1. Bitcoin temporarily falls out of the top ten global asset market capitalization rankings
According to information from 8marketcap, Bitcoin has been surpassed by Meta and has temporarily fallen out of the top ten global asset market capitalization rankings. The current market capitalization of Bitcoin is approximately US$1.349 trillion, up 8.11% in the past seven days, while the market capitalization of Meta is US$1.458 trillion, down 2.28% in the past seven days.
2. VanEck European Crypto ETP has a scale of 2 billion euros, but institutional participation is low
According to CNBC, Jan van Eck, CEO of asset management company VanEck, said in an interview that the company currently has 12 token-based products trading in the European market. Currently, VanEck's cryptocurrency ETP scale in Europe has reached 2 billion euros, but a large part of it comes from individual investors, and institutional investors have low participation. Wealth management companies have not made any allocations, and they have not even started to act. In addition, Jan van Eck also said that few private banks have actually approved investments in Bitcoin or Ethereum, and there have been no major initiatives in other crypto assets.
3. Scroll announces Scroll Open and plans to improve Marks system in Sessions 2
According to official news, Scroll announced the launch of the Scroll Open program, which aims to reward innovative and fast-growing developer programs. In addition, Scroll also stated that Scroll Sessions 2 will soon launch an improved Marks system to reward more participation in the entire ecosystem. The new Scroll Sessions page and dashboard will be launched in a few days.
4. Stablecoin transfer volume has dropped from $3.6 trillion to $1.2 trillion since May
According to News.bitcoin, the stablecoin market has experienced modest growth since October, but overall growth remains fairly slow. Currently, the industry is worth $172.7 billion, with 48.9% of stablecoins circulating on Ethereum and 34.92% on Tron. Despite the significant expansion of the stablecoin market since the beginning of the year, transfer volumes have been steadily declining since May. At that time, transfer volumes peaked at $3.6 trillion, falling to $1.6 trillion last month. So far, October transfer volumes are around $1.2 trillion.
While the number of active addresses has also declined since March, the drop is not as dramatic as the decrease in transfer volume. Of the $1.2 trillion transferred this month, $309.2 billion was done on Ethereum, while Tron processed $282.9 billion.
5. The Central Bank of Brazil will accelerate asset tokenization and stablecoin regulation by 2025
According to News.bitcoin, Roberto Campos Neto, president of the Central Bank of Brazil, plans to speed up the regulation of asset tokenization and stablecoins by 2025. The bank will issue a new consultation this month to collect more opinions on approving the country's VASP operating rules. In a recently aired show, Campos Neto claimed that the bank is also developing rules for virtual asset service providers (VASPs). He revealed that the bank will launch a public consultation to solicit opinions on the draft of the "behavior, organization and authorization process" of these entities.
6. Bitfinex-backed Plasma raises $3.5 million to expand the use of USDT stablecoin on the Bitcoin network
According to The Block, the Plasma network, supported by Bitfinex, has raised $3.5 million in its latest round of funding, aiming to expand the use of USDT stablecoins on the Bitcoin network. The funding was led by Bitfinex, with support from investor Christian Angermayer and venture capital firms such as Split Capital, Anthos Capital, Karatage, and Manifold Trading. Bitfinex CTO and Tether CEO Paolo Ardoino is also behind the project.
The Plasma network is an EVM-compatible blockchain that can run any Ethereum-compatible smart contract. Its goal is to expand the payment function of USDT on Bitcoin through a zero-fee payment channel. Paul Faecks, founder of Plasma, said that the team assumes that there will be no major changes to the Bitcoin core, so it is committed to finding a solution that can stabilize the flow of dollar-denominated payments on Bitcoin. Plasma combines Bitcoin's UTXO foundation and Ethereum's account model. It plans to provide a more flexible Bitcoin execution environment through side chains, and uses a published consensus architecture to improve transaction speed and efficiency. Plasma is also considering expanding to the Cosmos ecosystem in the future, but is currently focusing on the EVM side and hopes to enhance the payment and DeFi capabilities of the Bitcoin network through this innovation.
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