Blockdaemon, backed by Goldman Sachs and SoftBank, plans to assess market conditions in 2025 before deciding on a 2026 public listing.

CEO Konstantin Richter sees Hong Kong as a favorable environment for listing, contrasting with the U.S.’s challenging crypto regulations.

Blockdaemon, with over 400 institutional clients, aims to double its team in Asia within a year, expanding its regional presence.

Blockchain infrastructure provider Blockdaemon, which serves institutional clients like OneDegree and CoinShares, is considering a public listing in 2026. The company, valued at around $3.3 billion, plans to evaluate market conditions in 2025 before finalizing its decision, according to CEO Konstantin Richter in a recent Bloomberg interview. Blockdaemon, backed by major investors including Goldman Sachs, SoftBank, and Kraken, has rapidly expanded since its founding in 2017 and now boasts over 400 institutional clients.

Growth and Strategic Positioning

Blockdaemon has established a solid presence in the blockchain infrastructure sector, securing $155 million in a Series B funding round in September 2021 from investors like Matrix Capital Management, Sapphire Ventures, and Morgan Creek Digital. Richter noted that Hong Kong currently provides a more favorable environment for a potential listing than the U.S., where crypto regulations pose significant challenges. He expects the U.S. regulatory landscape to improve following the upcoming November elections, which could influence Blockdaemon’s listing decision.

Focus on Asia and Expansion Plans

Asia remains one of the regions suitable for Blockdaemon to grow in as the firm continues to seek opportunities. Works in the region are expected to expand twofold within the next year an indication of the companies’ commitment to enhancing local operations in Asian markets. Still, regulatory issues and the banking industry’s prudency remain a difficulty for firms in operation in Hong Kong despite its attraction for crypto listing.

Challenges in Hong Kong’s Crypto Sector

Hong Kong’s evolving regulatory landscape continues to be a double-edged sword for crypto firms. While the city offers opportunities, startups often struggle with stringent regulatory requirements, particularly when opening bank accounts. Local lawmakers, such as Johnny Ng of the Hong Kong Legislative Council, have advocated for regulatory improvements to attract more companies. However, the current environment still deters many foreign crypto firms from establishing local branches.

Commerzbank's crypto custody license allows it to offer regulated services, focusing on Bitcoin and Ether for corporate clients.

The partnership between Commerzbank and Crypto Finance enables secure digital asset trading and custody for institutional clients.

Crypto Finance's expansion into Germany with BaFin licenses strengthens its role in Europe's institutional crypto services.

Commerzbank, Germany's second-largest bank by branches, is expanding its services. The bank has partnered with Crypto Finance, a subsidiary of Deutsche Börse, to offer corporate clients secure access to digital assets. This move follows Commerzbank’s acquisition of a crypto custody license in November 2023, a shift toward integrating digital assets into its corporate banking services.

https://twitter.com/BitcoinMagazine/status/1836718616844116141

Strategic Partnership to Facilitate Secure Access

The partnership will allow Commerzbank to provide secure and regulated crypto services, focusing on the two largest cryptocurrencies, Bitcoin (BTC) and Ether (ETH). Crypto Finance will manage the trading services, while Commerzbank will oversee the custody of digital assets. Together, they offer a streamlined solution for corporate clients, enabling them to explore new opportunities in digital assets without sacrificing regulatory compliance or security.

Crypto Custody License Powers Expansion

Notably, the crypto custody license obtained by Commerzbank in 2023 was pivotal for the bank. The license, issued under the German Banking Act, allows the financial institution to offer a wide range of services related to digital assets. 

With this regulatory approval, Commerzbank becomes the first universal bank in Germany to venture into the custody of crypto assets, positioning itself at the forefront of digital transformation within the corporate banking sector.

Crypto Finance Strengthens Its Presence in Germany

On the other hand, Crypto Finance, already a key player in the European crypto ecosystem, continues to strengthen its foothold in Germany. Having recently obtained four licenses from the Federal Financial Supervisory Authority (BaFin), the company is now able to offer its services to all institutional clients in Germany. This partnership with Commerzbank further cements Crypto Finance’s role in providing secure crypto trading and custody solutions to corporate clients across the country.

This collaboration aims to meet the growing demand for institutional crypto services in Germany, while ensuring the highest level of security and regulatory compliance for corporate clients exploring digital assets.

Dogecoin breaks out from Falling Wedge, signaling potential rally toward $0.22 resistance.  

Analysts predict over 100% increase in $DOGE price with key resistance at $0.65333 ahead.  

Dogecoin’s bullish momentum gains traction, up 3.30%, with $15.23 billion market cap and rising interest.  

Dogecoin ($DOGE) has confirmed its breakout from a multi-month Falling Wedge pattern, signaling a potentially significant price movement. The cryptocurrency, which is currently trading at $0.104367, has shown promising signs of continued bullishness following this technical move. 

https://twitter.com/JavonTM1/status/1836472435064840547

Market experts suggest that Dogecoin may be gearing up for a rally toward the $0.22 mark, with even larger targets on the horizon.

According to recent reports, including insights from Javon on his social media platform, $DOGE is on track for a potential move toward $0.22. The Falling Wedge breakout confirms that Dogecoin could experience over a 100% increase from its current price levels. This move would position Dogecoin to hit a key resistance level, marking a significant recovery from recent price consolidations. 

https://twitter.com/JavonTM1/status/1833187398953668867

The breakout retest, often in such technical patterns, indicates that $DOGE is now testing previous resistance levels as support. Analysts are now watching closely for further upward movement with this technical milestone achieved.

