#WeAreAllSatoshi Hong Kong makes HKVAX third licensed retail crypto exchange

HKVAX  is the first to be licensed under the region’s new licensing regime, as 16 more exchanges wait.

The Hong Kong Virtual Asset Exchange (HKVAX) has become the third cryptocurrency exchange to receive licensing from the Special Administrative Region’s Securities and Futures Commission (SFC) to serve retail customers. It is the third exchange to receive full licensing in Hong Kong.

HKVAX received Type 1 (dealing in securities) and Type 7 (providing automated trading services) virtual asset trading platform (VATP) licenses, as well as an Anti-Money Laundering and Counter-Terrorist Financing license to operate a virtual asset trading platform.

HKVAX is among a select few #BTCUptober

HKVAX’s core service offerings are over-the-counter trading, a trading platform and comprehensive, insured custody. In addition, it specializes in security token offerings (STO) and real-world asset (RWA) tokenization. HKVAX co-founder and CEO Anthony Ng said in a statement: 

"We're part of a financial landscape revolution, aiming to establish Hong Kong as the STO and RWA center for Asia and beyond." 

However, HKVAX cautioned on its website, “Our trading platform and onboarding system are undergoing final preparations.”

Cryptocurrency exchanges OSL and HashKey received licenses in 2020 and 2022, respectively, under an old opt-in system. Retail crypto trading began in Hong Kong in August 2023.

HKVAX received in-principle approval from the SFC in August 2023 and is the first exchange to be licensed under the current licensing regime. Exchanges seeking licenses had until Feb. 29 to file an application and were otherwise closed.

Sixteen companies are awaiting a decision on their VATP applications, 11 of which are already operating as “deemed to licensed,” even though the SFC posts a warning on its website discouraging people from doing business with them.

#BTCUptober Bitcoin decentralization is a matter of national security — Auradine CEO

According to CryptoQuant, the current Bitcoin network difficulty is 88.4 trillion — down from the 92 trillion recorded on Sept. 20, 2024.

Maximizing#U.S.UnemploymentNewLow

Bitcoin BTC$62,171.24 decentralization throughout the entirety of the stack is a matter of national security, Rajiv Khemani, co-founder and CEO of mining chip manufacturer Auradine, told Cointelegraph.

The CEO explained that third-party firmware — which updates and changes over time — could theoretically be used to compromise the energy grid or launch a 51% attack on the Bitcoin network. $BTC

Auradine’s CEO outlined a potential situation where malicious code embedded within this firmware could shut down mining operations within a certain geography. This could cause a drop in hashrate and network difficulty, making a 51% attack easier to execute.
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Khemani stressed the need for caution when evaluating hardware and software from foreign entities:  "Anytime you have hardware, software, and firmware from a foreign entity connected to your energy infrastructure — which is what Bitcoin has essentially become — you have to make sure that you are doing the proper due diligence and risk mitigation.

"Another attack vector is supply-chain risk, the CEO said during the interview.

If highly specialized mining hardware like application-specific integrated circuits (ASICs) are overwhelmingly manufactured in a single jurisdiction then that country can restrict the export of those products at any time — leaving miners without access to the crucial technology.“

There’s not many ways to spy or steal coins” though mining hardware, the Auradine executive said, dispelling an earlier claim made by US Senator Elizabeth Warren that foreign crypto miners could spy on US military bases.

The reason for this is that mining hardware does not feature robust memory or surveillance capabilities, the CEO told Cointelegraph.#WeAreAllSatoshi

US jobs report signals fewer rate cuts, still bullish for BTC: Grayscale #U.S.UnemploymentNewLow

The bullish jobs report adds fuel to hopes for an “Uptober” and fourth-quarter rally in Bitcoin’s price.

The strong United States September jobs report signals a possible slowdown in interest rate cuts but is still bullish for Bitcoin BTC$62,117.06 as investors warm to riskier assets, Zach Pandl, Grayscale’s head of research, told Cointelegraph.

“Conversation about Fed rate cuts and debate about larger government deficits continue alongside solid economic growth, which should be net-positive for investors’ risk appetite and may reintroduce inflation risk in the medium-term,” Pandl said. $BTC

“Grayscale Research expects Bitcoin to benefit in this risk-positive environment,” he explained.  
The US economy gained approximately 254,000 jobs in September, far ahead of economists’ expectation of some 140,000 new jobs, according to the US Bureau of Labor Statistics (BLS). 

Spot BTC prices moved to an intraday high of more than $62,300 on Oct. 4 following the stronger-than-expected jobs data.

