Weekly Crypto Market Wrap October 7 - 13 , 2024
Hello our dear reader! Today’s THE day for another portion of crypto news – we’ve picked up the freshest updates and will share them with you. Let’s get started.
And for the second week in a row, we are seeing the same scenario—starting Monday, the market sharply drops, but by midweek, it begins to recover, and by Sunday, it regains all the losses. The volatility is just insane. We've almost returned to levels from two weeks ago, and it seems that continued growth is on the horizon. Who knows, maybe this is the long-awaited move to $70K for Bitcoin. With mint tea, we would also recommend adding some chamomile.
What triggered the market correction at the beginning of the week was the news that a judge approved the payout plan for FTX's bankruptcy. Some media provided details: payments under $50K will occur in Q4 2024, and those over $50K will be in Q1-Q2 2025. FTX Trading added that under the plan, 98% of FTX creditors will receive about 119% of allowed claims within 60 days after the plan's effective date. It's unclear why the market reacted so negatively to this.
Now it’s clear... the U.S. government may soon start selling 69K BTC seized in the Silk Road case following a recent U.S. Supreme Court decision. Nightmare, disaster, but worse could be yet to come.
In Portugal, at the request of the U.S., the head of market maker Gotbit was arrested. This, along with other arrests, occurred as part of charges brought by the U.S. Department of Justice against Gotbit and three other companies — ZM Quant, CLS Global, and MyTrade. These well-known market makers were involved in token manipulation (artificial volumes and more). But it seems the scale of these schemes was so insignificant that the market hardly reacted at all.
Important data came out in the U.S. — consumer inflation (CPI): month-on-month = +0.2% (expected +0.1% / previous +0.2%), year-on-year = +2.4% (expected +2.3% / previous +2.5%). Overall, positive news.
And the news of the week, month, quarter, and year! It’s the hyped HBO documentary, where they revealed the "true" identity (in their opinion, of course) of Satoshi Nakamoto — the legendary father of Bitcoin. HBO suggested that it is former Bitcoin Core developer Peter Todd. After the movie's release, he responded that it’s not him and, in fact, said, “We are all Satoshi.”
Worldcoin was at the top of the news cycle almost all week. First, there was information that the company is shifting its focus from Europe to Asia due to regulations. Then, Worldcoin partnered with Dune to increase transparency ahead of the World Chain mainnet launch. The final touch was the announcement that on October 17th, the Worldcoin team will present updates that will allow the project to scale from 7 million users to 700 million. Something is coming, stay tuned.
Now, this is an interesting one. Over 80% of active addresses trading on Solana DEX have volumes of less than $10. Manipulation, ecosystem growth, promotional activities? What could this mean?
Vitalik Buterin sold 10 billion MOODENG, which was donated to him by developers, for 308.7 ETH ($761K) and transferred 260.15 ETH to a charity account. However, his wallet, vitalik.eth, still passively holds 40 billion MOODENG ($4.32M). He promised to hold them, didn’t he?
The legal director of Robinhood is being considered as the top candidate for SEC chairman if Trump wins. If that happens, we'll miss Gensler, honestly.
Notcoin and Dogs announced that they would collectively burn NOT and DOGS tokens worth $4M. And they did burn them. However, it had almost no impact on token prices. Maybe they needed to burn more? What do you think?
Ripple announced the launch of its cryptocurrency custody service, Ripple Custody. We can’t help but notice that this dark horse is slowly entering every sector it can.
Assassin's Creed developer Ubisoft will release its first crypto game, “Champions Tactics.” The game will be available on PC on October 23rd. Oh guys, you should probably focus on fixing your current issues in traditional games first.
Champion NFTs. Source
Upcoming major token unlocks:
These were the key updates of the Crypto World for today. Stay tuned and check out our Blog posts for more educational and fun crypto-related content.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