While the immediate target for Dogecoin stands at $0.22, this could be just the beginning of a broader upward trend. If bullish momentum continues, the price could aim for higher targets, including $0.65333. 

This would represent an even larger move, potentially positioning Dogecoin for a strong recovery to levels not seen since its earlier 2021 highs.

Dogecoin’s market performance continues to garner attention, with the cryptocurrency up by 3.30% in the last 24 hours. Its 24-hour trading volume reached $668,074,143 and ranks as the 8th largest cryptocurrency with a market cap of $15.23 billion. 

With a circulating supply of over 146 billion DOGE coins, Dogecoin’s price movements are being closely monitored as the breakout develops.

As traders and investors watch Dogecoin’s next moves, the $0.22 target remains in focus. If the bullish trend holds strong, larger targets beyond $0.60 are still on the table.

Congressman Davidson accuses the SEC of blocking self-custody of digital assets, undermining Bitcoin and crypto investors.

Davidson highlights Grayscale's legal victory, calling the SEC's delayed response a rebuke of its regulatory actions.

Rising inefficiencies in Bitcoin exchange-traded products are linked to the SEC's restrictive custody rules, claims Davidson.

U.S. Congressman Warren Davidson has raised concerns over the U.S. Securities and Exchange Commission’s (SEC) approach to Bitcoin custody under the leadership of Chairman Gary Gensler. 

https://twitter.com/BitcoinMagazine/status/1836492041745842623

He pointed to the challenges facing Bitcoin and digital asset markets, particularly regarding the SEC's interference with investors' ability to manage their own holdings. Davidson claimed that the SEC has taken deliberate steps to undermine the self-custody of digital assets, preventing consumers from securely holding and transferring their Bitcoin and other cryptocurrencies.

Concerns Over SEC's Custody Restrictions

Davidson noted that Bitcoin alone holds a market capitalization exceeding $1 trillion, signaling high consumer confidence in the asset. However, he criticized the SEC's actions in delaying Grayscale’s efforts to convert its Bitcoin Trust into a Bitcoin Exchange Traded Product (ETP). 

He explained that the D.C. Circuit Court ruled in favor of Grayscale in August 2023, stating the SEC had violated the Administrative Procedures Act in denying Grayscale’s application. Yet, the SEC delayed approval until January 2024, which Davidson described as a rebuke of the regulator’s actions. Furthermore, Davidson emphasized how the SEC’s handling of the “Debt Box” case highlighted ongoing misconduct, claiming courts continue to find fault with the agency's decisions.

Impact on Market Confidence

Davidson also commented on the broader implications for market participants. He stated that despite the SEC's actions, the Bitcoin market has continued to grow, with consumers believing in Bitcoin’s value as a secure method of storing wealth. He added that the ability to transfer Bitcoin peer-to-peer in a permissionless manner is one of the fundamental principles outlined in Bitcoin’s original whitepaper. 

However, Davidson criticized the SEC for allegedly undermining this freedom by attempting to push custody solutions into the hands of third parties under its control. He argued that these restrictions ultimately harm individual investors who prefer to hold their assets securely without relying on intermediaries.

SEC's Custody Rules and Broader Challenges

During a recent discussion, Davidson questioned SEC’s efforts to regulate custodianship through broker-dealers. He highlighted the current framework’s limitations, including the exclusion of major custody banks from offering services related to digital assets like Bitcoin. 

In response, market participants raised concerns about the rising costs and inefficiencies caused by these regulatory hurdles, notably when handling exchange-traded products in the U.S.

Louisiana now accepts Bitcoin, Bitcoin Lightning, and USD Coin for state services, marking a shift in public payment systems.

Cryptocurrency payments are converted to U.S. dollars by Bead Pay, ensuring Louisiana avoids volatility risks from digital assets.

The Louisiana Department of Wildlife and Fisheries is the first agency to accept cryptocurrency payments, with more to follow.

Louisiana has officially started accepting Bitcoin and other cryptocurrencies for government services. State Treasurer John Fleming, M.D., announced that Bitcoin, the Bitcoin Lightning Network, and USD Coin (USDC) are now valid payment options for state transactions. The first cryptocurrency payment was made to the Louisiana Department of Wildlife and Fisheries today, marking a milestone for the state’s efforts to modernize its financial systems.

https://twitter.com/BitcoinMagazine/status/1836525930786734531

Safe and Efficient Payment Conversion

Cryptocurrency payments to the state will be handled by Bead Pay, a company specializing in converting digital assets into U.S. dollars for government transactions. “The State of Louisiana will not handle cryptocurrency,” the statement emphasized. This ensures the state avoids exposure to the volatility of digital currencies. 

The conversion process functions similarly to credit and debit card transactions, allowing for smooth and secure payments. Notably, the new system adds an extra layer of protection by minimizing the financial risks associated with cryptocurrencies while streamlining payment operations.

Expanding Payment Options Across Departments

This initiative reflects a broader push by the state to modernize and expand its payment methods. Louisiana State Representative Mark Wright, who has been involved in several digital asset-related legislative efforts, expressed enthusiasm about the development. “I look forward to working with Treasurer Fleming and others so that Louisiana will continue to be a leader in accepting digital payments,” said Wright. The Louisiana Department of Wildlife and Fisheries is the first agency to adopt cryptocurrency, with more state departments expected to follow suit.

