Bitcoin Protocol Babylon Pulls in $1.5B of Staking Deposits as Cap Lifted
Babylon, a Bitcoin staking platform billed as a new way of providing the original blockchain's security to new protocols and decentralized applications, pulled in about $1.5 billion worth of bitcoin on Tuesday after briefly opening to additional deposits. The uptake could show robust demand for a growing decentralized finance (DeFi) ecosystem atop the 15-year-old Bitcoin blockchain, previously confined to alternative networks like Ethereum and Solana. David Tse, Babylon's co-founder, who also has an appointment as an engineering professor at Stanford University, told CoinDesk in an emailed statement that the inflows were "way beyond our expectations." According to Babylon staking dashboard, some 18,601 BTC had already been staked as of 20:03 UTC (4:03 p.m. ET), with an additional 5,419 BTC pending in the staking queue. The cap was lifted for about 10 Bitcoin blocks over the course of one hour and 23 minutes, with the only restriction being that users could only stake up to 500 BTC per transaction. (Many transactions are typically included in each block.) Because of that structure, the round of new staking deposits was described as "duration-based," in a departure from the initial opening in August, where the cap was set at a fixed 1,000 BTC and filled up in an hour and 14 minutes. Babylon's aim is to allow proof-of-stake chains to acquire capital from the deep reserves stored in BTC. It is one of a large number of initiatives aimed at introducing utility to Bitcoin â commonplace on networks such as Ethereum but historically largely absent from the world's first blockchain. The project turned heads in May this year when it completed a $70 million funding round, following an $18 million round the previous December. UPDATE (22:48 UTC): Adds comment from Babylon co-founder David Tse.
Crypto Majors BTC, ETH, XRP Little Changed as HBO Calls Peter Todd the Bitcoin Creator
Bitcoin {{BTC}} remains little changed as a hyped HBO documentary turned out to be a market dud, and traders await the latest U.S. economic figures, scheduled for later Wednesday and Thursday, before further positioning. BTC lost just 0.4% in the past 24 hours, with a 0.61% drop in major tokens tracked by the liquid CoinDesk 20 (CD20) index. Ether {{ETH}} rose 0.3%, BNB Chainâs {{BNB}}, Solanaâs {{SOL}} and XRP {{XRP}} were little changed. Sui Networkâs {{SUI}} fell 7% after a multi-week run that saw the token gain over 20% since late September. The HBO documentary "Money Electric: The Bitcoin Mystery" sparked significant interest and speculation in the cryptocurrency community about the identity of Bitcoin's pseudonymous creator, Satoshi Nakamoto, in the past week. Nakamotoâs true identity, in theory, could be a sudden volatility-boosting event for crypto markets, and past attempts have been unfruitful. HBO continued that streak by pinning Bitcoin developer Peter Todd as Nakamoto on pieces of online evidence from the networkâs early years. Todd denied the claims in an interview with CoinDesk, and the Bitcoin community on X has largely dismissed HBOâs apparent findings. Betting market activity Over $44.3 million was bet on Polymarket as to who would be identified as Satoshi. Most of the volume was split between Len Sassaman and Adam Back, who both caught the eyes of bettors in the marketâs early days. Another market that asked bettors if Satoshiâs identity would be proven this year was fairly unchanged despite the documentary hype. The âYesâ side of âNot Proven in 2024â dipped to 82% from 98% when the documentary was announced, but quickly moved back into the 90s within three days. It is currently at 95.5%. ETFs bleed money, China rally wanes On Monday, spot bitcoin exchange-traded funds (ETFs) in the U.S. recorded a cumulative outflow of over $18 million, SoSoValue data show, with Fidelityâs FBTC losing over $48 million. ETH ETFs recorded over $8 million in withdrawals, led by a $4.8 million outflow from Bitwiseâs ETHW product. Low volatility in BTC came after a lack of new measures and announcements of new stimulus at a Chinese briefing on Tuesday pared hopes of a long-drawn stimulus package â one that contributed to a bitcoin run in the past few weeks. Stocks in China are deep in the red as the stimulus euphoria has seemed to have worn off, with the Shanghai Composite Index down 3.9% and Shenzhenâs Component Index down 4%. Traders, meanwhile, look toward an upcoming Federal Reserve meeting for clues on where BTC might move next. The agency is expected to release FOMC minutes and key economic figures from August that track growth on Wednesday and Thursday â which typically moves prices. Polymarket bettors are forecasting a 25bps decrease for November, while the chance of a 50bps decrease is down to 9%, having fallen from 46% at the end of September. âAs the Chinese rally wanes, we anticipate capital reallocation back into crypto, reflecting the industryâs growing maturity as an alternative risk-on asset,â QCP Capital traders said in a Wednesday broadcast. âWe foresee near-term downside risk for equities due to upcoming earnings season and CPI release, which may challenge their lofty valuations. Geopolitical tensions further complicate the outlook.â âHowever, we maintain a medium-term optimistic stance, expecting election headlines to continue driving crypto movement,â QCP added.
