Bitcoin Price: US$ 70,272.00 (-2.84%)
Ethereum Price: US$ 2,518.61 (-5.29%)
A French national reportedly placed $38 million in pro-Trump bets for the 2024 U.S. presidential election on Polymarket, citing profit motives over political bias. The decentralised platform’s odds—favouring Trump at 60.3%—stand in contrast to U.S. polls showing a close race with Kamala Harris. In regulatory news, 21Shares filed with the SEC to list a spot XRP ETF on the Cboe BZX Exchange, joining Bitwise in seeking approval despite the ongoing Ripple Labs lawsuit. The SEC’s recent consideration of crypto ETFs, such as spot Bitcoin and Ether funds, suggests some openness, though political shifts could impact future decisions. Meanwhile, the U.S. Treasury highlighted blockchain’s potential to modernise financial infrastructure in its Q4 report, pointing to stablecoins’ role in Treasury bill demand and the transparency and efficiency enabled by DLT. Stablecoins and tokenised assets are positioned as core drivers of growth within a $30 trillion market.
A report by Nansen and MetaStreet highlights promising AI-driven investments in NodeFi and GPUfi, which could yield high returns through computer capacity rentals and decentralised financing, though setup complexity and legal challenges remain. Blockstream CEO Adam Back noted that Bitcoin’s institutional adoption is strengthening, with spot ETF interest rising as early risks subside and sovereign wealth funds enter the market. Meanwhile, Solana’s Sonic SVM has reached $50 million in staked delegation through partnerships with Solayer and Adrastea to expand its staking ecosystem. Experts predict that Solana’s restaking solutions could rival Ethereum’s, as retail adoption fuels significant growth in its liquid staking market.
Institutional investments in Solana blockchain DApps surged by 54% in Q3 2024, with $173 million raised across 29 projects. This uptick signals renewed institutional interest as Solana surpasses Ethereum in daily fees, supported by a growing user base and lower transaction costs. Meanwhile, the TON Foundation launched a Society DAO model on its Telegram-linked blockchain to reduce centralisation risks by redistributing resource allocation to the community and advancing self-custody options through Telegram’s Wallet. In Eastern Europe, DeFi activity drove 33% of the region’s $499 billion in crypto transactions, largely due to institutional transfers in Ukraine and Russia, where crypto adoption remains robust despite ongoing conflict and sanctions. A Chainalysis report highlights how Ukrainians increasingly view Bitcoin as a stable asset amid inflation and currency volatility, evidenced by rising Bitcoin transactions in hryvnia.
Stephen Mollah’s claim to be Bitcoin’s founder, Satoshi Nakamoto, drew scepticism at a London event where his eccentric presentation and lack of proof raised doubts about his credibility, echoing past unproven claims by figures like Craig Wright. Mollah now faces fraud charges and is scheduled for a 2025 trial for alleged misrepresentation. Separately, crypto gaming platform Immutable prepared to challenge the SEC’s potential enforcement after receiving a Wells notice regarding its IMX token sales. Immutable criticised the regulator’s lack of communication and defended IMX as a non-security, though the token’s value dropped significantly post-notice. Meanwhile, stablecoin issuer Tether reported a record-breaking $2.5 billion profit in Q3 2024, bringing its annual total to $7.7 billion. Tether’s financial performance, supported by demand for its USDT token and substantial U.S. Treasury holdings, highlights its strategic asset management, Bitcoin investments, and strengthened regulatory cooperation amid tighter U.S. oversight post-FTX collapse.
Source: https://cointelegraph.com
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