Enhancing Flexibility and Security

Residents of Louisiana can now use their private Bitcoin wallets to pay for state services. Secretary Madison Sheahan of the Louisiana Department of Wildlife and Fisheries noted that offering more ways to interact with the department “enhances our customer service.”

The state anticipates that using cryptocurrencies will help reduce fraud while providing increased flexibility and security for transactions. With this new payment option in place, Louisiana is embracing digital transformation while maintaining secure and efficient operations.

Shiba Inu targets 470% gains as it nears the end of a falling wedge consolidation phase.

On-Balance Volume and RSI signal buyer interest remains, supporting a potential SHIB breakout.

SHIB must surpass the $0.00000900 resistance to confirm a bullish reversal and rally higher.

Shiba Inu’s breakout could lead to substantial upside movement, according to crypto analyst JavonTM1 on X. He points to a potential 470% target at $0.000081 for Shiba Inu (SHIB), fueled by a key breakout. The cryptocurrency’s current setup suggests a bullish reversal, which could result in another price surge if buyers step in. JavonTM1's analysis identifies notable trends and patterns in SHIB's recent performance, paving way for possible upward movement if the breakout continues.

https://twitter.com/JavonTM1/status/1836558312088682938

Key Patterns Supporting SHIB's Bullish Potential

The price of SHIB is moving within a falling wedge, a bullish reversal pattern. Since April 2023, the price has been consolidating between two converging trendlines. It remains close to the lower boundary, suggesting the consolidation period is nearing an end. 

Falling wedges typically signal an upward breakout once the price exits the consolidation phase. A previous breakout, similar to the current setup, occurred in early 2023, where SHIB rose sharply after forming a bullish pennant.

The current technical structure points toward a possible upside, with resistance levels at $0.00000900 and $0.00001000. These levels must be surpassed to confirm the breakout, potentially leading to a significant rally.

Indicators Signal Bullish Reversal Could Be Imminent

Key indicators like On-Balance Volume (OBV) and the Relative Strength Index (RSI) are supporting the bullish outlook. The OBV stabilized after a peak in early 2023, indicating buyer interest is still present, despite price consolidation. 

A stable OBV during a period of falling prices often hints at a reversal. Additionally, the RSI, currently at 50, remains neutral, which means SHIB could break either way. However, the combination of a stable OBV and the falling wedge pattern points to a likely bullish breakout.

Moving Averages and Resistance to Watch

A chart from Santiment provides more insights, showing SHIB's price movements alongside key moving averages. A death cross, where the 50-period moving average crosses below the 200-period moving average, occurred in June, indicating bearish momentum. Since then, the price has remained below both averages, suggesting downward pressure.

Source: Santiment

Notably, the price has stabilized near $0.00001300, showing a decrease in selling pressure. However, for a bullish reversal, SHIB must break above the $0.00001500 resistance and regain the moving averages. Failure to do so could result in continued consolidation.

Fed's rate cut triggers crypto surge, but U.S. stocks lag behind with underperformance.

Bitcoin, Ethereum soar after Federal Reserve's unexpected 50 basis points rate cut.

Investors expect further rate cuts as U.S. elections approach, driving market volatility.

The Federal Reserve's recent rate cut boosted the cryptocurrency market, while U.S. stocks lagged behind. On September 20, 2024, the Fed slashed interest rates by 50 basis points. 

This move, while exceeding the forecasts of many macro analysts, aligned with futures market predictions. The decision led to a sharp rise in digital currencies, but equities needed to match this momentum, underperforming in comparison. 

https://twitter.com/WuBlockchain/status/1836597636075524360

The rate cut was well-received across the cryptocurrency landscape. As the central bank introduced this policy shift, cryptocurrencies surged, reflecting optimism in the market. 

Major coins like Bitcoin and Ethereum experienced significant gains following the announcement, benefitting from the broader monetary easing. In contrast, U.S. stocks struggled to find traction, with underperformance notable across key indices. 

Investors are now eyeing future rate decisions, as the Federal Reserve has two more meetings scheduled in 2024. The next gatherings on November 8 and December 19 could bring additional rate cuts, with market sentiment expecting a cumulative reduction of 100 basis points before the end of the year. 

These cuts come at a crucial time, overlapping with the upcoming U.S. elections, adding further volatility to the financial landscape.

Alongside the rate cut, the options market experienced a notable decrease in implied volatility. Across major maturities, implied volatility levels saw significant drops, especially in ultra-short-term maturities, which fell by more than 25%. 

Large investors' short-term short-selling expectations also weakened, contributing to this decline. This shift in the options market indicates that major investors anticipate less downside risk in the near term, even as market volatility is expected to remain high.

Trump pays for $998.70 worth of burgers with Bitcoin, signaling his growing support for cryptocurrency in the 2024 election.

Trump's appearance at PubKey reflects his deeper engagement with the crypto community, aligning with Bitcoin enthusiasts.

Protesters outside PubKey express opposition, highlighting the divisive reactions to Trump's alignment with cryptocurrency.

Donald Trump treated his supporters to burgers at a Bitcoin-themed bar in New York on September 18. The event, occurring at PubKey near New York University, is a boost to Trump’s campaign efforts. This gesture highlighted his growing focus on digital assets as he heightens his presidential campaign for 2024.

https://twitter.com/WuBlockchain/status/1836559825045754042

Trump’s Growing Bitcoin Support

Trump’s appearance at PubKey was not just about free food but signaled his deeper engagement with the cryptocurrency community. Upon entering the dimly lit bar, Trump asked, “Who wants a burger?” and proceeded to cover the bill, totaling $998.70. 