On Sept. 18, the Federal Reserve cut the federal funds rate by 0.5% after a slowdown in inflation and sluggish economic performance in August. 

In August, the BLS printed job additions of less than 160,000 and annualized inflation rates of less than 3%. 

Futures market pricing currently reflects expectations of no more than a quarter of a percent interest rate cut at the Fed’s next meeting in November, according to CME FedWatch. Rates are currently targeted at around 4.75%.

The bullish jobs report and rate cut expectations are contributing to the idea of an “Uptober,” or a fourth-quarter rally for Bitcoin. $BTC

Another possible driver is the continued decline in BTC held on centralized exchanges.

Data from CryptoQuant suggests there are over 2.8 million BTC in total on centralized exchanges, the lowest number since November 2018 and 500,000 less than the amount seen in March.#BTCUptober

#BTCUptober Crypto-friendly gaming giant Tencent considering Ubisoft buyout: Report

The Guillemot family and Tencent would likely take the company private if the deal happens. 

Chinese technology and gaming giant Tencent and the Guillemot family are reportedly in talks to purchase French games publisher and developer Ubisoft in a deal that would take the company private. #WeAreAllSatoshi

The report comes via Bloomberg citing “people familiar with the matter,” but follows months of speculation over Ubisoft’s future after the company was forced to lower its revenue expectations for its upcoming flagship gaming title, “Assassin’s Creed: Shadows.” 

A Ubisoft buyout

Ubisoft is a publicly traded company whose primary shareholders are its founders, members of the Guillemot family, and Tencent.

While details are scarce, Bloomberg reports that the talks involve taking the company private. Presumably, this would work in much the same way as Elon Musk’s Twitter buyout, which took the then-public social media private as it rebranded to X social media. 

As a private company, Ubisoft would no longer be beholden to shareholders nor required to disclose its earnings publicly. However, it’s unclear exactly what position Tencent or the Guillemot family would hold. 

It’s possible that Yves Guillemot, the company’s current CEO and one of its co-founders, would seek a deal that retains his family’s interest as the primary controlling owner. This would allow Ubisoft to continue operating with the financial backing of Tencent, China’s most valuable company, while remaining under its current management. 

Web3 and Blockchain #BTCUptober

It’s unclear at this time whether the talks are serious. Cointelegraph reached out to Ubisoft and Tencent but did not receive an immediate response from either company. 

However, the timing of the buyout makes sense. Ubisoft shares appear to have rebounded by more than 30% in the wake of the rumored buyout after plummeting by more than half over the past 12 months. 

Crypto Biz: Axelar’s new interoperability stack goes live#BTCUptober

With dozens of layer-1 blockchains on the market, communication between networks has become a significant pain point for the broader adoption of Web3-based applications. 

Protocols are continuing to race for interoperability solutions. With dozens of layer-1 blockchains on the market, communication between networks has become a significant pain point for the broader adoption of Web3-based applications. 

One of the players in this game is Axelar protocol. The company announced on Oct. 2 its Mobius Development Stack (MDS), offering a new platform for self-service integration with both onchain and offchain systems, allowing decentralized applications to connect across various blockchain networks. 

The platform debuted supporting Solana, Stellar, Sui and XRP Ledger, with additional security features from Babylon and EigenLayer. The stack also offers the Interchain Token Service (ITS), allowing developers to tokenize assets like real estate and intellectual property on any blockchain.

“Interoperability stacks have traditionally been in catch-up mode with the rapid growth in the number of blockchains,” Sergey Gorbunov, CEO of Interop Labs and co-founder of Axelar, said in a statement. The new stack “allows developers to easily plug in their blockchain to the ‘internet’ of blockchains and build DApps that span all chains simultaneously.”

According to data from Markets and Markets, the blockchain interoperability market is set to grow at an annual compound rate of 27.2% in the coming years, reaching $1 billion by 2028. 

This week’s Crypto Biz also explores CME’s new Bitcoin derivatives, Ripple’s license in Dubai, Bitwise’s filing for an XRP fund, and the impact of the Federal Reserve’s interest rate cut on stablecoin revenue. 

Ripple receives in-principle license approval in Dubai

Ripple has received an in-principle license approval from the Dubai Financial Services Authority (DFSA), allowing the company to establish a presence in the United Arab Emirates (UAE).

