Bitcoin Price: US$ 68,124.62 (+2.25%)
Ethereum Price: US$ 2,535.82 (+0.44%)
Binance Connect has relaunched its crypto-to-fiat service, now integrated with the Binance ecosystem to facilitate seamless fiat-crypto transitions within Binance accounts and DeFi wallets, supporting over 100 fiat currencies and 300 cryptocurrencies through various payment methods like Apple Pay, Google Pay, and major credit cards, thereby enhancing crypto’s accessibility globally. In the broader crypto market, analysts predict that the upcoming bull run will focus on Bitcoin rather than Ethereum or memecoins, with Quantum Economics founder Mati Greenspan expecting Bitcoin’s value to reach $100,000 by 2024 if a pro-crypto U.S. president is elected. Additionally, retail investors dominate Bitcoin ETF demand, accounting for 80% of spot ETF inflows this year, although Binance’s research highlights a gradual increase in institutional interest, despite a cautious stance from major firms like Vanguard. Additionally, a surge in Bitcoin ETF inflows raises concerns among some analysts of a potential short-term dip in Bitcoin’s price, as recent inflows reached an unprecedented $2.88 billion between October 11 and 23.
A Base blockchain exploit led to a $1 million theft through price manipulation of Wrapped Ether (WETH) in unverified lending contracts, exposing the security risks of decentralised finance (DeFi) platforms with insufficient contract verification. Meanwhile, Ripple Labs has filed an appeal against the SEC’s ruling that its institutional XRP sales constituted securities, challenging the court’s application of the Howey test and seeking a review from the Second Circuit. In contrast, Ethereum has faced increased bearish sentiment as funds appear to rotate into Solana, which has seen a significant rise in market cap due to memecoin interest, while Ethereum’s value relative to Bitcoin has fallen to its lowest level in three years. Despite this, Ethereum advocates defend its long-term position as a leading decentralised platform, attributing negative sentiment to recent price underperformance and highlighting ongoing institutional adoption and developer activity.
Microsoft shareholders will vote in December on a proposal by the National Center for Public Policy Research for the tech giant to explore Bitcoin investments, although Microsoft’s board recommends against it, citing its diversified asset evaluations. In a separate incident, a U.S. government crypto wallet containing funds from the 2016 Bitfinex hack was compromised on October 24, leading to a $20 million theft that is being laundered via Ethereum, highlighting the ongoing challenges in managing seized digital assets. In contrast, Solana continues to break records with high network revenues, recently surpassing Ethereum in daily and weekly revenue, driven by rising total value locked (TVL) and growing popularity on Solana-based platforms. With substantial fee generation and increased DeFi activity, Solana is positioning itself as a strong contender in the blockchain space, while Ethereum’s fee reduction following the Dencun upgrade impacts its revenue but still supports robust settlement and stablecoin transfer volumes.
Source: https://cointelegraph.com
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