● QCP: Bitcoin may enter a high volatility phase due to the impact of the US election
According to Odaily Planet Daily, QCP released a report analyzing that although the US election is the next key catalyst for Bitcoin and cryptocurrencies, the market is still uncertain about the trend of Bitcoin after the election. Options expiring near the election are trading at a 10% premium over other expiring options. As everyone pays attention to the election, any changes in polls or changes in candidates' campaign narratives will be magnified in spot prices.
● US stablecoin trading volume declines, global demand rises
As Cointelegraph reported, since the launch of the spot BTC ETF, the U.S. has seen record Bitcoin activity. However, the U.S. stablecoin adoption rate slowed down compared to the global market in 2024.
Chainalysis reported on October 17 that the share of stablecoin transactions on U.S. regulated exchanges fell from about 50% in 2023 to below 40% in 2024. In contrast, the share of stablecoin transactions on non-U.S. regulated platforms has surged since 2023, exceeding 60% in 2024.
Chainalysis emphasized that this change reflects the rapid expansion of stablecoins in emerging markets and non-US jurisdictions. Global demand for dollar-backed assets has surged, especially in countries with limited stablecoins. The report mentioned that by the end of 2022, more than $1 trillion in U.S. dollar banknotes (about half of the total) were held outside the United States.
Tether CEO Paolo Ardoino said that the main demand for stablecoins comes from developing economies such as Argentina, Turkey and Vietnam, rather than the United States. Regulatory uncertainty has also caused the United States to lag behind other economies in the adoption of stablecoins.
Chainalysis noted that stablecoin company Circle said the lack of clear crypto regulations in the United States has attracted more stablecoin projects to financial centers such as Europe and the UAE.
A Circle spokesperson warned that the lack of a U.S. regulatory framework for dollar-referenced stablecoins poses a threat to U.S. interests.
According to Odaily Planet Daily, Arkham Intelligence data showed that Tesla transferred its Bitcoin reserves for the first time in more than two years, which caused panic among some Bitcoin traders.
Maartunn, a community analyst at CryptoQuant, said that Tesla may transfer BTC for the following reasons: 1. Compliance or internal audit: Tesla may transfer Bitcoin to fulfill accounting or legal obligations related to reporting or internal audits; 2. Wallet management: Tesla may use multiple wallets for operational purposes, but this seems unlikely; 3. Reorganization of funds: part of a strategy to reorganize Bitcoin holdings to cope with future sales or loans.
● Worldcoin changes its name to World and launches faster Orb 2.0 scanner
According to CoinDesk, Sam Altman’s Worldcoin project was renamed World and launched a faster and simpler Orb 2.0 scanner to scan billions of people’s irises. The long-term goal of the project is to create a system for anonymously verifying human identities online.
At a media event, World staff showed plans for Orb 2.0. The new version will be faster to build, use fewer parts and better chips, and run open source code. Chief designer Rich Heley said there needs to be 1,000 more Orbs than there are now, and to be deployed in more places.
● World launches Ethereum second-layer blockchain mainnet World Chain
According to ChainCatcher, Worldcoin, a digital identity project supported by OpenAI CEO Sam Altman, announced that it would be renamed World Network (World for short) and officially launched its Ethereum Layer 2 blockchain mainnet World Chain.
According to Odaily Planet Daily, the number of initial unemployment claims in the United States for the week ending October 12 was 241,000, which was expected to be 260,000. The previous value was revised from 258,000 to 260,000.
The four-week average of initial unemployment claims in the United States for the week ending October 12 was 236,250, and the previous value was revised from 231,000 to 231,500.
The number of people continuing to claim unemployment benefits in the United States in the week ending October 12 was 1.867 million, in line with expectations for 1.865 million. The previous value was revised from 1.861 million to 1.858 million.
According to Jinshi Data, U.S. retail sales rose slightly more than expected in September, supporting the view that the economy maintained strong growth in the third quarter. The monthly rate of U.S. retail sales in September was 0.4%, while the unrevised increase in August was 0.1%.
Signs of an economic recovery may not prevent the Federal Reserve from cutting interest rates again next month, but will reinforce expectations of a quarter-point cut.
● Traders expect the Fed to reduce interest rate cuts this year
According to ChainCatcher, after the release of US retail sales and initial claims data, traders expect the Federal Reserve to reduce interest rate cuts this year.
● SEC sues THOR co-founder for unregistered sale of cryptocurrency securities
According to BlockBeats, on October 18, according to market news, the U.S. Securities and Exchange Commission (SEC) sued THOR co-founder Matthew Moravec, accusing him of unregistered sales of cryptocurrency securities.