The total crypto market cap (TOTAL), along with Bitcoin , is stabilizing above their respective crucial support floors. With the volatility cooling down, there is a chance that altcoins could also follow suit. However, as of now, some bearishness persists, given that EigenLayer (EIGEN) is down by 8%. In the news today: Crypto.com has filed a lawsuit against the US SEC following a Wells notice, accusing the regulator of unjust actions toward the exchange. The company stated that the SECâs actions left them with âno other choiceâ but to take legal action.HBOâs documentary âMoney Electric,â which premiered on October 8, 2024, suggested Peter Todd as the real identity behind Bitcoinâs creator, Nakamoto. Todd quickly denied the claim just hours before the documentaryâs release. The Crypto Market Is Cooling Down The total crypto market cap has shown minimal movement in the last 24 hours, maintaining its position above the crucial support level of $2.11 trillion. Despite the lack of immediate change, the market still aims for an upward trajectory, supported by positive sentiment. With a month-old uptrend line acting as a key support, the total crypto market cap could see a bounce, potentially pushing it toward the next target of $2.24 trillion. This would signal continued growth and optimism within the market.
However, if the market loses support at $2.11 trillion and the trend line, it may trigger a larger drawdown, leading to a potential drop toward $2.00 trillion, which would indicate a bearish shift. Bitcoin Is Holding Above Support Bitcoinâs price is currently stable at $62,375, with no significant movement in the past day. The cryptocurrency remains above the crucial support level of $61,868, showing resilience and still eyeing a potential bounce off this floor to initiate an upward trend. For Bitcoin, the next key resistance lies at $65,292. Consistent bullish sentiment is essential to breach this level. Flipping this resistance into support would open the door for further price increases and reinforce a bullish outlook for the cryptocurrency.
However, if Bitcoin loses support at $61,868, it risks dropping to $60,000. A break below this critical level could lead to a steeper decline, potentially pushing Bitcoinâs price down to $57,270. EigenLayer Is Finding Strength EIGEN price experienced significant volatility over the last 24 hours, with intra-day highs surpassing $4.00. However, by the time of writing, the altcoin had dropped to $3.71, marking an 8% decline from its peak. The rapid price shifts have left traders cautious as they assess EIGENâs next move in the market. EIGEN still has the potential to rebound if it manages to flip the $3.75 resistance into support. Achieving this would enable the altcoin to rally toward its next resistance level at $4.15, reigniting investor optimism and maintaining the bullish trend.
If the price drawdown persists, however, EIGEN may drop further, potentially hitting a low of $3.47. A fall to this level would invalidate the bullish outlook and could dampen investor confidence, leading to a more extended bearish phase.
HBO Documentary Stirs Controversy With New Satoshi Nakamoto Theory
HBOâs latest documentary, âMoney Electric: The Bitcoin Mystery,â suggests that Peter Todd, a core Bitcoin developer, might be the enigmatic Satoshi Nakamoto. Consequently, filmmaker Cullen Hobackâs assertion has stirred controversy and skepticism within the crypto community. Satoshi Nakamoto, the pseudonymous figure behind Bitcoin, launched the cryptocurrency with a white paper in 2008, sparking a financial revolution. Peter Todd Says He Is Not Satoshi Nakamoto In 2024, Bitcoin has escalated into a $1.23 trillion asset, with Nakamotoâs personal stash estimated at nearly $70 billion. Despite intense scrutiny, Nakamotoâs true identity has remained a well-guarded secret.
In the film, Hoback explores this mystery with a new theoryâproposing that Todd, who joined the Bitcoin scene in 2010, is actually Nakamoto. This hypothesis is supported by a series of circumstantial evidence and coincidences. For instance, Toddâs academic schedule aligns with Nakamotoâs posting patterns. Additionally, a specific forum interaction could suggest Todd was continuing a conversation as Nakamoto. During the film, Hoback highlights a chat log in which Todd refers to himself as the âworldâs leading expert on how to sacrifice your Bitcoins.â Hoback interprets this as an admission of Todd being unable to access Nakamotoâs Bitcoin hoard. However, Todd firmly denies these claims, labeling them as âludicrous.â âThis is going to be very funny when you put this into the documentary and a bunch of Bitcoiners watch it,â Todd said in the documentary. Furthermore, the documentary delves into Toddâs background, noting his early involvement with Bitcoin-related projects like OpenTimestamps and his work on privacy-focused cryptocurrencies, including Zcash (ZEC). Nonetheless, Todd has consistently rejected the notion that he is Nakamoto, a sentiment he reiterated on social media platforms. Critics of the documentary argue that Hobackâs evidence is speculative at best. Moreover, Todd was relatively unknown in the early days of Bitcoin, so he might not have had the necessary experience to have authored the Bitcoin white paper. The timing of Nakamotoâs disappearance from online forums also coincides curiously with Toddâs rise within the Bitcoin community, adding another layer of intrigue to Hobackâs narrative. Despite these hints, the film fails to deliver definitive proof, leaving viewers with a lack of clarity. As it stands, the documentary has not changed the widespread belief that Nakamotoâs identity should remain undisclosed, aligning with the mysterious creatorâs original desire for privacy. âIt doesnât matter who Satoshi is, thatâs the point. Satoshi was wise to stay anonymous, not just to avoid being a target, but also because the press would have made the entirety of Bitcoin about them and their persona, thereby devastatingly lowering the quality of the discourse,â Arthur Breitman, co-founder of Tezos told BeInCrypto.
Bitcoin Supply In Loss Nears 20%: Could This Trigger A Fresh Surge?