$BTC #BTCUptober Founder of crypto ‘Ponzi’ scheme’ IcomTech sentenced to 10 years in prison#WeAreAllSatoshi

David Carmona was the “mastermind” behind IcomTech’s “Ponzi scheme," which netted an estimated $8.4 million from victims.

David Carmona, the founder of the cryptocurrency “Ponzi” scheme IcomTech, has been handed a 10-year prison sentence for conspiracy to commit wire fraud.

Carmona was the “mastermind” behind IcomTech, which “preyed upon working-class people by promising them complete financial freedom in exchange for parting with their hard-earned money,” United States Attorney Damian Williams said in an Oct. 4 statement.

The founder told investors the funds would be invested in crypto trading and mining activities and that profits would double every six months — but that was never the case, Williams said:

“In reality, IcomTech was doing no such thing. It was all a lie. And when the scheme came crashing down, Carmona’s victims were left with nothing. Carmona’s days of scamming honest people are at an end, and he now faces substantial time in prison.”

In addition to the 121-month prison term, Carmona was sentenced to three years of supervised release.#WeAreAllSatoshi

The IcomTech Ponzi scheme netted an estimated $8.4 million from victims between mid-2018 and the end of 2019.

Carmona and other promoters of IcomTech often traveled through the US and overseas, where they hosted “lavish expos” aimed at luring victims into the Ponzi scheme.

They would often arrive at these events in expensive cars and wear luxurious clothing while boasting about the money they were earning to convince potential investors they could reach the same level of financial success.

But those who were lured in started experiencing problems soon after.

Many victims started complaining when they couldn’t withdraw the “profits” they saw accumulate in the online portal and were often met with excuses, delays, and hidden fees from the IcomTech team if they were able to make withdrawals at all.#WeAreAllSatoshi

#BTCUptober Ancient' Bitcoin whale moves more BTC mined from 2009: Arkham#WeAreAllSatoshi

The mysterious Bitcoin whale has now sent $3.58 million worth of Bitcoin to Kraken’s crypto exchange, Arkham Intelligence said.

An “ancient” Bitcoin whale that mined BTC in the Bitcoin network’s first two months of existence has moved more BTC to cryptocurrency exchange Kraken, a blockchain data firm says.

“This Bitcoin was mined ONE MONTH after Bitcoin’s launch in Feb/March 2009,” Arkham Intelligence pointed out in an Oct. 4 X post.

The mysterious Bitcoin whale transferred 10 Bitcoin BTC$62,167.53 — worth $610,000 — in the latest Oct. 3 transfer.
$BTC
They have now moved $3.58 million to Kraken since Sept. 24. Before that, the wallet address had been dormant for a decade, Arkham noted in an earlier X post:

“After moving several times from 2011-2014, his Bitcoin was then held dormant for almost 10 YEARS straight - during which it increased in value from $474K to over $80M.”

The “3JZsd…QerUW” wallet address currently holds 1,169 Bitcoin BTC$62,173.67 — worth $72.4 million at today’s prices — Arkham data shows.

It comes amid renewed speculation over the true identity of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.

HBO is set to release the “Money Electric: The Bitcoin Mystery” documentary on Oct. 8 which the producers claim will reveal who Nakamoto is.

Deceased American computer scientist Len Sassaman is the odds-on favorite to be named Nakamoto in the HBO documentary.

Sassaman was a renowned cypherpunk who committed suicide on July. 3, 2011 — a little over two months after Nakamoto disclosed they had “moved on to other things.”

A memorial of Sassaman was encoded into Block 138,725 of the Bitcoin blockchain.

It’s unclear exactly what connection Sassaman had with Bitcoin.

However, Cointelegraph found several 13-year-old X posts of Sassaman criticizing Bitcoin for its lack of “privacy” features and “fraud reversal protection.”#WeAreAllSatoshi

CleanSpark reports 187% hashrate growth#BTCUptober

CleanSpark’s hashrate increased from 9.6 EH/s to 27.6 EH/s over the past year, driven largely by strategic acquisitions that boosted its mining capacity.

Bitcoin miner CleanSpark has posted a 187% increase in its hashrate over the past 12 months, according to its unaudited fiscal year report released on Oct. 4. $BTC

CleanSpark’s hashrate rose from 9.6 EH/s in September 2023 to 27.6 EH/s in September 2024, with 5 EH/s added over the past month alone. In a statement, CEO Zach Bradford attributed the performance to strategic acquisitions:

“The Company executed its plan to strategically diversify its portfolio across three new states and completed multiple expansions at existing data centers.”

