TOP 5 Gainer
| Indices | LTP | Change (%) |
|---|---|---|
| Conflux | $0.1509 | 13.64% |
| Mina | $0.7046 | 12.62% |
| Chainlink | $11.50 | 11.54% |
| dYdX | $2.34 | 8.60% |
| Injective | $11.91 | 5.41% |
The approval of a spot Bitcoin ETF could significantly impact Bitcoin's valuation, according to Swan Bitcoin's Stephan Livera. He believes it's more likely to happen in 2024, coinciding with the Bitcoin halving cycle, potentially leading to increased interest and investments. Livera predicts a stabilization around $30,000, a rise to $40,000 before a substantial bull run, culminating in a bold ascent to around $500,000 by 2025 or early 2026, with potential steep declines mirroring gold's volatility.
1inch Investment Fund, linked to the crypto aggregator 1inch, sold 4,685 stETH for $8.54 million in USDC, making a $1.28 million profit within a week. StETH represents staked Ethereum on Lido Finance, which allows users to stake and earn rewards without locking their assets. The sale occurred as Ethereum showed strength, nearing the $2,000 mark. The fund's motives for selling during a market upturn remain undisclosed.
PEPE, a meme coin, has made a notable comeback in the 2023 meme coin craze. It entered an accumulation phase in October, then surged, surpassing Shiba Inu and Dogecoin. Bitcoin's rise beyond $35,000 has fueled this trend. Additionally, PEPE's team burned 6.9 trillion tokens and added advisors for future development.
Data reveals that 14 out of 21, or 66%, of the leading gas-consuming smart contracts on the Base layer-2 platform are unverified, despite their high activity. Friend.tech is among the top consumers, with an anonymous developer facilitating key trading and exclusive content access on the decentralized social media protocol. While these unverified contracts generate substantial fees, their security remains a concern.
Analysts predict Bitcoin could experience a 300% surge if a Spot Bitcoin ETF gains SEC approval, drawing parallels with Gold's 300% price increase after a Spot Gold ETF approval in 2004. Bitcoin recently reached $35,000, driven by ETF anticipation, but remains 50% below its 2021 all-time high.
India leads in grassroots cryptocurrency adoption, outperforming countries with high trading and mining activity, according to Chainalysis' 2023 Global Crypto Adoption Index. Despite challenging tax and regulatory conditions, India recorded around $250 billion in crypto value over the past year. Irregular TDS tax collection may be drawing Indian users to international exchanges, affecting local platforms. Homegrown exchanges have faced legal challenges, while stakeholders call for more comprehensive crypto regulations. Indian traders invest in Bitcoin, Ether, Dogecoin, and Shiba Inu, seeking tax reductions on gains.
Fallen crypto exchange FTX is reviewing proposals from three bidders aiming to relaunch the platform. Options include selling the exchange, partnering with an external investor, or independent revival. The recovery of $7 billion in assets offers hope for FTX creditors, with potential settlements and payout plans in progress.
Coinbase, in a court filing, has contested the U.S. SEC's classification of cryptocurrencies on its platform as securities, asserting that the SEC overstepped its authority. Coinbase argues that the SEC should only regulate securities transactions and not all forms of capital investments. The SEC initiated the lawsuit against Coinbase in June, alleging the exchange violated securities laws.
Rumors of ARK Invest's spot Bitcoin ETF being listed on the DTCC's website appear unfounded. Twitter posts claimed such a listing, but the screenshots displayed futures product tickers, not the correct "ARKB" ticker. BlackRock's iShares listing was also noted, though it had been listed since August, causing a Bitcoin rally.
Also read - 24 Crypto Update, 24 Oct: Leading crypto tokens trading in the red