The former president used the Strike app, built on the Lightning Network, to make the Bitcoin payment, which was processed through the Zaprite app. This transaction was a symbolic gesture highlighting his increasing alignment with digital currencies.

Trump's recent activities also reflect his growing support for the crypto industry. Earlier this year, he spoke at the Bitcoin 2024 conference in Nashville, where he promised to appoint crypto-friendly regulators and promote a national Bitcoin reserve if elected. The meal event at PubKey continues this strategy of courting the digital asset community as Trump promotes his decentralized-finance project, World Liberty Financial.

A First for Bitcoin and U.S. Presidents

Notably, this event marked the first time a former U.S. president publicly paid for goods using Bitcoin. Trump’s interaction with the enthusiastic crowd, offering both burgers and Diet Cokes, was well-received. 

After completing the transaction, Trump remarked, "Bitcoin is really happening," signaling his recognition of cryptocurrency’s viability as a payment option. Drew Armstrong, PubKey’s co-founder, noted the historical moment, adding that the bar has become a hub for Bitcoin education and awareness.

Mixed Reactions and Political Strategy

While Trump’s engagement with Bitcoin enthusiasts was well-received inside the venue, protesters outside expressed opposition. Organized by the group Rise and Resist, demonstrators voiced their discontent with Trump’s continued political activities. Their presence highlighted the divisive reactions Trump continues to get, even as he attempts to court new voter blocs through his alignment with cryptocurrency.

Binance Labs invests in Hemi Labs to advance blockchain scalability, security, and interoperability using Bitcoin and Ethereum.

Hemi Labs plans to launch AI data anchoring and DeFi applications within 12 months, powered by Bitcoin and Ethereum integration.

Binance Labs backs Hemi's Proof-of-Proof consensus, improving decentralized finance and secure blockchain settlements.

Binance Labs has announced its latest investment in Hemi Labs, the developer of Hemi, a modular blockchain network that seeks to integrate Bitcoin and Ethereum. This move highlights Binance Labs' focus on enhancing scalability, security, and interoperability in the blockchain ecosystem. 

https://twitter.com/WuBlockchain/status/1836390901209497913

Hemi Labs' approach combines Bitcoin’s secure infrastructure with Ethereum’s flexibility, creating a robust supernetwork to drive innovation in decentralized applications (dApps) and secure asset transfers.

Hemi Network's Vision for Blockchain Integration

Hemi Labs seeks to create a unified blockchain ecosystem. The network's unique approach blends Bitcoin's security with Ethereum's programmability, opening new opportunities for blockchain developers and investors.

By creating a modular framework, Hemi aims to address existing challenges in scalability and interoperability. These efforts also focus on refining cross-chain interactions and advancing the technical, economic, and social layers of Web3 technology.

Notably, Hemi is set to introduce a series of updates over the next 12 months. Among these are new use cases for its trustless cross-chain tunneling system and secure data anchoring, which will support artificial intelligence (AI) integrations.

Additionally, Hemi plans to roll out decentralized finance (DeFi) applications powered by its integration of Bitcoin and Ethereum, further expanding its reach within the blockchain space.

Binance Labs’ Strategic Support for Hemi's Expansion

The partnership between Binance Labs and Hemi Labs reflects the former’s dedication to fostering projects that focus on practical, long-term blockchain solutions. By investing in Hemi, Binance Labs aims to accelerate the growth of decentralized finance and enhance blockchain infrastructure. 

Hemi’s Proof-of-Proof (PoP) consensus and decentralized sequencers will also benefit from this strategic investment, allowing faster and more secure blockchain settlements across Bitcoin and Ethereum. This collaboration highlights both companies' commitment to driving next-generation decentralized technologies and addressing the needs of the growing Web3 sector.

Key Updates and Future Plans for Hemi Labs

Over the next year, Hemi Labs plans to deliver updates that will enhance blockchain functionality. These updates include new AI-driven data anchoring systems and DeFi applications aimed at improving cross-chain capabilities.

By leveraging the security of Bitcoin and the flexibility of Ethereum, Hemi aims to push the boundaries of blockchain technology, ensuring scalable and secure solutions for developers and users.

XRP faces mixed signals with a 1.68% decline, trading at $0.5791 amid market volatility.

MACD shows a bullish crossover, but weak momentum limits potential upward price movement.

RSI at 52.46 indicates neutral territory, with traders awaiting a clearer market direction.

Ripple's XRP, currently trading at $0.579164, has seen a 1.68% decline over the past 24 hours. With a 24-hour trading volume of $1,122,912,006, XRP’s live market cap is recorded at $32,656,770,712, according to CoinMarketCap. 

Price Movement in the Last 24 Hours

Over the past day, XRP started trading at approximately $0.5895. It experienced a consistent decline throughout the day, especially between 4:00 AM and noon, when the price movement accelerated downward. Despite several small recoveries, these brief gains were quickly followed by further drops, pushing the price lower.

Source: CoinMarketCap

By late afternoon, XRP reached its lowest price point of $0.560. Although there was a mild recovery later in the evening, the price remained below the starting point, closing around $0.575. This indicates a potential pressure on the asset and illustrates typical market volatility for the day.

Technical Indicators Show Mixed Signals

The technical chart shows XRP/USD trading with daily candlesticks and overlaid technical indicators, including the MACD (Moving Average Convergence Divergence) and the RSI (Relative Strength Index). The current price is hovering around $0.5736, marking a 1.90% decline for the day.