CleanSpark currently operates multiple data centers across the United States, expanding its capacity significantly in recent years. The company has acquired five turnkey mining facilities in Georgia and three more in Mississippi.$ETH

In addition, the miner recently announced the acquisition of seven facilities in Knoxville, Tennessee, with a total capacity of 85 MW. The deal, valued at $27.5 million, is expected to increase its hashrate by 22%. The recent acquisitions bring CleanSpark’s total facility count to at least 15 mining sites. 

In September, the company mined 493 Bitcoin BTC$62,156.24, bringing the total for the fiscal year to 7,098.
$BTC

Its total Bitcoin holdings now stand at 8,049 BTC, with a deployed fleet of 188,520 miners and a fleet efficiency of 21.94 Joules per Terahash (J/Th). Last month, the company sold 2.5 BTC at an average price of $58,287 per coin. 

Despite recent weather disruptions by Hurricane Helene, with 45 MW of power still pending restoration, CleanSpark expects to achieve a hashrate of 30 EH/s in October 2024 and is targeting a rise to 50 EH/s in the 2025 fiscal year.
#BTCUptober

AI chatbots are getting worse over time — academic paper #BTCUptober

A dwindling consumer interest in chatbots caused a drop in AI-sector revenues during the second business quarter of 2024.

A recent research study titled "Larger and more instructable language models become less reliable" in the Nature Scientific Journal revealed that artificially intelligent chatbots are making more mistakes over time as newer models are released.

Lexin Zhou, one of the study's authors, theorized that because AI models are optimized to always provide believable answers, the seemingly correct responses are prioritized and pushed to the end user regardless of accuracy.

These AI hallucinations are self-reinforcing and tend to compound over time — a phenomenon exacerbated by using older large language models to train newer large language models resulting in "model collapse."

Editor and writer Mathieu Roy cautioned users not to rely too heavily on these tools and to always check AI-generated search results for inconsistencies:

While AI can be useful for a number of tasks, it’s important for users to verify the information they get from AI models. Fact-checking should be a step in everyone’s process when using AI tools. This gets more complicated when customer service chatbots are involved."

To make matters worse, "There’s often no way to check the information except by asking the chatbot itself," Roy asserted.

The stubborn problem of AI hallucinations#BTCUptober

Google's artificial intelligence platform drew ridicule in February 2024 after the AI started producing historically inaccurate images. Examples of this included portraying people of color as Nazi officers and creating inaccurate images of well-known historical figures.

Unfortunately, incidents like this are far too common with the current iteration of artificial intelligence and large language models. Industry executives, including Nvidia CEO Jensen Huang, have proposed mitigating AI hallucinations by forcing AI models to conduct research and provide sources for every single answer.#BTCUptober

#WeAreAllSatoshi While Sassaman had a lot of achievements, the cryptography expert was diagnosed with depression in his teens. On July 3, 2011, Sassaman died of suicide at the age of 31. Following his death, a tribute to Sassaman was encoded into Block 138725 of the Bitcoin blockchain. 

The memorial described Sassaman as “a friend, a kind soul and a devious schemer.”

Could Len Sassaman be Satoshi Nakamoto? #WeAreAllSatoshi

One thing that fuels speculation of Sassaman being Nakamoto is the timing of the Bitcoin inventor’s departure and Sassaman’s death. 

On April 23, 2011, about two months before Sassaman’s death, Nakamoto sent his final email to the Bitcoin community. The pseudonymous Bitcoin inventor said that he had a few things on his mind and had moved on to other things. After the email, Nakamoto disappeared without any further explanation.

Apart from timing, Sassaman’s working relationship with Finney, another candidate to be Nakamoto, also fuels the speculation that the deceased cryptographer could be the Bitcoin inventor. According to a blog post by Worlds founder Evan Hatch, Sassaman worked on PGP alongside Finney at the IT service provider Network Associates. 

Nakamoto worked closely with Finney in the early days of Bitcoin. Apart from Nakamoto, Finney was the first to contribute code to the protocol and run a node. The software developer corresponded extensively with Nakamoto and was also the first recipient of Bitcoin BTC$62,162.19. 

Finney and Sassaman were also experts in remailer technology, a precursor to BTC. Blockstream CEO Adam Back previously suggested that Nakamoto might have been a remailer developer. 

Hatch’s blog post also noted that Sassaman’s main project was an evolution of remailer technology called Pynchon Gate, which allowed pseudonymous information retrieval via nodes. As the work progressed, Hatch noted that Sassaman became focused on solving the Byzantine Fault, a significant obstacle for peer-to-peer (P2P) networks. #WeAreAllSatoshi

#WeAreAllSatoshi Who was Len Sassaman, and why might HBO think he is Satoshi Nakamoto?

