TOP 5 Gainers
| Indices | LTP | Change (%) |
|---|---|---|
| Toncoin | $2.11 | 7.41% |
| Trust Wallet Token | $0.9442 | 4.62% |
| Avalanche | $10.36 | 3.33% |
| Cardano | $0.2629 | 1.59% |
| Render | $1.75 | 1.59% |
The U.S. nonfarm payrolls report, a highly monitored economic gauge, may exert substantial influence on cryptocurrency valuations. Following the release of employment data indicating a slowdown in job growth, the yield on the 10-year Treasury note experienced a significant drop of nearly 7 basis points to 4.735%. This decline, the most significant in over a month, has prompted optimism that the Federal Reserve could potentially initiate interest rate reductions sooner than originally projected.
In 2023, crypto influencers, including Ethereum's Vitalik Buterin, faced SIM swap attacks. Protect against them by staying vigilant online, using strong passwords, and opting for secure two-factor authentication. Engage your mobile carrier for added security, and avoid sharing personal information and phone numbers on social media. Stay safe from rising SIM swap threats.
Binance , facing regulatory challenges, aims to build trust by sharing its latest proof of reserves snapshot, revealing substantial BTC, ETH, and USDT holdings in custody for users. Despite this, some users are moving towards self-custody solutions. BNB's price shows signs of accumulation but historical patterns suggest a potential downturn, reflected in low market confidence and on-chain data.
Kraken, a long-standing crypto exchange, is acquiring Dutch crypto broker Coin Meester B.V. (BCM) to bolster its presence in Europe and expand its product offerings. Kraken sees the Netherlands as a strategic market due to its strong economy and crypto adoption. The move aligns with the European Commission's MiCA regulatory framework, aiming to standardize crypto rules and enhance consumer protection. Kraken has also obtained licenses in Ireland and Spain, positioning itself for euro-to-crypto trading in the EU. MiCA took effect in June 2023, with full implementation planned for 2024.
Blackbird Labs, led by CEO Ben Leventhal, has raised $24 million in a series A funding round, with support from Andreessen Horowitz. Their crypto-powered app connects restaurants and customers through NFT memberships created by tapping phones on NFC readers. Memberships offer rewards and exclusive perks, while the project's blockchain infrastructure aims to decentralize the hospitality industry's rewards systems. Blackbird has partnered with Privy to simplify onboarding for users, and it has already enlisted 80 restaurants in New York City.
The SEC is taking legal action against Elon Musk, alleging he failed to testify regarding his Twitter (now X) acquisition while buying its shares. The SEC claims his non-compliance is hindering their securities fraud investigation. Musk responded on social media, expressing frustration at continued scrutiny and emphasizing his commitment to free speech and his various ventures.
Ledger's CEO, Pascal Gauthier, announced a 12% staff reduction in a blog post, citing the need for business sustainability. Despite raising capital earlier this year, macroeconomic challenges have impacted revenue generation. Gauthier sees the current crypto market bearishness as an opportunity for business strengthening. Ledger joins other companies, including Chainalysis and Chia Network, in recent layoffs, highlighting the market's widespread challenges.
The U.S. Dollar Index has dropped below 106 as Treasury yields fell amid bond market turbulence. Concerns about the bond market's impact on banks and the broader economy are rising. Metro Bank's troubles add to the unease, although Bitcoin has remained relatively stable. Investors are closely watching developments in both the bond and cryptocurrency markets.
Metro Bank's share price plummeted 28% as reports emerged that it's seeking to raise £600 million to stabilize its balance sheet. The bank's market cap is now just £63 million, down 62% in a month. Metro Bank, which admitted to an accounting error in 2019, may sell £3 billion of its mortgage book. Concerns over higher interest rates impacting mortgage holders and potential ripple effects on the UK economy persist. While Metro Bank's issues seem specific, its failure would be the first high street bank collapse in the UK since Northern Rock in 2007.
Also read - 24 Crypto Update, 05 Oct: Crypto dips ahead of crucial jobs data ,
