Today's news tips:
Trader Peter Brandt: Bitcoin price could fall 75% if it fails to reach all-time high
US SEC extends review of Cboe Ethereum ETF options to December 3
Mu Changchun: Digital RMB value model can provide smart payment on blockchain
Bloomberg: Arkham Intelligence plans to launch crypto derivatives exchange next month
Grayscale Releases List of Assets Considered for Inclusion in Future Investment Products, Covering More Than 30 Tokens
WLFi: Public token sale to whitelisted users to begin on October 15
Michael Saylor: MicroStrategy's ultimate goal is to become the leading Bitcoin bank
Paradigm announces $20 million investment in Layer 2 blockchain development company Ithaca
Regulatory News
Former FTX executive Ryan Salame's request to postpone his sentence was rejected by the judge, and he may have already started serving his sentence
According to CoinDesk, former FTX executive Ryan Salame, who was convicted of violating U.S. election laws by donating millions of dollars in the last congressional election, tried to postpone his sentence at the last minute to treat a dog bite on his face, but was rejected. Salame, who criticized the prosecution against him on social media, was supposed to start serving more than seven years in prison on August 29, but he told the court that he was bitten by a large German shepherd, causing his sentence date to be postponed to October 11. Earlier this week, he requested a postponement again. But there was no obvious sign that he was hindered by the wound during his interview with Tucker Carlson - a fact that was noted by Judge Lewis Kaplan of the Southern District Court of New York when the court rejected Salame's efforts.
Salame claimed that he needed "urgent and necessary medical treatment and surgery" but could not be imprisoned immediately, and prosecutors responded that he appeared to be in good condition. Prosecutors said that when he appeared in court last month, he "did not show any signs of drooling or slurred speech" when answering questions, and then was interviewed by Carlson during which Salame "appeared to have recovered and was completely unharmed." The judge pointed out that Salame had "benefited from an extremely generous deferral of his prison term" and the court expressed doubts about the "truthfulness" of Salame's allegations.
US SEC extends review of Cboe Ethereum ETF options to December 3
The U.S. Securities and Exchange Commission (SEC) announced that it will extend the review time for the rule amendment proposal put forward by Cboe Exchange. The proposal aims to amend the exchange rules to allow the listing and trading of options based on Ethereum exchange-traded products (ETFs), involving multiple Ethereum funds such as Fidelity, Grayscale and iShares. According to the document, the SEC has extended the final decision date to December 3, 2024 to allow more time to consider this proposal.
Project News
Mu Changchun: Digital RMB value model can provide smart payment on blockchain
Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, recently wrote in (Current Affairs Report) that steadily promoting the research and development and application of digital RMB is an important part of the strategy of building a financial power. The article emphasizes that the digital RMB has both account and value models through a two-tier operating structure, and realizes a global account through data capacity building: in the account mode, it can be integrated and interoperable with the traditional bank account system; in the value mode, value exchange can be carried out in the form of currency strings, which can provide smart payment on the blockchain and can also be used in offline extreme scenarios such as "no network" and "no electricity", optimizing the traditional trade finance business process and supporting cost reduction and efficiency improvement. The application scenarios of digital RMB will expand from retail to wholesale, and from payment to broad financial business including deposits, loans, remittances, and investments. Digital RMB adopts a modular design, which can flexibly connect to the infrastructure of foreign central banks and realize "one-stop access" with the connected jurisdiction. At present, the pilot scope of digital RMB covers 26 regions in 17 provinces (cities), and will continue to deepen in the next step. As of the end of July 2024, the digital RMB App has opened a total of 180 million personal wallets, and the cumulative transaction amount in the pilot areas is 7.3 trillion yuan.
Crypto exchange Fairdesk to shut down all services on November 30
According to Cointelegraph, Singapore cryptocurrency exchange Fairdesk announced that it will officially shut down all services on November 30, 2024 due to policy and regulatory issues. Since its establishment in 2021, Fairdesk has provided high-quality trading services to users in the United States and Canada, but with the changes in the regulatory environment, the platform has decided to close permanently. Users are required to liquidate their accounts (futures and spot positions) before October 17, after which the platform will only retain the withdrawal function until it is closed on November 30.
Bloomberg: Arkham Intelligence plans to launch crypto derivatives exchange next month
According to Bloomberg, people familiar with the matter revealed that Arkham Intelligence Inc., a blockchain data company backed by investors such as OpenAl founder Sam Altman, plans to launch a crypto derivatives exchange next month; the company is moving its operations from London and New York to Punta Cana, Dominican Republic, where the company and new headquarters will be located.
