Headlines

Analysis: MicroStrategy may be overvalued, but the stock price may continue to rise.

Markus Thielen, founder of 10x Research, pointed out in the report that MicroStrategy (MSTR) stock price climbed to $190 for the first time since the end of March, closing up 5.5%. As the largest publicly traded Bitcoin company, MicroStrategy holds nearly $16 billion in Bitcoin assets. Thielen mentioned that if the stock price exceeds $180, the $4.6 billion short hedge fund position may face pressure to cover. In addition, strong demand for bonds may prompt MicroStrategy to raise more funds to purchase Bitcoin. He stated that the strategy of borrowing to buy coins is reasonable, and the rise in stock price may create a positive feedback loop, further driving up the price of Bitcoin.

FTX 2.0 restart rumors fall flat, investors lack interest.

Despite rumors of FTX 2.0 possibly restarting, the plan was ultimately shelved. FTX CEO John J. Ray III had previously stated in June 2022 that the company had started soliciting interest from parties interested in relaunching the FTX.com exchange and might undergo a rebranding. However, FTX lawyer Andrew Dietderich informed the judge at a hearing in January 2024 that they failed to find investors willing to provide funding, resulting in the suspension of the relaunch plan.

Market Trends

As of the time of publication, according to Coingecko data:

BTC recent fill price is $62,306.04, with a daily change of -0.7%.

ETH recently traded at $2,428.96, with a intraday change of -0.6%;

BNB recently traded at $565.56, with a intraday change of -0.8%;

SOL recently traded at $144.31, with a intraday change of -1.4%;

DOGE recently traded at $0.1088, with a intraday change of -2.3%;

XPR recently traded at $0.5308, with a intraday change of -0.6%.

policy

The US SEC warns of the risks of cryptocurrency and emerging technology investment scams.

The U.S. Securities and Exchange Commission (SEC) issued warnings during the 2024 World Investor Week on the increasing risks of cryptocurrency fraud and other investment scams. With the rising influence of artificial intelligence, social media, and aggressive financial marketing, investors are struggling to find reliable advice. The U.S. Securities and Exchange Commission is particularly focused on scams involving cryptocurrencies, financial inducements, and 'relationship' scams, warning that hype around emerging technologies could mislead unsuspecting individuals.

If Trump wins the election, Robinhood's general counsel may become the new chairman of the US Securities and Exchange Commission (SEC).

Robinhood's general counsel, Dan Gallagher, is seen as a potential nominee for the Securities and Exchange Commission (SEC) chairman if Trump successfully wins reelection. However, the SEC is currently considering suing Robinhood's growing cryptocurrency business, accusing it of possibly operating as an unregistered broker and clearinghouse in the crypto market. Gallagher opposes this, calling the case 'meaningless.' He points out that Robinhood's crypto trading volume is much lower than other platforms and does not offer crypto lending or staking products. If Gallagher is elected, he may face a controversial confirmation process as the Democratic Party has long been cautious about industry officials serving on federal regulatory agencies.

A US judge has ordered Google to open up its app store to increase competition.

A US judge has ruled that Google's parent company, Alphabet Inc., must lift restrictions to allow developers to create market platforms to compete with its Google Play Store, potentially disrupting Google's dominant position in the lucrative Android app market. A federal judge in San Francisco ruled in favor of the company in a long-running antitrust lawsuit brought by Epic Games Inc. against Google's app store.

Google said it will appeal the ruling on the antitrust case against Epic Games; and will request the court to suspend the implementation of the injunction issued on October 7th.

Blockchain Applications

Layer3 has expanded to Solana, supporting L3 staking through Wormhole.

Distribution, identity, and incentive infrastructure Layer3 has announced its expansion to the Solana network, aiming to create a consumer distribution layer for the Solana protocol supported by L3 tokens provided natively on Solana via Wormhole.

This expansion introduces multiple new features, including optional token migration through Wormhole & Portal, new leaderboards, rewards, user progress and community structure, and L3 staking on Solana through Wormhole.

Immunefi: Ethereum remains the top choice for white-hat hackers in the blockchain space.

According to Immunefi's 2024 report, Ethereum remains the top choice for white-hat hackers in the blockchain space, but its popularity has declined. Meanwhile, the attention on Polygon, Arbitrum, and Optimism is increasing. 63% of respondents see white-hat hacking as their main job, up from 56% in 2023.

Cryptos

JPMorgan: Cryptocurrency market will be influenced by several key factors in the coming months.

JPMorgan analysts point out that in the next few months, the cryptocurrency market will be influenced by several key factors, including the seasonal 'Uptober' trend, Fed rate cuts, and the Ethereum 'Pectra' upgrade. They mention that historical data shows that over 70% of 'Uptober' months have positive Bitcoin returns, which could positively impact market behavior. Although the Fed rate cuts have not significantly driven the cryptocurrency market, analysts believe that the market remains highly sensitive to macroeconomic factors and requires clearer catalysts for sustained growth. In addition, the approval of Bitcoin ETF options could deepen market liquidity and attract more investors.

Up to the beginning of this year, over 87% of new tokens issued by DEX are based on the Solana blockchain.

According to data from The Block, as of September 30 this year, out of the 110,180 new tokens issued on all tracked chains, Solana accounted for 96,010, representing over 87% of all new tokens appearing on DEX.

The number of new tokens on the Solana blockchain soared from near zero at the beginning of 2024 to over 100,000 per month in the middle of the year. Although Solana is in a leading position, Base also performs well. Since April, these two chains together account for over 80% of the new token issuance.

US judge approves FTX bankruptcy reorganization plan, creditors to be compensated soon.

A US bankruptcy judge has formally approved FTX's bankruptcy reorganization plan, marking the start of the compensation process two years after the exchange's closure. Approximately 94% of creditors support the plan, and 98% of creditors will receive at least 118% of the compensation amount. Despite some creditors' dissatisfaction with the non-crypto-native value compensation, the court has decided to settle in cash. The judge also ruled that FTX's native token FTT is worth zero.

Important Economic Updates

US Fed's Kashkari: Labor market still looks strong

US Fed's Kashkari said that the labor market still looks strong and hopes to maintain it; very confident in the return to the target of 2% inflation.

US Fed's Mursaleen: Further rate cuts possible given economic outlook

US Fed's Mursaleen says that given the economic outlook, further rate cuts may be possible; supports the decision of the Fed to cut rates by 50 basis points last month; the Fed needs to maintain policy patience; expects inflation pressures to continue easing; both employment and inflation are in a 'good position'.

There is an 86.3% probability of the Federal Reserve lowering interest rates by 25 basis points in November, while the probability of not lowering interest rates has risen to 13.7%.

According to CME's 'FedWatch,' there is an 86.3% probability of the Federal Reserve lowering by 25 basis points in November, and a 13.7% probability of maintaining the current interest rate. By December, the cumulative probability of a 50 basis point cut is 78.8%, a 75 basis point cut is 8.9%, and a 100 basis point cut is 0%.

Golden Finance Encyclopedia

What are Rollups

Rollup is a way to process transactions on Layer 2 protocols, which can free up valuable space on the base layer. Rollup will fold transactions one by one on the second layer, sometimes folding dozens of times, then roll them together and send the data back to Layer 1. Rollup mainly has two types, optimistic and zero-knowledge (ZK) proofs.

Disclaimer: As a blockchain news platform, Golden Finance provides articles for information reference only and not as actual investment advice. Please establish correct investment principles and be sure to increase risk awareness.