Bitcoin Eyes $100,000 Target for Q4, But Demand Must Grow, Analysts Say

As Bitcoin (BTC) heads into its typically bullish fourth quarter, analysts at CryptoQuant say that while positive seasonality is in sight, increased demand will be required for the cryptocurrency to hit its ambitious $100,000 price target by year's end.

While highlighting this fact in its weekly report dated October 2, CryptoQuant points to the impressive streak Bitcoin has enjoyed during halving years. Previous cycles in 2012, 2016, and 2020 had seen price increases of 9%, 59%, and 171% respectively. According to this firm, it is observed that Bitcoin's performance in 2024 has closely followed the patterns seen in 2016 and 2020 through September.

Analysts emphasize that apparent demand for Bitcoin has stabilized but needs significant growth to support higher prices. Monthly fluctuations in demand between -23,000 and +69,000 BTC since July pale in comparison to April's robust 496,000 BTC surge when prices approached $70,000.

Institutional interest through US-based Bitcoin ETFs could catalyze price growth. So far, the trend has flipped from net selling to net buying, with ETFs turning course from offloading 5,000 BTC to acquiring 7,000 BTC in late September. This is reflected by the $1.8 billion in net inflows into spot Bitcoin ETFs that came from September 13 to 30.

CryptoQuant estimates that with such demand momentum, Bitcoin has a fair chance of targeting $85,000-$100,000 by the end of December. However, all eyes are on the effects regarding external factors, including tension in the Middle East and the monetary policy to be followed by the Federal Reserve after its sharp 50-basis-point rate cut in September.

SEC Enforcement Chief To Step Down Amid Political Pressure and Industry Pushback

The U.S. Securities and Exchange Commission (SEC) announced on October 2 that its chief enforcer, Gurbir Grewal, will leave his post on October 11. Grewal leaves after a tenure marked by some of the most aggressive oversight over the cryptocurrency industry, during which he recommended more than 100 enforcement actions against crypto operators, including some of the world's largest trading platforms.

The SEC has named Sanjay Wadhwa, the deputy director of the enforcement division, as acting director until a full-time replacement is found. This comes at a time when the agency is under growing political pressure, especially over how it regulates cryptocurrency.

Grewal's departure has fed speculation that the SEC will soften its stance on crypto as the November U.S. presidential election draws near. Variant Fund chief legal officer Jake Chervinsky took to social media to suggest the departure might represent "the inevitable end to a campaign of unlawful harassment and misrepresentation resulting in many embarrassing defeats in court."

The politics around cryptocurrency regulation have been increasingly fraught. Democratic presidential candidate Kamala Harris recently said the United States should lead in the crypto industry while Republican candidate Donald Trump promised to "fire" SEC Chair Gary Gensler if elected. The latter came under fire himself from lawmakers in a September House Financial Services Committee hearing over his approach to crypto regulation.

Meanwhile, the cryptocurrency sector has not been sitting on its hands. The political action committee Fairshake, which is allied with some of the largest entities in the sector like Ripple and Coinbase, reportedly raised over $169 million for the 2024 election cycle.

SEC Appeals Ripple Ruling as XRP ETF Filing Emerges

The U.S. Securities and Exchange Commission (SEC) filed a notice of appeal against the historic ruling by Judge Analisa Torres in the Ripple case. The recent move comes amidst many shifts in the regulatory layout, from changes at the SEC itself to new institutional interest in XRP.

The appeal seeks to overturn Judge Torres' 2023 ruling, which held that secondary trades of Ripple's XRP token did not constitute trades in securities. In the same judgment, she found that XRP, as an asset per se, did not fulfill all criteria of the Howey test, the SEC's means of defining financial assets as investment contracts.

While the judge did rule that early sales from Ripple founders to institutional investors did constitute securities sales, secondary market transactions did not need to bear the same categorization, and so the ruling partially became a victory for Ripple Labs and, more generally speaking, the crypto industry.

The application for appeal was filed on the same day the SEC announced that its divisive enforcement chief, Gubir Grewal, will be leaving his post on October 11. Grewal has become a controversial figure for his aggressive stance against the crypto sector, filing more than 100 enforcement actions since taking up his post.