Source: TradingView

The MACD indicator signals a recent bullish crossover, as the blue line has moved above the orange signal line. While this suggests potential bullish momentum, the positive divergence remains minimal, indicating that momentum might not be strong yet.

On the other hand, the RSI is neutral, hovering at 52.46. This suggests that XRP is neither overbought nor oversold, implying a consolidation phase. Overall, XRP continues to face challenges in sustaining momentum above the $0.60 level, with mixed signals from the technical indicators.

Arthur Hayes warns that Fed rate cuts could lead to market instability, especially in the cryptocurrency space.

Hayes focuses on investing in Ether, Ethena, and Pendle, despite safer yields from Treasury Bills.

He believes a post-election liquidity boost could trigger an altcoin season, driving Bitcoin to new highs.

Arthur Hayes, co-founder of BitMEX, has voiced his concerns about the Federal Reserve’s potential interest rate cuts during the Token2049 event in Singapore.

As the U.S. government continues to engage in high spending, Hayes believes the Fed’s plan to lower rates could negatively affect both the traditional and cryptocurrency markets.

Hayes warned that the expected rate cuts could result in a bearish trend in the financial markets. One key concern he raised was the narrowing interest rate gap between the U.S. dollar and the Japanese yen. 

He recalled a recent situation where the yen’s rapid depreciation caused financial instability throughout Japan, suggesting that the same could happen if the U.S. dollar loses its comparative strength due to lower interest rates.

In his speech, Hayes also weighed the benefits of traditional investments like Treasury Bills (T-bills) versus cryptocurrencies.

He noted that T-bills, which currently yield around 5.5%, are a safer option compared to riskier decentralized finance (DeFi) applications. This conservative approach aligns with the preferences of risk-averse investors.

However, despite the safer returns offered by T-bills, Hayes emphasized his continued focus on cryptocurrency investments, particularly in Ether, Ethena, and Pendle.

While Ether has underperformed Bitcoin recently, Hayes still views it as a promising asset, describing it as an “internet bond” that could deliver better returns as traditional investment yields fall.

Hayes further expressed that Federal Reserve rate cuts could positively impact the Ethereum market. Should yields on traditional assets decrease, he believes cryptocurrencies may become more appealing to investors. 

In this scenario, Hayes expects Ethereum to benefit significantly, potentially sparking a bullish market for the asset.

Hayes shared his thoughts on a possible altcoin season, saying it would rely on Bitcoin going over $70,000, Ethereum reaching $4,000, and Solana hitting $250. He noted that the rise in U.S. dollar supply in September might help reverse market saturation.

TrueX, leveraging PayPal's PYUSD, targets a unique niche in stablecoin trading, enhancing security with a non-custodial model.

By selecting PYUSD over USDC, TrueX positions itself strategically to capture a distinct segment of the stablecoin market.

Initial focus on U.S. institutional traders, TrueX plans broader expansion to increase accessibility and bridge crypto-fiat transitions.

In a strategic move, TrueX, a newly launched cryptocurrency exchange, is setting its sights on dominating the stablecoin trading scene. Founded by former Coinbase employees Vishal Gupta and Patrick McCreary, the platform is leveraging PayPal's PYUSD stablecoin to carve out its niche in this less volatile corner of the crypto market. 

Their previous experiences at Circle and Goldman Sachs have shaped their approach, focusing on a seamless trading environment that steers clear of traditional custodial risks by not holding user funds directly.

https://twitter.com/vishalkgupta/status/1836380820959007036

Non-Custodial Exchange Model

TrueX introduces a non-custodial model through its sophisticated matching engine that efficiently pairs buyers and sellers, ensuring transactions are executed without the exchange taking control of the assets. This system addresses some inherent risks associated with conventional cryptocurrency exchanges, where user funds are typically held by the platform. Instead, TrueX partners with Paxos Trust Company to secure these assets, enhancing user confidence and security.

The choice of PayPal’s PYUSD over more conventional options like USDC reflects a tactical decision likely aimed at tapping into a different segment of the stablecoin market. This decision could position PYUSD for increased adoption and potentially shift market dynamics favorably towards PayPal’s digital currency. 

Institutional Focus and Expansion Plans

TrueX's operational strategy is initially targeting institutional traders within the U.S., but plans are underway to broaden its reach. This approach not only promises to enhance the trading experience but also aims to bridge the gap between traditional financial systems and the burgeoning crypto sector. 

The platform's commitment to rapid and secure transaction execution is poised to attract a robust user base, further propelled by strong backing in its recent $9 million seed funding round involving Paxos, RRE Ventures, and Hack VC.

MicroStrategy has raised its convertible senior notes offering from $700 million to $875 million to increase its Bitcoin holdings.

The raised funds will help redeem $500 million in Senior Secured Notes, releasing over 69,000 BTC as collateral.

Any remaining proceeds from the $864.1 million will likely be used to buy more Bitcoin, reflecting the company’s bullish outlook.

MicroStrategy has announced an increase in the amount it is raising through its latest convertible senior notes offering. Initially set at $700 million, the company has now raised the amount to $875 million, with an additional option for initial purchasers to buy up to $135 million. The move is expected to further bolster MicroStrategy’s cryptocurrency holdings, given the company’s known commitment to Bitcoin as a core part of its long-term strategy. 

https://twitter.com/saylor/status/1836375366903939246

Convertible Senior Notes Offering More 

The convertible senior notes will be offered by private placement to qualified institutional buyers and it will include interest at the rate of 0. 6,250% per annum under rule 144A of the Securities Act. The offering will be serviced on September 19, 2024, and the notes are to be redeemed on September 15, 2028. Furthermore, the company offers early redemption by which the offering may begin in December 2027 if specific measures of the stock performance are achieved.

