TOP 5 Losers
| Indices | LTP | Change (%) |
|---|---|---|
| THORChain | $1.54 | 7.24% |
| Trust Wallet Token | $0.9121 | 3.89 |
| Rocket Pool | $18.58 | 3.06% |
| dYdX | $1.84 | 2.81% |
| Mantle | $0.3512 | 2.64% |
Israeli authorities froze substantial cryptocurrency funds, with PIJ receiving $93 million and Hamas around $41 million, received via unregulated channels between August 2021 and June 2023. Terrorist groups used cryptocurrencies, particularly Tether's stablecoin, to evade sanctions and access global financial systems, prompting the crackdown.
The FOMC maintains a resolute stance on its 'restrictive' monetary policy amid rising inflation. Minutes from the recent meeting reveal a commitment to higher interest rates until inflation subsides, causing Bitcoin's price to drop to $26,500. Concerns about inflation, economic slowdowns, and tighter credit were discussed, with the U.S. Producer Price Index (PPI) for September surging by 2.2%, potentially impacting risk-on assets.
The uncertainty surrounding the next House Speaker, Steve Scalise, and potential Republican opposition could impede progress on crypto legislation and government funding. Some GOP members are hesitant to support Scalise, impacting the legislative agenda, including bills on stablecoins and crypto market regulations, further complicating their prospects in the Senate.
ARK Invest and 21Shares have amended their joint Bitcoin ETF application, addressing SEC concerns and indicating positive progress. The updated filing now includes details on asset custody, valuation, and regulatory compliance, showing a response to regulatory queries. Analysts see this as a promising sign for future approval, while acknowledging potential risks tied to Bitcoin's use in illegal activities and environmental concerns that could affect the ETF's value.
The Web3 social media platform, Stars Arena, has recovered approximately 90% of stolen crypto valued at around $3 million from an October 7 exploit. To retrieve the funds, they agreed to offer a 10% bounty, totaling nearly $257,000, to the exploiter. Stars Arena is conducting a security audit of a new smart contract before relaunching the returned funds. The exploit was a result of a vulnerability in the platform's smart contract, which allowed funds to be drained.
The real estate-backed stablecoin USDR dropped to $0.53 on Oct. 11 due to a rush of redemptions that depleted its liquid assets, particularly Dai. USDR, issued by Tangible protocol, is backed by a mix of cryptocurrencies and real estate holdings. Despite losing 50% of its value, the project team assured that the issue was a temporary liquidity problem and pledged to use real estate and digital assets to support redemptions, emphasizing that these assets still exist. Stablecoins aim to maintain a value of $1 but can lose their peg under extreme market conditions.
The Shiba Inu community has witnessed increased activity with the launch of the Ethereum Layer 2 network Shibarium, but it has also attracted bad actors. A Shiba Inu team member clarified that there's no official LinkedIn page for the project and warned against scams related to SHIB tokens on the Fantom blockchain. This follows previous warnings about scams targeting the Shiba Inu community, highlighting the need for vigilance in the crypto space to protect users from fraudulent activities.
GoPlausible introduced AlgorandExplorer, a tool to improve Algorand blockchain exploration and interaction through semantic searches and language translation. The explorer is in development, with upcoming additions like Algorand Request for Comments (ARCs) and technical documentation. Meanwhile, Algorand's native token, ALGO, has seen a substantial year-long drop in value, consolidating at low levels, and could face more bearish pressure if key support levels are breached.
The TON Foundation, in collaboration with Alibaba Cloud, is preparing a performance test with 256 servers on October 31, with the goal of achieving a Guinness World Records title for the fastest blockchain. TON's blockchain has experienced substantial growth in addresses and validator nodes, all while ensuring network stability. The partnership with MEXC Ventures also reinforces TON's efforts to expand the Web3 ecosystem in Telegram. The native token, Toncoin, is presently trading at $2,006.
In 2023, Bitcoin remains the top-performing asset class despite price challenges. On-chain data reveals that a record 94.8% of Bitcoin supply hasn't moved in the past month. Investors are holding positions in anticipation of a potential SEC approval for a spot Bitcoin ETF, fueling expectations of an upcoming bull run. Additionally, there's a five-year high in HODLed or lost Bitcoin supply. Despite price fluctuations, Bitcoin boasts a robust year-to-date return of 63.3%.
Also read - 24 Crypto Update, 11 Oct: After PPI and FOMC minutes, crypto fell