The late cryptographer and privacy advocate is in the spotlight because bettors on Polymarket think he may be identified as Satoshi Nakamoto. 

American cypherpunk and cryptographer Leonard Harris “Len” Sassaman has attracted the attention of the crypto space, with Polymarket punters favoring the deceased computer scientist as the figure who will be revealed to be the inventor of Bitcoin in an upcoming HBO documentary. 

On Oct. 3, filmmaker Cullen Hoback announced an upcoming HBO documentary titled “Money Electric: The Bitcoin Mystery.” Hoback promoted the film on X, saying that he was tracking down somebody else who had disappeared, implying that he had been attempting to find the creator of Bitcoin, Satoshi Nakamoto. 

Hoback is known for his HBO miniseries titled “Q: Into the Storm,” where he claimed to have identified some authors of the QAnon conspiracy theory — an unproven speculation pitting former president Donald Trump against satanic pedophiles within Hollywood. 

While the documentary’s creators did not list who they thought would be Nakamoto in the trailer, Polymarket gamblers quickly placed bets on who may be outed as the Bitcoin creator. As of Oct. 5, 44.5% of bettors favor Sassaman, with other prominent Bitcoin figures like Hal Finney, Adam Back, Nick Szabo and Paul Le Roux following in the list. 

Who was Len Sassaman? 

Sassaman attended a private school in his native state of Pennsylvania and was a prodigy in cryptography. 

While still in his late teens, Sassaman moved to San Francisco, California, and became a regular in the cypherpunks community — a computer privacy movement that started in the late 1980s. He eventually went on to study under David Chaum, who is widely dubbed the godfather of crypto.

Sassaman worked on projects such as the Pretty Good Privacy (PGP) software and its update, GNU Privacy Guard. He and his wife, computer scientist Meredith Patterson, founded the SaaS startup Osogato.#WeAreAllSatoshi

Detained Binance Executive Tigran Gambaryan Is A Hostage, Former IRS Chief Says #SECAppealRipple

The crypto employee has been detained in the African nation since February of this year.

Former Internal Revenue Service (IRS) Chief of Investigations Richard Weber shed light on the dire conditions that Nigerian Binance executive Tigran Gambaryan is facing amid his imprisonment in the African country.

According to an October 3 podcast episode of Illicit Edge’s “Designated,” Weber said Gambaryan’s detainment at Kuje prison had been anything but ideal, with the crypto compliance chief behind bars alongside “the worst of the worst” terrorists.

Tigran Gambaryan Is A Hostage, Richard Weber Says

“It’s a prison that hold really bad people, including terrorists, and here we have a former law enforcement official and dedicated public servant who is working at a crypto company as a mid-level employee…who is trying to resolve a compliance issue – who then gets arrested and thrown into the same facility,” Weber said.

The former top U.S. law enforcement official then urged the U.S. government to release Gambaryan to his wife Yuki and their two young children back in California.

Tigran is a hostage. He did nothing wrong. He is sitting in a prison for a crime he did not commit,” Weber continued. “He’s been in prison for over 200 days – almost eight months – and no one knows what he really did wrong. I don’t even think the Nigerian government knows what he did wrong, and yet they are holding him there.”

Gambaryan was detained in late February 2024 after traveling to the African nation for policy talks regarding digital assets. He was reportedly assured of safe passage in and out of the country beforehand.

His subsequent imprisonment on tax evasion and money laundering charges has caused members of the crypto community to question the legitimacy of his arrest, with U.S. lawmaker French Hill (R-AR) referring to Gambaryan as a “pawn in a Nigerian political fight.”

#BTCUptober Bitcoin And Ethereum Options Expiry Unleashes $1.35 Billion Market Movement

Bitcoin and Ethereum options expiries unleash $1.35 billion, setting the stage for a pivotal Q4 in the crypto market amid global trends.

$BTC Data from Greeks.Live details the expiring options for Bitcoin and Ethereum, showcasing the prevailing sentiment and positioning among traders.

The expiration of 17,500 Bitcoin options reflects a complex sentiment landscape among investors. With a Put Call Ratio of 0.75 and a max pain point set at $63,000, the figures suggest a tilt toward a more protective stance among participants. Bitcoin has experienced a surge, climbing 1.39% in the past 24 hours to reach $61,167 as of press time, a movement potentially influenced by these expirations.

