Headlines
Binance Launchpool and Pre-Market Trading Launch Scroll (SCR)
According to the official announcement, Binance Launchpool will list the 60th project Scroll (SCR). Users will be able to lock BNB and FDUSD to get SCR airdrops, and mining will start at 00:00 (UTC) on October 9, 2024. Pre-Market will list SCR at 10:00 (UTC) on October 11, 2024, and open SCR/USDT trading pairs.
Scroll: The total supply of SCR tokens is 1 billion, and the airdrop snapshot is planned on October 19th
Scroll announced the token distribution design details on the X platform. The total token supply is 1,000,000,000 SCR, the airdrop snapshot date is October 19, 2024, and the token release date and airdrop claim time is October 22, 2024.
It is reported that SCR will be used as the main governance mechanism of the protocol and will develop into a protocol utility token as Scroll becomes more decentralized. Scroll also stated that it will share more details about the release and airdrop of SCR tokens in the next few days.
Crypto exchange Crypto.com receives Wells notice from SEC
According to market sources, crypto exchange Crypto.com received a Wells Notice from the U.S. Securities and Exchange Commission.
It is reported that the "Wells Notice" is an informal reminder issued by the U.S. SEC to U.S. listed companies before filing a civil lawsuit. Companies that receive the notice can communicate and negotiate with the SEC before receiving a formal lawsuit.
Crypto.com: Filed a lawsuit against the U.S. Securities and Exchange Commission
According to official news, Crypto.com said it had received a Wells notice from the U.S. Securities and Exchange Commission (SEC) and announced that it had filed a lawsuit against the U.S. Securities and Exchange Commission (SEC). The Wells notice indicates that the U.S. SEC staff believes that the company may have violated federal securities laws. The company is currently evaluating the situation and preparing to respond to the allegations. Crypto.com said that the decision to sue the U.S. Securities and Exchange Commission was because the company had received a Wells notice from the SEC staff, and the issuance of the notice meant that although both parties have stated that the next government will take a more constructive and effective approach to promote the development of encryption technology in the United States, the SEC's unauthorized and unfair law enforcement and regulatory activities continue. Although it is an unprecedented move for a company to sue a federal agency, the actions taken by the agency against the encryption industry leave us with no choice.
Crypto.com added that our lawsuit argues that the SEC unilaterally expanded its jurisdiction beyond statutory limits and that the SEC has enacted an illegal rule that transactions in almost all crypto assets are securities transactions, regardless of how they are sold, while identical transactions in Bitcoin (BTC) and Ethereum (ETH) are not. This illegal rule has never been through the notice and comment period required by the (Administrative Procedure Act), and the agency has applied it arbitrarily and capriciously, especially when these crypto assets have characteristics that are almost indistinguishable from BTC and ETH and are sold in the same manner.
Crypto.com concluded by stating, “We seek to stop the SEC from engaging in illegal conduct that exceeds its authority and violates federal law.”
Industry News
Bitget will fully compensate users affected by abnormal BGB price fluctuations
Bitget officially released an announcement stating: “On October 7, 2024, from 10:53:00 to 10:58:59 (UTC+8), the price of BGB tokens fluctuated abnormally, affecting some users’ open contracts and leveraged positions. Upon investigation, the anomaly was mainly caused by several large leveraged transactions, which triggered a continuous forced liquidation effect on pledged lending, leveraged trading, and contract trading products.
Considering the impact of this incident on the positions of some users, in line with the principle of user-first, Bitget will fully compensate the affected users. Eligible users are those who hold or use the following products when the anomaly occurs:
Pledge loan with BGB as collateral
Leveraged positions including BGB
Includes all and isolated contract positions of BGB
We will distribute compensation to eligible user accounts in the form of USDT and BGB airdrops before October 10, 2024."
Kaiko: FTX’s main assets 1% market depth increased from $80 million to more than $200 million
Kaiko pointed out in a report that as of last year, FTX Estate had recovered nearly $4 billion in digital assets and was authorized to start selling some of its assets in September 2023. Since November 2022, FTX Estate's asset recovery has benefited from the rebound in cryptocurrency prices, with key assets such as SOL, TON and TRX more than doubling in value.
1% market depth for FTX’s major assets (including SOL, DOGE, TON, TRX, BIT, XRP, and the native token FTT) increased from $80 million to over $200 million, enabling larger sales without causing significant price disruptions.
FTX also holds a number of smaller, less liquid tokens, some of which have little to no market value. These include tokens such as Oxygen (OXY) and Maps (MAPS), which are particularly problematic for FTX estate due to FTX’s overwhelming ownership. The exchange holds 99% of MAPS, 97% of OXY, and 95% of Serum (SRM).
Given FTX’s dominance in these assets, any attempt to sell them could cause their prices to go to zero almost immediately. As a result, FTX estate is placing a significant discount on its valuation. MAPS is considered worthless, OXY faces a 99.9% discount, and SRM is discounted by 18.6% due to liquidity issues. Other assets, such as BRC, BRLT, and BTRN, are worth zero because they are no longer traded.