MicroStrategy's 'premium to net asset value' hits highest level since 2021
According to CoinDesk, the share price of Bitcoin development company MicroStrategy (MSTR) continues to rise relative to the price of Bitcoin, expanding the net asset value premium of its holdings to the highest level in more than three years. The company's so-called net asset value (NAV) premium is calculated by dividing its market value by the value of its Bitcoin holdings, and according to MSTR-tracker data, the premium has risen to about 2.5, the highest level since February 2021. At current pricing, MicroStrategy's market value is approximately $37.14 billion, and its 252,220 BTC are worth $15.1 billion. In addition, the average value of MicroStrategy's share price divided by the Bitcoin price is also 0.0030, which is the highest ratio since the company began adopting Bitcoin in August 2020.
Grayscale Releases List of Assets Considered for Inclusion in Future Investment Products, Covering More Than 30 Tokens
According to official news, Grayscale has released a list of assets considered for inclusion in future Grayscale investment products, including Kaspa (KAS), Aptos (APT), Arbitrum (ARB), Celestia (TIA), Celo (CELO), Core (CORE), Cosmos (ATOM), Internet Computer (ICP), Mantle (MNT), Metis (METIS), Neon (NEON), Optimism (OP), Polygon (POL ex. MATIC), Sei (SEI), Starknet (STRK), Toncoin (TON), TRON (TRX), Aerodrome (AERO), Ethena (ENA), Injective Protocol (INJ), Jupiter (JUP), Mantra (OM), Ondo Finance (ONDO), Pendle (PENDLE), THORChain (RUNE), Dogecoin (DOGE), Immutable (IMX), Akash (AKT), Arweave (AR), Artificial Superintelligence Alliance (FET), Helium (HNT), Pyth (PYTH), UMA Project (UMA), VeChain (VET), Worldcoin (WLD).
Ripple co-founder Chris Larsen donates $1 million in XRP tokens to Harris' pro-Trump PAC
According to Fox Business reporter Eleanor Terrett's post on X platform, Ripple co-founder Chris Larsen has made a cryptocurrency donation to Future Forward USA, a super PAC supporting Harris. The donation is worth $1 million in XRP and is also the first recorded cryptocurrency donation. Documents show that the PAC accepts crypto donations through Coinbase to support Harris' advertising campaigns and campaign ads against Trump.
WLFi: Public token sale to whitelisted users to begin on October 15
The Trump family cryptocurrency project World Liberty Financial (WLFI) announced that it will launch a public token sale on October 15, and participants must pass the whitelist qualification certification. The official will hold an event via Twitter Spaces at 8 am Eastern Time (8 pm Beijing Time) on October 14 to introduce more details.
Michael Saylor: MicroStrategy's ultimate goal is to become the leading Bitcoin bank
MicroStrategy founder Michael Saylor said in a recent interview with analysts at research and brokerage firm Bernstein that the company's ultimate goal is to become the leading Bitcoin bank. Gautam Chhugani, head of digital assets at Bernstein, told clients in a report on Friday that Saylor believes MicroStrategy's core business is creating capital market instruments around Bitcoin, including equities, convertible bonds, fixed income and preferred stocks.
Shenyu calls on dApp and plug-in wallets to add Permit signature switch
Regarding offline authorization signatures such as permit/permit2, Shenyu, co-founder and CEO of Cobo, posted on the X platform: “Call on dApps and plug-in wallets to add a permit signature switch.”
Trader Peter Brandt: Bitcoin price could fall 75% if it fails to reach all-time high
According to News.bitcoin, Peter Brandt, a well-known trader and chart analyst, warned Bitcoin investors that market trends show potential downside risks. He pointed out that Bitcoin has not set a new high for 30 consecutive weeks, and similar situations in history usually lead to price drops of more than 75%. Brandt remains optimistic and predicts that the price of Bitcoin will reach $135,000 by August or September 2025, but at the same time warns that if Bitcoin falls below $48,000, his analysis will be invalid and the market needs to be re-evaluated. Brandt also emphasized that Bitcoin's gains often occur in the second half of the four-year halving cycle.
Avalanche Foundation to Buy Back 1.97 Million AVAX Tokens Previously Sold to LFG
According to the official Twitter account of Avalanche Foundation, the Avalanche Foundation has reached an agreement to repurchase all AVAX tokens sold to the Luna Foundation (LFG) in April 2022. The transaction is currently awaiting approval from the bankruptcy court. This move ensures that LFG does not violate the restrictions on the use of tokens in the original agreement, while avoiding the complexity of the tokens being liquidated by the bankruptcy trustee and returning 1.97 million AVAX to the foundation's holdings. This will further enhance the foundation's ability to support the continued development of the Avalanche ecosystem. At the same time, the Avalanche DAO rebate redistribution proposal has been approved, and 90% of AVAX tokens will be airdropped to coin holders.
