Green Candles Everywhere: Uptober Fulfilled?

GM! Green candles are exploding all over the market! It seems like many old giants like Link are experiencing a significant uptick in price, even memecoin season seems to be back with the insanity of Hay. Let’s get to it!

ICYMI

• New York Attorney General Letitia James files a lawsuit against Gemini, Genesis Global Capital, and Digital Currency Group, alleging they defrauded investors out of over $1B

• SEC drops charges against Ripple's executives Brad Garlinghouse and Chris Larsen, but the case against Ripple continues

• Grayscale has submitted a new registration statement to the SEC, aiming to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF

• $HAY created by Uniswap founder five years ago has surged to nearly $4M, after founder burns burned 99.99% of the supply, leaving just 56 tokens in circulation

• Celestia airdrop recipients will see their see allocation go up significantly after the redistribution of unclaimed tokens

• Two Reddit moderators potentially sold tokens before the public announcement of Reddit's termination of the Community Points program

• The US Treasury Department plans to designate international crypto mixers as money-laundering hubs due to their use by terrorist groups like Hamas

Catalyst Of The Week

• Monday: Ziliqa Plunder Swap launch, BNB to list on Bitbank, NvirWorld to release third update

• Tuesday: Seedify to list Openfabric, Beefy to distribute BIFI token, Merit Circle announcement and keynote

• Wednesday: Concordium ecosystem update, Gods Unchained to release Tides of Fate, Terra Classic Proposal 4790 Vote

• Thursday: Stella incentive program begins, Magic opens token claim for 2021 users, Avalanche Developer Community Call

• Friday: Floki staking initiative will go live, Lords BIP-15 proposal vote, JUST 31st supply mining phase

State of the market

• The recent market shift, triggered by an erroneous tweet by CoinTelegraph, has led to a breakout, propelling BTC towards the $35k mark. However, the sustainability of this rally remains uncertain

• Following the market surge, investors began to anticipate the imminent approval of a BTC spot ETF, realizing they may have insufficiently allocated their investments to BTC. Many believe the ETF might be approved before the end of the year

• Despite recent developments, metrics like the Fear and Greed Index and other sentiment indicators continue to reflect a lack of bullish sentiment among investors. Many remain cautious, possibly due to distrust in the current market rally

• Notably, Bitcoin's dominance is steadily increasing, suggesting a substantial influx of liquidity into BTC.

• Investors appear to favor BTC, allocating a significant portion of their capital to it while showing limited interest in altcoins in general

• Although certain altcoins have displayed positive performance, the overall market dynamics do not seem to align favorably with a sustained rally in the short term for altcoins

• The primary factors that could potentially dampen this rally include the introduction of significant regulatory measures or the potential decline of Binance.

• It's worth noting that market participants appear to have priced in these events, with investors making preparations to mitigate their impact

Industry

• The SEC has secured a default judgment against Thor Technologies and its founder David Chin

  This judgment is related to charges of conducting an unregistered offering of crypto asset securities totaling $2.6M

• Binance has entered into partnerships with new fiat providers to facilitate Euro transactions, including deposits and withdrawals

  This move comes after Binance's previous Euro banking partner, Paysafe, ceased its collaboration with the exchange. The new agreements aim to provide a range of fiat services to Binance users

• Coinbase has selected Ireland as its European MiCA hub

  This allows the exchange to serve a large market of 450M people across 27 countries under a single regulatory framework. Ireland's favorable political environment and regulatory infrastructure played a crucial role in this decision

• U.S. Senator Elizabeth Warren is leading efforts to address the potential risks of crypto-financed terrorism by demanding detailed plans from top officials

• DCG release statement on NYAG’s civil suit

• Mike Novogratz has believes that the SEC will approve a spot Bitcoin ETF by the end of this year

• Van Eck’s recent tweets are indicating a spot BTC ETF is around the corner

• A new Ethereum Improvement Proposal is being introduced to enhance the tokenized vault standard for Real World Assets

• The ECB has announced it will enter the "preparation phase" for the digital euro project, following a two-year investigation.

• Finland is working on developing an instant payment solution using the digital euro

Projects

• Employees at Parity Technologies of Polkadot, were laid off a week before the company's annual retreat in Mallorca

  Despite the layoffs, they were expected to attend the retreat. The event, initially planned as a week of presentations and workshops, turned into discussions about the company's dissolution, survivorship, and future

• Gnosis Chain's total value locked has doubled to $150M since early October, driven by a surge in transactions and fees on the network

  This growth is attributed to the transfer of $50M in stablecoins to Gnosis Chain, where users are utilizing MakerDAO's Spark lending protocol to earn yields exceeding 7%

• Lightning Labs has launched its Taproot Assets protocol on the main network

  This protocol allows for the issuance of stablecoins and other assets on Bitcoin and Lightning, providing developers with the necessary tools to expand Bitcoin into a multi-asset network while maintaining scalability and upholding Bitcoin's core values

• Ethereum co-founder Joseph Lubin and ConsenSys are facing a lawsuit filed by more than two dozen former employees

• Aptos Network experiences 5-hour outage

• Magic Eden temporarily pause BRC-20 trading

• MultiversX, EGLD, experienced a nearly 10% spike in price, following the announcement of a partnership with Google Cloud's AI and data analytics tools during MultiversX's xDay Conference

• Coinbase has announced its intention to support the launch of dYdX Chain as a validator

• Infura token could be on the horizon according to a recent blogpost

• Gasless approvals are now available on Cow Swap

• SuperDao has announced its closure and plans to return remaining funds to investors

• What Are VCs Doing: For the third successive quarter, startups in the Trading, Exchange, Investing, and Lending sectors have secured the most substantial amount of venture capital funding, totalling $611M, representing 32.5% of all venture capital investments during this period

• A Scare Resource: The number of BTC that have remained untouched for over a decade is approaching 3M, constituting roughly 15% of the total circulating supply of BTC. This trend, which has been steadily increasing, highlights a notable contrast with the amount of BTC held on exchanges and suggests a significant shift in the future supply of BTC

• A $10T Market by 2030: The market for tokenized assets is predicted to reach anywhere between $3.5T (bear case) and $10T (bull case) by 2030 according to the latest research by 21.co, driven by the adoption of blockchain technology by traditional financial institutions.

Good Reads

• Phillip Zenter from Li.Fi discusses how to pitch to VCs

• Learn about the evolution of token design in this detailed article from Consensys

• Arthur Hayes discusses the intersection of AI and crypto, focusing on the potential for a future bull market driven by an increase in fiat liquidity and excitement over AI commercialization in his latest article

• Erin Plante, a private detective, was tasked with recovering over $600M in stolen crypto from the largest crypto heist in history, which occurred when hackers targeted the online game Axie Infinity in March 2022. Listen to her story here

• This article by A16Z discusses the design of reward systems for web3 governance, particularly focusing on incentivizing long-term civic participation

• Learn about LPDFi in this great guide

• Learn how to fund multiple wallets in this guide from Ardizor

• Explore the fascinating world of dark pools in this informative piece

• CIA Officer details the best Telegram security practices

• Learn everything you need to know about staked Frax in this detailed thread

Recommended Tool

• High-interest rates have made stablecoin yields less attractive, leading to the tokenization of US Treasuries on-chain, attracting over $300M in assets under management, with even traditional players like Franklin Templeton and WisdomTree joining in using Stellar blockchain. Track these developments with the Dune dashboard below

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