24 Crypto, 16 Oct: Market Frenzy: Fake ETF News Sparks Crypto Surge

Bitcoin and Crypto Market Surge Moderated by False ETF Approval Announ

Bitcoin surged on fake ETF news; BlackRock CEO sees pent-up interest

Cryptocurrencies, including Bitcoin, saw a significant surge in trading value during the early hours of Tuesday in the Asian market. Nonetheless, these gains quickly moderated as the morning progressed. The reason for this fluctuation was a false announcement of a spot ETF approval that was initially posted on X, the social media platform formerly known as Twitter. As soon as the report was clarified and removed, the gains were reduced.

In the past 24 hours, the crypto market recorded a $62.8 billion volume, marking a substantial 222.11% increase. DeFi's share is $3.14 billion, equivalent to 5.01% of the total crypto market volume, while stable coins make up the majority at $58.6 billion, constituting 93.32% of the 24-hour volume. Bitcoin's dominance increased by 0.63% in a day, currently at 50.65%.

Major Events To Watch:

Crypto Fear and Greed:

Over the last day, there has been a notable surge in buying activity within the cryptocurrency markets, causing a 5-point increase in the "Greed and Fear Index." Consequently, the index now stands above the halfway point at 52 on its 0 to 100 scale.

Latest Market Update: 

On Tuesday morning, Bitcoin and Ethereum, two prominent cryptocurrencies, maintained their values above $28,000 and $15,000, respectively. Various other popular altcoins, such as Litecoin and Solana, experienced modest gains. Bitcoin SV saw the most significant increase, surging by over 11.06% in 24 hours, while Loom Network emerged as the biggest loser.

Major Worldwide News Update:

• Bitcoin surged to $30,000 on unverified reports of SEC approving BlackRock's iShares Bitcoin ETF, but quickly retreated to $28,200. BlackRock denied the approval. The potential approval of a spot Bitcoin ETF could simplify crypto trading and boost mainstream adoption. Recent legal developments in the US have generated excitement for ETFs. A U.S. Court of Appeals ruling favoring Grayscale's Bitcoin ETF request has fueled optimism for wider acceptance.

• The U.S. government now holds over $5 billion in confiscated Bitcoin, primarily from cybercriminals and darknet activities, with assets secured offline. Legal protocols drive this accumulation rather than a strategic investment approach. The U.S. has updated its method for asset disposal, shifting to phased sales through crypto exchanges to maintain market stability. The proceeds support criminal investigations and victim restitution.

• In the ongoing criminal trial of Sam Bankman-Fried, former FTX CEO, it was revealed that the cryptocurrency exchange spent over $1 billion on celebrity promotions. Testimony from Nishad Singh disclosed substantial payments to influencers and celebrities, including renaming a Miami venue to FTX Arena. The trial continues with potential implications for Bankman-Fried's sentence if found guilty.

• The cryptocurrency market faced turmoil due to false information from Cointelegraph regarding a spot Bitcoin ETF approval. Bitcoin surged to $30,000 before retracting to $28,000 when BlackRock denied the confirmation. Investors who acted on FOMO faced significant losses. The SEC's recent court decision favored Grayscale's spot Bitcoin ETF proposal, potentially bringing a long-awaited Bitcoin ETF closer to reality.

• The text discusses Tether's efforts to block digital assets associated with illicit activities, such as terrorism financing. Tether, along with other major crypto players like Binance, is actively cooperating with law enforcement agencies to combat unlawful fund movements. These actions highlight the traceability of blockchain technology and its potential to enhance global financial security.

• Charles Hoskinson, founder of Cardano, discussed the XRP lawsuit, arguing that XRP should not be classified as a security. He raised concerns about the SEC's approach and called for concrete evidence regarding allegations that individuals associated with Ethereum influenced the SEC's actions against XRP. Hoskinson playfully interacted with the XRP community, teasing their "ETHGate theories."

• Uniswap, the decentralized protocol, will introduce a 0.15% swap fee for select tokens starting October 17, as announced by CEO Hayden Adams on the X app. This move aims to promote sustainability and transparency while exempting certain token pairs from fees. Users can access Uniswap through various interfaces or directly with smart contracts. The fee is separate from the Uniswap Protocol fee switch, determined by UNI token governance. Uniswap has also launched services like UniswapX Beta Protocol and an NFT aggregator.

• FTX Debtors settled customer property disputes within their Chapter 11 cases, aiming for over 90% customer distribution in the amended plan by Q2 2024. Customers can settle 15% of recent withdrawals or face legal action. Assets are categorized into three pools, and customers have "Shortfall Claims" against the General Pool. Settlement follows extensive negotiations with stakeholders amid revelations of reckless spending on celebrity promotions and deals.

COIN GABBAR Views: Will Bitcoin Reach $30,000 Again? Is the Recovery Sustainable? How's the Israel-Hamas Conflict Affecting Crypto? Does the US Government Truly Hold $5 Billion in Bitcoin? Why Was $280 Million BTC Moved to Long-Term Storage? What's the Reality Behind the Fake Blackrock ETF Approval News? Stay tuned for the latest news at www.coingabbar.com

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: Crypto Daily Roundup, 16 Oct: BTC hits $28K amid ETF approval optimism