Law firm Pomerantz files class action lawsuit against Coinbase Global
Pomerantz, a U.S. law firm, announced that it has filed a class action lawsuit against Coinbase Global, Inc. (NASDAQ: COIN), accusing the company and some of its executives of securities fraud or other illegal business practices. Investors must apply to become the lead plaintiff in the class action by November 12, 2024.
OKX will launch X (X empire) spot trading and X pre-market trading contracts
According to the official announcement, OKX will soon launch X (X empire), the specific schedule is as follows:
1. X deposit opening time: October 15th 8:00 PM (UTC+8)
2. X call auction time period: 7:00 pm to 8:00 pm, October 24 (UTC+8)
3. X/USDT spot trading opening time: October 24, 8:00 PM (UTC+8)
It is reported that X empire is a popular click-to-earn game on Telegram that allows players to upgrade their characters and earn in-game tokens, which will be converted into $X, which will be widely used in the X empire game.
Security firm: Crypto-stealing malware found in Python package index
According to Cointelegraph, researchers at cybersecurity company Checkmarx have raised the alarm about a dangerous malware uploaded to the Python Package Index (PyPI) that steals private keys. According to the company, the malware is automatically uploaded by suspicious users through several different packages, designed to mimic the decoding applications of popular wallets such as MetaMask, Atomic, TronLink, Ronin, and other mainstream products in the industry. The malware is cleverly embedded in various parts of the software package. Since these malware appear to be harmless code, they are basically undetectable. However, upon closer inspection, once an unsuspecting user calls a specific function embedded in the software package, a specific part of the data allows hackers to control the cryptocurrency wallet and transfer funds.
This attack vector was first discovered by Checkmarx researchers in March 2024, causing the platform to suspend new projects and new user accounts until the malicious elements were removed (which they eventually were). Despite Checkmarx and the Python Package Index remaining vigilant and taking quick action to address the issue, the malware reappeared in early October and has reportedly been downloaded more than 3,700 times since then
Investment and Financing
Paradigm announces $20 million investment in Layer 2 blockchain development company Ithaca
According to The Block, crypto venture capital firm Paradigm announced on Friday that it has invested $20 million in a spin-off company that is building a new Layer 2 blockchain called "Odyssey", hoping that this will accelerate the development of blockchain. According to Paradigm, Paradigm CTO and general partner Georgios Konstantopoulos will serve as CEO of Ithaca. Layer 2 built with Reth and OP Stack is now live on the testnet.
The companies said that while Konstantopoulos will remain as Paradigm’s chief technology officer, the new company should be considered a Paradigm portfolio company. They also said Paradigm co-founder Matt Huang will serve as Ithaca’s chairman.
Important data
Bitcoin spot ETF had a total net inflow of US$254 million yesterday, and the ETF net asset ratio reached 4.71%
According to SoSoValue data, yesterday (October 11, Eastern Time), the total net inflow of Bitcoin spot ETFs reached 254 million US dollars. On that day, Grayscale GBTC ETF had a net outflow of 22.0881 million US dollars, and the total historical net outflow of GBTC was 20.188 billion US dollars; Grayscale Bitcoin Mini Trust ETF BTC had no net outflow, and the historical net inflow was 401 million US dollars. The ETF with the largest net inflow on that day was Fidelity ETF FBTC, with a net inflow of 117 million US dollars, and the historical net inflow of FBTC reached 9.986 billion US dollars. The second was Ark Invest and 21Shares' ARKB ETF, with a net inflow of 97.5837 million US dollars, and ARKB's historical net inflow reached 2.551 billion US dollars.
As of press time, the total net asset value of the Bitcoin spot ETF was US$58.662 billion, the ETF net asset ratio reached 4.71%, and the historical cumulative net inflow has reached US$18.808 billion.
A whale has transferred 150,000 BTC in recent days, some of which have been sold through Wintermute
Maartunn, a CryptoQuant contributor and market analyst, posted on the X platform that a whale has transferred 150,000 BTC in batches of 2,000 in recent days. Although this appears to be a wallet rebalancing, some of the funds have been sold through market maker Wintermute. Maartunn added that he will provide an update when more information is obtained, such as the identity of the whale.
Murad bought 10.25 million SPX at $98,000 four months ago and it has appreciated to $7.89 million
According to The Data Nerd, four months ago, Murad bought 10.25 million $SPX at $98,000, with an average purchase price of about $0.0096. Based on the current price of $0.7702, his investment has increased to $7.89 million, with an unrealized profit of about $7.79 million and a return on investment of about 7,900%.
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