The agency said Sanjay Wadhwa, a deputy director in the enforcement division of the SEC, would be acting chief pending the appointment of a permanent replacement.

It would appear that, despite the legal uncertainty remaining, institutional interest in XRP is building momentum. On September 30, crypto asset manager Bitwise filed for an XRP ETF trust in Delaware.

Wall Street Titan Franklin Templeton Adds Aptos to Digital Fund Network

Wall Street heavyweight Franklin Templeton has announced on Wednesday that its Nasdaq-listed On-Chain U.S. Government Money Fund, FOBXX, is now live on the Aptos (APT) blockchain.

Roger Bayston, Franklin Templeton's head of digital assets, emphasized the deliberateness of choosing Aptos, noting that "its unique characteristics" reflect the firm's high suitability criteria on their Benji platform. Aptos is a blockchain project founded by former members of Meta's defunct Diem project.

FOBXX is a groundbreaking digitized fund that allows investors to acquire U.S. government securities, cash, and repurchase agreements through Franklin Templeton's Benji Investments mobile app. It is the first and only US-registered fund to use public blockchains as its primary platform for the processing and recording of its transactions and share ownership.

The asset management giant described the latest expansion as a "massive step in the right direction" in pursuit of a "truly decentralized and accessible financial future." With this, Aptos joins Avalanche, Arbitrum, Stellar, and Polygon as some of the leading blockchains that already support FOBXX, with Avalanche having been integrated at the end of August.

Franklin Templeton's journey on the blockchain started in 2019 when the firm first tokenized shares for a money market fund on the Stellar blockchain. The firm showed further commitment to the digital assets space two years ago with the announcement of a venture fund dedicated to the sector.

Lamborghini Races into Web3 Gaming with Animoca Brands

Luxury car manufacturer Lamborghini gears up for the fast lane in the digital world as it unveiled "Fast ForWorld," a revolutionary Web3 gaming platform where iconic cars meet blockchain gaming.

The move was announced on October 2, in an initiative where the Italian supercar maker is joining forces with Web3 gaming powerhouse Animoca Brands.

This is Lamborghini's first move in building interoperable blockchain versions of its cars for gaming worlds. “Fast ForWorld” will be merged with Animoca's subsidiary Motorverse, allowing gamers to buy, sell, and drive digital Lamborghinis across major gaming platforms like Torque Drift 2, REVV Racing, and the Motorverse Hub.

The platform launches on November 7, but the initial release will include a 3D wallet to hold digital assets and provide innovative ways for users to interface with their virtual vehicles.

Yat Siu, co-founder and executive chairman of Animoca Brands, extended praise for the importance of the partnership: "Lamborghini is one of the first brands to adopt the interoperability standard of Motorverse."

He added, "That will make this collaboration a template for interoperable digital cars and an example to raise the bar for digital engagement."

Timing-wise, Lamborghini's foray into Web3 comes amidst a surge in blockchain-based gaming. Recent successes include Telegram-based games like Hamster Kombat, boasting over 300 million users, while Catizen boasted 800,000 paying users just half a year after launch.

Crypto Market Grapples with 'Hangover' from Venture Capital Boom, Multicoin's Jain Reveals

At Messari’s recent Mainnet conference, Tushar Jain, managing partner at Multicoin Capital, addressed the ongoing struggles within the crypto venture capital sector following the downturn that began post-pandemic.

Jain highlighted that the market is still grappling with the overinflated valuations and stagnant token prices that characterized the previous bull run, stating, “I would say the market still has a bit of a hangover to work through.”

According to a report on 2021’s crypto venture capital space, investors injected $33 billion into crypto startups, accounting for 5% of the global venture funding across all sectors. Many firms, such as NFT platform OpenSea and lending company BlockFi, achieved unicorn status during this period, but Jain suggested that these valuations may have been overstated.

He noted the lack of down rounds—occurrences where firms raise funds at a lower valuation—indicating an unwillingness among investors to accept current market realities.

Jain pointed out that the stagnation of major token launches and the decline in their values has compounded the uncertainty within the sector. He remarked, “There’s so much hype, so much excitement,” yet many of the promises made by crypto have yet to be realized.

