TOP 5 Losers Coins
| Indices | LTP | Change (%) |
|---|---|---|
| Loom Network | $0.2965 | 23.22% |
| Trust Wallet Token | $1.02 | 9.19% |
| THORChain | $1.58 | 7.97% |
| Maker | $1397.54 | 5.30% |
| UNUS SED LEO | $3.67 | 4.00% |
Bitcoin's price surged to around $30,000 on unconfirmed reports of a US SEC-approved spot Bitcoin ETF, triggering FOMO. When the news proved false, prices swung wildly, leading to over $74 million in liquidated derivatives positions, mostly on OKX, Binance, and Bybit. The rumor of a BlackRock Bitcoin ETF approval was denied, with the SEC yet to greenlight any such ETF.
Binance, the world's largest cryptocurrency exchange, has suspended access for new UK users due to regulatory changes. The UK's financial watchdog mandates communication approval for crypto platforms, prompting Binance to seek a new communications approver after ending a partnership. This move highlights the growing pressure on crypto exchanges to meet stricter compliance standards amid evolving regulatory landscapes.
Cardano (ADA) whales are causing concern as their large balances have been decreasing over the past month. Holders of 1 million to 10 million ADA have been selling, resulting in a 220 million token decline by October 15. In contrast, holders of 10 million to 100 million ADA have increased their balances, acquiring over 300 million ADA during this period. ADA's poor performance has left holders experiencing losses in the bear market.
Cointelegraph apologizes for erroneously posting unverified news on X about the SEC approving BlackRock's iShares spot Bitcoin ETF. An internal investigation revealed the breach in their social media process, which necessitates source verification and editorial approval before posting. They're reviewing processes and ensuring accountability to prevent such incidents in the future.
Chainlink's recent surge was preceded by increased activity from whales and institutional investors, indicated by the "large transactions volume" metric. This metric, tracking transactions over $100,000, saw a spike, with whales moving around 20.38 million LINK within 24 hours, worth over $150 million. The reason behind this activity remains uncertain, but it may have contributed to the price rally. Further activity from these investors could indicate potential price volatility in the near future.
An analyst considers Bitcoin a better investment than gold due to its historical outperformance, upcoming halving, and the potential for a US Spot Bitcoin ETF approval. He believes Bitcoin is still in the early stages of institutional adoption and anticipates significant demand once an ETF is approved. However, recent price volatility due to fake news about an iShares Spot Bitcoin ETF approval underscores the market's sensitivity.
Grayscale Bitcoin Trust (GBTC) is trading at a 15.87% discount to Bitcoin's net asset value (NAV) as of October 13, the lowest in nearly two years. This narrowing discount is attributed to the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, with analysts anticipating further reductions in the discount as ETF approval approaches.
Ethereum co-founder Vitalik Buterin transferred $14.9 million in USD Coin (USDC) to the Gemini exchange from his wallet "Vitalik.eth." He had received the original sum from Kanro, a charity associated with him. Buterin had also recently sent approximately $500,000 to Coinbase. Ethereum's price remained relatively stable after the transfer, dropping only 0.68% in the past four hours. This transaction is part of a series of ETH deposits to centralized exchanges, with Buterin transferring more than $3.9 million in September.
Nishad Singh, the former FTX engineering director, revealed details of his plea deal with the U.S. Justice Department during the criminal trial of FTX founder Sam Bankman-Fried. Singh pleaded guilty to fraud charges and disclosed FTX's $1.3 billion celebrity endorsement deals and allegations of borrowing $13 billion from Alameda Research. He also shared concerns about liquidity issues and inconsistencies in FTX's activities. The trial continues with Bankman-Fried facing multiple fraud-related charges.
Also read - 24 Crypto, 16 Oct: Market Frenzy: Fake ETF News Sparks Crypto Surge