On-chain data shows the Bitcoin supply in loss has shot up close to the 20% mark after the recent bearish action in the coinâs price. Bitcoin UTXO Supply In Loss Has Seen A Sharp Increase Recently In a new post on X, CryptoQuant author Axel Adler Jr talked about the recent trend in the Bitcoin Unspent Transaction Output (UTXO) Supply in Loss indicator. The âUTXO Supply in Lossâ measures, as its name suggests, the total percentage of UTXOs in existence (or more simply, just the tokens) that are being held at some net unrealized loss. The indicator works by going through the on-chain history of each UTXO in circulation to see what price it was last moved at. Generally, the last transfer of any token represents the last point that it changed hands, so the price at its time can be assumed to be its cost basis. When this cost basis for any UTXO is greater than the current spot price of the cryptocurrency, then that particular UTXO can be assumed to be underwater right now. The UTXO Supply in Loss adds up all UTXOs satisfying this condition to find what percentage of the total supply that they make up for. Like this metric, there also exists the UTXO Supply in Profit, which naturally keeps track of the UTXOs of the opposite type. Now, here is the chart shared by the analyst that shows the trend in the Bitcoin UTXO Supply in Loss over the history of the asset:
As displayed in the above graph, the Bitcoin UTXO Supply in Loss registered a sharp plunge to the zero mark (note that the chart is reversed as it uses a negative scale) when the cryptocurrencyâs price set its all-time high (ATH) back in March of this year. Whenever BTC sets a new record, 100% of the investors get into profits, so the UTXO Supply in Loss shrinking down to zero is only natural. As the coin has witnessed bearish momentum in the last few months, though, the metricâs value has gone through an increase again. The 90-day moving average (MA) of the indicator, which is also listed in the chart, has now come close to the 20% mark. The CryptoQuant author has marked in the graph the previous instances of the metric making a similar retest of this level. âIn previous cycles, similar conditions were sometimes followed by a price rally,â notes Axel. Thus, itâs possible that a price surge may follow for Bitcoin this time as well. As for why the UTXO Supply in Loss going up can be bullish for Bitcoin, the reason is that the investors in profit are the ones more likely to participate in selling, so whenever their number reduces, the chances of a selloff also go down. BTC Price Bitcoin had shown some recovery beyond the $64,000 level yesterday, but it would appear that the asset couldnât maintain as itâs back at $62,500 now.
Crypto punters favor dollar-cost averaging when investing: Kraken survey
Crypto investors mostly favor dollar-cost averaging (DCA) when buying into the market, a survey by crypto exchange Kraken has found. Around 83.5% of investors had used a DCA strategy, and 59% still use it as their primary way to buy crypto, according to Krakenâs survey of 1,109 crypto investors published on Oct. 7. Dollar-cost averaging involves buying an asset at regular intervals, such as once a month, regardless of price â which Krakenâs researchers claimed can âreduce the impact of short-term price volatility and remove emotions that can cloud judgment.â Over 46% of those surveyed said the biggest advantage to DCA is hedging against market volatility, while around a third believed it supported consistent investment habits. About 12% said DCA removed emotion from trading. The reasons for a DCA strategy change depending on income. Those earning less than $50,000 said the biggest benefit of the strategy was that it encouraged consistent investment habits. Those earning over $50,000 pinned reducing the impact of market volatility as a greater advantage â especially for respondents earning between $175,000 to $199,000, where nearly seven in ten believed reducing market volatility impact was the biggest DCA advantage. However, just over 8% of respondents maintained their strategy when facing losses, with the researchers adding that those using other investment strategies âwere more likely to stay the course during market turbulence.â âOur survey found that the more an investor earns, the more confident they are about sticking to their investment strategy,â the researchers stated. Almost 63% of those with incomes over $100,000 said they have a âvery strongâ ability to stick to a trading plan when facing market fluctuations. The survey found that higher-income investors earning more than $100,000 were more likely to use DCA while lower-income investors â those earning under $100,000 â were more likely to try timing the market. Younger investors aged between 18 and 29 also preferred riskier strategies, with half opting to try and time the market. Kraken noted that older investors aged over 45 kept the closest eye on crypto markets, with two-thirds checking markets more often than traditional investments compared to only a third of those aged 18 to 29 who did the same. The Kraken team said dollar-cost averaging is ânot perfectâ but claimed it could reduce the stress of timing the market and offset emotional decision-making.
Bitcoin Trapped Between 50 and 200-Day Averages as Bond Market Volatility Spikes, China Stocks Slide
Bitcoin {{BTC}} traded listless between key averages early Tuesday amid elevated volatility in the U.S. bond market and sharp losses in Chinese stocks. The leading cryptocurrency by market value held above $62,000, with the Bollinger bandwidth, an unbound technical oscillator, falling to levels seen ahed of the mid-June downside price turbulence. Bollinger bands are volatility bands placed two standard deviations above and below the 20-day simple moving average of the asset's price. The bandwidth is calculated by dividing the spread between the volatility bands by the 20-period SMA. Rising bandwidth values indicate high volatility and falling values suggest otherwise. A volatility explosion often follows a prolonged period of low readings. The bitcoin market, however, showed no such signs at press time, with prices locked within a narrow range between the 200-day simple moving average (SMA) resistance at $63,550 and the 50-day SMA support at $60,819. The MOVE index, which measures expected volatility in U.S. Treasury notes, surged 24% Monday, reaching the highest since early January, according to TradingView. Increased volatility in the Treasury notes, which play a prominent role in global collateral and finance, often causes financial tightening and risk aversion. The situation benefits the U.S. dollar, potentially weighing over risk assets, like stocks and bitcoin. The path of least resistance for the dollar index is on the higher side as the notion of an aggressively dovish Fed has faded. According to ING, the dollar index could rise to 103 by the end of the month. The index was steady at around 102.45 at press time. Chinese stocks slide China's Shanghai Composite Index fell by 4.6%, ending a ten-day winning streak, likely due to disappointment over the government's lack of fiscal stimulus. Beijing announced a slew of stimulus measures in late September, torching a sharp rally that supposedly sucked out capital from other Asian equity markets and bitcoin. As such, the renewed slump in Chinese stocks may reverse the money flow, supporting other regional indices and cryptocurrency prices.