Despite the ongoing challenges, Jain expressed a level of confidence in the foundational principles of the industry, acknowledging the cyclical nature of crypto markets. “This is the most cyclical industry possibly in the history of capitalism,” he stated, emphasizing that emotional responses often follow price movements.

Multicoin Capital, which raised $430 million for its Venture Fund III in 2022, is currently deploying those funds and is not actively seeking to raise more.

Jain admitted that the firm has made mistakes in its investments, a reality he suggests is inherent to taking risks in venture capital.

Australian Federal Police Seizes $6.4 Million in Cryptocurrency in Operation Kraken

The Australian Federal Police (AFP) announced the seizure of $6.4 million in cryptocurrency linked to an alleged mastermind behind encrypted messaging platform Ghost.

This operation, dubbed "Operation Kraken," has been part of a broader initiative targeting organized crime.

Ghost, which facilitated illegal activities such as drug trafficking and money laundering through advanced encryption and message self-destruction features, was dismantled last month after a two-year investigation involving Europol and various global law enforcement agencies.

The suspect, a 32-year-old man from Narwee, New South Wales, was arrested on September 17 and faces five charges, including supporting a criminal organization.

The seizure was made possible when the AFP's Criminal Assets Confiscation Taskforce analyzed hardware wallet devices found at the suspect's residence, said AFP on Wednesday.

By deciphering the seed phrases stored on these devices, investigators were able to gain access to the cryptocurrency assets. This marks the second significant cryptocurrency seizure under Operation Kraken, following an earlier restraint of assets amounting to $2 million AUD ($1.4 million) connected to a Western Australia crime syndicate in August.

Operation Kraken has resulted in 46 arrests, 93 search warrants, and intervention in 50 threats to life or harm since its inception in 2022.

The Criminal Assets Confiscation Taskforce, which includes multiple Australian agencies, aims to forfeit seized assets to the Commonwealth, with proceeds directed toward national crime prevention programs.

AFP acting Commander Scott Raven emphasized the technical capabilities of the task force in targeting organized crime, stating that they will pursue hidden assets across various forms, including cryptocurrency, real estate, and cash.

The continued efforts under Operation Kraken reflect the AFP's commitment to disrupting criminal networks and recovering illicitly obtained assets.

Proton Management Seeks Dismissal of Swan Bitcoin Lawsuit, Calls it ‘fatally flawed'

Proton Management has filed a motion to dismiss a lawsuit brought against it by Swan Bitcoin, arguing that the claims are fundamentally flawed.

The lawsuit, initiated on September 25, alleges that Proton and its associated entity, 2040 Energy, engaged in a scheme to misappropriate Swan's mining business through what Swan termed a “rain and hellfire” plan.

Proton contends that Swan Bitcoin does not possess a mining business, asserting that 2040 Energy operates as a separate entity that is fully funded by Tether, a stablecoin issuer. In its motion, Proton described Swan's allegations as “fatally flawed”, intended to tarnish the reputations of former employees and gain leverage in disputes with Tether.

The dispute intensified following a wave of resignations from Swan in August, many of whom have since joined Proton. Swan's lawsuit identifies Michael Holmes, former Head of Business Development, as a key figure in the alleged scheme, while Raphael Zagury, Proton’s CEO, previously held the position of chief investment officer and head of mining at Swan.

Swan is seeking a permanent injunction against Proton, aiming to prevent any further disruption to its Bitcoin mining operations.

The company is also demanding the return of allegedly stolen equipment and confidential materials. A jury trial has been requested, with damages to be determined during the proceedings.

Proton has further challenged the jurisdiction of the California court handling the case, noting that it is incorporated in the British Virgin Islands. The motion claims that Swan’s ex parte applications should be rejected on these grounds.

Telegram Gaming Tokens HMSTR and CATI Plummet Over 50% Following Hyped Launches

Hamster Kombat (HMSTR) and Catizen (CATI), two of the largest crypto games on Telegram by number of players, have seen their respective tokens plunge by more than 50% in price just days after highly-anticipated listings on The Open Network (TON).

At an estimated 300 million players on its Telegram mini-app, Hamster Kombat has watched the price of its HMSTR token sink by 53% to $0.047 from a first-day high of around $0.10, according to CoinMarketCap.