Meanwhile, the notional value of these options is a significant $1.07 billion. As these options expire, the attention remains on the potential shifts in strategy, particularly in response to global financial trends and the nearing U.S. elections.

Bitcoin’s open interest dynamics show a lower PCR of 0.49, with 166,364 calls to 81,448 puts. As we approach another expiry date on October 25, where 21.84% of open interest is focused, market watchers anticipate potential volatility spikes. This observation aligns with the broader expectation of a year-end rally, bolstered by historical fourth-quarter performances.

$ETH Ethereum Options Signal Bullish Surge

Ethereum options, with a recent expiry involving 119,000 contracts, tell a story of burgeoning confidence. The PCR here stands at 0.68, leaning towards calls, with a max pain threshold at $2,500 and a notional value of $280 million. The substantial open interest of 1,068,323 calls compared to 535,556 puts for Ethereum reinforces a bullish outlook in contrast to Bitcoin’s cautious optimism.

This sentiment is even more pronounced for Ethereum’s upcoming major maturity at the end of December, capturing 34.68% of the total open interest.#BTCUptober

Ripple CTO Warns of Scammers In New Scam Alert #SECAppealRipple

Ripple CTO David Schwartz exposes an elaborate phishing scam attempt by individuals posing as representatives from San Francisco-based crypto exchange Coinbase. 

The Ripple CTO took to X to share a malicious phishing message he received from malefactors posing as Coinbase. 

Scam Details #SECAppealRipple

These bad actors claim to be representatives from the asset shielding department of the exchange, informing recipients that they are investigating a case. 

Apparently, the scammers first call potential victims to inform them that an investigation is being conducted on their accounts. Afterward, they send users a follow-up email or text to verify the authenticity of the call they received. 

The scammers include the contact number, case ID, and representative name in the message to trick users into believing they were on a call with a Coinbase customer representative. 

Although the message looks legitimate and could be mistaken for an official message from Coinbase, a closer look at the text reveals its fraudulent nature. Notably, the message was sent from an unofficial email domain, an uncommon move for an organization like Coinbase.   

This type of scam is a common practice involving individuals posing as representatives of trusted companies to obtain sensitive information from people. They first establish trust with potential victims before asking them to provide sensitive information that could lead to huge losses. 

In cases like this, investors should immediately cut off all means of communication with the individuals by blocking them on any platform they have leveraged. In addition, it is important to not click on any links from the emails, even for curiosity’s sake.

Ripple CTO Warns 

Notably, Schwartz, who received the malicious email yesterday, warned his more than 511,000 followers not to fall prey to the scam. He suggested that the scammers attempted to defraud him using the tactic. 

$BTC Spain Second-largest Bank Moves to Rival Ripple, Tether in $172B Stablecoin Market #BTCUptober

Spain’s second-largest bank, BBVA, has announced plans to launch its stablecoin in 2025 in partnership with Visa, positioning itself to compete in the $172 billion stablecoin market.

This move positions BBVA as the latest entrant in the increasingly competitive stablecoin market, following the footsteps of other financial giants like Ripple and PayPal.

Francisco Maroto, BBVA’s head of digital assets, revealed in an interview that the bank is presently in the sandbox phase of Visa’s initiative designed to help financial institutions develop their tokenized assets. BBVA aims to transition from prototype to live operations by 2025.

Details On BBVA’s Stablecoin $BNB

While specific details about the stablecoin remain under wraps, Maroto mentioned that the bank has yet to decide on the backing for the asset. Options under consideration include money market funds, deposits, or fiat currencies like the U.S. dollar or euro. The primary use case for BBVA’s stablecoin will be as a settlement layer on exchanges.

Maroto highlighted that BBVA’s choice to collaborate with Visa over existing stablecoin solutions was driven by Visa’s robust brand and compliance. Notably, this gives the bank a strategic advantage, especially in Europe, where stablecoin regulations have recently been established.  $ETH

Accordingly, BBVA’s stablecoin is expected to be primarily euro-based, focusing on settlement for tokenized asset exchanges.

While BBVA’s stablecoin is poised for a 2025 launch, Maroto noted that U.S. operations are not part of the immediate plans. Notably, BBVA has been exploring the digital asset landscape since 2014. Maroto expressed optimism that this venture would allow the bank to capitalize on the burgeoning trend of asset tokenization, including private credit funds and real estate.
#U.S.UnemploymentNewLow

#BTCUptober Flare Faces 7% Drop After 100-Day EMA Rejection: Can Bulls Push Beyond $0.016?