Focus on Bitcoin Accumulation

The firm’s CEO Michael Saylor has been bullish on Bitcoin as a strategic investment for the firm’s growth for a long time. This has been an ongoing strategy in the company to make more financings to attain more bitcoins. It continues to be among the biggest corporate owners of Bitcoin and has also consistently declared that cryptocurrency will continue to be a core of its investment approach.

Proceeds to Redeem Senior Secured Notes

The funds raised from the offering, expected to total $864.1 million, will be used to redeem $500 million in 6.125% Senior Secured Notes due in 2028. This move will release the collateral backing these secured notes, which includes approximately 69,080 BTC. Any remaining proceeds may be directed toward purchasing additional Bitcoin, further solidifying MicroStrategy’s commitment to the cryptocurrency market.

This increase in financing underscores MicroStrategy's confidence in Bitcoin and its potential as a store of value. As the firm continues to expand its holdings, the broader market remains keenly focused on how these moves may influence both its financial performance and Bitcoin's trajectory in the coming years.

Fed's first interest rate cut in 4 years expected today, markets closely watch Powell.  

Powell's speech at 2:30 PM ET to reveal future Fed policy, influencing market sentiment.  

Analysts predict a market rally if Powell strikes a dovish tone, but caution if hawkish.

The Federal Reserve’s highly anticipated meeting will conclude today, with Chair Jerome Powell delivering a key speech at 2:30 PM ET. Investors worldwide closely monitor this event for its potential influence on the global financial markets and cryptocurrency. The meeting, which began on September 17, comes as the Fed is expected to announce its first interest rate cut in four years.

The US Federal Reserve is set to release its interest rate cut decision today at 2:00 PM ET, with market observers expecting a cut ranging between 25 and 50 basis points.

The CME FedWatch Tool indicates that there is a 55% likelihood of a 50 basis point cut, while the rest anticipate a smaller 0.25% reduction. This decision comes after years of rate hikes aimed at curbing inflation.

Powell’s speech, scheduled for 30 minutes after the announcement, will be streamed live on the Fed’s official website and various social media platforms like YouTube.

Analysts suggest that while the rate cut has already been largely priced into the markets, the content and tone of Powell’s speech will carry more weight in determining market sentiment moving forward.

While today’s rate cut announcement is expected to impact the financial markets, economists believe that Powell’s remarks on the Federal Reserve’s future policy stance will have a more profound effect. 

A dovish tone from the Fed Chair could potentially trigger a rally, particularly in equities and the crypto market. However, any indication of a more cautious or hawkish stance could dampen investor optimism.

Despite the anticipation surrounding today’s announcements, many market experts have suggested that the upcoming Fed policies are of greater importance. Investors are advised to pay close attention to Powell’s language during the speech, as it will likely provide crucial insights into the central bank’s next moves.

Large ETH holders show confidence, maintaining stable balances amid market fluctuations.

Mid-tier ETH holders cautiously accumulate, even during price corrections, signaling optimism.

Small ETH holders sell steadily, reacting to short-term movements, reducing exposure to Ethereum.

Ethereum (ETH) holders demonstrate distinct approaches to managing their assets, reflecting uncertainty in the market. While large holders with balances of 100,000 ETH or more remain inactive, smaller holders seem to be offloading their positions, revealing a contrast in behaviour among various investor classes.

https://twitter.com/cryptoquant_com/status/1836337916685013331

Addresses holding 100,000 ETH and above have shown minimal movement, maintaining relatively stable balances despite recent fluctuations in the cryptocurrency market. These holders have not been actively selling or accumulating during the recent market shifts. 

The stability in this group’s behaviour may indicate confidence in Ethereum's long-term value and little concern for short-term market fluctuations. 

Mid-tier holders, particularly those with balances between 10,000 and 100,000 ETH, have demonstrated a different pattern. This group has steadily accumulated ETH, albeit at a slow pace. 

Even during price corrections, mid-tier holders have consistently increased their balances. The gradual accumulation indicates cautious optimism in this segment as they continue to build their positions despite market volatility.

Meanwhile, holders with smaller balances (between 100 and 1,000 ETH) appear to sell steadily. This group’s activity suggests that smaller holders may react more to short-term price movements, opting to reduce their exposure to ETH. 

The decline in holdings among smaller addresses became evident as Ethereum’s price surged to nearly $4,800 during the 2021 bull market and continued afterwards.

These diverging strategies could also be tied to the overall decline in Ethereum’s dominance within the cryptocurrency market.

As ETH’s price fluctuates, the different accumulation and selling patterns among large, mid-tier, and smaller holders suggest varying levels of confidence and risk tolerance across these groups.

Bitcoin ETFs recorded $187 million in inflows, with Fidelity leading at $56.6 million.  

BlackRock iShares Bitcoin ETF saw zero inflows despite holding over $21 billion in Bitcoin.  

Bitcoin's price surge past $60,000 fueled increased investor interest in ETFs.

