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Crypto Daily Roundup, 10 Oct: Crypto slide amid Israel-Hamas conflict

10-Oct-2023 By: Lokesh Gupta
Crypto Daily Roundup

Cryptocurrencies that have been the Top Losers in the last 24 hours

                                                                                         TOP 5 Losers

Indices LTP Change (%)
Gala $0.0133 7.89%
WOO Network $0.1648 7.73%
MultiversX $22.90 6.67
Ocean Protocol $0.2822 6.63%
Conflux $0.118 6.5%

Crypto News Key Highlights:

Solana experienced a significant surge in inflows, amassing around $24 million, its highest since March 2022, outshining Bitcoin. This comes as Europe dominated digital asset investment, with 90% of total inflows, while the US and Canada lagged behind. However, Ethereum futures ETFs in the US saw lackluster interest compared to Bitcoin's debut in 2021.

The FTX hacker, who stole over $400 million, may be using the attention around Sam Bankman-Fried's trial as a smokescreen to obscure their stolen funds. Recent movements of millions in Ether have occurred during the trial, with approximately 15,000 ETH transferred to new wallets. The hacker is employing sophisticated methods to hide the funds, making tracking difficult. FTX declared bankruptcy in November, preventing a potential $1 billion loss.

Jefferies, a prominent global investment bank, cautions that the U.S. dollar's stability is at risk and recommends turning to Bitcoin and gold as safeguards against currency devaluation and the increasing inflationary pressures, both of which are influenced by human actions. The Federal Reserve's attempts to counter inflation by hiking interest rates could, during a U.S. economic downturn, result in a more lenient approach, creating a detrimental "debt death spiral" that humans must navigate. Jefferies advises investors to allocate 10% of their portfolios to Bitcoin, underscoring its growing institutional acceptance and its status as a man-made alternative store of value compared to gold.

The UK's Financial Conduct Authority (FCA) issued 146 alerts within the first 24 hours of its new crypto marketing regulations. FCA called on businesses like social media platforms and payment firms to consider these alerts and protect consumers from illegal crypto promotions. It also emphasized the need for clear and fair marketing with prominent risk warnings.

South Australian police seized $1.5 million worth of cryptocurrency from an alleged dark web drug dealer, along with a substantial quantity of synthetic opioid nitazene and cash in Adelaide Hills. The operation traced illicit dark web activity to a local individual, leading to a successful search and seizure operation. Authorities are concerned about nitazene's toxicity and its potential involvement in overdose cases.

Several web3 companies, including Blockchain B7, Bits of Gold, and CryptoJungle, have joined forces to launch Crypto Aid Israel. They are accepting cryptocurrency donations to provide humanitarian aid for displaced Israelis affected by recent conflicts. The initiative aims to send medical supplies and arrange shelter for those in need. Local banks and crypto operators are supporting this effort, with security provided by Fireblocks. Crypto donations have become a valuable tool for fundraising during times of geopolitical tension and crises.

Bitcoin, 200 days away from its next halving event, is showing signs of a potential bull rally. Historically, Bitcoin tends to surge and surpass previous all-time highs after halving. A chart analyst suggests similarities between the current drop from 2021 highs and the pre-2019 halving pattern, indicating the potential for a significant price rally. Additionally, another analyst predicts Bitcoin halving could rally to $48,000 based on Fibonacci retracement levels. Halving events, which reduce the reward for mining Bitcoin, have historically driven price increases due to reduced inflation.

Edward Farina, CEO of crypto-focused ventures, sees XRP as a better investment since the SEC declared it not a security. Despite legal challenges, XRP's price remains stagnant, which Farina finds perplexing, suggesting potential price manipulation. Judge Analisa Torres barred the SEC from appealing in October 2023, but XRP's price hasn't surged as expected, leaving the market's logic in question amid broader crypto market cooling.

The cryptocurrency market faced significant losses amid geopolitical concerns, with the Israel-Hamas conflict and rising oil prices causing worry. Bitcoin fell 1.21% to $27,608.24, while Ethereum dropped 3.12% to $1,584.26. XRP declined 3.87% to $0.4990, and meme coins like Dogecoin and Shiba Inu also experienced losses. Tezos was a standout gainer, rising 5.96% to $0.72, while Pepe Coin, Gala, and Woo Network saw declines.

Also read - 24 Crypto Update, 09 Oct: Cryptocurrency market in turmoil

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