With an intraday pullback on the verge of undermining a breakout rally, will Flare sustain dominance at $0.016 for a prolonged uptrend?
$FLM
As the bleeding crypto market inches closer to the $2 trillion mark, Flare (FLR) drops 7%, resulting in a bearish piercing candle. After a brief bullish rally, signs of exhaustion point to a potential decline toward the $0.014 support level.

The key question now is whether Flare can achieve a close above the consolidation range, signaling the potential for a breakout.

Flare Uncertain Near $0.016

Following a massive correction after failing to sustain dominance above the $0.050 psychological mark, FLR found crucial support at $0.014. During the downfall, FLR’s price action formed a falling wedge pattern. 

In the consolidation phase, which ranged from $0.013 to $0.016 from early August to early October, FLR managed to break above the falling wedge.

On October 2, FLR surged by 20%, producing a bullish engulfing candle that surpassed the overhead resistance. This move pushed the price past the 50-day EMA and the $0.016 mark, reaching a 24-hour high of $0.017 on October 3.

However, profit-taking and supply pressure from bullish exhaustion led to a 7% intraday drop, bringing the price back down to the 50-day EMA. FLR is currently trading at $0.01614 and struggling to secure a close above its resistance ceiling.

Will Breakout Run Cross $0.020? #U.S.UnemploymentNewLow

As the overhead resistance limits the breakout rally and leads to a failed breakout run, the possibility of a downtrend continuation within the consolidation range has resurfaced. 

However, the growing bullish divergence in the daily RSI line teases a bullish continuation with a gradual higher-high and higher-low formation. According to Fibonacci retracement levels, the next key resistance sits at $0.02320.

In addition, the 100-day and 200-day EMAs, at $0.01791 and $0.02077, respectively, are important dynamic resistance levels to watch.

#SECAppealRipple Cardano Founder Jabs Bitcoin Maxis, Says They Worship a Guy Who Borrows to Buy BTC

Charles Hoskinson, the Cardano founder, responded to criticism from a Bitcoin advocate, challenging claims about integrity and questioning Michael Saylor’s BTC purchase practise. $XRP

Charles Hoskinson, CEO of IOG, has again found himself at the center of a heated discussion in the crypto community. This time, the debate surrounds a statement made by Chetan Kaul, a Bitcoin advocate. Kaul’s remarks, posted on X, contrasted the leadership of Bitcoin with other cryptocurrencies, leading to an exchange between him and Hoskinson.

Criticism and Community Response

For context, the conversation began when Kaul shared a post comparing Bitcoin’s ambassadors with those of other crypto projects, which he dubbed shitcoins. He stated that Bitcoin, as “high integrity money,” attracted high integrity ambassadors like Michael Saylor, while “low integrity shitcoins” attracted figures like Charles Hoskinson. 

This comment ignited responses, including from Hoskinson himself, who questioned the definition of integrity used in Kaul’s argument. Hoskinson pointed out that Bitcoin advocates often fail to explain what constitutes low or high integrity. He further criticized Saylor’s financial strategy of borrowing money to buy Bitcoin.

MicroStrategy BTC Purchase Behavior

MicroStrategy, under the leadership of Michael Saylor, has consistently positioned itself as one of the largest institutional investors in Bitcoin. The firm currently holds a total of 252,220 bitcoins as of September 20, 2024.

According to the latest data, the company made two significant purchases recently, acquiring 18,300 bitcoins for $1.11 billion on September 13, followed by 7,420 bitcoins for $458.2 million on September 20. These acquisitions bring their total expenditure to approximately $9.91 billion at an average purchase price of $39,292.18 per bitcoin.#BTCUptober $BTC

Shiba Inu Army Reacts as Mark Cuban Says Every Single Meme Coin is a Rug Pull in the Works #WeAreAllSatoshi

Billionaire crypto investor Mark Cuban has stirred the meme coin community with his recent remarks, describing all meme coins as potential scams.

In a recent interview on RugRadio, Cuban boldly stated that every single meme coin is a rug pull in the works, specifically mentioning Dogecoin.

During the conversation, host Farokh asked Cuban for his thoughts on cryptocurrency as a whole. Cuban explained that crypto means different things to different people. For some, it represents Bitcoin as a store of value and a hedge against fiat currency. In contrast, others see the potential of various blockchains, particularly with Ethereum and its smart contracts. $DOGE

Cuban acknowledged Dogecoin’s role as a fun, community-driven project and asserted his support for all these facets of crypto. However, he emphasized his preference for projects with utility. He noted that he supports initiatives to make crypto accessible to the masses, which he views as crucial for the industry’s future.