HBO Film Suggests Peter Todd is Satoshi, Former Bitcoin Developer Denies Claim
HBOâs highly anticipated documentary has sparked controversy by suggesting that Peter Todd, an early Bitcoin developer, is Satoshi Nakamoto, the mysterious creator of Bitcoin. , taking to X (formerly Twitter) to refute the claims, but the film has already set the crypto world abuzz. The nearly two-hour documentary, directed by Cullen Hoback, embarks on a âglobe-trotting investigationâ to solve one of the internetâs greatest mysteriesâunmasking Nakamoto. Throughout the film, Hoback presents various leads and interviews several experts, gradually narrowing in on the former Bitcoin devloper Peter Todd as the prime suspect. In a dramatic exchange towards the end, Todd is shown teasing Hoback by suggesting he is Nakamoto, only to contradict himself in later moments. This playful banter has left many viewers wondering whether Todd was simply toying with the filmmaker or if the claim carries weight. Following the filmâs premiere, debate erupted online, with some in the crypto community criticizing Hobackâs conclusions. Many took to social media, particularly X, to voice their skepticism. Todd himself expressed frustration, stating that the evidence presented in the documentary was speculative and without substance. Despite Toddâs denials, the filmâs revelation has added a fresh layer to the decade-long speculation surrounding Nakamotoâs true identity.Peter Todd Accuses Film for Putting his Life in Danger In a statement to CNN, Pete criticized the HBO documentary and filmmakers behind it for being âirresponsibleâ and putting his life in danger. âCullen is really grasping for straws here,â Todd added, accusing the filmmaker of exaggerating minor coincidences into a larger narrative. He also expressed frustration over not being contacted by HBO prior to the documentaryâs release, nor given the opportunity to preview the film. âItâs ironicâthis kind of leap in logic is exactly what fuels conspiracy theories,â Todd said. Hoback, best known for his work on Q: Into the Storm, which explored the QAnon conspiracy, is no stranger to stirring controversy. In an interview with Fast Company, he acknowledged that naming Todd as Nakamoto would provoke heated debate. âPeople are going to debate it, no matter how strong our case is, and thatâs fine. Thatâs the nature of this space,â Hoback said. The identity of Satoshi Nakamoto remains one of the most enduring mysteries of the internet age. Whoever Nakamoto isâor wasâthey hold significant influence over Bitcoinâs origins and potentially control over 1.1 million BTC, currently valued at approximately $68 billion. Despite years of investigations and countless theories, Nakamoto has managed to remain anonymous for over 15 years, a feat that continues to baffle the global crypto community.
HBO Film Suggests Peter Todd is Satoshi, Former Bitcoin Developer Denies Claim
HBOâs highly anticipated documentary has sparked controversy by suggesting that Peter Todd, an early Bitcoin developer, is Satoshi Nakamoto, the mysterious creator of Bitcoin. , taking to X (formerly Twitter) to refute the claims, but the film has already set the crypto world abuzz. The nearly two-hour documentary, directed by Cullen Hoback, embarks on a âglobe-trotting investigationâ to solve one of the internetâs greatest mysteriesâunmasking Nakamoto. Throughout the film, Hoback presents various leads and interviews several experts, gradually narrowing in on the former Bitcoin devloper Peter Todd as the prime suspect. In a dramatic exchange towards the end, Todd is shown teasing Hoback by suggesting he is Nakamoto, only to contradict himself in later moments. This playful banter has left many viewers wondering whether Todd was simply toying with the filmmaker or if the claim carries weight. Following the filmâs premiere, debate erupted online, with some in the crypto community criticizing Hobackâs conclusions. Many took to social media, particularly X, to voice their skepticism. Todd himself expressed frustration, stating that the evidence presented in the documentary was speculative and without substance. Despite Toddâs denials, the filmâs revelation has added a fresh layer to the decade-long speculation surrounding Nakamotoâs true identity.Peter Todd Accuses Film for Putting his Life in Danger In a statement to CNN, Pete criticized the HBO documentary and filmmakers behind it for being âirresponsibleâ and putting his life in danger. âCullen is really grasping for straws here,â Todd added, accusing the filmmaker of exaggerating minor coincidences into a larger narrative. He also expressed frustration over not being contacted by HBO prior to the documentaryâs release, nor given the opportunity to preview the film. âItâs ironicâthis kind of leap in logic is exactly what fuels conspiracy theories,â Todd said. Hoback, best known for his work on Q: Into the Storm, which explored the QAnon conspiracy, is no stranger to stirring controversy. In an interview with Fast Company, he acknowledged that naming Todd as Nakamoto would provoke heated debate. âPeople are going to debate it, no matter how strong our case is, and thatâs fine. Thatâs the nature of this space,â Hoback said. The identity of Satoshi Nakamoto remains one of the most enduring mysteries of the internet age. Whoever Nakamoto isâor wasâthey hold significant influence over Bitcoinâs origins and potentially control over 1.1 million BTC, currently valued at approximately $68 billion. Despite years of investigations and countless theories, Nakamoto has managed to remain anonymous for over 15 years, a feat that continues to baffle the global crypto community.
