On October 11, the sentiment in the cryptos market hit a bottom and rebounded, $Bitcoin (BTC.CC)$ Recovering the $60,000 level, trading at $60,744.58, earlier Bitcoin accelerated its decline, briefly falling below the 0.06 million mark. $Ethereum (ETH.CC)$ Regaining the $2,400 level, priced at $2,410.93.
Key Focus
Fidelity is planning to launch its first currency etf traded through blockchain
According to The Information, Fidelity investment company is paving the way for the future launch of a currency market fund that may be traded on the blockchain. This is the latest attempt by the traditional financial giant to accelerate financial transactions and expand product audience. Fidelity submitted relevant documents to the US Securities and Exchange Commission on September 26 detailing its plans. By launching this fund, Fidelity will compete with the world's largest asset management company BlackRock, which has attracted over $0.5 billion in investor funds with similar funds.
Cryptocurrency derivatives exchange Bitnomial sues the U.S. SEC, questioning its authority over XRP futures
According to FOX Business, the cryptocurrency derivatives exchange Bitnomial has sued the US Securities and Exchange Commission (SEC), questioning its regulatory authority over XRP futures. After Bitnomial certified XRP-dollar futures contracts, the SEC claimed that XRP is a security and demanded that the exchange comply with additional regulations. Bitnomial believes that XRP futures should not be classified as security futures and is seeking a court declaration to block the SEC's jurisdiction over it. This lawsuit intensifies the struggle for regulatory authority over crypto assets between the SEC and the Commodity Futures Trading Commission (CFTC).Futures Trading Commission (CFTC)'s latest data shows that investors are significantly reducing their net short positions in US soybean, corn, and wheat contracts, easing bearish sentiment in the market.Committee (CFTC) in the cryptocurrency asset regulatory battle.
PwC: Nearly half of traditional hedge funds are getting involved in cryptos
A new survey shows that as regulations become clearer, and with the introduction of exchange-traded funds in the US and Asia attracting more investors to the cryptocurrency category, nearly half of hedge funds focused on traditional asset classes are now involved in cryptocurrencies. According to the Global Cryptocurrency Hedge Fund Report released by the Alternative Investment Management Association and PwC on Thursday, 47% of hedge funds trading in traditional markets hold digital assets, surpassing 29% in 2023 and 37% in 2022. The survey found that among funds already invested, 67% plan to keep the capital in cryptocurrencies at the same level, while the remaining funds plan to increase investments by the end of 2024.
US senators release a stablecoin regulation legislative draft, echoing the stablecoin bill framework in the House of Representatives
According to The Block, US Senator Bill Hagerty has introduced a stablecoin regulation legislative proposal aimed at creating a clear regulatory framework for stablecoins. This proposal is similar to the "Payment Stablecoin Transparency Act" jointly formulated by Representatives Patrick McHenry and Maxine Waters in the House of Representatives, aiming to balance federal supervision of banks and non-bank institutions. Hagerty points out that this legislative proposal allows stablecoin issuers to apply for exemptions after reaching a $10 billion threshold and continue to comply with state regulations. At the same time, the proposal stipulates that stablecoins must be pegged 1:1 to reserve assets like the US dollar.
OKX announces to become the world's first crypto exchange platform to obtain a full operational license in the UAE
According to official sources, on October 10, 2024, OKX's Middle East General Manager, Rifad, announced that OKX has become the first global encrypted trading platform to obtain a full operational license in the UAE. Rifad stated that in the future, OKX will continue to invest, grow, and expand in the region. Dubai has become one of the global virtual asset hubs, with the region increasingly recognized for its technological innovation and development strategies. We are eager to participate in the technological innovation and community building in the constantly developing digital asset field.
Zhao Changpeng: Will participate as an individual in the Binance Blockchain Week in Dubai at the end of October
Former CEO of Binance, Zhao Changpeng, stated on the X platform: "I will attend the Binance Blockchain Week in Dubai from October 30th to 31st as an individual. This is one of the largest Web3 events of the year. See you then."
The Trump family's crypto project WLFI disclosed in its roadmap its plan to raise 0.3 billion USD at a valuation of 1.5 billion USD.
According to The Block, based on a roadmap shared with potential investors, the Trump family's cryptocurrency project, World Liberty Financial (WLFI), is set to begin token sales next week. The roadmap indicates that WLFI's "first sale" will raise 0.3 billion US dollars, selling 20% of the token supply at a fully diluted valuation of 1.5 billion US dollars. This suggests that there may be more token sales to come. Folkman stated at last month's X Spaces that 63% of the token supply will be sold to the public, with 17% used as rewards for users, and 20% for team incentives. The roadmap specifies that WLFI will be a governance token used for voting on decisions regarding the future development of the WLFI platform. These tokens will not be transferable for the first 12 months. Even if the community votes on token transferability during this period, it can only be implemented after a year. Governance functions will take effect immediately, regardless of transferability. The first phase of World Liberty Financial is the launch of a version of Aave's DeFi lending platform on the Ethereum Layer 2 network Scroll, allowing users to lend and borrow tokens starting with Bitcoin, Ether, and stablecoins. This part of the plan has already begun. The second phase involves integration with exchanges to allow users to trade by providing proof of customer agreements on-chain. The project aims to create a credit card centered around stablecoins, allowing people to use their tokens in the real world. The final phase of the project involves tokenizing real-world assets and obtaining regulatory approval. This may include hotels and sports clubs. Additionally, the project aims to establish a stablecoin settlement platform.
