1. This week's large token unlocks
In the next 7 days, there will be large single unlocks (over 5 million USD) including MRS ADA APEX MURA AITECH ID YGG KARRAT TRIBL ENA, and linear large unlocks (daily unlock over 1 million USD) for WLD SOL TAO AVAX SEI NEAR DOT DOGE SUI FIL BEAM, totaling over 407 million USD in unlock value.
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2. Northern Data considers selling its Bitcoin mining division to focus on artificial intelligence
Germany-based Northern Data is considering spinning off its Bitcoin mining subsidiary to pivot to a pure AI strategy. On Monday, Northern Data announced that it has initiated negotiations with stakeholders regarding the potential divestment of its crypto mining business, Peak Mining. In a subsequent announcement, the company stated that potential proceeds from this sale would be invested in acquiring more data centers, purchasing GPUs, and developing its AI product platform.
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3. Payment company Stripe acquires stablecoin platform Bridge for 1.1 billion USD
The software provided by Bridge helps businesses accept stablecoin payments, marking an expansion of Stripe's cryptocurrency adoption efforts. Bridge previously raised 58 million USD from investors, including 40 million USD in Series A funding, valuing the company at 200 million USD. Therefore, the 1.1 billion USD purchase price represents a significant increase compared to the company’s previous valuation, making Bridge Stripe's largest acquisition to date and the largest acquisition in the history of the crypto industry.
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4. Qian Zhimin pleads not guilty to money laundering Bitcoin charges in a London court
Qian Zhimin pleads not guilty to money laundering Bitcoin charges in a London court. Earlier, Qian Zhimin, the main suspect in the UK’s 60,000 Bitcoin money laundering case and the Tianjin Blue Sky Grey illegal fundraising case amounting to 43 billion yuan, was sentenced by a UK court to over 6 years in prison for money laundering.
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5. Heilongjiang court rules on a USDT resale case, with involved parties sentenced to one year and eight months
Court investigations reveal that in April 2024, the defendant Wang XXX learned from his friend Li XXX that trading USDT could be profitable. Starting from April 15, Wang began using Li's account on the 'U Dock' app to resell USDT in a grab mode. Wang used a total of 14 bank cards under his own and others' names to receive transaction funds, 6 of which were involved in receiving fraudulent funds, totaling 564,000 yuan. Wang illegally profited about 60,000 yuan from this. In the early stages of the incident, three bank cards used by Wang and his accomplice Zhang were frozen by public security authorities for suspected telecom network fraud. However, Wang continued to conduct USDT transactions on the 'U Dock' app and registered his own account. Wang was sentenced to one year and eight months in prison for concealing and disguising criminal proceeds, and fined 15,000 yuan.
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6. Wu discusses this week's macro indicators and analysis: Federal Reserve Beige Book, IMF Global Economic Outlook report
Summary
Last week, the European Central Bank cut interest rates as expected, marking the third rate cut in this cycle; this week focuses on the Federal Reserve's Beige Book on economic conditions and the IMF's Global Economic Outlook report.
Last week review
Federal Reserve Governor Waller calls for 'cautious' interest rate cuts.
The European Central Bank cut interest rates by 25 basis points as expected, reducing the deposit facility rate from 3.5% to 3.25%, marking the third cut in this rate reduction cycle.
U.S. initial jobless claims for the week ending October 12 stood at 241,000, previous value 258,000.
Japan's September core CPI year-on-year at 2.4%, expected 2.3%, previous value 2.8%.
Key events & indicators this week
October 22
FOMC voting member and Kansas Fed President Schmidt speaks on the economic and monetary policy outlook (05:05)
IMF publishes Global Economic Outlook report (21:00)
October 23
Canada's central bank interest rate decision until October 23 (21:45)
European Central Bank President Lagarde speaks on the European economic outlook (22:00)
October 24
Federal Reserve releases Beige Book on economic conditions (02:00)
U.S. initial jobless claims for the week ending October 19 (in ten thousand) (20:30)
October 25
U.S. Michigan University Consumer Sentiment Index final value for October (22:00)