Earlier news, John Dorsey, a judge of the Delaware Bankruptcy Court, decided to approve the plan at a hearing on Monday and began distributing funds to creditors. According to the plan, 98% of creditors will receive at least 118% of the value of their claims in cash.
Greeks.live: Most market participants are cautious about betting on this month's market, and the current mainstream sentiment is to continue to wait and see
Adam, a macro researcher at Greeks.live, posted on Currently, based on 30-day federal funds futures price calculations, the market’s expected probability of the next 25 Bp interest rate cut is 85%, and the expected probability of no interest rate cut is 15%. This data is significantly lower than last month.
At the same time, the predicted probability of Trump being elected president has increased significantly in recent days, and the balance of the U.S. election on November 5 is tilting towards Trump.
Judging from the options data, the market has low volatility expectations for October, with the at-the-money IV for that month already below 45%, while the at-the-money IV for the option expiring a week later on November 8th is 55%.
This shows that most market participants are cautious about betting on this month's market, and continuing to wait and see is the current mainstream sentiment.
Circle: Sui Network Now Available with Native USDC
USDC issuer Circle announced that native USDC has been launched on the Sui network. Through this integration, Sui users will have direct access to one of the most widely used stablecoins on the network as a native asset, eliminating the additional complexity and risks brought by bridge assets. Sui is reportedly the first blockchain based on the Move language with native USDC. (decrypt)
Project News
Starknet: STRK staking is now live on the Sepolia testnet. If everything goes well, it will be launched on the mainnet in a few weeks.
Starknet published a post on X stating that STRK staking has been launched on Starknet Sepolia. In this testnet phase, the staking requirement allows more participants to stress test its staking contracts:
Minimum stake amount: 1 STRK (20, 000 STRK on the mainnet);
Unstaking lock-up time: 5 minutes (21 days on mainnet).
If everything goes well during this testing phase, STRK staking will be available on the mainnet in a few weeks.
Investment and Financing
29 Solana ecosystem projects raised over $170 million in Q3 2024, the highest since Q2 2022
According to the “State of Solana: Breakpoint Edition” report, in Q3 2024, 29 projects built on the Solana blockchain received $173 million in financing, the highest level since Q2 2022. Each month in Q3 2024 has seen consecutive growth, and September’s $103 million was the strongest month for financing since June 22.
Additionally, Solana’s tokenized treasury market has also seen significant growth, doubling in total value to $123 million in 30 days. The surge was fueled by a $50 million USDC inflow from Ethereum on September 23. Solana currently ranks third in tokenized treasuries, behind Ethereum ($1.6 billion) and Stellar ($422 million). (Cryptonews)
Character Voice
Elon Musk: If Trump loses the election, I'm screwed
Carlson, an American show host, released a video of an interview with Elon Musk, in which Elon Musk said that if Trump loses the 2024 US election, he will be finished. The video shows that when the host asked, "What if Trump loses the election?" Musk smiled and answered while drinking water, "Then I'm finished." Then, Elon Musk continued to smile and said, "How long do you think my sentence will be? I don't know if I can still see my children." Last Saturday (October 5), at a campaign rally in Butler, Pennsylvania, the United States (where Trump suffered an assassination attempt in July this year), Musk walked onto the podium wearing a black "Make America Great Again" (MAGA) baseball cap. He shook hands and hugged Trump amid the cheers of the audience. Musk danced at the rally and called on people to vote for Trump. This is the first time Musk has appeared in Trump's campaign since announcing his support for Trump in July this year.
JPMorgan Chase CEO Dimon: The Fed is right to slow down the pace of rate cuts by 50 basis points
JPMorgan Chase CEO Jamie Dimon said that the Fed's move to slow down the pace of interest rate cuts by 50 basis points was correct, and long-term interest rates may remain at this level or rise slightly. People have great concerns about the US fiscal and monetary policies. (Jinshi)
Analysis: Wallets holding more than 10,000 BTC have increased their holdings since early March, providing strong support
CryptoQuant analyst BlitzzTrading wrote: “Historical data shows that the price of Bitcoin has never been lower than the average cost of a wallet holding more than 10,000 BTC. Even during the bear market, the average cost of such wallets has played a supporting role.
Since March 3, we have observed significant buying by wallets holding more than 10,000 BTC, with the average cost currently sitting at $39,874. Even if we enter a bear market, the $39,874 level could serve as a good support level.”
CryptoQuant CEO: Bitcoin's new whales have realized market value and are expected to soon surpass old whales
CryptoQuant CEO Ki Young Ju wrote on X that Bitcoin whales are undergoing a generational shift.
Since the birth of Bitcoin, new whales have invested $108 billion, while old whales have invested $113 billion. The ratio is now 48:51. The realized market value of new whales is expected to surpass that of old whales soon.