On Tuesday, Bitcoin exchange-traded funds (ETFs) recorded $187 million in inflows as the cryptocurrency surged past $60,000. The inflows highlight growing interest in Bitcoin investments, with several major ETFs attracting attention.

https://twitter.com/CarpeNoctom/status/1836230266223812970

The Fidelity Wise Origin Bitcoin Fund (FBTC) led the charge, pulling in $56.6 million, marking it as the most popular ETF by inflows. Bitwise Bitcoin ETF (BITB) followed with $42.2 million, while VanEck Bitcoin ETF (HODL) saw $3.2 million in inflows, completing the top three performers.

BlackRock’s iShares Holds $21 Billion but Logs Zero Flows

Despite the strong inflows across several ETFs, BlackRock's iShares Bitcoin ETF (IBIT), a dominant player in the market, logged zero inflows on Tuesday. Launched eight months ago, the ETF has accumulated over $21 billion in Bitcoin holdings. However, its recent underperformance compared to competitors has raised questions among cryptocurrency analysts, given BlackRock's earlier lead in the ETF race.

Additionally, Grayscale's GBTC also recorded zero flows on the same day. Grayscale has been responsible for significant outflows since its product launch, further contributing to shifting market dynamics among Bitcoin ETFs.

Bitcoin Surges Beyond $60,000

The renewed interest in Bitcoin ETFs coincided with Bitcoin’s price surge past the critical $60,000 mark. As of now, Bitcoin is trading at $60,257, according to CoinGecko. The surge in price has encouraged bullish sentiment across the market, spurring investors to pour more funds into Bitcoin ETFs.

Analysts believe that the influx of capital into these funds reflects growing confidence in Bitcoin as a long-term investment option, especially as the leading cryptocurrency continues to demonstrate resilience.

SIX is studying the creation of a European platform for both spot and derivatives crypto trading to serve institutional investors.

Switzerland's favorable crypto regulations position SIX to attract traditional investors interested in digital assets.

SIX’s experience with AsiaNext and digital bonds may guide its potential crypto expansion into the European market.

The Swiss stock exchange, SIX, is exploring the creation of a dedicated platform for cryptocurrency trading in Europe. The venue could provide access to both spot crypto and derivatives trading, aiming to capitalize on increasing interest from institutional investors. This initiative would position SIX to compete with established digital asset firms such as Binance, OKX, and Coinbase.

https://twitter.com/BitcoinMagazine/status/1836397369107136862

SIX plans to leverage Switzerland's favorable cryptocurrency regulations, which have made the country one of Europe's most crypto-friendly environments. This appeal could draw large traditional investors to the platform, particularly as cryptocurrencies become a more recognized asset class. The company's global head of exchanges, Bjørn Sibbern, indicated that SIX is studying the potential for integrating crypto into their European operations.

Traditional Firms Hesitate, But Interest Grows

While some major financial firms, including Deutsche Boerse and Nomura, have launched separate crypto exchanges, many traditional institutions have been hesitant to enter the market. Concerns over regulatory clarity and reputational risks have largely kept them at bay. However, Sibbern noted a growing trend in which global banks and financial institutions are increasingly considering cryptocurrency as a viable asset.

SIX's initiative aligns with this shift in sentiment, as the exchange contemplates establishing a dedicated European platform for crypto trading. The platform, however, would cater exclusively to institutional investors, such as asset managers, reinforcing the idea that crypto is becoming part of mainstream finance.

Singapore Ventures Inform European Plans

SIX’s involvement in the crypto space is not entirely new. The company operates AsiaNext, a crypto derivatives platform based in Singapore through a partnership with Japan's SBI Group. 

This experience may influence the development of a European counterpart. Sibbern emphasized that the company is still in the decision-making phase and could choose not to proceed, but the possibility remains open.

In addition to these developments, SIX runs a digital exchange that has listed nine digital bonds since 2018, with issuers including UBS and Lugano's local authority. This digital exchange could potentially be expanded to support cryptocurrency trading, which would further solidify SIX’s position in the digital asset market.

WazirX exploiter moved 5,001 ETH to a new wallet, laundering 3,600 ETH through Tornado Cash.  

The hacker follows a consistent laundering pattern, splitting funds into 100 ETH batches, with more transfers expected.  

WazirX's $230 million hack is still unresolved, with insider involvement now suspected, based on reports and on-chain data.

A significant development in the ongoing WazirX hack saga unfolded today as the exploiter continued laundering stolen assets. Blockchain security firm Cyvers reported that 5,001 Ethereum (ETH) was transferred from the exploiter's address to a newly created wallet at 06:53 UTC. The wallet, 0x5…a6a, began laundering the funds shortly after the transfer.

https://twitter.com/CyversAlerts/status/1836304820321325503

The new wallet sent 3,600 ETH in batches of 100 ETH each, valued at approximately $232,000 per batch, to the crypto mixer Tornado Cash. This laundering process remains active, and on-chain data suggests that further transfers are expected. Cyvers has confirmed that 36 batches of 100 ETH have been moved so far, with 2,601 ETH still left in the wallet.

Pattern of Laundering

The current activity follows a similar pattern established by the WazirX exploiter in recent days. Since the exploit occurred, over 43,800 ETH has been collected from various sources and transferred to different wallets. Six days ago, the hacker began systematically routing these funds through new addresses and using Tornado Cash to obscure their origins.

The exploiter has so far distributed 20,004 ETH across four separate addresses, each receiving 5,001 ETH. In each instance, the hacker moves the entire sum through Tornado Cash in similar batches of 100 ETH. This consistent behavior indicates that laundering will continue until the full balance has been moved.

