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24 Crypto Update, 05 Oct: Crypto dips ahead of crucial jobs data

Key Takeaways
  • Cryptocurrencies dipped on Thursday, with investors eyeing upcoming jobs data that could influence future interest rate decisions
  • Bitcoin maintains its position above $27,500, while Ethereum continues to hold the $1,600 level
  • The cryptocurrency market cap has dipped by 0.50%, hovering around the $1.12 trillion mark
06-Oct-2023 By: Lokesh Gupta
24 Crypto Update, 05

Investors eye Friday's job data, impacting interest rates.

Bitcoin ascended amidst a varied crypto market landscape, with keen attention directed towards global bond yields and the legal trial involving FTX's founder, Sam Bankman-Fried. The crypto market remained in a consolidation phase, eagerly awaiting the release of the U.S. nonfarm payrolls report for September, anticipated to show a decrease in job additions from the prior month, dropping to 170,000 from 187,000.

In the past 24 hours, the crypto market surged by 4.71%, hitting a total volume of $25.61 billion. DeFi contributed $2.61 billion (10.19% of the total), while stablecoins accounted for a significant $23.69 billion (92.50% of the total volume). Bitcoin's dominance slightly decreased by 0.01% to 49.67%.

Major Event to be watch

Crypto Fear and Greed:

In the past 24 hours, the cryptocurrency markets experienced increased buying sentiment, leading to a two-point rise in the "Greed and Fear Index." It now rests at 50, positioned precisely at the midpoint of its 0 to 100 scale.

Latest Market Update: 

On Friday, Bitcoin, the pioneering and most valuable cryptocurrency, faced resistance as it tried to break the $28,000 barrier. Meanwhile, other well-known digital assets like Ethereum, Dogecoin, Ripple, and Litecoin exhibited relatively subdued price movements. Trust Wallet Token outperformed the rest for the second consecutive day with a noteworthy 24-hour gain of over 6%, while Frax Share saw the largest decline, dropping by nearly 6% during the same period.

Major Worldwide News Update:

  • US Presidential candidate Robert F. Kennedy Jr. expressed concerns about government-issued central bank digital currencies (CBDCs), citing worries about their potential for control. He sees Bitcoin as a "freedom currency" independent of government influence and opposes CBDCs, fearing they will restrict spending and become instruments of power. Kennedy also noted the uncertain future of the US Dollar in light of the BRICS Group's growth.

  • Stuart Alderoty, Ripple XRP's legal chief, criticized the U.S. SEC's brief opposing Coinbase's motion to dismiss the SEC lawsuit. The SEC cited the Howey Test to assert that some crypto assets on Coinbase qualify as investment contracts. Alderoty deemed the SEC's claims baseless, lacking citation or support, echoing earlier criticism of the Howey Test's application in crypto cases.

  • Elon Musk faces an SEC investigation regarding his 2022 acquisition of Twitter, now X. The probe examines potential violations of federal securities laws in Musk's stock purchases and related statements. Musk initially agreed to testify but later refused, leading to tension with the SEC. The investigation stems from allegations of delayed disclosure and is ongoing.

  • Gary Wang, a co-founder of FTX, testified against Sam Bankman-Fried, alleging fraudulent activities within the company, including unlimited fund withdrawals for Bankman-Fried's Alameda Research hedge fund. Wang, along with Caroline Ellison and Nishad Singh, admitted guilt in related charges. Matt Huang of Paradigm disclosed marking FTX equity to zero. Adam Yedidia described Bankman-Fried's CEO role and luxurious lifestyle, raising questions about FTX's financial stability. Yedidia distanced himself from Bankman-Fried amid legal troubles and financial issues.

  • Crypto journalist Laura Shin revealed that Matt Huang, co-founder of crypto VC firm Paradigm, may testify in the Sam Bankman-Fried trial. Paradigm's involvement in a class action lawsuit against FTX, alleging marketing campaigns that boosted FTX's credibility, makes Huang's testimony potentially significant in assessing Paradigm's role in FTX's growth and reputation. The case highlights the need for accountability and transparency in the evolving crypto industry amid increasing regulatory scrutiny.

  • Adam Yedidia, a former MIT roommate of Sam Bankman-Fried, testified in SBF's trial, revealing an $8 billion deficit in Alameda Research due to a bug in FTX's code. Yedidia communicated this via Signal and SBF assured a solution. Questions arise about where the $8 billion went, possibly tied to undisclosed projects and loans, leading to Michael McCaffrey's resignation from The Block.

  • Kraken, a US-based cryptocurrency exchange, has announced plans to acquire Netherlands-based exchange Coin Meester B.V. (BCM), aiming to expand its presence in Europe. The move follows the EU's MiCA regulatory framework rollout. Kraken has secured VASP licenses in several European countries and seeks to strengthen its position in the Dutch market through the acquisition, pending approval from the Dutch central bank.

  • Hedera, a blockchain platform, is deprecating its hethers.js library to simplify development and align more closely with Ethereum Virtual Machine (EVM) standards. This move aims to provide a smoother transition for Ethereum developers to work on Hedera. Users are encouraged to switch to ethers.js, web3.js, or other EVM tools before the official deprecation date, October 20, 2023. Hedera will continue to offer support and guidance for this transition.

  • In the XRP cryptocurrency market, recent significant transfers by large holders to exchanges have raised worries about a potential sell-off. Despite favorable developments for Ripple, such as legal wins and regulatory endorsements, XRP's price dipped by 1.18% over the past 24 hours, currently trading at $0.523. The daily trading volume also decreased to $1.01 billion, and the market capitalization stands at $27.87 billion. The ongoing legal dispute between Ripple Labs and the SEC remains a key factor affecting market sentiment.

  • Ethereum's average transaction fees have dropped to $1.13, the lowest since November 2022, according to Santiment. Historically, such fee lows have coincided with the cryptocurrency reaching its bottom, as observed after the FTX crash in 2022. Lower fees can encourage increased network utility and activity, potentially leading to a price rebound, though it's uncertain if Ethereum will hit its bottom soon.

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

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, 05 Oct: Ongoing rollercoaster in the market!

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