Despite some promising developments such as the introduction of Ether ETFs based on futures and the emergence of a stablecoin tied to the UAE Dirham, Bitcoin (BTC), the leading cryptocurrency in terms of market value, has been unable to break its downward trend and is presently trading below $28,000. On October 3, the yield of the 10-year US Treasury note reached 4.75%, marking its highest level in sixteen years. This increase was driven by statements from Federal Reserve officials affirming that interest rates would not see reductions in 2023 and 2024.
In the past 24 hours, the overall cryptocurrency market recorded a trading volume of $24.44B, marking a significant 35.15% decrease. DeFi's total volume stands at $2.48B, constituting 10.14% of the entire 24-hour crypto market volume. Meanwhile, stablecoins contribute $22.82B, accounting for a substantial 93.37% of the total crypto market's 24-hour volume. Bitcoin's dominance has increased by 0.21% in the day and now sits at 49.65%.
Over the last 24 hours, cryptocurrency markets witnessed a decline in sentiment, causing the "Greed and Fear Index" to drop by one point. It presently stands at 48, precisely at the halfway point on its 0 to 100 scale.
On Thursday morning, Bitcoin, the enduring powerhouse of the global cryptocurrency market, clung just beneath the $28,000 mark. In the meantime, prominent alternative cryptocurrencies like Ethereum, Dogecoin, Ripple, and Litecoin maintained their composure, exhibiting minimal price swings. Notably, Trust Wallet Token emerged as the front-runner among gainers, skyrocketing by more than 11% in the preceding 24 hours. Conversely, Toncoin took a hit, recording the most pronounced loss with a 3% dip during the same time window.
Investors in Ethereum are showing bullish sentiment following the SEC's approval of Ether futures ETFs. On-chain data reveals a five-year low in ETH sitting on exchanges due to increased self-custody since August 2023. This outflow signals potential price volatility. The recent launch of Ether futures products has also boosted hopes for an ETH price rally. Despite delays in Bitcoin ETF approvals, optimism remains. Grayscale's Ethereum Trust (ETHE) has applied for conversion into a spot Ethereum ETF, adding to the positive regulatory outlook.
London-based cocoa broker Marc-Antoine Julliard testified about his Bitcoin holdings on FTX in the criminal trial of former FTX CEO Sam Bankman-Fried. Julliard's 4 Bitcoins stuck in FTX vaults after an SBF tweet are a focal point. High-profile witnesses like Caroline Ellison and Anthony Scaramucci are expected to provide insights into FTX's workings. The trial highlights crypto's volatility and raises questions about its future.
CertiK reported recent activity linked to the FTX drainer, noting a significant conversion of 5,624 ETH to BTC via a bridging transaction. This comes after warnings of potential bridging of up to 30,000 ETH to BTC by the hacker responsible for siphoning from FTX. CertiK's monitoring tool has been instrumental. The hacker employed a peel chain money laundering technique, affecting over 80 Bitcoin wallets. The timing coincides with former FTX CEO Sam Bankman-Fried's trial, but no direct connection has been established. Anthropic's significant capital influx, backed by Amazon and Google, holds implications for FTX creditors.
Polygon co-founder Jaynti Kanani steps back from daily operations after six years but remains committed to the project. Polygon, formerly Matic Network, continues to evolve with the Polygon 2.0 initiative, emphasizing zero-knowledge proofs and various protocol layers. The platform's dedication to innovation and an interoperable blockchain ecosystem remains strong.
Canada-based FCF Pay has expanded its cryptocurrency support, including XRP and Shiba Inu (SHIB), allowing Bitcoin miners and customers to pay their electricity bills using digital assets. Transactions are processed through the FCF gateway, converting crypto to fiat before settling bills, typically taking 24 to 48 hours. The platform also extends crypto payment services to over 20,000 American firms, including HSBC, Honda, PayPal, American Airlines, Walmart, and Amazon. Ripple's approval for a Major Payments Institution (MPI) license in Singapore further highlights crypto's growing practicality in the business sector.
Ethereum Futures Exchange Traded Funds (ETFs) are gaining traction, with VanEck's EFUT leading in assets at $8.27 million, followed closely by ProShares' EETH with $5.96 million. Bitwise's AETH also enters the market with $0.62 million in assets. Despite a slow start, Ethereum Futures ETFs are beginning to attract diverse investors.
Telegram's TON blockchain project receives a significant eight-figure investment from MEXC Ventures, the investment arm of cryptocurrency exchange MEXC. The partnership aims to enhance Web3 accessibility and reduce entry barriers. MEXC will promote TON-based projects and introduce a TON collateral lending service while eliminating trading fees for the TON token. Discussions about funding a Telegram-based crypto wallet are also in progress, aligning with the TON Foundation's vision of integrating Web3 into the Telegram messenger.
CMCC Global, a crypto and blockchain-focused venture capital firm, has successfully raised $100 million for its Titan Fund. The fund will support early-stage Web3 startups in Asia, particularly in Hong Kong, with an emphasis on equity investments. Notable contributors include Block.one, Pacific Century Group, Winklevoss Capital, and Animoca Brands' founder Yat Siu.
Hong Kong Exchanges and Clearing Limited (HKEX) introduced "Synapse," a platform utilizing smart contracts in DAML language to enhance operational efficiency in equities settlement. Synapse will be integrated into Stock Connect, allowing international investors access to over 1,000 Mainland Chinese stocks. HKEX partnered with Hong Kong's Depository Trust & Clearing Corporation (DTCC) for central matching of cross-border transactions.
In March 2019, Binance CEO Changpeng Zhao (CZ) reportedly declined a $40 million proposal from ex-FTX CEO Sam Bankman-Fried (SBF) to establish a futures crypto exchange. Binance chose to develop its own futures platform, and SBF subsequently launched FTX's futures exchange. In 2022, FTX approached Binance for an acquisition, which CZ declined. These interactions have gained attention amid SBF's trial on fraud and money laundering charges related to FTX's issues.
COIN GABBAR Views: Could BTC's price see a rebound before the weekend? Is Bitcoin starting October with a notable upturn, possibly crossing the 200 SMA roadblock? 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, 04 Oct: What's behind the crypto market's drop?