Bitcoin mining company Iris Energy faced investor lawsuits for alleged false statements about its facility capabilities in transitioning to AI.
According to Finance Magnates, the Bitcoin mining company Iris Energy, recently rebranded as a high-performance computing (HPC) data center operator, is now facing a class-action lawsuit alleging that it overstated its capabilities and prospects to investors. The lawsuit has been filed in the Eastern District of New York federal court, alleging that Iris Energy and its executives made false and misleading statements about the company's ability to transition its Bitcoin mining facilities to high-performance computing and artificial intelligence applications. The lawsuit aims to represent investors who purchased Iris Energy securities between June 20, 2023, and July 11, 2024, seeking compensation, alleging violations of federal securities laws. According to the lawsuit, Iris Energy's facility in Childress, Texas, a location heavily promoted as a key asset for its high-performance computing strategy, lacks essential features required for such operations. The lawsuit alleges deficiencies in power redundancy, cooling systems, and fiber connections at the site. The plaintiff also cited statements from Iris Energy's co-CEO, Daniel Roberts, claiming the company had "established this base layer, the cornerstone of this high-performance data center that can perform any high-performance computing task." The plaintiff believes these statements are materially false and misleading, "as the company overstated its data center business capabilities and overall prospects." Following a critical report from Culper Research, Iris Energy's stock price dropped by around 15%, expressing concerns about the company's high-performance computing claims and the suitability of its facilities for such applications. The lawsuit commented, 'Culper also stated, “We are shorting IREN because we believe the company has grossly exaggerated its assets' strength and potential in high-performance computing/artificial intelligence applications.” Since the peak in July 2024, IREN's stock price has fallen over 50%.
Peter Todd: Being mistakenly identified as 'Satoshi Nakamoto' in an HBO documentary poses security risks to me, undecided on whether to sue.
According to Daily Economic News, Cullen Hoback, the director of HBO's latest documentary "Cryptocurrency: The Mystery of Bitcoin," identified the main character, Peter Todd, a Canadian software developer and cryptocurrency expert, as "Satoshi Nakamoto," sparking heated discussions in the cryptocurrency circle. In response to this, Peter Todd emphasized to the media that he is not "Satoshi Nakamoto." Hoback's identification of him as "Satoshi Nakamoto" in the documentary was just a way to attract attention to his Bitcoin documentary. 'During the documentary production process, Cullen interviewed me 4 to 5 times, lasting for many hours. Until the last interview, he did not leave any impression that he was looking for Satoshi Nakamoto. He was just introducing that he was trying to make a documentary about Bitcoin itself,' further explained Peter Todd. Additionally, Peter Todd also emphasized his personal security, stating, 'Being wrongfully accused of owning billions of dollars would pose risks to me.' Peter Todd also mentioned that he has not yet decided whether to take legal action to protect his own interests.
South Korea will consider lifting the ban on institutional accounts of spot crypto ETFs and crypto exchange.
According to The Block, South Korea's top financial regulatory body has stated that it will reassess the existing ban on local spot cryptocurrency ETFs and institutional accounts for cryptocurrency exchanges. The Financial Services Commission (FSC), in its annual audit report on Thursday, indicated that its newly established cryptocurrency committee will review the current ban. This indicates a shift in the regulatory authority's strict opposition to digital assets entering traditional financial markets. Following the approval of spot Bitcoin ETFs in the United States in January this year, the country's regulators have reiterated their decision to maintain the ban on listing local cryptocurrency ETFs, citing potential risks to financial market stability. Legislators in the country have been calling for reform. The winning Democratic and opposition parties in the earlier elections this year both promised to approve local spot Bitcoin ETFs. Reportedly, the winning left-wing party announced in May that it will request the FSC to review the ban. Since 2018, institutional investors in South Korea have been effectively prohibited from opening cryptocurrency trading accounts under strict guidance from the Financial Supervisory Service of South Korea.
Santiment: Bitcoin touched the low point in the early hours of today, and the market sentiment turned bullish.
Cryptocurrency research institution Santiment posted on social media that Bitcoin touched $0.0589 million in the early hours of today, hitting the lowest point in three weeks. However, market data indicates that traders see this drop as a buying opportunity, shifting the narrative to bullish. Additionally, the US CPI data was as expected, with the market still expecting a 25 basis point rate cut in November.
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