October 2, 2024

The past week has seen some major events in the crypto world, from geopolitical tensions that impacted prices to major developments in crypto regulation. In this report, we’ll highlight the most important events and their impact on the crypto market. If you like this format, we’ll be updating it regularly. We’re at Uptober, and we like to stay up to date with the world’s news!

Let's get started now.

1. Iran missile strike on Israel sends crypto prices crashing

Iran’s recent missile attacks on Israel have sent shockwaves through global markets, including the cryptocurrency market. As tensions escalate, currencies like Bitcoin, Ethereum, and Solana have seen significant price declines. Traders are reassessing their positions amid the geopolitical turmoil.

Bitcoin’s status as a potential safe haven has been tested, as it is traditionally viewed as a refuge during turbulent times. However, this crisis has raised questions about its reliability in that role. As geopolitical tensions continue, the “Uptober” optimism is at risk. Investors are becoming more cautious and reacting quickly to any signs of instability. Even Sui, one of September’s biggest gainers, saw a 2.4% drop overnight.

2. China launches stimulus package to combat economic slowdown

In an attempt to combat the economic slowdown, China has rolled out a series of stimulus measures. The People's Bank of China has cut its benchmark interest rate and announced support for the stock and property markets.

The measures are aimed at boosting demand and stabilizing the economy. On Tuesday, the central bank held a rare press conference, where officials announced funding to boost the stock market and support the struggling property sector. Economists, however, are skeptical that China will be able to meet its 5% annual growth target.

Following the announcement, China's CSI 300 index rose 4.3%, its best day since July 2020. Meanwhile, Hong Kong's Hang Seng Index rose 4% on gains in Chinese companies.

In a significant development, Bitwise Invest has filed for the first XRP ETF (exchange-traded fund) in Delaware. The filing comes as Ripple nears resolution of its legal dispute with the SEC.

The timing of this filing is strategic, as Ripple awaits the SEC’s decision on whether to file a potential appeal of a previous court ruling. If the SEC decides not to appeal, it could further cement XRP’s status as a reliable investment option.

However, the road to approval is not easy. Bitwise’s application will be subject to extensive SEC scrutiny, similar to previous applications for Bitcoin and Ethereum funds. Getting approval could take time, possibly extending into next year.

4. Highlights of the Vance-Walz Vice Presidential Debate

Last night saw a debate between Senator J.D. Vance and Minnesota Governor Tim Walz. Both candidates displayed a friendly demeanor, using words like “agreement” and “consensus” frequently.

But behind the friendly exterior, they offered sharply different views on key issues. Vance was sharply critical of the Harris administration, suggesting a need for change, while Walz blamed the previous Trump administration for the current challenges.

The debate had some notable moments, including Vance being cut off from the microphone while criticizing Biden's immigration policies, and Walz admitting he was wrong when he said he was in Hong Kong during the 1989 Tiananmen Square protests.

5. Diddy hires lawyer Sam Bankman-Fried

In a surprise move, singer Diddy has hired lawyer Alexandra Shapiro, who also represents Sam Bankman-Fried. Diddy aims to challenge a judge's decision to keep him in pretrial detention pending trial on serious charges.

Bankman-Fried was sentenced to 25 years in prison for the FTX collapse. He has also turned to Shapiro to appeal his sentence. Unusually, Bankman-Fried and Diddy now share a cell in a Brooklyn jail, where they live in a dorm-style room with other inmates.

conclusion

This week’s events illustrate the high volatility and interconnectedness of the cryptocurrency market with global events. Whether it’s geopolitical tensions affecting asset prices or sudden regulatory and political developments, the crypto landscape is ever-changing. Stay tuned for more updates, and if you find this report useful, we’ll continue to provide it regularly!

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