Who is Peter Todd, the man HBO identified as Satoshi Nakamoto?
HBOâs documentary Money Electric: The Bitcoin Mystery identified Peter Todd as Bitcoinâs pseudonymous creator â Satoshi Nakamoto. The 39-year-old Canadian is known for his longtime contributions as a Bitcoin  core developer, a consultant and a developer of other crypto and blockchain software. Still, Todd denied being Nakamoto both before the documentaryâs debut and after it aired, bluntly posting on X, âIâm not Satoshi.â BitMEX Research said in an Oct. 8 X post that some of the evidence presented in the documentary pointing to Todd being Nakamoto was âclearly ridiculous,â and there was âzero reasonâ to believe it. He is among the few who publicly communicated with Nakamoto about the code and features behind Bitcoin before Nakamoto disappeared in 2011. These communications form some of the supposed evidence shown by the documentaryâs producer, Cullen Hoback, as evidence that Todd might be Nakamoto. Todd was about 23 when Nakamoto first published the Bitcoin white paper, outlining a vision for a decentralized peer-to-peer payment system. On a 2019 podcast, Todd said he was about 15 when he started communicating with early Bitcoin contributor Hal Finney and Hashcash inventor Adam Back. Todd has been a Bitcoin Core Developer at Bitcoin platform Coinkite since July 2014 and a board adviser at digital collectible platform Verisart since 2015. He worked as a Linux system support and service Starnix developer for three months in 2001 and held various other short-term roles between 2007 and 2008. The same year the Bitcoin white paper was published, Todd started working as an Electronics Designer at Gedex Inc. Heâs held high-level positions in the crypto industry, including chief scientist at Mastercoin, a digital currency and communications protocol built on the Bitcoin blockchain, since 2014. Todd is also chief scientist at Dark Wallet, an open-source Bitcoin wallet, a role he also began in 2014. In 2016, he participated in Zcashâs trusted setup ceremony, helping set up cryptographic keys for securing wallets and blockchain protocols. He later called his involvement âpointlessâ because he didnât think âthe Zcash trusted setup should be called a multiparty computation.â In 2019, cryptographer Isis Lovecruft accused Todd of sexually assaulting her, which he denied and filed a defamation suit against Lovecruft the same year. The case was settled in 2020, and the suit was dropped without monetary compensation in exchange for Lovecruft issuing a statement clarifying Todd never sexually assaulted her.
86-year-old to pay $14M after admitting to running crypto Ponzi scheme
An 86-year-old former California attorney has been sentenced to five years probation and ordered to pay nearly $14 million after admitting to carrying out a multimillion-dollar crypto Ponzi scheme. In the Oct. 8 judgment filed by Las Vegas federal court judge Gloria Navarro sentenced David Kagel after he pleaded guilty to one count of conspiracy to commit commodity fraud in May. Kagel is currently in hospice care at a seniors facility in Las Vegas due to ailing health, where he will serve out his probation unless he leaves â where he will be required to wear a monitoring device. Government prosecutors â who charged Kagel last year â said from December 2017 to around June 2022, Kagel and two accomplices lured victims into investing in a fraudulent crypto bot trading scheme with promises of high returns and no risk. Over this time, the trio âfraudulently promoted and solicited investments and obtained at least approximately $15 million in victim-investor funds for various cryptocurrency trading programs,â prosecutors said. Kagel helped promote the crypto scam by drafting letters on his law firmâs letterhead, which were then sent to victims. The official letterheads helped create trust, prosecutors said. Victims were under the impression they were investing in a legitimate scheme that used trading bots to invest in crypto markets. The scheme âguaranteedâ to repay the principal investment and profit from upward of 20% to 100% of the principal investment within 30 days. Kagel claimed to have 1,000 Bitcoin  in a wallet worth $11 million in January 2018, held in escrow to guarantee investments. He also falsely stated that he had invested in crypto before to help broker trust. In 2023, the California Supreme Court revoked Kagelâs law license for failing to respond to disciplinary charges, saying he misappropriated $25,000 in client funds. Previously, his law license had been suspended twice, once in 1997 and 2012. Both of Kagelâs alleged accomplices, David Saffron and Vincent Mazzotta, pleaded not guilty and await trial in a Los Angeles federal court next April.Â
Alchemy Pay Launches Samsung Pay Integration for Crypto Payments
Alchemy Pay, a major crypto payment provider, took another step towards making cryptocurrencies more accessible on October 8 by integrating its virtual card with Samsung Pay, Samsungâs contactless payment tool. The new feature allows Alchemy Payâs virtual card users to spend their crypto holdings at millions of locations worldwide, from online shopping to in-store purchases, and make purchases at popular retailers such as Amazon, Netflix, Apple Store, Facebook, and eBay, among others. To get started, Alchemy Pay cardholders can simply add their card to the Samsung Pay app and begin using it for everyday transactions. đ now featuring integration with on one of its virtual cardsđłđïžOur Virtual Card holders can now experience fast, secure transactions by linking their cards to Samsung Pay to shop online or in-store đŹ â Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) Crypto