It was a mixed response to last Thursday's launch, with many of the 129 million eligible players showing dissatisfaction with getting what they called "dust," significantly smaller allocations than expected.

The performance is even worse for Catizen's CATI token, which has shed a spectacular 58% since it went live on September 20, currently trading at $0.47 from highs of $1.11. The tokens have also shed an additional 18% today in the midst of wider market uncertainty over a rise in tensions between Israel and Iran.

This isn't a trend relegated to Telegram gaming. The crypto gaming sector as a whole has suffered very heavy losses in 2024, with Notcoin shedding nearly 74% since its peak in June. As such, the sharp drops subsequent to highly publicized launches remain a common storyline in crypto gaming.

CertiK: Crypto Losses Surge 9.5% With $753M Lost in Q3 2024 Despite Fewer Attacks

Even though there was a decline in the overall number of cryptocurrency security incidents, hackers stole a record $753 million in digital assets during the third quarter of 2024, up 9.5% quarter-on-quarter, according to the latest report by cybersecurity firm CertiK.

This translates to as many as 155 security incidents within the community of digital cryptocurrencies, most of which were directed at the Ethereum network. In all, the total number of hacks, scams, and exploits on Ethereum reached 86, with losses amounting to more than $387 million.

The most serious incident that occurred in the quarter saw a Bitcoin whale lose a whopping 4,064 BTC worth about $238 million on August 19 in what looks like a wallet compromise.

Adding to losses in the quarter, attackers pulled off a major security breach on India-based crypto exchange WazirX, making off with over $235 million.

These high-profile incidents have contributed to the nearly $2 billion stolen from crypto projects in 2024 so far—an upward trend from the first quarter's $505 million across 224 attacks to the second quarter's $687 million.

Diving into the very methodologies of the attacks, phishing turned out to be the most promising direction for cybercriminals, culminating in losses of more than $343 million across 65 cases. Usually, such types of attacks involve very sophisticated deception in the sense that bad actors pose as some sort of institution in order to trick users into leaking sensitive information like login credentials or private keys.

Private key compromises alone came in at lower numbers but really proved to be effective in making losses amount to $324 million, with just 10 incidents. Other attack vectors this quarter have included code vulnerabilities, reentrancy events, and price manipulation schemes.

Failed 3AC Hedge Fund Founders Issue Controversial Memecoin Amidst Legal Trouble

Three Arrows Capital co-founders Su Zhu and Kyle Davies have unveiled a new project in the memecoin space, Three Arrowz Capitel (3AC).

The hedge fund’s implosion last year saw assets frozen and spawned multiple lawsuits, with Zhu arrested in Singapore last year for contempt of court for breaching court orders to cooperate. Despite this, the duo have begun hyping the new ERC-20 token in a Telegram channel focused on trading. Its name, intentionally misspelled to make it rhyme with that of their defunct hedge fund, has been relentlessly promoted via their official social media channels.

Analysis of its token structure has uncovered some disturbing facts for potential retail investors. As of Monday afternoon, insiders were controlling a whopping 84% of the token supply, with 71.8% held in one "Team & Insider" wallet.

The architecture design of the token features a 1% tax on all transactions, a proportion that the founders claim will be employed to help community members swap the token for other assets.

Since it reached its high of $0.192 on September 27, the coin catastrophically tanked some 70% in value to where it changes hands today for some five cents.

Making investors even more uneasy, only 9.3% of the token supply is unlocked on Uniswap for liquidity, while just a single-digit percentage of the total supply is in the hands of non-insider traders. The token is currently valued at $39.7 million in market cap, with prices falling 22% over the past 24 hours.

Bitcoin Plummets to $60K Amidst Geopolitical Tensions in the Middle East

The cryptocurrency market faced a sudden downturn Tuesday morning, with Bitcoin (BTC) dropping to as low as $60,371, marking a nearly 3.3% decline over 24 hours according to CoinMarketCap data.

This dip comes at the start of October, a month traditionally associated with price gains and dubbed "Uptober" by optimistic crypto traders.

The sell-off wasn't limited to cryptocurrencies, as U.S. equities also experienced sharp declines amid rising geopolitical tensions.

