve user access to DeFi services, initially offering a developer testnet and integrating decentralised exchanges and lending platforms within the Kraken Wallet app, while also exploring new revenue streams from managing network transactions.
Synthetix has launched its v3 liquidity platform on Arbitrum, enabling the first DeFi protocol, Kwenta, to utilise this new infrastructure for perpetual trading, a strategic move following a governance overhaul aimed at differentiating Synthetix in the competitive DeFi space by allowing multiple token types as trading collateral. In parallel, GnosisDAO has approved a $40 million venture fund, GnosisVC Ecosystem, to support early-stage blockchain projects focusing on real-world asset tokenisation and decentralised infrastructure; this fund, backed by a $20 million contribution from GnosisDAO and matching external investments, has already invested in several projects, furthering Gnosis’s mission to enhance its ecosystem since its inception in 2015. Meanwhile, Cardano is set to integrate with BitcoinOS, unlocking access to $1.3 trillion in Bitcoin liquidity for its DeFi ecosystem through a new trustless bridge using zero-knowledge cryptography, a collaboration aimed at improving cross-chain functionality and fostering DeFi growth on Cardano while potentially increasing interoperability between Bitcoin and Cardano’s blockchain.
Bitcoin mining difficulty has surged by 378% over the past three years due to increased institutional investment, raising competition and entry barriers for individual miners, which Ki Young Ju, CEO of CryptoQuant, believes may lead to Bitcoin evolving into a stable currency by 2030 as institutional involvement could reduce volatility in the cryptocurrency space. In related developments, a participant in the Ethereum ICO recently sold 3,000 ETH for over $7.6 million, adding to a previous sale of 7,000 ETH that significantly impacted the market; however, despite these transactions—representing only a small fraction of the whale’s total holdings from the ICO—the latest sale did not cause a major drop in ETH’s price, which remains up 38% over the past year. Furthermore, Ethereum co-founder Vitalik Buterin announced that the upcoming upgrade, “The Verge,” will allow Ethereum nodes to operate on devices like phones and smartwatches by implementing stateless verification to reduce data storage requirements, enhancing accessibility and security while addressing concerns about the potential vulnerability of current cryptographic structures to quantum computing.
Source: https://cointelegraph.com
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