Payments Made Easier The new partnership with Samsung Pay follows the existing Google Pay option, giving Alchemy Pay cardholders more flexibility in crypto spending. For those unfamiliar with crypto payments, services like Alchemy Payâs virtual card allow users to spend their digital assets in the same way they would with traditional money. According to the companyâs press release , Alchemy Pay has ambitious plans to expand its payment options further, including integrating with other major card networks like Visa, Mastercard, American Express, and more.Alchemy Pay Expands Crypto Payment Options Founded in 2017, Alchemy Pay has over 1 million users in 173 countries and over 500,000 cardholders. It has expanded its services to include support for popular digital payment platforms. In 2023, the company Apple Pay into its fiat-to-crypto on-ramp, allowing users to purchase crypto using their Apple devices. This integration enabled users to purchase crypto with fiat currencies, such as the U.S. dollar and euro, directly through the Apple Pay app. Notably, Alchemy Pay also extended this feature to non-U.S. users, providing a convenient and accessible way to purchase cryptocurrencies. In June 2024, Alchemy Pay also partnered with Scroll, a Layer-2 Ethereum scaling solution. This integration allows users to access stablecoins Tether (USDT) and USD Coin (USDC) through Alchemy Payâs platform, which currently supports over 50 fiat currencies. We are thrilled to announce that now supports the network, integrating Scroll-USDT/USDC on our Fiat On-Ramp!With seamless fiat-crypto onboarding, we join forces with to enhance accessibility for users and developers worldwideđ⊠â Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) In August this year, Alchemy Pay to 29 European countries. Users in these countries can now make euro-to-crypto transactions using Alchemy Payâs open banking integration. Alchemy Pay partnered with over 200 major banks and numerous local banks across Europe to offer this service. These include well-known institutions such as N26, BNP Paribas, HSBC, Deutsche Bank, UniCredit, Swedbank, Revolut, and more.
Ethereum price lags Bitcoin and altcoins, but is a rally to $2.6K possible?
Ether  price fell by 7.3% between Oct. 1 and Oct. 8, wiping out gains made over the previous two weeks. This decline mirrored movements in the broader altcoin market, suggesting that the downturn is not uniquely driven by factors within the Ethereum ecosystem. As a result, traders remain uncertain about Ether's ability to retake the $2,600 level. Investor sentiment has been mixed, as Ether has dropped 2% since Sept. 1, while the altcoin market cap has increased by 4.5% during the same period. This discrepancy can partly be attributed to the lackluster debut of Ether exchange-traded funds (ETFs) in the US. These ETFs saw no net inflows on Oct. 7 and have experienced a cumulative outflow of $548 million since their launch in July, according to data from Farside Investors. Ethereum DApps face stiff competition Further adding to investor frustration is the growing competition from blockchains prioritizing scalability, such as Solana , BNB Chain , Tron , Avalanche , and Sui. Despite criticism over the risk of centralization, these networks have amassed a combined total value locked (TVL) of $19.5 billion, equating to 43% of Ethereumâs $45.6 billion deposits. Moreover, Ethereumâs dominance in decentralized exchange (DEX) volumes has dropped significantly, from 64% in January 2023 to just 22% currently, with Solana now leading. This trend has cast doubt on Ethereumâs market leadership, leading traders to worry about potential downward pressure on Ether's price. Ether bulls might contend that Ethereum still holds its leadership position when factoring in layer-2 scaling solutions such as Base, Arbitrum, Polygon, and Optimism. Notably, Base has made significant strides, capturing a 14% market shareâan impressive rise from less than 1% just seven months ago. Key highlights within the Base network include Aerodrome, which facilitated $2.93 billion in trades over the past week, and Uniswap, which saw $1.36 billion in trading volume during the same period. On the Optimism network, the leading decentralized exchange (DEX), Velodrome, registered $360 million in volume, while Camelot on Arbitrum recorded $554 million in trades over the last seven days. However, layer-2 networks significantly reduce base layer fees by utilizing aggregation techniques and benefiting from the data storage optimization (blob space) introduced in June 2023. Despite the growth of Ethereumâs ecosystem, the number of transactions on the base network has remained relatively stagnant, which partly explains the frustration among Ether investors. The sluggish activity on the Ethereum network has led to some undesirable consequences. When there is low competition for processing power, Ether becomes inflationary, as reduced demand for block space and lower transaction fees lessen the incentives for validators to secure the network. BlackRock highlights Etherâs ârisk onâ value proposition Unexpectedly, Etherâs potential turning point may have come from a surprising source. On Oct. 3, BlackRock, one of the leading providers of Ether ETFs, emphasized that Etherâs value proposition aligns more with ârisk-onâ assets, positioning it as a competitor to equities and venture capital. This contrasts with Bitcoinâs core narrative as âdigital gold,â according to a post by Bruce Florian, a German Bitcoiner and content creator. Further complicating the outlook, Daniel Yergin, vice chairman of S&P Global, reportedly told CNBC that the global economy is entering a âdangerous timeâ due to escalating tensions in the Middle East and reduced oil demand from China. More troubling is the fact that Chinaâs mainland CSI 300 stock market index closed down 9% on Oct. 8, despite the National Development and Reform Commission releasing details of its proposed economic stimulus plan. With investors showing a diminished appetite for risk and Ethereum facing stiff competition, the likelihood of Ether reclaiming the $2,600 level remains slim, at least in the short term. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the authorâs alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Today in crypto, HBOâs Bitcoin flick claimed Peter Todd is the cryptocurrencyâs creator as speculation about who the documentary would name intensified ahead of its debut. Meanwhile, a crypto wallet shared by rapper Cardi B was traced back to a crypto scammer. HBO documentary names Peter Todd as Satoshi HBOâs documentary aimed at outing Bitcoinâs pseudonymous creator, Satoshi Nakamoto, has named Canadian Bitcoin core developer Peter Todd â who has denied the claim. Cullen Hobak, the producer of HBOâs Money Electric: The Bitcoin Mystery, confronts Todd and Blockstream founder Adam Back with evidence he gathered to conclude that Todd was Nakamoto. The film ends with Todd saying: âWell yeah, Iâm Satoshi Nakamoto,â in response to a confrontational question from Hoback â Todd is well-known for invoking such a phrase as a way of supporting the real creatorâs right to privacy. Todd also denied being Nakamoto on social media after the release of the documentary. blenting writing, âI am not Satoshiâ in an Oct. 8 response to a comment on X asking him to deny HBOâs claim. Holbackâs reasoning for claiming Todd is Nakamoto rests on a chat log message Todd wrote where he claims to be âthe worldâs leading expert on how to sacrifice your Bitcoins,â adding that he had âdone one such sacrifice and I did it by hand.â Hoback classified this message as an admission that Todd permanently removed his ability to access the $69.4 billion believed to be held by Nakamoto. Debate over Satoshiâs identity intensifies ahead of HBO doc Speculation about the identity of Satoshi Nakamoto intensified ahead of HBOâs documentary with a report by 10x Research revisiting two leading theories about Nakamotoâs identity â one pointing to cryptographer Nick Szabo and the other signaling involvement by the US National Security Agency (NSA). 10x Research noted Szaboâs influence on cryptography, highlighting his proposal for Bitcoinâs precursor, âBit Gold,â in the 1990s. The researchers also pointed to the NSAâs expertise in technology for the organizationâs potential role in Bitcoinâs creation. As Cointelegraph reported, Szabo recently overtook late cryptographer Len Sassaman as HBOâs Nakamoto reveal. However, in the later hours of Oct. 8, Adam Backâa familiar name in the Bitcoin communityâwas the odds-on favorite to be outed as Nakamoto, according to Polymarket. WAP crypto token promoted by Cardi B traced to scam origins On Oct. 8, Cardi Bâs official X account shared a promotional post for WAP, a cat-themed memecoin and abbreviation of âWet Ass Pussy.â Along with a video of WAPâs mascot, an animated cat, Cardi B shared a wallet address, which was flagged by crypto investigators. Pseudonymous blockchain sleuth Wazzâs initial investigation revealed that Cardi Bâs wallet address had links to numerous rug pull projects. Crypto investigation firm PeckShield suspected that a crypto scammer hacked Cardi Bâs X account. BubbleMaps, a blockchain data visualization platform, found that 60% of the WAP supply was bundled at launch. Moreover, it noted that around $500,000 worth of tokens had already been dumped within 10 hours of the projectâs launch. According to Bubblemaps, 15 crypto addresses were previously funded by a crypto exchange wallet. The same address transferred their WAP holdings, spread across roughly 100 wallets. âIn an attempt to hide from Bubblemaps, all wallets involved in the bundling transferred their tokens one-to-one to brand-new addresses 4 hours ago. Good try,â the firm said.
Ethereum is down $0.83 today or 0.03% to $2439.76 Snaps a two day winning streakDown 6.63% month-to-dateUp 6.87% year-to-dateDown 49.17% from its all-time high of $4800.00 on Nov. 9, 2021 (based on 5 p.m. levels)Up 56.40% from 52 weeks ago (Oct. 10, 2023), when it traded at $1559.90Down 39.48% from its 52-week high of $4031.50 on March 11, 2024 (based on 5 p.m. levels)Up 58.89% from its 52-week low of $1535.49 on Oct. 12, 2023 (based on 5 p.m. levels)Traded as low as $2401.20Down 1.61% at today's intraday low Note: The Ethereum price is a 5 p.m. ET snapshot from Kraken Data compiled by Dow Jones Market Data
Injective Generated More Revenue Than BNB Chain, Avalanche In Q3 2024, Next $50?
Injective Protocol, a DeFi-centric platform using Cosmos tech, is gaining traction, looking at the gas fee revenue distributed to its validators in Q3Â 2024. While INJ, the native currency of the protocol, is under pressure, cooling off after rallying to as high as $52 early this year, the recent development is a huge confidence boost. Looking at trends may signal that more users are flowing to Injective, a net positive for INJ in the coming sessions. Injective Generates More Revenue Than The BNB Chain, Avalanche According to CryptoRank data, Injective Protocol generated $4 million in revenue derived from gas fees. Every transfer or smart contract deployment attracts a gas fee like every other public ledger like Bitcoin or Solana. This fee is distributed to the winning validator or miner as an incentive to operate a node.