The White House's warning about potential Iranian attacks on Israel triggered a broader market reaction, including a surge in oil prices. On October 1, Iran launched numerous missiles toward Israel reportedly in response to the killing of Hezbollah leader Hassan Nasrallah.

This development underscores the continued sensitivity of "risk-on" assets like cryptocurrencies to global political uncertainties.

The impact on crypto traders has been significant, with over $250 million in futures positions liquidated across various cryptocurrencies in the past day. Long positions, betting on price increases, accounted for $200 million of these liquidations.

Ethereum (ETH) felt an even harder hit, dropping approximately 5.5% to $2,449, while Solana experienced a steep 4.5% decline, trading at $145. This widespread downturn contrasts sharply with the market's performance in September, which saw Bitcoin rise by 9% following the Federal Reserve's decision to cut interest rates.

The timing of this market correction is particularly notable given October's historical reputation for price gains, especially compared to September's typically bearish trend.

Asset Manager Bitwise Advances Plans for XRP ETF

Bitwise has confirmed plans to launch an XRP exchange-traded fund (ETF), confirming the authenticity of an application with the state of Delaware.

This comes after earlier successful Bitcoin and Ethereum ETF launches this year, which have seen billions invested so far. The XRP fund would be focused on the seventh-largest cryptocurrency by market capitalization, originally created by the founders of Ripple.

Recently, Standard Chartered, the British multinational bank, said that both Solana and XRP were likely candidates for the next wave of crypto ETF approvals.

This projection comes after the SEC gave the green light to eight spot Ethereum ETFs, a move that allowed traditional investors new ways to gain exposure to the second-largest digital asset.

While Bitwise has confirmed the existence of the filing, the company remains tight-lipped on funds, which remain at the filing stage. A long history that XRP has with regulatory authorities might make the route to eventual approval fraught with complications.

The SEC had earlier fought a long-drawn-out battle in the courts with Ripple, eventually charging a $1.3 billion lawsuit in December 2020 over selling unregistered securities.

That changed dramatically last year when Ripple secured a partial court victory. A judge ultimately ruled that retail sales of XRP through exchanges did not constitute security trades, though institutional sales worth $728 million constituted unregistered securities. The nuanced decision was for the most part seen as a win for the greater cryptocurrency industry.

Following Bitwise’s news, XRP's value surged slightly to $0.6334. However, the wider market sell-off caused by tensions in the Middle East saw XRP fall to $0.5975, down 2.28% over the past 24 hours.

Indonesia's Postal Service Innovates with First-Ever NFT Stamp Release

Indonesia's state-owned postal service, Pos Indonesia, has announced the release of its first-ever postage stamp that features a non-fungible token (NFT) counterpart. This move marks a significant intersection of traditional philately and blockchain technology.

The inaugural NFT stamp, named "Cenderawasih," which translates to "bird of paradise," will be available in both physical and digital formats, along with a collectible booklet.

This initiative aligns with Indonesia’s growing interest in Web3 technologies, which includes plans announced by financial authorities in March 2023 to establish a regulatory sandbox for crypto assets by early 2025. This regulatory framework aims to mitigate fraud in the evolving digital landscape.

However, the launch comes at a challenging time for the NFT market. September 2023 recorded the lowest monthly sales volume for NFTs since January 2021, with total sales dropping to $296 million, a decline of 20% from August and an 81% decrease from March's peak of $1.6 billion.

Additionally, NFT transactions fell from 7.3 million in August to 4.9 million in September, representing a 32% drop.

The concept of NFT postage stamps is not entirely new; various organizations globally have experimented with similar approaches in recent years.

Notable efforts include the United Arab Emirates’ launch of a gold-infused stamp with an NFT version in 2022, as well as initiatives from Austria and the Netherlands aimed at revitalizing stamp collecting through blockchain technology.

Bitcoin Price Forecast: Potential Cycle Top of $275K by November 2025

Bitcoin researcher Smithson With has presented a new approach to predicting the crypto's cycle top price using a quantile regression model.

This model, according to the researcher, suggests that Bitcoin's price could potentially reach as high as $275,000 by November 2025.

The researcher explains that the quantile regression model prioritizes all cumulative Bitcoin data, including supply, volatility, distribution over time, and survivability in any risk environment, to present various percentiles or quantiles.

