This week, Bitcoin made a remarkable comeback, surging by 8.54% and reaching levels not seen since July. The price has climbed to $68,382 as of press time, fueled by growing speculation about an impending bull market. 

The positive sentiment in the market is unmistakable. U.S. spot Bitcoin exchange-traded funds (ETFs) experienced their largest one-day inflow in over four months, with more than half a billion dollars pouring in.

Data from Farside Investors reveals that the 11 ETFs recorded a staggering aggregate net inflow of $555.9 million on October 14, marking their highest daily net inflow since early June.

Moreover, the past week has been bustling with significant developments, including the launch of Donald Trump’s DeFi project, World Liberty Financial. Join us as we delve into six important crypto stories from the week! Check them out below!

For transparent and decentralized crypto trading and to list your crypto token for free, visit our website and follow Melega Finance (@meleganews) on X for more on all things cryptocurrency.

TOP CRYPTO NEWS RECAP (October 13 - October 19, 2024)

●      SEC Approves Bitcoin ETF Options, Boosting Market Liquidity

●      Trump's Crypto Project Faces Early Challenges Amid WLFI Token Sale

●      FBI Arrests Hacker Behind Fake SEC Bitcoin ETF Approval

●      Ripple’s Legal Win on XRP Status Stands Despite SEC Appeal

●      BlackRock Eyes BUIDL as Collateral for Crypto Derivatives Trading

●      World Unveils New Layer-2 Network 'World Chain'

SEC Approves Bitcoin ETF Options, Boosting Market Liquidity

On October 18, the U.S. Securities and Exchange Commission (SEC) approved the listing of options for spot Bitcoin exchange-traded funds (ETFs) on the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE). This decision includes major ETF providers such as Fidelity, ARK21Shares, and BlackRock's iShares. Traders believe this move will inject crucial liquidity into Bitcoin markets, potentially fueling price gains and reducing volatility. The approval is seen as a major step forward, enhancing market dynamics and offering more sophisticated trading opportunities for Bitcoin.

Trump's Crypto Project Faces Early Challenges Amid WLFI Token Sale

The Trump family-backed World Liberty Financial (WLF) launched its WLFI token sale, but the project stumbled with website outages and underwhelming sales. Despite selling 344 million tokens to around 3,000 wallets, this accounted for only 1.7% of the 20 billion tokens available. The project aims to raise $300 million, with WLFI serving as a governance token for decentralized finance (DeFi) activities. Donald Trump, "chief crypto advocate," is heavily involved, alongside his sons as "Web3 ambassadors," showcasing the family's deep commitment to the project.

FBI Arrests Hacker Behind Fake SEC Bitcoin ETF Approval

The FBI arrested Eric Council Jr., 25, for hacking the U.S. Securities and Exchange Commission’s (SEC) X account. He faces charges of conspiracy to commit aggravated identity theft and fraud. Council Jr. and his group posted a fake announcement claiming SEC approval of Bitcoin ETFs, causing Bitcoin’s price to spike by over $1,000. The hacker used a "SIM swap" attack to access the account. The false news disrupted markets until the SEC quickly denied the claim.

The U.S. Securities and Exchange Commission (SEC) filed an appeal on October 16 regarding its case against Ripple but did not challenge the court's ruling that XRP is not a security. Ripple's chief legal officer, Stuart Alderoty, emphasized that this decision remains. The SEC’s appeal focuses on Ripple’s sales of XRP on exchanges and personal sales by Ripple’s executives. Ripple plans to file its response soon. The legal process is expected to extend through July 2025, but XRP's non-security status remains intact.

BlackRock Eyes BUIDL as Collateral for Crypto Derivatives Trading

BlackRock is discussing integrating its BUIDL token as collateral for cryptocurrency derivatives trading on major exchanges like Binance, OKX, and Deribit. Partnering with brokerage firm Securitize, BlackRock aims to expand BUIDL’s use in derivatives markets, challenging stablecoins like Tether's USDT, which currently dominates collateral use. With crypto derivatives accounting for over 70% of total trading volume, this move could boost BUIDL’s role in the $3 trillion crypto derivatives market. Major brokers already accept BUIDL, which has a market cap of $547.7 million.

World Unveils New Layer-2 Network 'World Chain'

Worldcoin has successfully rebranded as simply “World” while launching its Ethereum layer-2 blockchain called World Chain. The new network prioritizes verified human users—those with World IDs obtained through iris scans—by giving them priority access to block space and free gas allowances. World Chain aims to improve efficiency and support the company’s Worldcoin (WLD) token. The platform will feature major apps like Optimism, Uniswap, and Alchemy. This launch aligns with World’s mission to solve identity issues and explore a universal basic income model via its WLD token.

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