Crypto Daily Roundup, 13 Oct: A Brief Summary of Worldwide Events

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Top-performing cryptocurrencies in the past 24 hours

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Crypto News Key Highlights:

The SEC is at a crossroads, deciding on whether to challenge the court's favorable ruling regarding Grayscale's Bitcoin ETF application. Although most analysts don't foresee an appeal, the SEC may explore avenues to potentially postpone approval. Alternatives include a potential resubmission for SEC review or delays connected to NYSE submissions, which could affect other ETF applications. Bloomberg analysts project a 75% likelihood of approval this year, increasing to 95% by the close of 2024.

Circle, the issuer of stablecoin USDC, has been allowed by a US District Court to provide an amicus brief in the SEC's lawsuit against Binance. Circle argues USDC is not a security, and this perspective may influence the case's outcome. Paradigm, another crypto firm, has also filed an amicus brief opposing the SEC's actions, alleging governmental overreach. Binance had previously filed a motion to dismiss the lawsuit.

A crypto analyst foresees Bitcoin overtaking gold and silver as the foremost safe-haven assets globally, primarily owing to its resilience against manipulation. They emphasize Bitcoin's transparent pricing, which renders it a more reliable option compared to precious metals. The analyst proposes that Bitcoin might outpace gold within a mere decade.

Standard Chartered Bank's Head of Digital Assets Research, Geoff Kendrick, predicts Ethereum's price could surpass $8,000 and even reach between $26,000 and $35,000 in the coming years. Kendrick anticipates Ethereum's growth to outpace Bitcoin, with factors like emerging use cases and Layer 2 blockchains contributing to its rise, potentially by 2025-2026.

The NFT market faces challenges, with many tokens having little value. However, this isn't unique in the crypto world, where most tokens eventually become worthless. NFTs are evolving, with promising developments like PayPal's patent application, mainstream collaborations, and projects merging the physical and digital realms. The NFT industry is transitioning, poised for more sophisticated and commercially viable projects to enrich the ecosystem.

Former Systematic Alpha Management LLC CEO, Peter Kambolin, has admitted guilt in a "cherry-picking" scheme involving cryptocurrency futures contracts. This groundbreaking case involved manipulating trade allocations for personal gain, resulting in potential prison time and charges of conspiracy to commit commodities fraud.

In September, U.S. inflation surpassed expectations, showing a 3.7% year-on-year increase in the consumer price index (CPI). While some anticipate a potential federal funds rate hike by the U.S. Federal Reserve due to ongoing inflation, skeptics like Andrew Hunter from Capital Economics predict a decrease in inflation. According to the CME Fedwatch Tool, there's an 87.4% probability of the Fed maintaining its current stance in the upcoming meeting.

The text discusses the benefits of crypto OTC (Over the Counter) trading as a way to make long-term or large investments in cryptocurrencies. It highlights the privacy and flexibility OTC trading offers, especially for large trades, and provides steps for participating in OTC trading. The text also introduces Megixo as a reputable crypto OTC trading platform in Europe, emphasizing its low fees, transparency, and security.

A stablecoin holder lost over $100,000 after panic selling USDR, a Polygon network stablecoin, when it depegged on October 11. The holder exchanged 131,350 USDR for zero USDC, allowing an MEV bot to profit $107,000. The stablecoin, issued by Tangible protocol, plummeted to $0.50. Efforts are being made to address the situation, but the loss may be irreversible due to the immutable nature of the Polygon network. 

Former Alameda Research CEO, Caroline Ellison, testified that a tweet from Binance CEO Changpeng "CZ" Zhao contributed to the collapse of FTX exchange. The tweet, in which CZ announced Binance's liquidation of FTX Token holdings, led to a run on FTX, ultimately resulting in its bankruptcy filing. Ellison also highlighted Alameda's $10 billion debt to FTX as a key factor in the exchange's failure. Bankman-Fried is currently on trial, facing multiple charges, while CZ contested the idea that a tweet alone could destroy a healthy business.

Also read - Why is the Crypto Market Down Today? Here are the Details