Farokh pointed out that meme coins play a significant role in attracting people to the crypto ecosystem, highlighting their unique appeal. He also referenced Dogecoin, the reigning meme coin with a market cap exceeding $15.79 billion. Dogecoin has gained fame since its meteoric rise in 2021, buoyed by Elon Musk’s endorsement.

Dogecoin Still a Ruf Pool —Cuban $DOGE

However, Cuban countered that while the excitement around Dogecoin is entertaining, it ultimately remains a rug pull. In this context, he emphasized: 

“Every single meme coin is a rug pull in the works because there’s no real reason for it to stick around other than the fun.”

He highlighted that investors are primarily interested in the token’s price increase as more people enter the market. Cuban likened this to a game of musical chairs, where participants rush in without a solid foundation.#BTCUptober

#BTCUptober Bitcoin and Ethereum ETFs Dominate 525 New Launches This Year, Claiming 13 of the Top 25 Spots

Demand for crypto-related ETFs is proving stronger than expected, according to recent data. 
$BTC

Nate Geraci, President of The ETF Store, Inc., recently criticized claims of limited demand for crypto-related ETF products, presenting evidence that highlights a significant trend. As Geraci pointed out, several of the top-performing ETFs launched in 2024 are tied to crypto assets, signaling a robust market appetite for digital asset exposure.

According to Geraci, out of the 525 exchange-traded funds (ETFs) launched in 2024, 13 of the top 25 are directly related to either Bitcoin or Ethereum. This figure increases to 14 when considering MicroStrategy’s MSTR Option Strategy ETF, which also has exposure to digital assets.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) secured the second spot, with an inflow of $9.84 billion. The ARK 21Shares Bitcoin ETF (ARKB) followed, amassing $2.63 billion in YTD inflow. Bitwise Bitcoin ETF Trust (BITB) rounded out the top four, garnering $2.1 billion. 

Ethereum-Related ETFs Gain Traction

While Bitcoin ETFs lead in overall inflows, Ethereum-focused ETFs are also gaining traction. The iShares Ethereum Trust ETF (ETHA) is the top-performing Ethereum-related ETF, with a notable YTD inflow of $1.15 billion. 

Fidelity’s Ethereum Fund ETF (FETH) follows with inflows totaling $453.66 million. This growth highlights an emerging interest in Ethereum-related products, even though they trail behind Bitcoin in overall performance.

Here’s the Deadline for Ripple to File a Counter Appeal as SEC Yet to File Form C Detailing Appeal #SECAppealRipple

Ripple has 14 days from October 3 to file a counter-appeal following the US Securities and Exchange Commission’s (SEC) decision to appeal the case.

For context, the US SEC filed a notice of appeal on Wednesday, declaring its intentions to contest US District Judge Analisa Torres’s August 7 ruling. Notably, the filing didn’t specify exactly what the US top regulator was appealing from the judgment.#U.S.UnemploymentNewLow

The SEC Yet to Fill Form C With Appeal Court

According to FOX Business journalist Eleanor Terrett, the aspect of the ruling that the SEC is appealing is not yet defined because it has not filed the Form C form with the US Court of Appeals for the Second Circuit.

Form C is a legal document in which an appellant provides the full details of the appeal case brought forward. The form requires the plaintiff to fill out details like who the defendant is, the jurisdiction of the appeal, and the nature of the suit.

Form C Sample #SECAppealRipple

Moreover, Terrett noted that the SEC is required to fill out Form C so Ripple can decide its next course of action. It bears mentioning that the legal representatives of Ripple are considering filing a counter-appeal.

However, they are looking to grasp which aspect of the judgment the SEC was appealing. Notably, Judge Torres ruled on several arguments in the years-long case, including the programmatic sales of XRP, sales of XRP to primary and secondary investors, and the status of the XRP token. The judge also reduced the penalty imposed on Ripple for violating securities laws.

Ripple Has Until October 17 to Counter-Appeal

While Ripple waits for the SEC to fill out Form C, Terrett confirmed that the firm has until October 17 to counter-appeal the case. 

Meanwhile, Pro-XRP lawyer Fred Rispoli has given a possible timeline for the conclusion of the appeals saga. According to him, the Second Circuit will probably rule on the SEC’s appeal by late 2025 or early 2026.