With $4 million in revenue, Injective created more than the BNB Chain, one of the largest blockchains by market cap, and Avalanche, a network in the top 20, according to CoinMarketCap. These platforms generated $3.4 million and $2.1 million, respectively. At this level, Injective also surpassed what some of the top Ethereum layer-2 solutions like Arbitrum, Optimism, and Blast generated over this period. For comparison, Arbitrum, despite being the largest and managing over $13.2 billion, according to L2Beat.
Ethereum, Tron, Solana, and Base churned more revenue than Injective. Ethereum funneled $159 million to its validators from July through September, while Tron and Solana cumulatively moved over $200 million. The expansion of revenue, mostly from Tron, a scalable platform, is due to the meme coin activity on its network following the launch of SunPump in August. At the same time, Solana also benefited from meme coins and an uptick in decentralized exchange (DEX) volume over this period. Will INJ Rise To $50? It remains to be seen whether the recovery of DeFi activities while boosting Injective and its total value locked (TVL). As of October 8, the protocol manages over $40 million, looking at DeFiLlama data. At the same time, the platform has processed over 1 billion onchain transactions. In early October, Injective announced the launch of Injective 3.0. This upgrade allows the protocol to change its tokenomics and make INJ deflationary. With this activation, a portion of INJ will be removed from circulation, making it more scarce. www.tradingview.com/x/hZrPYTqj Presently, INJ is inside a descending channel, finding support at $15. While buyers of Q1 2024 are still in the picture, the token is down 60% from March highs. A break above this descending channel could see the coin soar to 2024 highs of around $52.
Injective Generated More Revenue Than BNB Chain, Avalanche In Q3 2024, Next $50?
Injective Protocol, a DeFi-centric platform using Cosmos tech, is gaining traction, looking at the gas fee revenue distributed to its validators in Q3Â 2024. While INJ, the native currency of the protocol, is under pressure, cooling off after rallying to as high as $52 early this year, the recent development is a huge confidence boost. Looking at trends may signal that more users are flowing to Injective, a net positive for INJ in the coming sessions. Injective Generates More Revenue Than The BNB Chain, Avalanche According to CryptoRank data, Injective Protocol generated $4 million in revenue derived from gas fees. Every transfer or smart contract deployment attracts a gas fee like every other public ledger like Bitcoin or Solana. This fee is distributed to the winning validator or miner as an incentive to operate a node.
With $4 million in revenue, Injective created more than the BNB Chain, one of the largest blockchains by market cap, and Avalanche, a network in the top 20, according to CoinMarketCap. These platforms generated $3.4 million and $2.1 million, respectively. At this level, Injective also surpassed what some of the top Ethereum layer-2 solutions like Arbitrum, Optimism, and Blast generated over this period. For comparison, Arbitrum, despite being the largest and managing over $13.2 billion, according to L2Beat.
Ethereum, Tron, Solana, and Base churned more revenue than Injective. Ethereum funneled $159 million to its validators from July through September, while Tron and Solana cumulatively moved over $200 million. The expansion of revenue, mostly from Tron, a scalable platform, is due to the meme coin activity on its network following the launch of SunPump in August. At the same time, Solana also benefited from meme coins and an uptick in decentralized exchange (DEX) volume over this period. Will INJ Rise To $50? It remains to be seen whether the recovery of DeFi activities while boosting Injective and its total value locked (TVL). As of October 8, the protocol manages over $40 million, looking at DeFiLlama data. At the same time, the platform has processed over 1 billion onchain transactions. In early October, Injective announced the launch of Injective 3.0. This upgrade allows the protocol to change its tokenomics and make INJ deflationary. With this activation, a portion of INJ will be removed from circulation, making it more scarce. www.tradingview.com/x/hZrPYTqj Presently, INJ is inside a descending channel, finding support at $15. While buyers of Q1 2024 are still in the picture, the token is down 60% from March highs. A break above this descending channel could see the coin soar to 2024 highs of around $52.
Ethereum Price at Support: Will It Bounce or Break?
Ethereum price corrected gains and tested the $2,400 support. ETH is now consolidating and might aim for a fresh increase above the $2,465 resistance. Ethereum started a downside correction below the $2,500 zone.The price is trading just above $2,430 and the 100-hourly Simple Moving Average.There is a short-term rising channel forming with support at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).The pair must stay above the $2,400 support level to start another increase in the near term. Ethereum Price Holds Support Ethereum price failed to extend gains above the $2,500 resistance zone. ETH started a downside correction like Bitcoin and traded below the $2,465 support zone. There was also a move below the $2,420 level. The price tested the 50% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high. It seems like the bulls are now protecting more downsides below the $2,400 support level. Ethereum price is now trading just above $2,430 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,465 level. There is also a short-term rising channel forming with support at $2,420 on the hourly chart of ETH/USD.
A clear move above the $2,465 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,600 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665. More Losses In ETH? If Ethereum fails to clear the $2,465 resistance, it could start another decline. Initial support on the downside is near the $2,420 level. The first major support sits near the $2,390 zone or the 61.8% Fib retracement level of the upward wave from the $2,310 swing low to the $2,519 high. A clear move below the $2,390 support might push the price toward $2,325. Any more losses might send the price toward the $2,240 support level in the near term. The next key support sits at $2,120. Technical Indicators Hourly MACD â The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI â The RSI for ETH/USD is now above the 50 zone. Major Support Level â $2,390 Major Resistance Level â $2,465