Background on the Hack

WazirX, a leading Indian crypto exchange, was hacked in July, resulting in the loss of over $230 million worth of assets. The stolen assets were primarily converted to Ethereum after the incident. WazirX initially pointed to Liminal Custody, its custody provider, for a security vulnerability that led to the hack. However, Liminal denied any involvement, and an audit by Grant Thornton later confirmed that the exploit occurred outside of Liminal’s systems.

Amid these developments, reports have emerged suggesting that the hack could have involved an insider. A social media account dedicated to advocating for affected users cited on-chain data and a police report filed in Delhi, further fueling these claims.

Hedera, Ripple, and Aptos have formed the MiCA Crypto Alliance to guide blockchain firms through the EU's complex regulatory environment.

Hedera’s new Asset Tokenization Studio simplifies asset issuance and management, offering a suite of tools for compliance and transparency.

Hedera’s market presence has strengthened, with significant growth in volume and interest, signaling market confidence in its strategic moves.

Hedera, Ripple, and Aptos have joined forces as founding members of the newly established MiCA Crypto Alliance. This collaborative initiative, spearheaded by the DLT Science Foundation, aims to help blockchain companies effectively navigate the regulatory landscape shaped by the European Union’s Markets in Crypto-Assets (MiCA) framework. This alliance is a significant step forward for firms seeking clarity on compliance matters.

Hedera Unveils Asset Tokenization Studio

In addition to its commitment to regulatory collaboration, Hedera has launched the Asset Tokenization Studio. This new platform aims to streamline the issuance and management of tokenized assets like bonds and equities. The studio includes a range of tools designed to simplify processes for financial institutions, reduce costs, and increase liquidity. One key feature is the inclusion of regulatory tools such as Know Your Customer (KYC) and Anti-Money Laundering (AML) systems, as well as support for compliance with the U.S. Securities and Exchange Commission (SEC).

https://twitter.com/BSCNews/status/1835941215985926190

Tokenization is increasingly gaining traction, with around 50% of institutional investors exploring this area, according to Hedera’s recent reports. The Asset Tokenization Studio provides a comprehensive framework for organizations aiming to leverage blockchain’s potential while ensuring they adhere to regulatory standards.

Driving Blockchain Adoption and Compliance

Hedera’s move to form the MiCA Crypto Alliance and launch the Asset Tokenization Studio aligns with its broader strategy of advancing blockchain adoption and compliance. Furthermore, the company recently joined the Linux Foundation’s LF Decentralized Trust initiative as a founding premier member. This shows Hedera’s dedication to building trust and establishing a regulatory-compliant environment within the blockchain industry.

Market Response to Hedera’s Strategic Moves

These developments have drawn attention to Hedera in the cryptocurrency market. According to Coinglass, the market experienced a 3.09% increase in volume, reaching $1.36 billion. Open interest has surged by 7.51%, while options volume saw a notable 2,143.66% rise. Additionally, options open interest increased by 142.78%, reflecting the growing market engagement with Hedera’s advancements.

Crypto trader James Fickel lost $49 million after betting that Ethereum would outperform Bitcoin, leading to significant financial losses.

Fickel's Ethereum trading strategy failed after the ETH/BTC pair dropped below 0.04 BTC, its lowest level in over three years.

Fickel's $78.8 million debt on Aave remains a key challenge, reflecting the risks of leverage in speculative cryptocurrency trading.

Cryptocurrency trader James Fickel has lost a substantial $49 million after betting on the performance of Ethereum (ETH) against Bitcoin (BTC). This information comes from data shared by the analytics platform Lookonchain. Fickel’s bet hinged on Ethereum outperforming Bitcoin, but the cryptocurrency’s value drop led to massive losses.

According to Lookonchain, Fickel recently traded 11,584 ETH for 450 Wrapped Bitcoin (WBTC) at a rate of 0.03881 ETH per WBTC. This came after an earlier loan where he borrowed $172 million in WBTC to purchase Ethereum at a higher rate of 0.054. Unfortunately, the ETH/BTC trading pair has since plummeted, significantly undercutting Fickel’s position. 

https://twitter.com/lookonchain/status/1836214946641952941

Fickel's WBTC Debt on Aave

Fickel still carries $78.8 million worth of debt on the decentralized finance platform Aave. He had initially borrowed 1,308.8 WBTC to fuel his trading strategy, hoping Ethereum’s value would surge compared to Bitcoin. However, the ETH/BTC pair dropped below 0.04 BTC, the lowest level in more than three years. 

Earlier this year, Ethereum managed to recover some ground against Bitcoin, with the ETH/BTC ratio hitting 0.057 in May. This temporary boost followed the approval of several spot Ethereum ETFs. However, this optimism proved short-lived, and Fickel's Ethereum position suffered as the ratio fell again, dragging the value of his holdings down.

Ethereum's Struggle Post-Merge

Ethereum's struggle against Bitcoin has been exacerbated by its transition from a proof-of-work to a proof-of-stake mechanism. The network’s Merge event, which aimed to improve energy efficiency and scalability, has failed to bolster Ethereum’s price against its main competitor. Since then, Ethereum has lost more than half of its value against Bitcoin, significantly impacting traders like Fickel who bet on its outperformance.

Additionally, the ETH/BTC pair recently hit a year-to-date low of 0.038 BTC in September, further compounding the losses of traders expecting Ethereum to overtake Bitcoin in value.

Future Implications for Cryptocurrency Traders

The collapse of the ETH/BTC ratio highlights the risks associated with speculative cryptocurrency trading. Fickel’s case demonstrates the volatile nature of the cryptocurrency market, where even experienced traders can face steep losses.