This approach, unlike traditional linear regression, provides a deeper insight into potential outcomes by focusing on the extremes, in this case, the 99th percentile.

The researcher's analysis indicates that the current projection is a simulation of a 99th percentile power-law regression model, which is drawn using Bitcoin price data dating back to July 2013. With notes that the model's trajectory and price prediction for November 1, 2025, have "dramatically" changed over time, but a "quasi-exponential decay trend" has emerged.

A quasi-exponential decay trend suggests that the period of deviation from the actual trend has either halved or doubled over time.

The researcher believes that further analysis, which could channel these deviations through a decay period and evaluate multiple percentiles, may eventually confirm a cycle top value between $250,000 and $300,000 in 2025.

Meanwhile, Bitcoin's current price action has seen the crypto quickly recover to around $64,000 after dropping to as low as $62,825 on September 30. Luckshury, the lead at the trading platform Exocharts, highlights that Bitcoin's uptrend is likely to continue if the key support at $63,200 holds.

This price point, known as the point-of-control (POC), is where the most trading activity has taken place during the recent uptrend.

However, Luckshury warns that losing the $63,200 support in the next few days could change the trend bias and potentially trigger a correction period. A move above the immediate overhead resistance at $64,700 would be a bullish signal for the next leg up.

Ripple Secures In-Principle License from Dubai Financial Services Authority

Ripple has received in-principle financial services license approval from the Dubai Financial Services Authority (DFSA), marking a significant step toward establishing its presence in the United Arab Emirates (UAE).

This approval paves the way for Ripple to offer cross-border payment services for both fiat and digital assets within the Dubai International Financial Center (DIFC), a designated special economic zone.

On October 1, Ripple announced that the in-principle license is a necessary precursor to obtaining a full operating license in Dubai.

Once fully licensed, Ripple plans to introduce its enterprise-grade digital asset infrastructure in the region, including services such as Ripple Payments Direct (RPD).

Brad Garlinghouse, CEO of Ripple, highlighted the UAE's progressive regulatory framework, stating that it positions the country as a leader in the financial technology sector. The DFSA license approval aligns with Ripple's broader goal of expanding its global footprint as a regulated entity.

However, the digital asset landscape in Dubai is evolving, with the Virtual Asset Regulatory Authority (VARA) implementing stricter marketing regulations. As of September 26, all companies promoting digital asset investments in the UAE must include a disclaimer in their marketing materials.

VARA's CEO, Matthew White, emphasized the importance of providing clear guidance to ensure responsible service delivery by virtual asset providers.

Salmaan Jaffery, chief business development officer of the DIFC Authority, underscored Dubai's strategic location and its robust legal framework as advantageous for international businesses.

Ripple aims to leverage Dubai as a strategic hub to penetrate fast-growing crypto markets across the Middle East, Africa, and South Asia.

Prediction Markets on Presidential Race Heats Up as Betting Volume Surpasses $1B

As the 2024 presidential election draws closer, prediction markets are offering intriguing insights into both political outcomes and cryptocurrency trends. More than $1 billion worth of bets have poured into Polymarket surrounding the Trump-Harris matchup, with Harris clinging to a razor-thin, one-point overall lead.

If historic voting patterns hold, Harris seems to hold an advantage in four of the six key swing states. That includes Pennsylvania and Michigan, both of which have gone to Democratic candidates for most of the past several decades, except in 2016.

Wisconsin is usually seen as one of the most unpredictable states in the country, and a recent New York Times/Siena College traditional poll had Harris at 49% and Trump at 47%. But traders at Polymarket give Harris a 56% probability of carrying the state.

With the rise of Polymarket, the relative reliability of these prediction markets compared to traditional polling is receiving attention. One of the more interesting case studies will be Wisconsin, which has traditionally been a state where polling has been unreliable, with four of the last six presidential elections decided by less than a percentage point.

Meanwhile, in the crypto world, prediction markets are bearish on the short-term outlook for Bitcoin, despite a spate of bullish indicators. Despite the US Federal Reserve cutting interest rates recently and China injecting liquidity into its economy, users on Polymarket are giving the cryptocurrency just a 41% chance of trading above $65,000 by October 4.

This cautious outlook is despite the increased trading of $75,000 call options, a normally bullish sign. It could also mean that traders are pricing in fears of Bitcoin being "overbought" given its recent surge in price.

EigenLayer’s EIGEN Token Set to Unlock for Trading on October 1

The crypto community is anticipating the unlocking of the native token EIGEN, by EigenLayer. According to the trading data from Aevo and Hyperliquid decentralized perpetual exchanges, EIGEN-linked perpetual futures are pointing at a spot price of about $4 per token, though nontransferable since May's launch.

The unlock, set to happen on October 1 at 5:00 am UTC, will see EIGEN start trading on leading centralized exchanges such as Binance and Bitfinex.

With a total supply of 1.67 billion tokens and approximately 200 million currently in circulation, EIGEN's fully diluted value could reach above $6.7 billion at the current price.

That optimism carries across both perpetual futures markets and informal over-the-counter trades. EIGEN perps have almost doubled since early September, up from about $2 a token. OTC trades reportedly increased from $2 in August to roughly $3.50 by the end of September, though trades in the immediate aftermath of the airdrop valued the token as high as $10.

This makes EigenLayer one of the largest applications within the entire cryptocurrency ecosystem, according to DefiLlama’s estimate of close to $12 billion in total value locked.

The exact mechanism behind its growth is called "restaking," in which users deposit tokens as collateral to secure other networks referred to as "actively validated services" or AVS. In August, one such AVS called EigenDA started paying out restakers in both Ether and EIGEN tokens.

Robinhood VP Denies Plans To Launch Stablecoin in the Near Future

Vice president and general manager of Robinhood Crypto, Johann Kerbrat, has dispelled rumors of the company’s plan to issue its own stablecoin.

"At this time, we don't have any short-term plan to launch a stablecoin," Kerbrat said, pushing back against recent rumors that had gained traction following a Bloomberg report.

That report suggested both Robinhood and European fintech company Revolut were exploring ways into the growing stablecoin market.

While Revolut hasn’t commented, sources close to the European neobank suggested a stablecoin was indeed being "explored," but no firm timeline nor specific details had been set.

The stablecoin market, dominated by Tether's USDT, is valued at $119 billion market capitalization. Tether currently controls 68% of the whole $173.5 billion stablecoin market, which already sets the bar very high for any potential competitors.

In fact, Robinhood has made some strategic moves in the crypto space, listing Circle's USDC, the second-largest stablecoin with a $36.3 billion market cap. For its part, Revolut has recently expanded its cryptocurrency suite of services to include staking services for various tokens, including Ethereum.

The entry into the stablecoin market isn't exactly easy, even for most established financial giants. The volume for PayPal's PYUSD, despite having one of the most extensive user bases for any financial company, lies at a modest supply of about $710 million.

Bitcoin Falls to $63,000 Despite Federal Reserve Chairman's Rate Cut Signals

Bitcoin (BTC) had a dramatic sell-off to start the week, sinking to $63,000 despite Federal Reserve Chair Jerome Powell's indication of planned rate cuts.

The largest cryptocurrency by market cap lost 3.6% in the past 24 hours, dropping from $65,675 to $63,288. BTC remained flat over the past week, giving up its gains from the rally to $66,000.

Speaking in Nashville to the National Association for Business Economics, Powell dialed back market expectations of the size of future rate cuts below the recent 50-bp cut. The chairman penciled in two possible rate cuts in 2024, but both were smaller at 0.25% apiece.

"This is not a committee that feels like it's in a hurry to cut rates quickly," Powell underscored.

These comments come less than two weeks after the FOMC's first rate cut since March 2020. Still, market expectations have retreated to a more dovish consensus for the Fed's November meeting, while December is poised to become slightly more aggressive.

The CME Group's FedWatch Tool shows that there is almost a 48% chance of a 0.5% rate cut in the December 18 FOMC meeting.

Despite the current retracement, Bitcoin still remains resilient to broader performance. Per data from CoinGlass, Bitcoin is on track to close Q3 with a 0.6% gain and up 7% for September, historically one of the most bearish months.

The cryptocurrency had slumped early in the month, losing 11% in the first week before impressively recovering following the Fed's rate cut announcement.